During his State of the Union Address on Tuesday, President Biden spotlighted the achievement of his government in lowering the country’s deficit by an amount of $1.7 trillion. The major factors contributing to this decline were the cessation of COVID-19 stimulus payments and the increment in tax income due to inflation. On the other hand, the previous President Trump’s administration had added $6.7 trillion to the debt from fiscal years 2017 to 2020, primarily because of the COVID-19 pandemic. In the Biden administration’s first year, the debt increased by $1.5 trillion, which represents a 5.6% yearly rise.
The President then urged Congress to raise the debt ceiling once more, which reached its limit of $31.4 trillion in January. He accused Republicans of intending to reduce Social Security and Medicare in the discussions to elevate the debt ceiling, but these accusations have been repudiated by House Republicans. Speaker Kevin McCarthy declared that any cuts to funding for either program are not being considered and that their focus is instead on enhancing both programs.
The President’s request for Congress to raise the debt ceiling has received a mixed response from both parties. Some Democrats support the idea of raising the debt ceiling, while Republicans are more cautious due to their emphasis on financial prudence. Nevertheless, both sides concur that Social Security and Medicare should be reinforced, not reduced.
The Biden administration’s success in reducing the national deficit is a testament to their commitment to fiscal responsibility and economic growth. The president’s call for Congress to lift the debt ceiling is an important step in continuing this progress and ensuring that Social Security and Medicare remain strong for generations to come. It will be interesting to see how both parties come together to address this issue in the coming months.
The preceding article is a summary of an article that originally appeared on The Daily Caller