On Thursday night, members of Congress burst into laughter after President Joe Biden said in his State of the Union address that he “delivered results in a fiscally responsible way.”
During his speech, Biden began talking about “fundamental fairness” in the United States and said he had delivered “real” results by reducing the federal deficit. Some off-camera lawmakers could be heard cheering the president, while others instead laughed at Biden's comments. (Related: 'Inflation tax' eats into more Americans' wages now than at any point during Biden's presidency)
Republican House Speaker Mike Johnson could be seen behind Biden, shaking his head in disbelief and appearing surprised by his comments about the nation's finances.
“Let's talk here about a basic equity issue for all Americans. I've delivered real results in a fiscally responsible way. We've already reduced the federal deficit by 1 trillion yen. I signed a bipartisan agreement to reduce the federal deficit by an additional $1 trillion over the next 10 years by making big corporations finally pay their share. My goal is to reduce that,” Biden said.
“Listen, I'm a capitalist. If I want to make millions of dollars, that's great. I just pay my fair taxes. A fair tax law is about how we can make this country great.” “Do we invest in it?” Biden continued. “Healthcare, education, defense, etc. But here's the deal: The previous administration enacted an overwhelming, overwhelming $2 trillion in tax cuts. [benefiting] The richest 1% and large corporations were affected, and the federal deficit exploded. They increased the national debt more than any other presidential term in American history. Please check the numbers. ”
Although Biden has claimed responsibility for reducing the federal deficit, the Committee for a Responsible Federal Budget, a bipartisan budget watchdog, repetition The president criticized the government for increasing the debt instead of reducing it. The federal budget group argues that in addition to certain “economic changes” due to interest rates, the deficit reduction is all due to the expiration of COVID-19 spending.
