"The budget deficit more than tripled to $3.14 trillion in fiscal 2020 owing to numerous Covid bills. It fell slightly to $2.7 trillion in 2021 because individual and corporate income tax revenue surged—not because of spending discipline. As pandemic
welfare payments expired, the deficit last year clocked in at $1.4 trillion.

During his State of the Union, Mr. Biden blamed deficits on his predecessor. But the deficits during the first three years of the Trump Presidency totalled $2.5 trillion—less than in the first year of Mr. Biden’s. The deficit is on a path to increase
again this year owing to the infrastructure bill, Inflation Reduction Act (IRA) and end-of-year omnibus blowout.

Budget savings Democrats claimed from the IRA are fanciful while the spending will exceed projections. CBO estimated that tax credits for green-energy manufacturing, including lithium-ion batteries, would cost $30.6 billion over 10 years. But a recent
estimate from Benchmark Mineral Intelligence says battery subsidies alone will cost $136 billion.

Mr. Biden on Tuesday called on Congress to make permanent the enriched ObamaCare tax credits that are scheduled to expire at the end of 2025 and pass paid family leave, among other new entitlements. He hopes to lure Republicans into trading these for an
extension of the 2017 individual income tax cuts, which are also set to expire at the end of 2025.

The President is spinning a fiscal fantasy, and that’s if there’s no recession."

https://www.wsj.com/articles/joe-biden-deficit-congressional-budget-office-spending-fiscal-year-11675979171

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