In a speech delivered one year ago this week, President Joe Biden took credit for what he called "the largest drop ever" in the federal budget deficit.
"Let me remind you again: I reduced the federal deficit," Biden said. "All the talk about the deficit from my Republican friends, I love it. I've reduced $350 billion in my first year in office. And we're on track to reduce it by the end of September by another 1 trillion 500 billion dollars—the largest drop ever."
