“Under his leadership, more Americans are working today than at any point in our country’s history, our economy has added more than 10 million jobs, manufacturing is booming, and we cut last year’s deficit in half.” “The President’s economic plan is focused on growing our economy from the bottom up and the middle out,” Shalanda Young, director of the Office of Management and Budget, said in a statement. The new reporting also found that, as a percentage of gross domestic product, the fiscal 2022 deficit “was 6.8 percentage points lower than in the previous year.” The Biden administration said the figure was $40 billion less than forecasted in Biden’s 2023 budget and half of the fiscal 2021 deficit, which reached $2.8 trillion, the second largest in history. Treasury Secretary Janet Yellen also marked the numbers as “further evidence of our historic economic recovery” on Friday, shortly after her office released data showing the deficit reached $1.375 trillion in fiscal 2022, which ended last month. This record deficit reduction includes the cost of my student loan plan and everything else we’re paying for.” The largest ever decline to the federal deficit,” he said.

Federal deficit by president