Biden Argues Deficit Reduction, Will Help Reduce Inflation, as Fed Hikes Interest Rates.<br />Biden Argues Deficit Reduction, Will Help Reduce Inflation, as Fed Hikes Interest Rates.<br />On May 4, President Joe Biden announced that for the first time in six years, the federal government will pay down the national debt this quarter. .<br />ABC News reports the announcement comes on the same day that the Federal Reserve implemented another interest rate hike, the latest attempt to manage record inflation.<br />Bringing down the deficit is one <br />way to ease inflationary pressures in an <br />economy, where a consequence of a war <br />and gas prices and oil, food, and it all – <br />it's just a different world right this <br />moment because of Ukraine and Russia, Joe Biden, President of the United States, via ABC.<br />ABC points out that inflation presents a major <br />political problem for Biden and his Democratic <br />party as midterm elections rapidly approach.<br />The bottom line is the deficit went up <br />every year under my predecessor, before <br />the pandemic and during the pandemic, <br />and it's gone down both years since <br />I have been here. Period. There are the facts, Joe Biden, President of the United States, via ABC.<br />The bottom line is the deficit went up <br />every year under my predecessor, before <br />the pandemic and during the pandemic, <br />and it's gone down both years since <br />I have been here. Period. There are the facts, Joe Biden, President of the United States, via ABC.<br />Earlier this week, the Treasury Department updated <br />its estimates to project that the United States' <br />deficit will shrink by over $1.5 trillion in 2022. .<br />Earlier this week, the Treasury Department updated <br />its estimates to project that the United States' <br />deficit will shrink by over $1.5 trillion in 2022. .<br />Looking ahead, I plan to reduce <br />the deficit even more which will help <br />reduce inflationary measures and<br />lower the cost for everyone's families, Joe Biden, President of the United States, via ABC.<br />Meanwhile, the Federal Reserve has raised short-term interest rates by half a percentage point in an effort to manage inflation. .<br />ABC reports that the nation's deficit <br />has grown to about $3 trillion <br />as a result of the pandemic. .<br />Earlier this year, <br />the United States' gross national debt <br />surpassed $30 trillion for the first time.
