But this claim simply is not true.
In less than four years, federal spending has increased above projections by the equivalent of $36,100 per household, tax revenues increased by $17,100 per household, and debt increased by $29,700 per household.
In the Economic Policy Innovation Center’s new report, we evaluate the Biden-Harris fiscal record using the U.S. Treasury Department’s data through fiscal 2024, which recently concluded on Sept. 30, and compare it to the nonpartisan Congressional Budget Office’s baseline projections from February 2021 under the laws that were in effect just prior to the inauguration of Biden and Harris.
Federal spending skyrocketed by $4.7 trillion higher than projected, a staggering 22% above the CBO’s pre-Biden-Harris estimate. While tax revenues rose by $2.2 trillion above projections, 14%,
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