The U.S. federal budget deficit decreased by $1.5 trillion in the first seven months of this fiscal year.
On Wednesday, President Biden made a statement on the consumer price index for April and inflation – in addition to his speech on the state of the American economy, which was made on Tuesday.
The White House document notes that despite a slight decrease in inflation in April, the fact remains that inflation is unacceptably high. And this is a problem for American families across the country, and its (inflation) reduction is the main economic priority of President Biden.
Biden’s plan to combat inflation is aimed at reducing the federal budget deficit, as well as reducing the costs that Americans face every month. This week, the Biden administration announced a partnership with private companies to lower the price of high-speed Internet for tens of millions of Americans.
Biden also noted that the Congressional Budget Office (CBO) reported that the federal budget deficit for the first seven months of this fiscal year decreased by $ 1.5 trillion. In addition, the budget deficit this year is lower than in the same period of 2019 – before the COVID-19 pandemic.