According to the American leader, “the previous administration not only inflated the deficit by cutting taxes for the very rich and corporations, but also undermined the work of supervisory authorities.”

The U.S. administration intends to reduce the country’s budget deficit by more than $1 trillion. This was stated by American President Joe Biden, speaking on Tuesday evening before the House of Representatives and the Senate of the U.S. Congress with the annual State of the Country address.

He promised “not only to reduce costs, <…>, but also to reduce the deficit” of the budget. “By the end of this year, the deficit will be reduced by less than half compared to what it was before I took office as president,” the American leader said.

Biden stressed that he intends to become “the only president [at the moment] who has ever reduced the budget deficit by more than $1 trillion in one year.” “The previous administration not only inflated the deficit by cutting taxes for the very rich and corporations, but also undermined the work of the supervisory authorities, whose task was to prevent inefficient spending of funds allocated to help with the pandemic,” the head of state said, promising to return the country’s supervisory authorities to work.

Earlier, the U.S. Treasury Department reported that the federal budget deficit in fiscal year 2021 (ended at the end of September) amounted to $2.8 trillion, which is $360 billion less than the record high budget deficit in the country’s history for fiscal year 2020.