The president emphasized how strong job gains have increased total incomes and led to additional tax revenues that have improved the government's balance sheet.
It is unclear if greater fiscal responsibility can deliver politically for Mr. Biden as Democrats try to defend control of Congress. His two most recent Democratic predecessors, Bill Clinton and Barack Obama, also cut budget deficits, only to leave office and see their Republican successors use the savings on tax cuts.
Earlier this week, Treasury said that it expects to pay down $26 billion in privately held debt from the April to June quarter this year. However, the hope to reduce the debt may be dampened by Treasury's expectation to borrow $182 billion in privately held debt from July to September.in March, Mr. Biden said that after his Republican predecessor's"fiscal mismanagement" his administration is"reducing the Trump deficits and returning our fiscal house to order.
Singapore Latest News, Singapore Headlines
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