Facing political attacks over rising costs, President Joe Biden exaggerated his role in reducing the federal deficit and skirted responsibility by asserting that a flood of government spending into the economy has no impact on higher prices. It actually does. Congressional Republicans pinned the blame for rising gasoline prices on Biden. There is a look at the rhetoric and reality. DEFICIT. The deficit dropped for the first time in three years. It fell by $360 billion last year and this year it is on track to drop by more than $1 trillion after four years of increasing deficits before I took office. The largest-ever decline in a deficit in American history is on the way. It is not as big as it sounds. The decline in the deficit is mostly due to the improving economy, not tax and spending decisions by the Biden White House or Congress. Stimulus checks and unemployment benefits were sent out by the government for the past two years. Millions of Americans have found jobs and gotten pay raises, which has increased tax revenue. The Committee for a Responsible Federal Budget predicts that the federal government's annual deficit will drop to $1.2 trillion this year, from $2.8 trillion in 2021, and a record $3 trillion in 2020. The deficit would still be one of the highest in history even with the drop. Some of the decline is due to a policy change. After allowing businesses to defer payroll taxes during the Pandemic, the government is now collecting far more payroll taxes. In February, the government's tax receipts increased by 17%, while spending decreased by 9%. Spending on unemployment aid dropped after an extra $300 in weekly unemployment benefits ended in September. There is a INFLATION. I'm sick of political rhetoric on rising prices. The American people think the reason for inflation is that the government is spending more money. The remarks Friday at a House Democratic conference were simply not true. Americans are footing the bill as prices are surging. There are no spring road trips because of #Bidenflation. Biden sidestepped reality. Government spending is one of the factors behind rising consumer prices. Many economists say that the American Rescue Plan signed by Biden caused inflation to run higher than it otherwise would. There are many sources of inflation including global supply chain issues, the Federal Reserve and the Russian war in Ukraine. Biden pumped more money into the economy than it could handle. Administration officials said before the relief package was passed that the risk was too little to help the economy. The tradeoff was faster hiring and stronger growth. The hiring, growth and inflation were all received by Biden. Both officials in the past Democratic administrations warned of inflation rising because of the large relief package. Michael Strain of the American Enterprise Institute was one of the conservative economists who joined them. Republicans are now saying that rising consumer prices are a result of Bidenflation. Biden is wrong to say that government spending has nothing to do with it. There is a GASOLINE prices. Senate Republican leader Mitchell McConnell said that nobody buys Democrats because of the 14 months of failed policies. Families were hurting from inflation and gas prices before last month. The White House needs to stop denying their mistakes and start fixing them. Democrats want to blame surging prices on Russia. Their out-of-touch policies are the reason we are here. What happened on the first day of one-party rule? The president stopped new oil and gas leases on federal lands and waters after he canceled the Keystone line. The Republican leaders of Congress overstated Biden's influence on energy prices. Since the spring of 2020, gasoline prices have risen in tandem with oil prices because demand has grown faster than worldwide production. Businesses are returning to pre-pandemic levels of activity, which leads to more energy consumption and pushes prices higher. The world market sets the price of oil. The United States, Saudi Arabia and Russia don't get to set the price, although they might try by adjusting production up or down. In 2020 the U.S. production dropped sharply, but it wasn't because of anything that Donald Trump did, it was because the demand for oil was too low. The US has doubled its oil production since 2011. Some of Biden's critics have claimed that oil production dropped from 2020 to 2021, but it was not the case. The nationwide average gasoline price is up about 80 cents from a month ago, and analysts attribute most of that to the prospect of limiting Russia's oil exports. McConnell and many other Republicans pushed to ban U.S. imports of Russian oil. Up to 830,000 barrels of oil a day could be carried from Canada and North Dakota to the Gulf Coast through the Keystone XL line. The United States consumed nearly 20 million barrels of oil a day last year, and global consumption was close to 100 million barrels, so the project would have contributed less than 1% to the world supply. The analyst for the Oil Price Information Service said that high gas prices are a political talking point. Has nothing to do with the price surge in 2022. Biden has announced decisions to release more oil from a strategic reserve, but they have been too small to have an effect on pump prices. There is a He reported from Dallas. Fatima Hussein and Hope Yen are Associated Press writers. There is a A look at the truth of claims by political figures. There is a AP Fact Checks can be found at http://apnews.com. Follow APFactCheck on social media. The new S for the #Chiefs spoke with MarkBermanFox26 about his new contract. The Detroit Lions have signed unrestricted free agent Tracy Walker to a $25 million, three-year deal. Detroit has averaged four wins a season since drafting Walker in the third round. Few know that Amazon has millions of Prime subscribers. According to BofA Research strategists, the next move for oil and gas prices could be either good or bad. The new No. 1 broadcast team is the same as the old one. Buck and Aikman will be in the Monday Night Football booth. For the 21st season, Buck and Aikman will be working together. A couple have offered up an entire home to a family of Ukrainian refugees, but can not find a match. Some of the best company responses will be seen on social media. Two congressional officials briefed on the matter told NBC News that the Biden administration is considering supplying Ukraine with killer drones called Switchblades that can spot personnel and military equipment accurately. The 300 is used to target personnel. A former teammate of Ward's was happy to see him make a lot of money. A report released Tuesday states that the comedian may have injured his eye sockets and brain by hitting something hard on a carpeted floor. According to the report, the Chief Medical Examiner said that the fractured bones would have stunned Mr. Saget, and that he would have experienced dizziness. Stephany told the detective that it would not have been possible for Saget to make a two-hour drive from Jacksonville to Florida if he had suffered that type of injury. Enjoy this stunning graphics and deep game-play. Will you be able to pay your bills after you retire? On the first day of the new league year, one of the NFL's top broadcasting teams is moving from Fox to ESPN. Joe Buck and Troy Aikman will be broadcasting Monday Night Football for the first time. Brown wanted to return to Detroit based on his contract choice. The AirMini AutoSet is the world's smallest CPAP. For a limited time, you can get a free prescription for the AirMini. Kremlin critics think that the Russian authorities are trying to keep Navalny in prison for as long as possible in order to keep him out of politics. Navalny, who is already serving 2 1/2 years in a penal colony east of Moscow, has been charged with fraud and contempt of court. Navalny rejected the allegations as politically motivated. Mike Wilson of Morgan Stanley said the Fed's inflation battle could bring down economic growth. President Biden said on Wednesday that Russian President Putin is a war criminal. Biden said "no" when asked by the reporter, but returned to the same reporter to repeat the question and give an affirmative answer. Some of the craziest inventions you will not believe exist. Benjamin Hall, a correspondent for Fox News, was taken out of Ukraine after he was seriously injured. Russian Ambassador Nebenzia does not believe that Russian forces are escalating their attacks against civilians. Zelenskyy spoke to Congress on Wednesday morning, asking for more military assistance and a no-fly zone as his country fights off Russia. When Larry Hall heard about a former Atlas Missile silo in Kansas, he thought it was perfect for a project. It is on sale. After criticism from the governor of Arizona, the county attorney reversed her position. The new policy is in response to changes in reproductive healthcare laws in certain states in the U.S., the bank said in a public filing ahead of its annual shareholders meeting in April. The filing said the travel benefits are to facilitate access to adequate resources and did not mention abortion. According to a person familiar with the matter, Citi will cover transportation and lodging for employees who need to leave states for abortions.Associated Press
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