Biden Claims ‘I Reduced the Debt $1.7 Billion’ - Video

, and TIPP Staff

February 28, 2023 . 5:45 PM

2 min read

On Tuesday, President Joe Biden spoke on healthcare at a recreation center in Virginia Beach, Virginia

Speaking of national debt, he said, "some threatened to default on the national debt unless I accept certain economic plans. "

"They paid the debt. They voted three times to keep paying America's bills, to pay the debt without preconditions, without a crisis. If they paid the American debt then, why in God's name are they threatening not to pay it now?"

Here is the full transcript:

Biden: “Congress — those in Congress who threaten to undo the gains, they want to do away with the Affordable Care Act. Some threatened to default on the national debt unless I accept certain economic plans. Now, let me explain the national debt you all know, we think we all know it. It’s the accumulated debt over 200 years. Every year it’s accumulated, over 200 years. The federal government has never ever once reneged on that debt. We’ve never questioned our credit. And guess what? Let’s remember, the last administration increased the federal debt by 25 percent. The 200-year debt, in four years they increased it by 25 percent. 200 years. And folks, how did Congress respond? Well, quite frankly, they did the only responsible thing. They paid the debt. They voted three times to keep paying America’s bills, to pay the debt without preconditions, without a crisis. If they paid the American debt then, why in God’s name are they threatening not to pay it now?

(Applause)

And folks, it’s not all on the other team, I’m not saying everybody in the other team says that, but it’s just politics. And they got no business playing politics with the lives of the American people and our nation’s economy. Folks — (applause) — and by the way, you know, you hear ads, the big spending Joe Biden. In two years, I reduced the debt $1.7 billion. (applause) $1.7 billion. The largest deficit reduction in American history. And I met with the new House Speaker, but not a bad guy, about how we should proceed to settle our differences without jeopardizing the full faith and credit of the United States of America, which would be a disaster in terms of our economy. Here’s what he said.”

CNN: In another part of the speech, Biden said, “We cut the debt by $1.7 billion the last two years.” The White House made a correction to the official transcript to make it “$1.7 trillion” instead of “$1.7 billion.” Facts First: This claim is inaccurate even if you ignore Biden’s billion-versus-trillion mixup. The national debt has continued to increase under Biden. It is the deficit that has declined by about $1.7 trillion – and experts say it is misleading for Biden to take credit for that reduction.