Today’s CBO report projects that the deficit this year will fall by $1.7 trillion—the single largest nominal reduction in the federal deficit in American history. With that historic reduction, our deficit this year will be lower than CBO projected it would be before passage of the American Rescue Plan. That means that our strong economic recovery, powered by President Biden’s economic and vaccination policies, also improved our nation’s fiscal position and reduced our deficit. This progress wasn’t automatic or inevitable. It’s because this Administration has responsibly managed the pandemic, which allowed us to wind down emergency measures, combined with a significant increase in revenues stemming from an historically strong economic recovery. The Biden Administration is committed to building on this progress and continuing to responsibly reduce the deficit, which is an important part of the President’s plan to tackle inflation.

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