Washington, D.C. — A new Center for American Progress analysis finds that for each year of the Biden administration, the primary deficit fell—leaving the long-term debt projections lower than the pre-COVID-19 projections, even after taking on trillions in new debt for pandemic recovery support.
This analysis breaks down how this is possible and points to two key actions: the Inflation Reduction Act’s work to further bend the health cost curve and the Biden administration’s economic legislation package and investment. Because of these investments, the United States had its fastest economic recovery in more than a generation and the strongest recovery among G7 nations.
“Not only has the Congressional Budget Office decreased its projections of primary deficits and debt since 2020; it has also lowered its projections every year of the Biden administration,” said Bobby Kogan, senior director of federal budget policy at CAP and author of the column. “There’s been a key pattern here—in fact, the 2024 primary deficit projections are lower than those in 2023, which were lower than those in 2022, which were lower than those in 2021. This means that the Biden administration’s action through its historic economic legislation package is working and will continue to lower costs now and for years to come.”
Read the column: “CBO’s Long-Term Projections of the Primary Deficit Fell Each Year of the Biden Administration” by Bobby Kogan
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