By Jarrett Renshaw

(Reuters) – U.S. President Joe Biden is expected to highlight the efforts of his administration in tackling the country’s budget deficit during an economic speech that will be delivered on Thursday by a White House official.

Republicans have criticized Biden and Democrats for their historic increase in inflation. Some critics believe this is partly due to Washington’s overspending during the COVID pandemic, as well as supply shortages worldwide.

“The President today will speak to this important news, and his commitment to reducing the deficit going forward while making critical investments to boost the capacity of our economy and lower costs for American families – essentials like prescription drugs, health care, and utility bills,” the official said.

The President is seeking a $2 trillion spending bill to increase the social safety net as well as combat climate change. However, Senator Joe Manchin, a Democrat and fiscal conservative, blocked it due to budget concerns.

Since 2001, the United States has had budget deficits each year. Since 2001, the United States has reported budget deficits every year. From 2016, spending increases on Social Security and health care have outpaced growth in federal revenue. The annual deficit has risen to approximately 3 trillion dollars over the last few years due to increased spending on social security and health care, as well as revenue loss.

Biden will note that the budget deficit fell by over $350 billion in his first year and that new U.S. Treasury estimates show it will fall by over $1.5 trillion this year – a revision up from the $1.3 trillion projected in the president’s budget released earlier this year, according to the White House official.

The White House officials stated that it would mark the highest deficit reduction over a single calendar year. This is due to the recovery of the economy as well as the reduction in emergency spending.

According to the Treasury Department, it is also expected that the Treasury Department will reduce the nation’s national debt for the first quarter since 2016.