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Thursday 5 May 2022
Biden showcases deficit progress in bid to counter critics

Continued from Front Treasury notes, a conse-
quence of inflation running
It's an attempt to burnish his at 8.5% and the Federal
credentials as a responsible Reserve's efforts to reduce
steward of the economy price pressures.
while trying to fend off criti- Within an hour of Biden's re-
cism about inflation at a marks, Senate Republicans
40-year high. The reopen- gathered to challenge Bi-
ing of the economy com- den's economic policies.
ing out of the coronavirus Their core critique is that
pandemic and the com- overspending in response
modity squeeze resulting to COVID-19 was paired
from the Russia-Ukraine war with restrictions on domes-
has made high prices a key tic oil and natural gas pro-
political risk for Democrats. duction, leading to higher
But it is unclear if greater gasoline prices than under
fiscal responsibility can de- Trump.
liver politically for Biden as 'The biggest drag on the
Democrats try to defend U.S. economy right now
their control of the House involves the rising energy
and Senate. His two most costs," said Sen. Dan Sulli-
recent Democratic pred- van, R-Alaska. "This is purely
ecessors, Bill Clinton and a self-inflicted wound by
Barack Obama, also cut President Joe Biden speaks in the Roosevelt Room of the White House, Wednesday, May 4, 2022, the Biden administration."
budget deficits, only to in Washington. Associated Press One of the challenges for
leave office and see their Biden is that voters have
Republican successors use largely shrugged off defi-
the savings on tax cuts. sources of inflation. es are needed to improve determine the long-term cit increases and seldom
When reporters tried to But the expected $26 bil- the long-term outlook. budget outlook. rewarded deficit cuts. Vot-
question Biden about other lion drop this quarter in the "There needs to be a real "That doesn't seem to be ers might discuss the idea
topics after his remarks, the national debt — which is fiscal restructuring be- the right aspiration for a of reducing deficits with
president prodded, "You money the U.S. owes due cause we continue to see great country," Holtz-Eakin pollsters, yet health care,
don't want to ask about to accumulated deficits these trillion-dollar deficits said. "What they're doing incomes and inflation are
deficits?" over time — will be short- as far as the eye can see," is essentially deferring the often top of mind when
Bidden is making a nu- lived, as the debt already said Douglas Holtz-Eakin, a need to do anything real casting their ballots.
anced argument about totals $23.9 trillion and will former director of the Con- and genuinely fix the pro- Norman Ornstein, an emeri-
how the financial outlook continue to rise in the sec- gressional Budget Office grams that are important tus scholar at the conserva-
has improved: Strong job ond half of this year. And who now leads the center- to people." tive American Enterprise
gains over the past 16 while Biden expects his right American Action Fo- Deficit reduction also Institute, noted that deficits
months have increased to- plans will improve the out- rum. matches a priority of Sen. are often "abstract" for vot-
tal incomes and led to ad- look for budget deficits Holtz-Eakin said the Biden Joe Manchin of West Vir- ers. The recent low interest
ditional tax revenues. That over the next decade, the administration is taking ginia, the key Democratic rates have also muted any
means that this fiscal year's national debt would con- credit for lower deficits over vote in the evenly split Sen- potential economic drags
budget deficit will decline tinue to climb. The Biden the past two years that ate who blocked the pas- from higher deficits, which
$1.5 trillion, much better administration believes largely occurred due to the sage of Biden's domestic have risen following the
than the $1.3 trillion that that the cost of servicing end of coronavirus-related and environmental agen- COVID-19 pandemic and,
was initially forecast. Less the debt is low enough to spending, rather than fixing da in December. The re- separately, the 2008 finan-
government borrowing will, sustain the borrowing, while the finances of Medicare duction also occurs amid cial crisis, to help the econ-
in turn, limit the financial critics say structural chang- and Social Security that will rising interest rates on U.S. omy recover.q

AP sources: Donald Trump Jr. speaks

with Jan. 6 committee

met with the congressional riot. pared to make a speech
committee investigating Donald Trump Jr. was seen that investigators believed
the Jan. 6, 2021, insurrec- backstage at the rally on rallied supporters to act vio-
tion at the U.S. Capitol, ac- the White House Ellipse lently that day.
cording to two people fa- that took place shortly be- The House committee has
miliar with the matter. fore supporters of the then- also released text mes-
The interview Tuesday with president marched to the sages from Jan. 6 in which
Donald Trump Jr. comes as Capitol and breached the Trump Jr. pleaded with the
the bipartisan House com- building. White House to get his fa-
mittee moves closer to the In several social media vid- ther to forcefully condemn
former president's inner cir- eos posted at the time of the riot.
Donald Trump Jr., speaks at the Conservative Political Action
Conference (CPAC), Feb. 27, 2022, in Orlando, Fla. cle of family members and the Jan. 6 attack, Trump "We need an Oval address.
Associated Press political advisers. Jr. was seen with Kimberly He has to lead now. It has
The younger Trump is of like- Guilfoyle — then his girl- gone too far and gotten out
By ERIC TUCKER and MARY WASHINGTON (AP) — The ly interest to the committee friend, now his fiancee of hand," Trump Jr. wrote to
CLARE JALONICK oldest son of former Presi- because of his proximity to — and other members of then-White House chief of
Associated Press dent Donald Trump has his father on the day of the his family as his father pre- staff Mark Meadows.q