No. Not even close.
Trump's Big Budget Deficit
President Trump continued the trend of pushing the deficit higher as he sought
massive tax cuts and increased defense spending. His first budget, for the 2018 fiscal year, recorded a deficit of $779 billion.4
Under Trump, the deficit reached $984 billion in 2019 and hit more than
$1 trillion in 2020—and that was before Congress passed a
$2 trillion stimulus package to fight the economic fallout from the coronavirus pandemic.412
Biden's Smaller Budget Deficit
One of Joe Biden's campaign promises was to reduce the federal deficit, and there's been progress on this account. The Congressional Budget Office (CBO) estimated that the federal budget deficit was $475 billion in the first five months of fiscal year 2022, which represented an amount lower than those for the years 2021 and 2020.
"It is less than half the shortfall recorded for the same months of fiscal year 2021 ($1.047 billion) and three-quarters of the deficit recorded in 2020 ($624 billion), just before the start of the coronavirus pandemic," noted the CBO. The turnaround is due to more robust revenues and fewer expenses—from October 2021 through February 2022, revenues were $371 billion (or 26%) higher, and outlays were $201 billion (or 8 percent) lower than they were during the same period a year ago," CBO estimates.
MerleFest, considered one of the premier music festivals in the country, is a celebration of “traditional plus” music.
merlefest.org