Biden's budget battles: False credits, healthcare hits, prescription costs, and Pentagon opposition.
President Biden falsely claimed that his new corporate minimum tax is the reason for the decline in the federal budget deficit in 2021 and 2022. The tax did not come into effect until January 1, 2023. Experts say the deficit fell in 2021 and 2022 primarily because of expiring pandemic spending, not Biden’s own policies, which had the net effect of worsening the deficit. Biden's claim is inaccurate and misleading.