w
hen speaking at a Democratic National Committee fundraiser in New York City on Tuesday, President Joe Biden falsely claimed that his administration had cut the federal “debt” by $1.7 trillion during his first two years in office.
In fact, according to the U.S. Treasury, during Biden’s first two years in office—Jan. 20, 2021 through Jan. 20, 2023—the federal debt increased by approximately $3.7 trillion.
“The two years since we’ve been in power, we’ve reduced the national debt, so far, $1.7 trillion in two years. The—the debt—$1.7 trillion,” Biden said, according to the transcript of his remarks posted by the White House.
“And we still grew the economy. But we did it because we paid for everything. We paid for everything, and we grew the economy at the same time,” said Biden.
On Jan. 20, 2021, the day Biden was inaugurated, the debt was $27,751,896,236,414.70, according to the official numbers posted online by the U.S. Treasury.
On Jan. 20, 2023, two years into Biden’s presidency, the debt was $31,454,980,005,742.40, according to the Treasury.
