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Federal debt has continued rising under president biden hitting a record of $31 trillion in october. what has been cut in half is something else. it is the federal budget deficit, the annual difference between spending and revenues. even here biden taking credit is at best highly questionable. temporary pandemic spending from 2020 expires as always planned not because of biden's action, actions that many analysts say have worsen the deficit picture. here is biden on a rally on thursday. >> under fellow trump, they passed $2 trillion tax cut, not a penny of which was paid for affected the top 1...

Inflation reduction act. here's what else republicans are in terms of their fiscal recklessness. donald trump and republicans had no problem enacting a $2 trillion tax cut that overwhelmingly benefitted the top 1%. they didn't pay for a penny of it. they increased the federal deficit. meanwhile, we always say democrats are the biggest defenders. we brought down the deficit. $350 billion the first year and nearly $1.5 trillion this year. medicare can pay less for the drugs they have to buy for the seniors. i don't want to hear from republicans. they are the one who is blew up the deficit.

That he would do this. he is fulfilling a campaign commitment he made to invest in america's working families. that is what this desperate and look, i just don't understand the criticism we are getting from the right. we have business deductions everywhere and all day long. we just gave in $2,172,000,000,000,000 the top 1% in businesses. 99% of the country did not benefit from the 2,172,000,000,000,000-dollar tax cut. people all across the country are going to benefit from this debt relief. and so it look we are not picking winners and losers. america is a country about the common good. what w...

That. this is not a surprise. we set it on the campaign trail that he would do this. he is fulfilling a campaign commitment he made to invest in america's working families. that is what this desperate and look, i just don't understand the criticism we are getting from the right. we have business deductions everywhere and all day long. we just gave in $2,172,000,000,000,000 the top 1% in businesses. 99% of the country did not benefit from the 2,172,000,000,000,000-dollar tax cut. people all across the country are going to benefit from this debt relief. and so it look we are not picking winners ...

Much debt that it hampers their future. and we're going to step in as a country and do what we should do. >> what about the criticism from some economists, even larry summers, who supported your last bill, the i.r.a. bill, said this will make inflation worse. >> well, with respect, i disagree. if you look at the last president paused the student loan payments and nobody's been paying payments back now for over 2 1/2 years. they will start repaying those loans starting in january. this will start to take effect. and i think it will be a wash. lu look, let's be clear about what we're saying. no ...