The White House has laid the blame for the staggering $1.8 trillion deficit in fiscal 2024 squarely on the shoulders of former President Donald Trump, citing his administration’s tax cuts as the primary cause. White House Press Secretary Karine Jean-Pierre accused Trump of passing tax breaks for billionaires and corporations, leading to one of the largest deficits in U.S. history.
“The former administration passed tax cuts for billionaires and corporations that have led to where we are currently in this deficit,” Jean-Pierre said on Monday, defending the Biden administration’s efforts to stimulate growth, lower unemployment, and control costs.
Despite rising interest rates, ballooning debt, and increased spending on Social Security, healthcare, and defense, Jean-Pierre rejected claims that Democrats are weaker on the economy. She highlighted the Biden administration’s $1.5 trillion debt reduction plan and its Inflation Reduction Act as evidence of their commitment to long-term economic stability.
However, with Trump gaining ground in economic polling, the battle over who can best manage the economy is heating up, especially as Americans face escalating concerns over inflation and everyday costs.
