President Joe Biden speaks about deficit reduction in the Roosevelt Room at the White House in Washington, Friday, Oct. 21, 2022. Biden is flanked by, Office of Management and Budget Director Shalanda Young, left, and Council of Economic Advisers Chairwoman Cecilia Rouse. (AP Photo/J. Scott Applewhite)
October 23, 2022
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October 22, 2022 midnight
Deficit figures set up competing visions from Biden and GOP
This fiscal year's budget deficit shrunk in half from last year, but the red ink soared on a monthly basis in September. That's largely because of President Joe Biden's plans to forgive student debt, as three decades' worth of costs were compressed into a single month.