evidence: Remarks by President Biden on Historic Deficit Reduction [...] Today, my administration announced that this year the deficit fell by $1.4 trillion — the largest one-year drop in American history — $1.4 trillion decline in the deficit. [...] Let me be clear: This record deficit reduction includes the cost of my student loan plan and everything else we’re paying for. The deficit is down $1.4 trillion this year, even after accounting for 30 years of debt relief paid in advance.