evidence: "We’ve already cut the federal deficit – we’ve already cut the federal deficit of over $1 trillion," he said. [...] The nonpartisan Congressional Budget Office projects that the deficit will decline slightly in fiscal 2024, to about $1.5 trillion. Regardless, all of the Biden-era deficits are among the biggest in US history. Factors out of a president’s control, like interest rates hikes, have played a role in keeping deficits high under Biden. And Biden has signed some deficit-fighting bills; his signature Inflation Reduction Act of 2022 is expected to bring down deficits by a total of more than $230 billion over a decade, while the Fiscal Responsibility Act of 2023 is expected to cut a cumulative $1.5 trillion from federal deficits over a decade.