evidence: The deficit projection from the Committee for a Responsible Federal Budget and its tally for fiscal year 2022 do not include President Joe Biden’s federal student debt cancellation plan, which the Supreme Court struck down earlier this year before it took effect. The US Treasury Department lists the fiscal year 2022 deficit as $1.4 trillion because it takes into account the cost of the president’s proposal. The agency is expected to report that the current fiscal year’s deficit will be about $1.7 trillion because it will reflect the cancellation of Biden’s initiative. [...] The spike also throws a wrench into Biden’s repeated claim that he cut the deficit by $1.7 trillion in his first two years in office – which he again said during a Labor Day speech in Philadelphia. Experts have said it’s highly questionable how much credit Biden deserves since the drop in the deficit largely stemmed from the expiration of the emergency pandemic programs.