evidence: Did President Biden Reduce the Deficit by $1 Trillion? In his first State of the Union address, President Joe Biden stated that he would be "the only president ever to cut the deficit by more than one trillion dollars in a single year" and that "by the end of this year, the deficit will be down to less than half what it was" before he took office. While the President's math is accurate, his claims of credit for reducing the deficit are misplaced and lack important context. [...] The deficit will fall by more than $1 trillion this year, but it is not because President Biden took efforts to cut it.