evidence: The annual federal deficit declined by $1.4 trillion on Biden’s watch, from 2021 to 2022. That was larger than any previous one-year reduction in the deficit. Looking at the two-year period from 2021 to 2023, the deficit declined by less, but still by almost $1.1 trillion. [...] During his March 7 address to Congress, Biden said, "I’ve been delivering real results in fiscally responsible ways. We’ve already cut the federal deficit by over $1 trillion." [...] The deficit declines were greater during Biden’s second and third years in office, as vaccines and therapies cut the risks associated with COVID-19 and the economy opened. The deficit was about $1.38 trillion in 2022 and $1.7 trillion in 2023.