“This year, it's going to be over $1.5 trillion (that we’ve) reduced the debt."
The Congressional Budget Office’s latest projection shows that the deficit is about $1.7 trillion lower now than it was in 2021. However, this large decrease is because of an unusual historical circumstance — the expiration of large, temporary programs related to coronavirus pandemic relief. The federal debt is not lower today than it had been. Instead, it has not gone up as fast as it would have otherwise.