Deficit figures set up competing visions from Biden and GOP

This fiscal year’s budget deficit shrunk in half from last year, but the red ink soared on a monthly basis in September largely because of President Joe Biden's plans to forgive student debt, as three decades' worth of costs were compressed into a single month.

Buried in the numbers is a deeper battle between Democrats and Republicans about what it means to be good financial stewards. The federal budget deficit totaled $1.38 trillion this year. That’s down from $2.78 trillion in fiscal 2021 —and it's a message that Biden wants to sell to voters going into the midterm elections.

“Today we have further proof that we're rebuilding the economy in a responsible way,” Biden said in remarks at the White House. “Republicans in Congress are doubling down on a commitment to explode the deficit again.”