According to data from the US Treasury Department, the US budget deficit during the presidency of Joe Biden has hit an all-time high of $6.6 trillion.
"We're going to pay off the debt of our country because this country owes $35 trillion, but that rapidly can come down," Trump said in his remarks during a campaign event in York, Pennsylvania.
Trump added that he would use oil to reduce the deficit, pay off the record debt, and cut taxes.
The United States has been in a state of chronic excess of expenditures over income for almost a century; the last time there was a long period of surplus was from 1920 to 1930. The only US leader after World War II with a budget surplus was Harry Truman (1946-1950), and the largest government spending surplus was under Ronald Reagan at $1.34 trillion. The US finances such a gigantic budget deficit from the national debt, which in July for the first time exceeded the $35 trillion mark, and just two weeks later grew by another $160 billion.