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Our only agenda is to publish the truth so you can be an informed participant in democracy. We need your help. More Info ### I would like to contribute One Time Monthly Yearly Join Now ![](\\" ![](\\" Joe Biden stated on May 10, 2022 in remarks at the White House: “My Treasury Department is planning to pay down the national debt this quarter, which never happened under my predecessor.” ![\\"true\\"](\\" half-true/6479cbc723379f0ee49c269b0b9790b7.jpg.\\") ![\\"half- true\\"](\\" true.jpg\\") * Debt * Deficit * Economy * Joe Biden ![\\"President](\\" President Joe Biden responds to questions in the White House complex on May 10, 2022. (AP) ![\\"Louis](\\" By Louis Jacobson May 13, 2022 # Fact-checking Joe Biden on paying down the federal debt #### If Your Time is short • The Treasury has announced its intention to pay down $26 billion in debt during the second quarter of 2022. • However, the federal government’s planned paydown during the second quarter — when the government is flush with tax payments — will be swamped by new borrowing during the other three quarters of the year. • The Trump administration was \"planning\" to pay down the debt during the second quarter of 2020 before it was stymied by the coronavirus pandemic. See the sources for this fact-check Amid public concerns about high inflation rates, President Joe Biden sought to reassure Americans that his administration had a handle on the economy. One of the positive signs, Biden said, was that under his administration, the federal government was poised to pay down a portion of the $23.8 trillion federal debt for the first time in several years. \"My Treasury Department is planning to pay down the national debt this quarter, which never happened under my predecessor,\" Biden said at the White House on May 10. \"Not once. Not once.\" The Treasury Department has said it’s planning to make a modest debt-reduction outlay in the second quarter of 2022, but when looked at in context, this paydown isn’t the notable fiscal turnaround that Biden implies. The White House did not respond to an inquiry for this article. In a memo released May 2, Treasury announced that it intends to pay down $26 billion in debt during 2022\'s second quarter. This is typically accomplished by paying off outstanding Treasury securities so the government doesn’t have to keep paying interest. The last time the government paid down the debt was in the second quarter of 2016, under President Barack Obama. This means that under President Donald Trump, the Treasury did not pay down the debt in any quarter. But there are some important bits of context that Biden left out. One is that the same Treasury memo that announced the upcoming debt pay-down noted that during the first quarter of 2022, the government needed to borrow $668 billion, and during the third quarter of 2022, it expects to borrow $182 billion. In other words, the modest paydown in the second quarter would be overwhelmed by the new borrowing during the first and third quarters — complicating the point Biden was trying to make about fiscal responsibility. #### Featured Fact-check ![](\\" Instagram_logo_2016.svg/322c808c00e73c217d17772ddd5a0eb5.jpg\\") ![](\\" Instagram_logo_2016.svg/8b142c91ebe468a84a192e6df2b7b994.jpg\\") Instagram posts stated on August 13, 2024 in an Instagram post Kamala Harris voted in favor of passing a law in 2022 to tax tips. ![\\"true\\"](\\" false/33efdb6633e5e2fdc2d4e2f63383a1e0.jpg.\\") ![\\"false\\"](\\" false.jpg\\") By Sofia Ahmed • August 15, 2024 Biden is also wrong that the Trump administration was never \"planning\" to pay down debt. On Feb. 3, 2020, the Trump administration announced that in the second quarter of 2020, it was planning to pay down $56 billion of debt. Of course, that was a few weeks before the coronavirus pandemic reached the U.S. The debt payment never happened. At the moment, both Biden and Trump are in the same position: They’ve announced a paydown but haven’t yet completed it; events could still intervene. So, at least for now, the two presidents are roughly in the same boat. It’s also worth noting that the planned and actual paydowns cited here have all occurred during the second quarter of the year. That’s not a coincidence. Typically, the federal government is flush with cash in the second quarter, thanks to tax payments made around the tax-deadline time of April 15. So, if any quarter is going to provide the government with some extra cash to pay down the debt, it’s the second quarter. \"Not every second quarter are we able to pay down the debt, but the most likely quarter to do it is the second quarter,\" said Marc Goldwein, senior vice president of the Committee for a Responsible Federal Budget. Having a second-quarter debt paydown doesn’t mean that the government will be able to do similar paydowns in the succeeding three quarters. In recent history, it hasn’t been able to. Our ruling Biden said, \"My Treasury Department is planning to pay down the national debt this quarter, which never happened under my predecessor.\" The Treasury has announced its intention to pay down $26 billion in debt during the second quarter of 2022. However, the federal government’s planned paydown during the second quarter — when the government is flush with tax payments — will be swamped by new borrowing during the other three quarters of the year. The Trump administration was also \"planning\" to pay down the debt during the second quarter of 2020 but was stymied by the emergence of the coronavirus pandemic. We rate the statement Half True. #### Read About Our Process The Principles of the Truth-O-Meter ### Our Sources Joe Biden, remarks at an event on the economy, May 10, 2022 Treasury Department, \"Treasury Announces Marketable Borrowing Estimates,\" May 2, 2022 Treasury Department, \"Treasury Announces Marketable Borrowing Estimates,\" Feb. 3, 2020 Treasury Department, \"Treasury Announces Marketable Borrowing Estimates,\" Aug. 1, 2016 FactCheck.org, \"Biden’s Economic Spin,\" May 11, 2022 Email interview with Eugene Steuerle, institute fellow at the Urban Institute, May 12, 2022 Interview with Marc Goldwein, senior vice president of the Committee for a Responsible Federal Budget, May 12, 2022 ## Browse the Truth-O-Meter ### More by Louis Jacobson ![](\\" ![](\\" Pete Buttigieg stated on July 28, 2024 in an interview on Fox News Sunday: “Even before the pandemic, America went into a manufacturing recession.” ![\\"mostly-true\\"](\\" th.jpg\\") ![\\"mostly-true\\"](\\" mostly-true.jpg\\") By Louis Jacobson • July 31, 2024 ![](\\" ![](\\" Kamala Harris stated on July 18, 2024 in a speech in North Carolina: “Today, America has record energy production and we are energy independent.” ![\\"mostly-true\\"](\\" th.jpg\\") ![\\"mostly-true\\"](\\" mostly-true.jpg\\") By Louis Jacobson • July 26, 2024 ![](\\" ![](\\" Kamala Harris stated on July 18, 2024 in a campaign event in North Carolina: Project 2025 would “end Head Start.” ![\\"true\\"](\\" ![\\"true\\"](\\" By Louis Jacobson • July 23, 2024 ![](\\" ![](\\" Donald Trump stated on September 7, 2024 in a rally in Mosinee, Wis.: Vice President Kamala Harris “cast the tiebreaking votes that caused the worst inflation in American history, costing a typical American family $28,000.” ![\\"barely-true\\"](\\" th.jpg\\") ![\\"barely-true\\"](\\" barely-true.jpg\\") By Louis Jacobson • September 8, 2024 ![](\\" ![](\\" Kamala Harris stated on August 22, 2024 in su discurso de aceptación en la Convención Nacional Demócrata: El expresidente Donald Trump “tiene la intención de promulgar lo que, en efecto, es un impuesto nacional sobre las ventas…que elevaría los precios para las familias de clase media a casi $4,000 al año”. ![\\"half-true\\"](\\" th.jpg\\") ![\\"half-true\\"](\\" true.jpg\\") By Marta Campabadal Graus • September 5, 2024 ![](\\" ![](\\" Donald Trump stated on August 23, 2024 in a campaign event in Glendale, Ariz.: “There’s been a 43% increase in violent crimes since I left office.” ![\\"barely-true\\"](\\" th.jpg\\") ![\\"barely-true\\"](\\" barely-true.jpg\\") By Louis Jacobson • September 4, 2024 ![](\\" ![](\\" Kamala Harris stated on August 22, 2024 in her acceptance speech at the Democratic National Convention: Former President Donald Trump \"intends to enact what, in effect, is a national sales tax ... that would raise prices on middle-class families by almost $4,000 a year.\" ![\\"half-true\\"](\\" th.jpg\\") ![\\"half-true\\"](\\" true.jpg\\") By Louis Jacobson • August 30, 2024 ![](\\" ![](\\" JD Vance stated on August 25, 2024 in an interview on NBC\'s \"Meet the Press\": “Anything that you lose on the tariff from the perspective of the consumer, you gain in higher wages, so you\'re ultimately much better off.” ![\\"false\\"](\\" ![\\"false\\"](\\" By Louis Jacobson • August 29, 2024 ![](\\" ![](\\" Donald Trump stated on August 21, 2024 in a Truth Social post: “The Harris-Biden Administration has been caught fraudulently manipulating Job Statistics.” ![\\"pants-fire\\"](\\" th.jpg\\") ![\\"pants-fire\\"](\\" pants-fire.jpg\\") By Louis Jacobson • August 23, 2024 ![](\\" ![](\\" Donald Trump stated on August 8, 2024 in a press conference: Says his Jan. 6, 2021, speech on the White House Ellipse drew the “same number of people,” as the 1963 March on Washington where Martin Luther King Jr. gave his “I Have a Dream” speech. ![\\"false\\"](\\" ![\\"false\\"](\\" By Louis Jacobson • August 9, 2024 ![](\\" ![](\\" Tim Walz stated on August 6, 2024 in un mitin de campaña en Filadelfia: \"El crimen violento aumentó bajo Donald Trump\". ![\\"half-true\\"](\\" th.jpg\\") ![\\"half-true\\"](\\" true.jpg\\") By Louis Jacobson • August 9, 2024 ![](\\" ![](\\" Tim Walz stated on August 6, 2024 in a rally in Philadelphia: “Violent crime was up under Donald Trump.” ![\\"half-true\\"](\\" th.jpg\\") ![\\"half-true\\"](\\" true.jpg\\") By Louis Jacobson • August 7, 2024 ![](\\" ![](\\" Kamala Harris stated on July 30, 2024 in a rally in Atlanta: Donald Trump “intends to cut” Medicare. ![\\"barely-true\\"](\\" th.jpg\\") ![\\"barely-true\\"](\\" barely-true.jpg\\") By Louis Jacobson • August 7, 2024 ![](\\" ![](\\" Joe Biden stated on August 2, 2024 in a written statement: \"Since Vice President Harris and I took office … incomes have risen faster than prices.\" ![\\"mostly-true\\"](\\" th.jpg\\") ![\\"mostly-true\\"](\\" mostly-true.jpg\\") By Louis Jacobson • August 6, 2024 ![](\\" ![](\\" Kamala Harris stated on July 30, 2024 in an event in Atlanta: \"Donald Trump intends to cut Social Security.\" ![\\"barely-true\\"](\\" th.jpg\\") ![\\"barely-true\\"](\\" barely-true.jpg\\") By Louis Jacobson • July 31, 2024 ![](\\" ![](\\" Pete Buttigieg stated on July 28, 2024 in an interview on Fox News Sunday: “Even before the pandemic, America went into a manufacturing recession.” ![\\"mostly-true\\"](\\" th.jpg\\") ![\\"mostly-true\\"](\\" mostly-true.jpg\\") By Louis Jacobson • July 31, 2024 ![](\\" ![](\\" Kamala Harris stated on July 18, 2024 in a speech in North Carolina: “Today, America has record energy production and we are energy independent.” ![\\"mostly-true\\"](\\" th.jpg\\") ![\\"mostly-true\\"](\\" mostly-true.jpg\\") By Louis Jacobson • July 26, 2024 ![](\\" ![](\\" Kamala Harris stated on July 18, 2024 in a campaign event in North Carolina: Project 2025 would “end Head Start.” ![\\"true\\"](\\" ![\\"true\\"](\\" By Louis Jacobson • July 23, 2024 ![](\\" ![](\\" Donald Trump stated on September 7, 2024 in a rally in Mosinee, Wis.: Vice President Kamala Harris “cast the tiebreaking votes that caused the worst inflation in American history, costing a typical American family $28,000.” ![\\"barely-true\\"](\\" th.jpg\\") ![\\"barely-true\\"](\\" barely-true.jpg\\") By Louis Jacobson • September 8, 2024 ![](\\" ![](\\" Kamala Harris stated on August 22, 2024 in su discurso de aceptación en la Convención Nacional Demócrata: El expresidente Donald Trump “tiene la intención de promulgar lo que, en efecto, es un impuesto nacional sobre las ventas…que elevaría los precios para las familias de clase media a casi $4,000 al año”. ![\\"half-true\\"](\\" th.jpg\\") ![\\"half-true\\"](\\" true.jpg\\") By Marta Campabadal Graus • September 5, 2024 ![](\\" ![](\\" Donald Trump stated on August 23, 2024 in a campaign event in Glendale, Ariz.: “There’s been a 43% increase in violent crimes since I left office.” ![\\"barely-true\\"](\\" th.jpg\\") ![\\"barely-true\\"](\\" barely-true.jpg\\") By Louis Jacobson • September 4, 2024 ### Fact-checking Joe Biden on paying down the federal debt * ![](\\" ![](\\" Donald Trump stated on September 10, 2024 in at a Sept. 10 presidential debate: \"In Springfield (Ohio), they\'re eating the dogs, the people that came in, they\'re eating the cats. They\'re eating, they\'re eating the pets of the people that live there.” ![\\"pants-fire\\"](\\" th.jpg\\") ![\\"pants-fire\\"](\\" pants-fire.jpg\\") By Jeff Cercone • September 11, 2024 * ![](\\" ![](\\" Social Media stated on September 6, 2024 in in social media posts: Haitian immigrants are eating pets and wildlife in Springfield, Ohio. ![\\"false\\"](\\" ![\\"false\\"](\\" By Jeff Cercone • September 9, 2024 * ![](\\" ![](\\" Social Media stated on September 2, 2024 in social media posts: The Hells Angels Motorcycle Club is on the way to Aurora, Colorado, to confront a Venezuelan gang. ![\\"false\\"](\\" ![\\"false\\"](\\" By Loreben Tuquero • September 9, 2024 * ![](\\" ![](\\" Kamala Harris stated on July 20, 2024 in remarks at a fundraiser in Provincetown, Mass.: Donald Trump “took away protections against discrimination for LGBTQ patients under the Affordable Care Act.” ![\\"mostly-true\\"](\\" th.jpg\\") ![\\"mostly-true\\"](\\" mostly-true.jpg\\") By Grace Abels • September 9, 2024 * ![](\\" ![](\\" One Nation stated on August 23, 2024 in an ad: “Sen. Jacky Rosen voted to increase taxes on families making less than $75,000 a year.” ![\\"barely-true\\"](\\" th.jpg\\") ![\\"barely-true\\"](\\" barely-true.jpg\\") By Seth A. Richardson • September 9, 2024 * ![](\\" ![](\\" Facebook posts stated on September 3, 2024 in una publicación en Facebook: \"La nueva ley de condonación elimina $15,000 de la deuda de tarjetas de crédito para todos los estadounidenses\". ![\\"false\\"](\\" ![\\"false\\"](\\" By Maria Briceño • September 9, 2024 * ![](\\" ![](\\" X posts stated on September 3, 2024 in una publicación en X: “Un grupo de 32 venezolanos armados tomaron esta noche un edificio de apartamentos en Chicago”. ![\\"false\\"](\\" ![\\"false\\"](\\" By Sofia Ahmed • September 9, 2024 * ![](\\" ![](\\" Donald Trump stated on September 7, 2024 in a rally in Mosinee, Wis.: Vice President Kamala Harris “cast the tiebreaking votes that caused the worst inflation in American history, costing a typical American family $28,000.” ![\\"barely-true\\"](\\" th.jpg\\") ![\\"barely-true\\"](\\" barely-true.jpg\\") By Louis Jacobson • September 8, 2024 * ![](\\" ![](\\" National Republican Senatorial Committee stated on August 28, 2024 in an Instagram ad: Elissa Slotkin “gave your hard-earned tax money to illegal immigrants.” ![\\"false\\"](\\" ![\\"false\\"](\\" By Caleb McCullough • September 6, 2024 * ![](\\" ![](\\" Instagram posts stated on September 5, 2024 in a post: Video shows Democratic vice presidential candidate Tim Walz dancing to Beyoncé in a cowboy hat and crop top. ![\\"false\\"](\\" ![\\"false\\"](\\" By Sara Swann • September 6, 2024 Load more ### Support independent fact-checking. 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My Treasury Department is planning to pay down the national debt this quarter which never happened under my predecessor