WASHINGTON (NEXSTAR) — President Joe Biden delivered remarks on his administration’s efforts to reduce the federal deficit.

“We have further proof that we’re rebuilding the economy in a responsible way,” President Biden said.

On Friday, the Treasury Department said the annual federal deficit fell by nearly $1.4 trillion to about half of what it was in 2021.

“This record deficit reduction includes the cost of my student loan plan and everything else we’re paying for,” President Biden said.

President Biden credits his policies for making the difference.

“The deficit’s come down both years that I’ve been in office, and I just signed legislation that’s gonna reduce it even more in the decade to come,” the President said.

Treasury Secretary Janet Yellen says the President’s policies have the country on the right track.

“We’ve advanced an economic plan that puts innovation and technology at the forefront of our national agenda,” Yellen said.

And with the midterm elections looming, President Biden said American voters should stay away from the Republican’s economic plans.

“It’s mega-maga-trickle down,” he said. “The Republican plan would add $3 trillion to the deficit.”

But Republicans say it’s “desperate and sad” for the President to take credit for economic progress. RNC Chairwoman Ronna McDaniel says it’s “Republican governors and legislatures” that “have delivered.”

For now, both Democrats and Republicans are urging Americans to head to the polls and decide which side should lead the country’s economy after November.