US President Joe Biden said his administration is on track to cut the federal deficit by $1.5 trillion by the end of this fiscal year, the biggest decline in a single year ever in American history. 

He noted that there was a $350 billion drop in deficit last year. 

Biden was speaking at the White House on economic growth, jobs, and deficit reduction.

For the first time since 2016, the Treasury Department is planning to pay down the national debt, issued to the public, this quarter, said Biden.

Biden stated that the former President Donald Trump administration increased the deficit every year during in office, pointing out to its $2 trillion tax cut.

The president urged American corporations to pay their "fair share" in taxes.

"The tax cut had largely benefited the biggest corporations, 55 of which earned $40 billion in profit and paid not a single income tax in 2020," he said.

Biden emphasized that bringing down the deficit is one way to ease inflationary pressures in the economy, adding "We reduced federal borrowing and we helped combat inflation."

About the EU's proposal of gradual ban on Russian oil imports, Biden said he will talk to G7 members this week./aa