In any case, the government would have had to engage in the additional borrowing even if the tax cuts had never passed because any additional revenue that higher tax rates might have generated would have been appropriated for spending on programs before the coronavirus hit.
Also in the interview, Biden confused the Main Street Lending Program launched by the Federal Reserve with programs, such as the Paycheck Protection Program, run by the Trump administration.
He incorrectly said the Fed program was launched 3 months ago.
And he claimed, falsely, that a vast majority of the funding for the administration’s programs have gone to large corporations.
The Main Street Lending program was established in April, not three months ago.