GREENSBORO, NC - APRIL 14: U.S. President Joe Biden speaks to guests during a visit to North Carolina Agricultural and Technical State University on April 14, 2022 in Greensboro, North Carolina. Biden was in North Carolina to discuss his administration's efforts to create manufacturing jobs and alleviate the impacts of inflation. (Photo by Allison Joyce/Getty Images)

WASHINGTON (AP) — President Joe Biden plans to highlight deficit reduction in remarks noting that the government will pay down the national debt this quarter for the first time in six years. In remarks Wednesday, Biden will stress how strong job gains have increased total incomes and led to additional tax revenues that have improved the government’s balance sheet. A White House official previewed the speech on condition of anonymity. The Treasury Department estimates that this fiscal year’s budget deficit will decline $1.5 trillion. That decrease marks an improvement from initial forecasts and would likely put the annual deficit below $1.3 trillion.