President Biden wrongly claimed Tuesday that he slashed the national debt by $1.7 billion — despite increasing it by about $3.84 trillion over his first two years in office, according to the NY Post.

The 80-year-old president made the error — apparently as a result of confusing the terms “debt” and “deficit” — while bashing House Republicans as irresponsible for demanding spending cuts in exchange for raising the debt ceiling later this year.

“You know you hear ads with the big-spending Joe Biden?” Biden said during a speech in Virginia Beach, Va. “In two years, I reduced the debt $1.7 billion — $1.7 billion.

“It’s the largest deficit reduction in American history.”

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Biden also said he intends to propose tax increases on higher earners when he releases his annual budget proposal on March 9, though that plan stands no chance of passing the Republican-held House.

“I want to make it clear, I’m going to raise some taxes,” the president said.

“If any of you are billionaires out there, you’re going to stop paying at 3%, not a joke.”

The term “federal deficit” refers to the annual amount of government spending that is unfunded while the national debt — currently clocking in at more than $31.58 trillion — is the amount owed to holders of securities like Treasury bonds.

Biden previously mixed up the terms “debt” and “deficit” in December while touting the nation’s financial health under his stewardship — while the president incorrectly claimed earlier this month that the worst inflation since the early 1980s was “already there” when he took office.