US President Joe Biden says the nation is at an "inflection point" and the results of the November presidential election will shape the course of the nation for many years to come.

Speaking at the Democratic National Convention in Chicago, Biden stated, "We're facing a turning point, one of these rare moments in history when the decisions we make now will determine the fate of our nation and the world for decades to come."

Biden claims that although US democracy is in jeopardy, the country's greatest days are yet to come.

This echoes the same statement Biden made last week saying, “Mark my words, if he wins watch what happens," expressing his fear of Trump's re-election into office and asserting that "he’s a genuine danger to American security” while highlighting his lack of confidence in a peaceful power transition if Trump lost.

“We are at an inflection point in world history. We really are. The decisions we make in the next three or four years are going to determine what the next six decades look like, and democracy is the key," he said at the time. 

Now, in a farewell speech, Biden supported Democratic contender Kamala Harris to defeat "loser" Donald Trump in November's elections as he referred to one of Harris' prior positions by advising Americans to "put a prosecutor in the Oval Office instead of a convicted felon."

"Donald Trump calls America a failing nation... He says we're losing. He's the loser," Biden said. 

"Think of the message he sends around the world when he talks about America being a failing nation, he says that we're losing. He is the loser! He is damn wrong. Many of you are very successful people who travel the world. Name me a country in the world that does not think we're the leading nation of the world," Biden said.

In his subsequent speech, the US president accused Trump of lying about the situation with migrants on the country's southern border, the crime situation, and a number of other topics.

It is worth mentioning that last month, using her background as a prosecutor and the attorney general of California, where she dealt with a variety of criminals and con artists, Harris claimed to know Trump's personality.

"Before I was elected United States Senator, I was elected attorney general of the State of California, and I was a courtroom prosecutor before then, and in those roles, I took on perpetrators of all kinds, predators who abused women, fraudsters who ripped off consumers, cheaters who broke the rules for their own gain, so hear me when I say I know Donald Trump's type," Harris stated. 

Stating the obvious

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Meanwhile, protesters outside the DNC in Chicago were denouncing "Israel's" war on Gaza, and Biden said they "have a point."

He said, "Those protesters out in the street, they have a point. A lot of innocent people are being killed on both sides," adding that the time has come to "end this war."

Read next: Gaza ceasefire deal 'still possible': Biden

Large demonstrations took place in Chicago demanding an end to sending arms to "Israel" and the cessation of the war on Gaza.

US police forces were dispatched to disperse the protesters calling for an end to the genocide in Gaza, footage circulating on social media platforms showed.

On stage at the party's national convention late on Monday, Harris gave Joe Biden a hug after the latter declared he would be "the best volunteer" for her campaign against Trump, the Republican opponent.

The 81-year-old Biden concluded a robust, nearly one-hour-long broadcast speech in Chicago by saying, "I promise I'll be the best volunteer Harris and Walz's camp have ever seen," a reference to Harris' running mate Tim Walz.

When Harris spoke at the Democratic National Convention's opening ceremony on Monday, she said that she was "forever grateful" to Biden.

She expressed, "I want to start by celebrating our incredible president, Joe Biden."

She concluded, "Joe, thank you for your historic leadership, for your lifetime of service to our nation."

How much of a "historic leadership" it is remains in the hands of his actions for the last few years.

The United States' budget deficit has reached an all-time high of $6.6 trillion under President Joe Biden's administration, Sputnik estimated based on data obtained from the US Treasury Department on Sunday. 

Over the past three and a half years of Biden's presidency, the US government's expenses exceeded its revenues by $6.6 trillion, marking the highest deficit in the history of these records.

In 2021, the deficit stood at $2.8 trillion, or 13% of GDP. The following year saw a reduction to $1.4 trillion, or 6.3% of GDP, but increased again the year after to $1.7 trillion, or 7.6% of GDP. In the first half of this year, the deficit reached $758.2 billion, translating to 5.5% of GDP on a rolling annual basis.

On the other hand, Donald Trump accumulated a total deficit of $5.6 trillion. During Trump's tenure, the largest annual deficit was in 2020, at the height of the coronavirus pandemic, reaching $3.1 trillion, or 15.5% of GDP.