President Joe Biden said he is ready for additional sanctions against Russia.

He noted that he will discuss further action with G-7 leaders this week. Biden said this while answering questions after a brief statement on economic growth, jobs and the deficit.

He said his administration has reduced the U.S. budget deficit by $350 billion in its first two years and is on track to reduce it by another $1.5 trillion. 

Biden noted that this will help reduce inflationary pressures.