“Many of the initiatives that he passed are what are coming to bear now, including the Affordable Care Act,” Pelosi said in an interview with MSNBC’s Chris Hayes. “The Affordable Care Act is bringing the cost of health care in our country down in both the public and private sector. And that is what is largely responsible for the deficit coming down.”

The CBO reported last week that the federal budget deficit declined in the first seven months of fiscal year 2013 compared to 2012.

Pelosi’s comments come as the administration begins to roll out their healthcare reforms amid controversy and pushback from GOP lawmakers who have vowed to undo the law.

Republicans and Democrats have sparred over the effect of the healthcare reform law on the nation’s budget, with GOP lawmakers warning it will increase the deficit.