United States President Joe Biden throughout an occasion at the International Union of Operating Engineers Local 77 training center in Accokeek, Maryland, on Wednesday, April 19, 2023.
Jim Lo Scalzo|EPA|Bloomberg|Getty Images
President Joe Biden on Wednesday knocked House Republicans for flirting with defaulting on the nationwide financial obligation, stating America is not “a deadbeat nation.”
He likewise reached estimating Republican previous Presidents Ronald Reagan and Donald Trump to worry the disaster it would trigger.
“No one should do anything to jeopardize the full faith and credit of the United States of America,” Biden stated. “Take default off the table and let’s have a real serious, detailed conversation about how to grow the economy, lower costs and reduce the deficit.”
Biden called the gambit by House Speaker Kevin McCarthy, R-Calif, “really dangerous.”
“MAGA Republicans in Congress are threatening to default on the national debt, the debt that took 230 years to accumulate overall, unless we do what they say,” Biden stated. “They say they’re going to default unless I agree to all these wacko notions they have. Default. We’d be worse than totally irresponsible.”
Speaking at the International Union of Operating Engineers Local 77 in Accokeek, Maryland, he then compared the McCarthy’s strategy to the words of other conservative leaders who opposed the relocation.
“The speaker likes to quote his hero Ronald Reagan, who I knew when I was a senator, but he doesn’t quote everything Reagan said,” Biden stated. “Reagan said debt ceiling brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans’ benefits. The United States has a special responsibility to itself and the world to meet its obligation.”
Biden went on to estimate his predecessor, Trump, who revealed shock that anybody would utilize the financial obligation ceiling in political settlements.
“I guess he didn’t know the new MAGA Republicans he bred,” Biden quipped. “America is not a deadbeat nation. We meet our obligations, and I made it clear to Speaker McCarthy how we should proceed to settle our differences.”
The president consistently scolded McCarthy for offering speeches, like his one to Wall Street previously today, without providing a clear strategy to progress. Biden launched his budget plan proposition last month and has actually asked House Republicans to do so also.
“MAGA Republicans owe the people the same: Offer a plan, not speeches,” Biden stated. “Offer a budget that levels to the American people exactly what you intend to do, what you’re going to cut, what tax giveaways you plan to extend to the super wealthy, what it means for the deficit.”
As Biden was speaking, McCarthy revealed his strategy in his own speech on the House flooring. McCarthy’s costs contacts us to raise the financial obligation limitation by $1.5 trillion, or up until March 31, 2024, slash federal costs by approximately $130 billion, limitation costs increases to 1% a year and set 2024 costs levels at that of 2022 McCarthy’s workplace states it would lead to $4.5 trillion in cost savings.
Speaking prior to the costs was launched, Biden referenced a leading Republican proposition that required a 22% cut in discretionary costs.
“Here’s the thing: Do these painful costs actually help the deficit? Do they actually reduce costs? Well, the honest answer is no,” the president stated.
Biden stated the proposed cuts would harm Americans more than it would assist.
“Folks, that’s the MAGA economic agenda: spending cuts for working and middle class folks, Americans, and tax cuts for those at the top of the pile,” he stated. “It’s not about fiscal discipline, it’s about cutting benefits for folks they don’t seem to care much about. It’s about finding ways to squeeze out more of America’s middle class.”
