Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

'Not on my watch' - Biden attacks House Republicans' economic plans

'Not on my watch' - Biden attacks House Republicans' economic plans

President Joe Biden cast Republicans as representing the party of "chaos and catastrophe" on Thursday and sharply criticized their refusal to approve an increase in the U.S. debt ceiling unless they get a deal on spending cuts.

In an impassioned speech at a steamfitters union hall in Virginia, Biden launched attack after attack on Republicans who control the U.S. House of Representatives, saying some of their proposals are dangerous for the American economy.

House Speaker Kevin McCarthy, a Republican, has vowed not to approve a debt ceiling increase unless Biden and his fellow Democrats reach a negotiated deal with Republicans on cutting future government spending.

"We must finally address Washington’s irresponsible government spending if we want to put America on a better fiscal path," McCarthy wrote on Thursday.

Biden called McCarthy's position "mind-boggling."

“I will not let anyone use the full faith and credit of the United States as a bargaining chip. In the United States of America, we pay our debts," Biden said.

Of Republicans aligned with former President Donald Trump, Biden said: "They seem intent on being the party of chaos and catastrophe."

Republicans' threat is unusual - the U.S. debt ceiling has been increased on a bipartisan basis in Congress for decades, with the exception of a 2011 vote that included spending cuts for several years ahead.

Treasury Secretary Janet Yellen said on Jan. 19 that the United States has reached its current $31.4 trillion borrowing cap, but can continue paying its bills until June by shuffling money between various accounts. Investors have warned edging closer to that deadline could have dire market repercussions.

In his first major economic speech of the year, Biden also promoted his record on the U.S. economy, including the creation of more manufacturing jobs, a low unemployment rate and better-than-expected economic growth figures.

Biden addressed European leaders' complaint that his legislative package last year offers massive subsidies for U.S.-made products that they say will impact trade. He said he is getting criticism from abroad for focusing too much attention on the United States.

"The hell with that," he said.

Biden reiterated his threat to veto Republican proposals that would limit his authority to tap the strategic petroleum reserve, cut taxes on corporations and levy a national sales tax should they reach his desk.

Since Democrats control the Senate, his veto pen is unlikely to be needed, but Biden and the White House have lit on these and other fringe Republican proposals to highlight the gulf between the two parties' plans.

"They want to raise your gas prices. They want to cut taxes for billionaires," Biden said. "They want to impose a 30 percent national sales tax," he added.

Biden, who is laying the groundwork for a 2024 reelection bid, told union members in Springfield, Virginia, that he would veto any such bills. "Not on my watch, I will veto everything they send us," he said.

Biden also went after pharmaceutical companies for making huge profits using federal incentives for research and investment and promised to pass legislation extending a $35 cap on insulin for Medicare users to everyone.

The economy under Biden has been gripped by inflation that is now ebbing, as are fears that a recession is imminent. U.S. gross domestic product grew at a 2.9% annualized rate in last year's fourth quarter, exceeding expectations, the Commerce Department reported Thursday.


REPUBLICAN PROPOSALS


Since the new Congress started this month, the House has passed a bill to slash the Internal Revenue Service's budget, and some Republicans propose cutting Social Security and Medicare, retirement and healthcare spending programs for senior citizens.

"Do they think this is going to help with inflation," Biden said of the sales tax proposal. "What in God's name is this all about?"

As Biden started his speech, House Speaker McCarthy tweeted, "If President Biden is so eager to speak on the economy, then he should set a date to discuss a responsible debt ceiling increase."

A bill on the strategic petroleum reserve that the White House says will raise gas prices was another one of a series of political messaging measures that the House passed in its first week of business, and it is seen as having little to no chance of being taken up by the Senate.

The national sales tax proposal is included in the Fair Tax Act of 2023, introduced on Jan. 9 by Republican Representative Earl "Buddy" Carter of Georgia. It would replace the U.S. income, payroll, estate and gift taxes with a 23% sales tax and stop funding the Internal Revenue Service after 2027.

McCarthy responded "no" this week when asked by reporters if he supported the bill, which Georgia Republicans have been introducing without success since 1999.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
×