Biden Is Furious About Republicans’ New Financial Plan

President Joe Biden has blasted House Speaker Kevin McCarthy’s proposed budget.

Speaking about what the White House refers to as the “care economy,” Biden criticized McCarthy and House Republicans’ draft budget proposal, which would have raised the debt ceiling until May 2024, established ten-year spending caps, recouped unapplied coronavirus aid funds, and passed the Lower Energy Costs Act, a comprehensive energy bill, a work requirement, and the REINS Act.

To strengthen the Republicans’ bargaining position with Biden, who has refused to engage in negotiations with the House, McCarthy will probably aim to get the proposal passed before April 28.

“If he doesn’t get his way with the budget,” Biden alleged, “He threatened that he’d be the first speaker to go into default on our national debt, which would throw us into a massive recession and beyond.”

“Folks, you have to consider what the MAGA Republicans in Congress are doing.” The idea was contested by Biden. “What are they thinking? What’s the point?”

Biden claimed the MAGA budget proposal would primarily benefit the affluent while harming others who rely on entitlements, using language associated with class warfare.

Inflation-stoking government measures that also contributed to a financial crisis were not mentioned by Biden. In response, as Americans’ concerns about the economy have grown, interest rates have gone up to control inflation.

According to Bloomberg, American households paid an additional $5,200, or $433 per month, as a result of Biden’s 40-year-high inflation in 2022.

“The speaker discussed expenditure restrictions,” according to Biden. Biden swiftly added, “It sounds good,” using the Republican plan to commend his government for reportedly reducing the deficit by $1.7 billion over the course of two years.

Voters in 87 key districts mainly support the House Republicans plan to increase the debt ceiling with budget cuts, according to a Tuesday survey by the American Action Network.

A debt ceiling increase without spending reductions is opposed by 50% of voters. Only 37% of these voters support Congress passing a clean debt ceiling. 53 percent of respondents support McCarthy’s plan. Only 39% of people support Biden’s proposal.