Friday’s address by President Joe Biden outlined the outline of his future standoff over debt ceiling with Congress Republicans. A fight for spending cuts Republicans desire and tax rises Democrats seek.
Biden made remarks to mayors from all over the United States in the East Room, and then answered questions from local officials. Tishaura, a Democrat Mayor from St. Louis (Missouri), asked about how the nation’s mayors can be of assistance. “sure up national security”Bring it! “more high-quality jobs to America’s cities,”Biden replied by talking about the nation’s debt, and the looming struggle between Democrats and Republicans over the issue. This is especially relevant considering that the United States has reached the debt ceiling Thursday.
In 2021, he claimed that $350 billion had been cut from the deficit by his government. He then said that he would cut it by more than a trillion dollars in 2022.
The However, Washington PostThis is what he called “against the law”. “shell game” “unwarranted bragging”According to CBO, the CBO predicted that debt will fall by $360billion in 2021. This would be due to the temporary spending cuts for the pandemic. Ironically, the CBO predicted the debt to fall by $875 billion in 2021, but the administration’s spending led the CBO to revise the number to $360 billion.
As the $31.3 trillion national debt ceiling has been reached, lawmakers are tasked with cutting funding to get below the number or raising the ceiling again.
“Now the big debate … and I’m going to talk about it in State of the Union, is the fundamental disagreement on… what do we cut, well it not just cutting. What do you raise, what taxes do people pay, how do they pay their taxes, and do they pay it fairly?”He said.
Biden suggested, “There’s a lot of things we can do,”But, we only considered a tax rise on billionaires or social safety cuts as viable solutions.
There’s 745 or 750 billionaires in America. [The]Their average tax rate is 2 percent. I think you should be able to be a billionaire, but I think you should pay little more than two percent…. I’m not trying to be alarming about it but, I mean, its a reality. Now the argument is – there’s a lot of arguments why that shouldn’t be because they generate so much energy and so much growth, etc.
There’s a lot things we can do. Now the option that’s going to be offered, you’re going to see, is they want to a way to deal with cutting that debt is to cut social security, cut medicaid. We got to do something about social security and medicaid… But these are the kinds of debates we are going to have, and they’re going to be honest debates.
Ex-President Donald Trump warned Republican legislators to not vote for cuts to social security or medicare in an abrasive warning. “help pay for Joe Biden’s reckless spending spree.”Trump instead proposed to cut “hundreds of billions of taxpayer dollars going to corrupt foreign countries,”Cutting “the mass releases of illegal aliens that are depleting our social safety net and destroying our country,”Ending radical female programs within the military and eliminating reckless funding “climate change extremism,”To get below the debt limit.
Donald J. Trump, President of the United States 2024
“Cut waste, fraud, and abuse everywhere that we can find it, and there’s plenty of it, but do not cut the benefits our seniors worked for and paid for their entire lives. Save social security, don’t destroy it,”He cautioned.
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