Speaking to a union of locksmiths in Springfield, Va., on Thursday, President Joe Biden said he would veto any Republican proposals he said posed a danger to the US economy.
Recall that the Republicans have put forward proposals for strategic oil reserves, corporate tax cuts and the federal sales tax.
“They want to raise the price of gasoline. They want to cut taxes for billionaires,” Biden said. “They want a 30% federal sales tax…While I’m in power, that won’t happen, I’ll veto anything they come up with.”
In the first major economic speech of the year, the White House chief highlighted the administration’s economic achievements, including more manufacturing jobs and a low unemployment rate.
Recall that the Republicans took control of the House of Representatives, after obtaining a slight majority in the midterm elections last November. The Democrats retained their majority in the Senate.
The president said the Republican MAGA economic plan poses a threat to the country’s economic progress.
Recall that MAGA (“Make America Great Again”) is the slogan of supporters of former Republican President Donald Trump, whom Biden defeated in the 2020 election.
“We must protect the gains our policies have made, defend them against the MAGA Republicans in the House of Representatives who threaten to destroy that progress,” the president said.
House Speaker Kevin McCarthy tweeted that Biden should “set a date to discuss a responsible debt ceiling hike.”
Under Biden, the economy has struggled with inflation, which is now falling, as have fears of an impending recession. Gross domestic product rose 2.9% year-on-year in the fourth quarter of last year, beating expectations, the Commerce Department said Thursday.
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