Biden says his administration’s plans will cut US debt by $2 trillion on top of the $1.7 trillion already in cuts, while he will stick to his promise to provide financial assistance to anyone earning less than $400,000 a year. Will not increase taxes for the individual either.
“Let’s be clear about what’s happening,” he said. “If you add up all the proposals my Republican friends in Congress have introduced so far, they will add $3 trillion in debt over 10 years.”
Since taking control of the House last month, Republicans have passed measures to reverse or roll back Biden-backed laws, including the Inflation Reduction Act, including green tax credits and reforms aimed at lowering drug prices. Are included.
Republicans argue that federal spending is too high and will fuel inflation while increasing the US debt level.
Senate Democrats are preparing to go to their home states and promote Biden’s economic victories so far, such as insulin price caps, energy-related tax credits and infrastructure grants.
They also plan a separate news conference on Wednesday aimed at highlighting House Republicans’ planned budget cuts. The president on Tuesday picked new allies to help lead the fight, naming Federal Reserve Vice Chairman Lael Brainard to replace former top economic adviser Brian Dees and naming Jared Bernstein to head the Council of Economic Advisers.