President Joe Biden on Wednesday slammed House Republicans for flirting with defaulting on the national debt, saying America is not “a deadbeat nation.”
He also went as far as quoting Republican former Presidents Ronald Reagan and Donald Trump to stress the catastrophe it would cause.
“No one should do anything to jeopardize the full faith and credit of the United States of America,” Biden said. “Take default off the table and let’s have a real serious, detailed conversation about how to grow the economy, lower costs and reduce the deficit.”
Biden called the gambit by House Speaker Kevin McCarthy, R-Calif., “really dangerous.”
“MAGA Republicans in Congress are threatening to default on the national debt, the debt that took 230 years to accumulate overall, unless we do what they say,” Biden said. “They say they’re going to default unless I agree to all these wacko notions they have. Default. We’d be worse than totally irresponsible.”
Speaking at the International Union of Operating Engineers Local 77 in Accokeek, Maryland, he then compared the McCarthy’s plan to the words of other conservative leaders who opposed the move.
“The speaker likes to quote his hero Ronald Reagan, who I knew when I was a senator, but he doesn’t quote everything Reagan said,” Biden said. “Reagan said debt ceiling brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans’ benefits. The United States has a special responsibility to itself and the world to meet its obligation.”
Biden went on to quote his predecessor, Trump, who expressed disbelief that anyone would use the debt ceiling in political negotiations.
“I guess he didn’t know the new MAGA Republicans he bred,” Biden quipped. “America is not a deadbeat nation. We meet our obligations, and I made it clear to Speaker McCarthy how we should proceed to settle our differences.”
The president repeatedly chided McCarthy for giving speeches, like his one to Wall Street earlier this week, without offering a clear plan to move forward. Biden released his budget proposal last month and has asked House Republicans to do so as well.
“MAGA Republicans owe the people the same: Offer a plan, not speeches,” Biden said. “Offer a budget that levels to the American people exactly what you intend to do, what you’re going to cut, what tax giveaways you plan to extend to the super wealthy, what it means for the deficit.”
As Biden was speaking, McCarthy announced his plan in his own speech on the House floor. McCarthy’s bill calls to lift the debt limit by $1.5 trillion, or until March 31, 2024, slash federal spending by up to $130 billion, limit spending increases to 1% a year and set fiscal year 2024 spending levels at that of fiscal year 2022. McCarthy’s office says it would result in $4.5 trillion in savings.
Speaking before the bill was released, Biden referenced a leading Republican proposal that called for a 22% cut in discretionary spending.
“Here’s the thing: Do these painful costs actually help the deficit? Do they actually reduce costs? Well, the honest answer is no,” the president said.
Biden said the proposed cuts would hurt Americans more than it would help.
“Folks, that’s the MAGA economic agenda: spending cuts for working and middle class folks, Americans, and tax cuts for those at the top of the pile,” he said. “It’s not about fiscal discipline, it’s about cutting benefits for folks they don’t seem to care much about. It’s about finding ways to squeeze out more of America’s middle class.”