Joe Biden, President of the United States, slammed Speaker Kevin McCarthy as well as House Republicans for their tactics during the debate over debt ceiling.
Biden stated that "MAGA Republicans are threatening default on our national debt."
McCarthy, who announced a bill that would raise the debt limit for one year and cut billions of dollars in spending, made the president's comments.
Joe Biden, President of the United States, said on Wednesday that America is not a "deadbeat nation" because it has never flirted with defaulting on its national debt.
He went so far as to quote former Republican Presidents Ronald Reagan, and Donald Trump in order to emphasize the disaster it would cause.
Biden stated that "no one should do anything that would jeopardize America's full faith and credit." "Let's take default off the table, and have a serious, detailed discussion about how to grow our economy, reduce costs, and reduce the deficit."
Biden called McCarthy's gambit, a gambit that was conceived by the Republican Speaker of the House, Kevin McCarthy (Calif.), "really dangerous."
Biden stated that "MAGA Republicans are threatening a default on the debt of the nation, which took 230-years to accumulate in total, unless they do what they want." "We'd be worse that totally irresponsible."
McCarthy compared his plan with those of conservative leaders who were opposed to it.
Biden stated that "the speaker loves to quote Ronald Reagan who I knew as a Senator, but he does not quote everything Reagan has said." "Reagan warned that the debt ceiling brinkmanship would threaten those who hold government bonds, and also those who depend on Social Security or veterans' benefits. "The United States has an obligation to its own people and to the rest of the world.
Biden quoted his predecessor Trump who said that he was disbelieving of anyone using the debt ceiling as a political bargaining tool.
Biden snorted, "I guess he did not know the new MAGA Republicans that he bred." "America isn't a nation that doesn't pay its bills." We fulfill our obligations and I told Speaker McCarthy exactly how to resolve our differences.
McCarthy was repeatedly reprimanded by the president for making speeches like McCarthy's one on Wall Street this week without presenting a plan of action. Biden's budget proposal was released last month, and he has asked House Republicans do the same.
Biden stated that "MAGA Republicans are owed the same thing: Offer a Plan, not Speeches." Biden said: "Offer the American people a budget which explains what you are going to do. What you will cut. What tax giveaways you will extend to the super rich. And what the impact of the deficit is."
McCarthy, who was also speaking on the House Floor at the time of Biden's speech, announced his own plan.
Lifting the debt ceiling
Spending increases are limited to 1% per year, and fiscal year 2020 spending levels will be the same as fiscal year 2012. McCarthy's office claims that it would lead to $4.5 trillion of savings.
Biden, in his remarks before the bill's release, referred to a Republican proposal which called for a 22 percent cut in discretionary expenditures.
What's the truth? Do these painful costs help to reduce the deficit in the end? Are they reducing costs? "The honest answer is no," said the president.
Biden claimed that the proposed cuts would harm Americans more than they would help.
He said: "Folks that is the MAGA economic plan. Spending cuts for middle and working class Americans and tax cuts to the very top." "It is not about fiscal responsibility, but about cutting benefits to people who don't care about them." It's all about finding new ways to squeeze more out of America's middle-class.