President Joe Biden fired another warning to Republican lawmakers, suggesting that they need to budge if a bipartisan deal is to be reached on raising the debt ceiling.
What Happened: "It's time for House Republicans to accept that there is no bipartisan deal on default to be made solely on their terms,” the president tweeted Sunday afternoon.
Biden said he has put forward a plan that would include spending cuts of over $1 trillion, on top of the $3 trillion in deficit reduction he had previously proposed.
Reiterating his point, the president said in a follow-up tweet that he would not agree to a deal with House Republicans that “protects billions in subsidies for Big Oil while putting the health care of 21 million Americans at risk … Or that protects wealthy tax cheats while putting food assistance at risk for 1 million Americans.”
See Also: Best Depression Stocks
The president is currently returning from Japan following the Group of Seven summit. He spoke with House Speaker Kevin McCarthy (R-Calif) over the phone on Sunday to negotiate on the debt ceiling.
Recession Warning: Biden also repeated his warning of the loss of millions of jobs and a potential recession if "MAGA" House Republicans threaten a default.
"All because they are demanding deep cuts that will hurt hardworking families — even while they protect tax breaks for the wealthy and corporations," he tweeted.
Biden's new $1 trillion deficit reduction plan includes cutting handouts to big pharma and eliminating tax subsidies to oil & gas companies, real estate loopholes and tax loopholes related to cryptocurrency trading.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
