Updated Apr 19, 2023 - Politics & Policy

Biden slams Republican economic vision in speech

President Biden speaks before signing an executive order related to childcare and eldercare on April 18. Photo: Drew Angerer/Getty Images

President Biden is set to deliver remarks Wednesday slamming House Republicans' economic vision as the "same old trickle-down dressed up in MAGA clothing."

Why it matters: The U.S. government could reach its fiscal cliff this summer, but the Biden administration has refused to negotiate with House Republicans as long as they tie the debt ceiling to their budget demands.

  • McCarthy will attempt to pass his debt-ceiling bill through the House in the coming weeks to force Biden to negotiate, but divisions within the GOP conference are threatening to derail those plans.

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Biden, in his closing remarks, said: “My economic plan for the middle class is transforming our economy to be stronger, fairer, more innovative, more competitive.”

“That’s where all of you come in, without you we can’t rebuild America,” he said.

“You build the roads, the bridges, you’re going to take all those lead pipes out of our system, make it safer to generate economic growth for the country.”

Biden criticized “MAGA Republicans in Congress” for supporting cuts to food assistance programs, Medicaid, the IRS and the FBI.

  • "And here's the thing, do these painful cuts actually help the deficit, do they actually reduce costs? Well, the honest answer is no," he said.
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