Biden foresees a debt ceiling standoff with Republicans

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President Joe Biden on Friday outlined what he sees as the coming debt ceiling with congressional Republicans: a battle for spending cuts that Republicans seek and tax increases that Democrats want.

Biden delivered remarks to mayors across the country in the East Room of the White House before taking a few questions from local leaders. Democratic Mayor Tishaura Jones of St. Louis, Missouri, asked how mayors across the country could help “ensure national security” and “bring high-quality jobs to America’s cities,” but Biden said. On Thursday, he responded by talking about the national debt and the upcoming battle between Democrats and Republicans on the issue, given that the United States has reached its debt ceiling.

He first announced that his administration had cut the deficit by $350 billion in 2021, and said he would cut it by more than $1 trillion in 2022.

However, The Washington Post called the rhetoric “ball games” and “unwarranted arrogance” as the Congressional Budget Office (CBO) projects the debt will fall by $360 billion in 2021 and fall again in 2022 as emergency pandemic spending ends. Interestingly, CBO projected that the debt would decrease by $875 billion in 2021, but administrative costs led CBO to revise that figure to $360 billion.

When the national debt ceiling reached $31.3 trillion, lawmakers ordered funding cuts or raising the ceiling again to get below that amount.

“Now the big debate … and I’m going to talk about this in the State of the Union, it’s a fundamental disagreement … what do you cut, well, not just. What do you collect, what taxes do people pay, how do they pay taxes and do they pay it fairly? ” he said.

“There’s a lot we can do,” Biden suggested, but only identified higher taxes on billionaires or cuts to Social Security as possible solutions:

America has 745 or 750 billionaires. [The] the average tax rate they pay is 2%. I think you should be a billionaire, but I think you should pay a little more than two percent….I’m not worried about that, but it’s true. Now the argument – there are many arguments why it shouldn’t be because they generate so much energy and so much growth and so on.

There are many things we can do. Now the option they’re proposing, you see, they want a way to reduce this debt is to cut Social Security, cut Medicare. We have to do something about Social Security and Medicare… But these are the kinds of debates we’re going to have, and they’re going to be real debates.

Former President Donald Trump has strongly warned Republican lawmakers not to vote to cut Medicare or Social Security to “help pay for Joe Biden’s reckless spending.” Instead, Trump proposed “cutting hundreds of billions of taxpayer dollars to corrupt foreign countries” and “mass releases of illegal aliens who are eroding our social safety net and destroying our country” to end and recklessly dismantle radical gender programs in the military. Financing ‘Climate Change Extremism’, Falling Below the Debt Limit.

Donald J. Trump for the presidency in 2024

“Reduce waste, fraud and abuse everywhere we go, and that’s a lot, but don’t reduce the benefits our seniors have worked and paid for all their lives. “Save Social Security, don’t eliminate it,” he warned.

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