During a speech last Wednesday, President Biden accused “MAGA Republicans” of standing in the way of his vision for the economy and claimed that they were trying to undo all of his policies, The Epoch Times reported.
While speaking to a group of labor union members in Accokeek, Maryland, Biden tried to drum up support for his economic agenda, claiming that his economic vision for the country was at stake.
Citing Speaker Kevin McCarthy’s recent remarks to Wall Street, Biden claimed that the “MAGA economic vision” was to reward the wealthy and powerful. He claimed that McCarthy didn’t say a word about making Wall Street pay “a fair share” or to “stop stashing profits in tax havens” while “shipping jobs overseas.”
He accused McCarthy of promising Wall Street that he would cut “very important programs” that the middle class depends on. Biden claimed that McCarthy’s speech was trickle-down economics “dressed up in MAGA clothing” and said the Republican budget proposal shows what they value.
During his remarks to the New York Stock Exchange last Monday, Speaker McCarthy said the Republican House would vote on a proposal to lift the debt ceiling in the “coming weeks” that would return to FY2022 spending levels and limit annual spending increases to 1 percent for the next ten years.
McCarthy dismissed the critics who call the spending cuts “draconian,” noting that the spending levels proposed are the same ones that were in place “just last October.” McCarthy blasted the president, saying the “bloated, overgrown bureaucracy” that expanded under his watch “needs to be pruned.” He said if Washington wants to spend more taxpayer money, it will have to do what every American household does and find the savings elsewhere.
In March, President Biden unveiled a budget increasing expenditures from $5.8 trillion to $6.9 trillion in the next fiscal year while seeking to reduce cumulative deficits by $3 trillion over the next ten years by increasing taxes on wealthy individuals and corporations.
Calling the president’s budget “unserious,” McCarthy told the New York Stock Exchange that Biden wants to spend more money in the next fiscal year than the government spent at the height of the pandemic.