President Joe Biden warned Friday that Republicans will “crash the economy next year” if they take control of Congress.
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Biden took aim at House Republican leaders who have suggested they might use the debt ceiling as “leverage” to achieve their budgetary goals on entitlements.
“If you’re worried about the economy, you need to know this,” Biden said. “The Republican leadership in Congress has made it clear. They will crash the economy next year by threatening the full faith and credit of the United States for the first time in our history, putting the United States in default, unless we yield to their demand to cut Social Security Medicare.” The president added: “Let me be really clear. I will not yield.”
Biden’s remarks came as he touted a $1.4 trillion decrease in the federal budget deficit this year as pandemic spending has slowed. The debt limit, the subject of several partisan fights in recent years, sets the limit the federal government can borrow to carry out spending authorized by Congress.
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