Biden Urges Bipartisan Solution to National Debt Obligations
By President Biden is calling for bipartisan solutions to our nation's problems, most notably our debt obligations.[0] He has decried Republican proposals as potentially increasing the national debt by almost 10 percentage points and has asked that they present their full budget plan to the public.
In his State of the Union Address last Tuesday, President Biden spoke of the need to cover our national debt responsibilities while maintaining support for Social Security, Medicare and other benefits for our citizens.[0] He called attention to the Republican-controlled House of Representatives’ attempts to extend the Trump-era tax cuts on the wealthy, which the White House says would add $2.7 trillion to the federal deficit over ten years.[1] In response, Biden proposed that the two parties sit down and go over the budgets and see what can be cut.
The White House also released a fact sheet Tuesday, wherein a senior administration official pointed to a series of efforts from of the Republican-controlled House of Representatives, which they said could lead to increasing the debt as a share of the economy “by almost 10 percentage points.”[2] The bills in question are H.R.23, the Family and Small Business Taxpayer Protection Act – which the White House dubbed the “Tax Cheats Protection Act” – the administration estimates would result in a $114 billion deficit increase; legislation to repeal Biden's Inflation Reduction Act, which the White House notes would raise Medicare costs for seniors; and a bill to extend Trump-era tax cuts for the wealthy, which the White House states would add $2.7 trillion to the federal deficit within a decade.[3]
Biden has promised to release his budget plan to the public on March 9, which he said will not raise taxes on anyone making less than $400,000 a year and will protect and strengthen Social Security and Medicare, “while cutting the deficit by $2 trillion over 10 years.”[4] The president has urged Republicans to present their budget plan to the public and has called for a bipartisan effort to come to a resolution.
0. “Biden’s bidpartisan solution s include everyone paying their fair share in taxes” cleveland.com, 15 Feb. 2023, https://www.cleveland.com/letters/2023/02/bidens-bidpartisan-solution-s-include-everyone-paying-their-fair-share-in-taxes.html
1. “Biden administration: GOP agenda adds over $3 trillion to national debt” UPI News, 15 Feb. 2023, https://www.upi.com/Top_News/US/2023/02/15/debt-ceiling-Biden-Arrington-Yellen/3321676473058/
2. “Biden heads to Maryland to ramp up the pressure on GOP's economic agenda” ABC17News.com, 15 Feb. 2023, https://abc17news.com/news/2023/02/15/biden-heads-to-maryland-to-ramp-up-the-pressure-on-gops-economic-agenda/
3. “Biden heads to Maryland to ramp up the pressure on GOP's economic agenda” CNN, 15 Feb. 2023, https://www.cnn.com/2023/02/15/politics/biden-maryland-economy-speech/index.html
4. “Watch live: Biden outlines plans to cut U.S. deficit by $2 trillion over the next decade” CNBC, 15 Feb. 2023, https://www.cnbc.com/2023/02/15/watch-live-biden-outlines-plans-to-cut-us-deficit-by-2-trillion-over-the-next-decade.html
