Biden claims Kevin McCarthy is giving into ‘wacko’ demands from his party

President Joe Biden slammed Speaker Kevin McCarthy and the “MAGA Republicans” for the “crazy ideas” they want him to agree to to raise the debt ceiling.

He made it clear he wouldn’t.

“The MAGA Republican Congress is threatening not to pay the national debt. A debt that took a total of 230 years to build up. General. Unless we do as they say, they say they will default unless I go along with all these crazy ideas they have,” the president said in a speech Wednesday at a Maryland labor union training center.

McCarthy proposed raising the debt ceiling by $1.5 trillion and cutting federal spending by three times that amount, primarily by freezing spending levels and scrapping Democratic programs such as green energy incentives.

The speaker has a divided conference with a large section of conservative hardliners who want massive cuts in government spending. Also, the GOP has not yet finalized its budget for federal spending, and Biden said he will not negotiate the debt with McCarthy until it is released.

Biden called the Republican proposal “totally irresponsible” and said that if America defaulted on its debts for the first time ever, it would hurt “hard-working people, the middle class” the most.

Speaking for union workers, a loyal voting bloc of the president, the president compared himself to McCarthy, who went to New York Monday to speak about the economy at the New York Stock Exchange.

While I’m here in this union hall with you, Speaker McCarthy just finished speaking for Wall Street two days ago, he said.

“He described it as an economic vision of MAGA,” he noted. “Did he tell the rich and powerful that it’s time for them to step forward and pay their fair share? Not a word. Do you think he told the billion dollar companies to stop stashing profits and tax havens off the coast and shipping jobs abroad: I haven’t heard of that. Do you have? Instead, he proposed huge cuts and imports and very important programs that millions of hard-working and middle-class Americans have counted on all along.”

Shortly before Biden spoke, McCarthy went to the House floor to lay out the Republican’s proposal to raise the debt limit and accused Biden of going out of town instead of meeting him. Biden traveled Wednesday afternoon to Accokeek, Maryland, about 30 minutes outside of Washington DC

“President Biden has a choice: Come to the table and stop playing partisan political games, or cover his ears, refuse to negotiate and risk driving his way to the first bankruptcy in our country’s history,” said McCarthy.

Speaker Kevin McCarthy proposed raising the debt ceiling by $1.5 trillion and cutting federal spending by three times that amount

McCarthy’s proposal would reduce some types of federal spending to 2022 levels and limit growth to 1% per year for years to come. It would not affect retirement and health programs that are expected to grow dramatically as the population ages.

The plan would also repeal the green energy incentives Biden signed into law, boost domestic oil and gas production, and end Biden’s $400 billion student loan forgiveness program.

McCarthy said the package would cut spending by $4.5 trillion. The national debt is currently about $34 trillion. The United States is expected to default sometime in July unless the borrowing limit is increased.

The speaker did not say when the House of Representatives, which its Republicans control with a narrow five-seat majority, would vote on the plan.

His plan would be dead upon arrival in the Democratic-controlled Senate.

Biden wants the debt limit raised without conditions.

Biden’s latest attack comes as a new Reuters/Ipsos poll shows his approval rating at a worrying 39%. It is approaching its lowest ever approval rating of 36%.

Voters cited the economy as the biggest problem facing the country and their concerns about it formed the basis for their disapproval of the president. Food prices remain high and gas prices are rising again.

Equally troubling for the president, a CNBC All-America Economic Survey found that a record 69% of the public has a negative view of the economy, both now and in the future.

And the president is to blame.

Americans disapprove of Biden’s handling of the economy by 62%, the CNBC poll found.

In his remarks on Wednesday, Biden acknowledged people’s frustration but, as he has done in the past, blamed the COVID pandemic and Russian President Vladimir Putin’s invasion of Ukraine.

“Inflation has been a global problem because of two things: a pandemic that disrupted supply chains around the world war and the war in Ukraine disrupted energy and food supplies, causing prices… to rise. We have a lot more to do, but inflation has been falling for nine months in a row,” he said.

Biden has said he plans to run for re-election next year, but has not formally announced his campaign bid. He is not expected to face serious competition for the nomination.

But before then, he will face a lengthy debate over the debt ceiling. The national debt now stands at $31 trillion and is expected to exceed that amount by July if not increased.

Without an increase, the US government would be unable to service its debts, likely leading to global economic problems. America has never defaulted on its debts.

Speaker McCarthy, in his speech at the New York Stock Exchange, called the country’s debt burden a “ticking time bomb” and said Biden is “missing in action.”

Congress needs to raise the debt limit. And Speaker McCarthy had made it clear that Republicans who control the House of Representatives will not bring it up unconditionally.

In his speech at the New York Stock Exchange, McCarthy called the country’s debt burden a “ticking time bomb” and said Biden is “missing in action.”

The speaker’s plan to raise the debt limit for one year would bring it back to prominence during the 2024 presidential election.