"Do Not Let the US Use Trust and Credit as a Negotiation Card"
[Asia Economy Reporter Haeyoung Kwon] U.S. President Joe Biden fiercely criticized the Republican Party on the 26th (local time) for refusing to raise the national debt ceiling, saying, "No one will be allowed to use the trust and credit of the United States as a bargaining chip." Concerns about a U.S. default have been raised, and as the Republicans continue legislative attempts that conflict with the government's stance, it is interpreted as an intention to confront the Republicans ahead of his re-election bid next year.
In a speech held in Springfield, Virginia, President Biden said, "The Republicans are cutting retirees' pensions and holding the national economy hostage, escalating threats of an economic crisis," and asserted, "We must pay off America's debt."
As the U.S. national debt has reached its limit, the federal government is demanding an increase in the debt ceiling, but the Republicans are opposing it, insisting that fiscal spending cuts must come first.
He said, "We must protect the benefits created by our policies from the 'MAGA' members of Congress who are destroying our progress," repeatedly criticizing the Republicans for potentially causing chaos and pain to the U.S. economy. MAGA stands for "Make America Great Again," the campaign slogan of former President Donald Trump.
President Biden also reaffirmed his intention to veto legislative moves by the Republican House. Earlier, on the 12th, the Republican House passed a bill limiting the president's authority to release strategic petroleum reserves.
He claimed, "The Republican House wants to raise oil prices and cut taxes for the wealthy," and "They also intend to impose a nationwide sales tax of up to 30%." He added, "(The passage of these bills) must never happen," emphasizing, "I will veto every bill they send us."
With the Democrats controlling the Senate, the likelihood of these bills reaching the White House is low, but he stressed the unfairness of these bills. U.S. media analyzed that President Biden is stepping up his campaign for re-election next year by giving public speeches focused on the economy.
The New York Times (NYT) explained, "President Biden is fiercely criticizing the Republicans on economic issues with 2024 in mind," and "He has potentially sent a clear message for his re-election."
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