President Joe Biden accused Republicans of trying to “squeeze out more of America’s middle class,” painting the debt ceiling and spending cut proposal unveiled Wednesday by House Speaker Kevin McCarthy as lacking detail and benefiting the wealthy.
Biden’s remarks — from a union training facility in Maryland — were intended as an explicit contrast to McCarthy’s appearance Monday at the New York Stock Exchange, where he told traders the GOP hoped to pass a plan that would raise the debt ceiling for a year while significantly cutting federal spending. The speaker unveiled the legislation on the House floor Wednesday as Biden spoke.
Biden and Democratic leadership on Capitol Hill said following a phone call Tuesday that they are willing to discuss cuts only in the context of the federal budget process, arguing Republicans are using the threat of default to pursue tax cuts for the wealthy and benefits to pharmaceutical and energy companies.
