On Tuesday, Joe Biden convened a meeting with both Republican and Democratic leaders to discuss the debt ceiling. However, no agreements were reached, and there was no progress in the negotiations, except for the fact that Biden ultimately took the initiative to meet with them, moving away from his previous inactivity.
McCarthy has presented a budget proposal that suggests trading spending reductions for an elevated borrowing limit. However, Biden has displayed limited enthusiasm for engaging in negotiations. The president has introduced his own budget proposal, a substantial $6.9 trillion plan that exceeds the government’s projected revenue by $1.8 trillion. He asserts that imposing significant new taxes would compensate for the shortfall and potentially decrease the deficit.
Biden lashes out at a reporter for asking him about budget cuts: "You didn't listen either, so why should I even answer the question? We cut the deficit by $160 billion! Billion! B-I-L-L-I-O-N." pic.twitter.com/BIRKt6DSET— RNC Research (@RNCResearch) May 9, 2023
In simpler terms, Biden intends to maintain excessive spending, disregarding the adverse effects it has had, such as soaring inflation and financial burdens on Americans. The notion that imposing substantial new taxes will somehow enable him to sustain this spending is irrational.
Following the meeting, Biden interacted with reporters and demonstrated his unrealistic perspective on the matter. When a reporter inquired about potential budget cuts in his proposal, pointing out that House Speaker Kevin McCarthy had not received any answers regarding cuts, Biden reacted angrily, displaying his displeasure at being questioned in such a manner.
BIDEN: "In my first two years, I reduced the debt by $1.7 trillion."— RNC Research (@RNCResearch) May 9, 2023
That's a complete lie. Biden has not decreased the $31+ trillion national debt. pic.twitter.com/PbrYYJc1AU
“For instance, the deficit was projected to be about $1 trillion in 2022, and it turned out to be about $1.375 trillion. It was supposed to decline $875 billion in 2021, and it was actually $360 billion under Biden. All told, in those two years Biden increased the national debt about $850 billion more than originally projected,” Kessler stated.
Kessler further supported his argument by referencing Marc Goldwein from the Committee for a Responsible Federal Budget, who had conducted calculations showing the adverse effects of inflation on projected GDP. Kessler also noted that when the 2022 fiscal year concluded in September, the deficit amounted to 5.5 percent of GDP, surpassing the initial projection by the Congressional Budget Office at the beginning of 2021.
Biden won't rule out taking unliteral action on the debt limit if Congress doesn't acquiesce to his demands pic.twitter.com/6co8Aswr0e— RNC Research (@RNCResearch) May 9, 2023
However, apart from Biden’s angry response towards the reporter and his misleading statement regarding the deficit, he made another remark that should raise concerns for all Americans. He mentioned that while engaging in discussions with Congressional leaders, he was exploring the possibility of utilizing the 14th Amendment to take unilateral action and pursue his desired agenda.