President Joe Biden claimed Friday that the Republicans are posed to “crash the economy” and “make inflation worse” if they win the midterms.
“The Republican leadership in Congress has made it clear they will crash the economy next year by threatening the full faith and credit of the United States for the first time in our history, putting the United States in default unless — unless we yield to their demand to cut Social Security and Medicare,” Biden said while speaking on the “historic deficit reduction.”
“Let me be really clear: I will not yield. I will not cut Social Security. I will not cut Medicare, no matter how hard they work at it,” the president added, calling the Republican economic plan “mega MAGA trickle-down.”
He claimed Republicans will add “about $3 trillion to the deficit” by extending “the Trump tax cuts,” repealing “the corporate minimum tax” of 15%, and repealing the “lower prescription drug costs.”
The Biden administration has experienced record-breaking gas prices, food prices, and the highest inflation rate in four decades. The president also issued an executive order to cancel up to $20,000 of student loans for some borrowers, amounting to $300 billion in spending over the next decade. (RELATED: Inflation Hits Yet Another Record High As Americans Feel The Squeeze)
Voters rate inflation as their highest priority going into the midterms, with 74% of those surveyed saying inflation is “very important,” according to a Harvard CAPS-Harris Poll published Monday.
Biden claimed the U.S. is “starting to see some of the good news on the economy,” with gas prices falling from their peak this summer, and that will contribute to more voters choosing the Democratic Party in the midterms.
The president has stressed that a “lot’s going to change” if Republicans take back Congress in November, and has vowed to codify Roe v. Wade if Democrats win majorities in both chambers.
If Democrats don’t win the Senate, Biden said Thursday, Republicans will get rid of “lower medical costs” and the Inflation Reduction Act, and are “likely to not continue” funding Ukraine.