Biden on Friday laid out the contours of what he sees as a forthcoming debt ceiling standoff with congressional Republicans: A battle over spending cuts that Republicans seek and tax hikes that Democrats want.
this rhetoric a “shell game” and “unwarranted bragging” as the Congressional Budget Office predicted the debt to fall $360 billion in 2021 and decline again in 2022 due to the end of emergency spending fo the pandemic. Ironically, the CBO predicted the debt to fall by $875 billion in 2021, but the administration’s spending led the CBO to revise the number to $360 billion.
“Now the big debate … and I’m going to talk about it in State of the Union, is the fundamental disagreement on… what do we cut, well it not just cutting. What do you raise, what taxes do people pay, how do they pay their taxes, and do they pay it fairly?” he said.
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