Biden starkly contrasts his economic plan with the GOP as the shutdown approaches

WASHINGTON — President Joe Biden will give a speech Thursday comparing his “Bidenomics” domestic policies with what the White House has called “MAGAnomics,” a reference in a speech Thursday as the two sides continue to spar over the budget with a potential government shutdown. Horizon.

The economic rhetoric comes amid a budget standoff in Congress, with hard-line Republicans in the House of Representatives demanding cuts that are too deep to pass in the Democratic-controlled Senate.

Congress has just over two weeks to pass the 12 appropriations bills and get Biden’s signature. Failure to do so by September 30 will result in a government shutdown, furloughing workers, closing agencies and putting many essential programs at risk. White House press secretary Karine Jean-Pierre on Wednesday criticized Republicans in Congress for not reaching an agreement.

“The lockdown should not happen,” Jean-Pierre said. “That’s Congress’ job: avoid a shutdown.”

It is the second spending crisis this year. House Republicans in the spring refused to raise the debt ceiling without making concessions to reduce costs. The problem now is that the hard-line House Freedom Caucus is looking to cut spending for fiscal year 2024 to $1.47 trillion, or about $120 billion under what Biden and House Speaker Kevin McCarthy agreed to earlier this year.

“We have already agreed,” Jean-Pierre said. “There was bipartisan agreement on how to move forward with the budget they voted on. An agreement is an agreement. They have to keep their word and they have to keep the government open.”

The MAGAnomics vision that Biden will outline is based on the budget released by the Republican Study Committee in June, Anita Dunn, a senior White House adviser, wrote in a memo before the president’s speech. The core principles of the Republican plan that the administration is attacking are cutting taxes on the wealthiest Americans and corporations, making cuts to social safety net programs like Social Security and Medicare, and eliminating Medicare’s ability to negotiate drug prices as well as caps on insulin.

“While the Senate is advancing bipartisan bills in line with the budget deal the president negotiated with Speaker McCarthy in June, House Republicans have chosen a very different path — advancing a series of recklessly partisan bills that would To destroy the programs of millions of hardworking families that you prepare.” On,” Dunn wrote.

In his speech, Biden will discuss how many provisions are unpopular with ordinary Americans.

“Understandably, House Republicans have been reluctant to promote the MAGAnomics budget — but the White House will spend much of this fall doing it for them,” Dunn wrote. “(Biden) will use today’s speech to hold House Republicans accountable for the entire MAGAnomics agenda and contrast MAGAnomics with his economic vision.”