Biden warns GOP proposals could add $3T to nation’s debt

President Biden on Wednesday warned that proposals from Republicans in Congress would add another $3 trillion to the debt over 10 years, touting that his own budget will “invest in America.”

“Let’s be crystal clear about what’s happening. If you add up the proposals my Republican friends have offered just so far —they’ve offered these now— it would add more than $3 trillion to the debt over 10 years,” Biden said.

The president traveled to the International Brotherhood of Electrical Workers Local Union 26 in Lanham, Md., to deliver remarks focused on reducing the deficit. 

“When I introduce my budget in a few weeks from now, you’ll see…no one making less than $400,000 a year— and I don’t know a lot of people I grew up with made $400,000—will not see a single penny increase in taxes,” Biden said. “You’ll see that my budget will invest in America, lower costs and protect and strengthen Social Security and Medicare, cut the deficit by $2 trillion in 10 years.”

Biden cited the figures in a fact sheet released by the White House earlier Wednesday, which outlined ways Republicans proposals could add to the deficit, largely around GOP calls to repeal provisions of the Inflation Reduction Act.

“In my view, we need to finish the job we started,” Biden said on Wednesday, referring to the sweeping law.

The White House claims repealing provisions of the law that lower the price of prescription drugs would add $159 billion to the debt. Senate Republicans introduced a bill in October to roll back those provisions.

The fact sheet outlined that Republicans have targeted the tax increases on corporations in the bill and argued that repealing those increases would add $296 billion to the debt.

“I don’t understand my Republican friends don’t quite get this,” Biden said. “Bringing down the cost of prescription drugs isn’t just fair, it saves seniors a lot of money. But here’s what else it will do, it will cut the federal deficit, saving taxpayers hundreds of billions of dollars over time.”

The White House also claims the GOP bill to repeal the Inflation Reduction Act provision that boosted IRS funding would add $114 billion to the debt. The bill passed the House in January and is unlikely to see action in the Democratic-controlled Senate.

Additionally, the White House argues that extending the Trump-era tax cuts, which expire in 2025 and gave tax breaks to individuals and corporations, could add $2.7 trillion to the national debt over a decade.

Biden reiterated on Wednesday that he would veto any legislation that could sunset Social Security and Medicare, a measure proposed by Sen. Rick Scott (R-Fla.) but has been flatly rejected by most Republicans, including those in Senate leadership.

Biden on Wednesday rehashed the back-and-forth he had with lawmakers at the State of the Union over cuts to such programs, during which some Republicans pushed back on him, including some who yelled “liar” at the president, saying they want to cut Social Security and Medicare.

“It’s all on film, let’s see who votes to cut it,” Biden said.

Biden is expected to release his budget on March 9 and has called for Republicans in Congress to do the same.

The president also warned about the $3 trillion price tag on GOP proposals in remarks on Tuesday at the National Association of Counties Conference in Washington.  He pointed to some Republicans’ calls to repeal the Inflation Reduction Act, which allowed for Medicare to negotiate drug prices, as ways they would add to the deficit. 

Biden on Tuesday called Speaker Kevin McCarthy (R-Calif.) “a decent guy” who has “a tough job” ahead of him as he works to negotiate over a potential fight over the country’s debt ceiling.

The president and the Speaker met earlier this month to begin talks on how to avoid a government default, although neither side made any commitments. McCarthy is now reportedly working to find a compromise with the multiple camps of the Republican caucus to get enough votes to raise the debt ceiling and tie it to spending cuts.

McCarthy has said that any cuts to Social Security and Medicare as part of that deal would be “off the table.”

Updated 3:35 p.m.

Biden on Tuesday called Speaker Kevin McCarthy (R-Calif.) “a decent guy” who has “a tough job” ahead of him as he works to negotiate over a potential fight over the country’s debt ceiling.