President Biden is expected to deepen his feud with Republicans over the economy on Thursday as he delivers what the White House is calling his first major economic speech of the year at a union hall in Virginia.
In a summary preview of his remarks, White House officials said the president will blast House Republicans’ “MAGA Economic Plan,” which the administration calls the biggest threat to economic progress.
Mr. Biden is expected to take aim at what he says is a Republican plan to raise taxes, increase gas prices, drive up inflation and cut social safety nets.
Mr. Biden had come out swinging after Republicans took control of the House earlier this month, jumping headlong into a feud with House Speaker Kevin McCarthy over the debt ceiling just days after the California Republican took the gavel.
Mr. McCarthy warned that the House GOP will not increase the debt limit unless the Democratic-led Senate and White House agree to spending cuts in the face of an unwieldy national debt.
The White House warned that it will not negotiate on raising the debt ceiling.
House Republicans have reportedly softened their stance and are now considering a clean short-term raise of the debt ceiling enabling them to table broader economic discussions to align with appropriations talks at the end of the fiscal year in September.
In a meeting with Democratic congressional leaders Tuesday, Mr. Biden dug in further over the economy saying he wouldn’t let “Republicans wreck our economy.”
In Thursday’s speech, Mr. Biden is expected to contrast Republicans’ economic blueprints with his string of legislative victories including Democrats’ $740 billion tax-and-climate law, the $1.2 trillion infrastructure law and the $280 billion Chips and Science Act meant to spur domestic semiconductor manufacturing.
He will also tout recent low unemployment figures and strong job-growth numbers under his administration.
The event offers the president an opportunity to sell his plan for the economy as he eyes his State of the Union address on Feb. 7.
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