President Biden is criticizing Republicans’ fiscal policy as the debt ceiling deadline looms. We’ll also look at China’s potential economic rebound and whether world economists expect a recession this year.
But first, guess which two senators were seen high-fiving at the World Economic Forum in Davos.
Welcome to On The Money, your guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Someone forward you this newsletter? Subscribe here.
Biden knocks ‘fiscally demented’ Republicans
President Biden on Monday called Republicans “fiscally demented” and knocked GOP priorities during the keynote speech at the National Action Network’s annual breakfast to mark Martin Luther King Jr. Day.
“They’re gonna talk about big-spending Democrats again. Guess what? I reduced the deficit last year by $350 billion. This year, the federal deficit is down $1 trillion-plus. That’s a fact. And there’s gonna be hundreds of billions reduced over the next decade. But so what? These guys are fiscally demented, I think. They don’t quite get it,” Biden said of Republicans.
Biden in his speech criticized Republicans for their economic stances in light of disparities faced by minority communities.
The president said he’s “ready to work” with Republicans who just took over the House, but said he was disappointed by the first few bills put forward in the chamber.
Biden knocked Republicans’ bills to defund the IRS and implement a national sales tax — and vowed to veto the legislation if it gets through Congress.
“What in God’s name is that all about? … That’s how they’re starting their new term,” Biden said. “If any of these bills happen to reach my desk, I will veto them.”

Thehill