President Biden is criticizing Republicans\u2019 fiscal policy as the debt ceiling deadline looms. We\u2019ll also look at China\u2019s potential economic rebound and whether world economists expect a recession this year.
\nBut first, guess which two senators\u00a0were seen high-fiving\u00a0at the World Economic Forum in Davos.
\nWelcome to On The Money, your guide to everything affecting your bills, bank account and bottom line. For The Hill, we\u2019re\u00a0Sylvan Lane,\u00a0Aris Folley\u00a0and\u00a0Karl Evers-Hillstrom. Someone forward you this newsletter?\u00a0Subscribe here.
\nBiden knocks \u2018fiscally demented\u2019 Republicans
\nPresident Biden on Monday called Republicans \u201cfiscally demented\u201d and knocked GOP priorities during the keynote speech at the National Action Network\u2019s annual breakfast to mark Martin Luther King Jr. Day.
\n\u201cThey\u2019re 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\u2019s a fact. And there\u2019s gonna be hundreds of billions reduced over the next decade. But so what? These guys are fiscally demented, I think. They don\u2019t quite get it,\u201d Biden said of Republicans.
\n\uf0b7Biden in his speech criticized Republicans for their economic stances in light of disparities faced by minority communities.
\n\uf0b7The president said he\u2019s \u201cready to work\u201d with Republicans who just took over the House, but said he was disappointed by the first few bills put forward in the chamber.
\nBiden knocked Republicans\u2019 bills to defund the IRS and implement a national sales tax \u2014 and vowed to veto the legislation if it gets through Congress.
\n\u201cWhat in God\u2019s name is that all about? \u2026 That\u2019s how they\u2019re starting their new term,\u201d Biden said. \u201cIf any of these bills happen to reach my desk, I will veto them.\u201d<\/p>\n