Biden Says Debt Limit Won’t Lead to Deficit in State of the Union Address – Bloomberg

US President Biden will present this year’s administration policy in a joint session of both houses of Congress on the evening of the 7th Washington time (the morning of the 8th Japan time)he delivered the State of the Union address. The president called on Congress to raise the federal debt ceiling, stressing that it would not cause the United States to default.

“Republicans are saying that if we don’t cut spending on Social Security and Medicare, we’re going to default for the first time in American history. I will never let that happen,” the president said.

The president also said his fiscal plan would reduce the deficit by $2 trillion, but did not give a specific time frame. He also said he would not raise taxes if he earned less than $400,000 a year.

this yearThe State of the Union address focused on economics, including the introduction of a minimum tax on the super-rich, a bill to quadruple the tax on corporate stock buybacks, new consumer protection and antitrust initiatives, and launched a blue-collar tone.

The speech started at 9:08pm and lasted for 1 hour and 12 minutes. The Democratic Vice President and Speaker of the Senate Harris stood up and applauded, while Republicans sat in silence.

President Biden delivers his State of the Union Address (February 7)

Photographer: Nathan Howard/Bloomberg

The speech, amid a stalemate between Democrats and Republicans over the debt ceiling and new tensions with China, has not officially announced the 2024 presidential run. For Biden, it could mean the start of a de-facto re-election campaign.

Meanwhile, on the diplomatic front, the US military shot down a Chinese balloon suspected of being used for reconnaissance on the 4th, sparking new tensions.

The main movements around the State of the Union address are as follows.

Conflict for the sake of conflict yields nothing

The president called for a series of bipartisan challenges, saying that the American economy and democratic institutions are in the process of repair and that a twisted Congress should not stand in the way.

In it, the president said, “My Republican friends, if we worked together last Congress, there is no reason why we cannot work together this Congress. The people have sent us a clear message.” “Fight for fight for power’s sake, power for power’s sake, and conflict for conflict’s sake will never produce anything,” he said.

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