{"id":1992263,"date":"2023-08-06T03:12:02","date_gmt":"2023-08-06T07:12:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-attacks-gop-on-economy-after-us-credit-downgrade\/"},"modified":"2023-08-06T03:15:23","modified_gmt":"2023-08-06T07:15:23","slug":"biden-attacks-gop-on-economy-after-us-credit-downgrade","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-attacks-gop-on-economy-after-us-credit-downgrade\/","title":{"rendered":"Biden criticizes GOP over economy following US credit downgrade."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-attacks-gop-on-economy-after-us-credit-downgrade%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1992263&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>President Biden Takes Aim at\u2064 &#8220;Ultra-MAGA&#8221; Economic \u200bPlatform<\/h2>\n<p>President Joe Biden has made \u2064attacking what he calls the &#8220;ultra-MAGA&#8221; economic platform a core pillar of \u200bhis 2024 reelection pitch, and Fitch Ratings&#8217;s recent downgrade directly pours\u200d gasoline on\u200b that fire.<\/p>\n<p>Since entering office, Biden has\u2064 fashioned his economic policies, recently dubbed \u200b&#8221;Bidenomics,&#8221; in\u200d contrast with conservative policies he derides as &#8220;trickle down.&#8221; The president claims to be building the economy from the &#8220;bottom\u2063 up and the middle\u2064 out,&#8221; and though he says not all Republicans fall into this category, he essentially equates the &#8220;ultra-MAGA&#8221; wing of \u200bthe party with anyone opposed to his\u200b spending packages.<\/p>\n<h3>What to Know About Fitch Downgrading US Debt<\/h3>\n<p>The Biden\u2064 administration \u2064has been making the case that the economy is slowly\u2062 improving. Inflation has\u200b steadily inched \u200bback down toward 2021 levels, unemployment has hovered around 4% for over a year, and the Federal Reserve finally announced in July that it no \u2062longer expects a recession in the near future.<\/p>\n<p>Still, Fitch specifically cited partisan &#8220;gridlock&#8221; and clear separation between Republican and Democrat spending priorities as the reason behind the downgrade, which dropped the United States from \u200ba &#8220;AAA&#8221; to &#8220;AA+&#8221; rating.<\/p>\n<p>The president is currently vacationing in Rehoboth Beach, Delaware, but <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-big-here-we-go-pentagon-halts-biden-transition-defense-briefings-biden-team-unaware-of-directive\/\" title=\"BREAKING BIG: Here We Go \u2014 Pentagon Halts Biden Transition Defense Briefings \u2014 Biden Team Unaware of Directive\">senior administration officials<\/a> and the president&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dan-eberhart-republicans-can-deliver-in-a-divided-congress-heres-how\/\" title=\"Dan Eberhart: Republicans Can Deliver in a Divided Congress. Here\u2019s How.\">private sector allies<\/a> have used the downgrade as an opportunity to blame the downgrade on Republicans.<\/p>\n<p>Treasury \u200cSecretary\u200d Janet Yellen\u200d called the downgrade &#8220;puzzling&#8221; and\u200b &#8220;unwarranted&#8221; while speaking to\u200c IRS employees on Wednesday and\u200b said that Republicans and Democrats can still find bipartisan accord on spending and appropriations.<\/p>\n<p>&#8220;Its flawed assessment\u200c is based on outdated data and \u2064fails to reflect improvements across\u2064 a range of\u2062 indicators, including\u2064 those related to\u2064 governance,\u200b that we\u2019ve seen over the past two and a half years,&#8221; she declared. &#8220;Despite the gridlock, \u200bwe have seen\u200d both parties come together to pass \u200dlegislation to resolve the debt limit, as well as\u2062 to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-claim-spending-bill-is-bipartisan-leave-gop-out-of-presser\/\" title=\"Democrats claim spending bill is \u2018bipartisan\u2019, leave GOP out of presser\">make historic investments<\/a> in our infrastructure and American competitiveness.&#8221;<\/p>\n<p>White House press secretary Karine Jean-Pierre claimed \u200dthat Fitch&#8217;s decision &#8220;defies reality,&#8221; even as &#8220;President Biden has delivered the strongest recovery of any major economy in the world.<\/p>\n<p>&#8220;It\u2019s clear that extremism by Republican officials, \u200cfrom cheerleading default to undermining governance and democracy to seeking to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-attacks-gop-on-economy-after-us-credit-downgrade\/\" title=\"Biden criticizes GOP over economy following US credit downgrade.\">extend\u2064 deficit-busting tax giveaways<\/a> \u200dfor \u2062the\u2063 wealthy and corporations, is a \u200dcontinued threat to our economy,&#8221; she added.<\/p>\n<p>Even some Democratic economists, including Obama administration\u200b veterans Jason Furman and Larry Summers, who had criticized Biden&#8217;s \u200bpolicies as a core inflation driver in the\u200b past, rejected Fitch&#8217;s decision.<\/p>\n<p>&#8220;This is completely absurd,&#8221; Furman tweeted Wednesday. &#8220;And is more likely to show that Fitch is irrelevant to\u2062 the views of investors in \u200bU.S. sovereign debt than it is \u200dto show \u200cinvestors anything about the United States.&#8221;<\/p>\n<p>&#8220;The United States\u2062 faces\u2064 serious long-run fiscal challenges,&#8221; Summers added. \u2064&#8221;But the \u200cdecision of a credit rating agency \u200dtoday, as the \u200beconomy looks stronger than expected, to downgrade the United States is \u2064bizarre and\u2064 inept.&#8221;<\/p>\n<p>And the Biden\u200d campaign gave \u2062an even\u2064 more pointed response to Fitch&#8217;s\u2064 decision, seeking to tie \u200bit directly to former President Donald Trump, the likely GOP \u200dnominee for 2024.<\/p>\n<p>&#8220;This Trump downgrade is a direct result of an extreme MAGA Republican agenda defined by chaos, callousness,\u200c and recklessness that Americans continue to reject,&#8221; campaign spokesman\u200d Kevin Munoz said in a statement. &#8220;Donald Trump oversaw the loss of millions of American jobs, and ballooned the deficit with the disastrous tax cuts \u200bfor the wealthy and big corporations.&#8221;<\/p>\n<p>Trump \u200chas specifically urged Republican lawmakers to risk default in opposing Biden&#8217;s\u200b spending priorities.<\/p>\n<p>&#8220;I say to the Republicans \u2062out\u2063 there, congressmen, senators, if they don\u2019t \u2063give you massive \u2063cuts, you\u2019re going to have to do a default,&#8221; Trump said in May as the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-lawmakers-mull-rare-procedure-to-break-debt-ceiling-standoff\/\" title=\"House Lawmakers Mull Rare Procedure To Break Debt Ceiling Standoff\">debt ceiling standoff<\/a> took shape. &#8220;I don\u2019t believe they\u2019re going to do a default because I think the Democrats will absolutely \u2064cave, will absolutely cave because \u200byou don\u2019t want to have that happen.&#8221;<\/p>\n<p>However, \u2062GOP officials counter that the Biden team is ignoring its own role \u2064in Fitch&#8217;s decision.<\/p>\n<p>&#8220;Fitch called\u200c out what \u200bAmerican voters have known for \u200cyears: that Democrats are wildly out\u200d of touch with fiscally responsible spending,&#8221; one senior Republican \u200daide told the Washington Examiner. &#8220;Only one party actually wants to balance the budget. Republicans had to drag Biden, kicking and screaming, to\u200d the negotiating table this summer, \u200cand\u200c now his socialist agenda is directly harming the economy.&#8221;<\/p>\n<p>&#8220;It takes two to tango,&#8221; a\u200d second GOP aide simply surmised.<\/p>\n<p>Though Biden and House Speaker Kevin McCarthy (R-CA) navigated avoiding a default in June, Congress is inching closer to another funding showdown in September, this time\u200b with \u2062a protracted government shutdown \u2062on the line.<\/p>\n<p>The Freedom Caucus and other hard-line conservatives, like Rep. Chip Roy (R-TX), have pressured GOP lawmakers to prepare legislation below the funding levels agreed \u2062to in the Biden-McCarthy debt ceiling\u2062 agreement, and even some Republicans believe that the \u200dmost \u2062staunchly conservative of the party is directly aiming for a government shutdown.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/news\/biden-campaign-fitch-downgrade-trump-maga-republicans\">Click here to read more from the\u200b Washington Examiner<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden is emphasizing his opposition to the &#8220;ultra-MAGA&#8221; economic platform as a key aspect of his 2024 reelection campaign. Fitch Ratings&#8217; recent downgrade further fuels his argument. Biden has developed his own economic policies, known as &#8220;Bidenomics,&#8221; which he contrasts with conservative &#8220;trickle-down&#8221; policies.<\/p>\n","protected":false},"author":1,"featured_media":1992264,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1992263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1992263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1992263"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1992263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1992264"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1992263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1992263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1992263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}