Biden says Republicans would cause 'chaos' in U.S. economy

Published 10/24/2022, 05:29 PM
Updated 10/24/2022, 05:31 PM
© Reuters. U.S. President Joe Biden delivers remarks at the Democratic National Committee Headquarters ahead of the U.S. mid-term elections, in Washington, U.S., October 24, 2022. REUTERS/Evelyn Hockstein REFILE - QUALITY REPEAT

By Steve Holland

WASHINGTON (Reuters) - Under pressure over his handling of inflation, U.S. President Joe Biden took aim on Monday at opposition Republicans, warning their economic plans would cause chaos in the world's largest economy if they won control of Congress in Nov. 8 elections.

Biden appeared before a young, energetic crowd of Democratic National Committee workers at DNC headquarters, who greeted him with chants of "Let's go Joe!"

That enthusiasm is not reflected in his nationwide approval ratings, which remain below 50%.

With 15 days before the midterm elections that will determine the course of the final two years of Biden's term, polls give Republicans a decisive edge in the U.S. House of Representatives and are showing the Senate a toss-up.

Biden seized on Republican congressional leaders statements that they may refuse to approve an increase in the U.S. debt limit next year, which could throw the United States into default unless they can scale back some of Biden's spending priorities.

"Republicans are determined to hold the economy hostage," said Biden. "There is nothing that would create more chaos ... Republicans are going to crash the economy.

A Republican takeover of Congress would stymie Biden's agenda, and could usher in new GOP policies on drilling, abortion, taxes and spending programs like Social Security and Medicare.

Biden added he would not approve any Republican attempts to cut entitlement spending programs like Social Security benefits for retirees.

"Let me be clear: I will not cut Social Security," he said.

Americans have been telling pollsters they are most concerned about inflation, followed by jobs, gun violence and abortion rights, Reuters/Ipsos survey data shows.

© Reuters. U.S. President Joe Biden delivers remarks at the Democratic National Committee Headquarters ahead of the U.S. mid-term elections, in Washington, U.S., October 24, 2022. REUTERS/Evelyn Hockstein REFILE - QUALITY REPEAT

The Republican National Committee rejected Biden's comments.

"Voters know Democrat control of Washington delivered higher prices, more crime, and a nation headed in the wrong direction," said RNC spokesperson Emma Vaugh.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.