washington: President Joe Biden said on Friday that the US economy is improving, inflation is gradually coming down, and healthy employment data show Americans are regaining optimism.
“Our economy is headed in the right direction,” Biden said at the White House.
However, he warned that the dispute over raising the US debt ceiling poses the “biggest threat” to the economy.
Citing strong jobs data on Friday, Biden said “what pleases me most” were the signs that people who previously weren’t looking for work are now back in the labor market.
“People are working again. They are becoming more optimistic about their future,” he said.
Biden, who is expected to announce soon that he is running for reelection in 2024, called Republicans in Congress Those who are pressuring the party to refuse to authorize the extension of the US borrowing limit.
The so-called debt ceiling needs to be extended sometime this summer or the United States will risk running out of money and defaulting on its debt payments. This will likely spark an economic crisis and even the ongoing debate over what to do is fueling panic.
“The greatest threat to our recovery is reckless talk about the debt ceiling,” Biden said. “Planning for default, as some Republicans are doing, puts us at great risk.”
Republican leaders have indicated they do not want to risk default, but some in the party are urging the Biden administration to use the threat as a bargaining tool to agree to spending cuts.
“Our economy is headed in the right direction,” Biden said at the White House.
However, he warned that the dispute over raising the US debt ceiling poses the “biggest threat” to the economy.
Citing strong jobs data on Friday, Biden said “what pleases me most” were the signs that people who previously weren’t looking for work are now back in the labor market.
“People are working again. They are becoming more optimistic about their future,” he said.
Biden, who is expected to announce soon that he is running for reelection in 2024, called Republicans in Congress Those who are pressuring the party to refuse to authorize the extension of the US borrowing limit.
The so-called debt ceiling needs to be extended sometime this summer or the United States will risk running out of money and defaulting on its debt payments. This will likely spark an economic crisis and even the ongoing debate over what to do is fueling panic.
“The greatest threat to our recovery is reckless talk about the debt ceiling,” Biden said. “Planning for default, as some Republicans are doing, puts us at great risk.”
Republican leaders have indicated they do not want to risk default, but some in the party are urging the Biden administration to use the threat as a bargaining tool to agree to spending cuts.
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