President Joe Biden touted the administration's economic achievements in a Virginia speech, while bashing Republicans for their handling of the nation's debt ceiling.
The Thursday speech followed the release of the latest Gross Domestic Product (GDP) numbers showing the U.S. economy expanded at a 2.9 percent annual pace in the last quarter, from October to December, slightly better than expected.
"I'm not sure the news could have been better. Economic growth is up, stronger than experts expected," Biden said of the report. "Jobs are the highest in American history. And wages are up, and they're going faster than inflation."
"Over the past six months, inflation has gone down every month, and God willing, we'll continue to do that," Biden said.
The President also took the opportunity to criticize the opposition party for its position on the debt ceiling. Republicans have said they would be willing to raise the nation's debt limit in exchange for spending cuts. But Democrats led by President Biden have maintained they would not make this sort of concession.
"I will not let anyone use the full faith and credit of the United States as a bargaining chip," President Biden said in his speech."I'm not going to get into the reckless threats that take the economy hostage in order to force an agenda that's going to only limit American workers and weaken us internationally."
"I won't let that happen," Biden added.
The Treasury Department implemented extraordinary measures after the U.S. hit its debt limit last Thursday. Those measures are expected to last only until June, at which point Congress will have had to act to avoid a default.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
President Donald Trump is hitting foreign steel and aluminum with a 25% tax. If that sounds familiar, it’s because he did pretty much the same thing during
A study of news influencers reveals how Donald Trump had an edge over Kamala Harris in the presidential campaign.
A group of investors led by Elon Musk says it is offering $97.4 billion to buy the nonprofit behind OpenAI.
President Donald Trump has ordered the U.S. to stop minting pennies. His surprise announcement comes after decades of unsuccessful efforts to phase out the 1-cent coin. Advocates for ditching the penny cite its high production cost and limited utility. Fans of the penny cite its usefulness in charity drives and relative bargain in production costs compared with the nickel. Here's a look at some question surrounding Trump's order.
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
