White House officials said they don’t see cause for concern or for a change in the president’s fiscal policy stance. They said they don’t expect a recession, but if there is one, it would likely be mild
During recent downturns, Congress helped cushion the blow by flooding the economy with stimulus checks and other relief. But doing that now while inflation is raging — even if it were politically possible — would pile on even more debt and could rattle investors wary of policies that could stoke higher prices. That’s a lesson that outgoing British Prime Minister Liz Truss learned the hard way.
. “Congressional Republicans love to call Democrats ‘big spenders,’ and they always claim to be for less federal spending,” Biden said in remarks in the Roosevelt Room. “But let’s look at the facts. The federal deficit went up every single year in the Trump administration, every single year he was president.”