I'm going to win,' he vowed – although to become law the legislation must originate in the Republican-dominated House.īiden turned the Friday night speech into a victory lap after the House and Senate on Thursday passed through the budget agreement Biden negotiated with House Speaker Kevin McCarthy. But I'm going to come back with your help. 'Republicans defended every single one of these special interest loopholes. Then called for closing 'special interest tax loopholes for big oil, crypto traders, hedge fund billionaires, saving taxpayers billions of dollars.' Republicans may not like it, but I'm going to make sure the wealthy pay their fair share. This is forcing people to pay their fair share. tThe nonpartisan Congressional Budget Office and is nonpartisan says that this bill will bring in $150 billion and other outside experts expect that it would save as much as $400 billion. 'That's why last year I secured more funding, more IRS funding to go after wealthy tax cheats,' he said. He repeated his pledge not to hike taxes on people earning more than $400,000 per year, and defended a boost in funds for IRS audits and technology – although the debt deal actually pares back an $80 billion infusion by about $20 billion. 'We also have to raise revenue to go after tax cheats and make sure everybody's paying their fair share,' Biden said. He also used the address to pledge to go after 'tax cheats' and hike taxes on the wealthy, even after Republican negotiators nixed his revenue proposals as a way to pay for spending that gets trimmed under the deal. Our economy would have been thrown in recession,' Biden intoned. Nothing would have been more catastrophic. 'Nothing –nothing would have been more irresponsible. If they had failed to reach an agreement on the budget, there were extreme voices threatening to take America for the first time in our 247 year history, in a default on our national debt.' 'Passing this budget agreement was critical,' Biden said, speaking in a low voice during the prime time broadcast. 'We averted an economic crisis – an economic collapse,' Biden told the nation Friday night. President Joe Biden delivered his first Oval Office address as president from behind the Resolute Desk to hold up a deal to avoid defaulting on the nation's debt as a substantial bipartisan achievement.
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