Biden Says GOP Offering 'Mega-MAGA Trickle-Down Economics'

President Joe Biden on Monday pledged to defend Social Security and Medicare from Republicans who he says would “shut down the government” and “refuse to pay our bills,” should they take back the House and Senate in the upcoming midterm elections.

He also suggested Republicans were offering “mega-MAGA trickle-down economics,” in reference to the theory that economic growth is promoted in part by passing tax laws that reduce taxes on the wealthy.

"Republicans have made it clear that if they win control of the Congress, they will shut down the government, refuse to pay our bills, and it will be the first time in the history of America that we will default — unless I yield and cut Social Security and Medicare,” Biden said during a speech to DNC staff and volunteers at the Democratic National Committee headquarters.

“They're threatening to default on the federal debt. There's nothing that would create more chaos, more inflation, more damage to the American economy than this," Biden added.

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

GOP leaders have said Medicare and Social Security need to be reformed or risk going bankrupt.

House Minority Leader Kevin McCarthy, R-Calif., last week said Republicans would use raising the debt limit as leverage to force spending cuts, which could include cuts to the social services, although he said he would not “predetermine” whether the services were part of the debt ceiling discussions.

“You can’t just continue down the path to keep spending and adding to the debt,” he told Punchbowl News in a recent interview. “And if people want to make a debt ceiling [for a longer period of time], just like anything else, there comes a point in time where, OK, we’ll provide you more money, but you got to change your current behavior.”

“We’re not just going to keep lifting your credit card limit, right?” McCarthy asked. “And we should seriously sit together and [figure out] where can we eliminate some waste. Where can we make the economy grow stronger?”

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