Biden: US Economic Recovery Strongest Of Any Major Economy

US President Joe Biden has written anop-ed for the Wall Street Journal arguing that the US economic recovery has been the "strongest of any major economy," adding that his goal now, "is to protect and build on this progress."

• Biden: "That is why I fought so hard to bring Democrats and Republicans in Congress together to compromise on the budget and prevent a catastrophic default that would have plunged the economy into a recession."
• Biden said, "as supply chains continue to unsnarl, company profit margins fall from historically high levels, rents continue to moderate, inflation should decline further."
• Biden says he, "will continue to push for tax reforms that reduce the deficit by closing loopholes and raising revenue from wealthy Americans, largest corporations."
• Biden comments reflect remakrs made by Treasury Secretary Janet Yellen yesterday saying that revenue raising measures must be considered as a means to lower the federal deficit.
• The debt limit deal negotiated by President Biden and House Speaker Kevin McCarthy (R-CA) last week notably failed to include any measures to increase revenue, identified as a red line for Republicans early in negotiations.