Biden says Republicans want to risk economic chaos by using the debt ceiling to force Medicare and Social Security cuts

As the potential of a Republican majority in at least one of the chambers of Congress looms, President Joe Biden is warning about the deep cuts that the GOP could make.

The Democrats are fiscally responsible, that's for sure. Biden spoke at the DNC headquarters. He said that Republicans are "fiscally reckless" because they want to cut taxes for the wealthy.

Congress is legally required to periodically increase the amount of money the federal government can borrow in order to pay its bills if it wants to force spending cuts.

The major federal retirement programs may be at risk. Social Security will be protected by the Democrats. Republicans have been very clear that they want to cut Social Security and Medicare, to the point that they'll shut down the government, and send the nation into a default, if we don't cut Social Security and Medicare.

The president said he would not do it.

The communications director for the congressman from Virginia told Insider that he thought the president put it well.

Biden has said that he doesn't want to repeal the debt ceiling on his own. There's not an appetite from the left to eliminate the debt limit anytime soon according to Sen.

Democrats tried to raise the debt ceiling last year, inching dangerously close to a default if they were not allowed to borrow money. Republicans allowed Democrats to lift the ceiling with a simple majority, instead of the 60 votes needed to pass a bill.

If Republicans take control of the House in the upcoming elections, that will not happen again. They're prepared to use the debt ceiling as a bargaining chip, with programs like Social Security and Medicare possibly on the chopping block. Markets crashing and the dollar losing value are consequences of a default. One option to head off last year's crisis was to eliminate the limit, while another was to make a $1 trillion coin.

Democrats are doubling down on economic messaging ahead of the elections. Voters head to the polls worried about high prices and the economy.

The GOP is threatening to default on the federal debt in order to cut Social Security and Medicare, according to Vice President Biden. This would cause more chaos, more inflation, and more damage to the American economy than anything else.

Republicans are going to hold the economy hostage. Republicans are going to crash the economy if they don't give in to their demands on Social Security and Medicare.