Asked About McCarthy's Cuts, Biden Spells It Out: '160 Billion—Billion—B-I-L-L-I-O-N' (May 9, 2023)

“He got a specific answer. He got a specific answer again today,” Biden replied. Asked “Which is what?” he snapped: “I—well, you didn’t listen either. So why should I even answer the question? I—we cut the deficit by $160 billion—billion—b-i-l-l-i-o-n—dollars on the Medicare deal” [1].

The video above shows the exchange from Biden’s May 9, 2023, remarks at the White House after meeting with congressional leaders on the debt limit. Quotes are from the official transcript published by the American Presidency Project [1].

”Why Should I Even Answer the Question?”

The $160 billion was a figure Biden had used minutes earlier in his opening statement. He described it as “the $160 billion in budget savings we passed last year by being able to reduce the price of insulin and other drugs for those on Medicare” [1].

Biden kept listing what he called his savings. “We cut the deficit by raising the tax on people making—55 corporations that made $40 billion to 15 percent. And the list goes on,” he said [1].

Then he turned the questions around on the press corps. “What’s he proposing? Did he tell you?” Biden asked. When a reporter said McCarthy had talked about the House bill, Biden pressed: “No, no, I’m not being facetious. Did he tell you what he’s proposing?” [1]

“I’m not being a wiseguy. You all are very, very informed people. Do you know what that bill cuts?” he asked. A reporter answered that “there is a long list of things” it cuts. Biden waved that off: “No. No, it doesn’t say. It says—does it say what it’s going to cut or just say generically it’s going to cut?” [1]

“The L Word”

Biden also answered McCarthy’s charge that he was not telling the truth. “Look, now, I know the Speaker says, well, I’m not—he uses the ‘L word,’ the ‘lying’ word, but says I’m not telling the truth,” Biden said [1].

He disputed McCarthy’s count of how long the Speaker had waited for talks. “The Speaker is saying he’s been trying to get me to sit down with him for 97 days. Ninety-seven days ago, we did meet in my office,” Biden said [1].

He also repeated a favorite boast, first about the debt and then the deficit. “I might note parenthetically, in my first 2 years, I reduced the debt by $1.7 trillion. No President’s ever done that,” he said, before adding: “As I said, I’ve already cut the deficit by $1.7 trillion in my first 2 years in office” [1].

”A Little Over the Top From the Speaker”

Asked about the tone of the meeting, Biden took a shot at McCarthy. It was, he said, “with three of the four participants—very measured and low key. Occasionally, there would be a little bit of a—an assertion that maybe was a little over the top from the Speaker” [1].

Was he more optimistic than that morning? “More,” Biden said. Why? “Because I’m a born optimist” [1].

”It’s on the Table”

A reporter raised one of McCarthy’s demands. “Speaker McCarthy told us outside that he wants at least you to consider cutting and clawing back some of the unspent COVID relief funds. Would that be something that you would consider?” [1]

“The answer is, I’d take a hard look at it, because there’s still—we don’t need it all,” Biden said. “It’s on the table” [1].

”It’s Going to Be Chaotic”

The last question was about the border, with the Title 42 pandemic restrictions set to end later that week. “Is the United States ready for the surge of people that’s going to come across the border starting later this week?” a reporter asked [1].

“The answer is, it remains to be seen,” Biden said. “It’s going to be chaotic for a while” [1].

By the Numbers

$160 billion: the deficit cut Biden credited to “the Medicare deal” [1].
15%: the tax rate Biden said he set for “55 corporations that made $40 billion” [1].
314-117: the House vote passing the debt deal three weeks later [3].
149: House Republicans who voted yes, along with 165 Democrats [3].
Jan. 1, 2025: the date the deal suspended the debt limit through [2].

What Happened Next

McCarthy got his deal. On May 31, 2023, the House passed the Fiscal Responsibility Act of 2023, 314-117 [3]. The Senate passed it the next day, and Biden signed it on June 3, 2023 [2].

It cut spending. The law’s first division is titled “LIMIT FEDERAL SPENDING” and set new “discretionary spending limits” [2]. A division called “SAVE TAXPAYER DOLLARS” ordered “rescission of unobligated funds,” including money left over from 2020 pandemic laws such as the CARES Act, Public Law 116-136, which it said “are hereby permanently rescinded” [2].

It added work rules and a pipeline. The law modified SNAP “work requirement exemptions” and included a section for “Expediting completion of the Mountain Valley Pipeline” [2]. In exchange, it said the debt limit “shall not apply for the period beginning on the date of the enactment of this Act and ending on January 1, 2025” [2].

For the White House’s earlier refusal to negotiate, see HYGO News’ page on whether Biden had reached out to McCarthy.