Democrat President Joe Biden has warned Americans they could be facing “interest rate hikes” and “more pain” unless Congress passes his massive “Build Back Better” spending plan.
Biden issued the warning during an interview aired on Wednesday’s edition of ABC’s “World News Tonight.”
Speaking with host David Muir, Biden stated that Americans should be prepared for economic pain from Federal Reserve interest rate hikes before things improve, “If we don’t pass Build Back Better,” but if we do, it will reduce inflation.
Muir asked, “The Fed just indicated that they might have to raise interest rates up to three times in the coming year just to slow things down.
“That sounds like Americans should be prepared for potentially more pain before this gets better?”
Biden answered, “If we don’t pass Build Back Better, I think they’re right.
“But if we do, 17 Nobel laureates in the economy said it’s going to bring down inflation if we pass what I’m talking about.”