The speech comes as House Republicans look to stop the Biden Administration from releasing oil from the Strategic Petroleum Reserve, a move the White House warns could drive up gas prices.
The nation’s GDP rose by a larger-than-expected margin in the fourth quarter of last year. However, amid rising layoffs in some industries, a dip in household spending and the Federal Reserve’s campaign to stem inflation by raising interest rates,This will be Biden’s first economic speech of the year and comes as Democrats have ratcheted up their attacks on GOP fiscal policies.
Republicans are calling for spending cuts in exchange for agreeing to raise the debt ceiling, but the White House has said it refuses to negotiate.The House is expected to consider legislation on Thursday that would prohibit the energy department from exporting oil from the Strategic Petroleum Reserve until the Department of Energy develops a plan to increase fossil fuel production on federal lands.
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