Joe Biden criticises 'Maganomics' amid shutdown threat

US President says House Republicans launched impeachment inquiry to 'shut down the government'

US President Biden used the term 'Maganomics' to describe the Republicans' proposed budget cuts, before a possible government shutdown. EPA

US President Joe Biden on Thursday promoted his economic achievements and attacked far-right Republicans as the threat of a government shutdown looms.

"We've created … over 13 million jobs, more jobs in two years any president's created in a four-year term," Mr Biden said in his speech in Maryland.

"We've had 19 straight months of unemployment under 4 per cent for the first time in American history.

"Now, we have the fastest economic growth from the pandemic of any world economy with the lowest inflation rate among the major economies. We have a lot more to do."

He told of how federal budget cuts would affect Americans, weeks before the September 30 deadline to keep the federal government open.

"The country should know the facts, they should know the choice between Bidenomics and Maganomics," Mr Biden said.

He was referring to "Maga," or Donald Trump's Make America Great Again slogan adopted by far-right Republicans.

"They have a very different vision for America."

House Republicans are demanding that the administration cut federal spending to a level lower than what Mr Biden and House Speaker Kevin McCarthy had agreed to in May.

Mr Biden spoke to the crowd about disagreements over the deficit and tax cuts for wealthy people.

He also criticised Republican proposals to cut funding in education, infrastructure, social security, Medicare and Medicaid.

“A deal is a deal,” White House press secretary Karine Jean-Pierre said on Wednesday.

“The President, House Democrats, Senate Democrats, and Senate Republicans have stood by that agreement, with bipartisan movement in the Senate today.

“But Speaker McCarthy and House Republicans have taken a different approach, ignoring the agreement that a majority of them voted for and advancing extreme partisan bills that break their promise and gut investments in America.”

Mr Biden also faces an impeachment inquiry. He continues to portray himself as a president more concerned with governing than political theatrics.

House Republicans opened the inquiry after investigations into the business dealings of the President's son, Hunter Biden.

Republicans accuse the President of profiting from his son's business dealings while vice president, between 2009 and 2017.

The White House says Mr Biden has done nothing wrong.

Speaking in Virginia on Wednesday, Mr Biden said House Republicans had launched an impeachment inquiry against him to instigate a government shutdown.

“I don’t know quite why, but they just knew they wanted to impeach me," he said. "And now, the best I can tell, they want to impeach me because they want to shut down the government.”

“So, look, look, I got a job to do. Everybody always asked about impeachment. I get up every day, not a joke, not focused on impeachment. I’ve got a job to do.

"I've got to deal with the issues that affect the American people every single solitary day.”

Mr Biden has embraced the term “Bidenomics”, which the White House has said involves taxing the wealthy, tackling junk fees and investing in key areas.

His speech on Thursday will be the latest effort by the Biden administration to convince American voters of his economic record, which remains a challenge in his 2024 re-election bid.

So far, such efforts have failed.

And recent government data could make it even more difficult to change opinions.

Inflation increased to 3.7 per cent last month on surging petrol costs – another talking point against Mr Biden – even as core inflation declined.

Only 34 per cent of Americans approve of Mr Biden's handling of the economy, according to a recent USA Today poll.

More Americans also trust Donald Trump – the 2024 Republican front-runner – than the incumbent president to improve the economy.

A large majority of Americans also believe the economy is getting worse and that their cost of living is rising, according to the poll.