He was speaking with CNBC’s John Harwood who had asked Biden if he still supported a balanced budget amendment requiring the government to balance its projected expenditures and receipts.
“No, because we’re in a different place now. I hope it’s not true, but we’re likely to inherit a recession, at least a significant economic slowdown. That doesn’t make sense,” he said.
Biden served in former President Obama’s administration as the federal government pumped billions of dollars into the financial system — a move that Democrats have credited with saving the economy from a depression.
“Look what we had to do. We, in order to be able to get out of the financial recession, which was the greatest recession, sort of a depression in American history, the president asked me to chair the recovery act, which had $900 billion in it, and we did it,” Biden said. – READ MORE