Biden to warn private sector investments at stake under GOP proposals
President Biden on Tuesday will warn that private sector investments are at stake under Republican proposals, especially in states like North Carolina, Arizona, New York, Georgia and Ohio.
Biden is traveling to Durham to visit Wolfspeed, a semiconductors manufacturer that recently announced a $5 billion investment to expand their North Carolina operations.
The president will argue in remarks that if “MAGA Republicans” repeal the Inflation Reduction Act, North Carolina is one of the states that “stand to lose the most private sector investment under MAGA Republicans’ reckless proposals,” a White House official said in a statement. The Tar Heel state has had $16 billion in private sector investments since Biden took office, according to the White House.
In the same timeframe, Arizona has had $58 billion in private sector investments, New York has had $48 billion, Georgia has had $31 billion and Ohio has had $30 billion, the official said.
The president on Tuesday will announce that across the U.S., there has been more than $435 billion in private sector manufacturing commitments, which includes over $200 billion in clean energy, electric vehicle and battery investments, over $200 billion in semiconductors, and about $15 billion in biomanufacturing investments.
Biden has warned that the Democrats’ sweeping Inflation Reduction Act, which was a major political victory for him before the 2022 midterms, is at risk. Some Republicans, including retiring Rep. Kevin Brady (Texas), the top Republican on the House Ways and Means Committee, had indicated their party would work to repeal the Inflation Reduction Act if they win the majority.
Biden’s visit to Durham is part of the three-week travel blitz to tout his economic agenda. The tour will overlap with a two-week congressional recess, and the White House expects lawmakers to join administration officials at scheduled stops in several other states, including Arkansas, Colorado, Georgia, Ohio, Oregon, Tennessee and Wisconsin.
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