US Politics

Biden prepares for battle with GOP over tax hikes for billionaires

A collapsed bank and contested budget will add up to a challenging week on a few fronts for Joe Biden

US president Joe Biden has to calm jitters over the collapse of Silicon Valley Bank, while at the same time battling Kevin McCarthy and the Republicans over his $6.9 trillion budget for 2024. Picture: Getty

Joe Biden has a daunting week ahead of him, and not because the Irish delegation will be whooping it up in the White House during the St Patrick’s week festivities.

Friday’s implosion of Silicon Valley Bank (SVB), less than 48 hours after it announced a $2.5 billion capital-raising drive, set off a financial earthquake in San Francisco, with aftershocks reverberating on Wall Street.

On Friday night, California Democrats held an emergency meeting with the Federal ...