President Joe Biden blasted House Republicans on Monday during a Martin Luther King Jr., Day breakfast in Washington, D.C., vowing to veto their tax legislation and referring to the GOP as “fiscally demented.”

Biden knocked Republican priorities during his keynote speech at the National Action Network’s annual breakfast to mark the holiday.

“They’re gonna talk about big-spending Democrats again,” Biden said. “Guess what? I reduced the deficit last year $350 billion. This year, federal deficit is down $1 trillion-plus. That’s a fact. And there’s gonna be hundreds of billions reduced over the next decade. But so what? These guys are the fiscally demented, I think.” Biden said.

During Monday’s speech, Biden expressed disappointment over House Republicans’ first bill, sponsored by Rep. Adrian Smith, R-Neb., which would rescind more than $70 million in new IRS spending approved in last year’s Inflation Reduction Act. The legislation was approved along party lines, 221-210.

Republicans have accused the Biden administration of planning to use the money to hire 87,000 new agents, as Biden argued the GOP’s bill would add $114 billion to the deficit.

“All these new IRS agents we have is because they fired a lot of them, a lot are retiring and guess what? Who needs serious agents to know what they’re doing or not doing? The billionaires, the multi-multimillionaires,” Biden argued.

“This is their first bill. They campaigned on inflation. They didn’t say if elected their plan was to make inflation worse,” Biden said.

The president also used his speech to slam a second tax bill, introduced by Rep. Buddy Carter, R-Ga., that would replace the federal income tax with a consumption tax and abolish the IRS.

Neither bill is expected to pass the Senate.

“They want working-class folks to be paying another 10, 20% of their taxes depending on where they live and how they spend their money. And they’re going to reduce taxes for the super wealthy,” Biden argued.

“Raising taxes on working families, making inflation worse,” Biden said. “Let me be clear, if any of these bills happened to reach my desk, I will veto them.”

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