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Biden’s blues: is the US president out of political capital?

His ratings were already poor ahead of the midterms. Now the Fed is raising rates and the risk of a recession is increasing

At the Beverly Hills home of media mogul Haim Saban earlier this month, Joe Biden painted a grim picture for a group of Democratic donors to illustrate the political battles that lie ahead for the party.

The US president said it was essential to protect against a Republican party dominated by Donald Trump’s Make America Great Again movement, which is gearing up for a fight in November’s midterm elections — and to try to take back the White House in 2024. “Here’s the deal, guys: what you’re doing here really, really matters. We cannot afford to let this MAGA Republican party win. We can’t.”

“The rest of the world is looking to us,” Biden continued. “There really is [a question of] ‘What happens if the US goes back to a Trumpian government?’ It is a gigantic, gigantic setback.”

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