According to President Joe Biden, any Republican legislation that could potentially cause "chaos" in the US economy will be overridden by his veto.

"I will not let it happen. Not on my watch. I will veto everything," Biden said in a speech at a Virginia pipe fitters union hall.

Biden explained that the US debt default threatened by Republicans in congress aiming to prevent raising the country's borrowing limit would cause "chaos" and "pain" for the leading economy in the world.

Read more: US starts 'extraordinary measures' to ward off potential debt default

He called the idea of replacing the income tax with a 30 percent sales tax, another Republican proposal, "almost unbelievable" and a stunt to let "millionaires and billionaires" avoid paying taxes.

The speech touted Biden's promises for revamping American industries outlining the main speaking points of his reelection campaign in 2024.  

However, the president, who is already the oldest US president in history at 80, has not yet declared whether he will run for re-election.

Only a few months prior, Biden appeared extremely vulnerable as Americans' savings and incomes were being devoured by the highest inflation in four decades as economists sounded increasingly pessimistic about the likelihood of avoiding a recession.

The most recent data, released on Friday, showed that the world's largest economy will grow by 2.1 percent in 2022, with a stronger-than-expected 2.9 percent increase from October to December. These findings have given the Biden administration's officials more support for their claim that they have instead managed to steer the economy out of danger.

Inflation has also been steadily declining from highs after spiking for six consecutive months.

According to polls, Biden's unpopularity has not changed; his average approval rating is only 42%. Even among Democrats, there is only minimal support for his bid for a second term, which he would finish at the age of 86.

Read more: US poll shows majority think Biden policies responsible for inflation

However, with hard-right Republicans controlling the House of Representatives and Donald Trump already announcing his intention to run again in 2024, Biden believes he will be able to repeat the feat he achieved in 2020 when voters chose him.

Biden announced that the White House is pitching an "Invest in America Cabinet" that includes the secretaries of commerce, labor, transportation, treasury, energy, health, and the environment in an effort to emphasize his familiarity with the economic situation. 

Read more: Biden: Raising Debt Ceiling Caused by Reckless Trump Era Spending