The President of the United States, Joe Biden, shook the crypto money world with his statements at the G7 summit in Japan. Biden talked about cryptocurrencies and the debt limit in the USA in his statements! So, what did Joe Biden convey? Here are the details…
US President Joe Biden made critical statements about cryptocurrencies at the G7 Summit!
The cryptocurrency world continues to shake with new statements from leaders. Finally, US President Joe Biden, in his statements at the G7 Summit in Japan, announced that he is doing his part for debt ceiling negotiations with a proposal to cut spending, but that he will not accept a deal that protects wealthy tax evaders and cryptocurrency investors. Biden, who made critical remarks at the press conference held in Japan, stated that he was ready to agree with the Republicans on some issues, while he was not on others and stated that some of them were “unacceptable”. However, Biden quoted the following words:
I will not accept a deal that protects tax evaders and crypto investors while risking food aid for nearly 1 million Americans.
In addition to ending the tax loss harvest for crypto, the White House has presented a similar proposal to Republicans that prevents investors from deferring taxes on real estate swaps. Both changes will generate approximately $40 billion in tax revenue for the U.S. government.
In a speech quoted to the Washington Post, the source said Republicans rejected these proposals. Speaker of the House of Representatives Kevin McCarthy explains the Biden administration’s excessive spending during the pandemic as the reason, arguing that the US debt increase is a “spending problem, not an income problem”. On the other hand, the government blames the tax cuts of the previous administrations for the debt problem and argues that the revenues are significantly affected by the tax cuts. Republicans want to close the gap with $4.8 trillion in spending cuts that will directly affect federal agencies’ budgets. If Congress fails to raise the debt ceiling, experts say the United States could default as early as June 1.
In addition, US President Joe Biden stated that he expects House Minority Leader Kevin McCarthy to want to talk to him directly about debt and budget negotiations, and stated that he will talk to him one-on-one when he returns to the United States.
The government can reach an agreement by June 1!
cryptocoin.com As we have previously reported, US Treasury Secretary Janet Yellen warned that if the US government fails to reach an agreement, it will send a devastating wave in the US and the global economy. Momentarily, the US government has until June 1 to reach an agreement on the debt ceiling or face default. According to experts, some of the effects of non-payment will include the loss of millions of jobs, delays in pension payments and the collapse of the US stock market.
On the other hand, according to experts, an unexpected situation such as the US inability to pay its debt is expected to increase the price of the leading cryptocurrency Bitcoin. According to the latest Bloomberg Markets Live Pulse survey, the top 3 assets are gold, US treasuries and Bitcoin if the US fails to raise the debt ceiling and repay its debt. As you may recall, the famous finance writer Robert Kiyosaki also pointed out these 3 assets as the 3 best assets to be trusted during a collapse. However, this is not the first time the U.S. Government and Joe Biden have confronted cryptocurrency investors to reject the Republicans’ budget proposals, according to the cited data. Earlier, the US President tweeted that they voted against tax loopholes that generated $18 billion for wealthy crypto investors. The tweet shared is as follows:
We don’t have to guess what MAGA House Republicans value. They’re telling us. pic.twitter.com/BM6JGMEFeq
— President Biden (@POTUS) May 9, 2023
