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President Biden Rejects Deal that Protects Tax Cheats and Crypto Traders

U.S. President Joe Biden addressed the pressing issue of the U.S. debt crisis and budget negotiations during a recent press conference held after a Group of Seven (G7) meeting in Hiroshima, Japan.

Emphasizing the need for a bipartisan agreement, Biden stated that he had met with all four Congressional leaders before his departure for the G7 summit, and they collectively agreed that this was the only viable way forward.

Biden highlighted his administration’s efforts in tackling the issue, stating, “I’ve done my part. We put forward a proposal that cuts spending by over a trillion dollars, in addition to the nearly $3 trillion deficit reduction plan I previously suggested through a combination of spending cuts and new revenues.” However, he urged the opposing side to move away from their extreme positions, as many of their proposals were deemed unacceptable.

Earlier, the Biden administration stated that it would impose a 30% consumption tax on Bitcoin miners.

The president outlined several key points that he would not agree to in the negotiations. He expressed his unwillingness to support a deal that protects a $30 billion tax break for the oil industry, which had made $200 billion in profits the previous year, while jeopardizing the healthcare of 21 million Americans by targeting Medicaid.

He also objected to safeguarding $200 billion in excessive payments for pharmaceutical industries while cutting jobs for over 100,000 schoolteachers, assistants, and 30,000 law enforcement officers across the entire country. Additionally, Biden emphasized that he would not agree to a deal that protects wealthy tax cheats and crypto traders at the expense of food assistance for nearly 1 million Americans.

The president’s comments on crypto traders and tax cheats drew varied reactions on social media. While some criticized him for grouping the two categories together, others reminded him of the significant money printing and spending that has taken place under his administration.

Biden Insists America Will Not Default on Debt

Turning to concerns about a potential U.S. debt default, President Biden reassured the public that such an outcome would not occur. U.S. Treasury Secretary Janet Yellen had previously warned that the Treasury might be unable to fulfill all of the government’s financial obligations as early as June 1 if the debt limit is not raised or suspended by Congress. The Congressional Budget Office (CBO) echoed this concern, estimating that a U.S. debt default could happen within the first two weeks of June.

Biden emphasized that all four congressional leaders concurred with his stance that default was not an option. He reiterated that the United States had never defaulted on its debt and emphasized that it never would.

The potential consequences of a U.S. default have been a cause for alarm, with warnings of a global financial crisis. The heads of 146 major U.S. companies urged President Biden and congressional leaders to take swift action to prevent a default, emphasizing the disastrous consequences such an event could entail. Furthermore, some experts believe that a U.S. default would put the dollar’s reserve currency status at risk.

The negotiations surrounding the U.S. debt crisis remain a critical issue, and it is imperative for both sides to find common ground to avoid detrimental consequences for the country’s economy and its citizens.

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