At the G7 nations summit, President Joe Biden said that before he left for the trip he met with all four congressional leaders and came to an agreement that the only way to move forward is through a bipartisan agreement. Biden said that what Republicans are proposing is unacceptable. Targeting crypto, Biden said that he won’t accept a debt deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for a million Americans.
US Government Has Until 1st June To Reach an Agreement
The US government has until 1st June to reach an agreement on debt ceiling or face a default. Earlier, US Treasury Secretary Janet Yellen warned that if the government fails to reach an agreement, it would send a catastrophic wave in the US and global economy. Some of the effects of the US defaulting on its debt would be millions of job loss, delay in pension payments, and crash of US stock markets.
However, the price of bitcoin is expected to surge if the unlikely event of US debt default occurs. Bloomberg’s latest Markets Live Pulse survey picked Gold, U.S. Treasurys and Bitcoin as the top three assets that would be safe heaven should the U.S. fail to raise its debt ceiling and default on its debt.
US President Continues To Target Crypto Investors
This is not the first time Joe Biden has targeted crypto investors to dismiss the Republicans’ budget proposals. Earlier, Joe Biden tweeted that they are voting against tax loopholes that generate $18 billion for wealthy crypto investors.
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Source: https://coingape.com/us-president-says-wont-accept-deal-that-protects-crypto-traders/