Unitedย States President Joe Biden reveals he will refuse to cut any federal debt-ceiling deal with Republicans that shields tax cheats and cryptocurrency traders.
Withinย a news conference in Japan, Biden says that Republicans must move away from their โextreme positionsโ toย beย ableย to reach an agreement to avoid a debt default.
โIโm not going to agree to a deal that protects wealthy tax cheats and cryptocurrency traders while putting food assistance at danger for nearly one Million Americans. Itโs time for Republicans to accept that thereย is no bipartisan deal to be made solely, solely on their partisan terms.โ
In his mention of cryptocurrency traders, Biden seemingly refers to a proposition to disallow cryptocurrency traders from claiming a loss on assets if they sell them and then turnย around and quickly buy them onceย more, which Republicans are opposing, according to the Washington Post. The rule already exists for stocks and other assets, reportsย by the report.
Treasury Secretary Janet Yellen previously mentioned that the Government will run out of cash sometime in early June if the debt ceiling isnโt raised beforehand.
Biden likewise mentions what he accomplished in his budget proposition and other trade-offs that he is unwilling to make.
โIโve done my part.
We put forward a proposition to cut spending by greaterย than a $1 trillion on top of the nearly $3 trillion in deficit reduction that I previously proposed through the combination of spending cuts and new revenues. Now itโs time for the otherย side to move from their extreme positions because much of what theyโve already proposed is simply, quite frankly, unacceptable.
And so let me be clear, Iโm not going to agree to a deal that protects, forย instance, a $30 Billion tax break for the oil industry, which made $200 Billion aย yearย ago โ they doย not need an incentive of another $30 Billion โ while putting healthcare of 21 Million Americans at danger by going after Medicaid. Iโm not going to agree to a deal that protects $200 Billion in excess payments for pharmaceutical industries and refusing to count that while cutting over 100,000 school teachers and assistantsโ jobs, 30,000 law enforcement officersโ jobs cut across the entire United States of America.โ
Biden was in Japan for the Group of 7 (G7) summit.
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