At the end of his participation in the Group of Seven (G7) forum in Japan, US President Joe Biden took a swipe at “rich tax cheats and crypto traders” as undeserving beneficiaries of Republicans legislator where his administration negotiated a new budget – without it. the American government may default on the debt on June 1.
The G7 is an intergovernmental political forum where Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States engage in multilateral talks and negotiations. In a press conference that ended the conference, Biden said that his latest proposed reduction in budget spending by more than a trillion dollars, on top of the nearly $3 trillion in deficit reduction proposed before his administration by cutting spending and new revenue.
“Before I left for this trip, I met with all four congressional leaders, and we agreed that the only way to move forward is a bipartisan agreement,” Biden said. “I’ve done my part … now it’s time for the other side to move there from their extreme positions, because much of what they’re proposing is simply, frankly, unacceptable.”
Biden then launched into a this-versus-that litany of things he said Republicans favor versus Democrats support.
“Let me be clear, I do not agree with … a deal that protects rich tax cheats and crypto traders while putting food aid at risk for nearly 1 million Americans,” he said. .
Other unacceptable trade-offs listed by the President include a $30 billion tax break for the oil industry and a $200 billion “overpayment” for the pharmaceutical industry, rather than preserving Medicaid or preserving jobs in 100,000 school teachers or 30,000 law enforcement offices.
“It’s time for Republicans to accept that there is no bipartisan deal to be made solely on their partisan terms,” Biden said.
His remarks echoed a series of “this or that” Twitter posts earlier this month that claimed “MAGA House Republicans” support “tax loopholes that help wealthy crypto investors ,” and oppose food safety inspections.
In his $6.9 billion budget plan, the President emphasized the need to “change the rules, including for digital assets” and “apply the rules on the sale of digital assets and responding to related party transactions,” essentially making it so that crypto assets follow the same rules as more traditional investments.
Biden’s White House is currently pushing for a 30% excise tax on the cost of electricity used for cryptocurrency mining—although some lawmakers say the proposal is a non-starter.
When Biden returned to Washington, DC, the Washington Post It was reported today that Biden and House Speaker Kevin McCarthy agreed to restart negotiations on Sunday in hopes of avoiding “an economic disaster in as little as 11 days.”
“Default is not an option,” Biden said, announcing that negotiations would continue while he was on the flight back to the US “America has never defaulted on debt and never will.”
