Wrapping up his participation in the Group of Seven (G7) forum in Japan, the President of the United States Joe Biden criticized “rich tax evaders and cryptocurrency traders” as unworthy beneficiaries of the Republican legislators with whom his administration is negotiating a new budget, without which The US government could default on its debt on June 1st.
The G7 is an intergovernmental political forum in which Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States participate in multilateral talks and negotiations. I final press conferenceBiden said his latest proposed budget reduced spending by more than $1 trillion, on top of the nearly $3 trillion in deficit reductions proposed by his previous administration through spending cuts and new revenue.
“Before I left for this trip, I met with four leaders of Congress and we agreed that the only way forward is a bipartisan agreement,” Biden said. “I’ve done my part… now it’s time for the other side to move away from their extreme positions, because much of what they’ve already proposed is, quite simply, unacceptable.”
Then Biden launched into a this-against-that list of things he said Republicans favored versus those Democrats support.
“I want to make it clear that I will not accept … a measure that protects wealthy tax evaders and cryptocurrency traders and puts food assistance for nearly 1 million Americans at risk,” he said.
Other unacceptable trades listed by the president included $30 billion in tax breaks for the oil industry and $200 billion in “overpayments” for the pharmaceutical industry, instead of preserving Medicaid or preserving the jobs of 100,000 teachers or 30,000 police officers .
“It’s time for Republicans to accept that there is no bipartisan agreement that can be made on their partisan terms alone,” Biden said.
His comments followed a series of “this or that” Twitter posts. earlier this month who claimed that “MAGA 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 “modernize rules, including those related to digital assets” and “implement sell-at-loss rules on digital assets and address on related party transactions.” , essentially making crypto assets. abide by the same rules than more traditional investments.
Meanwhile, the Biden White House is pushing for a Excise tax 30%. about the cost of electricity used for cryptocurrency mining, although some legislators say that the proposal has no possibilities.
As Biden returns to Washington, DC, the Washington Post reported today that Biden and House Speaker Kevin McCarthy agreed to resume negotiations on Sunday in hopes of “avoiding an economic disaster just 11 days away.”
“Default is not an option,” Biden said, noting that negotiations will begin on his flight back to the US.