US President Joe Biden says he will refuse to negotiate a federal debt ceiling deal with Republicans that protects tax evaders and crypto traders.
Speaking at a press conference in Japan, Biden said say that Republicans must move away from their “extreme positions” to reach a deal to avoid a default.
“I will not agree to a deal that protects wealthy tax evaders and crypto traders while jeopardizing food aid for nearly a million Americans. It is time for Republicans to accept that there is no bipartisan deal that can only be made, solely on their partisan terms.”
In his mention of crypto traders, Biden is seemingly referring to a proposal not to let crypto traders claim a loss on assets if they sell them and then turn them around and quickly buy them back, which Republicans oppose, according to the Washington Post. The rule already exists for stocks and other assets, according to the report.
Treasury Secretary Janet Yellen said earlier that if the debt ceiling is not raised in advance, the government will run out of money sometime in early June.
Biden also mentions what he accomplished in his budget proposal and other considerations he doesn’t want to make.
‘I’ve done my part.
We’ve put forward a proposal to cut spending by more than $1 trillion on top of the nearly $3 trillion in deficit reduction I previously proposed through the combination of spending cuts and new revenue. Now it is time for the other side to leave their extreme positions, because much of what they have already proposed is frankly simply unacceptable.
And so let me be clear, I’m not going to agree to a deal that protects, say, a $30 billion tax break for the oil industry, which made $200 billion last year — they don’t need another $30 billion stimulus — while the health care of 21 million Americans is jeopardized by going after Medicaid. I will not agree to a deal that protects $200 billion in excess payments for the pharmaceutical industry and refuse to count that, while simultaneously cutting over 100,000 teacher and assistant jobs, 30,000 law enforcement jobs across the United States of America . .”
Biden was in Japan for the Group of Seven (G7) summit.
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