As he wraps up his participation in the Group of Seven (G7) forum in Japan, US President Joe Biden denounces “rich tax fraudsters and crypto traders” as undeserved beneficiaries of Republican lawmakers with whom his administration is negotiating a new budget, without which the US Government could potentially defaulted on the debt on June 1.
The G7 is a political forum for Canada, France, Germany, Italy, Japan, the United Kingdom and the United States for multilateral talks and negotiations. Biden stated in a press conference closing the conference that his latest proposed budget cuts spending by more than one trillion dollars, on top of reducing the nearly $3 trillion deficit previously proposed by his administration through new spending and revenue cuts.
“Before I left for this trip, I met with all four congressional leaders, and we agreed that the only way forward was by a bipartisan agreement,” Biden said. “I have done my part… it is time for the other side to move away from their extreme positions, because much of what they have proposed is, to put it mildly, unacceptable.”
Biden then launched into a litany of what he says Republicans support versus what Democrats support. “Let me be clear: I will not agree to… a deal that protects wealthy tax evaders and cryptocurrency traders while jeopardizing food aid for nearly 1 million Americans,” he said.
Other unacceptable trade-offs cited by the President include $30 billion in tax breaks for the oil industry and $200 billion in “overpayments” for the pharmaceutical industry, rather than retaining Medicaid or the jobs of 100,000 school teachers or 30,000 police officers.
“It is past time for Republicans to accept that no bipartisan agreement can be reached on their partisan terms alone,” Biden said. His statement echoes a series of “this or that” Twitter posts earlier this month in which “MAGA House Republicans” claimed to support “tax loopholes that favor wealthy crypto investors” and oppose food safety inspections.
In his $6.9 billion budget proposal, President Trump stressed the need to “modernize the rules, including the rules for digital assets” and “implement wash sales rules for digital assets and address related party transactions,” essentially making crypto assets subject to the same regulations. like a more traditional investment.
Meanwhile, the Biden administration has advocated for a 30% excise tax on the cost of electricity used for cryptocurrency mining, though some lawmakers have rejected the idea as impractical.
As Biden prepares to return to Washington, DC, the Washington Post reported today that Biden and House Speaker Kevin McCarthy agreed to restart negotiations Sunday in hopes of averting “another 11 days of economic catastrophe.” options,” Biden said, adding that talks would resume when he flew back to the United States. “America has never defaulted on its debts, and never will.”