• House of Representatives Speaker Kevin McCarthy has warned that President Joe Biden is not negotiating the US debt limit effectively, with a looming default.
• McCarthy says he repeatedly criticized Biden for not negotiating and that many analysts predict a financial crisis if an agreement is not reached.
• President Biden addressed the nation this morning saying he believes an agreement to avoid a default is imminent.
Debt Ceiling Deadline Looms
House of Representatives Speaker Kevin McCarthy has warned that President Joe Biden is failing to adequately negotiate the raising of the US debt limit, potentially leading to a dangerously tight deadline and potential default. Many analysts predict a financial crisis if an agreement is not reached, with risk assets like Bitcoin (BTC) likely being affected the most.
McCarthy’s Criticism of Biden
McCarthy has repeatedly criticized the president for failing to negotiate on this issue and now a tight deadline awaits. He said, “I’ve been on your show many times telling you we should be nervous because the president’s not negotiating. The Republicans passed our bill in April, long before [Treasury] Secretary [Janet] Yellen told us the deadline was June 1. I never wanted to be working towards a deadline.”
Biden Finally Agrees To Negotiate
McCarthy stated that he and the President appear to have finally worked out a framework for productive negotiations but does not believe a debt default will happen in the end. He said, “The only thing I’m confident about is now we have a structure to find a way to come to a conclusion…We’re going to make sure we’re in the room and get this done…I think at the end of the day, we do not have a debt default.”
Biden Addresses Nation On Agreement
President Biden addressed the nation this morning saying he believes an agreement to avoid default is imminent. He said both himself and McCarthy had appointed senior members of their teams to hammer out a deal. He also touted his administration’s progress saying they had reduced deficits by $1.7 trillion over two years citing increased revenue from corporations as well as subsidy cuts from Big Oil and Big Pharma.
With negotiations underway between President Joe Biden and House Speaker Kevin McCarthy it appears more likely than ever that an agreement will be reached soon which could avert disasterous consequences such as further economic turmoil or even worse – complete financial collapse! With both sides committed to finding an amicable solution it appears that US citizens can rest assured knowing their government leaders are doing all they can resolve this situation before it reaches its boiling point!