• Kevin McCarthy, Speaker of the House of Representatives, says President Joe Biden is not negotiating around the US debt limit and that it should make people nervous.
• Analysts predict a financial crisis if a deal is not reached and Bitcoin (BTC) will fare the worst.
• President Biden addressed the nation this morning saying he believes an agreement to avoid a default is imminent.
Speaker McCarthy on US Debt Ceiling
House of Representatives Speaker Kevin McCarthy has expressed concerns over President Joe Biden’s lack of negotiations for raising the US debt ceiling. He has warned that a dangerously tight deadline to reach an agreement awaits, and many analysts are predicting a financial crisis if one is not reached with Bitcoin (BTC) likely being hit hardest.
McCarthy Criticizes Biden
McCarthy has criticized President Joe Biden for failing to negotiate in time, pointing out that Republicans have already passed their bill in April, long before Treasury Secretary Janet Yellen announced the June 1st deadline. He believes now they have finally worked out a framework to productively negotiate but does not think a debt default will occur in the end.
President Biden Addresses Nation
President Joe Biden addressed the nation this morning saying he believes an agreement to avoid a default is imminent as he and McCarthy have appointed senior members of their teams to hammer out a deal. He also mentioned his proposed budget which includes asking more from wealthy individuals and large corporations as well as cutting subsidies for Big Oil and Big Pharma companies.
Biden and McCarthy Negotiating
Both parties are actively negotiating regarding raising the US debt ceiling in order to prevent potential disaster come June 1st . Both Speaker McCarthy and President Biden are hoping their respective teams can find common ground before then so as to prevent any economic collapse from occurring due to unpaid bills or government shutdowns because of lack of funds.
Conclusion
The consequences could be dire if no resolution is found by June 1st , but both Speaker Kevin McCarthy and President Joe Biden remain hopeful that negotiations between their respective teams will yield positive results so that no such disaster comes about. It remains to be seen whether or not they can come up with something before time runs out, however both sides appear dedicated towards finding some kind of solution in order for America’s economy to remain stable in these trying times.