- The politician said that he would not protect tax scammers and cryptocurrency traders
- Prior to that, he tried to shame the “cryptans” for using the strategy of “fictitious sales”
- Attempts by the “Reds” to block the work of Congress, he considers attacks on him personally
At the G7 summit in Japan, Joe Biden decisively rejected conditions of Republicans who stop the increase in the national debt limit in Congress. He stated that he did not intend to indulge in concessions designed to protect the interests of “tax fraudsters and wealthy crypto investors.”
“I am not going to agree to a deal that will protect criminals and traders, but at the same time jeopardize food assistance for almost a million Americans” – emphasized the president.
What does Biden mean?
In early May, the US President published a “tweet” in which he tried to shame both Republicans and cryptocurrency investors at the same time. The fact is that American traders use the strategy of “fictitious sales” to underestimate tax deductions.
The White House administration wants to put an end to this practice. Corresponding leverage has already been included in the draft budget for next year.
Republicans oppose this decision. At the same time, they refuse to ratify the increase in the debt ceiling by more than $34 trillion, at least until they receive guarantees to reduce further spending.
What happens if Congress doesn’t agree on this?
Then already on June 1, the States will not be able to pay off their obligations. This will be followed by a technical default, which will significantly affect the economy and prestige of the country.
Leaving the summit, Biden said he intended to meet with House Speaker Kevin McCarthy this week. Prior to this, the president’s office held several negotiations with the “red” camp, but no special results were achieved.
Biden called the current demands of the Republicans “ridiculous.” According to him, the far-right members of the MAGA movement “infected” the negotiation process.
Biden considers the attempts of the “reds” to block the work of Congress as attacks on himself. According to him, in this way the Republicans want to make sure that the politician will not be re-elected for the next term.