• Speaker Kevin McCarthy says President Joe Biden is failing to negotiate the raising of the US debt limit, which could lead to a financial crisis.
• McCarthy has criticized Biden for not negotiating, and now a dangerously tight deadline looms.
• Biden addressed the nation this morning, saying that he believes an agreement to avoid a default is imminent.
McCarthy Warns About Debt Ceiling Default
House of Representatives Speaker Kevin McCarthy warned that President Joe Biden is not adequately negotiating the raising of the US debt limit and it should make people nervous. In an interview with CNBC, McCarthy said that if agreement is not reached before the June 1st deadline it could lead to a financial crisis with risk assets like Bitcoin (BTC) being hit worst.
Biden Refuses To Negotiate
McCarthy said he had repeatedly criticized Biden for not negotiating and that they have now finally agreed on a framework within which negotiations can take place. He also expressed confidence that no debt default would occur in the end despite the tight timeline.
President Addresses Nation
President Joe Biden addressed the nation this morning saying he believed an agreement to avoid default was imminent and both himself and McCarthy had appointed senior members of their teams to hammer out a deal. He also mentioned his administration’s success in reducing deficits by $1.7 trillion over two years as well as his proposed budget cutting subsidies for Big Oil and Big Pharma while asking wealthy individuals and large corporations to pay more tax revenue.
Negotiations Show Progress
According to McCarthy, progress has been made since he had last spoken about this issue on CNBC’s show. He mentioned how difficult it must have been for Biden as president to agree to negotiate but ultimately believed they had achieved something positive from it leading him towards optimism that a deal could be reached before June 1st deadline without any consequences such as debt defaults arising from it.
Conclusion
In conclusion, both President Joe Biden and House of Representatives Speaker Kevin McCarthy are working together in order to reach an agreement about avoiding the potential debt default looming ahead by June 1st 2021 deadline by appointing senior members from their respective teams who will further discuss details needed in order for them come up with viable solution before time runs out .