• Speaker Kevin McCarthy of the House of Representatives warned that President Joe Biden is not negotiating the US debt ceiling, which could lead to a financial crisis if a deal is not reached on time.
• Biden and McCarthy have agreed to meet and appoint senior members of their teams to discuss and come up with an agreement.
• President Biden addressed the nation this morning, saying that he believes an agreement to avoid a default is imminent.
US Debt Ceiling Negotiations Failing
House of Representatives Speaker Kevin McCarthy has warned that President Joe Biden is not negotiating the US debt ceiling, which could lead to a financial crisis if a deal is not reached on time. In a new interview with CNBC, McCarthy said he repeatedly criticized the president for not negotiating, and now a dangerously tight deadline to reach an agreement awaits. Many analysts predict that risk assets like Bitcoin (BTC) would fare the worst in such an event.
Biden & McCarthy Agree To Negotiate
McCarthy said he and the president appear to have finally worked out a framework to have productive negotiations. Ultimately, he said he does not believe a debt default will happen in the end. Yesterday, both speaker McCarthy and President Biden agreed designate senior members who would negotiate and hopefully find an agreement before June 1st’s looming deadline.
President Addresses The Nation
President Biden addressed the nation this morning, saying that he believes an agreement to avoid a default is imminent. He says that his administration has reduced the deficit by $1.7 trillion in two years as well as proposed another budget for $3 trillion more over ten years – asking wealthy individuals and large corporations to pay their “fair share” while cutting subsidies granted to Big Oil & Pharma companies.
McCarthy Is Confident An Agreement Will Be Reached
McCarthy stated his confidence that at least they were able now get into negotiations with structure after having difficulty getting President Biden agree initially on negotiation terms as president — something which was “difficult” for him according to McCarthy himself; however it was something former Vice-President Joe Biden used be good at doing — making ‘deals’—and so there seemed hope after all for reaching some kind of mutually beneficial compromise between both sides before June 1st deadline or else face potential economic catastrophe as predicted by many analysts including Bloomberg commodity strategist Mike McGlone .
All things considered , Speaker Kevin McCarthy seems confident that despite there being only short amount of time left , they are still able make it work — having even gone so far as say no one wants or expects debt default be outcome but instead reach resolution before then . With representatives from both sides coming together in order collaborate on finding solution , things seem headed right direction although clock ticking ever closer towards midnight .