As well he pointed out that he laid out a proposal that would cut spending by over a trillion dollars. Biden also expressed his disapproval of many other proposals.
Biden’s strong stance against a debt deal that protects crypto traders comes when regulators intensify scrutiny of the cryptocurrency realm. This statement sends a resounding message that the Biden administration is committed to holding the industry accountable and preventing undue advantages for wealthy individuals and tax evaders.
With less than two weeks remaining until June 1 debt ceiling, the Treasury Department has warned of the potential consequences of a federal government default. If the Treasury runs out of cash to pay government bills, this scenario could trigger financial market chaos and cause interest rates to spike.