• House of Representative Speaker Kevin McCarthy warns President Joe Biden not to miss the debt limit deadline, or else it could lead to a financial crisis.
• McCarthy believes that Biden has agreed to start negotiations and is hopeful that they will come to an agreement before the June 1st deadline.
• President Biden addressed the nation this morning, saying he believes an agreement to avoid a default is imminent.
US Debt Ceiling Default Looms
House of Representatives Speaker Kevin McCarthy has warned President Joe Biden not to miss the debt limit deadline, as it could lead to a financial crisis. In an interview with CNBC, McCarthy criticized the president for not negotiating sooner and now there is only a tight deadline left to reach an agreement. Many analysts predict that risk assets such as Bitcoin (BTC) would fare worst in case of a default.
Negotiations Begin
McCarthy believes that Biden has agreed to start negotiations and is hopeful that they will come to an agreement before the June 1st deadline. The speaker says he never wanted it to come down to working towards a strict timeline like this but they have finally worked out a framework for productive talks. He said he does not believe that debt default will happen in the end as long as everyone negotiates in good faith.
Presidential Address
President Joe Biden addressed the nation this morning regarding the impending debt ceiling issue, saying he believes an agreement can be reached soon. He stated that both himself and Speaker McCarthy have appointed senior members of their teams in order to begin hammering out a deal and reduce any further deficits over the next decade by asking wealthy corporations and large companies pay their fair share while cutting subsidies for Big Oil and Big Pharma, among others.
Speaker’s Confidence
McCarthy expressed confidence in his ability work together with Biden on finding solutions for avoiding a US debt default, noting “The only thing I’m confident about is now we have structure find way come conclusion.” He also praised how well Biden used negotiate during his previous years as Vice President under Obama’s administration and noted if he returns back those days then they can get job done efficiently without having worry about tight deadlines any longer.
Conclusion
With negotiations already underway between Speaker Kevin McCarthy and President Joe Biden, it seems like both parties are attempting hard prevent US from facing another financial crisis due potential bankruptcy or defaulting on its debts.. If all goes according plan then hopefully these two powerful figures will able craft mutually beneficial deal which helps country avoid disaster while still being cost effective everybody involved including taxpayers who might suffer most should situation become unmanageable due lack funds available government coffers