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US President Joe Biden emphasized his stance against including provisions in any federal debt-ceiling deal that would protect tax cheats and crypto traders as he addressed the press conference in Japan.
Biden urged Republicans to move away from their extreme positions and find common ground to prevent a debt default.
BREAKING: President Joe Biden speaking on the final day of the G7 summit
"I'm not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk."https://t.co/q2ATjj9RFh
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He clarified that he would not agree to a deal that jeopardizes food assistance for almost one million Americans while shielding wealthy tax cheats and crypto traders. Biden highlighted the need for Republicans to acknowledge that a partisan approach will not lead to a bipartisan agreement.
Regarding the concerns surrounding crypto traders, Biden referenced the opposition from Republicans to a proposal that aims to disallow traders from claiming a loss on assets if they sell and quickly repurchase them. He noted that similar rules already exist for stocks and other assets.
Treasury Secretary Janet Yellen had previously warned about the possibility of the government running out of cash by early June if the debt ceiling is not raised.
Biden also discussed the progress made in his budget proposal and clarified that he was unwilling to make certain trade-offs. He stated that his administration had proposed cutting spending by over a trillion dollars, in addition to the nearly $3 trillion in deficit reduction previously suggested through a combination of spending cuts and new revenues.
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Biden urged the other side to reconsider their extreme positions, as many of their proposed measures were deemed unacceptable.
The President refused to support a deal with a $30 billion tax break for the oil industry, which made $200 billion in profits last year. He argued that they do not require an additional $30 billion incentive, especially when it puts healthcare for 21 million Americans at risk by targeting Medicaid.
He further opposed protecting $200 billion in excess payments for pharmaceutical industries while cutting over 100,000 school teachers and assistants’ jobs and eliminating 30,000 law enforcement officers’ positions across the entire United States.
Biden’s remarks were made during his visit to Japan, where he attended the Group of Seven (G7) summit.