Financial Crisis Looms As Biden Fails To Negotiate US Debt Ceiling
admin 18. May 2023Allgemein Article• House of Representatives Speaker Kevin McCarthy has criticized President Joe Biden for not negotiating to raise the US debt limit before a potentially disastrous deadline.
• Bloomberg commodity strategist Mike McGlone predicts financial crisis and risk assets like Bitcoin (BTC) will fare the worst if no deal is reached.
• President Biden addressed the nation this morning, saying that an agreement to avoid default is imminent and senior members of their teams have been appointed to negotiate.
Speaker McCarthy Criticizes Biden Over US Debt Ceiling
House of Representatives Speaker Kevin McCarthy has criticized President Joe Biden for not adequately negotiating the raising of the US debt limit, as a dangerously tight deadline looms. In a recent interview with CNBC, McCarthy said he repeatedly warned that people should be nervous due to lack of negotiations from the president’s side. Analysts including Bloomberg commodity strategist Mike McGlone predict a financial crisis if a deal is not reached, which could have serious implications on risk assets such as Bitcoin (BTC).
Biden Commits To Negotiate With Republicans
In response, President Biden finally agreed to negotiate with Republicans in order to reach an agreement. He told reporters that both himself and speaker McCarthy have appointed senior members from their teams to hammer out a deal. The president also highlighted his administration’s progress in reducing the deficit by $1.7 trillion in its first two years, and proposed budget cuts of $3 trillion over the next decade by asking wealthy individuals and large corporations to pay their fair share of taxes and cutting subsidies for Big Oil and Big Pharma companies.
Analysts Warn Of Financial Crisis
Analysts including Bloomberg commodity strategist Mike McGlone are warning that failure to reach an agreement could lead to a financial crisis where risk assets like Bitcoin (BTC) would suffer greatly. This has caused many investors around the world to brace themselves for potential losses as they wait for news regarding any developments between both parties negotiating over the debt ceiling issue.
McCarthy Confident Of A Positive Outcome
Despite this uncertainty, House Speaker Kevin McCarthy remains confident that at least some sort of agreement will be reached in order to avoid defaulting on US debt obligations – something which would have severe economic consequences across America and beyond its borders. He praised President Biden’s commitment towards negotiations, noting that it was “probably difficult” for him due his previous stance but ultimately beneficial so they can find common ground before time runs out on June 1st.
US Debt Limit Deadline Approaching Quickly
The timeline is quickly approaching with less than two weeks remaining until June 1st when Treasury Secretary Janet Yellen said they must reach an agreement or America risks defaulting on its debts commitments – something which must be avoided at all costs according analysts who fear it could trigger another global economic depression similar or even worse than what was experienced during 2008-2009 financial crisis . Whilst there are still many obstacles along the way before any sort of resolution can be found, investors remain optimistic given both sides appear willing to find compromise – something which should see cryptocurrencies weather whatever storm may come our way soon enough
You may also like
Archives
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- February 2022
- November 2021
- October 2021
- September 2021
- August 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- October 2019
- April 2019
- June 2017
- May 2017
- April 2017
- February 2017