U.S. President Joe Biden said today at the G7 summit that he will not accept a deal to raise the debt ceiling that protects cryptocurrency traders and wealthy tax evaders.
"I will not sign a bill that raises the debt ceiling unless it includes measures to crack down on cryptocurrency traders and wealthy tax evaders," Biden said in a statement. "These individuals are using crypto to avoid paying their fair share of taxes, and they are putting our economy at risk."
Biden's statement comes as Congress is scrambling to reach a deal to raise the debt ceiling before the Treasury Department runs out of money on October 18. If the debt ceiling is not raised, the United States could default on its debt, which would have a devastating impact on the economy.
The White House has been negotiating with Republicans in Congress to reach a deal to raise the debt ceiling, but the talks have been stalled over disagreements on how to address cryptocurrency and tax evasion. Republicans have argued that the White House is trying to use the debt ceiling negotiations as an opportunity to advance its own policy agenda, and they have refused to include any provisions that would crack down on crypto or tax evasion.
Biden's statement today is a sign that he is willing to walk away from a deal to raise the debt ceiling if it does not include provisions to crack down on crypto and tax evasion. This could put further pressure on Congress to reach a deal, but it also raises the risk of a default on the national debt.
The White House has said that it is prepared to take executive action to raise the debt ceiling if Congress does not act. However, it is unclear what executive action the White House would take, and it is possible that such action would be challenged in court.
The debt ceiling is a complex issue, and there is no easy solution. However, it is clear that President Biden is willing to take a tough stance on cryptocurrency and tax evasion, and this could have a significant impact on the negotiations to raise the debt ceiling.
In addition to his statement today, Biden has also been taking steps to crack down on cryptocurrency and tax evasion. In April, the Treasury Department announced that it would be requiring cryptocurrency exchanges to report information about their customers to the IRS. This is a significant step, as it will make it more difficult for cryptocurrency traders to avoid paying taxes.
Biden's tough stance on cryptocurrency and tax evasion is likely to be welcomed by many Americans. However, it is also likely to face opposition from some cryptocurrency traders and wealthy individuals who are benefiting from the current system. It remains to be seen whether Biden will be able to get his way, but his statement today is a clear sign that he is willing to fight for what he believes in.
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