• Speaker Kevin McCarthy has criticized President Joe Biden for not negotiating the US debt ceiling.
• Analysts predict a financial crisis if a deal is not reached, with risk assets like Bitcoin (BTC) likely to fare the worst.
• President Biden and Speaker McCarthy have appointed senior members of their teams to negotiate an agreement to avoid a default.
McCarthy Criticizes Biden Over US Debt Ceiling
House of Representatives Speaker Kevin McCarthy has heavily criticized President Joe Biden for failing to adequately negotiate the raising of the US debt limit. This comes as analysts predict a financial crisis if an agreement is not reached, with risk assets like Bitcoin (BTC) likely to fare the worst.
Deadline Looms
McCarthy says that he repeatedly warned about this issue, and now there is a dangerously tight deadline looming ahead. Bloomberg commodity strategist Mike McGlone has predicted that if no deal is reached, it could result in a financial crisis.
Biden and McCarthy Reach Agreement
McCarthy stated that he and the president have worked out an agreement in order to have productive negotiations moving forward. He believes that at the end of the day, a debt default will be avoided thanks to this framework being put into place.
Senior Teams Appointed To Negotiate
President Biden addressed the nation this morning by saying that he believes an agreement to avoid a default is imminent due to his and McCarthy’s appointment of senior members of their teams who will help hammer out a deal. The president also mentioned how his administration had already reduced deficits by $1.7 trillion in two years, as well as proposed further reductions totaling $3 trillion over 10 years through revenue from wealthy individuals and large corporations paying their fair share, as well as cutting subsidies given towards Big Oil and Big Pharma companies currently existing in law.
Conclusion
In conclusion, Speaker Kevin McCarthy has heavily criticized President Joe Biden for failing to adequately negotiate on raising US debt limits while analysts warn of potential economic catastrophe if no agreement is made soon enough. The president responded by appointing senior members from both their respective teams who are now working together on negotiations in order to avoid any potential defaults or crises occurring moving forward
