Joe Biden compares crypto traders to “wealthy tax evaders”

“Im not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants in jeopardy,” Biden said during the final day of the 2023 G7 summit, in Hiroshima, Japan.

With the United States recently facing the risk of defaulting on its debt obligations, Biden emphasized that he “has done his part” in proposing a comprehensive plan and now expects Republicans to move away from their extreme positions. U.S. President Joe Biden has made it clear that he will not support a budget deal that prioritizes the interests of wealthy tax evaders and cryptocurrency traders while endangering essential programs like food assistance.

During a press conference following a Group of Seven (G7) meeting in Hiroshima, Japan, Biden provided an update on the ongoing budget negotiations.

“I‘ve done my part. We put forward a proposal that cuts spending by more than a trillion dollars, and on top of the nearly $3 trillion in deficit reduction that I previously proposed through the combination of spending cuts and new revenues,” Biden explained. “Now it’s time for the other side(Republicans) to move from their extreme positions, because much of what theyve already proposed is simply, quite frankly, unacceptable.”

Biden outlined specific areas where he will not compromise. He emphasized that he will not agree to a deal that protects a $30 billion tax break for the oil industry, which generated $200 billion in profits last year while jeopardizing the healthcare of 21 million Americans by targeting Medicaid. He also expressed opposition to preserving $200 billion in excess payments for pharmaceutical companies while cutting the jobs of over 100,000 schoolteachers, assistants, and 30,000 law enforcement officers across the entire nation. Furthermore, Biden stated firmly:

“Im not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly a hundred — excuse me — nearly 1 million Americans.”

Biden's remarks about cryptocurrencies drew significant attention on social media. Some criticized him for grouping crypto traders and tax cheats together.

Addressing concerns of a potential U.S. default on its debt, Biden reassured the public that America will not default. Numerous warnings have been issued about the severe consequences of such a default, including a global financial crisis. CEOs of 146 major U.S. companies have urged Biden and congressional leaders to swiftly act to prevent a default, emphasizing the potentially disastrous outcomes.