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<h2 id="header-0">President Biden Rejects Debt Ceiling Deal Favoring Crypto Traders Over Food Assistance Programs</h2><p>During a press conference at the G7 Summit in Hiroshima, Japan on May 21, United States President Joe Biden voiced his opposition to a proposed debt ceiling deal put forward by Republican leaders. He expressed concerns that the agreement would favor &#34;wealthy tax cheats and <strong><a href="https://www.coingabbar.com/en/crypto-blogs-details/top-5-crypto-exchanges-in-japan-that-you-must-know-about" rel="noopener noreferrer nofollow">crypto</a></strong> traders&#34; at the expense of food assistance programs. Biden firmly stated that he would not agree to a deal that jeopardizes the well-being of nearly 1 million Americans.</p><p>One aspect of the proposed deal that drew criticism from the President is the alleged protection it offers to crypto traders through tax-loss harvesting. This strategy allows investors to offset capital gains from cryptocurrency profits by selling <strong><a href="https://www.coingabbar.com/en/crypto-currency-news/mchenry-planned-hearings-for-clear-rules-on-digital-assets" rel="noopener noreferrer nofollow">digital assets</a></strong> at a loss. The Biden administration has been engaging in discussions with Republican leaders regarding the possibility of blocking this mechanism for cryptocurrency transactions.</p><h3 id="republicans-reject-white-house-proposal-debt-ceiling-crisis-looms-as-biden-holds-urgent-call-with-house-speaker">Republicans Reject White House Proposal, Debt Ceiling Crisis Looms as Biden Holds Urgent Call with House Speaker</h3><p>The White House also presented a similar proposal to Republican leaders that would prevent investors from deferring taxes on real estate swaps. These changes are estimated to generate approximately $40 billion in tax revenue for the U.S. government.</p><p>However, Republicans have rejected these proposals, with House Speaker Kevin McCarthy asserting that the increase in U.S. debt is a result of excessive spending by the <strong><a href="https://www.coingabbar.com/en/crypto-currency-news/biden-proposes-doubling-capital-gains-and-cracking-down-on-crypto-wash-sales" rel="noopener noreferrer nofollow">Biden</a></strong> administration during the pandemic. Republicans advocate for addressing the deficit through $4.8 trillion in spending cuts, which would directly impact federal agencies&#39; budgets.</p><p>The debt ceiling issue is of significant concern, as failure to raise it could lead to a default as early as June 1. In response to the urgency of the situation, President Biden intends to hold a phone conversation with House Speaker McCarthy during his flight from Hiroshima to Washington, D.C.</p><p>The debt ceiling, established in 1917, represents the limit set by Congress on the amount of money the federal government can borrow to meet its financial obligations.</p>

President Biden Rejects Debt Ceiling Deal Benefiting Crypto Traders

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