Biden Says He Is Not Willing To Strike A Deal With 'Crypto Traders' While Americans Are Struggling

President Joe Biden said on Sunday that he will not agree to a budget deal that favors wealthy tax cheats and cryptocurrency traders over struggling Americans.

What Happened: Speaking at the Group of Seven (G7) forum in Japan, Biden said his latest proposed budget includes over $1 trillion in spending cuts, on top of $3 trillion in deficit reductions that he had previously proposed through spending cuts and new revenue.

In a press conference, he called out Republican lawmakers for protecting wealthy tax cheats and cryptocurrency traders while putting food assistance at risk for nearly one million Americans.

“Let me be clear, I’m not going to agree to…a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly 1 million Americans,” he said.

His warning comes as negotiations on the new budget are ongoing, with the American government potentially facing default on its debt payments by June 1 if a deal is not reached.

The G7, an intergovernmental political forum comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S., provides a platform for multilateral talks and negotiations. 

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Why It Matters: This comes as Marathon Digital Holdings Inc (NASDAQ:MARA)  CEO Fred Thiel, has warned that Biden’s tax on American Bitcoin (CRYPTO: BTC) miners will likely cause them to move their operations out of the country instead of generating intended funds.

Price Action: At the time of writing, BTC was trading at $26,648.35, down 1.87% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Drop After Powell’s Dovish Comments: Trader Predicts King Crypto Soaring To $300,000