Debt Ceiling Deadline Looms: Biden Negotiations at Risk of Default

• Speaker Kevin McCarthy says President Joe Biden is not negotiating the US debt ceiling and a default looms.
• Bloomberg commodity strategist Mike McGlone predicts a financial crisis if a deal is not reached, with risk assets like Bitcoin (BTC) taking the biggest hit.
• President Biden and McCarthy have appointed senior members to their teams to hammer out a deal in order to avoid default.

US Debt Ceiling Negotiations

House of Representatives Speaker Kevin McCarthy has expressed concern over President Joe Biden’s failure to negotiate raising the US debt limit. If an agreement is not reached before the June 1st deadline, Bloomberg commodity strategist Mike McGlone predicts that this could lead to a financial crisis, with risk assets like Bitcoin (BTC) suffering the most.

McCarthy Criticizes Biden

McCarthy has been highly critical of Biden’s lack of action in regards to negotiations, warning that people should be nervous about it. The Republicans passed their bill in April, long before Treasury Secretary Janet Yellen warned of the June 1st deadline. However, McCarthy now believes that he and the president have established a framework for productive negotiations. He does not believe that a debt default will happen by the end of it all.

Biden Addresses Nation

President Joe Biden addressed the nation this morning regarding the progress his administration has made towards avoiding default on US debt payments. He highlighted his budget proposal which includes increased revenue from wealthy individuals and corporations as well as cutting subsidies given to Big Oil and Big Pharma companies. To further push for negotiation success, both he and McCarthy have assigned senior members of their teams to take part in discussions on how best to reach an agreement before June 1st.

Negotiations Aimed at Averting Default

The goal of these negotiations is clear: prevent any kind of default on US debt payments by coming up with an agreement before June 1st arrives. Without one, there could be dire consequences for risk assets such as Bitcoin (BTC). While McCarthy remains confident about finding a resolution, he still appears wary about how much time they have left until reaching it – something that should make everyone concerned about what will happen next if no deal is reached by then or sooner.


The clock is ticking for both President Joe Biden and House Speaker Kevin McCarthy who must come up with some sort of solution before June 1st or face potentially damaging effects on risk assets such as Bitcoin (BTC). It remains unclear whether or not they will be able to reach an agreement in time but both parties appear optimistic about avoiding any kind of default on US debt payments through effective negotiations between their respective teams..