The White House provided information about a meeting between US President Joe Biden and Republican Kevin McCarthy regarding the debt ceiling agreement.
The White House announced the scheduled meeting between US President Joe Biden and Republican Kevin McCarthy to resume discussions on the debt ceiling. These talks will determine whether the US government will potentially default on its debts. The crypto market may experience fluctuations due to the impact of the debt ceiling on the overall financial market. Additionally, if a debt ceiling agreement is not reached, there could be a sudden increase in Bitcoin price.
The White House issued a warning that if the US economy defaults, the financial market could experience a 45% decline. This situation could potentially benefit Bitcoin, which is often seen as a safe investment with high returns during uncertain times. We saw a similar pattern in March 2023 when there was a regional banking crisis in the US.
When Will Debt Ceiling Talks Resume This Week
Before the June 1, 2023 deadline, President Biden plans to seek agreement on what to do if the debt ceiling is not raised. According to a message from the White House, the President will meet with McCarthy at 5:30 PM EST (2130 GMT) on Monday, May 22, 2023. This meeting follows a phone call between the two leaders on Sunday to discuss the urgency of making a decision.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.