While the House and Senate already voted to overturn SAB 121, it will need a two-thirds majority vote from both chambers to invalidate Biden’s veto.

After months of negotiations, President Joe Biden and House Representative Kevin McCarthy have tentatively agreed to raise the US government's debt limit. As part of the deal, proposed taxes by the Biden administration, including a 30% tax on crypto miners' electricity bills, will be blocked.

President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate. The deal would avert an economically destabilizing default if passed through Congress before June 5th when the Treasury Department runs short of money to cover all its obligations. Republicans who control the House of Representatives have pushed for steep cuts to spending and other conditions, including new work requirements on some benefit programs for low-income Americans and for funds to be stripped from the Internal Revenue Service, the U.S. tax agency. Exact details of the final deal were not immediately available, but negotiators have agreed to cap non-defense discretionary spending at 2023 levels for two years in exchange for a debt ceiling increase over a similar period.

US President Joe Biden is set to meet with Republican Kevin McCarthy to discuss the debt ceiling deal talks, which will determine whether the US government will default on some of its debts or not.

President Biden has taken a strong stance against a debt deal that would protect crypto traders, expressing concerns about potential loopholes and dangers associated with the provision of benefits to bitcoin traders in particular. He emphasized the need for cautious consideration and regulation of the digital currency industry. The US Treasury Department warns of possible consequences if the federal government defaults, which is crucial to preventing a potential default on the repayment of debt by the US government before the deadline. The G7 has acknowledged the increasing significance of cryptocurrencies and has discussed their implications and regulatory challenges during meetings.

US President Joe Biden criticized "wealthy tax cheats and crypto traders" who he believes are benefiting from Republican lawmakers in negotiations for a new budget. Biden warned that without a new budget, the American government could potentially default on its debt payments on June 1.

US President Joe Biden criticized "wealthy tax cheats and crypto traders" as undeserving beneficiaries of Republican lawmakers during the G7 forum in Japan, as negotiations continue for a new budget. Biden stated that he would not agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for Americans.

Despite the US government's savings at the Federal Reserve dropping by $53bn on Monday to just $87bn, small US banks were doing well. The country was on the edge of a big money problem known as the 'debt ceiling crisis.' However, people's trust in the banking sector seems to be growing for now. In Japan, President Biden attended a G7 meeting where top leaders were trying to find a way to solve the money problem without making the US government default. Meanwhile, Japan is dealing with inflation, which is now over 4%, the highest in 40 years.

The Biden administration's proposal to tax American bitcoin miners is likely to drive them out of the country and will not raise the intended funds, according to Marathon Digital's CEO, Fred Thiel. He believes that a mining tax would not result in more available renewable power and would actually create less. Thiel also stated that the banking lobby and gas-fired power plants are hostile towards the crypto industry and bitcoin mining, respectively. Marathon is already looking to expand outside of the US, with new projects in Abu Dhabi and Paraguay. Despite a period of financial stress and consolidation in the bitcoin mining sector, Thiel is optimistic about the future.

President Joe Biden and Republican Kevin McCarthy are aiming to reach a deal by Sunday to raise the federal government's $31.4 trillion debt ceiling and avoid a default. The negotiations are about the outlines of the budget, not about whether or not the US will pay its debts. Republicans have been insisting that Democrats agree to spending cuts in exchange for a deal to raise Congress's self-imposed debt limit. Negotiators are aiming to hammer out an agreement before Biden's scheduled return to Washington on Sunday.