JAKARTA In a press conference on Sunday, May 21, 2023, United States President Joe Biden revealed the US debt crisis. Biden plans to reduce spending by more than one trillion US dollars plus nearly 3 trillion dollars to reduce the deficit.
This was conveyed by Biden on the sidelines of the Kelumpk Tujuh (G7) meeting in Hiroshima, Japan. Before attending the G7 Summit, Biden met with congressional leaders to discuss the steps the US would take through a mutual agreement.
"I've done my part. We put forward a proposal that reduces spending by more than one trillion dollars, and coupled with nearly $3 trillion in deficit reductions that I previously proposed through a combination of spending cuts and new revenues," said Joe Biden.
"Now is the time for other parties to move from their extreme position, as most of what they have proposed so far, to be honest, is unacceptable," the US President added.
Furthermore, Biden revealed a number of things he would not agree on, such as cutting taxes for the oil industry.
"I will not agree with a protected deal, for example, a 30 billion dollar tax cut for the oil industry, which made a profit of 200 billion dollars last year... while threatening the health of 21 million Americans by reducing Medicaid's funds," he said.
"I will not agree with an agreement that protects over $200 billion in payments for the pharmaceutical industry and refuses to calculate them, while cutting more than 100,000 jobs of teachers and school assistants, as well as cutting 30,000 jobs of law enforcement officers across the United States."
In addition, the US President also revealed that he would not agree on the protection of rich tax players and crypto traders.
"I will not agree with a deal that protects wealthy tax players and crypto traders while threatening food assistance for nearly a hundred, sorry, nearly 1 million Americans."
This statement sparked controversy on social media. Not a few criticized Biden's actions because they were considered to equate crypto traders with fraudulent tax players. They also criticized the printing of money under the Biden administration.
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