Crypto Market News: Top Republican leader Kevin McCarthy on Wednesday said he was optimistic about getting a deal despite the fact that there is a long way to go before reaching consensus to commit to a deal on raising the debt ceiling. He addressed the concerns around the status of deal talks amid market uncertainty before the June 1, 2023 deadline, during a press conference. Importantly, he said there could be progress made later today, in the context of a halt in deal talks since his Monday meeting with US President Joe Biden.
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The U.S. Markets continue to feel the heat from the delay in debt ceiling deal talks since Monday, as the S&P 500 Index, Dow Jones and Nasdaq continue to trade in the red. Similarly, Bitcoin price appears to be in bearish waters until some clarity on deal status is reached.
Kevin McCarthy: No Debt Default
Speaking at a press conference, the top Republican said he doesn’t think there will be a defaultm and that he firmly believes the leaders will be able to get a deal. However, he said both sides are still far apart on debt talks but can get to saying yes for a deal.
“There are still differences over spending. I am sending our negotiators down to the White House to try and finish up the talks.”
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: Amid uncertainty in financial markets and an anticipation around final result of the debt ceiling deal talks, top Republican Kevin McCarthy on Tuesday said the discussions are currently nowhere near successful agreement for raising the ceiling. The comment follows his meeting with US President Joe Biden on Monday. In reaction to the ongoing debate around debt ceiling deal, the stock market opened lower on Tuesday, as the S&P 500 Index fell 0.2%. Although the meeting on Monday was said to be productive, the markets may find some balance only if a debt ceiling is reached successfully.
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Biden and McCarthy will be meeting everyday until a decision is reached before the June 1, 2023 deadline. Yet, the Republican leader indicated there was a long way to go before consensus is reached about the deal.
Talks Nowhere Near Debt Ceiling Deal
According to latest reports, McCarthy informed Republican lawmakers that a debt ceiling deal is nowhere near possibility at this point. Following the Monday meeting, the Republican leader said he would meet with the President every day until a deal is reached, amid deadline pressure. “The president and I know the deadline, so I think we’re going to talk every day … until we get this done,” he said.
Meanwhile, there is fear of stock market crash and a drop in crypto market prices if a debt ceiling deal is not reached, CoinGape reported. Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, said there is a very high probability that a debt ceiling deal gets done. However, he warned that the timing of the deal closure could be tight, ahead of the June 1, 2023 deadline.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.