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.

Biden proposed a budget that would cut spending by over a trillion dollars, on top of nearly $3 trillion in deficit reductions. He urged Republicans to move from their extreme positions and not agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly 1 million Americans.