Kevin Maccarthy News

A tentative deal aimed at stopping the United States government from defaulting on its debts would likely eliminate a proposed tax on the energy usage of cryptocurrency miners, according to Ohio Rep. Warren Davidson.

Bitcoin climbed to the highest level in more than two weeks amid a boost to investor sentiment from a deal on raising the US debt limit. The largest digital token added as much 3.2% on Monday and was trading at $28,182 as of 9:32 a.m. in Singapore, oscillating around its 50-day moving average. Smaller tokens ranging from Ether to Binance Coin also posted gains. The debt-ceiling deal between President Joe Biden and House Speaker Kevin McCarthy has helped risk appetite in global markets. But the agreement still has to clear Congress quickly to avert a US default. A recent jump in Treasury yields and bets on more US monetary tightening are other potential headwinds. “This morning’s positive risk sentiment directly relates to the resolution of the debt-ceiling impasse,” said John Toro, head of trading at digital-asset exchange Independent Reserve. “Front-end funding costs remain highly elevated relative to crypto returns, resulting in negative carry for long holders. This will continue to prove a headwind for risk assets and the crypto complex.”

The US debt ceiling has been one of the hottest topics in crypto over the past few weeks. 

In a deal by President Joe Biden and Republican House Speaker Kevin McCarthy to raise the US debt ceiling, there is one part notably absent — a tax on cryptocurrency mining.

The Bitcoin price has risen by 2.5% in the past 24 hours, with its move to $27,896 helping the cryptocurrency market overall to gain by 2% in the same space of time.

As Bitcoin reclaims its position at the $28,450 mark, investors are left questioning the future direction of this prominent digital asset. 

United States president Joe Biden and Republican Kevin McCarthy have reportedly reached a "tenative" agreement to raise the federal government's $31.4 trillion debt ceiling.

As the possibility of a US debt default looms, the Bitcoin price prediction gains increased attention. 

US President Joe Biden has said he is not willing to ink a debt ceiling agreement that would benefit crypto traders.

United States President Joe Biden expressed opposition to a debt ceiling agreement with Republican leaders that would allegedly benefit crypto traders. Attending the Group of Seven (G7) Summit, Biden reportedly classified Republicans' proposed terms as "unacceptable" during a press conference.

WASHINGTON—House Republicans passed a bill proposing to raise the nation’s $31.4 trillion borrowing limit in exchange for deep cuts in government spending, aiming to jump-start talks with President Biden ahead of an approaching deadline for the federal government to avoid default.

WASHINGTON—House Republican leaders projected confidence Wednesday that they would pass their bill raising the nation’s $31.4 trillion borrowing limit in exchange for deep cuts in government spending, saying a final vote could occur soon.

WASHINGTON—Speaker Kevin McCarthy and House Republicans face a crucial test this week as they scramble to unite their factious party around a bill that would slash government spending in exchange for raising the nation’s borrowing limit.

WASHINGTON—Speaker Kevin McCarthy and House Republicans face a crucial test this week as they scramble to unite their factious party around a bill that would slash government spending in exchange for raising the nation’s borrowing limit.

WASHINGTON—House Republican leaders unveiled legislation Wednesday that would curb government spending and pare back some of President Biden’s signature initiatives in exchange for an increase in the government’s debt ceiling.

WASHINGTON—House Speaker Kevin McCarthy said he was pushing to begin writing the text of legislation raising the debt ceiling as Republicans said they expected to see the bill soon and vote on it next week, before the start of a recess in May.

WASHINGTON—House Speaker Kevin McCarthy said he was pushing to begin writing the text of legislation raising the debt ceiling as Republicans said they expected to see the bill soon and vote on it next week, before the start of a recess in May.

House Speaker Kevin McCarthy (R., Calif.) said House Republicans plan to pass legislation raising the debt ceiling and curbing federal spending in the coming weeks, moving to establish a solidified GOP position in the negotiations with President Biden over the nation’s borrowing limit. 

WASHINGTON—House Speaker Kevin McCarthy tried to prod President Biden into starting talks over spending cuts as a condition for raising the debt ceiling, just as Republicans are struggling to unite around a blueprint for negotiations ahead of dual deadlines later this year.

WASHINGTON—Republicans are backing away from proposals to reduce spending on Social Security and Medicare as they enter talks with Democrats over raising the nation’s borrowing limit, sidelining for now a politically perilous fight over how to best firm up the finances of the popular benefit programs.

WASHINGTON—A decades-old proposal to replace federal income, estate and payroll taxes with a national sales tax has gained support and attention in the new House GOP majority, but House Speaker Kevin McCarthy said he doesn’t favor the policy.