Politicians in the United States will likely strike a deal and raise the government’s $31.4 trillion debt ceiling for two more years. Amid this debate, the price of Bitcoin is firm but lower, tracking below the psychological $30,000 level as bulls recover after posting sharp losses mid-this week.
The Debt Ceiling Debate
There are reports that there will be more discretionary spending on the military and veterans with the reduction of other sectors.
Moreover, there are unconfirmed reports that the Biden administration will likely not fund the Internal Revenue Service (IRS) to boost collection, as laid out earlier.
Instead, the immediate focus will be to hire more auditors and target wealthy citizens.
There are concerns that the Treasury Department and the United States government will default on their obligation as soon as the first half of June 2023.
Even though highly unlikely, as the Treasury Department has said it will liquidate $119 billion of debt on that day, the market is
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