Welcome to BitBoy Crypto!
My name is Ben.
Today, we're going to be taking a look at the top 10 takeaways
from the debt ceiling agreement.
Now, this is actually called the Fiscal Responsibility Act of 2023.
It's a 99-page document.
And we've cut it down so you only have to know the top 10 things.
Let's get into it. Here it is.
No. 10,
No. 10 is both sides actually agreed.
That's right. The Democrats and the Republicans,
they came together after a long series of contentious talks.
And they agreed in order to make sure that this threat of the government shutting down
is actually stalled out until at least 2025.
So, really, the fact that it got passed?
Well, that's a relief in itself.
No. 9, and crypto people are going to love this, instead of raising the debt ceiling,
they decided to remove it completely for the next two years,
which means more quantitative easing.
That's right, guys. That means money is going to be printing.
You know that's good for the Bitcoin when the printer go brrrrrrrr.
No. 8,
a lot of people, they're irritated at Patrick McHenry.
Now, as the leader of the Republican side,
a lot of people are really, really upset by the fact that he agreed to this
because it's going to raise the national debt from $31 trillion to $35 trillion by 2025.
And also, this means we're going to see massive amount of spending
from the Republican side and really from both sides.
It's just we're going to print money and spend it just like we always have.
Speaking of spending money,
No. 7, all non-defense spending is capped.
They're calling it discretionary spending.
That means spending on things like transportation,
law enforcement and education,
well, those are all capped.
They can't overspend in those items.
No. 6, 750,000 Americans might lose their food stamps.
That's right. Because now to get food stamps, there are new work requirements.
But for Medicaid,
you're good because there are no new work requirements for Medicaid.
And you crypto people are going to love this one.
It's a word you know very well if you've been paying attention.
There are now clawbacks.
That's right. The government is going to claw back $30 billion in COVID funds.
No. 4, and all the millennials are going to love this,
you've got to pay your student loans again.
While Donald Trump and Joe Biden suspended student loan payments after COVID,
that's going away and now you're going to restart making your payments.
No. 3, energy initiatives are about to get cash.
From the IRS really.
If you didn't know, there was an $80 billion IRS amount of funding that recently came out.
Well, 25% of that is getting cut by this bill,
and it's going to go to energy and environmental initiatives.
Democrats definitely wanted that one.
No. 2,
and the most important thing probably for crypto people,
except for money printer go brrrrr we make money,
is, yes, that is correct,
the 30% tax proposed by Joe Biden on Bitcoin and crypto mining,
well, it did not get passed.
And your biggest takeaway, No. 1, that's right,
that is what happened to the CME FedWatch Tool that predicts rates.
That's right, guys. Now that the government is getting this debt ceiling deal on,
that means that going forward, the chances of more interest rate raises,
maybe period, has just gone down significantly.
The other day, it was about 70% we were going to get a rate hike here in the middle of June.
Now, it's about 70% we won't.
So let me know what you guys think about that.
Drop your thoughts and comments down below.
What was your biggest takeaway, BitSquad?
That's all I got.
Be blessed.
BitBoy out.