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The Fiscal Responsibility Act of 2023 has just passed as a collaborative effort between both Democrats and Republicans, and I’m going to break it down for you. In this video I’m going to break down the top 10 takeaways from this act and how they affect crypto, the dept ceiling, funding and more!
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[Music] Thank you [Music] [Music] 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 number 10. number 10 is Both sides actually agree 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 this got passed well That's a relief in itself number nine Included people are going to love this Instead of raising this debt ceiling They decide 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 goes right a lot of People they're irritated at Patrick McHenry Um 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 Dollars 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 it's Like we always have speaking of spending Money number seven all non-defense Spending is capped they're calling it Discretionary spending that means Spending on things like Transportation Law Enforcement Education well those are All cap they can't overspend in those Items number six 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 Thank you [Applause] [Applause] [Applause] Foreign [Applause] People are going to love this when 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 dollars in coveted Funds number four and all of the Millennials are going to love this you
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 have To restart making your payments number Three Energy initiatives are about to get cash From the IRS really if you didn't know There was a 80 billion dollar 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 number two And the most important thing probably For crypto people except for money Printer group 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 number one 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 percent we were Going to get a rate hike here in the Middle of June now it's about 70 percent 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 bit Squad that's all I Got be blessed oh yeah [Music] Foreign [Music] [Applause] [Applause] [Music]