president Joe Biden said Sunday that he would not approve a budget deal that favored wealthy tax dodgers and cryptocurrency traders over struggling Americans.

What happened: speaking at group of seven (G7) forum in Japan, Biden said his latest draft budget includes over $1 trillion in spending cuts, in addition to the $3 trillion in deficit reductions he previously proposed through spending cuts and new revenue.

In a news conference, he called on Republican lawmakers to protect wealthy tax dodgers and cryptocurrency traders while jeopardizing food aid for nearly a million Americans.

“Let me be clear that I will not … agree to a deal that protects wealthy tax dodgers and crypto traders while jeopardizing food aid for nearly a million Americans,” he said.

His warning comes as negotiations on the new budget are ongoing and the US government may face default by June 1 if no agreement is reached.

The G7, an intergovernmental political forum composed of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, provides a platform for multilateral talks and negotiations.

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Why it matters: That comes as Marathon Digital Holdings Inc MARA CEO Fred Thielhas warned that Biden’s tax on American Bitcoin BTC/USD The miners will likely prompt them to move their operations out of the country Generation of intended funds.

Price promotion: At the time of writing, BTC is trading at $26,648.35, down 1.87% over the past 24 hours. according to Benzinga Pro.

Continue reading: Bitcoin, Ethereum and Dogecoin fall after Powell’s dovish comments: Trader predicts cryptocurrency king to hit $300,000