Biden Convenes Panel , to Eliminate Threat of , Debt Default.
On July 20, President Joe Biden directed aides
to convene experts to work toward making the
possibility of debt default "a thing of the past.".
NBC reports that the Debt Ceiling Working Group
will "analyze the economic and financial harms associated with debt ceiling brinkmanship.".
As the president has said, now that
the latest debt ceiling crisis is behind us,
it is necessary to explore all legal and policy
options to prevent Congress from ever
again holding hostage the full faith
and credit of the United States, White House statement, via NBC.
According to the White House, the panel of experts will
draw lessons from the experiences of other nations
and offer recommendations to the administration.
Earlier in 2023, Republican House Speaker
Kevin McCarthy and the Biden administration
agreed to raise the U.S. debt ceiling.
The deal narrowly avoided
a debt default that had the potential
to upend the global economy.
NBC reports that the panel will be co-chaired
by White House Counsel Stuart Delery and
Director of the National Economic Council Lael Brainard.
NBC reports that the panel will be co-chaired
by White House Counsel Stuart Delery and
Director of the National Economic Council Lael Brainard.
Treasury Secretary Janey Yellen, Attorney General
Merrick Garland and Council of Economic Advisers Chair
Jared Bernstein will also participate in the Working Group.
Treasury Secretary Janey Yellen, Attorney General
Merrick Garland and Council of Economic Advisers Chair
Jared Bernstein will also participate in the Working Group.
Treasury Secretary Janey Yellen, Attorney General
Merrick Garland and Council of Economic Advisers Chair
Jared Bernstein will also participate in the Working Group.
According to the White House, the panel will , "consult with experts outside the government in a
range of fields, including law, economics and history.".
NBC reports that other debt ceiling standoffs have
taken place in the past, leading some Democrats
to call for eliminating the budgetary restraint.