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