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This announcement comes after it narrowly escaped last month from a crisis that threatened to plunge the United States into an unprecedented economic disaster and bankruptcy. The crisis was averted as a result of intense negotiations between President Biden and Republican House Speaker Kevin McCarthy, which resulted in a bipartisan agreement.
A newly formed group led by White House Counsel Stewart Delery and National Economic Council Chairman Lyle Brainard will examine potential changes, including legislative measures that could eliminate default risk altogether. The council, which does not include any prominent Republican officials,
He could consider eliminating the debt ceiling or a solution that would allow President Biden to circumvent legal restrictions under the Fourteenth Amendment to the US Constitution.
Members of the group
- Treasury Secretary Janet Yellen,
- Attorney General Merrick Garland,
- Shalanda Young, White House Budget Director W
- Jared Bernstein, Chairman of the Council of Economic Advisers.
At their first meeting, they will seek advice from four legal scholars, including Harvard Law School professor emeritus Lawrence Tribe and Morgan Stanley chief global economist Seth Carpenter.
This year’s bipartisan debt ceiling agreement keeps budget spending in 2024 at the current level, and plans for a 1% increase in the 2025 budget. The Congressional Budget Office estimates that this deal would reduce the deficit by about $1.5 trillion over ten years compared to the current statutory baseline projection.
Cover photo credit: Douglas Rissing via Getty Images
