Biden will establish a working group to prevent a crisis around the debt ceiling – Kommersant

US President Joe Biden will create a working group that will look for ways to prevent a repeat of the crisis around the national debt ceiling, reports Bloomberg. The group will include Treasury Secretary Janet Yellen and Attorney General Merrick Garland, among others.

The group will be led and coordinated by White House legal adviser Stuart Delery and National Economic Council (NEC) head Lael Brainard. It will also include Chairman of the Council of Economic Advisers Jared Bernstein, Head of Management and Budget Shalanda Young. According to the agency, there will be no members of the Republican Party in the group.

How long its work will last and when the first meeting will take place is unknown. The group is expected to consider what action Congress can take “in accordance with the Constitution” to prevent another debt ceiling crisis. “Now that the past crisis is behind us, all legal and political options must be explored to prevent Congress from once again taking hostage the credibility and credibility of the United States,” the group’s founding document said.

As one of their first steps, the members of the group plan to meet with experts in law and economics. Among them are Harvard Law School professor Lawrence Triba, chief economist at Morgan Stanley & Co. LLC Seth Carpenter, former NEC director Brian Deese. Later, the group will also meet with other experts and members of Congress.

In June, Joe Biden canceled the ceiling of the national debt, because of which the Democrats, led by the White House, argued with the Republicans in Parliament all spring. During this time, fearing a default and a global recession, investors withdrew $37 billion from US funds, and US allies signed a number of trade agreements that bypassed the dollar. As part of an agreement with the Republicans, the border of the national debt ceiling was removed until January 2, 2025, after which the ceiling can be increased. In the same month, the US national debt exceeded $32 trillion

On the development of the situation – in the material “Kommersant” “Return to America”.

Laura Keffer