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Biden Convenes Panel to Eliminate Threat of Debt Default

Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Biden Convenes Panel to Eliminate Threat of Debt Default

Biden Convenes Panel to Eliminate Threat of Debt Default

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.


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South Korea’s Opposition Dominates Parliamentary Elections [Video]

South Korea’s Opposition Dominates Parliamentary Elections

South Korea’s Opposition , Dominates Parliamentary Elections. South Korea's Democratic Party won "175 seats in the 300-member single-chamber parliament" on April 10, NPR reports. The ruling right-wing People Power Party became a smaller minority with only 108 seats. . The outcome is considered to be a blow to conservative President Yoon Suk Yeol. The country's prime minister and other presidential officials offered to resign after the crushing defeat. . The country's prime minister and other presidential officials offered to resign after the crushing defeat. . I apologize to the people on behalf of our party, which wasn’t good enough to win the people’s choices, Han Dong-hoon, People Power Party leader, via statement. While Yoon said that he intends to "humbly uphold" the will of the people as indicated by the election results, . it is not known if he will accept his staff's offers to resign. . Lee Jae-myung, the Democratic Party leader who is considering running for president again, . said there is a need for both parties to "pull together" to "resolve economic and public livelihood problems.". The results of the parliamentary elections are not the victory by the Democratic Party, but the great victory by our people, Lee Jae-myung, the Democratic Party leader. Now, the elections are over. Both the ruling and opposition political parties must pull together all their strength to resolve economic and public livelihood problems, Lee Jae-myung, the Democratic Party leader. According to the National Election Commission, voter turnout reached its highest level in over three decades for a parliamentary election, NPR reports.

Credit: Wibbitz Top Stories    Duration: 01:31Published