President Biden ordered the creation of a working group to study ways to diminish future politicking over raising the U.S. debt ceiling and avoid defaults on the government's loan liabilities, according to a Bloomberg report.

The group is expected to be led by White House Counsel Stuart Delery and National Economic Council Director 澳洲幸运5官方开奖结果体彩网:Lael Brainard, who served as the vice chair of the 澳洲幸运5官方开奖结果体彩网:Federal Reserve Board until this year. Treasury Secretary 澳洲幸运5官方开奖结果体彩网:Janet Yellen, Attorney General Merrick ♒Garland, and the heads of the Office of Management and Budget and Council of Economic Advisers will also be part of the group.

The group will be tasked witౠh exploring legal and policy options to avoid a future debt-limit crisis. That includes steps that Congress could take, along with exploring Constitution-based solutions that the administration could pursue to avo💃id default.

The creation of the working group comes less than two months after the U.S. was 澳洲幸运5官方开奖结果体彩网:taken to the edge of default. President Biden and House Speaker Kevin McCarthy negotiated a deal in June to lift the federal debt ceiling until 2025 and limit federal spending.

As of July, the US Federal government has over $32.5 trillion in debt with a 124% 澳洲幸运5官方开奖结果体彩网:debt-to-GDP ratio.