Brian Deeds, director of the White House’s National Economic Council, will formally leave the White House later this month.
In a statement Thursday morning, President Joe Biden praised Diess for his work in implementing economic policy.
“Brian’s work has been integral to the passage of the most important economic challenges of generations,” the president said.
“Brian has the unique ability to transform complex policy challenges into concrete actions that improve the lives of Americans. They have managed the transition from economic recovery to steady and steady growth.”
Deese’s resignation leaves a hole in Biden’s economic team. The President is navigating a fragile economic climate as he seeks to implement the next steps in his economic agenda for the next two years.
Federal Reserve Vice Chairman Lael Brainard is one of the people the president is considering to replace Diess, according to a Politico report earlier this week. is likely to be led by Jared Bernstein.
White House Deputy Press Secretary Emily Simmons said in a statement to Yahoo Finance, “There is no decision on either of these positions, and reports to the contrary are inaccurate.”
Biden is filling his economic team as the Federal Reserve continues to raise rates, the job market remains strong and inflation is declining, but the economy is slowing.
In a speech last week, Mr. Biden criticized the House Republican economic plan, saying it would exacerbate inflation. He warned that Republicans would consider implementing cuts to Social Security and Medicare.
The restructuring of Biden’s economic team also comes as the government gears up for a protracted battle with House Republicans over the debt ceiling. Biden met with House Speaker Kevin McCarthy on Wednesday for the first one-on-one meeting on raising the nation’s borrowing limit.
House Republicans have demanded spending cuts in exchange for a higher ceiling, but the White House has said it will not negotiate the debt ceiling.
McCarthy told reporters on Wednesday that there was an opportunity to reach an agreement, but the White House said the two sides had “candid and candid dialogue”. He would welcome another discussion with Congressional leaders on how to do so.
Earlier, Treasury Secretary Janet Yellen dismissed the idea of minting a trillion-dollar coin and said the Treasury Department should not assume that debt service can be prioritized.
Asked about Wednesday’s debt ceiling, Fed Chairman Powell said, “There’s only one way forward here.”
“It would be for Congress to raise the debt ceiling,” he said, adding, “It would be very dangerous to stray from that path, and no one should assume that the economy could be protected from the consequences of the Fed’s inaction.” Not.” added in a timely manner. ”
Powell said the Fed will closely monitor money market conditions.
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