Brian Deese, the White House National Economic Council director, will leave the White House later this month in a long-awaited departure.
In a statement on Thursday morning, President Joe Biden praised Deese for his work on implementing his economic policies.
Brian's work was critical to the passage of the most significant economic agenda in generations, the president said.
Brian has a unique ability to translate complex policy challenges into concrete actions that improve the lives of American people, he said. He helped steer my economic vision into reality, and managed the transition of our historic economic recovery to steady and stable growth. Deese's departure leaves a hole in Biden's economic team as he tries to implement the next steps of his economic agenda for the next two years while navigating a fragile economic landscape.
Federal Reserve Vice Chair Lael Brainard is being considered by the president to replace Deese, while a Politico report said Jared Bernstein will likely be tapped to lead the president's Council of Economic Advisors.
According to a statement to Yahoo Finance, White House Deputy Press Secretary Emilie Simons said there was no decision on either of these positions and any reporting to the contrary is inaccurate. Biden is restocking his economic team as the Federal Reserve continues to raise interest rates, the job market remains strong and inflation is cooling, but the economy has slowed.
In a speech last week, Biden criticized House Republicans' economic plan, saying it would worsen inflation. He warned that Republicans would be looking at implementing cuts to Social Security and Medicare.
The administration gears up for a protracted fight with the House Republicans over the debt ceiling as a result of the reshuffle of Biden's economic team. Biden met with House Speaker Kevin McCarthy on Wednesday for their first one-on-one meeting on raising the nation's borrowing limit.
The White House said it won't negotiate over the debt ceiling, while House Republicans are demanding spending cuts in exchange for raising the limit.
McCarthy told reporters Wednesday there was an opportunity to come to an agreement, while the White House said the two had a frank and straightforward dialogue. The president is looking forward to a discussion with congressional leaders about how to reduce the deficit, according to the statement.
Treasury Secretary Janet Yellen ruled out of the idea of minting a trillion dollar coin and said it shouldn't be assumed that the Treasury can prioritize debt payments.
Asked about the debt ceiling on Wednesday, Fed Chair Powell said there was only one way forward. He said that Congress should raise the debt ceiling and that no one should assume that the Fed can protect the economy from the consequences of failing to act in a timely manner. Powell said the Fed will monitor money market conditions carefully.