This is praiseful. Yay. At least Biden did one thing!!! Let's praise Biden while overlooking real issues. Here's CNN praising Biden who is too dementia ridden to get actually come up with a compromise. He just wants to spend... spend... spend...
White House warns debt default could wipe out 8 million jobs, plunge stock market
White House economists warned on Wednesday that a protracted debt default would cause the loss of more than 8 million jobs and cut the stock market in half.
The new projections, published in a
blog post by the White House Council of Economic Advisers, make clear the enormous stakes behind a potential breach of the debt ceiling.
“A protracted default would likely lead to severe damage to the economy, with job growth swinging from its current pace of robust gains to losses numbering in the millions,” the White House economists said.
Treasury Secretary Janet Yellen said the US could default on its debt
as soon as June 1 if Congress doesn’t act.
The report estimates the impact under three scenarios: brinksmanship, a short default and a protracted default.
Even a brinksmanship scenario, where a default is avoided, would wipe out 200,000 jobs and knock 0.3 percentage points off annual gross domestic product, according to the Biden administration.