The Devastating Impact of US Debt Default on Jobs and Families
TL;DR
Moody's Analytics predicts that a prolonged breach of the US debt ceiling could lead to the destruction of over 7 million jobs, a severe recession, and a plunge in GDP and stock prices. Even a brief debt default could cause significant damage to the economy, with GDP sliding by 0.5% and unemployment increasing by 1 million Americans. Treasury Secretary Janet Yellen warns that the country will run out of cash to pay its debts in early June. The White House is hosting near-daily talks with Republicans to strike a budget agreement before the pivotal June deadline.
- US debt default could destroy 7 million jobs, analysis shows Fox Business
- Consumer Alert: Here's how the nation's debt default could affect your family News10NBC
- Debt default could cut millions of jobs. Here's who would lose employment first KFSN-TV
- Here's how a national debt ceiling default could affect you ABC7 News Bay Area
- 8 million jobs in jeopardy as debt ceiling deadline looms WTVG
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