Impending US Debt Crisis Threatens Millions of Jobs and Economic Stability

The White House Council of Economic Advisers has warned that a prolonged breach of the US debt ceiling could cause "severe" economic damage, wiping out over 8 million jobs and leading to a 6% contraction in the economy. The report also warns that even getting too close to the debt limit could harm the economy, with a breach for just a week costing 500,000 jobs. The warnings come ahead of President Biden's meeting with congressional leaders to discuss the debt limit and government spending, with Treasury Secretary Janet L. Yellen warning that lawmakers may have only until June 1 before the US runs out of money to meet all its payment obligations.