The Impending Threat of a US Debt Default and its Devastating Consequences.
TL;DR Summary
White House economists have warned that a protracted debt default could lead to the loss of over 8 million jobs and cut the stock market in half. Even a brinksmanship scenario, where a default is avoided, would wipe out 200,000 jobs and knock 0.3 percentage points off annual GDP. The worst-case scenario is a "protracted" default that wipes out 8.3 million jobs, plunges GDP by 6.1 percentage points, and sends the stock market crashing nearly in half. Treasury Secretary Janet Yellen said the US could default on its debt as soon as June 1 if Congress doesn't act.
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- How a US debt crisis standoff could cause a recession - a bad one Reuters
- 5 ways a debt default could affect you CNN
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