Debt-Limit Breach Could Kill Millions of Jobs, White House Economists Warn

14
4
Favorite

Debt-Limit Breach Could Kill Millions of Jobs, White House Economists Warn

Bloomberg2023-05-04

Prolonged default would see markets crater, GDP plummetEven brief default would see jobs lost, economic advisers sayA factory worker assembles a wooden cabinet drawer at a wood shop in Auburn, ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment（4）

Big Little
·2023-05-10
OK thanks
Reply
1
Report
icycrystal
·2023-05-04
Thanks for sharing
Reply
2
Report
MickeyBond
·2023-05-04
Ok
Reply
2
Report
runningjames
·2023-05-04
Long waiting recession?
Reply
2
Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1176940913?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-05-04 09:23","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1176940913","market":"us","top_or_hot":-1,"title":"Debt-Limit Breach Could Kill Millions of Jobs, White House Economists Warn","media":"Bloomberg","content":"<div>\n<p>Prolonged default would see markets crater, GDP plummetEven brief default would see jobs lost, economic advisers sayA factory worker assembles a wooden cabinet drawer at a wood shop in Auburn, ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-05-03/white-house-warns-debt-limit-breach-could-kill-millions-of-jobs?srnd=premium\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Debt-Limit Breach Could Kill Millions of Jobs, White House Economists Warn</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDebt-Limit Breach Could Kill Millions of Jobs, White House Economists Warn\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-04 09:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-05-03/white-house-warns-debt-limit-breach-could-kill-millions-of-jobs?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Prolonged default would see markets crater, GDP plummetEven brief default would see jobs lost, economic advisers sayA factory worker assembles a wooden cabinet drawer at a wood shop in Auburn, ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-05-03/white-house-warns-debt-limit-breach-could-kill-millions-of-jobs?srnd=premium\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".IXIC","symbol_name":"NASDAQ Composite","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2023-05-03/white-house-warns-debt-limit-breach-could-kill-millions-of-jobs?srnd=premium","article_id":"1176940913","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1176940913","pubTimestamp":1683163380,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Prolonged default would see markets crater, GDP plummetEven brief default would see jobs lost, econo","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"translate_title":"白宫经济学家警告说，违反债务上限可能导致数百万人失业","themeId":"b92eeec995bc4514a229a775758bf10d","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"Prolonged default would see markets crater, GDP plummetEven brief default would see jobs lost, economic advisers sayA factory worker assembles a wooden cabinet drawer at a wood shop in Auburn, Kentucky.  Photographer: Luke Sharrett/BloombergThe White House warned ahead of President Joe Biden’s meeting Tuesday with congressional leaders that a breach of the debt ceiling would “likely cause severe damage to the US economy” and that a protracted default could result in millions of jobs lost.A short default would see half a million jobs lost and unemployment rise by 0.3% while knocking 0.6% off annual GDP, according to a Council of Economic Advisers analysis released Wednesday. A protracted default lasting a full fiscal quarter would see the stock market plummet 45%, GDP fall by 6.1%, and unemployment rise five percentage points, the White House estimated.“Because the government would be unable to enact counter-cyclical measures in a breach-induced recession, there would be limited policy options to help buffer the impact on households and businesses,” the CEA report said.The White House’s warnings come as Washington is gripped with drama over efforts to raise the current statutory limit of $31.4 trillion in debt, with the Treasury Department saying that extraordinary measures used to avoid default may be exhausted as soon as June 1. Biden has said he is unwilling to offer concessions over raising the debt ceiling, accusing Republican lawmakers of holding the nation’s economy hostage, while House Speaker Kevin McCarthy has said the GOP will not pass an extension without spending cuts.The standoff seems certain to linger into the month – and White House economists warn the brinkmanship alone could take a toll on the economy. Increased insurance premiums on US debt and volatility in equity and corporate bond markets could prompt the loss of 200,000 jobs, the CEA estimates.“We have already seen evidence of significant market stress correlated with debt-ceiling tensions,” the White House said in the report.Earlier Wednesday, White House spokeswoman Karine Jean-Pierre refused to rule out the administration taking unprecedented steps – including invoking a provision of the 14th Amendment protecting public debt – to avoid a default, while saying the administration believed the onus remained on Congress to pass legislation.“We’re not going to entertain scenarios where Congress compromises the full credit, the full faith and credit of the United States,” Jean-Pierre said.On Capitol Hill, Democrats were exploring whether they could recruit moderate Republicans to join them for a discharge petition, which would circumvent McCarthy to force action on legislation raising the debt ceiling.But both options are seen as long shots, focusing attention on Tuesday’s meeting with Biden, McCarthy, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9947772020,"gmtCreate":1683674256060,"gmtModify":1683674259413,"author":{"id":"4098495958461490","authorId":"4098495958461490","name":"Big Little","avatar":"https://static.tigerbbs.com/6764a3ffbf6ab45f7407477fad0cd075","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"4098495958461490","authorIdStr":"4098495958461490"},"htmlText":"OK thanks","listText":"OK thanks","text":"OK thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947772020","repostId":1176940913,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9947297504,"gmtCreate":1683166477108,"gmtModify":1683166481253,"author":{"id":"4132300740238052","authorId":"4132300740238052","name":"icycrystal","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"4132300740238052","authorIdStr":"4132300740238052"},"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947297504","repostId":1176940913,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9947295420,"gmtCreate":1683164951061,"gmtModify":1683164955122,"author":{"id":"4116119002753472","authorId":"4116119002753472","name":"MickeyBond","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"4116119002753472","authorIdStr":"4116119002753472"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947295420","repostId":1176940913,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9947295856,"gmtCreate":1683164832476,"gmtModify":1683164836578,"author":{"id":"4117336023184202","authorId":"4117336023184202","name":"runningjames","avatar":"https://community-static.tradeup.com/news/3467c93ce8ec8c583f28f405e68f0c00","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":2,"crmLevelSwitch":1,"idStr":"4117336023184202","authorIdStr":"4117336023184202"},"htmlText":"Long waiting recession?","listText":"Long waiting recession?","text":"Long waiting recession?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947295856","repostId":1176940913,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":14,"commentSize":4,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}