"I think there is a path forward," Mark Zandi, the chief economist at Moody's Analytics, told Insider."I think they should suspend the debt limit until the end of the fiscal year, and then pass legislation at that time to increase the debt limit, hopefully for at least a couple years."
Even though Speaker of the House Kevin McCarthy's bill passed the House last week, it faces a highly likely rejection in the Democratic-controlled Senate and White House. Biden also vowed to veto the bill should it make it to his desk. left to come to agree on a solution to raise the debt ceiling — and neither side is appearing to budge on their stances.
"Republican-imposed austerity would mean the U.S. economy in 2033 would still be short nearly 1 million jobs and 3 percentage points of GDP growth – as if our economy stood completely still for a year," Warren wrote in a letter to Biden."In fact, the economic impact would be so great, that it would result in even more job losses than a short-lived debt ceiling breach, in both the short- and long-term.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House warns of recession as debt limit fight drags onWhite House economists are warning of “severe damage” to the U.S. economy in the event of a debt default. And in a new report, they detail potential job losses and stunted economic growth if lawmakers engage in “brinkmanship” before ultimately reaching a deal to meet the government’s financial obligations. The experts' analysis evaluates three potential scenarios as the Treasury Department says that without congressional action, it'll run out of tools as soon as June 1 to avoid a default. One scenario is a protracted default and the second is a short one. In the third scenario, lawmakers take the country’s full faith and credit to the wire, but avert default. The report says all three would hurt the economy.
Source: AP - 🏆 728. / 51 Read more »
White House warns of recession as debt limit fight drags onWhite House economists are warning of “severe damage” to the U.S. economy in the event of a debt default.
Source: ksatnews - 🏆 442. / 53 Read more »
White House won’t say if end of rate hikes signals pending recessionThe White House would not speculate about the likelihood of a recession after the FederalReserve indicated its decision to raise interest rates to 5.25% could be its last increase after 10 consecutive hikes.
Source: dcexaminer - 🏆 6. / 94 Read more »
JD Vance calls out Biden as White House issues warning of recessionSen. J.D. Vance (R-OH) criticized the Biden administration for refusing to negotiate on the current state of the debt plan, saying the president is playing “Russian roulette with the country’s finances.”
Source: dcexaminer - 🏆 6. / 94 Read more »
How tech and the great outdoors transformed Oregon and the fight for the White HouseDemocrats drawn by Oregon's tech jobs and nature have made the state solidly blue. It's part of a transformation that remade the West and recast the fight for the White House.
Source: latimes - 🏆 11. / 82 Read more »
White House accuses House GOP of 'biggest vote to defund law enforcement' in debt limit fightThe Biden White House is preparing a new line of attack in the debt ceiling fight, claiming that Speaker Kevin McCarthy's (R-CA) House-passed proposal shows 'defunding law enforcement' is 'one of the most high profile legislative actions of their new majority,' in an attempt to turn around an…
Source: dcexaminer - 🏆 6. / 94 Read more »