A recession is more likely under the Republican debt-ceiling plan, Moody's chief economist warns
A Republican proposal to lift the debt ceiling would slow the economy and increase the likelihood of a recession, Moody's Analytics chief economist Mark Zandi said.in exchange for cuts to government spending of about 8% next year, and a cap on its growth of 1% each year after that.that the proposed reductions could reduce employment by the end of 2024 by about 800,000 jobs and lift the jobless rate closer to 5% from 3.5% now.
He also estimated that the Treasury is most likely to run out of cash by June 8 — though anytime between June 1 and August 8 is possible. The White House has said it will not accept spending cuts as a condition for raising the debt ceiling and is pushing for a"clean" bill instead.
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