US Republican debt ceiling plan would slow growth, Moody’s says
Moody’s Analytics says the plan proposed by Republican House Speaker Kevin McCarthy to raise the US debt ceiling in exchange for cuts in government spending would slow growth and cut employment. – The Malaysian Insight file pic, April 25, 2023.
THE plan proposed by Republican House Speaker Kevin McCarthy to raise the US debt ceiling in exchange for cuts in government spending would slow growth and cut employment, Moody’s Analytics said in a note yesterday. According to the ratings agency’s research arm, if the draft presented by McCarthy on April 17 were passed as is, it would lead to a drop of 0.6 percentage points in US potential growth for next year, as well as the elimination of 780,000 jobs.
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