The White House will publish new calculations warning about the potential damage to the U.S. economy should the government fail to raise the nation's debt limit default, according to a White House blog post obtained first by NBCNews.
Demetrius Freeman / The Washington Post via Getty ImagesWASHINGTON — The White House on Wednesday will publish new calculations warning about the potential damage to the U.S. economy and taxpayers should the government fail to raise the nation's debt limit.
A protracted default, CEA says, would result in a Great Recession-like doomsday scenario wherein 8.3 million people lose their jobs, and the stock market falls by 45 percent. In every scenario, U.S. economic growth turns negative — ranging from a 0.3% contraction to a 6.1% contraction — leading to the beginning of a possible recessionary period. And any recession, CEA says, would be even more painful because the government could not intervene.
Asked on Wednesday to assess the impact of a default on the economy, Federal Reserve Chair Jerome Powell refused to accept that any of the scenarios were possible.
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