Senate Hearing on House Republican Debt Plan
2023-05-04T20:01:39-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvMjZiXC8wMDFcLzE2ODMyMDk5MDZfMDAxLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19“By my best calculation, June 8 will be the day when Treasury can’t pay its bills,” said Mark Zandi, chief economist at Moody’s Analytics. He and other economists testified before the Senate Budget Committee on the House Republican-passed bill that raises the debt limit and cuts federal spending. Mr. Zandi said the bill would reduce employment by about 800,000 jobs by the end of 2024 and “add meaningfully to unemployment.” He recommended that the debt ceiling be suspended until the end of fiscal year 2023 and warned, “We need to end this drama as quickly as possible. If we don’t, we’re going to go into recession and our fiscal challenges will be made even worse.” Moreover, Manhattan Institute senior fellow Brian Riedl, citing a survey, said most Americans want President Biden to negotiate with Republicans on the debt ceiling and reductions in federal spending. All the experts who testified agreed that the U.S. should not default on its debt.
“By my best calculation, June 8 will be the day when Treasury can’t pay its bills,” said Mark Zandi, chief economist at Moody’s Analytics. H… read more
“By my best calculation, June 8 will be the day when Treasury can’t pay its bills,” said Mark Zandi, chief economist at Moody’s Analytics. He and other economists testified before the Senate Budget Committee on the House Republican-passed bill that raises the debt limit and cuts federal spending. Mr. Zandi said the bill would reduce employment by about 800,000 jobs by the end of 2024 and “add meaningfully to unemployment.” He recommended that the debt ceiling be suspended until the end of fiscal year 2023 and warned, “We need to end this drama as quickly as possible. If we don’t, we’re going to go into recession and our fiscal challenges will be made even worse.” Moreover, Manhattan Institute senior fellow Brian Riedl, citing a survey, said most Americans want President Biden to negotiate with Republicans on the debt ceiling and reductions in federal spending. All the experts who testified agreed that the U.S. should not default on its debt. close
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