Failure to raise the borrowing limit, the economists warned, could spark 'a swift and severe economic downturn' and 'unnecessary layoffs across the economy.'
But the department's actions can only buy lawmakers so much time. Last month, the Congressional Budget OfficeOne analysis released during the last congressional debt ceiling standoff in 2021that a U.S. default would wipe out upwards of $15 trillion in household wealth and eliminate nearly 6 million jobs.
"The economic consequences of a federal default are unpredictable, but frightening," the economists warned in ato House Speaker Kevin McCarthy , House Minority Leader Hakeem Jeffries , Senate Majority Leader Chuck Schumer , and Senate Minority Leader Mitch McConnell . The list of letter signatories includes Joseph Stiglitz, a recipient of the Nobel Memorial Prize in Economic Sciences, as well as former Federal Reserve Vice Chair Roger Ferguson, former Labor Secretary Robert Reich, Groundwork Collaborative chief economist Rakeen Mabud, and former Fed Chair Ben Bernanke.
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