House Speaker Kevin McCarthy's plan to raise the debt limit by $1.5 trillion in exchange for slashing spending by $4.5 trillion is estimated to kill 780,000 jobs by the end of 2024, according to a top financial services firm.
. The firm found that if Republicans secured all of their desired cuts, the nation would skirt closer to a recession.
“Under the legislation, GDP growth is so weak that employment declines in the first three quarters of 2024,” Moody’s chief Mark Zandi and fellow economist Bernard Yaros wrote in a report. “Compared with the clean debt limit scenario, by year-end 2024, employment is 780,000 jobs lower.”, California Republican, readies to push the debt legislation through the House this week.
GOP lawmakers also propose to rescind at least $90.5 billion unspent COVID-19 relief and $200 billion in green energy tax credits passed by Democrats last year. They also want to cancel Mr. ‘s student loan forgiveness program, a cancellation that the Committee for a Responsible Federal Budget estimates would save taxpayers $500 billion over the next decade.
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