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The White House economists say the worst-case scenario is a “protracted” default that wipes out 8.3 million jobs, plunges GDP by 6.1 percentage points and sends the White House economists have warned a prolonged debt default could trigger 8.3 million job losses and the stock market could tumble 45 percent, sparking 'an immediate Under a protracted default, the most dangerous scenario in which the U.S. fails to raise its borrowing levels for more than three months, roughly 8.3 million jobs would be A protracted default on U.S. payment obligations could result in the loss of 8.3 million jobs and a 6.1% reduction in economic output, according to an analysis by the An extended breach of roughly two months would bring a massive wave of unemployment, cutting nearly 8 million jobs and pushing the unemployment rate to 7.8%, the White House economists warned on Wednesday that a protracted debt default would cause the loss of more than 8 million jobs and cut the stock market in half. The WASHINGTON (AP)White House economists on Wednesday warned of “severe damage” to the U.S. economy in the event of a debt default, warning that a prolonged The Council of Economic Advisers says a “protracted” default would cost 8 million jobs and cut the stock market in half and warns that “brinksmanship” comes with costs The White House published a grim warning that more than eight million jobs could be lost if the US defaults on its debt limit.

White House: 8 Million Jobs at Risk if US Defaults on Debt

The White House has issued a stark warning about the potential consequences of a US debt default, projecting the loss of 8 million jobs. White House economists have cautioned that a failure to raise the borrowing levels could trigger significant economic disruption.

The Grim Prediction: 8 Million Jobs Lost

According to an analysis by the White House economists, a protracted default on US payment obligations could result in the loss of 8.3 million jobs and a 6.1% reduction in economic output. The Council of Economic Advisers says a “protracted” default would cost 8 million jobs and cut the stock market in half, and warns that “brinksmanship” comes with costs. The White House published a grim warning that more than eight million jobs could be lost if the US defaults on its debt limit.

The White House economists warn that a protracted debt default would cause the loss of more than 8 million jobs and cut the stock market in half. The White House economists say the worst-case scenario is a “protracted” default that wipes out 8.3 million jobs, plunges GDP by 6.1 percentage points and sends shockwaves through the financial system. The White House economists have warned a prolonged debt default could trigger 8.3 million job losses and the stock market could tumble 45 percent, sparking "an immediate" economic crisis.

Protracted Default: A Recipe for Economic Disaster

Under a protracted default, the most dangerous scenario in which the U.S. fails to raise its borrowing levels for more than three months, roughly 8.3 million jobs would be eliminated. An extended breach of roughly two months would bring a massive wave of unemployment, cutting nearly 8 million jobs and pushing the unemployment rate to 7.8%. WASHINGTON (AP) White House economists on Wednesday warned of “severe damage” to the U.S. economy in the event of a debt default, warning that a prolonged crisis would have far-reaching effects.

Impact Beyond Job Losses

The potential consequences extend beyond job losses, encompassing significant damage to the stock market, a drop in GDP, and overall economic instability. The warning underscores the urgency of addressing the debt ceiling issue to avoid a potential economic catastrophe.

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