Congress, specifically the Republicans, are dancing with the Devil when it comes to their threat to default on our nation's debts. Several JPP Trumpers have openly advocated to default on the debt...which indicates to me they are either anti-American or mentally ill.
If McCarthy pushes the United States into default, even for a week, the economic impact will be felt throughout the remainder of the year, if not into next year should the nation fall into recession.
Who will American voters blame in November 2024 after all of this pain?
https://www.cbsnews.com/news/debt-ceiling-breach-states-counties-economic-impact-fallout/
If the U.S. breaches the debt ceiling, these states would feel it most
"Most state economies will be hit hard if there is a debt limit breach, although the economic pain varies," economists at Moody's Analytics said in a report analyzing the possibility of a default....
...Washington, D.C., where 1 in 4 jobs are tied to the federal government, would be hardest hit, becoming the "poster child" for a financial disaster, they said. States with large federal facilities, such as national laboratories or military bases, would be next in line. That includes Hawaii, which is home to the United States Pacific Command and to 11 military bases; Alaska, with vast federal land holdings; and New Mexico, home to Los Alamos National Laboratory...
...Even a short debt ceiling breach, in which the government defaults for less than a week before lawmakers raise the government's borrowing limit, would likely push the economy into a recession, according to Moody's. In this scenario, 1.5 million people would lose their jobs, pushing unemployment from its current rate of 3.4% to 5%, while nation's gross domestic product would shrink by 0.7%...
...Moody's also assesses the potential damage from a default lasting several months, an outcome it said would be "cataclysmic." The federal government would have no option but to slash its spending by about $150 billion. "As these cuts work through the economy, the hit to growth would be overwhelming," Moody's said.
If McCarthy pushes the United States into default, even for a week, the economic impact will be felt throughout the remainder of the year, if not into next year should the nation fall into recession.
Who will American voters blame in November 2024 after all of this pain?
https://www.cbsnews.com/news/debt-ceiling-breach-states-counties-economic-impact-fallout/
If the U.S. breaches the debt ceiling, these states would feel it most
"Most state economies will be hit hard if there is a debt limit breach, although the economic pain varies," economists at Moody's Analytics said in a report analyzing the possibility of a default....
...Washington, D.C., where 1 in 4 jobs are tied to the federal government, would be hardest hit, becoming the "poster child" for a financial disaster, they said. States with large federal facilities, such as national laboratories or military bases, would be next in line. That includes Hawaii, which is home to the United States Pacific Command and to 11 military bases; Alaska, with vast federal land holdings; and New Mexico, home to Los Alamos National Laboratory...
...Even a short debt ceiling breach, in which the government defaults for less than a week before lawmakers raise the government's borrowing limit, would likely push the economy into a recession, according to Moody's. In this scenario, 1.5 million people would lose their jobs, pushing unemployment from its current rate of 3.4% to 5%, while nation's gross domestic product would shrink by 0.7%...
...Moody's also assesses the potential damage from a default lasting several months, an outcome it said would be "cataclysmic." The federal government would have no option but to slash its spending by about $150 billion. "As these cuts work through the economy, the hit to growth would be overwhelming," Moody's said.
