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Republican debt-limit plan would cut US jobs, slow growth, economist tells Senate panel

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A Republican plan to cut federal spending in exchange for lifting the U.S. government's debt ceiling would lower employment, slow economic growth and 'meaningfully increase' the likelihood of a recession, Moody's Analytics' chief economist told a Senate committee on Thursday.

would lower employment, slow economic growth and "meaningfully increase" the likelihood of a recession, Moody's Analytics' chief economist told a Senate committee on Thursday.

Zandi said the government is most likely to hit that limit on June 8, though he said it could happen any time between June 1 and Aug. 8. Biden is due to meet with House Speaker Kevin McCarthy and other top lawmakers at the White House on Tuesday. The standoff is worrying investors, who have pushed yields on as much as $650 billion of Treasury securities maturing in the first half of June to record highs after Yellen's announcement.

 

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