Global Economy at Risk: US Debt Default Looms with Hard Deadline Approaching.
TL;DR Summary
A default on the US federal debt could have severe consequences for the global economy, with orders for Chinese factories drying up, Swiss investors suffering losses, and Sri Lankan companies unable to deploy dollars. Even a breach of the debt limit for no more than a week could wipe out roughly 1.5 million jobs in the US. If a government default were to last much longer, the consequences would be far more dire, with US economic growth sinking, 7.8 million American jobs vanishing, borrowing rates jumping, the unemployment rate soaring, and a stock-market plunge erasing $10tn in household wealth.
- How damage from a US debt default could cascade across the global economy The Associated Press
- 'Some bills have to go unpaid' if debt limit isn't raised, says Treasury Sec. Yellen NBC News
- Even Flirting With U.S. Default Takes Economic Toll Yahoo News
- Biden cuts short Asia trip to meet McCarthy as Treasury Secy warns June 1 hard deadline to raise US debt ceiling Firstpost
- Full Yellen: Early June is 'a hard deadline' for the debt limit NBC News
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