Might 3 (Reuters) – A protracted default on U.S. fee obligations might consequence within the lack of 8.3 million jobs and a 6.1% discount in financial output, in response to an evaluation by the White Home Council of Financial Advisers launched on Wednesday.
Such an unprecedented default “would seemingly result in extreme harm to the economic system, with job progress swinging from its present tempo of strong features to losses numbering within the tens of millions,” the council mentioned within the report.
Even a extra modest, “brief” default situation that’s rapidly resolved might result in a lack of 500,000 jobs and a 0.6% discount in actual GDP, the council mentioned.
Reporting by David Lawder and Andrea Shalal in Washington; and Leslie Adler
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