Will the US suffer a massive 8 million job loss? - SUCH TV
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The United States is facing a potential economic disaster if the country defaults on its debt payments, the White House warned on Wednesday. The president's Council of Economic Advisers cautioned that this could cause an economic shock that would lead to eight million job losses this summer and a 6% drop in Gross Domestic Product (GDP). The council also predicted that the stock market could drop 45% in the third quarter and warned that even a brief interruption in payments could lead to a recession and a surge in unemployment. President Joe Biden is at odds with Republicans in the House of Representatives over national spending and public debt. The Democratic president has urged Republicans to raise the country's debt ceiling, which is the maximum amount of debt the government can take on legally. Republicans have refused to do so without a broader agreement to cut government spending. The Treasury Department estimates that the country will reach its debt cap o