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Posted on 09/19/2021 4:11:20 PM PDT by bitt
The Biden administration has issued a warning that the pending federal debt crisis might trigger an economic recession that would affect economic growth and trigger job losses across the United States.
“Hitting the debt ceiling could cause a recession. Economic growth would falter, unemployment would rise, and the labor market could lose millions of jobs,” the White House said in a letter (pdf) to state and local governments that was released Sept. 17.
Arguing that Congress needs to raise or suspend the U.S. debt ceiling, the administration said the debt crisis may affect the country’s recovery after the CCP (Chinese Communist Party) virus pandemic. In July, Congress missed its deadline to suspend or raise the debt limit, prompting several recent warnings from Treasury Secretary Janet Yellen that her agency will exhaust its cash reserves.
“The U.S. economy has just begun to recover from the pandemic and a manufactured debt ceiling crisis would threaten the gains we’ve made and the future recovery,” the White House said.
If the United States defaults for the first time in its history should Congress not act, a number of federally funded programs could be stopped, the White House letter continued to say. That includes Medicaid, infrastructure funding, and disaster relief efforts.
“If the U.S. defaults on its obligations, the ripple effects will hurt cities and states across the country,” the letter added, further saying that the S&P 500 could plunge due to a prolonged standoff.
(Excerpt) Read more at theepochtimes.com ...
HELLO! if we approve 3.5 TRILLION more spending, we will definately move towards recession...
P
Don’t let a crisis go to waste!
Raise the debt limit and trigger a quicker recession 🤪
Predicting something that’s already happening. Smart move.
We are on a truck with failing brakes careening down a grade with Biden at the wheel.
I laughed out loud at the headline. Sad, cause it’s really not funny.
They’re really on the ball, they are.
We’re so fortunate to have such brilliant minds lording it over us, aren’t we?
Predicting something that’s already happening. Smart move.
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This!
Biden is essentially saying - “ hey I’ve been in office eight months and I am triggering a recession. Just FYI guys. “
Good. Just in time. All welfare is ended as of Noon tomorrow.
No more aid to NPR or Planned Parenthood.
There is no such thing as a Democrat who understands economics and the cause of inflation.
I can only imagine the economy if Trump was still in office. Thank You Biden voters. I hope you all lose your retirement in the next market crash and at the grocery and gas pump.
We hear the same “the sky is falling if we dont increase the debt ceiling” every time a Dem is in office.
We have to shut off Soc Sec and Medicare but can’t touch food stamps, sect 8 housing, Obamaphones, etc.
I’m sure some do, but know the majority of their constituency does not.
Since debt is a problem, we should add a 3.5 trillion dollar increase to the budget. That will help!
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