Moody's chief economist: US debt default would cost economy $15trn

Congress must raise debt ceiling

clock • 1 min read
The US House of Representatives passed a bill yesterday to avert the shutdown
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The US House of Representatives passed a bill yesterday to avert the shutdown

The United States could wipe out 6 million jobs and about $15trn in household wealth if Congress fails to raise the debt ceiling, according to new analysis.

Mark Zandi, chief economist at Moody's Analytics, warned of a "catastrophic" fallout that Congress has weeks to avoid if it cannot come to an agreement on whether to raise how much the US government can...

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