US default would wipe out nearly 6 million jobs, Moody's says
CNN
A US default would be a "catastrophic blow" to America's economic recovery from Covid-19, setting off a downturn that would rival the Great Recession, Moody's Analytics warned in a new report.
If the US defaults on its debt payments and the impasse drags on, the ensuing recession would wipe out nearly 6 million jobs and lift the nation's unemployment rate to nearly 9%, Moody's projected in a report published Tuesday.
The market meltdown would slash stock prices by one-third, erasing about $15 trillion in household wealth, the report found.
New York Governor Kathy Hochul announced Wednesday she is indefinitely delaying the implementation of congestion pricing in New York City’s borough of Manhattan just weeks before the plan was set to take effect, dealing a major blow to transportation advocates who have spent decades pushing for the deal and a win for several opponents of the plan who say the toll is a regressive tax on commuters.