The US may face an economic recession starting in June if Congress fails to increase the debt limit. The US Treasury Secretary expressed concerns about the consequences, including severe suffering for families, harm to global leadership, and questions about national security. A week of default could result in a million job losses and financial sector deterioration. Unemployment may rise by 5%, and the economy could contract by 0.5% if the crisis persists for six weeks. Raising the debt ceiling has been done before, and there are measures to prevent a global crisis. An announcement is expected soon.
English
