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Moody's Zandi-X Date Most Likely 8 Jun, Worst Case 1 Jun, Best Early Aug

US

Speaking to the Senate Budget Committee, Moody's Analytics Chief Economist Mark Zandi states that according to his calculations, 8 June is the most likely 'X date' when the US would run out of funds to avoid a debt default. Says that in the worst case scenario it could be as soon as 1 June, and in the best case scenario early August. Recommends a temporary increase until after 2024 presidential election, with instability hurting the economy and potentially engendering recession.

  • Livestream of hearing: https://www.budget.senate.gov/hearings/the-default...
  • Other headlines from Moody's Analytics hitting wires: US GDP growth would be 1.61% in 2024 under Republican debt limit plan vs 2.23% otherwise. [...] House Republican debt limit plan would 'meaningfully increase' likelihood of a recession. Republican proposed spending cuts are 'substantial headwind' to near term economic growth...Republican plan would cost 790k jobs by end-2024.
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