The US economy could rapidly burn millions of jobs and slide into a recession if the debt ceiling isn't raised before the government exhausts its ability to pay its bills on time.
This is the warning from Mark Zandi, chief economist at Moody's Analytics, according to whom the failure to increase could translate into seven million job losses and a 2008-style crisis.
The alarm, reports the New York Times, precedes the presentation of the budget proposal by Joe Biden, expected for Thursday.
The president will probably propose a tax increase on the wealthiest and on companies to limit spending, but his measures are unlikely to meet the Republican's requests to cut spending.
In the event that Biden, to avoid default, accepts the conservatives' demands, the American economy would find itself dealing with drastic spending cuts that would slide it into a recession in 2024, wiping out 2.6 million jobs of work.