Mark Zandi, chief economist at Moody’s Analytics, said that the timing of the spending cuts that would occur through the House bill would “meaningfully increase” the likelihood of…
WASHINGTON — Senate Democrats pressured Republicans on the debt ceiling impasse Thursday, focused in a hearing on what they say will be painful reductions in government services if a bill recently passed by the House becomes law.
That change, which accounts for most of the projected $4.8 trillion in savings, could have severe impacts on programs such as Head Start and Meals on Wheels, cancer research and veterans’ health care, Democrats say. “It’s showboating to badmouth the fact that the only thing that’s been done on the debt ceiling and on the budget is what Republicans have done,” said Sen. Chuck Grassley, the ranking Republican on the committee. “Now the ball is in the court of the president to negotiate, and they want to distract from that.”
Mark Zandi, chief economist at Moody’s Analytics, said that the timing of the spending cuts that would occur through the House bill would “meaningfully increase” the likelihood of a recession. Economic growth, he projects will be about 2.23% should Congress pass a clean debt ceiling, versus 1.61% if the House Republican legislation becomes law.
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