US home-buying costs could skyrocket 22% if Congress fails to raise debt limit
"Much uncertainty surrounds these estimates, but there’s little doubt that a default would be a major negative shock to housing market activity," Tucker wrote in the report .warned earlier in May the country could run out of money as early as June 1 if the ceiling is not raised.
The Zillow analysis comes amid a prolonged standoff over the debt limit. Republicans, who control the House, passed a bill that raises the borrowing limit, and also includes budget cuts. In turn, President Biden and his fellow Democrats, who control the Senate, have insisted on a "clean" debt ceiling bill and will negotiate any spending cuts separately.Biden hosted House Speaker Kevin McCarthy, R-Calif.
"I really think there’s a desire on their part, as well as ours, to reach an agreement, and I think we’ll be able to do it," Biden told reporters Sunday in Delaware. However, McCarthy cast doubt on that statement Monday morning. He told NBC News during an interview the two sides are still "far apart." A view of houses in a neighborhood in Los Angeles, California, on July 5, 2022.GET FOX BUSINESS ON THE GO BY CLICKING HERE
If the U.S. failed to raise or suspend the debt limit, it would eventually have to temporarily default on some of its obligations, which could have serious negative economic implications. Interest rates would likely spike, and demand for Treasuries would drop; even the threat of default can cause borrowing costs to increase, according to the Committee for a Responsible Federal Budget.refused to pass a debt-ceiling increase, prompting rating agency Standard and Poor's to downgrade the U.S.
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