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White House warns hitting debt limit could cause recession - Metro US

White House warns hitting debt limit could cause recession

FILE PHOTO: A general view in the hours before U.S. President Joe Biden and German Chancellor Angela Merkel's meeting at the White House in Washington

WASHINGTON (Reuters) – The White House warned on Friday that a failure by the U.S. Congress to extend the debt limit could plunge the economy into a recession and could lead to cuts in critical state services.

“Economic growth would falter, unemployment would rise, and the labor market could lose millions of jobs,” the White House said in a fact sheet.

(Reporting By Steve Holland; Editing by Chizu Nomiyama)

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