Biden Administration Warns States Federal Debt Crisis Could Trigger Recession

The Biden administration has issued a warning that the pending federal debt crisis could trigger an economic recession that would impact economic growth and trigger job losses across the United States.

“Hitting the debt ceiling could cause a recession. Economic growth would falter, unemployment would rise, and the labor market could lose millions of jobs,” the White House said in a letter (pdf) to state and local governments that was released Friday…. (Excerpts from the Epoch Times)