The Urbana Business Report - Late May Edition

Source 1: Janet Yellen mentioned, "A default is frankly unthinkable... America should never default. It would rank as a catastrophe." https://apnews.com/article/g7-japan-debt-yellen-finance-caa5607b653ae5f8cb4adf8a1d2c0149.

Source 2: According to Mark Zandi, chief economist at Moody's Analytics, "No corner of the global economy would be spared." https://apnews.com/article/debt-limit-congress-world-economy-recession-biden-52df635e9b89f4b1677176fc8d59eff0.

Source 3: [According to Zandi and two of his colleagues] If the debt limit was breached for no more than a week, the American Economy would weaken fast enough to wipe out roughly 1.5 million jobs. https://apnews.com/article/debt-limit-congress-world-economy-recession-biden-52df635e9b89f4b1677176fc8d59eff0.

Source 4: According to Zandi and reported by the AP, "If a government default were to last much longer - well into the summer - ... U.S. economic growth would sink, 7.8 million American jobs would vanish, borrowing rates would jump, the unemployment rate would soar from the current 3.4% to 8% and a stock-market plunge would erase $10 trillion in household wealth." https://apnews.com/article/debt-limit-congress-world-economy-recession-biden-52df635e9b89f4b1677176fc8d59eff0.