The White House, in a full dispute with the Republican opposition on the national debt, predicted an economic disaster in the US in the event of a prolonged default, AFP notes.

President Joe Biden’s economic advisers have estimated that if the world’s largest nation defaults on its long-term financial obligations, it could lose more than 8 million jobs this summer and experience a 6% drop in gross domestic product.

Stock markets will lose 45% in the third quarter, predict these advisers on the White House’s “Council of Economic Advisers.”

They note that even in the case of a short-term bankruptcy, the US economy would suffer from higher unemployment and a smaller recession.

The US executive is publishing this disaster scenario as Joe Biden tries to increase pressure on the conservative camp on the national debt.

The 80-year-old Democrat says Republicans, who control one house of the U.S. Congress, should quickly and unconditionally vote with Democrats to raise the national debt ceiling.

He proposed to hold a meeting on May 9 of the main leaders of the Congress representing the two main parties.

The opposition demands a reduction in public spending in exchange for this vote.

This issue of raising the debt ceiling, a specific requirement for the United States, has long been considered a parliamentary formality, but since the presidency of Barack Obama, it has begun to turn into a political confrontation.

In mid-January, the federal government actually reached the famous $31 trillion cap, but so far it has managed to manage the situation through accounting maneuvers.

However, the US Treasury Department warned that without a vote in Congress, the government may be forced to sharply cut certain social spending from June 1.

Before possibly ending up in a sovereign default situation, completely unprecedented, that would result in America not being able to meet certain financial deadlines.