Exclusive: Goldman Sachs says even a near-default on US debt could spark a recession and market mayhem | CNN Business

📆 2023-01-27 06:01:00
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Unlike many of its Wall Street peers, Goldman Sachs is relatively bullish on the US economy, with its top economist telling CNN that America will likely avoid a recession through the 2024 election. Hear why.

“If there were any doubt about the US government’s ability or willingness to make interest and principal payments on time, that could have very, very adverse consequences,” Jan Hatzius, the chief economist at Goldman Sachs, told CNN in an interview. The United States hit the debt ceiling last week, forcing Treasury Secretary Janet Yellen to make accounting maneuvers to avoid breaching that $31 trillion borrowing limit.

The historic dysfunction that preceded House Speaker Kevin McCarthy’s election earlier this month underscored how hard it will be to get contentious legislation through the House of Representative. Not only is McCarthy presiding over a razor-thin majority, but he agreed to concessions that give the most extreme corner of the GOP considerable influence. Still, Goldman Sachs is expecting a deal on the debt ceiling will be reached, eventually.

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