LOUISVILLE, Ky. (WDRB) -- The debt ceiling and budget cuts package is heading toward a crucial House vote as soon as Wednesday.
The bill would allow a decrease in deficit spending by about $1.5 trillion over 10 years. Veterans will also be protected for their medical benefits, but the agreement could still fall apart.
President Joe Biden and House Speaker Kevin McCarthy assemble a coalition of centrist Democrats and Republicans to push it to passage over fierce blowback from conservatives and some progressive dissent.
University of Louisville economics professor Jose Fernandez was on WDRB Mornings on Wednesday and said if the bill doesn't pass, it could be catastrophic for the economy.
"I can tell you they are projecting 1 million jobs will be lost, economic growth will slow down by 6%, and we'll see unemployment go up by five percentage points," Fernandez said.
It's important to note that if the bill does pass, it's just a suspension. The measure lasts until after the 2024 election, so we'll be talking about this again in about two years.
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