A recession is more likely under the Republican debt-ceiling plan, Moody's chief economist warns

• A Republican proposal to lift the debt ceiling would make a recession more likely, said Moody's chief economist Mark Zandi.
• Under the GOP bill, economic growth would slow to 1.61% by the end of 2024, he told lawmakers.
• "We need to end this drama as quickly as possible. If we don't, we'll go into a recession and our fiscal problems will be made even worse."

A Republican proposal to lift the debt ceiling would slow the economy and increase the likelihood of a recession, Moody's Analytics chief economist Mark Zandi said.