White House economists have warned that a debt default could result in the loss of over 8 million jobs and cut the stock market in half, according to a blog post by the White House Council of Economic Advisers. The report outlines the effects of three scenarios: brinksmanship, a short default, and a protracted default. Even brinksmanship would see the loss of 200,000 jobs and a 0.3% decrease in annual GDP. The worst-case scenario would result in a "protracted" default that lasts three months, which could result in 8.3 million jobs being erased, a 6.1% decrease in GDP, and a half fall in the stock market. According to Treasury Secretary Janet Yellen, the US could default on its debt as early as June. Analysts note that a fight between Republicans and Democrats on the debt limit ceiling could also plunge the US economy into a recession even if the standoff doesn't result in a debt default. Investors are already taking the risk seriously, with the cost to insure US government debt against default at its highest since the 2007-2009 financial crisis.