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US Government Shutdown Causes Economic Losses of at Least $18 Billion This Year
Summary: According to reports from the US Congressional Budget Office, the federal government shutdown has already caused economic losses of at least $18 billion to the US economy this year, a figure that is expected to worsen in the coming weeks. The Congressional Budget Office report released on Wednesday stated that due to the impact of ...
According to reports from the US Congressional Budget Office, the federal government shutdown has already caused economic losses of at least $18 billion to the US economy this year, a figure that is expected to worsen in the coming weeks. The Congressional Budget Office report released on Wednesday stated that due to the impact of the government shutdown, the fourth-quarter GDP is projected to decrease by at least one percentage point. If the shutdown lasts for six weeks, until mid-November, the agency predicts a 1.5 percentage point decrease in actual GDP growth in the fourth quarter, equivalent to a $28 billion loss. If the shutdown extends to around eight weeks (roughly until before or after Thanksgiving), the impact on actual GDP will expand to two percentage points, amounting to $39 billion.
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Link: US Government Shutdown Causes Economic Losses of at Least $18 Billion This Year [Copy]
