US EditionGovernment shutdown could cost U.S. economy up to $14 billion, CBO says
- On Wednesday, the Congressional Budget Office warned the shutdown could cost the United States economy up to $14 billion, with costs rising the longer it continues.
- The shutdown began on Oct. 1 after Senate Republicans and Democrats failed to reach a short-term funding agreement, with Democratic senators insisting on extending enhanced Affordable Care Act subsidies.
- Using federal agency data, the CBO estimated about 600,000 excepted employees and 650,000 furloughed employees, noting spending will decline as more than a million workers go without pay and military and some federal law enforcement personnel remain paid through funds reallocated by the White House.
- The shutdown, now in its fourth week, will result in the loss of at least $7 billion of real gross domestic product by the end of 2026, and the CBO said negative macroeconomic effects will intensify the longer it lasts.
- After the shutdown, the CBO projects real GDP will temporarily exceed its counterfactual, with declines in four-week, six-week and eight-week scenarios, and federal employees paid back under federal law once reopened.
70 Articles
70 Articles
CBO: Ongoing Government Shutdown Will Cost Taxpayers Billions In Lost Economic Output - Americans for Tax Reform
A new report from the Congressional Budget Office (CBO) quantifies the economic fallout of the federal government shutdown that began on October 1st. The figures support what taxpayers already know: the cost of the shutdown is high. According to CBO data, if the shutdown lasts eight weeks, the economy will permanently lose up to $14 billion in GDP, even after the delayed federal spending is made up. The report also revealed that Washington’s gri…
Duluth News Tribune
Federal workers plead for lawmakers to ‘hammer it out’ as shutdown reaches a month
ST. PAUL — Union leaders told senators on Thursday, Oct. 30, that Minnesota’s federal workers are now missing rent and are taking home boxes of food at the end of their shifts. The sobering testimony on Thursday comes as the federal government shutdown nears a month. It was the latest meeting of the Senate’s Subcommittee on Federal Impacts. Mark Johnson, of Duluth, representing TSA agents with the American Federation of Government Employees, sai…
The government shutdown takes a $7 billion toll on the U.S. economy, so far
The second-longest government shutdown is projected to put a toll on the U.S. economy. The Congressional Budget Office expects the shutdown so far to take a $7 billion hit to the economy. That sum would climb to $14 billion if it drags on for another month. About 75,000 federal employees are currently furloughed and many others are working without pay. (Quantitative Analysis of the Effects of the Government Shutdown on the Economy - Congressiona…
José Pacheco says that the Regional Government's decision to pay the wages of the workers of the Lages Bases, late because of "shutdown" in the United States, is "empty populism" and "an error".
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