S&P: Shutdown Cost U.S. $24 Billion, 0.6% GDP In Projected Growth

[DonViejo]

Source: TPM

IGOR BOBIC – OCTOBER 16, 2013, 5:07 PM EDT

The first federal government shutdown in 17 years, triggered by a Republican demand to defund the Affordable Care Act on Oct. 1, cost the U.S. $24 billion in potential economic activity -- equalling at least 0.6% of projected annualized fourth-quarter 2013 GDP growth, according to ratings agency Standard & Poor's.

Instead of the 3% annualized growth fourth quarter originally projected in September, S&P now forecasts actual fourth-quarter growth near 2%, the agency said in a press release:

As we've said, we expect the Senate deal to be approved. However, the current chatter coming out of Washington suggests that any continuing resolution will be a temporary one, with an early 2014 timeframe for the next set of Washington deadlines. The short turnaround for politicians to negotiate some sort of lasting deal will likely weigh on consumer confidence, especially among government workers that were furloughed. If people are afraid that the government policy brinkmanship will resurface again, and with it the risk of another shutdown or worse, they'll remain afraid to open up their checkbooks. That points to another Humbug holiday season.

Read more: http://talkingpointsmemo.com/livewire/s-p-shutdown-cost-u-s-24-billion-0-6-gdp-in-projected-growth

[onehandle]

1. The architects of the shutdown should have to pay for this.

Seize their assets.

[ffr]

2. And don't let them default.

You're right. We the people should hold them accountable to the U.S. Treasury for $24.0 Billion.

Once again, the GOP. Writing checks their butts can't cash.

[underpants]

3. NPR had a report from a private firm - about 1,000,000 jobs not created due to "crisis politics"

since 2010

[Cha]

4. Screaming from Ads for 2014!

I'm freaking pissed the teabaggerklan wasted this much of our tax payers $$$$$$$$$$$$!

Not to mention all the pain and suffering of people being Furloughed!

Thanks Don

[wandy]

5. Between now and next November we should take every oppertunity.......

to remind people of what this misguided GOP folly has cost.

The party of "responsibility" owns this and are responsible for the cost of their actions.

[pangaia]

6. Isn't this all part of the Republican

'grad plan?" Destroy the economy and blame it on Obama and Democrats?

[Yo_Mama_Been_Loggin]

7. I hope no one continues to buy "The party of fiscal responsability" crap from the Republicans

[BootinUp]

8. Just a pin prick. {head slap!}