"Debt Ceiling Debate Cost Taxpayers $18.9 Billion, Study Finds"

[applegrove]

Debt Ceiling Debate Cost Taxpayers $18.9 Billion, Study Finds

The Huffington Post | By Bonnie Kavoussi

http://www.huffingtonpost.com/2012/11/28/debt-ceiling-cost-taxpayers_n_2204553.html

"SNIP..........................................


Last summer's seemingly interminable debt-ceiling battle is going to cost taxpayers billions, according to a new report.

All told, the political fiasco will cost taxpayers $18.9 billion over 10 years, the Bipartisan Policy Center has found. That's largely the result of the government having to borrow at higher interest rates during the standoff, a time when investors feared the possibility of a default.

Forever blocked the debt-ceiling crisis out of your mind? This was the one in which Congressional Republicans threatened not to raise the country's borrowing limit unless lawmakers reduced the deficit. Eventually, the Obama administration and Congress reached a last minute deal, but amid the drama, experts warned that an inability to make a deal would lead to an immediate risk of a U.S. government default, financial crisis and recession.

The debt-ceiling standoff also hurt the job market, as the unemployment rate rose and job growth stagnated, according to data from the Bureau of Labor Statistics.

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[Turbineguy]

1. That's all?

Those repubs will never destroy the US at that rate! Maybe they should get some advice from Al Qaeda. Too bad for them, the Soviet Union ain't around any more. The old KGB would have loved to help.