First Three Weeks of Government Shutdown to Cost US Economy $3.6Bln - Credit Agency



The federal government shutdown by the end of Friday will have cost the US economy around $3.6 billion, Standard & Poor’s Chief US Economist Beth Ann Bovino said in a statement.

Saturday will mark day number 22 of a partial government shutdown, surpassing the previous record set with the Clinton administration’s 21-day closure that began in December 1995.


"We estimated that this shutdown could shave approximately $1.2 billion off real GDP in the quarter for each week that part of the government is closed," Bovino said, as quoted by MSNBC. "That may seem like pennies for the world’s biggest economy, but it means a lot to those workers trying to cover their household costs without their paychecks."

A fight between President Donald Trump and congressional Democrats over a proposed wall on the Mexican border has kept about one-quarter of the US government closed for exactly three weeks as of midnight Friday.

The S&P estimate indicates that a shutdown lasting for two more weeks would cost the economy $6 billion, exceeding the $5.7 billion sought by Trump for his wall. Democrats refuse to fund the project, claiming Trump is manufacturing a crisis where none exists for political gain.

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