The United States government shutdown cost the nation’s economy at least $24 billion and shaved 0.6 percent off the nation’s economic growth, according to new analysis from Standard & Poor’s (S&P).
With a deal seemingly headed for the finish line, the credit rater analyzed the impact the 16-day shutdown of the federal government has posed on the economy, and the results weren’t pretty.
According to Standard&Poor’s report which was made available to journalists in Washington, DC, the bottom line was the government shutdown has hurt the U.S. economy.
It further noted that the current compromise would only fund the government through January 15 and allow the government to keep borrowing funds until February 7, 2014.
According to the report, that means the same economic woes that this most recent fight inflicted will be a threat again in relatively short order.
The report also warned that consumers could have a hard time regaining their momentum during that relatively short window, especially with a holiday shopping season critical to the U.S. economy on the way.
“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.
Source: Leadership Newspaper NG