"Republican debt ceiling fight cost taxpayers at least 1.3 billion" by Joan MaCarter at Daily Kos

[applegrove]

Republican debt ceiling fight cost taxpayers at least 1.3 billion

by Joan MaCarter at Daily Kos


http://www.dailykos.com/story/2012/07/24/1110601/-Republican-debt-ceiling-fight-cost-taxpayers-at-least-1-3-billion

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

Hey, thanks Republicans! Your fight last year over raising the debt ceiling didn't just result in the first time in history the nation's credit rating was downgraded. It didn't just hurt the economy or disrupt the economic recovery, halt job growth, and wreck consumer confidence. It also cost taxpayers $1.3 billion and counting, according to the Government Accountability Office.

The nonpartisan Government Accountability Office said Monday that the $1.3 billion in costs came as the result of increased borrowing costs for the Treasury Department. The final cost is expected to climb higher as multi-year obligations and other outstanding costs are added later.

Why did it cost so much money? Because as lawmakers and President Obama fought over the details, the Treasury Department had to suspend investments in several funds for federal employees, postal workers and other reserves in order to pay the nation’s financial obligations, the GAO said. Treasury then had to spend more money and time after the fight to restore those funds.

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