The #GOPShutdown Took $24 Billion Out Of The US Economy (S $ P)

[Triana]

. . .

Here's the full release:

NEW YORK (Standard & Poor's) Oct. 16, 2013--The U.S. government has been shut down for more than two weeks. Earlier today, Senate leadership crafted an agreement to end the shutdown and avert a debt default. However, the deal needs to be voted on by both chambers of Congress.

We believe that to date, the shutdown has shaved at least 0.6% off of annualized fourth-quarter 2013 GDP growth, or taken $24 billion out of the economy. However, the closer we get to breaching the debt ceiling, the higher we expect the economic impact to be.

In the summer of 2011, as we approached the last debt ceiling standoff, consumer confidence plummeted and hit a 31-year low in August when the debt ceiling issue came to a head. Given that this round of debt-ceiling negotiations is occurring after two-plus weeks of a government shutdown, the total impact on the economy will likely be even more severe.

While we believe the Senate deal will be passed and the debt ceiling will be raised, the impact of a default by the U.S. government on its debts would be devastating for markets and the economy and worse than the collapse of Lehman Brothers in 2008.

THE REST:

http://www.businessinsider.com/sp-cuts-us-growth-view-2013-10

[LisaLynne]

1. Let's send the Tea Baggers the bill.

I'm sure they're good for it and would be happy to help.

[muntrv]

2. Let's bill the Koch Bros.

[JaneyVee]

3. That's about $77 per person. Mail me a check, jerks!

[procon]

4. Stupid teabaggers!

Not only can't they spell, they don't do math very well either, so how did they ever think they could start messing around with something as complex as the economy?