Top

US economy lost nearly $6 billion to government shutdown: S&P Global Ratings

US economy lost nearly $6 billion to government shutdown: S&P Global Ratings
Highlights

The US economy lost at least 6 billion during the partial shutdown of the federal government due to lost productivity from furloughed workers and...

The US economy lost at least $6 billion during the partial shutdown of the federal government due to lost productivity from furloughed workers and economic activity lost to outside business, S&P Global Ratings said on Friday.

President Donald Trump agreed on Friday to end the 35-day partial shutdown, the longest in history, without getting the $5.7 billion he had demanded from Congress for a border wall.

"Although this shutdown has ended, little agreement on Capitol Hill will likely weigh on business confidence and financial market sentiments," S&P said in a news release.

US President Donald Trump, on the other hand, on Friday asserted that he has not compromised on constructing a wall along the Mexico border even as he agreed to end the partial government shutdown for three weeks.

"I wish people would read or listen to my words on the Border Wall. This was in no way a concession," Trump said in a tweet, hours after he announced a deal with the Democrats to temporarily open the government till February 15 without getting the USD 5.7 billion that he had demanded from the Congress to build the wall.

"It was taking care of millions of people who were getting badly hurt by the Shutdown with the understanding that in 21 days, if no deal is done, it's off to the races!" Trump explained in his tweet.

The longest-ever shutdown, lasting more than 30 days, had paralysed the functioning of several key departments of the government.

It also created a humanitarian crisis as some 800,000 federal employees did not receive their paychecks for a month.

In his Rose Garden speech at the White House, Trump threatened to impose national emergency after February 15 if the Congress did not give him USD 5.7 billion to construct a wall along the US Mexico border, which he argued is a national security need to stop the flow of illegal immigrants and smuggling of massive drugs into the US.

Show Full Article
Print Article
Download The Hans India Android App or iOS App for the Latest update on your phone.
Subscribed Failed...
Subscribed Successfully...
More Stories
Top