The federal government shutdown cost the economy $11 billion, according to a new analysis from the nonpartisan Congressional Budget Office, reflecting lost output from federal workers, delayed government spending and reduced demand.
The report, which was released Monday, estimated a hit of $3 billion, or 0.1 percent, to economic activity during the fourth quarter of 2018. The impact was projected to be greater during the first quarter of 2019: $8 billion, or 0.2 percent of GDP.
Nancy Pelosi reacts via press release:
The President’s shutdown inflicted needless pain and chaos in the lives of millions of Americans, and stole billions of dollars from the economy. Workers’ financial security, families’ well-being and America’s economic strength all were senselessly sacrificed because of President Trump’s callousness.
Families across the nation are still trying to recover from a month of missing paychecks and overdue bills, but the President is already threatening a second shutdown if he doesn’t get his way.
When the Congress completes its bipartisan, bicameral work to fund government, the President should swiftly sign that legislation to avert another shutdown and restore certainty to our economy and the lives of the American people.