CBO: Shutdown to Shave Up to $14B From US Economy

The Congressional Budget Office warns of a significant economic hit due to the ongoing federal government shutdown, with potential losses of $7-14 billion in GDP. The shutdown could slow fourth quarter growth by 1-2 percentage points, with furloughed workers and delayed payments being the main culprits. While a rebound is expected once the government reopens, not all damage can be undone, with some businesses and investments lost forever. The situation remains uncertain, with potential for further negative impacts if the shutdown continues, and lawmakers face pressure to find a resolution amidst ongoing health insurance cost increases. The Daily News Now! - Every city. Every story. AI Powered. Hosted on Acast. See acast.com/privacy for more information.