Jan 28, 2019

US shutdown cost $3bn, says Congressional Budget Office

AFP The partial shutdown of the US government is estimated to have cost the US economy $3bn. The loss is expected to slash 0.02% from the country's growth in 2019, the Congressional Budget Office said. The CBO, the federal agency charged with analysing the economy and budget for the US Congress, released the estimates on Monday alongside the broader outlook it prepares each year. The CBO said that prior to the shutdown it expected the US economy to grow by about 2.3% in 2019, slowing from 2018 as a boost from federal spending and 2017 tax cuts fades. The CBO said US spending was already an issue, as the government spends significantly more than it takes in. In 2019 alone, the US deficit is expected to be about $900bn, or 4.2% of total US output.

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