U.S. Treasury Secretary Scott Bessent has put a price on the government shutdown in Washington, D.C., and it’s a big one.
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Speaking at a conference, Bessent said that the U.S. government shutdown is “starting to cost the economy about $15 billion a day in lost output.” He added that the shutdown is now a primary factor hampering economic growth in America.
The Treasury Secretary said that the ongoing federal government shutdown is becoming a significant obstacle for the entire economy, but blamed the rival Democratic Party for the current impasse in Congress. Still, Bessent said that “America is open for business” despite the current political challenges.
Week Three
The comments from the U.S. Treasury Secretary come as the government shutdown in Washington, D.C. enters its third week with no end in sight. Several attempts to pass spending legislation and get the government reopened have failed.
Bessent stressed that despite the shutdown, the government will be able to make payroll for military personnel and other key federal employees. There have been reports that some essential staff, such as air traffic controllers, are now receiving only half their regular pay.
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