{"id":6833,"date":"2019-01-28T19:28:57","date_gmt":"2019-01-28T19:28:57","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/us-shutdown-cost-3bn-says-congressional-budget-office\/"},"modified":"2019-01-28T19:28:57","modified_gmt":"2019-01-28T19:28:57","slug":"us-shutdown-cost-3bn-says-congressional-budget-office","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/us-shutdown-cost-3bn-says-congressional-budget-office\/","title":{"rendered":"US shutdown cost $3bn, says Congressional Budget Office"},"content":{"rendered":"\n
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\n President Donald Trump ended the partial shutdown on Friday
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The partial shutdown of the US government is estimated to have cost the US economy $3bn (\u00a32.3bn).<\/p>\n

The loss is expected to slash 0.02% from the country’s growth in 2019, the Congressional Budget Office (CBO) said<\/a>.<\/p>\n

The agency said overall damage amounted to about $11bn, but much of that will be recovered as work resumes. <\/p>\n

New trade tariffs could also knock about 0.1% off growth up until 2029, as higher costs prompt lower consumption and investment, it said.<\/p>\n

The CBO, the federal agency charged with analysing the economy and budget for Congress, released the estimates on Monday alongside the broader outlook it prepares each year.<\/p>\n

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.<\/p>\n

Growth is expected to decelerate further in following years, to an average annual rate of 1.7% through to 2023.<\/p>\n

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Image copyright<\/span>
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\n Unpaid federal workers used food banks and emergency kitchens to survive the shutdown
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Shutdown details<\/h2>\n

The shutdown, the longest in US history, was triggered by disagreement over President Donald Trump’s demand that Congress include $5.7bn to build a wall along the Mexican border in a new funding bill.<\/p>\n

The stand-off forced about 800,000 federal workers to temporarily go without pay and prompted cutbacks in most major departments, including the State Department, Treasury Department and Department of Homeland Security.<\/p>\n

US President Donald Trump ended the impasse on Friday, when he agreed to back a deal to temporarily fund the government until 15 February.<\/p>\n