360° Coverage : Shutdown inflicted unnecessary damage to US economy: Obama

12 Updates
Shutdown inflicted unnecessary damage to US economy: Obama
Photo Credit: , Getty Images

Shutdown inflicted unnecessary damage to US economy: Obama

Oct 17 2013, 12:24pm CDT | by IANS

Washington, Oct 17 (IANS) As hundreds of thousands of furloughed federal employees started returning to work, President Barack Obama said the 16-day government shutdown and the threat of US debt default "inflicted completely unnecessary damage (to) our economy".

Washington, Oct 17 — As hundreds of thousands of furloughed federal employees started returning to work, President Barack Obama said the 16-day government shutdown and the threat of US debt default...

Filed under: news

YouTube Videos Tweets

 
 
 

45 weeks ago

Shutdown inflicted unnecessary damage to US economy: Obama

Oct 17 2013, 12:24pm CDT | by IANS

Washington, Oct 17 (IANS) As hundreds of thousands of furloughed federal employees started returning to work, President Barack Obama said the 16-day government shutdown and the threat of US debt default "inflicted completely unnecessary damage (to) our economy".

Washington, Oct 17 — As hundreds of thousands of furloughed federal employees started returning to work, President Barack Obama said the 16-day government shutdown and the threat of US debt default "inflicted completely unnecessary damage (to) our economy".

The standoff between the Democrats and Republicans over the opposition's attempt to derail his signature healthcare law nicknamed Obamacare, slowed the economy's growth and set back employers' plans to hire, he said Thursday morning at the White House.

"America is the bedrock of the global economy for a reason ... because we keep our word and we (meet) our obligations," Obama said observing: "Just the threat of default ... increased our borrowing costs, which adds to our deficit."

"We'll bounce back from this," Obama said. But the way business is done in Washington has to change to make a positive difference in the economy, he said suggesting taking a balanced approach to a responsible budget.

Congress should "cut out things we don't need," "close corporate tax loopholes that don't create jobs," and "free up resources for things that do help the country grow," like research and infrastructure, he said.

Meanwhile, according to an initial analysis from Standard & Poor's, the 16-day government shutdown took a $24 billion chunk out of the US economy,

As a result, the rating agency projects that the US economy will grow 2.4 percent in the fourth quarter - as opposed to the roughly 3 percent growth rate predicted prior to the shutdown.

"Because it's happening all at once, so quick, so fast, unplanned; it's going to hurt," Beth Ann Bovino, US chief economist at S&P was quoted as saying by CNN. "We can absorb it, but it still hurts."

Besides hundreds of thousands of federal workers furloughed, shutdown hit small businesses hard due to frozen government contracts and stalled business loans. Closed national parks also hit the tourism industry.

The debt fix is also only temporary, which could continue to fuel economic uncertainty, hurting consumer confidence and slowing hiring, said Mark Zandi, chief economist for Moody's Analytics.

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

Source: IANS

 
Update
12

Tweets

 
 
Update
11

4 hours ago

Feinstein: Obama is a Too Cautious Man Without A Plan

Sep 1 2014 8:50pm CDT | Source: Big Government

According to Sen. Dianne Feinstein (D-Calif.), when it comes to responding to ISIS, Barack Obama is "very cautious. Maybe, in this instance, too cautious.” The comment came Sunday when she appeared on NBC’s “Meet the Press.” Feinstein chairs the Senate Intelligence Committee She also "agrees with an op-ed by Republican Sens. John McCain of Arizona and Lindsey Graham of South Carolina over the weekend in The New York Times ...
Source: Big Government   Full article at: Big Government
 

 
Update
10

6 hours ago

2014 Midterm Elections

Sep 1 2014 7:45pm CDT | Source: Politics - The Huffington Post

With less than 10 weeks to go before the midterm Congressional elections Americans in general are frustrated with Washington. National polls show that about three quarters of all Americans disapprove of the way Congress is doing its job. By comparison, about half of those Americans polled disapprove of President Barack Obama's handling of his job. Sunday's New York Post reported that 163 laws have been passed and signed by the president sinc ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
Update
9

6 hours ago

Instead of Bombing Syria to Fight the Islamic State, Let Syria and Others Battle Islamic Radicals

Sep 1 2014 7:14pm CDT | Source: Politics - The Huffington Post

Until now, President Barack Obama's foreign policy appeared to be based more on reason than emotion. In contrast to the easily excitable and often angry Sen. John McCain, for instance, the president did not suggest war was the answer to every international problem. However, the rise of the Islamic State in Iraq and the Levant may have cost President Obama his equanimity. Administration officials are proclaiming this ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
Update
8

6 hours ago

Instead of Bombing Syria to Fight the Islamic State, Let Syria and Others Battle Islamic Radicals

Sep 1 2014 7:14pm CDT | Source: Politics - The Huffington Post

Until now, President Barack Obama's foreign policy appeared to be based more on reason than emotion. In contrast to the easily excitable and often angry Sen. John McCain, for instance, the president did not suggest war was the answer to every international problem. However, the rise of the Islamic State in Iraq and the Levant may have cost President Obama his equanimity. Administration officials are proclaiming this i ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
Update
6

7 hours ago

A woman president? Sure, if she's best candidate

Sep 1 2014 5:58pm CDT | Source: WND

The latest Gallup poll indicates that 14 percent of the people “moderately disapprove” of Barack Obama’s performance as president and 39 percent “strongly disapprove.” Since Obama won two presidential elections, chances are that some of those who now “strongly disapprove” of what he has done voted to put him in office. We all make mistakes, but the real question is whether we learn from them. With many people now acting as if it is time for “a woman” to becom ...
Source: WND  Full article at: WND
 

 
Update
5

8 hours ago

MSNBC warns: Benghazi scandal to return with 'vengeance'

Sep 1 2014 5:27pm CDT | Source: WND

Christopher Stevens Controversy surrounding the Sept. 11, 2012, Benghazi attacks is poised to return with a “vengeance” this month, threatening political headaches for President Obama and Hillary Clinton, warns MSNBC. The news network specifically fingered a new book by radio host and WND reporter Aaron Klein, entitled, “The REAL Benghazi Story: What the White House and Hillary Don’t Want You to Know,” as being in part res ...
Source: WND  Full article at: WND
 

 
Update
4

9 hours ago

Can Health Care Success Be Health Care Disaster?

Sep 1 2014 3:54pm CDT | Source: Politics - The Huffington Post

How can success be disaster, even in health care? As the Michael W. Smith song says, "Let me show you the way." Remember that health care one word means a system, one that currently accounts for 20 percent of U.S. national spending. Health care -- two words -- refers to a personal service relationship between a patient and a provider. ACA success The second reason (the first will be described later) that president Obama ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
Update
3

10 hours ago

Obama Unleashed: 'I'm Not Asking for the Moon'

Sep 1 2014 2:57pm CDT | Source: Big Government

Monday at the Laborfest event in Milwaukee, President Barack Obama gave a passionate speech in his plea for fair wages for workers.  At a raised pitch, he said, "I'm not asking for the moon. I just want a good deal for the workers." The president also discussed his "vision for an economy," where workers have a fair chance, retirement benefits, family le ...
Source: Big Government   Full article at: Big Government
 

 
Update
2

10 hours ago

Obama: 'America Deserves A Raise'

Sep 1 2014 2:55pm CDT | Source: Politics - The Huffington Post

MILWAUKEE (AP) — President Barack Obama says he'll press Congress to raise the minimum wage in the same way he courted his wife — never taking no for an answer. Obama brought a buoyant Labor Day message to Wisconsin, telling union members on Monday that he sees, quote, "engines are revving a little louder" in an economy coming back from a near-depression five years ago. Now, he says, quote, "America deserves a raise. ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
Update
1

10 hours ago

Obama: People in Power Trying to Bamboozle You

Sep 1 2014 2:51pm CDT | Source: Big Government

Monday at the Laborfest event in Milwaukee, President Barack Obama addressed a group of workers and said people in power try and stay in power by "running the okie-doke on you, and bamboozling you and hoodwinking you." "Don't buy it because despite the cynics America is on the move," he in ...
Source: Big Government   Full article at: Big Government
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

India committed to peace: Modi
Tokyo, Sep 2 (IANS) Prime Minister Narendra Modi Tuesday said that India is committed to peace and this commitment has "significance far above any international treaties or processes".
 
 
Modi stresses on women empowerment, education
Tokyo, Sep 2 (IANS) Prime Minister Narendra Modi Tuesday stressed on the need for women's empowerment in the present-day world.
 
 
Country with knowledge will lead world: Modi
Tokyo, Sep 2 (IANS) Prime Minister Narendra Modi Tuesday said that 21st century is the century of knowledge and the country with "knowledge and information will lead the world".
 
 
Eight killed in China landslides
Beijing, Sep 2 (IANS) At least eight people were killed and 24 missing Tuesday after heavy rains caused landslides in China's Chongqing province.
 
 
 

Latest from the Network

Scientists get ready for mock on-site nuclear inspection
Washington, Sep 2 (IANS) Some 40 scientists and technicians from around the world will descend on Jordan in November to take part in a simulated on-site inspection of a suspected nuclear test site on the banks of the...
Read more on Apple Balla
 
Sam Smith was in love with straight man
Sam Smith fell in love with a straight man. The 22-year-old star - who opened up about his own sexuality earlier this year - has now revealed the man who inspired the heartbreaking lyrics to many of the tracks on his...
Read more on Celebrity Balla
 
Diana Ross hosts 'farewell barbecue'
Diana Ross hosted a ''farewell barbecue'' for Evan Ross and Ashley Simpson. The 70-year-old star threw the party for her son and his new bride the day after their wedding to wish them well on their journey into married...
Read more on Celebrity Balla
 
Family dinners protect kids from cyber-bullying
Toronto, Sep 2 (IANS) Make it a point not to miss family dinners to connect with your kids and help them cope with cyber-bullying. Like traditional bullying, cyber or internet bullying can increase the risk of mental...
Read more on Celebrity Balla
 
Maradona meets Pope at 'Match for Peace'
Rome, Sep 2 (IANS) Argentine football legend Diego Maradona briefly met Pope Francis, an avid football fan, before the start of 'Match for Peace' exhibition game and presented him with an Argentina shirt. Pope Francis...
Read more on Sport Balla
 
India committed to peace: Modi
Tokyo, Sep 2 (IANS) Prime Minister Narendra Modi Tuesday said that India is committed to peace and this commitment has "significance far above any international treaties or processes". "Commitment to peace and non-...
Read more on Politics Balla
 
Sania impresses in US Open, end of road for Paes
New York, Sep 2 (IANS) A mixed day for the Indians at the US Open saw Sania Mirza reach the quarter-finals of women's doubles and the semi-final of mixed doubles but Leander Paes failed to replicate his compatriot...
Read more on Sport Balla
 
Brazil club Palmeiras sack coach Gareca
Sao Paulo, Sep 2 (IANS) Argentine coach Ricardo Gareca has been sacked by Brazil giants Palmeiras, less than four months after taking the role. The 56-year-old, a former striker for Argentina's national team, was told...
Read more on Sport Balla
 
Want to ruin your selfie? Try this app
Moscow, Sep 2 (IANS) Russian developers have created a new anti-selfie mobile app that tracks your face in real time and applies filters that obscure your face in funny ways. In less than two weeks of its launch, the...
Read more on Celebrity Balla