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

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Shutdown inflicted unnecessary damage to US economy: Obama
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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 "...

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1 year 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

 
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6 weeks ago

Analysis: Wins give GOP wider Washington influence

Nov 5 2014 4:29am CST | Source: Townhall's

WASHINGTON (AP) — With sweeping victories that exceeded their own sky-high expectations, the GOP has dealt President Barack ...
Source: Townhall's   Full article at: Townhall's
 

 
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9

6 weeks ago

Sarah Palin Warns GOP: 'You Didn't Build This'

Nov 5 2014 3:25am CST | Source: Politics - The Huffington Post

Sarah Palin congratulated the Republicans on their sweeping victory in Tuesday's elections, but she also issued a warning. "Now, new Republican Congressional majority in the House and Senate, please realize that Americans were not necessarily voting FOR any party; they were voting AGAINST the continued dysfunction and corruption in D.C.," the former vice presidential candidate wrote in a post on Facebook. Just like the Democrats got "mauled" on Tue ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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8

6 weeks ago

Maddow: GOP Will Try to Impeach Obama Over Exec Amnesty

Nov 5 2014 1:17am CST | Source: Big Government

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Source: Big Government   Full article at: Big Government
 

 
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6 weeks ago

2014 Election Results: Winners & Losers

Nov 5 2014 12:52am CST | Source: Politics - The Huffington Post

Some of the most intriguing races remain undecided as election night winds down. If you’ve read any headlines so far, it’s easy to see Democrats were clear losers Tuesday. But this year’s midterms were about more than who controls Congress and the candidates themselves. So, who else -- or what else -- won or lost? The Huffington Post is taking a look at the broader picture. Loser: Political Legacies Despite the help they got on the campaign trail, candidat ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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6 weeks ago

Rand Paul Taunts Hillary Clinton After GOP Victory

Nov 5 2014 12:32am CST | Source: Politics - The Huffington Post

Sen. Rand Paul (R-Ky.) wasted no time using the GOP’s new majority in the Senate in the face of potential 2016 presidential rival Hillary Clinton. Paul posted an entire Facebook album of photos of Clinton campaigning with candidates who lost on Tuesday. Each photo was tagged #HillarysLosers. On Twitter, Paul continued to attack Clinton, saying that the GOP’s victory on election day was a repudiation of her and President B ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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6 weeks ago

Election Leaves Immigration Advocates Frustrated With Obama

Nov 5 2014 12:11am CST | Source: Politics - The Huffington Post

WASHINGTON -- When CNN announced on Tuesday evening that Colorado Democratic Sen. Mark Udall lost, about 25 young undocumented immigrants and pro-immigration reform advocates in a row house in Washington, D.C., groaned in unison. They were gathered to watch a live stream of the election results, eat pizza and tacos, and, at times, to vent. The advocates, some of them undocumented young people known as Dreamers, viewed all of the results through the lens of immigration reform. W ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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6 weeks ago

Democrats Get Trampled On Election Night

Nov 5 2014 12:11am CST | Source: Politics - The Huffington Post

WASHINGTON -- Call it a thumping. Call it a shellacking. However you want to describe the 2014 midterm elections, the point remains the same. Democrats took it on the chin Tuesday night, losing the Senate, getting crushed in winnable governors' races, solidifying their minority status in the House for years to come, and stemming the party's ability to continue putting its stamp on the judiciary. The question is whether it was all avoidable. Democratic strat ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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6 weeks ago

John Boehner Says It's No Time To Celebrate

Nov 4 2014 11:54pm CST | Source: Politics - The Huffington Post

WASHINGTON (AP) — House Speaker John Boehner (BAY'-nur) says Republicans are "humbled" by the results of the midterm elections. In a statement, he says it's "not a time for celebration." Boehner says instead, it's time for government to start "implementing solutions to the challenges facing our country." He says those challenges begin with what he calls a "still-strugg ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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6 weeks ago

Robin Kelly Defeats Eric Wallace In Illinois House Race

Nov 4 2014 10:53pm CST | Source: Politics - The Huffington Post

Rep. Robin Kelly (D-Ill.) was re-elected to serve as the representative for Illinois' 2nd congressional district on Tuesday. Kelly defeated Republican Eric Wallace. She ran unopposed in the Democratic primary. Kelly won a special election for the seat last year after Jesse Jackson, Jr. resigned amid a federal investigation into his campaign finances. Jackson eventually pled guilty to charges that he used campaign funds for personal purchases. Kelly's positions on gun control have ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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6 weeks ago

Bobby Rush Defeats Jimmy Lee Tillman In Illinois House Race

Nov 4 2014 10:50pm CST | Source: Politics - The Huffington Post

Rep. Bobby Rush (D-Ill.) was re-elected to his 12th term in Congress representing Illinois' first congressional district on Tuesday. Rush beat RepublicanJimmy Lee Tillman in the race. He ran unopposed in the Democratic primary. Rush fended off a challenge for his seat in 2000 from Barack Obama, then an Illinois state Senator. Below, a liveblog ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
 

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