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 hours ago

Kerry apologizes for 'chickensh*t' comment

Oct 31 2014 9:47pm CDT | Source: WND

(Times of Israel) U.S. Secretary of State John Kerry on Friday phoned Prime Minister Benjamin Netanyahu, and apologized to him in the name of the Obama administration for the comments made by an anonymous US official who called the prime minister “a chickenshit.” On Thursday, Kerry had publicly distanced himself from the comments, stressing that neither he nor US President Barack Obama were behind the remarks, ...
Source: WND  Full article at: WND
 

 
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10

7 hours ago

Pentagon: DOD personnel to handle Ebola bodies

Oct 31 2014 8:30pm CDT | Source: WND

WASHINGTON – A Department of Defense memo confirms DoD personnel – which could include civilians and/or troops – will have direct contact with “exposed remains” of Ebola victims. While the DoD has issued new guidance on how military personnel and civilians will undergo pre- and post-deployment training while in the Ebola-affected areas of West Africa, buried in the 19-page memorandum in an attachment is an indication that the personnel w ...
Source: WND  Full article at: WND
 

 
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9

8 hours ago

Maybe Ferguson cops should take day off

Oct 31 2014 7:33pm CDT | Source: WND

Barack Obama is doing such a great job managing the Ebola crisis, fighting ISIS and covering up scandals in the Internal Revenue Service, Veterans Affairs Department, Obamacare, Benghazi and Alcohol, Tobacco and Firearms between rounds of golf that he has been angling to take over law enforcement responsibilities in Ferguson, Missouri. Outgoing Attorney General Eric H. Holder Jr., leaving office one step ahead of an indictment or a second contempt of Cong ...
Source: WND  Full article at: WND
 

 
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8

8 hours ago

Democrats' lies won't confuse blacks this time

Oct 31 2014 7:21pm CDT | Source: WND

Some call the fear and hate ad campaigns being orchestrated by Democratic Party supporters to boost black turnout in next Tuesday’s congressional elections desperation. I call it pathetic. The way for a party to get support is to deliver success. When there is no record of success, lies, distortion and fear become the operative tools, in hope that uninformed voters will buy the garbage. Black voters are becoming more politically engaged than ever, which mean ...
Source: WND  Full article at: WND
 

 
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11 hours ago

Eerie Tales Of Fright And Horror For Left And Right

Oct 31 2014 4:54pm CDT | Source: Politics - The Huffington Post

Welcome to our annual frightfest! Every year, we provide two tales of shrieking horror -- one for Democrats and one for Republicans -- so sit back and prepare to be terrified right out of your cheap cardboard costume! As always, Hallowe'en falls conveniently just before the election, so there is no shortage of possible horrors for both sides to contemplate. We've carved Jack O'Lanterns for each story, as we ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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5

11 hours ago

Perdue: Secure Border, Reduce Overall Immigration

Oct 31 2014 4:34pm CDT | Source: Big Government

David Perdue, Republican candidate for the US Senate in Georgia, argued against the “Gang of Eight” Senate bill and urged increased border security in an interview on Friday’s “Laura Ingraham Show.” Perdue argued that his opponent, Democrat Michelle Nunn “has said she wants to broaden Obamacare…she also says she supports the Senate bill, the Gang of Eight bill for amnesty, which I have opposed over the last year and a half.” He added, “sh ...
Source: Big Government   Full article at: Big Government
 

 
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11 hours ago

Millions Of Early Votes Already Cast

Oct 31 2014 4:26pm CDT | Source: Politics - The Huffington Post

WASHINGTON (AP) — Early votes soared past 15 million across 31 states on Friday, an outpouring that is giving hopeful Republicans as well as nervous Democrats cause for optimism heading into the final weekend of a campaign with control of the Senate, the U.S. House and 36 governorships at stake. Republicans pointed to a strong early-vote performance in Iowa as evidence that Joni Ernst was a step ahead in her bid to capture a Senate ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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12 hours ago

The Economy Is Still The Biggest Issue For The Voters

Oct 31 2014 4:03pm CDT | Source: Politics - The Huffington Post

WASHINGTON -- For all the talk about ISIS and Ebola, and all the political firestorms over the Affordable Care Act, most voters this year remain focused on the economy. In a new HuffPost/YouGov poll of likely voters, 56 percent named the economy as one of the two issues most important to them. Health care, named by 35 percent, was a clear but relatively distant second choice, followed by immigration, "how things work in Washington" and for ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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2

12 hours ago

Federal Eye: These scientific studies show that airport Ebola screenings are largely ineffective

Oct 31 2014 3:27pm CDT | Source: Post Politics: - The Washington Post

The debate over whether the Obama administration should ban flights from Ebola-stricken nations has been raging for weeks, fueled by fears of an outbreak in the United States and a lot of election-inspired finger pointing. Read full article >> ...
Source: Post Politics: - The Washington Post   Full article at: Post Politics: - The Washington Post
 

 
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1

13 hours ago

Obama to meet Federal Reserve chair Yellen Monday: White House

Oct 31 2014 2:57pm CDT | Source: Townhall's

WASHINGTON (Reuters) - President Barack Obama will meet with Federal Reserve Chair Janet Yellen on Monday to discuss "the long-term outlook... ...
Source: Townhall's   Full article at: Townhall's
 

 

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