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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41 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

 
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1 hour ago

House Scraps Vote On Bill To Address Border Crisis

Jul 31 2014 1:11pm CDT | Source: Politics - The Huffington Post

WASHINGTON -- The House abruptly removed a bill from its schedule that would provide $659 million in funding to address the ongoing border crisis, after initially planning to vote on the measure Thursday afternoon.   The bill had significant opposition from Democrats, but GOP leadership decided to add a separate vote, if the first were to pass, on a measure meant to bring on conservative support: ending a key Obam ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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Source: Newsmax - Politics   Full article at: Newsmax - Politics
 

 
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Supreme Court Justice Ruth Bader Ginsburg had a bad answer for Democrats who are worried if President Barack Obama can not choose her replacement, the court could flip more conservative because of the high historical likelihood that after eight years of a Democrat in office, the presidency will be won by the opposition party. Speaking with Yahoo News' Katie Couric, Ginsburg said, "My answer is, I will do thi ...
Source: Big Government   Full article at: Big Government
 

 
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1 hour ago

Eric Cantor Steps Down As House Majority Leader

Jul 31 2014 12:41pm CDT | Source: Politics - The Huffington Post

WASHINGTON (AP) — Rep. Eric Cantor used his farewell as House majority leader Thursday to lament what he calls a diminished U.S. role in a world that he said is rife with instability and terror. "I shudder to think what the world looks like in five years for us and our allies if we don't steel our resolve and stand tall with those who stand with us," said Cantor, R-Va. ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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Jul 31 2014 12:35pm CDT | Source: Townhall's

WASHINGTON (AP) — The White House denounced on Thursday an effort in the House of Representatives to block President Barack Obama from extendi ...
Source: Townhall's   Full article at: Townhall's
 

 
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Eric Cantor Doesn't Mention Amnesty, Guest-Worker Visas in Farewell Speech

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On Thursday, his last day as House Majority Leader, Rep. Eric Cantor (R-VA) did not mention amnesty or work visas during his farewell speech on the House floor.  Shockingly, Cantor lost a June 10 primary to Dave Brat largely because of his views on amnesty, and he did not urge his colleagues to move forward on giving amnesty to illegal immigrant children or increase the number of high-tech guest-worker visas. Before his defeat, Cantor was reportedly working on the so-ca ...
Source: Big Government   Full article at: Big Government
 

 
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2 hours ago

Inmate Early Release Applications Soar Under New Obama Rule

Jul 31 2014 12:01pm CDT | Source: Big Government

Justice Department data obtained by the Associated Press on Thursday reveal that the Obama administration's plan to reduce America's prison population has sparked five times as many inmate applications for early release as the year prior.  Since April, 3,300 federal inmates have taken advantage of the Obama Justice Department's new clemency initiative to broaden the criteria for early release. As the Associated Press reported on Thursday, "The Justice Dep ...
Source: Big Government   Full article at: Big Government
 

 
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3 hours ago

Virginia GOP Official Questions The Contributions Of Muslim Americans

Jul 31 2014 11:18am CDT | Source: Politics - The Huffington Post

Bob FitzSimmonds, treasurer of the Virginia Republican Party, is coming under fire from local officials for some eyebrow-raising comments he made about Muslims on his Facebook page. FitzSimmonds said the following in response to President Barack Obama's statement on the Muslim holiday of Eid al-Fitr: (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id) ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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3 hours ago

GOP Congressman Suggests Obama Should 'Send A Boat' To Pick Up Immigrant Children

Jul 31 2014 10:45am CDT | Source: Politics - The Huffington Post

Rep. Michael Burgess (R-Texas) suggested Thursday that if President Barack Obama is concerned about the well-being of thousands of unaccompanied children who have fled violence in their home countries in Central America, then perhaps he should "send a boat down to pick them up." In an interview with MSNBC's Jose Diaz-Balart, the congressman urged the president to visit the border an ...
Source: Politics - The Huffington Post   Full article at: Politics - The Huffington Post
 

 
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1

3 hours ago

Ruth Bader Ginsburg: Male Justices Don’t Understand What Hobby Lobby Meant For Women

Jul 31 2014 10:41am CDT | Source: ThinkProgress

CREDIT: (AP Photo/Jessica Hill) When the U.S. Supreme Court ruled that businesses get to decide decide whether their female employees should have access to contraception, five conservative men disagreed with three women and Justice Stephen G. Breyer. This gender split could have been incidental, since the three women on the court were appointed by Democratic presidents. But it also signifies a deeper misunderstanding about the experience of women, U.S. Supr ...
Source: ThinkProgress   Full article at: ThinkProgress
 

 

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