Shutdown Has 'Hurt the Credibility' of Congress Says TN Republican

Tennessee Republican congressman Chuck Fleischmann said that the ongoing government shutdown has hurt both the American people and lawmakers' credibility throughout the country, as the stalemate over funding continues.

The federal government shutdown has already cost the US economy at least $18 billion this year, a figure that “will intensify” in the weeks to come, according to the Congressional Budget Office.

The nonpartisan organization emphasized much of the impact will be temporary, with a short-term boost to economic growth in the first quarter of next year. However, they estimate between $7 billion and $14 billion of the hit to gross domestic product will not be recovered, dependent on the ultimate length of the shutdown.

GDP is already poised to be at least one percentage point lower in the fourth quarter due to the government shutdown, according to the CBO report released Wednesday.

Once the shutdown reaches the six-week mark — or mid-November — the group expects real GDP growth to be 1.5 percentage points lower in the fourth quarter, a reduction of $28 billion. And if it extends to eight weeks, roughly around the Thanksgiving holiday, the hit to real GDP will grow to two percentage points, or $39 billion.

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