www.ligahordy.fora.pl

cheapbag214s · Posted: Wed 8:53, 27 Nov 2013 Post subject: " S&P said.

S&P: Shutdown "shaved at least 0.6%" from Q4 GDP
NEW YORK, Oct. 16 () -- The federal government shutdown has cost the U.S. economy at least $24 billion, and probably more than that, Standard & Poor's Ratings Services said Wednesday.In a release, the ratings agency said the shutdown, which began two weeks ago, "has shaved at least 0.6% off of annualized fourth-quarter 2013 GDP growth,[url=http://www.myeduhelp.com/]christian louboutin booties[/url], or taken $24 billion out of the economy. However, the closer we get to breaching the debt ceiling, the higher we expect the economic impact to be."The agency noted that the 2011 debt-ceiling standoff was associated with a 31-year low for consumer confidence, and said a major difference between the current budget and debt ceiling fight the 2011 fight is that "this round of debt-ceiling negotiations is occurring after two-plus weeks of a government shutdown" -- so the final cost to the economy "will likely be even more severe.""While we believe the Senate deal will be passed and the debt ceiling will be raised, the impact of a default by the U.S. government on its debts would be devastating for markets and the economy and worse than the collapse of Lehman Brothers in 2008," S&P said.The release said if the United States were to default on its obligations, there would be a "sudden, unplanned contraction of current spending," including a federal government spending cut of about 4 percent of annualized GDP."That would put the economy in a recession and wipe out much of the economic progress made by the recovery from the Great Recession,[url=http://www.govtvault.com/]gucci outelt store[/url]," S&P said.