Shutdown projected to cause $3B permanent hit to economy

Staff Writer

WASHINGTON (AP) — The federal government shutdown will cause slight permanent harm to the economy — about $3 billion — according to a report Monday by the Congressional Budget Office.
The report says the five-week shutdown has slowed growth in the near term but that most of the lost growth “will eventually be recovered.”
Overall, CBO predicts that just $3 billion in lost gross domestic product will be permanently lost, a modest figure in a $20 trillion-plus economy.
By year’s end, CBO says, GDP would be just 0.02 smaller because of the shutdown, which shuttered many domestic agencies. Most of the 800,000 furloughed federal workers are returning to their jobs Monday...To read more, please refer to our print or online edition.

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