Arab Today, arab today sp shutdown has hurt us growth
Last Updated : GMT 02:30:17
Arab Today, arab today
Arab Today, arab today

S&P: Shutdown has hurt US growth

Arab Today, arab today

Arab Today, arab today S&P: Shutdown has hurt US growth

Washington - AFP

The partial US government shutdown has taken $24 billion out of the economy and will cut growth in the fourth quarter significantly, ratings firm Standard & Poor\'s said Wednesday. Moreover, S&P warned of more possible damage if the political battle over the budget and debt ceiling resumes in January, further scaring consumers, especially government workers laid off without pay during the shutdown. As Congress appeared to strike a deal Wednesday to resolve the stalemate over a new budget and raising the debt ceiling, S&P said the impact of the two-week-old shutdown likely will take 0.6 percentage points off fourth-quarter growth. That would leave annualized growth in the October-December period at close to a sluggish 2 percent rate, the ratings agency said. The fall in growth is mostly due to the furlough of hundreds of thousands of civil servants, as well as impacted government contractors, because the Congress could not agree a budget for the 2014 fiscal year that began October 1. The civil servants have not been paid for their weeks off, but Congress is expected to reinstate their wages. With that money back in their pockets, some economists have forecast a bounce back in the economy in the first quarter. But S&P pointed out that the deal reached tentatively on Wednesday in Congress only would fund the government through January 15, and raise the debt ceiling to February 7. That portends potentially a fresh political crisis over both, and could frighten consumers from spending during the first quarter as well. \"The bottom line is the government shutdown has hurt the US economy,\" S&P said. \"The short turnaround for politicians to negotiate some sort of lasting deal will likely weigh on consumer confidence, especially among government workers that were furloughed.\" \"If people are afraid that the government policy brinkmanship will resurface again, and with it the risk of another shutdown or worse, they\'ll remain afraid to open up their checkbooks. That points to another Humbug holiday season.\" S&P dealt the government its first-ever credit rating downgrade -- to AA+ from AAA -- in August 2011, the last time politicians went to the brink of default on the debt over differences on the budget.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sp shutdown has hurt us growth Arab Today, arab today sp shutdown has hurt us growth

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday