POLITICS

U.S. Economy Lost An Estimated $6 Billion To Shutdown, S&P Says

The president had demanded $5.7 billion to fulfill his long-promised project to build a wall on the southern border.

A global ratings agency has estimated that the recent partial government shutdown cost the U.S. economy at least $6 billion, according to a Reuters report. 

Standard & Poor’s Global Ratings announced on Friday that its estimation is based on productivity loss from furloughed workers and economic activity loss to outside business, according to the news agency. 

“Although this shutdown has ended, little agreement on Capitol Hill will likely weigh on business confidence and financial market sentiments,” the company said in a statement.

President Donald Trump announced a short-term deal with Congress to temporarily reopen the government on Friday, which was the 35th day of what was the longest shutdown in U.S. history.

Two competing proposals to reopen the government failed to pass in the Senate earlier this week, prior to Trump’s announcement. 

The president backed down after a weekslong stand off with congressional Democrats, who refused to approve $5.7 billion in taxpayer money to build a wall on the U.S.-Mexico border. Trump had previously promised Mexico would pay for the wall during his campaign.

Trump agreed to reopen the government for three weeks, until Feb. 15, so that hundreds of thousands of federal workers who have gone without pay, or have been furloughed, could get paid as border security negotiations continue. 

The president also promised on Friday that federal workers would receive back pay “as soon as possible.” 

During that same speech, Trump vowed to shut down the government again if he doesn’t get a “fair deal from Congress.”

On Saturday, the president tweeted that “negotiations with Democrats will start immediately.” 

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