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You are here News Domestic (USA) Shutdown’s economic damage: $1 billion a week

Shutdown’s economic damage: $1 billion a week

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Shutdown costing 1 billion dollars a weekAs federal workers face the prospect of missed paychecks during the partial government shutdown, their financial reality is rippling into the broader economy.

The roughly 800,000 government employees who are either furloughed or working without pay will be forced to start slashing their consumer spending when paychecks don’t appear this week. Private-sector contractors and other workers tied to the government are already seeing damage from lost business.

And a hit to the nation’s financial standing is on the horizon with a warning from Fitch Ratings on Wednesday about downgrading the government’s credit rating if the shutdown persists.

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