The GOP shutdown and threat of default caused serious damage to the economy and the American people’s way of life.
The government shutdown and threat of default cost the US economy $24 billion, cut 0.6 percent of growth off of our GDP and brought the US economy to the brink of collapse.
Connecticut residents lost $14.8 million in salary and benefits and about 1,000 jobs. This week, Fitch, one of the three major debt-trading companies, threatened to lower the United States’ credit rating from AAA.
During the shutdown, more than 800,000 federal workers were furloughed, life-saving clinical trials at the National Institute of Health had to turn new patients away, and all federal buildings and government resources were closed or unavailable.
Unfortunately, Republicans have already signaled they will continue to use reckless political tactics like shutting down the government to appease their narrow, right-wing base.
Last week, we saw 144 Republicans in the House and 18 Republicans in the Senate vote to default on our obligations and keep the government closed. If they had gotten their way:
The United States credit rating could have been downgraded, resulting in higher interest rates on mortgages, credit card balances and private student loans.
Social Security payments would have been delayed as the government ran out of money for checks.
- Medicare and Medicaid payments would have been jeopardized meaning millions could have gone without vital health care services.