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The recent government shutdown cost the US economy tens of billions of dollars and will have lasting effects, with the Congressional Budget Office (CBO) estimating a $55 billion hit to GDP (0.8% reduction) for the first four weeks. Some of the economic losses, ranging from $7 billion to $14 billion, will not be recovered.
Estimated economic impact
The recent government shutdown cost the US economy tens of billions of dollars and will have lasting effects, with the Congressional Budget Office (CBO) estimating a $55 billion hit to GDP (0.8% reduction) for the first four weeks. Some of the economic losses, ranging from $7 billion to $14 billion, will not be recovered.
Estimated economic impact
- Four-week shutdown: A four-week shutdown could cost approximately $55 billion in GDP, with roughly $7 billion of that amount being a permanent loss.
- Six-week shutdown: A six-week shutdown is estimated to cost the economy $11 billion in permanent losses and will reduce quarterly GDP growth by about 1 percentage point.
- Longer shutdowns: The CBO projects that an eight-week shutdown could reduce GDP by 1.5 percentage points in the fourth quarter, a loss of $28 billion, with the permanent economic damage growing to $14 billion.
- Weekly cost: Economists estimate that each additional week of shutdown costs the US economy about $7 billion.