2025-11-13 16:42
publication
2025-11-13 16:42
The budget paralysis that ended on Wednesday cost the American economy $15 billion a week, contributed to reducing the growth of American GDP by 1-1.5 percentage points and eliminated 60,000 jobs. jobs – said Kevin Hassett, director of the White House National Economic Council, on Thursday.
Hassett presented the economic effects of the shutdown this way during a conversation with reporters at the White House.
“We estimate that GDP will be lower by 1-1.5 percent. At the beginning of the quarter, we expected (an increase by) 3-4 percent of GDP, which would be consistent with the numbers from the previous two quarters. So now we can expect about half of this,” said the president's adviser, answering PAP's question.
Hassett said that weaker economic growth would translate into 60,000 jobs. fewer jobs. He also cited estimates from the Council of Economic Advisers (CEA), according to which each week of more than 6 weeks of paralysis cost $15 billion. He also said furloughed federal workers should receive back wages next week.
The presidential adviser also stated that the shutdown caused damage to the work of the BLS statistical office, which due to the shutdown will not be able to prepare a full report on the situation on the labor market in October.
“The September report is already baked and will be released next week (…) but we will never know what the unemployment rate was in October“- he declared.
Budget revenues from customs duties have so far reached over USD 213 billion
When asked about President Trump's announcement to pay Americans PLN 2,000. dollars “dividend” from tariff revenues, Hassett said it would require an act of Congress, but said the tax revenues would be enough to cover the checks sent to taxpayers.
“We are actively investigating this matter, checking the numbers to be able to present to the president what his options are,” he said.
According to Fox News, tariff revenues have so far reached over $213 billion. Two months ago, a bill was submitted to the Senate providing for the payment of $600 to each taxpayer from customs duties, but so far it has not been processed.
The longest budget paralysis in the country's history ended on Wednesday when President Trump signed an act containing a provisional budget extending state funding until January 30, along with a partial full-year budget including funds, among others. for the construction of military facilities, legislation and agriculture. As a result, approximately 750,000 people returned to work on Thursday. federal employees placed on furlough.
From Washington Oskar Górzyński (PAP)
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