Impact and Costs of the October 2013 Federal Government Shutdown

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By Sylvia Mathews Burwell (ed)
Year: 2013
Pages: 27
Binding Paperback
ISBN 978-1-4578-5206-0

Product Code: 1457852063

Description

The October 2013 Federal government shutdown was the second longest since 1980 and the most significant on record, measured in terms of employee furlough days. Outside experts estimate that the shutdown will reduce fourth quarter Gross Domestic Product (GDP) growth by 0.2-0.6 percentage points. The Council of Economic Advisers estimates that the combination of the government shutdown and debt limit brinksmanship may have resulted in 120,000 fewer private-sector jobs created during the first two weeks of October. This report examines the economic, budgetary, and programmatic costs of the government shutdown, which include economic disruption, Federal employee furloughs, programmatic impacts, other costs to the Federal budget, and impacts on the Federal workforce. Independent forecasters estimate that the shutdown will lower fourth quarter real GDP growth by 0.2-0.6 percentage points, or $2-$6 billion in lost output. This is a print on demand report.

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