US federal government shutdown starting to cost economy $15B daily: Bessent
Treasury chief says Trump's policies triggered 'investment boom' in America, government shutdown slowing progress
ISTANBUL
US Treasury Secretary Scott Bessent said Wednesday that the federal government shutdown, on its 15th day, is starting to hurt the economy by up to $15 billion a day.
Asked at the CNBC's Invest In America forum in Washington, DC, whether the shutdown was hurting the economy, Bessent said, "I've seen figures that are starting to hurt the economy, maybe up to $15 billion a day."
Bessent said US President Donald Trump's policies triggered an "investment boom" in America. "The only thing slowing us down here is the government shutdown."
He emphasized the need to reopen the government and urged Democrats, whom he blamed for the shutdown, to reopen it.
Bessent pointed out that despite the shutdown, the Pentagon is in a position to pay the salaries of US servicemen.
He noted that the shutdown could have an effect on the labor market, noting that officials have seen a decline in confidence among very strong small businesses.
The US federal government shut down on Oct. 1 due to Congress' failure to approve a temporary budget bill before the start of the new fiscal year.
