The nonpartisan Congressional Budget Office (CBO) said Wednesday that the U.S. economy stands to lose billions in real gross domestic product (GDP) because of the ongoing federal government shutdown.
In a letter to House Budget Committee Chairman Jodey Arrington, R-Texas, CBO Director Phillip Swagel said most of the decline in GDP will eventually be recovered once the shutdown ends; however, between $7 billion and $14 billion will not be.
The CBO also estimated that the government shutdown will reduce annualized real GDP growth in the fourth quarter by 1 to 2 percentage points.
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