{"id":84848,"date":"2013-10-21T02:45:04","date_gmt":"2013-10-21T01:45:04","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/breaking-news\/lew-us-economy-bruised-by-fiscal-fight\/84848\/"},"modified":"2013-10-21T02:45:04","modified_gmt":"2013-10-21T01:45:04","slug":"lew-us-economy-bruised-by-fiscal-fight","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/lew-us-economy-bruised-by-fiscal-fight\/","title":{"rendered":"Lew: US economy bruised by fiscal fight"},"content":{"rendered":"
\n

US Treasury Secretary Jack Lew says the recent fiscal fight between Republicans and Democrats which resulted in a 16-day federal government shutdown has had a bruising impact on his country’s economy.<\/p>\n

“Unfortunately, we learned in 2011 that when you get close to the edge, it does do some damage,” Lew said. while appearing a NBC News’ “Meet the Press”.<\/p>\n

“This one was a little bit scary because it got so close to the edge.”<\/p>\n

He added that the partial shutdown eroded the confidence of both businesses and consumers.<\/p>\n

The Treasury Secretary said that the government closure increased borrowing costs in the short term, adding it also caused a certain loss of economic activity. He did not provide any precise data.<\/p>\n

An analysis by the leading rating agency Standard & Poor’s, however, said the shutdown cost the US economy at least $24 billion.<\/p>\n

Elsewhere in the interview, Lew acknowledged that the shutdown happened because the two dominant political parties in the country failed to resolve their political differences.<\/p>\n

“It’s important to remember that what we just went through was a political crisis, not an economic crisis,” he said, adding that “We need to make sure that government does not go through another round of brinkmanship. This can never happen again.”<\/p>\n

A deal between Democrats and Republicans in Congress on Wednesday night restored government funding through January 15. The last-minute deal also prevented an unprecedented debt default by extending US borrowing authority through February 7.<\/p>\n

Many in the US are still worried as they expect another political standoff between Republicans and Democrats after the short term deal.<\/p>\n

DT\/DT<\/p>\n<\/div>\n

Source: Press TV<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

US Treasury Secretary Jack Lew says the recent fiscal fight between Republicans and Democrats which resulted in a 16-day federal government shutdown has had a bruising impact on his country’s economy. “Unfortunately, we learned in 2011 that when you get close to the edge, it does do some damage,” Lew said. while appearing a NBC […]<\/p>\n","protected":false},"author":1213,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[487],"tags":[],"class_list":{"0":"post-84848","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-breaking-news"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/84848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1213"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=84848"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/84848\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=84848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=84848"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=84848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}