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Daily US budget losses may reach $300 billion due to government shutdown

October 02, 2013, 12:25 UTC+3

IHS Global Insight experts say that unpaid leaves of 800 thousand American state employees lead to losses of $12.5 million per hour

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Photo AP Photo/Carolyn Kaster

Photo AP Photo/Carolyn Kaster

NEW YORK, October 2. (Itar-Tass). – Suspension of US government funding due to lack of approved state budget for 2014 fiscal year may cause serious financial losses for the country. The amount of daily losses may reach $300 million, according to a forecast made by US-based consulting company IHS Global Insight.

The experts say that unpaid leaves of 800 thousand American state employees lead to losses of $12.5 million per hour. In addition, the suspension of state offices’ funding, as experts assume, may trigger a structural decline in main economic figures of the US, in particular, a 0.9% drop of GDP in Q4, in case the budget crisis lasts for three weeks.

The complex financial situation has already impacted multiple facets of the US society. Different touristic objects – national parks, museums and expositions, subsided by the state - have stopped working all over the country.

The budget crisis affected the country leaders as well. Thus, Michelle Obama twitted that she would update her account in this social network more rarely. The reason behind this decision of US first lady is that the inability of the Congress to adopt the law on government’s funding affects her 16 assistants that were likely updating Michelle Obama’s Twitter account.

The US Congress couldn’t approve the resolution on short-time funding of the government before October 1 due to sharp differences between the democrats and republicans on Obamacare – state healthcare program. The House of Representatives where the opposition has the majority of seats tried to link these two issues while the Senate insisted on the adoption of a ‘pure’ document.

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