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Wednesday, October 2, 2013

Shutdown Costs Taxpayers $12.5 Million An Hour

A closed sign is affixed to a door at the Smithsonian's Air and Space Museum in Washington Tuesday Nov. 14, 1995 as parts of the federal government were shutdown due a federal budget impasse between President Clinton and the Republican Congress. (AP)

A closed sign is affixed to a door at the Smithsonian’s Air and Space Museum in Washington Tuesday Nov. 14, 1995 as parts of the federal government were shutdown due a federal budget impasse between President Clinton and the Republican Congress. (AP)

The economic consulting firm IHS Global Insight calculates that the government shutdown costs taxpayers $300 million a day, or $12.5 million an hour, in government work and services that are not being provided.

The stock market rallied yesterday on day one of the shutdown, but losses are expected today.

Some of the other ways the shutdown affects the economy: home buyers and small businesses are expecting fewer federal loans, and the federal government might have to slow down Medicaid payments to states, which means states might slow down reimbursements to hospitals.

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