WASHINGTON — “We’ll bounce back from this,” President Barack Obama said of what he called the damage to the economy that the partial government shutdown and threat of default caused. “America is the bedrock of the global economy for a reason … because we keep our word and we (meet ) our obligations.”
The government shutdown and threat of U.S. default before the debt ceiling was raised “inflicted completely unnecessary damage (to) our economy,” Obama said Thursday morning at the White House. He said it slowed the economy’s growth and set back employers’ plans to hire. “Just the threat of default … increased our borrowing costs, which adds to our deficit.,” he said.
[Original story, posted at 10:36 a.m.]
Federal workers were back on the job Thursday, streaming into government offices in Washington and opening national landmarks such as St. Louis’ Gateway Arch after the 16-day shutdown that ended when President Barack Obama signed a spending and debt ceiling agreement passed by Congress on Wednesday night.
The protracted brinksmanship flirted with a possible U.S. default before ending when Republicans caved to the insistence of Obama and Democrats that legislation funding the government and raising the federal borrowing limit should be free — or at least mostly free — from partisan issues and tactics.
After all the bickering and grandstanding, the billions lost and trust squandered, the result amounted to much ado about nothing.
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