[Congressional Record Volume 165, Number 5 (Thursday, January 10, 2019)]
[House]
[Page H442]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   THE COST OF A GOVERNMENT SHUTDOWN

  (Mrs. CAROLYN B. MALONEY of New York asked and was given permission 
to address the House for 1 minute.)
  Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, we are paying a 
high price for the President's demand for more than $5 billion to fund 
his wall.
  The shutdown not only hurts those directly affected, it has begun to 
spread to the broader economy.
  The shutdown slows economic growth, weakens business confidence, 
softens consumer spending, and depresses lending.
  JPMorgan Chase estimates the economic costs to be $1.5 billion per 
week during the shutdown.
  Mark Zandi, chief economist at Moody's, says that if the shutdown 
lasts into February, economic growth could be reduced by $8.7 billion.
  President Trump's own Council of Economic Advisers projects that 
economic growth will slow every week that the shutdown continues.
  In addition, the rating agency Fitch has warned that a prolonged 
shutdown could lead to a downgrade of U.S. debt. This will raise 
borrowing costs for companies and consumers across the country.
  The U.S. Chamber of Commerce states that the shutdown is harming the 
American people, the business community, and the economy.
  Mr. President, you are playing a very dangerous game, and we all will 
pay the price.

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