Shutdown Starting to Affect US Economy, Warns Treasury Secretary Bessent

Shutdown Impact on US Economy

Treasury Secretary Scott Bessent has expressed concern during an interview on Fox Business Network that the ongoing government shutdown is beginning to affect the U.S. economy. He pointed out that this is not being adequately covered by the media, and emphasized the gravity of the situation, which has now reached its thirteenth day.

Serious Consequences for Workers

Bessent remarked, "It's starting to affect the real economy. It's starting to affect people's lives." He attributed the delayed resolution to Democratic leaders' connections with the mainstream media, suggesting they have downplayed the severity of the shutdown.

Background on the Shutdown

• The government shut down at the start of the month.
• Democrats refused to support a GOP funding plan without addressing enhanced Affordable Care Act subsidies.
• These subsidies are set to expire at year-end, raising concerns about increased insurance premiums for millions.

In light of these developments, Bessent warned that the prolonged shutdown may cause significant financial distress for many American families.

Furloughs and Job Losses

Since the shutdown commenced, hundreds of thousands of federal workers have been furloughed. Furthermore, a recent court filing from the Trump administration disclosed plans to terminate over 4,000 federal employees due to the ongoing situation.