CRFB Slams $1.8 Trillion Deficit Amid 'Pointless And Wasteful' Shutdown: 'Will Lose Our Status As A Superpower'

Benzinga_recent_news

Oct 10

The Committee for a Responsible Federal Budget (CRFB), a nonpartisan budget watchdog, condemned the ongoing U.S. government shutdown as “pointless and wasteful”, while unveiling the staggering $1.8 ...

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Crypto Bettors Don’t Think So, Favor Venezuela’s María Corina Machado Instead – Benzinga\nThe U.S. economy has been under strain due to the recent government shutdown. The Trump administration had warned of a potential $15 billion weekly GDP loss and over 40,000 job cuts if the shutdown persisted. \nThe shutdown has also clouded official labor statistics, with alternative data from private firms and banks indicating a cooling labor market, potentially leading to another rate cut by the Federal Reserve.\nDespite the shutdown, some analysts, like Fundstrat’s Tom Lee, have expressed optimism about the U.S. economy, citing massive investments in the artificial intelligence sector and the Federal Reserve’s dovish stance as “powerful tailwinds” for the economy.\nThe SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ) climbed 2.91% and 5.17% over the past month, respectively, according to Benzinga Pro data.\nREAD NEXT:\nImage via Shutterstock\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}