GOP Debt Fight Caused Over $1 Billion In Damage

Republican failure to come to an agreement over the debt ceiling caused a huge amount of money to be wasted.

The Congressional Budget Office calculated that the fight cost at least $1.3 billion, thanks to borrowing costs and overtime pay for congressional staffers.

The Treasury Department was also forced to suspend payments to funds for federal employees, then reinstate those funds.

Republicans refused to raise the debt ceiling, repeatedly refusing to pay down on the deficit by returning tax rates for the ultra wealthy to what they were under President Clinton. Republicans even refused to compromise with Democrats, even when Democrats offered cuts to programs they support.

As a result of Republican refusal to compromise, America’s credit rating was reduced.