Kevin Hassett, Director of the White House National Economic Council, warned during an appearance on “Face the Nation with Margaret Brennan” that the U.S. economy might experience a contraction in the final quarter of the year if the ongoing government shutdown extends into late November. He emphasized that without a resolution before mid-November, military personnel may not receive their paychecks starting November 15. While Supplemental Nutrition Assistance Program (SNAP) benefits are currently being distributed under existing legal provisions, Hassett noted that continuing these payments stretches the interpretation of current statutes to their limits. The possibility of a negative growth rate in GDP highlights growing concerns about the broader economic consequences of prolonged federal inactivity.
— news from CBS News
— News Original —
Top Trump economic adviser says there could be a “negative quarter” if shutdown drags on
White House National Economic Council Director Kevin Hassett told “Face the Nation with Margaret Brennan” that the fourth quarter could be a “negative quarter” if the government shutdown drags on through Thanksgiving. He added that military paychecks could stop on Nov. 15, and while SNAP benefits are being administered under the law, but “it ‘s really, really pushing the boundaries of the law.”