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Policy Note 2013/9 | October 2013

A New “Lehman Moment,” or Something Worse?

A Scenario of Hitting the Debt Ceiling

The United States entered the second week of a government shutdown on Monday, with no end to the deadlock in sight. The cost to the government of a similar shutdown in 1995–96 amounted to $2.1 billion in today’s dollars. However, the cost and broader consequences of today’s shutdown are not yet clear—especially since the US economy is in the midst of an anemic recovery from the biggest economic crisis of the last eight decades.

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Policy Note 2013/9
Associated Program:
The State of the US and World Economies
Author(s):
Michalis Nikiforos
Related Topic(s):
Balanced budget Debt ceiling Fiscal consolidation GDP growth Government default Government shutdown Treasury bond ratings Unemployment

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