Washington: US Treasury Secretary Scott Bessent announced on Wednesday that the ongoing government shutdown could potentially cost the economy up to USD 15 billion per day. Bessent urged moderate Democrats in the Senate to take decisive action to prevent further economic damage.
According to Kuwait News Agency, Bessent made these remarks during a press conference, emphasizing the urgent need for bipartisan cooperation. He appealed to Senate Democrats to break away from what he described as a "hive of radicalism" and make decisions that benefit the American public, warning that the economic situation is becoming increasingly dire.
The Republican Party and the Trump administration are preparing for an extended shutdown, strategizing to minimize political fallout while putting pressure on Democrats. House Speaker Mike Johnson (R-La.) has expressed concerns that the shutdown could become one of the longest in US history unless Democrats agree to a GOP-drafted continuing resolution to fund the government.
Johnson highlighted the urgency of the situation during a press conference, noting that the shutdown had already reached 15 days. He called on Democrats to abandon their "partisan demands" and approve a straightforward budget to reopen the government and ensure federal workers are paid.
Congressional leaders have reached an impasse over government funding, with Democrats insisting on concessions related to health care, particularly the Affordable Care Act tax credits due to expire in late 2025. The Senate is scheduled to vote for the ninth time on a Republican stopgap measure, which has repeatedly failed to secure the necessary 60 votes.
Despite the ongoing shutdown, military personnel received their paychecks on Wednesday, thanks to the Trump administration's decision to use unspent research and development funds. However, House Speaker Johnson cautioned that this was only a temporary solution, warning of potential missed paychecks for military personnel at the month's end if the shutdown persists.