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US economy lost at least $6 billion during shutdown, S&P says

FILE - Air Traffic and pilot unions protest the government shutdown on Capitol Hill in Washington, Thursday, Jan. 10, 2019. (AP Photo/Andrew Harnik)© AP Photo/Andrew HarnikFILE - Air Traffic and pilot unions protest the government shutdown on Capitol Hill in Washington, Thursday, Jan. 10, 2019. (AP Photo/Andrew Harnik)
The U.S. economy lost at least $6 billion during the record-long partial government shutdown, S&P Global Ratings said Friday.
The economic hit stems from a loss of productivity and economic activity lost to outside business during the shutdown, which ended on its 35th day on Friday, Reuters reported.
Nearly 800,000 federal employees were furloughed or working without pay during the shutdown.
The shutdown, the longest in U.S. history, started on Dec. 22 over President Trump's demand for $5.7 billion in funding for his long-desired wall along the U.S.-Mexico border.
Trump signed a three-week funding bill on Friday night, formally ending the shutdown without securing money for a border wall. Trump warned that if he cannot get a "fair deal" when the stopgap bill runs out, the government may shut down again. The president suggested he may also declare a national emergency to bypass Congress to build his wall, a move which would likely trigger legal challenges.
"Although this shutdown has ended, little agreement on Capitol Hill will likely weigh on business confidence and financial market sentiments," S&P said in a news release.
Trump's top economic adviser, Larry Kudlow, said earlier this week that he didn't expect the shutdown to do lasting damage to the U.S. economy.

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