Business Associations Issue Statement on Government Shutdown

Today, a broad cross-section of business associations issued the following statement:

"Government shutdowns impose real, escalating costs. While exact figures vary, public estimates of the current funding lapse suggest $10 billion-$15 billion per week in lost output and economic activity. The longer the shutdown persists, the larger and more durable the economic damage becomes - and some of it could never be recovered.

"Among many other impacts, each day the government remains closed increases the permitting backlog for major infrastructure projects. The nation's air traffic control system and its workforce are also showing signs of stress.

"We urge Congress to swiftly pass a clean continuing resolution to reopen the federal government. Immediately reopening the government would avert further economic disruption and give Congress and the Administration time to negotiate a longer-term funding package and address other pressing issues."

The statement was issued by Airlines for America, American Bankers Association, American Hotel & Lodging Association, Associated General Contractors of America, Association of Equipment Manufacturers, Business Roundtable, Financial Services Forum, Information Technology Industry Council, National Association of Home Builders, National Association of Manufacturers, National Association of Realtors, National Association of Wholesaler-Distributors, National Electrical Manufacturers Association, National Retail Federation, the U.S. Chamber of Commerce and U.S. Travel Association.

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $25 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.7 trillion in deposits and extend $13.1 trillion in loans.