Study: 2 years of federal budget battles cost taxpayers $700 bil - WSFA.com: News Weather and Sports for Montgomery, AL.

Study: 2 years of federal budget battles cost taxpayers $700 billion

Posted: Updated:
Source: MGN Online Source: MGN Online
  • More newsMore>>

  • Wyoming gas explosion prompts evacuation of town

    Wyoming gas explosion prompts evacuation of town

    Thursday, April 24 2014 10:14 AM EDT2014-04-24 14:14:45 GMT
    Residents and emergency crews were waiting for a fire to burn itself out after an explosion at a natural gas processing plant in a small town in southwestern Wyoming.More >>
    Residents and emergency crews were waiting for a fire to burn itself out after an explosion at a natural gas processing plant in a small town in southwestern Wyoming.More >>
  • Obama to Russia: More sanctions are 'teed up'

    Obama to Russia: More sanctions are 'teed up'

    Thursday, April 24 2014 10:05 AM EDT2014-04-24 14:05:53 GMT
    Accusing Russia of failing to live up to its commitments, President Barack Obama warned Moscow on Thursday that the United States has another round of economic sanctions "teed up" - even as he acknowledged those...More >>
    Accusing Russia of failing to live up to its commitments, President Barack Obama warned Moscow on Thursday that the United States has another round of economic sanctions "teed up" - even as he acknowledged those penalties...More >>
  • breaking

    Amber Alert suspects arrested, toddler found safe

    Amber Alert suspects arrested, toddler found safe

    Thursday, April 24 2014 9:49 AM EDT2014-04-24 13:49:46 GMT
    According to WTVA, an Amber Alert has been issued for a missing Lowndes County toddler. Lowndes County Chief Deputy Marc Miley says they are searching for 2-year-old Malia Harris of Columbus. OfficialsMore >>
    Georgia officials believe suspects in the Mississippi Amber Alert case may be in southwest Georgia. Cook County, GA investigators have been actively searching the Lenox area for the suspects. Officials confirmed a heavy presence of law enforcement in that area Wednesday night.More >>
BIRMINGHAM, AL (WBRC) -

Congress has approved a deal to end the government shutdown and raise U.S. debt limit Wednesday night.

The bill would reopen the government through Jan. 15 and permit the U..S. Treasury to borrow normally through Feb. 7. While we wait for President Barack Obama to sign the bill, a lot of people are talking about the impact of this budget battle.

Every day Congress battled over the budget, it cost the U.S. more money. According to a new study by Macroeconomic Advisors, all the budget fights, the debt ceiling standoffs and discretionary spending in the past two years have cost the American people $700 billion.

"This is creating a tremendous amount of uncertainty," said financial advisor Stewart Welch talking about the impact this is having on the markets.

Welch says the bill didn't accomplish much.

"If you think of all of the chaos that this has caused and the end result is a decision to kick it down the road for a few months. This doesn't make sense. This is not the way you do business certainly. Certainly not the way you run your government," said Welch.

The United States has received a warning from one of the credit agencies, threatening to downgrade the government's credit rating. And Welch says if the U.S. doesn't get it together and figure out a permanent solution on our $16 trillion debt, we could have even more trouble on the horizon.

"You have China and Japan who own $2.4 trillion of our $16 trillion debt, that's 15-16 percent and they are beginning to get really nervous about the way were running our country. And those people, those two countries, are somebody you better listen to because they have the ability to impact what's happening in our economy," said Welch.

Welch says we could be right back where we are in January, but the next go around will be more politically driven since it will be bumping up against the 2014 elections.

Copyright 2013 WBRC. All rights reserved.

Powered by WorldNow