The ratings agency S&P has cut the annualized U.S. growth rate closer to 2% from 3%, saying that the shutdown has taken $24 billion out of the U.S. economy. The agency also cut 0.6% off of the yearly fourth quarter GDP growth.
Upon the recommendation of his top financial advisers, President Barack Obama issued an Executive Order that would restitute what has been lost in the economy because of this nonsensical shutdown strategy orchestrated by the Republican and Tea Party leaders.
The EO mandates that the Republican legislators pay back the $24 billion lost because of the two-week shutdown. Each of the 46 Republicans in the Senate and the 232 Republicans in the House of Representatives has been asked to pay the U.S. government $73 million. The deadline for the restitution is November 1, 2013. The Obama administration has denied requests from the Republican legislators for an installment plan.
The Adobo Chronicles has learned that the country’s largest banks have offered the legislators unsecured personal loans to enable them to meet their obligations under the EO. The banks, however, are charging the legislators enormous interest rates ranging from 24.9% to 36.8 %.