Remember the debt ceiling fight a year ago? The one that was supposed to be about saving money and ending wasteful spending? Guess how much that fight itself cost?
The fact that the 2011 debt limit fight harmed the U.S. economy in various ways has been well documented, but a new report by a government auditor attempts to quantify one piece of it. Specifically, by walking the country up to the brink of default and spooking creditors and making borrowing more expensive, how much money did Congress cost the federal government?
The answer? In fiscal year 2011 alone, the debt limit brinksmanship cost the government $1.3 billion, according to a new Government Accountability Office report.
If we keep saving the economy at that rate, we’ll go broke even faster.