Treasury Secretary Warns Shutdown Could Cost US $15 Billion Per Day

‘I am calling for the moderate Democrats to be heroes and reopen the government,’ Bessent said.
Treasury Secretary Warns Shutdown Could Cost US $15 Billion Per Day
U.S. Treasury Secretary Scott Bessent speaks during a ceremony for U.S. National Day at the World Expo 2025 in Osaka, Japan, on July 19, 2025. Tomohiro Ohsumi/Getty Images
Jack Phillips
Jack Phillips
Breaking News Reporter
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Treasury Secretary Scott Bessent said Oct. 15 that the now two-week government shutdown will cost the U.S. economy billions of dollars per day and called on moderate Democrats to negotiate.

The White House’s Office and Management and Budget said Oct. 14 it is preparing for a protracted battle as President Donald Trump warned at a White House event that programs favored by Democrats may be terminated and that “they’re never going to come back, in many cases.”

Multiple attempts to reopen the government failed in the Senate, which requires a 60-vote threshold to pass a stopgap measure. Republicans have a 53-seat majority.

During a news conference on Wednesday, Bessent said that keeping the government closed “may start costing the U.S. economy up to $15 billion a day.”

“I am calling for the moderate Democrats to be heroes and reopen the government for the American people,” he said.

Democratic Party leaders have said that any talks on reopening the government should include the extension of health care subsidies that are due to expire by the end of the year, warning that no extension would lead to millions of Americans paying higher health care premiums. Republicans say that the shutdown and health care are separate issues, and that talks on the policy can be opened up as soon as the government shutdown ends.

Bessent on Wednesday identified the government shutdown as the primary factor hampering economic growth. He said that despite the closure, the government will be able to make payroll for military personnel, adding that “America is open for business.”

In an event on Tuesday, Trump told reporters that he will soon release a list of programs that he will cut on a potentially permanent basis as the shutdown persists. He did not elaborate on which programs are being cut and which will stay open.

“We are closing up Democrat programs that we think that we disagree with, and they’re never going to open again,” the president said.

Trump said the White House will release “a list of them on Friday, closing up some of the most egregious socialist, semi-communist” programs.

“We’re being able to do things that we were unable to do before,” he added.

On Tuesday, House Minority Leader Hakeem Jeffries (D-N.Y.) told CNN that Democrats are willing to negotiate.

“We’re open to sitting down any time, any place with anyone,” Jeffries told the media outlet. “There has to be a willingness among Republicans to actually have a conversation.”

The Trump administration has dismissed 4,108 employees since Oct. 1, the day the shutdown began, according to a statement filed in court by the Department of Justice.

Federal worker unions are suing to overturn the firings. They argue that the law prohibits U.S. agencies from carrying out functions without approved funding from Congress.

There are certain exceptions, including for national security purposes and essential services to protect life and property.

The unions said that implementing layoffs is not an essential service that can be performed during a government closure. A federal judge is due to hear the case on Oct.15.

Reuters contributed to this report.
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Jack Phillips
Jack Phillips
Breaking News Reporter
Jack Phillips is a breaking news reporter who covers a range of topics, including politics, U.S., and health news. A father of two, Jack grew up in California's Central Valley. Follow him on X: https://twitter.com/jackphillips5
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