GOLDEN VALLEY, Minn. - The price tag for the ongoing government shutdown is coming to light and the numbers are staggering.
According to NBC News, the shutdown is costing the U.S. $12.5 million dollars per hour, and that's just in lost government business.
The 532 members of Congress are still getting paid during this time, is costing taxpayers $10,500 per hour.
That's a significant financial impact and, it won't stop once government is back up and running.
Financial Advisor Dan Ament with Morgan Stanley visited KARE 11 Sunrise to talk about what happens next.
Oct. 1 - Government Shutdown - The shutdown, the first since the winter of 1995-96, closed national parks, museums along the Washington Mall and the U.S. Capitol visitors center. Agencies like NASA and the Environmental Protection Agency will be all but shuttered. An estimated 800,000 will be affected. People classified as essential government employees-such as air traffic controllers, Border Patrol agents and most food inspectors-will continue to work.
Oct. 4 - Jobs Report This Friday? - If the government shutdown lingers further, the much anticipated barometer on the health of the jobs market - the September Employment Report - will not be released as expected on Friday Oct. 4.
Oct. 8 - Corporate Earnings Season Kick Off - 3rd Quarter earnings results will begin reporting in earnest on October 8. Stocks have posted attractive gains this year due in part to better expectations for corporate earnings. Focus will be on these results and whether they are on track to meet analyst expectations.
Oct. 17 - Debt Ceiling - Oct. 17 is the date estimated by the Treasury when it will deplete its cash and be required to issue more debt to meet expenditures. The debt-ceiling fight is one that Wall Street is most worried about. Recall the summer of 2011, the DOW fell 1,700 points or nearly 14% due to the concern surrounding the governments last minute deal to raise the debt ceiling and avoid default. In addition, the U.S. witnessed an accompanying downgrade in its credit rating.
Oct. 29-30 - Fed Meeting - After deciding not to begin tapering its economic lifeline to the economy at its last meeting, the Fed will meet again to assess its economic outlook at the timing of when to begin its taper talk again. The outcome of this meeting could serve as a disruption to the markets seemingly optimistic track so far.
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