Obama: Government Shutdown Slowed Our Growth

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Oct. 17 (Bloomberg) -- President Barack Obama discusses the re-opening of the U.S. government. (Source: Bloomberg)

Sachs.

Revenue falls 20%. it is the worst quarter since the financial crisis.

Goldman, not feeling it today.

Welcome back to "market makers." i am stephanie ruhle.

I am erik schatzker.

The president is stepping up to the microphone right now.

We need to reopen the government and pay america's bills.

Democrats and republicans came together and the first shutdown in 17 years is over.

The first default in more than 200 years will not happen.

These twin threats to our economy have been lifted.

I want to thank the democrats and republicans for getting together and getting this job done.

There has been a lot of discussion about the politics of the shutdown.

Let's be clear, there are no winners here.

These last few weeks have conflict -- put damage on our country.

We do not know the scope of the damage, but every analyst believes it has slowed our growth.

We know that potential homebuyers have gotten fewer mortgages and small business loads have them dashed small business loans have been put on hold.

Half of all ceos say that the threat of shutdown set back their plans to hire over the next six months.

We know that the threat of default, of america not paying all of the bills that we owe on time increased our borrowing costs.

That adds to our deficit.

We know the american people's frustration with what goes on in this town has never been higher.

That is not a surprise.

The american people are completely set up with washington.

At a moment when our economic recovery demands more jobs, more momentum, we have another self- inflicted crisis that has set our economy back.

For what?

There was no economic rationale for all of this.

Over the past four years, our economy has been growing, our businesses have been creating jobs, our deficit has been cut in half.

We hear some members who pushed for the shutdown say they were doing it to say the american economy.

Nothing has done more to undermine our economy these past three years than the kind of tactics that create these manufactured crises.

You do not have to take my word for it.

The agency that put america's credit rating on watch explicitly cited all of this.

They set our economy remains more dynamic and resilient than other advanced economies and the only thing putting us at risk is repeated brinksmanship.

That is what the credit rating agency said.

That was not a political statement.

That was analysis -- that was an analysis of what is hurting our economy.

That also happens to be the view of our diplomats who have been hearing from their counterparts internationally.

Some of the same folks who pushed for the shutdown and threaten default claimed that their actions were needed to get america back on the right track.

To make sure that we are strong.

Probably nothing has done more damage to america's credibility in the world, our standing with other countries, then the spectacle we have seen these past several weeks.

It has encouraged our enemies, it has emboldened our competitors, and it has depressed our friends who look to us for steady leadership.

The good news is, we will bounce bounce -- we will bounce back from this.

We always do.

We are the bedrock of the global economy for a reason.

We are the indispensable nation that the world looks to as the safest and reliable -- and most reliable lace to invest.

-- most reliable place to invest.

We have earned that responsibility over more than two centuries because of our economy and our entrepreneurs, the productivity of our workers, but also because we keep our word and we meet our obligations . that is what full faith and credit means.

You can count on us.

I want our people and businesses and the rest of the world to know that the full faith and credit of the united states remains unquestioned.

All of my friends in congress, understand that how business is done in this town has to change.

We all have a lot of work to do on behalf of the american people and that includes the hard work of regaining their trust.

Our system of self-government does not function without it.

Now that the government is reopened, the threat to our economy is removed, all of us need to stop focusing on the lobbyists and talking heads and professional activists and focus on what the majority of americans sent us here to do.

We need to grow this economy, create good jobs, strengthen the middle class, educate our kids, lady foundation for -- laid the foundation for prosperity.

That is why we are here.

That should be our focus.

That will not be easy.

We know that we have divided government right now.

There is a lot of noise out there.

The pressure from the extremes affect how members of congress see the day to day work that is supposed to be done here.

The american people do not see every issue the same way.

That does not mean we cannot make progress.

When we disagree, we do not have to suggest that the other side does not love this country or believe in free enterprise or the other rhetoric against worse every year.

-- that gets worse every year.

If we disagree on something, we can move on and focus on the things we agree on.

We can get some stuff done.

Let me be specific about three

This text has been automatically generated. It may not be 100% accurate.

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