Scott Bessent Says Shutdown Has Started To Affect The Economy: 'No Kings Means No Paychecks'

According to U.S. Treasury Secretary Scott Bessent, the ongoing federal government shutdown is showing signs of affecting the nation’s economy.

‘No Kings Means No Paychecks’

Bessent, speaking on Fox Business Network’s “Mornings with Maria” on Monday, acknowledged the economic repercussions of the government shutdown, which has now entered its 13th day.

“…why this has dragged on for so long is that… the democratic friends in the mainstream media are downplaying the shutdown,” Bessent told host Maria Bartiromo.

"It's starting to affect the real economy. It's starting to affect people's lives," he added.

The shutdown has led the government to prioritize military pay over other federal services, such as the Smithsonian museums and the National Zoo. 

“We are having to shuffle things around. We are having to furlough workers here in DC and around the country,” the Treasury Secretary said.

When asked about the ‘No Kings' march to be held in Washington over the next weekend, Bessent replied, “..you know, ‘no kings' means no paychecks. No paychecks and no government."

See Also: ‘Too Young To Retire But Too Old To Start Over’—Gen X Could Be The First Generation That Forces Universal Basic Income Into Reality

Shutdown Could Cost $15 Billion A Week

The Trump administration had previously warned of the economic consequences of the shutdown. A White House memo projected a potential loss of $15 billion in GDP per week, with an additional 43,000 unemployed individuals if the shutdown were to last a month.

Despite the economic impact, the shutdown has not significantly deterred Americans from making major purchases. A Redfin survey revealed that 17% of Americans are delaying major purchases, while 7% have canceled their plans entirely. Meanwhile, 65% of those unaffected by the shutdown have reported no change in their financial plans.

Meanwhile, Senate Minority Leader Chuck Schumer (D-N.Y.) has accused President Donald Trump and White House budget chief Russell Vought of using Americans as “pawns” in the shutdown, which has led to thousands of federal layoffs.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.