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President Trump announced he will sign a bill to reopen the government until Feb. 15. Photo: Brendan Smialowski/AFP/Getty Images

According to the White House's projections, the government shutdown that ended Friday had already eroded the positive impact of tax reform and spending increases signed by Trump in 2017.

What they're saying: "Chairman of the Council of Economic Advisers Kevin Hassett recently said the shutdown reduces quarterly annualized economic growth by 0.13 percentage points for every week that it lasts. After more than four weeks, that’s the equivalent of a 0.6 percent reduction in the annualized growth rate," the Committee for a Responsible Federal Budget notes.

  • "The deficit-financed nature of these bills provided significant short-term stimulus, though they will do little to boost GDP over the medium and long terms. CBO estimates suggest they will each increase GDP growth by 0.3 percent per year in 2018 and 2019."
  • "At best, some of the economic losses from the shutdown may be recovered."

Hassett asserted last week that "the second quarter would be humongous if the government reopens" and could regain much of its lost growth, even though government output remains lost for the quarter.

Why it matters: Much, but not all, of the growth would be recovered after the government reopens.

  • As one economic analyst explained via email, "The restaurant meals not eaten still represent a permanent loss (not to mention the spending by federal contractors who are not getting backpay)."
  • "Some but not all of the economic effects will bounce back — federal workers will make their missed mortgage/car payments, but they’re not going to go out to eat 10 times this week to make up for the times they didn’t go out last week."

Of note: Economists polled by Reuters estimate the shutdown, which started on Dec. 22, actually knocked 0.2% off of quarterly GDP growth every week, double the White House's estimate.

Go deeper: Stocks are bouncing back, but analysts are still spooked

Go deeper

Progressives to file resolution to strip Boebert's committee seats

Rep. Lauren Boebert walking through the Senate side of the U.S. Capitol earlier this month. Photo: Drew Angerer/Getty Images

House progressives are planning to introduce a resolution on Wednesday to strip Rep. Lauren Boebert (R-Colo.) of her committee assignments, according to a Democratic aide familiar with the matter.

Why it matters: The move, which was first reported by the Washington Post, comes as progressives — anxious to see the right-wing firebrand face retribution for her recent comments — have grown frustrated by Democratic leadership's inaction on the issue.

Roger Stone won't cooperate with Jan. 6 panel

Longtime Trump confidante Roger Stone speaking in front of the Supreme Court on Jan. 5 in Washington, D.C. Photo: Tasos Katopodis/Getty Images

Longtime Trump confidante Roger Stone won't cooperate with the House select committee investigating the Jan. 6 Capitol riot and will invoke the Fifth Amendment right not to testify, his attorney said Tuesday evening.

Why it matters: The announcement, first reported by ABC News, came hours after former White House chief of staff Mark Meadows said he wouldn't cooperate with the probe.

Updated 4 hours ago - Politics & Policy

Congressional leaders clinch support for crucial defense bill, debt limit votes

Senate Majority Leader Chuck Schumer passes waiting reporters on Tuesday. Photo: Eric Lee/Bloomberg via Getty Images

Congress has found a shortcut to pass its annual defense funding bill and raise the debt limit.

Driving the news: The House voted Tuesday night on two major bills — one creating a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes, and another passing its annual defense bill.