McConnell says stock market drops are a result of stalling worldwide economy
08/24/2015 04:12 PM
FLORENCE – U.S. Senate Majority Leader Mitch McConnell told Kentucky reporters on Monday that the drop of the stock market is a reflection of a worldwide economic slowdown.
The stock market dropped Monday morning more than 1,000 points in the first minutes of trading, the worst drop since Oct. of 2008. However, the market clawed its way back throughout the day with the Dow dropping 588.47, which is a 3.58 percent tumble.
McConnell, who was in Florence on Monday speaking to the Boone County/Florence Rotary, said that the economic growth in the United States has been “pretty tepid” as well.
“This has been the poorest growth rate after a deep recession since World War II,” McConnell said. “It looks like it’s a reflection of what’s going on the world’s economy with things slowing down.”
Finances will be on the minds of members of Congress when they return to Washington from their summer vacation on September 8.
They’ll have just a few weeks to deal with funding the government with the deadline set for September 30.
McConnell says Congress will look towards more short term Continuing Resolutions since there is disagreement about how much to spend.
“Our Democratic friends want to spend more on everything, we’d like to spend more on defense,” McConnell said. “We’ll have to work out the differences sometime this fall.”
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