WASHINGTON (WUSA9) -- The U.S. government shutdown has taken $24 billion out of the economy, according to estimates by Standard & Poor's on Wednesday.

The ratings agency reported that the loss is a result of an estimated0.6 percent off of GDP in the fourth-quarter after the two week shutdown.

"However, the closer we get to breaching the debt ceiling, the higher we expect the economic impact to be," S&P said in a release.

The agency says that they believe the Senate deal will pass and the debt ceiling will be raised, however, the impact of a default "would be devastating for markets and the economy and worse than the collapse of Lehman Brothers in 2008."

If the U.S. does default, S&P says government spending could be cut by an estimated four percent of annualized GDP.

"That would put the economy in a recession and wipe out much of the economic progress made by the recovery from the Great Recession."

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