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Republican Budget Standoff Risks Government Shutdown, Economic Fallout

  • Republican infighting has led to a potential government shutdown starting September 30 if new budget legislation is not approved.

  • A shutdown could leave federal workers without pay and limit access to federal programs.

  • Economists estimate a 2-4 week shutdown could reduce GDP growth by 0.1-0.4 percentage points per week.

  • A full quarter shutdown could reduce GDP growth by 2 percentage points.

  • Hardline Republicans are rejecting short-term funding solutions, leaving few options to avoid a shutdown.

aljazeera.com
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### Summary The impending government shutdown due to a funding dispute between hard-right lawmakers in the House and Democrats could affect various government functions and services, causing delays and closures in areas such as air travel, national parks, and food safety inspections.
President Joe Biden warns that Republican-backed spending cuts could negatively impact the U.S. economy and voters as the deadline for a possible government shutdown approaches.
The potential government shutdown threatens to deprive the Federal Reserve of crucial data on the labor market and inflation, which could hinder its ability to make informed decisions about the economy and interest rates.
Senate Minority Leader Mitch McConnell warns that government shutdowns are a political liability for the Republican Party and supports Speaker McCarthy's efforts to avoid a government shutdown.
The Republican Party's infighting and dysfunction in the US House of Representatives is risking a government shutdown and handing victories to the Chinese Communist Party, while also putting national security and funding for federal workers at risk.
The White House warns that a government shutdown at the end of the month could have damaging consequences for the economy, national security, and the American public.
The White House is preparing for a government shutdown that they believe the public will blame the GOP for, as Speaker Kevin McCarthy struggles to unify his party behind a spending bill, and economists suggest that a shutdown would benefit the Biden administration heading into the 2024 presidential election.
The US government faces a potential shutdown if Congress fails to agree on funding past September 30, which would be the first shutdown since December 2018 and could result in a longer standoff between parties.
Millions of federal employees and military personnel face the prospect of a government shutdown, which would result in financial hardships for American families, disruptions in services, and potential harm to the economy.
Congress is facing a high probability of a government shutdown as a group of Republican members refuse to cooperate, leading to criticism of House Speaker Kevin McCarthy's inability to control his own caucus and reach a deal with Democrats.
The impending federal shutdown, combined with other economic challenges such as rising gas prices, student loan payments, and reduced pandemic savings, is expected to strain American households and potentially weaken economic growth in the last quarter of the year.
A potential government shutdown in Washington could have far-reaching consequences, causing financial losses for millions of people, disrupting medical research and food access, delaying regulatory efforts, and hampering the Biden administration's agenda on energy, climate, and infrastructure.
President Biden warns of the potential consequences of a government shutdown, urging Republicans in Congress to take action to prevent it.
A potential government shutdown in the U.S. could negatively impact the country's credit rating, highlighting weaknesses in institutional and governance strength, according to Moody's Investors Service. The economic impacts would be concentrated in areas with significant government presence, and the severity of the effects would depend on its duration. If prolonged, it could have a more pronounced effect on business and consumer confidence as well as financial markets.
Democrats are criticizing GOP-backed cuts in government funding, warning that a shutdown would endanger Americans and lead to disruptions in various federal services.
A government shutdown in the US may cause the Federal Reserve to delay an interest rate hike and could impact the recent strength of the dollar, analysts have warned. The shutdown could also lead to a delay in key inflation data, which would affect Fed policy decisions, and may put pressure on consumer spending.
The U.S. is on the verge of a government shutdown as Congress debates spending levels and aid to Ukraine, which could potentially affect government operations and federal workers' paychecks.
Republicans pushing for a federal government shutdown are facing criticism from party moderates and risking the loss of key services and financial impact, but are driven by hard-right Republicans who oppose any measures supported by President Biden.
Unless Congress acts soon, the federal government is at risk of shutting down again, leaving millions of federal workers without pay, as House Speaker Kevin McCarthy and his caucus clash over maintaining government operations or implementing drastic spending cuts demanded by conservatives.
The possibility of a government shutdown looms as Congress struggles to agree on federal spending bills, potentially affecting federal and contract workers, restricting services, and impacting the DC region, Maryland, and Virginia.
The White House has warned that the partial shutdown of the US government could hinder almost 2,000 long-term disaster recovery projects, impacting communities across the country.
Summarizing the text given, the US is preparing for a government shutdown as the funding deadline approaches, with potential consequences including delays in work authorizations for migrants, impacts on the Federal Aviation Administration, uncertainty in the House regarding a procedural vote, and concerns about the effects on small businesses and border security.
The U.S. government faces a partial shutdown if a bipartisan stopgap spending bill is not passed, leading to the closure of national parks, furloughs of federal workers, and suspension of regulatory activities, as a handful of hardline Republicans reject the bill.
The federal government is at risk of shutting down unless a temporary spending bill can be agreed upon by a small group of Republican representatives; in the event of a shutdown, certain factors such as food aid, economic data, and federal employee salaries would be affected, while others including U.S. stocks, Social Security checks, and the U.S. Postal Service would not be impacted.
The U.S. is on the brink of a federal government shutdown after hard-right Republicans in Congress rejected a longshot effort to keep offices open as they fight for steep spending cuts and strict border security measures that Democrats and the White House say are too extreme.
The United States government is at risk of a partial shutdown, which could impact the progress of crypto bills and hinder the functioning of financial regulators.
The recurring government shutdowns in the United States, a uniquely American phenomenon, are a result of the country's federal system of government and the strict interpretation of spending laws, which allow different political parties to control different branches of government and often lead to a lack of compromise.