The US government is once again heading towards a shutdown. Many analysts believe that,The probability of the US government shutting down on October 1 is basically 100%.
At that time, many government functions, except for social security payments, will be suspended, and millions of government employees, including military personnel, will not receive their salaries.If the government shuts down for a week, the real GDP of the US in the fourth quarter could decrease by $6 billion, or 0.1%!
What is a government shutdown?
Simply put, the operation of the US government requires both the House and Senate to pass a budget bill before it can 'start work.' A government shutdown occurs when Congress fails to pass an appropriations bill signed into law by the President.
What caused this government shutdown?
Due to disagreements between the House, Senate, and the two parties, the spending bill for the new fiscal year of 2024 has been delayed.
When will the shutdown begin and how long will it last?
According to Wall Street News, the temporary funding bill for this fiscal year will expire onOctober 1stthe start of the next federal fiscal year. If Congress cannot pass an appropriation plan signed into law by the President before then,the government shutdown will begin at 12:01 AM on that day.
It is unpredictable how long the shutdown will last. With the Senate controlled by Democrats and the House led by Republicans, and with far-right conservatives under House Speaker Kevin McCarthy aiming to use the government shutdown as leverage to cut spending,many are preparing for a possible weeks-long shutdown.
This time, the Republican hardliners have indicated...