US Government Faces Shutdown as Budget Talks Stall
The US government is on the brink of a shutdown due to a wide gap between Democrats' and Republicans' budget positions. This could lead to crucial employees in areas like military, emergency services, and air traffic control working unpaid, while affecting the US population and stock market today. A shutdown could cause flight delays or cancellations, slow application processing, delay tax refunds, and close national parks. It may also influence the US financial markets and the Federal Reserve's interest rate decisions if key data is not published on time. The Democrats are pushing for an extension of Obamacare's tax benefits, while Republicans and President Trump seek a clean deal. If no budget or stopgap budget is passed, the government will lack funds for further financing, leading to a freeze on federal spending. The longest shutdown in US history lasted over five weeks during Trump's first term, costing an estimated one billion US dollars per week. Many government agencies and offices may close or send employees on unpaid leave, causing financial hardship for those living paycheck to paycheck. So far, none of the twelve appropriations bills that make up the US federal budget have been passed. The US Congress must find enough votes for a continuing resolution to keep the government running. As the US government approaches a shutdown, crucial employees continue to work unpaid, and the population may face various disruptions. The stock market today and key data publication could also be affected. Congress must act swiftly to pass a budget or continuing resolution to prevent a shutdown and mitigate its potential impacts.
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