The United States is heading toward a government shutdown this weekend with no foreseeable way out of a deadlock in Congress over hardline Republican calls for deep spending cuts.
The new US fiscal year begins on October 1, but sharp disagreements in the Republican Party over the scale of federal debt has prevented passage of the bills needed to keep the government funded and open.
The American Federation of Government Employees union estimates a full shutdown would mean almost 1.8 million federal workers would not be paid for the duration. However, many services would likely be affected, including new applications for Social Security and Medicare, food and environmental site inspections, and national parks.Goldman Sachs economists have estimated that a shutdown would impact economic growth in the fourth quarter by 0.2 percentage points for every week it continues.
Assuming the shutdown ends before the year is out, Goldman estimates growth will increase early next year by the same amount it declined in the fourth quarter, while Oxford Economics researchers expect half of the loss to be made up. The shutdown appeared to have an impact on Wall Street, with major stock indexes losing steam as the deadline approached.Economists worry that a shutdown would also pause the publication of federal government data.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New York flooded by heavy rains, subway partly paralyzedNew York, United States—Heavy rains overnight in the northeastern United States left parts of New York under water on Friday,
Read more »
US auto strike expands with 7,000 more workers joiningWASHINGTON, United States - Another 7,000 members of the biggest US automobile workers' union on Friday joined its already major strike against the country's 'Big Three' Detroit car manufacturers.
Read more »
Soldier back in US after release by North KoreaWASHINGTON, D.C.: An American soldier released by North Korea has returned to the United States and is undergoing health screenings in Texas, the Pentagon said Thursday.
Read more »
Blinken says China wants to be 'dominant power' in worldChina is seeking to surpass the United States as the top power in the world, US Secretary of State Antony Blinken said Thursday, as he again warned on Taiwan.
Read more »
What happens if US government enters a shutdown?The United States is heading toward a government shutdown this weekend with no foreseeable way out of a deadlock in Congress.
Read more »
Hits and creative journeyThere’s certainly more to the story of Ted Reyes, a Filipino-born musician living in the United States, apart from being
Read more »