A US government shutdown has been averted but the politicians will now have to go through the same tortuous process again next month.
The US has narrowly avoided a damaging shutdown of a large part of its government but while the immediate threat has been averted the resolution was more a deferral than a conclusion.passed a short term funding billHouse Speaker Kevin McCarthy put his role on the line when he sought and gained Democrat support for the measures that averted the shutdown.
There is no certainty that, when the time and funds run out from the current bill, the Republicans will be able to come up with a longer-term funding solution; one acceptable to the Democrat-controlled Senate and the White House, that averts a shutdown in November. If Congress does get to November 17 without a long-term funding deal in place it will damage the US economy directly because many government agencies will be closed and workers in others, like the US military, won’t be paid. .
Goldman Sachs analysts have estimated that there will be a loss of 0.2 per cent of US GDP for every week that a shutdown lasts and, while much of this would be recovered when the shutdown ended and federal employees received their back pay, the level of dysfunction with the Republican Party and therefore in Congress is such that any shutdown this year could be prolonged and the impact on the economy more severe than in previous episodes.
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