US Government Likely To 'Shutdown' On Sunday As Officials See No Resolution Here's What It Means
(MENAFN- Live Mint) "The possibility of a government shutdown looms over the United States as hardline Republicans refused to support a bipartisan Senate proposal on Friday. While the White House insists that there is 'still a chance' of things working out, officials said that a government shutdown will hit the GDP by an estimated 0.1% to 0.2%. President Biden is slated to remain in Washington over the weekend as the White House engages in dialogue with congressional leaders.“There is still a chance...I'm still remaining an optimist that we have a day and a half to work out, in one corner, what is needed to take the deal that Republicans in the House of Representatives have been offered by the Senate for a stopgap,” said Office of Management and Budget director Shalanda Young.Meanwhile US Treasury Secretary Janet Yellen said on Friday that a government shutdown would“undermine” the country's economic progress by idling key programs for small businesses and children, and could delay major infrastructure improvements.How will a shutdown affect things?Hundreds of thousands of federal workers will be laid off temporarily from Sunday ((0401 GMT) if the Congress does not pass a spending package that can be signed into law by President Joe Biden before the deadline. It will also halt key programs for small businesses and children and result in the closure of the National Park Service. The Securities and Exchange Commission will also suspend most of its regulatory activities.
(With inputs from agencies)
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