Holiday Government Shutdown – All You Need to Know

Government shutdown

The Government Shutdown and not on the terms that lawmakers and the public would have liked. After negotiations stalled in the Senate and House of Representatives, several key government departments have been left without funding.

While essential resources will still be operational, up to 800,000 federal employees could be furloughed or working without pay this holiday season.

Here’s how it happened and where it will go from this point.

Why Did the Government Shutdown Occur?

President Trump has stuck to his call for $5 billion to fund border wall construction. The project has been a centerpiece of the current administration, with Trump and millions of Americans deeming the wall necessary to curb illegal immigration and strengthen national security.

The House of Representatives passed a spending bill on December 20 that included funding, although it failed to gain support in the Senate. This left Congress at a standstill, with the government shutdown beginning on December 22.

Lawmakers have now left Washington D.C. for Christmas, leaving only a small chance that any funding will be passed before the New Year’s Day holiday.

President Trump will remain in the White House for Christmas Celebrations. He cancelled his plans to spend the holiday in Florida when it became apparent that lawmakers would not be able to prevent a shutdown.

How Many Federal Employees are Affected?

Some of the departments that are now without funding include the Department of Agriculture, Department of Justice, Department of Homeland Security, and the Environmental Protection Agency.

It has been estimated that up to 400,000 employees are considered critical and will remain working. Any pay for furloughed or essential employees will need to be appropriated by Congress later. This makes the funding situation slightly more complicated.

What Happens Now?

Lawmakers will be back in session on December 27. Any bill that ends the shutdown would need to be passed in a short timeframe this week. Mick Mulvaney, the incoming acting Chief of Staff at the White House, said this week that “It is very possible that the shutdown will go beyond the 28th and into the new Congress.”

Until lawmakers can approve a new funding bill, parts of the government will remain inactive, making this the third shutdown of a politically heated 2018.

 

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The reports, research and newsletter are based on current and historical market data, as well as publicly available financial data.They are intended to be a starting point for investors. They do not provide every material fact about a company or industry, nor are they recommendations to buy or sell. The writers and the company make no warranties or representations as to the accuracy of these reports.   You should NOT rely solely upon the information or opinions read in the content. Rather, you should use the content as a starting point for doing independent research on the independent analysis and trading methods in the content. The content is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. By accessing this website you have agreed to our disclaimers and privacy policy.

 

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