Stopgap Bill Ends Government Shutdown

Government Shutdown

After weeks of political back and forth, the longest government shutdown in history has ended, even if it is only a temporary compromise at this time. On Friday night, President Trump endorsed a bill that has reopened the government for three weeks. The bill received near-unanimous bipartisan support in the Senate and House of Representatives.

Government Shutdown Wall Funding Not Included in Deal

While President Trump signed off on a bill that would reopen the government for 21 days with the same funding levels that were typical in 2018, there was no money included for border wall funding. Trump’s demand for $5.7 billion was central to the shutdown, and the lack of any new funding will be a sore point for the current administration.

However, the President is not giving up on his project, and it remains possible that the government will close again in three weeks if a suitable long-term funding agreement is not reached. The stopgap spending bill signed by Trump and lawmakers will remain in effect until February 15.

The suffering of federal employees and a growing lack of public and political support were key factors in Trump’s decision to end the Government Shutdown. From the White House on Friday, Trump told the nation that “I want to thank all the incredible federal workers and their amazing families who have shown such amazing devotion in the face of this recent hardship. Many of you have suffered far greater, far more than anyone but your families would know or understand.”

Regarding funding for his planned border wall, the President hinted again that he could fall back on an Emergency Declaration if he doesn’t receive funding through Congress. He said in a statement that “As everyone knows, I have a very powerful alternative, but I didn’t want to use it at this time. Hopefully it will be unnecessary.”

Employees to Receive Paychecks in the Coming Days

Federal departments are reopening on a staggered timeline, and all should be running as normal within this week.

Mick Mulvaney mentioned the Federal employee payment schedule in an interview with CBS over the weekend. The White House Chief of Staff stated that “Some of them [paychecks] could be early this week, some of them may be later this week. But we hope that by the end of this week all of the back pay will be made up, and of course the next payroll will go out on time.”

Federal employees will be extremely relieved that the Government Shutdown has ended. The government currently owes almost $3 billion in wages for up to 800,000 employees.

Lawmakers now have the responsibility to negotiate a long-term spending bill. With Democrats adamant that they will not fund a border wall, it is anyone’s guess whether the government will remain open beyond the February 15 stopgap deadline.

 

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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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