Square One – Government Shutdown ⏹

Square One – Government Shutdown

Just as the United States avoided a government shutdown on October 1st, the same fear has entered the public sphere with a countdown headed into this Friday. Over one month ago, Congress was able to pass a stopgap spending bill known as a continuing resolution, funding federal agencies for another 45 days until both the Democratic and Republican parties can find a settlement. Following the debacle, Republican House Speaker Kevin McCarthy was voted out of his speakership, leading to the new House Speaker Mike Johnson to take the reins and solve polarizing federal budgets.

With no plans to change aid towards Israel, Mike Johnson will have to answer the White House requests for funding for Ukraine and even U.S.-Mexico border finances. If the bill fails to be passed by Congress by Friday, momentous implications will be felt across the American and even global economy. Excluding those agencies deemed “essential”, tens of federal agencies and thousands of federal workers would be out of service in the event of a government shutdown. For those on Wall Street, some fear the economic reporting agencies that deliver figures such as Tuesday’s inflation report would pause operations, sending the Federal Reserve blind to upcoming decisions on interest rates. Several sectors and industries could be dramatically impacted if a long shutdown, such as the most recent 34-day closure in 2019, would take place. For the sake of the economy and the country’s social fabric, investors and citizens hope both parties can find an agreement before the hard deadline of Friday this week.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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