U.S. Government Starts Orderly Shutdown
Tweet
Share
E-mail
Republicans and Democrats dug in their heels in a contentious overnight session and failed to reach a last-minute deal to avoid a government shutdown. It is the first government shutdown in 17 years, closing national parks and halting non-essential government services. The U.S. markets, however, are taking the news in stride, with stock futures trading higher.
Multiple times the Democratic-controlled Senate stripped out the Republican-controlled House amendments that would delay the implementation of Obamacare for one year and remove the medical device tax. As the midnight deadline was reached, the House was still debating a procedural move to appoint negotiators to reach a deal with the Senate.
The White House told certain areas of the government to prepare for an orderly shutdown. In the shutdown, 800,000 non-essential government employees will be staying home. The shutdown will include the Bureau of Labor Statistics, which could delay Friday's jobs report. The SEC has reserve funding and will continue as normal. National security functions will be largely unaffected. TSA and air traffic control functions would also remain open.
The shutdown could cost the U.S. at least $300 million a day in lost economic output, according to IHS Inc.
After selling off Monday in anticipation of a shutdown, U.S. futures are higher across the board. S&P 500 futures are up 0.45%, or 7.50 points, and Dow futures are up 0.33%, or 50 points.
Multiple times the Democratic-controlled Senate stripped out the Republican-controlled House amendments that would delay the implementation of Obamacare for one year and remove the medical device tax. As the midnight deadline was reached, the House was still debating a procedural move to appoint negotiators to reach a deal with the Senate.
The White House told certain areas of the government to prepare for an orderly shutdown. In the shutdown, 800,000 non-essential government employees will be staying home. The shutdown will include the Bureau of Labor Statistics, which could delay Friday's jobs report. The SEC has reserve funding and will continue as normal. National security functions will be largely unaffected. TSA and air traffic control functions would also remain open.
The shutdown could cost the U.S. at least $300 million a day in lost economic output, according to IHS Inc.
After selling off Monday in anticipation of a shutdown, U.S. futures are higher across the board. S&P 500 futures are up 0.45%, or 7.50 points, and Dow futures are up 0.33%, or 50 points.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Goldman's GPIQ returns 20% in a year — and still pays a 9.47% yield at 0.29% fees
- Alpha Modus secures $2M from Streeterville in prepaid share deal
- CapsoVision adds gastroenterologist David Shields to its board
Create E-mail Alert Related Categories
General News, Market CheckRelated Entities
Standard & Poor'sSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
