Ad Majorem.....Wealth Builders
Repost from BBC news September 27, 2013
The US braces for a possible shutdown tomorrow, October 1, should the US Congress fail to agree; the House of Representatives (Congress) is controlled by Republicans while the Senate is by Democrats. Should the stalemate continue, a third of Fed employees will be sent on furlough with no backpay, the Treasury bills interest will not be paid with big repurcussions on US debt, its rating and bondholders. The US Congress is not approving a budget without defunding the Obamacare law.
The authority to borrow more money expires on October 17, 2013. This is not the first time that US govt shuts down. In 2011, the US govt nearly went into shutdown because of wrangling on US debt limit.
A law however was passed enabling the payment of the salaries of the military
From CNN - 10 ways the government shutdown would affect your life
From USA Today 66 FAQ on govt shutdown
Dollar drops broadly because of possible Fed shutdwon
A bad case of politics rearing its ugly head to the detriment of the economy?
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