US Shutdown {Brief}
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The US government has shut down due to a lack of agreement on a funding bill between Republicans and Democrats. Republicans want to delay the Affordable Care Act as part of any funding bill, while Democrats refuse. As a result, around 800,000 non-essential government workers have been furloughed and national parks and agencies have closed most operations. Congress must pass a clean funding bill without restrictions on the ACA or find another compromise to end the shutdown.
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Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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US Shutdown {Brief}
- 1. US Shutdown No End In Sight
- 2. The US financial year ends at midnight on September 30. Under US law, a new bill to approve funding for the next financial year must be approved by the House of Representatives, the Senate and the president before the financial year ends. This has not happened this year. In such a situation, the government does not have the legal authority to spend money and it is called a shutdown. The government stops providing for all but essential services such as police, fire fighting, social security and Medicare payments. WHAT IS THE US SHUTDOWN?
- 3. IT'S A POLITICAL CRISIS -: THE REPUBLICAN PARTY CONTROLS THE LOWER HOUSE OR HOUSE OF REPRESENTATIVES, WHILE THE DEMOCRATS CONTROL THE SENATE. THE REPUBLICAN-CONTROLLED HOUSE HAS PASSED A SPENDING BILL THAT MAINTAINS SPENDING LEVELS BUT DOES NOT PROVIDE FUNDING TO IMPLEMENT THE AFFORDABLE CARE ACT, OR OBAMACARE. THE DEMOCRATIC SENATE INSISTS THAT THE BILL BE FULLY FUNDED. Republicans want "Obamacare" delayed, Democrats don't. WHAT LED TO THE SHUTDOWN?
- 4. ObamaCare is the unofficial name for The Patient Protection and Affordable Care Act which was signed into law on March 23, 2010. The Act includes a number of reform measures such as setting up a Health Insurance Marketplace where Americans can purchase Federally regulated and subsidized health insurance.
- 5. • HOW CAN THE SHUTDOWN BE BROKEN? Congress could pass a new "clean" funding plan, which doesn't include a delay to the affordable healthcare act. Or the senate and the white house accept such a delay in the bill. Or any other compromise formula. • WHAT IF CONGRESS FAILS TO RESOLVE IT IN TIME? It could be disastrous. The government might be forced to immediately slash spending by 32 per cent, the bipartisan policy center estimates. The government could miss interest payments on treasurys, triggering a first-ever default by the U.S. Government. US treasurys are held by banks, governments and individuals worldwide. A prolonged default could lead to a global financial crisis.
- 6. HOW WILL IT AFFECT US CITIZENS? • Essential services will continue. The military and other agencies involving safety and security would continue to function. • The President's $400,000 salary will be paid. Congress wont have a pay cut. • About one-third of the government will shut down. About 800,000 of federal employees will be sent home without pay. • National parks will close. The environmental protection agency, NASA and other agencies will close most operations.