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A potential government shutdown looms, leaving many concerned about its impact on the economy and their lives. The shutdown could take effect this weekend, bringing more harm than good.
According to CNBC, the shutdown could pose “far-reaching and potentially severe financial risks for American households.” Experts warn that the consequences could range from delayed paychecks and federal benefits to more extended airport waits and compromised customer service at federal agencies.During a shutdown, the federal government ceases all non-essential operations. This happens if Congress fails to pass legislation to fund the federal government for the upcoming fiscal year promptly. For 2024, the government’s fiscal year begins on October 1.
CNBC reports, “If Congress cannot pass the required spending bills or a continuing resolution for stopgap funding, the shutdown will begin on Sunday morning.”The Bipartisan Policy Center states that there have been 14 government shutdowns since 1980. The most recent one occurred from 2018 to 2019 and lasted 34 days.
This potential shutdown could result in more than two million federal employees being furloughed or working without pay until the situation is resolved.
The shutdown will significantly affect some Americans, while others may experience minimal impact.
Source: Rolling Out