Why Government Shutdown Could Be Coming to an End
The stock market has been heavily affects by the government shutdown, but that shutdown could be ending soon.
Quick overview
- The U.S. Senate voted 60-40 on a budget bill related to Affordable Care subsidies, moving closer to ending a 41-day government shutdown.
- Eight Democrats agreed on healthcare aspects, but the deal still requires approval from the House and President Trump.
- The ongoing shutdown has severely impacted government workers, the stock market, and consumer spending.
- Despite some progress, Democrats have not achieved their goals for healthcare reform in this budget negotiation.
The U.S. Senate voted on a vital component of the budget bill that brings the Senate closer to ending the government shutdown. The government has been closed for 41 days so far.
The Senate voted 60-40 on a matter related to Affordable Care subsidies. This could be the decisive point that leads to the end of the ongoing government shutdown. Eight Democrats caved on the issue after coming to an agreement over aspects of healthcare.
The government is not ready to open up just yet, though. The package that is moving through the Senate now could be struck down by even a single senator. The deal has to be approved by the House of Representatives too, and then the matter finally goes to President Donald Trump for his approval.
The Shutdown’s Extensive Impact
For almost seven weeks, the Senate has debated on topics related to healthcare, foreign aid, and more that have divided the government body and caused the gears of government to grind to a halt. As the Senate remained divided by party, the country has suffered tremendously. Many government workers have been forced to take leave and others have been left without any pay in the interim.
The longer the shutdown continues, the more its impact will be felt. With thousands of workers not receiving their monthly paychecks, the stock market is suffering because investors are drying up. Retailers are paying the price with lower sales, and government workers and beneficiaries will be spending months trying to catch up. The impact of this shutdown is not over, even if the government opens tomorrow.
The shutdown has affected food stamp benefits, has reduced air travel, and has caused many consumers to restrict their spending in an effort to wait out the shutdown. Now, it looks like an end is in sight. With Democrats caving on some of the key budget issues, the budget can move forward and be approved.
For those hoping for a vote in favor of Obamacare and other socialized healthcare services, there is no definitive victory there. The Democrats have been pushing for healthcare reform through this budget, but it does not look like they will get their way just yet. One of the senators who gave in on the budget was Maine Senator Angus King who said that continued shutdown does not look like it would lead to tax credit extensions. He said the Democrats had been trying to make that happen for weeks, and their efforts have been in vain.
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