What is the US shutdown?
Congress voted urgently last night and Biden quickly signed the stopgap funding into law. So the United States once again avoided a shutdown, but this is not the end of the story, because the money was allocated only for 45 days and during this time a budget must be adopted. A shutdown is a stop in the work of all federal authorities due to lack of funding. According to American law, working without funding is considered a violation of the law. Therefore, if Congress does not pass the budget for the next fiscal year on time, all state employees will go on free vacation. Even Fed analysts do not go to work, and sad Powell sits and draws inflation graphs himself. The only exception is for the police and emergency services, they work, but do not receive money. The graph shows the longest shutdowns. Historically, they have led to only minor corrections in financial markets, but this time the fight over the budget should be especially heated.
Congress voted urgently last night and Biden quickly signed the stopgap funding into law. So the United States once again avoided a shutdown, but this is not the end of the story, because the money was allocated only for 45 days and during this time a budget must be adopted. A shutdown is a stop in the work of all federal authorities due to lack of funding. According to American law, working without funding is considered a violation of the law. Therefore, if Congress does not pass the budget for the next fiscal year on time, all state employees will go on free vacation. Even Fed analysts do not go to work, and sad Powell sits and draws inflation graphs himself. The only exception is for the police and emergency services, they work, but do not receive money. The graph shows the longest shutdowns. Historically, they have led to only minor corrections in financial markets, but this time the fight over the budget should be especially heated.