The Federal Shutdown Enters Second Week!

Washington: The federal shutdown is passing through the second week and the financial situation of United States is getting worse by each passing day. The all time low rates on US Dollar and other American shares are a state of worry for the country. The shutdown, second in the history of USA, after 17 years is really coming at a great cost.

ADVERTISEMENT

The recent survey shows that Republicans have lost their approval among the countrymen and it is still the Democrats that is getting favored, which is also making the recovery tough. Through the second week, thousands of employees continue unemployed and hence without pay. A recent Washington Post-ABC News survey found that 70 per cent of Americans disapprove of the way Republicans are handling budget negotiations, up from 63 per cent last week, with 24 per cent approving.

At the same time President Barack Obama's approval rating on budget matters ticked up slightly over the same time period from 41 per cent to 45 per cent ¿ but 51 per cent disapprove, the poll said.

Earlier in the day, Obama ruled out any negotiations with the Republicans unless they reopen the government.

"We're not going to negotiate under the threat of further harm to our economy and middle-class families. We're not going to negotiate under the threat of a prolonged shutdown until Republicans get 100 per cent of what they want," he said.

ADVERTISEMENT

The White House Press Secretary, Jay Carney, said Obama is ready to negotiate with Republicans but not under threat.

"He is ready to do that, just not under threat of shutdown, not under threat of default."

The republicans continue to hold their stance and The Speaker of the US House of Representatives, John Boehner, alleged that Obama is putting the economy at risk by refusing to negotiate with the Republicans over spending and the debt ceiling.

"The president's refusal to negotiate is hurting our economy and putting our country at risk," he said on the floor of the House.

The reports continue that the Obama government is now working on discussing with the Republican party to agree to a long-term USD 1 trillion debt-limit increase.

Photos & Inputs: Indian Express

ADVERTISEMENT

Unknown

- Unknown Updated at: Tuesday, October 08, 2013

The Federal Shutdown : Impacts Domestic Economy Badly

The second shutdown in the history of America is really a war between the political parties which is affecting the Nation as a whole and thereby the economy. As many workers are asked to leave their desks indefinitely and without pay, there is a serious crisis coming into the American economy and if this goes long term it will have a global effect as well.

Photo: nbcwashington.com

ADVERTISEMENT

The differences in ideology is the one blamed for the current shutdown in United States. Barrack Obama in a recent press meet said "This Republican shutdown did not have to happen -- I want every American to understand why it did happen," Obama said.

"They have shut down the government over an ideological crusade to deny affordable health care to millions of Americans."

The issue started when the Republicans opposed the funding of Obamacare, thelandmark health care law that President was to announce. The fight is supposed to be over the large funding that may be required if the Obamacare health plans roll out. In response to this argument, the Republican House Speaker John Boehner, meanwhile claimed Obama was pursuing a "scorched earth" policy by refusing to negotiate, as the rhetoric hit new heights and hopes for a swift end to the standoff faded.

ADVERTISEMENT

"Washington Democrats have slammed the door on reopening the government by refusing to engage in bipartisan talks," Boehner wrote in an opinion piece in USA Today.

Many of the federal institutions and monuments are currently shutdown following this event, including the monumental statue of liberty. The staff appointed directly by the government are forced to leave their jobs and stay on leave until the crisis gets over.

ADVERTISEMENT

"We know that the last time Republicans shut down the government in 1996, it hurt our economy. And unlike 1996, our economy is still recovering from the worst recession in generations," the president said.

Although the current crisis is not supposed to have a global impact as recession as this is considered more as a domestic crisis. However the stocks of American shares have shown a slight downside. As for IT contractors, this shouldn't be a cause of worry as well, the recent events will not be directly affecting the software industry.

Shared From Times Of India

Unknown

- Unknown Updated at: Wednesday, October 02, 2013