Time is money: Cost of the US budget crisis

US lawmakers have reached a deal to end the shutdown that has cost the world’s largest economy billions. Senate leaders have agreed on how to avoid default and reopen the government, but the US has lost some credibility as a ‘safe’ investment.

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Senate leaders said an agreement has been reached to avoid a default and reopen the government, but the Republican-controlled House has yet to throw support either way.

The Senate deal would reopen the government after 16 days of partial shutdown and fund spending through January 15 and extend the debt ceiling through February 7. This time frame would be longer than the 6-week extension Obama promised to veto.

Neither the Senate or House have voted, and Obama has yet to sign the law extending the $16.7 debt ceiling. If the ceiling isn’t lifted by October 17, the world’s biggest economy won’t have enough cash on hand to pay its bills.

Source: Bipartisan Policy Center

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Categories: Business, Politics

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