THE government could face a shutdown this week after a new deal, between Republicans and Democrats, was blocked and the Thursday, September 30, deadline nears.
On Monday, the Senate voted 48 to 50 and was not able to pass a government funding bill that would allow the progression of President Joe Biden’s $3.5trillion federal overhaul.
“It’s one of the most reckless, one of the most irresponsible votes I’ve seen taken in the Senate, and it should send a signal to every family, small business, market watcher, about who in this chamber is in favor of endangering the economic stability of our country,” Democratic Majority Leader Chuck Schumer said after the vote, according to NBC News.
Democrats are willing to try again to pass the bill before federal funding stops on at midnight on Thursday, the end of the fiscal year.
The House voted last week to keep the government funded, suspend the federal debt limit and provide disaster and refugee aid, setting up a high-stakes showdown with Republicans who oppose the package despite the risk of triggering a fiscal crisis.
A report being circulated by Democrats warned that a potential downturn from government funding cutbacks would cost 6 million jobs and stock market losses would wipe out $15 trillion of household wealth.
Once a routine matter, raising the debt ceiling has become a political weapon of choice for Republicans in Washington ever since the 2011 arrival of tea party lawmakers who refused to allow the increase.
Read our government shutdown live blog for the latest news and updates…