And we’re not just talking about national zookeepers.
© The Financial Times Ltd 2013 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Courtesy of Nomura’s US economics team, here’s a quick guide to the data that would and would not be disrupted by an ongoing shut-show in Washington.
This list is not exhaustive, but it does cover the main indicators. The italicised releases are those due next week. Read more
The Securities and Exchange Commission has announced that it would be unable to process company filings in the event of the government shutting down, according to a statement. This means companies in the late stages of rolling out public offerings – or who want the SEC to accelerate their applications – face an unwelcome interruption, Reuters reports. Companies facing SEC questioning following recent IPO filings, such as Linkedin and Toys R Us, may experience problems in particular.
The US began preparations to stand down nearly 1m workers and suspend services ranging from processing tax returns to national parks as a government shutdown loomed over stalled budget talks, reports the FT. Republicans and Democrats in Congress remained deadlocked over a budget agreement for the final six months of the current fiscal year, ahead of a deadline on Friday when funding for the government runs out.
Across the tape a little while ago, from Reuters:
NO BUDGET AGREEMENT REACHED AT WHITE HOUSE MEETING, REPUBLICAN HOUSE SPEAKER JOHN BOEHNER’S OFFICE SAYS Read more
Republicans in the House of Representatives are gearing up for a federal shutdown, amid stalled talks on a deal to fund the government for the rest of the fiscal year, the FT says. John Boehner, House speaker, on Monday night said lawmakers would be given guidance on how the lower chamber of Congress would function in the event of a shutdown, which could come as early as Friday night if no deal is reached with Senate Democrats and the White House. Amid the standoff, President Barack Obama on Monday launched his re-election campaign for the November 2012 presidential poll, seeking to gain a fundraising jump on Republicans in what is expected to be by far the most expensive race in US history. The Caucus adds that the US government is expected to hit its $14,290bn debt ceiling “no later than May 16.”
Shutdown fears seemed to have shutdown on Wednesday evening when lawmakers allegedly found the contours of a deal to fund the government through the end of FY 2011.
We covered the economics of a government shutdown earlier this month, when we found ourselves awaiting passage of another continuing resolution to fund the government a few more weeks, buying time for negotiators on both sides to hammer out a deal for the Fiscal Year 2011 budget.
Two weeks have passed and we now find ourselves… awaiting passage of another continuing resolution to fund the government a few more weeks, buying time for negotiators on both sides to hammer out a deal for the Fiscal Year 2011 budget. Read more