Posts tagged 'US government shutdown'

“That’s new information…That’s totally new information!”

That’s Larry Kudlow, seizing on the words of Vice Chair of the House Republican Conference Lynn Jenkins on Friday while discussing negotiations to re-open the US government.

Fair? Judge for yourself…

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Government shutdown: the Heisenberg uncertainty principle

Gold apparently did not get the memo about the government shutdown. Gold prices have consequently been falling all day. Awkward.

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Legislation approved preventing US government shutdown

On Thursday, the US House and Senate approved legislation to fund a handful of government departments to the tune of $128bn while other departments will continue to be funded at 2011 levels in the next year, the WSJ reports. The current funding for government operations is due to expire on Friday at midnight. President Obama is expected to sign the legislation by way of direct machine imprint of his signature as he’s currently in Indonesia attending a summit. The bill gives $205m of funding to the CFTC, $100m less than Obama had sought for the agency that is writing rules to implement Dodd-Frank. The agency had been asking for additional funds in order to be able to complete the massive regulatory task it is faced with.

Senate averts US shutdown

Late on Monday, the US Senate passed a measure to avoid a shut down of certain federal operations, reports the FT. The measure was passed by a substantial majority of 79 to 12. The funding contained in the deal includes $2.65bn for disaster relief but contains no offsetting spending cuts – something the Republicans had been demanding. The deadline for a new funding law to be enacted is Friday night, after which the US government will have to shut down all non-essential services.  The measure that the Senate has passed now puts pressure on the House of Representatives to pass similar legislation.

Another US government shutdown looms

The US government has been put at risk of a possible October 1 shutdown because of a partisan fight on Capitol Hill over disaster relief for victims of hurricane Irene and Democratic opposition to proposed cuts to subsidies for fuel-efficient cars, the FT reports. Although Republican leaders in the House of Representatives are seeking to appear more conciliatory following this summer’s tough debate over an increase in the debt ceiling, lawmakers voted 230-195 against a bill to keep the US government funded temporarily. The defeated proposal included $3.65bn in assistance to areas hit by the recent hurricane and other natural disasters. Eric Cantor, the number 2 House Republican, whose own district was affected by hurricane Irene, came under scrutiny after he suggested that any disaster relief funding would have to be offset by cuts to other government programmes, although he later backed off from that assertion. Later in the evening, a panel approved a measure that would allow the House to quickly reschedule another vote. But it was not clear how the substance of the bill might be changed, Reuters reports.

“Gainful Employment” survives shutdown negotiations

And we’re not just talking about national zookeepers.

Here’s a Steve Eisman-friendly tidbit from the government shutdown negotiations, courtesy of the Higher Ed Watch blog on Saturday: Read more

Grossly unimpressed: Pimco shorts US government debt

Pimco is not amused with the political impasse in Washington.

From Reuters on Monday morning: Read more

Shutdown averted, at least until Thursday

There’s a deal, for now.

The particle accelerator will keep whizzing, kids will see pandas this weekend and Wall St can still just about function. Read more

A guide to economic data during a shutdown

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

Agency shutdown slowdown

Looks like the SEC and CFTC will be on skeleton crew if the government shuts down, according to their contingency plans.

First the CFTCRead more

The disputed budget cuts in perspective

From Hamilton Place Strategies, with a hat tip to Morning Money, over this might the US government shut down at midnight:

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Further further reading

For the commute home, where the carry trade means helping your better half unload the car in exchange for first dibs on the remote,

- The FT visits Bernie MadoffRead more

Parties fail to break US budget deadlock

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.

Shutdown shenanigans: something for the weekend?

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