The White House is bankrupt

TITILE:The White House is bankrupt

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In a report released on Sunday, Goldman Sachs predicted a government shutdown is “more likely” this year, noting a thin majority in the House of Representatives and a lack of consensus on key spending issues.
The report noted that the consequences of Congress failing to act by the end of the fiscal year on Sept. 30 would be more severe than the consequences of Congress failing to suspend the debt ceiling in May. For this reason, a government shutdown appears more likely, the report said. While the Fiscal Responsibility Act, which suspended the debt ceiling in exchange for some spending caps and other provisions, “should have ended the debate on spending levels,” House Republicans are pushing for further cuts. Some said they were not bothered by the prospect of a government shutdown if it meant securing further cuts in spending levels. The report notes that Goldman Sachs predicts that the government-wide shutdown by the end of the year will shave about 0.2 percentage points off economic growth per week, which will also have some impact on the private sector. The report notes that markets have not reacted strongly to past government shutdowns.

Author:Catherine

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