U.S. Government Shuts Down; Congress Remains Deadlocked [Photo]
For the first time in 17 years, the U.S. government partially shut down as a result of the standoff between congressional Republicans and President Obama over healthcare reform, putting upwards of 1 million workers on unpaid leave. The Republican in the House of Representatives attempted to tie renewal of government funding to measures undermining ‘Obamacare,’ while the Democratic-controlled Senate repeatedly rejected those efforts with Obama insisting that government funding need not be tied to healthcare reform.
The U.S.’ current political crisis raises legitimate concern about whether Congress can meet a crucial mid-October deadline to raise the government’s $16.7 trillion debt ceiling, on which some Republicans have also vowed to make contingent upon defunding Obama’s healthcare reforms. If the debt ceiling is not raised, the result would be catastrophic to America’s economy and strongly affect global markets as well.