Beyond The Shutdown, There's A Bigger Battle Brewing

~All Things Considered

This week's government shutdown could be just a warmup for an even bigger budget battle in a couple of weeks.

Congress has to raise the limit on the amount of money the federal government is allowed to borrow by Oct. 17. If the debt ceiling is not raised on time, President Obama warns that Washington won't be able to keep paying its bills.

"It'd be far more dangerous than a government shutdown, as bad as a shutdown is," Obama said Tuesday. "It would be an economic shutdown."

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Government Shuts Down as Lawmakers Miss Funding Deadline

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Congress missed a midnight deadline to avert a shutdown of the federal government, as the Republican-led House and the Democratic-led Senate battled through the night on legislation to keep the lights on.

National parks and museums were shuttered Tuesday morning, and hundreds of thousands of federal employees remained home on furlough with no financing in place at the start of a new fiscal year.  Read More

Government Shutdown Does Not Include NCUA

A shutdown of the federal government Tuesday will not halt the NCUA’s operations, the regulator said Monday in a release.

Federal agencies were funded through Monday, and because Congress could not agree upon a funding deal in time, non-essential staff will not report to work Tuesday.

As an independent, self-funded agency, the NCUA said it does not rely on congressional appropriations, so the shutdown will not apply to the Alexandria, Va.-based regulator.

NCUA Board Chairman Debbie Matz on Monday encouraged credit unions to maintain a state of readiness to help their members who may be affected by a potential government shutdown. Read More
 


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