Beyond The Shutdown, There's A Bigger Battle Brewing
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."
READ MORE and listen to the story
Government Shuts Down as Lawmakers Miss Funding Deadline
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
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