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| Home > News > Financial and Economic News > Government shutdown will affect economic recovery, federal officials predict |
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| Government shutdown will affect economic recovery, federal officials predict |
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| 4/6/2011
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Although most business professionals work in the private sector, economic news coming out of the White House can still have a great impact on their operations. That is why many entrepreneurs and executives are bracing for a potential government shutdown.
On Wednesday, President Barack Obama's administration warned that a partial government shutdown, which will occur if a new budget is not approved by federal lawmakers by Saturday, would threaten the economic recovery. According to The New York Times, small business loans would cease and tax returns filed on paper would not be processed in the event of a shutdown.
Just as the economy seemed to be storming back following a crippling recession, the news of a budget standoff is a source of concern for many businesses. The unemployment rate has significantly dropped in recent months and employers have expressed more confidence in future hiring. However, instability on Capitol Hill may slow growth for some corporations.
According to The Washington Post, White House officials said that a shutdown would prevent the Federal Housing Administration, which guarantees about 30 percent of home mortgages, from guaranteeing loans. In addition, the Environmental Protection Agency would stop issuing permits to industrial facilities.
The last government shutdown occurred between November 14, 1995 and January 6, 1996. |
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