why does a government shutdown cost money?
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According to the Congressional Budget Office, the shutdown cost the government $3 billion in back pay for furloughed workers, plus $2 billion in lost tax revenues due to reduced tax evasion compliance activities by the Internal Revenue Service, and a smaller amount of lost fees such as for visits to national parks, for ...
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Federal workers affected by the government shutdown have more than $400 million in mortgage and rent payments due this month, and it could cause chaos for the US housing market. The ongoing federal government shutdown could start affecting the US housing market soon.
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A furloughed employee may also take unemployment benefits for their time without pay. Since unemployment is paid by states, not the federal government, it will not suffer a budgetary lapse in the case of a federal government shutdown.
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Potential Effects on Existing Contracts A government shutdown also could result in the termination of a contract under certain circumstances. For example, when additional funds are not obligated after a funding limit is reached under a cost- reimbursement contract, the contract potentially could be terminated.
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The funds that are used for social security have been approved prior and have been allocated for the use of social security checks and benefits. As such, a shutdown is not going to affect this money that has already been set aside and specifically marked for social security benefits.
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They are caused when there is a failure to pass a funding legislation to finance the government for its next fiscal year or a temporary funding measure. ... Shutdowns are also possible at occurring within and disrupting state, territorial, and local levels of government.
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If the United States government has shut down, most Department of Housing and Urban Development (HUD) offices will remain open. A government shutdown sometimes happens in the U.S. if Congress and the President do not reach an agreement on required budget legislation to fund government operations.
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Military Retirees and Survivor Benefit Plan recipients would, during a shutdown, still receive their pension checks as the funding for these benefits is NOT tied to Congress's funding bill. After previous shutdowns, Veteran Affairs lobbied Congress to fund the VA on a two-year budget cycle which exempts the department.
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Fundamental news. The government shutdown: ... However, in the long run, the shutdown will negatively impact the value of the U.S. Dollar. Nevertheless, the extent of the damage to the economy will not be known until the government reopens for business.
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Defense and tech contractors are feeling the effects of the government shutdown just as the 800,000 federal employees either furloughed or working without pay. ... When contracts are stopped, the companies that hold those contracts—and therefore the personnel they employ or subcontract to execute them—are not paid.
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During a shutdown, we must continue to pay child care tuition. That's because the center runs on parent fees. Without that revenue, our center can't pay staff and other bills.
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In general, banks are able to continue with business as usual during a government shutdown. Accounts can be opened, transactions can be processed, loans can be funded. However, there are some areas that rely heavily on federal employees in specific situations.
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The United States federal government shutdowns of 1995 and 1995–96 were the result of conflicts between Democratic President Bill Clinton and the Republican Congress over funding for education, the environment, and public health in the 1996 federal budget.
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What Does a Government Shutdown Mean For Your Taxes? Read this in 2 minutes. A federal government shutdown can occur when the U.S. Congress doesn't pass spending legislation to continue funding government agencies and operations after the previous legislation expires.
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The shutdown stemmed from an impasse over Trump's demand for $5.7 billion in federal funds for a U.S.–Mexico border wall. ... The House immediately voted to approve the appropriations bill that had previously passed the Senate unanimously (which included no funding for the wall).
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Shutdowns cause the disruption of government services and programs, including the closure of national parks and institutions (in particular, due to shortages of federal employees). ... Shutdowns also cause a significant reduction in economic growth (depending on the length of the shutdown).
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USAA has your back during government shutdowns While a funding deal has been reached, we stand ready to assist in the event of future disruptions in government funding. Our mission is to serve you by helping protect your financial security.