By ONE Liners Agency
WORLD NEWS / U.S. NEWS - Countdown has begun for government shutdown in United States after four failed talks in last three days between President Barack Obama and the Senate leaders. The shutdown will be first time in 15 years in which the budget negotiators have been able to resolved the lingering differences on Thursday night in second White House meeting. The federal shutdown could see the suspension of about 800,000 staff from work. However, efforts are being made to secure a last-minute deal at the White House meeting between Mr President and the Republican House Speaker John Boehner.
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Follow-up News: Federal Government Shutdown Averted, US Lawmakers Reach Budget Deal
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What would a federal government shutdown mean to Americans
Social Security - Of course there may be delayed for new enrollees in starting their benefits, but the existing social security checks would remain as normal and continue to be paid.
Medicare - It has been expected to flow as usual says doctors and hospitals. In the 1995 government shutdown, the Medicare payments flowed in normal way for seniors.
Postal Service - There will be no stopping in the delivery of mails and post office operations. It will be functioning usual as the postal service operates on its own funding stream.
Military and Homeland Security - People who are deemed essential for the security of the country either in Afghanistan, or US border, or at airports, would stay on the job.
Taxes - Still the tax filing date remains the same - April 18. Electronic returns will be processed said Internal Revenue Service. This means the paper returns process would be delayed by the government shutdown. The big question here is whether the department will get refunds promptly with electronic filers. Yet to find out.
Federal Government Employees - The pay of those employees whose salary is funded through annual appropriations may get furloughed. This may not be the case with those employees whose duties qualify as essential.
Federal Government Contractors - Many of the private contractors may go unpaid with this government shutdown and may be until a budget accord is reached.
What would a federal government shutdown mean to U.S. economy
According to many forecasters, the federal government shutdown would not have a big impact on the economy of the nation, if it is assumed that it does not last long. Few says it could cut down investors confidence in the economy. The investors may be more anxious whether Washington is able to manage the finances.
Martin Baily of Brookings Institution wrote recently that the shutdown could have positive impact on investors as they can see a sign "that we as a nation are going to get serious about our addiction to debt."
What other media writing on federal government shutdown
Wall Street Journal - Budget Talks Remain at Impasse
Los Angeles Times - Still no deal to avert government shutdown
USA Today - Reid blames possible shutdown on Tea Party's 'extreme social agenda'
Reuters - Reid says Republicans want shutdown to close clinics
AFP - US House speaker blasts White House on spending
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