The US Government shutdown has now followed into its second week, and according to BBC News, the repercussions are starting to be felt in businesses. The country itself is reportedly losing 300 million dollars everyday the shutdown continues. The US Commerce Secretary explains that the shutdown has rendered her department unable to collect vital economic data that businesses need and now are not able to get. 800 000 workers have been “furloughed” or sent home on unpaid leave, affecting individual bank accounts. National Parks, museums, and even passport services have been shutdown. All these things will lessen the amount of money being pumped into the still recovering economy of the United States. With the government already sitting on a 16.7 trillion dollar debt, right now their only option is to extend the debt ceiling even higher just to pay their bills. Though the shutdown has not been felt on a global scale, in words of the Philippine President Benigno Aquino, “what happens in the US, affects us all.” If not resolved soon, this shutdown can spark an economic crisis that will be felt all over the world.
Related Articles / Sources
http://www.cbc.ca/news/business/markets-jittery-as-u-s-shutdown-enters-2nd-week-1.1928199
http://www.bbc.co.uk/news/business-24419564
http://www.theguardian.com/world/2013/oct/05/us-shutdown-what-will-happen-who-affect