U.S. shutdown nears as House votes to delay Obamacare
The Republican-controlled House of Representatives passed a temporary budget plan early Sunday, that includes a one-year delay of President Obama's healthcare reform, more commonly known as "Obamacare."
"Let's postpone it for a year. That's what this vote is about, will you accept the compromise. If this government shuts down, it's because you have not accepted the compromise that Republicans have reached out to you and offered."
"A shutdown is not a tactic, it's not a strategy, it is a failure for this country. Let us not be the country whose representatives can not work together to fulfill the most basic function of government."
If lawmakers fail to reach a deal before Monday midnight, when the current fiscal year expires, a partial government shutdown would be unavoidable, with some 800-thousand workers in non-essential government offices put on unpaid leave.
The Democrat-controlled Senate will most likely reject the budget bill, that delays President Obama's signature healthcare law.
The White House also said the president would veto the legislation if the House bill managed to pass the Senate.
As a shutdown is less and less likely to be avoided before its deadline, uncertainty is rising in the markets.
Although U.S. markets have managed to get by during previous partial government shutdowns without any major catastrophes, experts warn that, if the shutdown is drawn out the potentially negative impact could be huge.
Meanwhile, experts say, no matter how long the potential shutdown continues, it won't affect the timing at which the U.S. government will reach its debt limit.
Treasury Secretary Jack Lew has said earlier that the U.S. will reach its debt ceiling on October 17th.
Park Ji-won, Arirang News.
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