Here's something you don't want to hear from your political leaders, especially in the federal government: 'Our financial ship is sinking.' That's exactly how Tennessee Representative Tim Burchett recently described the situation. Here's why.
Here’s something you don’t want to hear from your political leaders, especially in the federal government:
This time, the stakes are either higher than ever, or absurdly small, depending on your perspective. The current debate is focused on $120 billion in discretionary spending. That’s 7.5% of the total discretionary spending budget – but less than 2% of the total federal budget which includes mandatory spending on programs like Social Security, Medicare, Medicaid and so on.
But if the shutdown were prolonged for more than a few weeks, a Guardian piece highlighted some further risks of a longer shutdown: The Supplemental Nutrition Assistance Program, or SNAP, which provides food benefits to millions of low-income families, would continue throughout the month of October, he said. But if the shutdown drags on longer than October, SNAP funding would be put at risk.
And, as you’d expect, the world has taken notice. In fact, Moody’s just warned the U.S. could suffer yet another downgrade in its credit rating:Moody's said it would “underscore the weakness” of U.S. institutional and governance strength compared to countries with similar credit ratings. Eventually, the federal government will work this out. One side will capitulate because that’s what always happens – and the spending will continue. Whether the total budget ends up at $6.9 trillion or $6.78 trillion, the national debt will grow more than $1 trillion.
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