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Peter Davis

An writer at FOMOdrive

  • Oct 01, 2023
  • 2 min read

The USA avoided the Shutdown. Could the dollar suffer?

The US government funding project was approved by the Senate for a period of 45 days.

The budget for the present does not provide aid to Kyiv.

Yesterday, President Biden signed a law that prevented a government shutdown from occurring.

After last week's collapse, the US dollar, which had been the best safe haven, could suffer while stock markets soar.

On Saturday evening, the US Senate passed a bill to fund the US government for 45 days, until November 17. This law does not include any funds for Ukraine, according to Prime. The House of Representatives had previously approved the same measure earlier in the day.

Before midnight local time, US President Joe Biden was successful in signing the legislation passed by Congress, thus preventing a government shutdown due to lack of funding.

If a shutdown were to occur, those government employees who are responsible for essential tasks would have to keep working without receiving any wages, while the rest would be required to take unpaid leave.

The head of state signing this regulatory act finally put an end to the weeks of uncertainty surrounding the potential shutdown of the country, which could have happened as soon as October 1.

On Saturday morning, it appeared that the 15th government shutdown in 42 years was unavoidable. However, the BBC reports that the Democratic-controlled Senate eventually passed a compromise bill that had been agreed upon with the House of Representatives.

The threat of a shutdown was not withdrawn, but only postponed due to the temporary budget. Despite this, politicians and experts remain confident that the issue will be resolved in the end. Unfortunately, the US's reputation as a global leader has been damaged yet again.

Back in the spring, the potential for a historic default loomed over America as Congress put the government's solvency in jeopardy for the first time this year. Fortunately, the situation was resolved before it could reach that point. However, the government's financial security is once again being put at risk as Congress has again put the government's solvency in jeopardy.

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