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News Link • Government Debt & Financing

There's No Budget Deal, And The Government May Still Shut Down

• BusinessInsider.com/
 
On Friday, The White House and the GOP came to a budget agreement to fund the government for the rest of Fiscal Year 2011, averting a government shutdown. But they didn't actually vote on the deal. They voted on a 1-week continuing resolution so they could wrangle up the details for an official vote this week. And that might not work out. The buzz out of DC is that there are a significant number of GOPers to who will vote no. John Podhoretz at Commentary things that over the next 72 hours, there will be a big anti-deal groundswell, and that we will ultimately have a government shutdown, with the GOP getting the brunt of the blame. Even if this isn't the case, it's pretty ominous for the bigger debates -- the debt ceiling, the 2012 budget -- that are due to begin in just weeks. As we noted this weekend, the whole reason the GOP caved on certain issues, was because they knew the much bigger fights were right around the corner. Whether it happens now, or at some point down the road, a government shutdown still seems very possible.

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