Government funding lapsed after lawmakers and the White House failed to reach a deal, triggering a shutdown. Federal unions are suing over OMB directives to consider job cuts, while key services and economic data releases are paused. TSA staff and air-traffic controllers will work unpaid, raising risks of airport disruptions.
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Government funding lapsed early Wednesday after the White House and lawmakers failed to strike a deal, according to the Wall Street Journal.
00:08Trump administration officials signaled they would use the shutdown to shrink the government.
00:12The Office of Management and Budget instructing agencies to consider job cuts, sparking lawsuits for federal worker unions.
00:18The shutdown is pausing key functions, including the release of economic data, workplace inspections, disease surveillance, and certain medical services.
00:26TSA employees and air traffic controllers will work without pay, raising concerns of airport delays as past shutdowns saw staff absences and disrupt security checkpoints.
00:35Federal workers have been reducing retirement contributions to stockpile cash ahead of the shutdown, according to a financial advisor who works with them.
00:42Research shows furloughed workers are 31% more likely to quit within a year.
Be the first to comment