Republicans shut down federal government on October 1st affecting American economy
By: Jose G. Landa
Copyright 2013
Republican United States House of Representatives voted to shut down the federal government on October 1, 2013 by failing to approve a continuing resolution funding the federal budget because they oppose the Affordable Care Act of 2010, also known as Obamacare, being funded and implemented.
Over 30 million Americans will benefit by the Affordable Care Act’s enrollment of uninsured residents in affordable health care insurance coverage plans available in the federal government’s Marketplace exchange on the internet at: www.HealthCare.gov.
As the clock struck midnight on October 1st, the federal Office of Management and Budget (OMB) ordered federal government agencies to commence shut down procedures due to the Republicans failure to pass a continuing resolution of the federal budget.
The Wall Street Stock Exchange saw a drop of stock prices at the close of the market day on September 30th because of the then impending federal government shut down by Republicans in the U.S. House of Representatives, causing billions of dollars in losses to shareholders.
The American Futures Market also sustained price losses at closing on September 30th due to the impending federal government shut down by Republicans, causing millions of dollars in losses.
President Barack Obama stated that the Republicans shut down of the federal government for the first time in 17 years is irresponsible and will hurt the American economy’s recovery. Americans will be affected the most in their pocketbooks, especially those who are federal employees or receive federal services.
Former President Bill Clinton stated that the Republicans are wishing for the American economy to fail and the Republicans shut down of the federal government is reprehensible.
Republicans fear that the Affordable Care Act will be a great success like it already is in the State of Massachusetts and Americans will disfavor the Republican Party because they opposed passage of the universal health care insurance legislation.
