Today marks the 16th day of the federal government shutdown. This was the first shutdown of the federal government in 17 years. The United States Senate voted today in an 81-18 split to pass a bill that will be voted upon by the House of Representatives later this evening.
The bill proposes to fund the government through January 15, 2014, and raise the debt ceiling through February 7, 2014. It also proposes to strengthen the income verification requirements under Obamacare. The bill will also allow more time for both parties to appoint lawmakers to a Conference Committee that would reconcile a broad resolution.
The Treasury Department announced that the U.S. government is close to running out of borrowing authority. This is expected to occur at midnight on Thursday through Friday. If this occurs, the government will not be able to pay some of its bills.
If the government fails to end the shutdown by Thursday, it would increase the likelihood of a default on debt of the United States, and Social Security payments. With the international dependence upon the U.S. economy, the global economy could face a recession if the United States government fails to end the shutdown.