A New Threat to the Economy: A Possible Government Shutdown Looms

By: April Ryan, aprildryan.com

President Obama is in California slated to speak on the economy at Dreamworks Animation Tuesday. Meanwhile there is a looming threat to the American economy, another government shutdown. Capitol Hill Republicans want 90 billion dollars cut from the federal budget. Democrats are saying no, therefore negotiations have stalled.

Immediately following the most recent October 16-day government shutdown, lawmakers got back to work to fix the government pocketbook by the January 15, 2014 deadline. Soon after the the last deal was made law, there were vows from DC lawmakers and the President that it would not happen again.

Senator Mitch McConnell

Senator Mitch McConnell

Republican Senate Minority Leader Mitch McConnell of Kentucky said in October on CBS’s “Face the Nation”: “There will not be another government shutdown. You can count on that.” And when the President was asked by White House Correspondent Brianna Keilar of CNN: “Mr. President, isn’t this going to happen all over again in a few months?” the President quickly retorted with, “No!”

Kentucky Congressman John Yarmuth sits on the House Committee on the Budget and says the 90 billion in proposed cuts are bad for the Gross Domestic Product or GDP and will hurt the economy. He gives an update on the current budget stalemate. WATCH:

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