Speaker McCarthy denies stopgap bill: What it means for a govt. shutdown?

📆 9/28/2023 6:38 PM
📰 YahooFinanceCA

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House Speaker Kevin McCarthy (R-Ca.) has raised the probability of a government shutdown by turning down the Senate's bipartisan stopgap spending bill. McCarthy is still trying to get holdouts within the House GOP on board with his own spending proposal. If funding lapses, the effects could include passport processing delays, federal employee furloughs, and the U.S. military not getting paid. The risks of a shutdown received little attention during Wednesday's Republican GOP debate, prompting criticism from former Congressional Budget Office Director Doug Holtz-Eakin that the contenders showed little 'concern' for the issue. 'I did not hear a great concern about the shutdown,' Holtz-Eakin tells Yahoo Finance adding, 'I think the biggest reason to be concerned is this reinforces the view of the Fitch [credit rating] agency and others that the U.S. does not have the capability of managing it's finances and that's not the message you want to send the global capital markets.' For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Vasily KrestyaninovLACHIN CORRIDOR—Scores of refugees are fleeing the disputed region of Nagorno-Karabakh in the aftermath of a massive Azerbaijani offensive that forced the ethnic Armenian majority to give up control of the war-stricken enclave last week.

In a first since the mass exodus began on Sunday, The Daily Beast has gained exclusive access to the Lachin Corridor, the only road linking Nagorno-Karabakh—an internationally recognized region of Azerbaijan with an ethnically Armenian populatiIn the footage, the unidentified Russian commander can be heard cursing in Russian and complaining about Russia's chances in the war.

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McCarthy may have to choose between government shutdown and speakership: JournalistWith just three days left before a potential government shutdown, the Senate has released a bipartisan funding deal aimed at avoiding it. A shutdown could result in federal employees being furloughed, essential workers forced to work without pay, and delays in government services and benefits payments. However, House Speaker Kevin McCarthy has struggled to reach an agreement within his own party. In fact, McCarthy may have to choose between his speakership and the shutdown. The Nation D.C. Bureau Chief Chris Lehmann tells Yahoo Finance that McCarthy's calculation is– do you keep the government functioning and potentially sacrifice your speakership? or keep your speakership and 'own what, by any measure, would be sort of a catastrophic, self-inflicted budget crisis on the rest of the country?' 'Sadly, I think everything is trending in the latter direction,' Lehmann says. 'The deal that the senate hammered out yesterday, would be a good framework,' Lehmann says, 'if we had a sanely run GOP majority in the house, we don't.' For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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