US government shutdown
OVER the past couple of months, the US economy and political crisis have been deepening. Recently, the situation has gone from bad to worse as Republicans and Democrats have been rigid on their stances on the ceiling of government expenditure and slash of ‘Obamacare’. The situation has reached such a level that the government could not implement the fiscal budget for upcoming year which was scheduled to happen on October 1. Recently, president Barack Obama had to cancel his scheduled trip to Asia as there was no money in the government exchequer.
In order to meet government expenditures, the Obama administration wanted to enhance government credit ceiling, however, the House of Representatives dominated by Republicans wanted to cancel the Obama Care as they think it would not be conducive to implement it at this moment.
Nevertheless, Obama wants to carry on this Obama Care or health insurance project as Democrats think that it will safeguard lower income people through health insurance.
Already hundred and thousand government officials were forced to go on leave due to the shutdown. The World Bank has warned that if this stalemate continues, then it will bring devastating effect on the world economy.
It has a far reaching impact for third world countries and developing countries.
Md Zonaed Emran
Janata Bank Ltd
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