The Implications of a Government Shutdown

September 27, 2023 | Evan Frazier, CFA, CAIA, Senior Research Analyst

The federal government will shut down if Congress is unable to pass funding legislation by October 1, and a bill appears increasingly unlikely amid contentious debates among lawmakers regarding levels of future spending. While some essential government employees (e.g., law enforcement personnel) will be unaffected and benefits like Medicare and Social Security will continue to be paid, other disruptions will likely arise as a result of a shutdown. This newsletter seeks to outline these disruptions and the potential implications of a prolonged stoppage on certain functions of the federal government.

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