Home United States USA — Financial Factbox-What Happens if the US Government Runs Out of Money on Monday?

Factbox-What Happens if the US Government Runs Out of Money on Monday?

250
0
SHARE

Without Trump’s signature, Congress would need to pass a stopgap funding bill that he is willing to sign to keep federal agencies fully operating.
U.S. President Donald Trump’s threat not to sign a $2.3 trillion spending package approved by Congress has already shuttered an emergency unemployment aid program and threatens a partial federal government shutdown at midnight on Monday. The bill provides $892 billion in coronavirus relief and $1.4 trillion to keep regular government operations running through the fiscal year. Without Trump’s signature, Congress would need to pass a stopgap funding bill that he is willing to sign to keep federal agencies fully operating. The Trump administration has not said what it will do if the government runs out of money, but previous lapses have led to tens of thousands of non-essential workers being put on leave and others, including those dealing with public safety, forced to work without pay. Here’s what would likely happen if the White House and Congress cannot agree on a spending plan: PANDEMIC ECONOMIC ASSISTANCE: The legislation would provide $600 stimulus checks to millions of struggling Americans. Trump, in one of his chief criticisms of the bill, has said the payouts are too small and has demanded the checks be increased to $2000. Unemployment benefits being paid out to about 14 million Americans through pandemic programs lapsed on Saturday, but could be restarted if Trump signs the bill. The bill would keep the benefits going through mid-March. The spending package also extends a moratorium on evictions that expires on Dec.31, refreshes support for small business payrolls, provides funding to help schools re-open and aid for the transport industry and vaccine distribution.

Continue reading...