Despite late night discussions over the 2011 fiscal year budget, lawmakers have still been unable to reach an agreement that can prevent a complete shutdown of the federal government.
President Barack Obama, House Speaker John Boehner and Senate Majority Leader Harry Reid met late last night in an effort to reach a consensus over the federal budget, though no official resolution came out of those talks. All three leaders will now meet today for the third time this week in an effort avert a potential government shutdown.
“A shutdown could have real effects on everyday Americans,” said Obama in a statement he delivered shortly after his meeting with both heads of Congress. ” That means that small business owners who are counting on that loan to open their business, to make payroll, to expand, suddenly they can’t do it. It means folks who are potentially processing a mortgage, they may not be able to get it. It means that hundreds of thousands of workers across the country suddenly are without a paycheck. Their families are counting on them being able to go to work and do a good job.” President Obama added in his speech that a shutdown could result in delays in the receipt of business loans and payroll for small business, or even the processing of mortgages.
While President Obama did express confidence in his administration and Congress to agree on a budget resolution before Friday’s deadline in his speech, Sen. Reid reportedly told some this morning that he was “not nearly as optimistic” about reaching a resolution over the federal budget as he had been last night, according to Bloomberg News.
Depending on its length, a shutdown of the federal government could have significant effects on basic services, like a delay in the receipt of tax refunds or the shutdown of national parks. Some 800,000 federal workers are also at risk of being furloughed in the event a federal government shuts down. If lawmakers were to pass a budget for the fiscal year 2011 it would be the first time a federal budget has been passed since the fiscal year 2010.
You can check out President Barack Obama’s full statement below:
Check out: Government Shutdown 2011 Put on Hold