U.S. Treasury Secretary Calls for Cooperation to Avert Costly Government Shutdown

The Treasury chief warns a shutdown could cause $15 billion in daily losses, urging swift bipartisan action to avoid significant economic disruption.

Summary

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Terms & Concepts
  • Government Shutdown: A closure of non-essential federal government operations due to funding gaps when Congress fails to pass a budget or continuing resolution.
  • Economic Impact: The measurable effect of an event or policy on the economy, including changes to GDP, employment, and financial markets.
  • Bipartisan Cooperation: When members of opposing political parties work together towards common legislative goals.