The shutdown is about to bite
The government shutdown "is abstract for most Americans," writes Axios' Mike Allen, but it's about to get very real very quickly. In the markets, nothing's going to get SEC approval while the shutdown is in effect. That means no IPOs, just for starters.
What's happening: The government also attempted to halt bankruptcy proceedings at a nursing-home chain, blaming the shutdown. Both debtors and creditors agree that would put patient health at risk. As Mike says, crunch time is coming. The shutdown will impose real hardship on the nation and its economy.
- Most government workers' first payday without pay is fast approaching.
- Food stamps for 38 million Americans could be reduced or even run out entirely.
- Taxpayers who expect a tax refund want to file their taxes early. But with no IRS workers issuing refunds, that's not going to help them. The absence of tax refunds, in turn, is going to remove a formerly reliable boost to America's winter economy.
Our thought bubble: Mike thinks media coverage of those hardships could end up forcing the president's hand.
Go deeper: The force that could end the shutdown