Illustration: Lazaro Gamio/Axios

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

Go deeper

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Wall Street is living up to its bad reputation

Illustration: Sarah Grillo/Axios

Recent headlines will have you convinced that Wall Street is hell-bent on living up to all of its stereotypes.

Driving the news: Goldman Sachs is the biggest and the boldest, paying more than $5 billion in fines in the wake of the 1MDB scandal, in which billions were stolen from the people of Malaysia.

2 hours ago - Health

Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk

Former FDA commissioner Scott Gottlieb said "the short answer is yes" when asked whether Vice President Mike Pence is putting others at risk by continuing to campaign after several aides tested positive for COVID-19, stressing that the White House needs to be "very explicit about the risks that they're taking."

Why it matters: The New York Times reports that at least five members of Pence's inner circle, including his chief of staff Marc Short and outside adviser Marty Obst, have tested positive for the virus. Pence tested negative on Sunday morning, according to the VP's office, and he'll continue to travel for the final stretch of the 2020 campaign.

Pence to continue traveling despite aides testing positive for COVID-19

Marc Short with Pence in March. Photo: Drew Angerer/Getty Images

Marc Short, Vice President Mike Pence’s chief of staff, tested positive for the coronavirus Saturday and is quarantining, according to a White House statement.

Why it matters: Short is Pence's closest aide, and was one of the most powerful forces on the White House coronavirus task force. Pence and second lady Karen Pence tested negative for the virus on Sunday morning, according to the vice president's office.