Illustration: Sarah Grillo/Axios

President Trump significantly raised his rhetoric on the government shutdown today, vowing to keep it closed for "years" if needed and even invoking the idea of declaring a national emergency to build the wall.

Background: House Speaker Nancy Pelosi on Wednesday: "How many more times can we say no? Nothing for the wall."

The big picture: We're 14 days into a political fight, over roughly .1% of the federal budget, that has left hundreds of thousands without paychecks and some government functions largely paralyzed.

  • That includes tens of thousands of law enforcement officials, working without pay with no end in sight.

Between the lines: You've likely seen the viral horror stories of D.C. couples that can't get marriage licenses due to the shutdown and the broad human mess created by visitors to unmanaged national parks.

But as this shutdown goes longer, it will get worse. Among the affected:

  • Federal immigration courts, which will have to pick and choose which cases to handle, pushing some years down the road. [NYT]
  • The Interior Department, which can't pay out treaty rights obligations to Native American tribes.
  • The IRS, which won't pay out refunds or answer questions on taxes, even as tax season begins. [CNN]
  • The Securities and Exchange Commission, which is shut down while unicorn startups like Uber and Lyft prepare IPOs. [WashPost]
  • Housing and Urban Development: "Public housing officials say they don’t know how long rental assistance payments will keep coming ... a suspension could put millions of tenants at risk if the shutdown drags on into February." [NBC]

Go deeper: Hundreds of TSA agents reportedly call in sick after 14 days without pay

Go deeper

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.