Todd Morley

Is the US Gathering Steam: Remarks on the Government Shutdown

Harold, Todd Morley, Eric

Driven by a fractured political deadlock between House Speaker Paul Ryan and Tea Party factions, the U.S. faces a projected two-week government shutdown and a looming October debt ceiling crisis that threatens to compromise the nation's credit rating. While these domestic governance failures stem from record-low official approval ratings and unsustainable monetary policies, the economic fallout manifests as frozen corporate capital spending and delayed major infrastructure projects. Concurrently, the economic outlook is further strained by a slowdown in Chinese and European markets that is causing U.S. exports to plummet, leaving the domestic economy vulnerable despite significant historical fiscal interventions.