Originally created by: JIM KUHNHENN
On Wednesday April 6th, the Obama administration said that a government shutdown would halt the processing of tax returns and will limit small business loans and government-guaranteed mortgages during peak home buying season. Moreover, The Obama administration also stated that the Internal Revenue Service will suspend the processing of paper tax returns, but that they will continue to deal with electronic returns and the Federal Housing administration will no longer guarantee loans, this administration used to guarantee about 30 percent of home mortgages throughout the United States.
Social Security and Medicare beneficiaries will continue to receive their regular benefits which is good news among of the bad news stated by the Obama administration.
Congressional negotiators are working to strike a final decision of the shutdown described by the Obama administration. Congressional negotiators want a deal that sets spending limits by the end of September. The final agreement for the shutdown has to be made before Friday in order to stop the administration to trigger the shutdown described above.
The consequences of this shutdown will be:
1. The Environmental Protection Agency will stop issuing permits and stop reviewing environmental impact statements which will slow approval of projects.
2. Military personnel will not get paid after Friday. They will continue to earn money which would be paid once the government resumes.
3. All government websites will no longer be updated, except if they consider it significant.
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