What the US govt shutdown means
New Delhi, October 01, 2013
First Published: 11:16 IST(1/10/2013)
Last Updated: 12:45 IST(1/10/2013)
The United States lurched into a dreaded government shutdown early today for the first time in 17 years, triggering agency closures and hundreds of thousands of furloughs as Congress missed a deadline to pass a budget.
What the shutdown means
means the US government agencies will close down in the absence of a budgetary allocation.
Nearly 8,00,000 US workers will be thrown out of job for now.
The crucial department of energy facilities, which deal with power and defence, will send home 12,701 workers out of 13,814 hitting the internal infratructure.
The shutdown will set in a phase of economic crisis with people taking most of the hardships.
Last time this scenario occurred was in 1995-96.
The economic crisis in the US will have its cascading effect on the economies of other countries also. The markets will also tank affecting the overall investment scene around the world.