Shutdown Hits Industries Nationwide (wsj.com)

The partial government shutdown is affecting a wide range of business and financial concerns nationwide. From a report: Shuttered government offices are stalling the approval of new loans, initial public offerings, the processing of tax documents, and the approval of new products such as prescription drugs, among other effects. While some programs are reopening on a temporary basis or providing workarounds for affected companies, most services won't return to normal until the government fully reopens and 800,000 federal workers sift through the backlog.

Here is a round up of the impact: The partial closure of the Securities and Exchange Commission is delaying the ability of companies to open the IPO market. Companies that were seeking to list shares in January are delaying plans since the regulator has stopped reviewing and approving new and pending corporate registration statements. Airlines expect to have sluggish revenue growth in the first quarter in part because of revenue lost from government travel cancellations. Delta Air Lines Inc. Chief Executive Ed Bastian, for instance, said the shutdown would cost his airline $25 million in lost revenue from government travel. The U.S. Food and Drug Administration has dramatically curtailed inspections of domestic facilities at food-processing companies during the shutdown, though unpaid inspectors have resumed work inspecting higher-risk products such as fresh fruits and vegetables, eggs, seafood and dairy products.

At the Internal Revenue Service, the shutdown has created delays in getting some employer identification numbers, holding up some routine business deals. Some small-business loans are also stuck in limbo. The Small Business Administration has stopped approving routine loans that the agency backs to ensure entrepreneurs have access to funds, halting their plans for expansion and repairs and forcing some owners to consider costlier sources of cash. The government process for reviewing proposed mergers has been slowed by the shutdown, but it is still operating. Businesses that have government contracts are feeling the strain across a variety of industries, including the building of highways and bridges.

Comments

Yep, That's Anarchy

[rsilvergun]

and you won't like the results.

Delayed IPO? Great Depression 2.0 New Drug? Snake Oil. Tax Payments? They already have your money, you won't get your refund. Airport Security? 9/11 2.0

The FDA isn't inspecting food right now. If this keeps up sooner or later we're gonna have an outbreak. If you have small children they're going to die. Same if you're elderly.

Folks really, really underestimate how important and beneficial the government is. That's because most of the time you're dealing with Government in your personal life it's taxes, tickets or the DMV.

Why doesn't Congress just approve the budget?

[SkOink]

Congress can end this shutdown without the president's support or approval. They can pass a budget bill, and send it to the president. If he vetoes it, they can vote to override the veto.

I don't understand why more people aren't holding Congress to task on this. They literally don't need the president's buy-in at all to get a budget passed.