Federal shutdown in United States which lasted for 16 days and furloughed lakhs of worrkers employed in government firms has come to an end but not before having caused wide damage to its economy and sent shock waves in global financial markets. While Federal shutdown is not a new phenomenon, it has come under sharper focus this time as it came when U.S economy has started showing signs of limping back to normality from the slowdown whose adverserial impact on the global economy is well-known.No doubt,the crisis of federal shutdown this time was triggered by Republicans as a mark of their strong protest against President Obama’s much touted Affordable Care Act which seeks to provide Universal Health Coverage to all. Ever since Obama took efforts to give shape to his dream plan of Universal Health Coverage,there seemed to be no dearth of counter measures from Republicans to derail it at any cost. The final weapon Republican party has resorted to stall Obama’s Affordable care Act came in the form of making House of Representatives dominated by its members to stop funding to the government. Whatever may be the rationale behind their move to impose federal shutdown, none can dispute the fact that it has not only invited the wrath of American People but also brought in to fore how political brinkmanship has taken a centre stage and affecting its economic interest much to the chagrin of the economic managers of countries around the world. Both American people and the entire world heaved a sigh of relief over the end of crippling federal shut down, but the fact remains that worst is not yet over as Obama administration has to knock at the doors of Republicans dominated House of Representatives again in the coming month of January 2014 when funding for government is expected to dried up.It is sad reality that world economy has not devised any means to insulate itself from economic crisis resulting from political brinkmanship inviolving two major political parties of United States .
Posted on: Mon, 21 Oct 2013 15:21:05 +0000
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