Ticking Clock

Congress has voted 248-173 to protect the medical device industry with tax repeal. Some say the tax is a “bargaining chip” in the fight to keep government running this week. Congress has until midnight to figure out a way to fund the government or the U.S. government will shut down. Tick tock.

The Background

Last week, the House sent a spending bill to the Senate that tied funding the government to defunding Obamacare. On Friday, the Senate sent the bill back to the House, without the defunding Obamacare part. The House then voted yesterday to fund the government through Dec. 15th with some conditions, including a one year delay of the health care law.

What Next?

The White House has said it would veto the House bill and it’s speculated that the Senate will probably once again take out the part about the health care law — and send the bill back to the House for another vote, just hours before the midnight deadline, (when current funding for the government runs out). If a deal is struck, it will likely be at the very last minute. Stay tuned.

And If There’s No Deal?

With no deal agreed upon, the U.S. government will shut down for the first time since 1996. Essential staff and most likely military personnel will be paid. Americans will still receive snail mail, but some federal agencies and their functions will be suspended. Tens of thousands of federal workers could be furloughed (temporarily laid off) or end up working without pay.

Want to know the latest market trends in your industry? Follow us on Linkedin.