Government Shutdown Looms, Republicans Scramble
December 07, 2017
Shutdown looms as GOP scrambles for votes; Jobless claims decline for third week in a row.
- Shutdown looms as GOP scrambles for votes. With the government set to run out of funding Friday, the GOP is scrambling to put together enough votes for a continuing resolution to prevent government shutdown until December 22. While Democrats have refused to vote for the resolution, citing the lack of protections for Dreamers made vulnerable by the end of the DACA program, the GOP leadership will be forced to mollify House Freedom Caucus hardliners, who want to push the Congress to the right on spending, in order to avoid shutdown. The President and GOP are reported to not yet have the votes for Thursday afternoon’s continuing resolution. [Politico]
Economic Indicators & News
- Jobless claims decline for third week in a row. While layoffs did reach a 7-month high this past week, overall data show the job market is still strong, with just 236,000 Americans filing jobless claims. The labor market is still at or near full employment, with an unemployment rate of 4.1%, a 17-year low. While layoffs were high in the context of this year, they are also down 22% compared to this period last year, and remain historically low. [Reuters]