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Despite Senate Leader Harry Reid claiming that the odds of a US Government shutdown were at 50 percent, the prediction markets suggest otherwise. Intrade.com had the chances closer to 68 percent.
Should a budget for the current year not be approved by 11:59 pm ET Friday night, the US Government will effectively shut down. The consequences include military employees checks being withheld, small businesses unable to obtain federal loans, museum and national park shutdowns, passport offices closed but, alas, at least the members of Congress will continue to get their paychecks. Some 800,000 Government employees may not be so lucky.
After meeting with President Barack Obama at the White House, CNN reported that House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nevada, announced Thursday afternoon that negotiators were unable to strike a deal.
In an exclusive interview with CNN before the meeting, Reid put the chances of such a shutdown at 50-50 and said Democrats had agreed to all the spending cuts demanded by Republicans that they could.
"Enough is enough," he said.
- Aaron Goldstein, Gambling911.com
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