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The U.S. House and Senate have until March 14 to avoid a shutdown of the federal government. And at the moment, things are not looking good. Donald Trump is pushing Republicans to approve a massive bill that would extend tax breaks from his first term (which are set to expire later this year) to the tune of $4.5 trillion and dramatically cut spending across federal programs and services (by $2.5 trillion). House Speaker Mike Johnson managed to push through Trumps legislative agenda at the very last moment last Wednesday, but that 217-215 vote (which saw a single Republican and all Democrats opposed) could prove to be the easiest part of the process. The Senate has passed a scaled-back version of the budget bill, meaning a series of negotiations must take place to find common ground. Democrats can block the bill in the Senate with a filibuster, so theyll be in on the negotiations. But with the clock ticking on when funds run out, Republican negotiators, divided by infighting, walked away from the talks this weekend. There is, of course, the chance that lawmakers will agree to a bipartisan continuing resolution, a spending measure that will keep the government operating. That seems increasingly unlikely, however, as Washington becomes more turbulent and Elon Musk and DOGE continue to push for mass layoffs. Not to mention that the last government shutdown was during Trump’s first term: from midnight ET on December 22, 2018, until January 25, 2019. It was the longest (35 days) government shutdown in U.S. history. So, clearly, a full-blown shutdown doesn’t exactly faze Trump. So what happens if the government shuts down for the first time in six years? Heres what to expect, based on previous shutdownswith the caveat that this administrations first 41 days have been markedly different than any previous president’s, including Trumps first term. Will I still get my Social Security check if the government shuts down? Social Security checks are still delivered in the event of a shutdown. And Medicare services will stay in operation for at least a limited time. However, if you need a new card issued, youll have to wait until the shutdown is over and any backlog is cleared. Are my taxes still due in a government shutdown? While the Internal Revenue Service (IRS) will be operating with a skeleton staff should the government shut down, it will continue to process tax returns, meaning you will have to file, no matter what. Will I get my tax refund if the government shuts down? In the 2018-2019 shutdown, 14,000 IRS employees opted not to show up for work without pay. And just last month, the IRS was told to fire some 7,000 workers. So, should the government shut down this timeand should that closure last for any kind of extended periodit will undoubtedly have an impact on some refunds. The best idea is to monitor the Wheres My Refund tool on the IRS website. Will a government shutdown impact mail delivery? The U.S. Postal Service is an independent agency. The shutdown will have no impact on it. There have been reports that Trump is considering taking control of the USPS, ending its independent status and making it a part of the Commerce Department. Should that happen, things become murkier, especially with the expected (and protracted) legal fight such a move would ignite. Can I visit national parks during a government shutdown? During the government shutdown in January 2018, most national parks remained open, though visitor centers, and sometimes bathrooms, were not available. Trash also piled up at many sites, with no one to clean it. During the 2013 shutdown, however, millions of visitors were turned away from parks, national monuments, and other sites. And considering that about 1,000 National Park Service staffers who maintain and clean parks, educate visitors, and perform certain safety functions were indiscriminately fired last month, this one’s a toss-up, at best. How will a government shutdown affect air travel? TSA officers and FAA air traffic controllers are deemed essential federal workers, so they continue to work (without pay) during a shutdown. During the 2019 shutdown, however, hundreds of TSA employees called out sick, which made for tremendously long lines at security stations (in some cases, as much as 90 minutes). Can I visit the Smithsonian and other federal museums during a government shutdown? While the Smithsonian has, in the past, discussed using prior year funds to stay open during part of a shutdown, odds are youll find the doors locked in the event of this year’s shutdown. Other popular attractions, including presidential libraries, will also likely be affected, as theyre overseen by the National Park Service. While animals in the National Zoo will be cared for, visitors wont be allowed in to see them. Other federal museums, such as the National Archives, will also be closed. Will Veterans Services be impacted by a government shutdown? All Veterans Affairs (VA) medical facilities and clinics should remain open and operational in the event of a shutdown. Though the VA was told to dismiss more than 1,400 employees last month, mission-critical positions are said to be exempt from such random firings. The VA will continue to process veterans benefits. Other services, such as education and job training, support for veteran-owned businesses, and even assistance for homeless veterans may be unavailable. Will DOGE use a government shutdown to terminate more federal jobs? Elon Musk and DOGE haent commented publicly about any possible shutdown. But there are fears that federal workers deemed nonessential in such a situation could find themselves more likely to be laid off at some point down the road. One of the biggest sticking points in current negotiations, though, is the spending and job cuts DOGE has imposed since Trump took office. Democrats are demanding guardrails in the budget bill, which will require the executive branch to carry out spending directed by Congress. We are close on top-line spending,” Democratic Senator Patty Murray, vice chair of the Appropriations Committee, told reporters last week. “We need to know Republicans are willing to work with us to protect Congress’s power of the purseand I welcome any and all ideas they may have on how we can work together to do just that.That is the absolute bare minimum, and it is frankly not asking a whole lot,” Murray continued. “Republicans should not be so eager to let Elon Musk cut off cancer research or clean energy jobs in their districts. They should not follow Elon toward a shutdown.
Category:
E-Commerce
U.S. grocer Kroger said on Monday CEO Rodney McMullen has resigned after a board investigation found that his personal conduct was “inconsistent” with certain company policies. The conduct is not related to financial performance, operations or reporting, and it did not involve any Kroger associates, the company said. The surprise ouster of the 64-year-old executive comes after the company in December terminated a two-year effort to buy rival Albertsons in a $25 billion deal, an attempt McMullen had staunchly defended as a way to fight higher prices and better compete with Walmart and Costco. Meanwhile, Albertsons has sued Kroger for an alleged breach of contract that led to the demise of the deal. Kroger, when contacted, declined to provide more details on the exit of McMullen who was its CEO for more than a decade and has been at the company since 1978 and the nature of the conduct that led to his ouster. McMullen did not respond to a request via LinkedIn for comment. “McMullen stepping down certainly puts Kroger in a vulnerable position. The company is already dealing with the aftermath of its abandoned Albertsons merger, and a leadership change at this stage can complicate things,” said Riley Beam, managing attorney at Douglas R. Beam, a personal injury law firm based in Melbourne, Florida. “For investors, the risk is obvious uncertainty.” The Cincinnati, Ohio-based company’s shares were down about 1.4% in early trading on Monday. The stock has more than tripled in value since McMullen took the helm in 2014. Following the failed merger plan in December, some United Food and Commercial Workers local unions urged Kroger’s board to replace McMullen after the company announced a $7.5 billion stock buyback plan. McMullen was trying to “distract attention from his multiple failures as CEO by announcing a massive one-time giveaway to shareholders,” the group had said. Kroger said on Monday the board was made aware of certain personal conduct by McMullen on February 21 and immediately retained an outside independent counsel to conduct an investigation, which was overseen by a special board committee. The board has appointed lead director Ronald Sargent as interim CEO. A long-time director at Kroger, Sargent was previously the CEO at office supplies chain Staples for more than a decade. He also serves on the board of Wells Fargo, where he is the chair of the human resources committee. Kroger said the board has formed a search committee and appointed a firm to conduct a search for its next CEO. The company said McMullen would not be eligible to receive a bonus for 2024. He received a total compensation of $15.71 million for fiscal year 2023, according to the company’s proxy statement. Kroger, scheduled to report its fourth-quarter results on Thursday, expects full-year adjusted earnings per share to be slightly above the high end of its forecast range. Several prominent CEOs have also been ousted for violating company policy, including McDonald’s CEO Steve Easterbrook in 2019 and Hewlett-Packard’s Co-CEO Mark Hurd in 2010. “If past is any guidance, there is usually no impact (on a company’s performance),” said Xu Jiang, associate professor at Duke University’s Fuqua School of Business. “The interim CEO will likely follow the previous CEO’s strategies so there is minimal disruption of Kroger’s business.” Savyata Mishra and Aishwarya Venugopal, Reuters
Category:
E-Commerce
Cryptocurrency prices jumped after President Donald Trump’s surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund, an announcement that highlights Trump’s growing attempts to use volatile cryptocurrency prices as a barometer of his public support. Trump said on social media Sunday that his administration is working toward creating a Crypto Strategic Reserve that will include lesser-known cryptocurrencies XRP, solana, and cardano. He later followed up with another post saying his planned reserve would also include bitcoin and ether, the two most popular cryptocurrencies. The announcement helped crypto prices rebound, at least temporarily, after recent sell-offs. Bitcoin was trading around $90,000 Monday morning after dipping below $80,000 last week. XRP, solana and cardano saw massive spikes in their prices after Trump’s announcement Sunday followed by a more gradual decline through Monday morning. On the campaign trail, Trump pledged support for a strategic national bitcoin stockpile, which would include bitcoin the U.S. government has previously seized in law enforcement actions. Sunday’s announcement was the first time he advocated for the government to hold other types of cryptocurrencies. The White House did not immediately provide additional details, including how much of each type of cryptocurrency Trump wanted the U.S. to hold, and how the government would acquire them, and whether he favored including other types of cryptocurrencies as well. Eric Trump, the president’s son, said the price increases validated the recent advice he’s made on social media to stock up on crypto assets. Hopefully, I made someone’s life just a little bit better,” he posted on social media. The president has cast himself as hero to the crypto industry, which he said in his announcement had been the target of years of corrupt attacks by the Biden administration.” The crypto industry felt unfairly targeted by the Biden administration and spent heavily to help Trump win election. The first several weeks of his administration have seen several moves to boost crypto, including ending or pausing high-profile enforcement actions by the Securities and Exchange Commission. Crypto prices soared after Trump’s victory last year, and when the price of bitcoin first crossed $100,000 in early December, Trump took credit and posted “YOURE WELCOME!!!” on social media. But prices have fallen since Trump’s inauguration and Trump has faced criticism, including from allies within the crypto industry, for helping launch a personal meme coin just before he took office that has since collapsed in value. The crash of meme coins linked to First Lady Melania Trump and Argentine President Javier Milei, along with a massive hack of a major cryptocurrency exchange that the FBI has said was done by North Korea, have also dimmed enthusiasm for crypto. Why is crypto in the toilet if Trump is crypto king?” Dave Portnoy, an influencer and crypto enthusiast, said on social media last week. The inclusion of cryptocurrencies other than bitcoin is likely to face sustained pushback among some corners of the heavily divided cryptocurrency industry. Bitcoin is the oldest and by far most popular cryptocurrency, and accounts for more than half of the world’s global crypto market cap. Advocates for the government holding a crypto reserve said would help diversify government holdings and hedge against financial risks. Critics say the volatility of cryptocurrencies makes them a poor choice as a reserve asset. In addition to his announcement Sunday, Trump has also recently announced he will speak at and host industry leaders on Friday at a White House Crypto Summit. Alan Suderman, Associated Press
Category:
E-Commerce
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