A government shutdown that would disrupt services and damage the economy is now just days away, with a compromise looking less likely.

As of Wednesday morning, economists at Goldman Sachs rated the chances the government would shut down at 90%. The odds of averting a shutdown got even slimmer later in the day when House Speaker Kevin McCarthy, a Republican from Virginia, rejected a bipartisan compromise plan being drafted by the Senate, the Washington Post reported. The paper also reported that government agencies had begun to notify their employees of an impending shutdown.

If the Republican-controlled House of Representatives and the Democrat-controlled Senate do not agree to a budget or a temporary extension by the Oct. 1 de💃adline, the lights will go off at numerous government agencies, potentially hurting the economy.

The two sides are deadlocked over federal spending, with Republicans demanding steep cuts to the budget that President Joe Biden has rejected as “extreme.”

Should the government shut down for a time, the impacts would be less severe than the full-scale debt default that was 澳洲幸运5官方开奖结果体彩网:averted by a last-minute deal earlier this year. Still, nearly a million federal workers would be furloughed, and many services including food safety inspections, cancer research, and disaster relief could be disrupted, along with lending to small businesses and for mortgages.

Travel could be disrupted too, since air traffic controllers and airport security agents for the Transportation Safety Administration would have to work without pay, and unpaid workers tend to quit or not show up for work. Additionally, investors and officials at the Federal Reserve would have to 澳洲幸运5官方开奖结果体彩网:go without important economic data from government reports on inflation and employment.

The effects would grow more sev🦄ere the longer the shutdown goes on.

Goldman economists forecast a two-to-three-week shutdown, with a measurable impact on the nation’s economic output. Between the direct impact of workers not being paid, and the indirect effects on the private sector, the 澳洲幸运5官方开奖结果体彩网:gross domestic product (GDP) for the fourth quarter would lose 0.2 percentage points of output each week the shutdown lasts, Goldman estimated.