Accountancy Slice

North America

House Republicans’ slimmed-down plan to try to avert a government shutdown was defeated in a hastily called vote Thursday, as several dozen GOP lawmakers joined with Democrats in rejecting the proposal endorsed by President-elect Donald Trump. The package failed by a vote of 174-235 just hours after it was hastily assembled by Republican leaders seeking to comply with Trump's demands. A prior bipartisan deal was scuttled after Trump and the world's richest person Elon Musk came out against it on Wednesday. Government funding is due to expire at midnight, triggering a partial shutdown. Millions of federal and military employees could be hit with paycheck delays, though that depends on how long a shutdown lasts. The IRS says it will furlough more than half of its nearly 90,000 employees if a shutdown happens. National Park Service sites will also be closed. However, entitlements such as Social Security and Medicare have their own funding vehicles that are separate from the appropriations currently in question. The Social Security Administration’s latest contingency plan for a lapse in funding says it will maintain activities “needed to ensure accurate and timely payment of benefits.” Additionally, the U.S. Transportation Security Administration warned that travelers during the busy holiday season could face long lines at airports.