The Treasury Department says it will begin running out of money to pay its bills by Oct. 17, if the partial government shutdown isn't over by then. That prospect worries the financial markets. Treasury debt plays a fundamental role in the global economy, and economists agree that a debt default would have dire consequences. But some Republicans insist that a default doesn't have to happen.
The government is just 10 days away from defaulting on its debt. Treasury Secretary Jack Lew has said that by Oct. 17, the department will likely have less money on hand than it needs to pay all its bills.
"The reality is that if we run out of cash to pay our bills, there is no option that permits us to pay all of our bills on time, which means that a failure of Congress to act would for the first time put us in a place where we're defaulting on our obligations as a government," Lew said on NBC's Meet The Press on Sunday.
Connecticut's budget office is working with state agencies to prepare for a possible shutdown of the federal government. In a letter last week to agency heads, Office of Policy and Management Secretary Benjamin Barnes said if Congress fails to reach a budget deal, there could be "significant impact" on staff and programs that rely on federal funding.
Originally published on Fri September 27, 2013 6:32 pm
Update At 3:50 p.m. EDT.
President Obama on Friday praised the Senate for passing a spending bill to keep the federal government operating and called House GOP efforts to tie approving the measure to defunding the Affordable Care Act "political grandstanding."
He said that despite Republican hopes that Obamacare will be repealed, "That's not going to happen," accusing Republicans of threatening to "blow up the entire economy."
No one has the right to precipitate such a crisis, he said, "just because there are a couple of laws you don't like."
Online travel site KAYAK will move its headquarters to Stamford, with the help of a $2.5 million state loan. KAYAK is already headquartered in Norwalk, Connecticut, and was recently acquired by the state's other online travel giant, Priceline.com.
Executives from several Connecticut companies, along with U.S. Department of Commerce officials from Middletown, are on a trade mission in Australia this week to promote exports, inbound investments and tourism. It’s all hands on deck. Officials dressed up as Mark Twain and Nathan Hale at “The Tastes and Sights of Connecticut” event, which kicked off the week-long visit.
We took our weekly political roundtable, The Wheelhouse on the road! We broadcast from a vacant storefront on Trumbull Street in downtown Hartford as part of the city’s iConnect project. The conversation started off with Mayor Pedro Segarra and reporters from the Hartford Courant and Hartford Business Journal joined in with their own questions for the mayor.
Originally published on Mon September 23, 2013 3:29 pm
Sales of its new iPhone 5s and 5c models have surpassed other iPhone releases and exceeded initial supply, Apple says. The company says it has sold 9 million of the phones since their launch on Friday and that "many online orders" will ship in coming weeks.
"This is our best iPhone launch yet — more than nine million new iPhones sold — a new record for first weekend sales," Apple CEO Tim Cook said in a Monday press release. He added that "while we've sold out of our initial supply of iPhone 5s, stores continue to receive new iPhone shipments regularly."
Firebox executive chef Sean Farrell, at right. Even though organic, local ingredients are more expensive, business is booming. “We’ve seen a 20 percent growth across the board in sales throughout this full year,” Farrell said.
Credit Sujata Srinivasan
Michael Corcoran, waiter at Max Amore in Glastonbury.
Credit Sujata Srinivasan
Farmer Lisa Griffin at Oxen Hill Farm in Suffield.
This week was Farm-to-Chef week, as the Connecticut Department of Agriculture makes an effort to promote local produce at Connecticut restaurants. The state’s eateries report they are seeing more demand for locally-grown food.
The state labor department says Connecticut's unemployment rate remained unchanged at 8.1 percent in August. Local government job cuts, particularly in schools shut for the summer, far surpassed private sector job gains.