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Stoppage Of Play — And Work?
The headlines warned Americans about the looming deadline for the current labor deal between the National Football League’s players’ union and the teams’ owners. Negotiations are likely to continue until the last minute, when a deal may or may not be reached. At stake is a multi-billion-dollar industry that is essential to our country. Failure to reach an agreement could lead to a work stoppage. This issue is getting a lot of attention, as its players and owners argue over how to divide its $9 billion of annual revenues.
Another March deadline, however, may likely impact the financial markets far more than the NFL’s dispute. March 4 is the deadline when the U.S. government’s power to spend money expires. This is the result of Congress never passing spending bills for the current 2011 fiscal year during last year’s legislative session. The only way our government has continued to operate is because of a “continuing resolution” that expired on March 4.
The White House says President Obama has presented his 2012 budget to Congress. The president’s plan will spark debate between some economists looking for additional stimulus spending for our recovering economy and others more concerned about the deficits our nation has created in the last three years.
Congress and the White House have until March 18 to reach a deal on the budget or else there will be a partial shutdown of the U.S. government. |
