US Government might be insolvent by law soon/now.

By Daniel at 25 November, 2009, 10:05 am

The US budget for FY2010 is still note approved, but it has started by Oct 1. US Government was operiting on a continuing resolurion which has expired on Oct 31.
http://www.ombwatch.org/node/10450

Now, it seems, there is a new CR which will expire on Dec 18.
http://appropriations.house.gov/pdf/FY10_CR_Summary-10.27.2009.pdf

I don’t know how long can they go on with this game, but they have also reached the debt ceiling by now, so basically this government, in my view, is completely insolvent by law. They must have the debt ceiling raised and the budget approved as well in 2 weeks. I wouldn’t be surprised if there was a goverment shut down just like in 1995 by Clinton.

http://en.wikipedia.org/wiki/Government_shutdown

“The 1995 shutdown of the United States federal government was a major political crisis in which the U.S. federal government, as a result of a failure to pass a budget bill, stayed nonessential services from November 14 through November 19, 1995 and from December 16, 1995 to January 6, 1996. The major players were Bill Clinton and Newt Gingrich.”

http://en.wikipedia.org/wiki/United_States_Federal_government_shutdown_of_1995

- Roka