In it, but not of it. TPM DC

Dems: GOP-Caused Shutdown Would Harm The Economy

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Newscom

Though Republicans are hesitant to admit it publicly, the two parties have reached an agreement on a ballpark spending cut figure. The final deal will likely cut over $30 billion in current spending, from both discretionary and mandatory programs.

If they don't finalize that deal before the end of next week, the government will shut down.

"The only way we would have a short-term CR is if it was necessary to finalize the paperwork," Reid said.

And that would create macroeconomic shock, and eat into job creation.

"Too many Americans are still looking for work, but the economic picture is slowly improving," said Sen. Chuck Schumer (D-NY) in a statement before the call. "This sign of jobs growth shows the President's economic plan is starting to work. We should stick with it, and quickly reach a budget deal to avert a government shutdown that would risk these fragile gains."

About The Author

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Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com

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