A delay in payments to federal contractors, such as Musk's SpaceX, during a government shutdown could cost them billions in revenue.
, to lose billions in revenue as agencies would be forced to delay payments if the Republican-led House of Representatives fails to pass spending bills to fund the government past September 30.
The U.S. government spent more than $700 billion on outside contractors—from defense to health care services—last fiscal year, amounting to nearly $2 billion a day, according to an analysis by Bloomberg. Musk's SpaceX alone has won $2.9 billion in government contracts over the years. The companies will have to brace themselves for being without that government cash if it is forced to close asOver the last few weeks, Republican House Speakerhas failed to fashion a consensus within his caucus to advance spending bills. A far-right faction in the House GOP conference has blocked several attempts by McCarthy to move forward on the legislation as they demand severe cuts to policies they deem"woke" and removal of aid to Ukraine in its war against Russia.
House Speaker Kevin McCarthy speaks with reporters in the U.S. Capitol Building on September 26, 2023, in Washington, D.C. McCarthy updated reporters on steps being taken by House Republicans to pass legislation ahead of a government funding deadline.
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