Republicans who control the U.S. Congress are expected to try to pass a temporary spending bill before a Friday deadline, when existing federal funding is set to expire and federal agencies would begin to shut down.While past shutdowns have done little lasting economic damage, these events can hurt federal workers, rattle markets and shake confidence in the United States abroad.Since Congress implemented the modern budget process in the mid-1970s, there have been 18 gaps in government funding, according to the Congressional Research Service (CRS), but not all resulted in government shutdowns. In fact, only three of them had a significant impact.
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Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.