Back to work (Source Credit: www.freephotosbank.com/10083.html)

Image Credit: Free Photos Bank

So… It was done. Since late last night, the shutdown has been over, the government offices re-opened this morning, and Federal workers are back at work. The worked-out deal in its final form provides for appropriations at the current (post-sequester) spending levels for all Federal agencies through January 15, 2014 (which includes back pay to Federal workers who had been put on furlough), and extends the Treasury’s borrowing authority through February 7. The leaders of the legislative bodies have agreed to work towards a financial framework leading to subsequent tax and entitlement reform legislation. Meanwhile, economists have come up with a figure of US $24 billion as a cost of the 16-day shutdown kabuki theater, made up entirely of lost government productivity and revenue, and even then, the nation’s Legislative has simply kicked the can down the road, to the beginning of next year. We may very well find ourselves again in a similar mess come January or February, if broader reforms are not undertaken and if sequestration isn’t altered or repealed.

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