Obama Administration: Shutdown Would Hurt Economy - Spokane, North Idaho News & Weather KHQ.com

Obama Administration: Shutdown Would Hurt Economy

WASHINGTON (AP) - The Obama administration is warning that a government shutdown will have broad economic impact, halting the processing of tax returns, reducing access to small business loans and limiting access to government-guaranteed mortgages during peak home buying season.

The administration said Wednesday that the Internal Revenue Service would suspend the processing of paper tax returns. The Federal Housing Administration, which guarantees about 30 percent of home mortgages, would stop guaranteeing loans.

The administration described shutdown planning as congressional negotiators continued to work to strike a deal that sets spending limits through the end of September.

The shutdown would close national parks and affect about 800,000 employees, the administration said.
      

      
 (Copyright 2011 by The Associated Press.  All Rights Reserved.)
   

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