U.S. President Donald Trump signed into law a funding bill that ends the longest federal government shutdown in American history.
The legislation signed by Trump funds government operations through the end of January. It passed by the House of Representatives earlier on Nov. 12 in a 222-209 vote.
The government in Washington, D.C. now reopens after being shut for 43 days.
The opposition Democratic Party had blocked passage of the funding bill because it didn’t extend Affordable Care Act tax credits to help low-income Americans with healthcare coverage.
The government shutdown caused widespread chaos across the country.
People on social assistance didn’t get food stamps and thousands of flights were canceled as air traffic controllers who were not being paid refused to work or called in sick.
In signing the funding bill into law, Trump reiterated his call for the Senate to end a filibuster rule that effectively requires 60 votes to pass legislation, including short-term funding resolutions.
Wall Street initially cheered the government reopening. But stocks turned mixed when White House officials said that key economic data for the month of October might never be released.
Economists, analysts, and investors are keen for inflation and labour market data covering the month of October to be released now that the government shutdown is over.
However, White House press secretary Karoline Leavitt told reporters that the economic data is likely to never be released.
She added that there could be lasting damage to the government’s ability to collect economic data.
“The Democrats may have permanently damaged the Federal Statistical system with October CPI and jobs reports likely never being released,” Leavitt said.
Release of important economic data, particularly for inflation and jobs, has been at the forefront of Wall Street’s concerns as the government shutdown dragged on.
Earlier this year, Trump fired the head of the Bureau of Labor Statistics after the government statistical agency released data showing a deteriorating labour market in America.
All three of the major U.S. stock indices are in the red in pre-market trading on Nov. 13 as the U.S. federal government officially reopens.
