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What is the broader economic impact of the shutdown? How does it affect U.S. government debt? And what are the constitutional questions at stake in shutdown spending?

The U.S. government shutdown is entering its third week as Republicans and Democrats continue to bicker over $1.7 trillion in discretionary spending. Such shutdowns are a peculiarity of U.S. politics . In the latest one, President Donald Trump has responded with budgetary cuts specifically intended to harm his political enemies.

The U.S. government shutdown is entering its third week as Republicans and Democrats continue to bicker over $1.7 trillion in discretionary spending. Such shutdowns are a peculiarity of U.S. politics. In the latest one, President Donald Trump has responded with budgetary cuts specifically intended to harm his political enemies.

What is the broader economic impact of the shutdown? How does it affect U.S. government debt? And what are the constitutional questions at stake in shutdown spending?

Those are just a few of the questions that came up in my recent conversation with FP economics columnist Adam Tooze on the podcast that we co-host, Ones and Tooze. What follows is an excerpt, edited for length and clarity. For the full conversation, look for Ones and Tooze wherever you get your podcasts. And check out Adam’s Substack newsletter.

Cameron Abadi: What exactly gets lost in a shutdown? How much income is getting lost; what kind of government services are being cut?

Adam Tooze: The shutdown affects roughly one-quarter of government spending that is considered discretionary. And what it does is remove the guaranteed funding for agencies.