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If no deal is reached today, the U.S. government is set to shutdown at midnight tonight for the first time since 1996. The Senate passed a vote last week and when it went to the House, it was rejected. The House then put together a continuing resolution that delays certain key parts of Obamacare for a year, which will most likely be voted down by the Senate.
The looming shutdown could also affect loans guaranteed by the Federal Housing Authority (FHA), the Veteran’s Administration and the rural development loans of the U.S. Department of Agriculture. If there are pending applications for FHA insured loans, they will not be processed until after the shutdown ends.
Oil prices continue to decline today as the risk of a Syrian attack becomes a distant memory. The price for West Texas Intermediate oil is at $101.78/barrel down from a high of $112.24/barrel on August 28. The drop in oil prices has led prices at the gas pumps lower. The national average price for a regular gallon of gasoline is at $3.39, down from $3.47 a week ago. The drop in gas prices can also be attributed to the end of the summer driving season, or less demand, and as refineries switch to cheaper blends of gasoline in the winter months as clean-air rules are relaxed.