Today marks the 30th day of the federal government shutdown, which has now stretched into the second-longest government shutdown in U.S. history. The longest was 35 days, which took place from December 2018 to January 2019.
The Trump Administration has indicated that funding for the Supplemental Nutrition Assistance Program (SNAP) and Women, Infants and Children (WIC) will not be renewed, even via emergency measures, after Saturday, Nov. 1. Nearly 49 million people rely on those two programs for supplemental nutrition assistance. Various states from around the country are planning to use rainy day funds to help cover the difference in the interim. However, Governor Bill Lee has ruled that option out for Tennessee.
In practical terms, over 800,000 Tennesseans, many of them children, are going to be lining up at food banks, churches and other non-profits looking for any assistance they possible can. Also, be aware of potential funding gaps for some Head Start slots beginning Saturday, Nov. 1. Head Start is a federal program that provides childcare and early learning for more than 65,000 infants, toddlers and preschoolers from low-income families across the country.
Undoubtedly, your credit union has already started to see folks come in looking for help, and I know that you will continue to do everything you can to make a difference in their lives. Please, please, please send us those stories. We want to continue to share what you’re doing in your communities during these times.
Federal Reserve Cuts Interest Rates
In other news this week, the Federal Reserve cut rates .25%, bringing rates to their lowest level in three years. Chairman Powell cautioned the public in remarks Wednesday that another rate cut in December is not guaranteed.
