Originally Posted by tony286

them republicans are genius : will loose a billion because they want a 16 million dollar cut. yeah sure paying down our debt is important to them. lol


Cost of FAA shutdown could exceed $1 billion

By JOAN LOWY

MORE FROM BUSINESSWEEK

China Non-Manufacturing Industries Grew in July, Surveys Show
Tepco Disaster Propels Sales of Commercial Paper: Japan Credit
Stocks Rising 12% Before Elections Celebrate Budget Impasse
Asia Stocks Rise, Led by Banks, as U.S. Leaders Strike Debt Deal
Nikkei 225 Rises Most in Month as U.S. Leaders Strike Debt Deal
STORY TOOLS

order a reprintdigg thissave to del.icio.us
WASHINGTON

The congressional standoff that has shut down the Federal Aviation Administration continues, with no end in sight until September if the Senate doesn't act this week.

Lawmakers risk losing more than $1 billion in revenue from ticket taxes that the airline collects. The authority to collect those taxes has expired. House Republicans say the sticking point is their demand that the Senate cut $16.5 million from a $200 million budget for rural air service subsidies.

The shutdown is less than two weeks old and already the government has lost more than $250 million in revenue.

The House has left for its August recess. The Senate is expected to follow this week. Lost revenue from uncollected airline ticket taxes could exceed $1.2 billion before lawmakers return to work in September.