If Congress fails to strike a spending deal and the U.S. government shuts down on Oct. 1, 2023, hundreds of thousands of federal workers will be furloughed. Originally, the IRS said it would remain fully staffed and operate normally, no matter what happens. However, the tax agency is now working on new contingency plans, which could include furloughs and curtailed services. The Federal Reserve and FDIC would be unaffected by a shutdown. Federal courts have funding to continue operating until Oct. 13. And Social Security retirement and disability benefits would continue to be paid. However, the SEC plans to furlough most employees and suspend most activities.
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