Biden has said: If the government shuts down, members of the U.S. military are going to have to continue to work but not get paid.

“There’s a small group of extreme House Republicans who don’t want to live up to that deal,” Biden said in the video, posted on X, formerly known as Twitter.

“So they’re determined to shut down the government, shut it down now and it makes no sense,” the president said. “I’m prepared to do my part, but the Republicans in the House of Representatives refuse.”

“They refuse to stand up to the extremists in their party, so now everyone in America could be forced to pay the price,” Biden said.

“A shutdown would be credit negative for the U.S. sovereign,” Moody’s analysts wrote in a note.

“While government debt service payments would not be impacted and a short-lived shutdown would be unlikely to disrupt the economy, it would underscore the weakness of US institutional and governance strength relative to other AAA-rated sovereigns that we have highlighted in recent years.”

Moody’s added, “In particular, it would demonstrate the significant constraints that intensifying political polarization put on fiscal policymaking at a time of declining fiscal strength, driven by widening fiscal deficits and deteriorating debt affordability.”

“A potential U.S. government shutdown that could start October 1st looms, the chances of which are more or less seen as a coin flip at this point,” Wells Fargo analysts wrote.