U.S. companies are struggling to get decisions on everything from licenses to new regulations, as business groups warn that the longest government shutdown in U.S history will soon start taking a toll on profits.
Businesses say they have not been able to secure approval for new products, obtain key import licenses or get clarity on incoming rule changes for the past few weeks because of the political row that has brought Washington to a prolonged standstill.
While individual companies are hesitant to speak openly about their problems for fear of becoming embroiled in politics, executives are privately discussing the issues that are now hindering daily business.
“We cannot get approvals for new imports to come into the country,” said one executive at a multinational company. “And that means products we are developing which require those imports are going to be delayed.”
Eminence Griffin, senior director of federal procurement at the Information Technology Industry Council, said: “Contract renewals and purchases aren’t able to move forward given the uncertainty of funding. Companies are having to factor the delays into their balance sheets, [which will probably] result in higher costs for the same service or product once the government fully reopens.”
Read more in the Milwaukee Business Journal.