The government shutdown continues into the weekend with no end in sight. The shutdown marks the third under President Donald Trump in his two presidential terms, here's a look at how the president stacks up in the government shutdown record books.
Trump Holds Record, Could Near Another
The 2018-2019 government shutdown, which occurred during President Trump's first term, is the longest on record, lasting 35 days.
As of Friday, Trump has been president during three government shutdowns, totaling 39 days.
Data from Congress shared by Axios shows that Trump holds the record for the longest shutdown, but ranks second in total number of days for government shutdowns.
That record belongs to President Jimmy Carter, who was president during five government shutdowns lasting 56 days.
For the data, funding gaps dating back to 1976 are included. Some of the funding gaps did not see full government shutdowns and only parts of the government were affected.
The first major government shutdown occurred in 1981, with the entire federal government shut down and 241,000 employees furloughed. That shutdown occurred under President Ronald Reagan and lasted only one day.
Here are the current number of government shutdowns and number of days under the past and current presidencies:
- Donald Trump: 3 shutdown, 39 days
- Joe Biden: 0 shutdowns, 0 days
- Barack Obama: 1 shutdown, 16 days
- George W. Bush: 0 shutdowns, 0 days
- Bill Clinton: 2 shutdowns, 26 days
- George H.W. Bush: 1 shutdown, 3 days
- Ronald Reagan: 8 shutdowns, 14 days
- Jimmy Carter: 5 shutdowns, 56 days
- Gerald Ford: 1 shutdown, 10 days
With three shutdowns, Trump ranks third, trailing Reagan and Carter. With three more years left, there is a chance that the number of shutdowns will rise under Trump.
At 39 days, the current government shutdown would have to continue for another 17 days to tie Carter's mark, lasting a total of 20 days.
The current odds on prediction market Kalshi indicate a high likelihood of 10 days, after which they are expected to drop to lower percentages. The odds for the shutdown to last 15 days currently stands at 55%, while the odds for 20 days stand at 37%. Some bettors are predicting an even longer shutdown, with the odds of a shutdown lasting 40 days currently at 17%.
Read Also: Who Gets The Blame For A Government Shutdown, Republicans Or Democrats? Here’s What Voters Say
Stock Market Reaction
Government shutdowns have had a minimal impact on the stock market, and many times, stock market indexes trade higher during and after the shutdown.
The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, closed at $666.18 on Sept. 30. In the three days of the current government shutdown, the ETF is up 0.5%.
The last major government shutdown occurred from Dec. 22, 2018, to Jan. 25, 2019.
The SPDR S&P 500 ETF Trust closed at $240.70 on Dec. 21, 2018, ahead of the deadline, which was on a weekend.
The ETF traded lower and was highly volatile during the start of the shutdown, but eventually traded higher, likely due to optimism for a funding resolution.
On Jan. 25, 2019, the ETF closed at $265.78, up 10.4% from its closing price prior to the shutdown.
The year 2019 went on to be one of the best years investors have seen in some time, with the SPDR S&P 500 ETF Trust up 31.2% for the whole year.
This is the best return for the ETF over the last 11 years, indicating that the longest government shutdown in history was only a minor factor in 2019 and did not significantly impact markets at the start of the year.
Benzinga recently shared that the S&P 500 posted gains in eight of the last 11 government shutdowns, gaining an average of 1.46%.
Read Next:
Photo: IAB Studio on Shutterstock.com
