As most people by now probably know, the Republicans in the Republican-led House have shut down the government’s funding. This was done in an attempt to hinder the implementation of the Affordable Care Act, also known as Obamacare.

On Tuesday night, in a last attempt to dissuade the government from implementing Obamacare without withdrawing government funds, Republicans attempted to pass funding for three different programs: the District of Columbia, national parks, and veterans affairs. If this funding had been passed, it would have delayed Obamacare’s implementation for a year.

The funding would also have ended federally provided health care for members of congress, congress’ staff, and the President. The Democrat-led Senate refused to accept the funding at the cost of Obamacare, while the President himself promised to veto the funding if it was passed. This promise of veto, which could only be overturned by a two-thirds majority of the Democratic-led Senate, left the Republicans with no plausible way to avoid the execution of Obamacare. Caught in a deadlock, the Republicans turned to the only trump card they had left: their control over the government’s funding.

Obama’s response to the shutdown was to state that it was “strange that one party would make keeping people uninsured the centerpiece of their agenda”, and “nobody gets to hurt our economy and millions of hard-working families over a law you don’t like.”

Obama is not the only one who disagrees with the Republicans’ methods: Senate Majority Leader Harry Reid recently stated that the strategy was “just another wacky idea by tea party Republicans.” On the other hand, the Republican tea party conservatives feel that they are doing the nation a favor by attempting to hinder Obamacare, “the most insidious law known to man.”

Other Republicans, such as New York’s King, agree that there is more than enough blame to go around. King states that the blame resides both with the Republicans and with Obama, for not being more active in coming up with a resolution to the crisis.

This shutdown is not the first that the nation has ever had; in fact, the last shutdown occurred only 18 years ago, during the Clinton administration. The stalemate lasted for only 21 days, but this provides little to no indication of the current shutdown’s expected duration. As of Wednesday, the situation appears to be deadlocked: the Republicans continue to insist adamantly that any funding planned for the new year must include anti-Obamacare amendments, while the Senate’s Democrats just as adamantly disagree.

The timing of this shutdown couldn’t have been much worse. In an already struggling economy, the added layoffs and restricted government funding could lead to some serious repercussions. Because of the shutdown, up to 800,000 workers deemed “non-essential” are being laid off without any idea when they will be able to return to work and resume getting paid.

It’s estimated that the US economy will lose around 1 billion dollars for each week that the government is shut down. Despite some reserve funds and contingency plans, it is estimated that the economic effect of the shutdown will increase with its duration. Brian Kessler (an economist with Moody’s Analytics)’s firm estimated that a shutdown lasting from three to four weeks (the duration of the shutdown during Clinton’s administration) would cause the economy to lose approximately 55 billion dollars.

The response of most Americans reflects these numbers. According to a CNN/ORC poll, 68% of Americans think that a government shutdown is a bad idea, while 27% support the shutdown. Similarly, 69% of Americans feel that Republican officials are acting like spoiled kids. King, the New York Republican, summarizes many people’s feelings regarding the crisis with the quote: “I don’t care who wins the battle. I want the government to reopen.”

UPDATE: The Federal Government has been reopened. Both the Senate and the House passed the agreement by 81 to 18 in the Senate and 285 to 144 in the House. President Barack Obama signed the bill before the expected deadline on Thursday.