The Country is bracing for a partial shutdown of the federal government. Time for Congress to pass a budget before the deadline at midnight tonight grows close and lawmakers gave no sign Sunday they were moving toward a resolution.
If we have the first government shutdown since 1995, most of us would not be affected. Services that are essential would continue such as national security, air traffic control, law enforcement and mail delivery.
The stalemate over a one-year delay of the new federal health care law and a repeal of a new tax on medical devices are the primary hurdles to getting a budget passed before the deadline.
The market will react negatively to the uncertainty but, we believe that the weakness will be short lived and a budget will pass soon even if the shutdown is not averted tonight.