Wall Street made it through the first day of the government shutdown in good shape as markets closed on a positive note Tuesday.
“The market is saying, ‘Hey, if this thing gets fixed quickly, it’s not going to be an issue,” said John Fosdick, of Kercheville and Company.
Some economists believe a short government shutdown would only be a blip on the market’s radar, but they’re adamant that Congress should not drag its feet on passing a budget.
“A month or so, that will hurt us worse,” Fosdick said. “We still have a couple months to help make up for it by the end of the year for 4th quarter Gross Domestic Product numbers and annual GDP numbers.”
U.S. veterans are also keeping a close eye on Congress.
“We've had a lot of phone calls about, ‘What does this mean for the claim benefit application that I already have in process?’” said Aurora Sanchez, from Bexar County Community Resources. “For us, it means no change.”
Sanchez said the shutdown should not impact veterans' benefits such as health care in the short-term, but a prolonged fight would slow down the already sluggish benefits application process.
“I think you’re looking at people not getting their checks and people having to wait longer than 6 months to two years to get their claims processed.”
For more information on how the shutdown will impact veterans visit this website.