October 7, 2013 — As of midnight, October 1, the U.S. Congress had not renewed the budgetary authority for the U.S. government, with the Republican-dominated House refusing to pass a continuing resolution because of the Tea Party-led objections to the Affordable Care Act.[Originally published October 3, 2013]
Note: The following is written by Cheryl I. Smith, Ph.D., CFA, a portfolio manager for the Green Century Balanced Fund, at the Fund’s investment sub-advisor, Trillium Asset Management. You can read more about the team of portfolio managers of the Green Century Balanced Fund at this page.
The following is an excerpt. To read the whole article, please go to Trillium’s website by clicking here.
How concerned should investors be?
As of midnight, October 1, the U.S. Congress had not renewed the budgetary authority for the U.S. government, with the Republican-dominated House refusing to pass a continuing resolution because of the Tea Party-led objections to the Affordable Care Act. As a result, the Federal government put contingency plans into place which designated which Federal employees were considered to be essential workers and which were to be immediately furloughed, that is, sent home without pay. Those employees considered to be essential will be working with delayed paychecks, that is, they can expect to eventually be paid but it is not guaranteed. Essential services will continue, including the distribution of Social Security benefits, homeland security, much of the military and essential health care services. . . .
[O]ver the past nine months, consumers and businesses have been showing increasing resilience and willingness to spend. . . . . We are more concerned about reaching the debt ceiling limit in mid-October, and view the current test of wills as a dress rehearsal for that debate.
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