How a Government Shutdown Could Affect You
NEW YORK (MainStreet) -- With President Barack Obama and Congress still far apart on a budget-cut agreement, it's looking increasingly likely this week will end with a government shutdown.
First, let's be clear on what that doesn't mean: The postal service will not stop delivering the mail, nor will the military have to hold a bake sale. "Essential services" will remain uninterrupted. And it's not likely the shutdown will last forever -- the last time this happened in late 1995, political pressure on both parties brought things to resolution, though the government was still closed for three weeks. With neither party poised to come out of this one smelling like roses, expect cooler heads to prevail sooner rather than later.
|It's looking increasingly likely this week will end with a government shutdown.|
Oh, and don't think this means you get an extension on your taxes. Come hell or high water, that deadline is still April 18.Here are some situations in which you could find yourself directly affected by the shutdown. 1. You're a nonessential government employee. Nobody likes to think of themselves as "nonessential," but if you're on the federal dime and you're not delivering the mail, defending the country, taking care of the sick or telling planes when to land, there's a chance you'll find the doors to your office locked Monday morning. At the moment, the Office of Management and Budget has not released its contingency plan for federal agencies that would be affected by the shutdown -- which has just prompted a lawsuit by the largest federal employee union. But based on the previous shutdown, a number of employees could find themselves idled or furloughed if they're deemed inessential to the country's day-to-day operations. 2. You're planning to visit a national park or museum. The weather's getting warmer, which means there's a lot of people planning to visit parks, museums and other tourist attractions. But the federal employees staffing Yellowstone and the Smithsonian aren't exactly essential, so you could be in for some disappointment if you show up Monday and the parks are closed for business. According to the Congressional Research Service, the previous shutdown closed of 368 National Park Service sites, costing the government millions in tourism revenue.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV