Just when it seems as though the economy is stabilizing, it isn't because the U.S. Congress has to negotiate a debt limit increase by week's end.  The debt limit increase is typically a no-brainer, but not with this Congress.

Federal Reserve Chairwoman Yellen states, "If the debt limit isn't approved and increased, it will eviscerate the U.S. Economy."  Here are some facts to consider: 

• Washington and Wall Street is optimistic that Congress can pass a bill to fund the government and avert a partial shutdown before a Friday deadline.
• Democrats and Republicans appear to be coalescing around a bill to fund the government through late January or early February.
• A lapse in government funding can lead to furloughs of federal workers and a lapse in some government services.
• Congress has a long list of priorities in the coming weeks, including funding the government, raising or suspending the debt limit, the annual defense budget bill, and Democrat's $1.75 trillion Build Back Better Act.

Here are a few things you can do to prepare yourself if the U.S. does shutdown:

1. Revisit your budget and spending habits.
2. Stockpile food and develop meal plans.
3. Delay any large expenses that you can this month.
4. Take inventory of your belongings.
5. Hold a household meeting.
6. Get a second job if possible.
7. Identify the resources available in your community.
8. Contact your mortgage company or landlord.
9. Reach out to friends and family.
10. Rent a room in your house, if you have the ability to do so, given the pandemic, a basement could be a good alternative.

Here's to the U.S. Congress coming to terms on the debt limit increase in order to prevent a government shutdown. Share the things you can do in the event of a government shutdown.

Discover more about Paul Lawrence Vann and Wealth Building Academy, LLC: https://bit.ly/3fA9u3m

 

 

 

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