According to the National Foundation for Credit Counseling which complies by the Council on Accreditation (COA) standards, financial problems rarely resolve themselves and actions to resolve them should be taken “sooner than later as delaying only makes the problem harder to resolve.”
The US Government was shut-down for 16 days because Congress could not compromise on a continuing resolution bill that would fund our 12 Appropriations which includes the Department of Defense, Energy and Water, Financial Services, Homeland Security and Military and Veterans Services.
Hundreds of thousands of federal employees were furloughed- (outside of those already affected by Sequestration). But- presumably- now that the government has been re-opened- will receive back pay- which, in hind-sight, equates to a three-week vacation with a notion of no enjoyment- stress.
The American Federation of Government Employees National President J. David Cox Sr. speaking on behalf of the 670,000 federal employees who are represented by AFGE issued a statement:
"….Countless federal workers have been forced to choose between paying their mortgage and feeding their families; buying gas to get to work or paying the electric company. Countless members have called me in tears looking for answers to the financial burden this reckless shutdown has put on their families….”
Whether you were seemingly - indubitably or directly - implicitly affected by the government’s partial shutdown, your acquaintances, colleagues, family or friends were, are and could be.
Recommendations of creating a personal budget were suggested to those who were stressed over being furloughed or waiting for decisions to be made by our lawmakers.
An estimated 24 billion dollars is said to have been lost during the shutdown- but the ongoing stress implications are yet to be seen. The VA disability claims-backlog, the cancellation of National Park vacations, the perception of disrespect to our Veterans who were affected by the closings of National Monuments, the discount to our fallen soldiers whose families did not get the benefits needed to fund the trip to receive their loved ones’ bodies at Dover AFB, the disregard of our soldiers and their families who are deployed to dangerous areas all over the World and to the small businesses who cater to the DoD and our military communities- commissaries, lunch counters and many other service centers.
Since 1960- the Treasury Dept. says the Nation’s debt limit has been raised 78 separate times. The U.S. debt limit is the accounting of the sum of what our government is allowed to borrow so it can pay for money already spent. These obligations include Social Security and Medicare benefits, interest on the debt, tax refunds and other payments- and military salaries.
The Federal Trade Commission on Coping with Debt says the first step towards taking control of financial situations is to do a realistic assessment of how much money you take in and how much money you spend. The Consumer Credit Counseling Service suggests being committed to paying down debt- and if necessary-stop all charging.
The lawmakers of the United States have not passed a budget since 2009- but for the continuing resolutions- we would see possible extremities of community action.
For the American public, President Obama signed a Continuing Resolution Bill that will fund the government through January 15, 2014 and raise the debt limit to February 7.
The Office of the US Trade Rep says that America is the World’s largest national economy and leading global trader- the U.S. Dollar’s exchange rate is: 0.73 Euro, 0.62 British Pound Sterling, 6.09 Chinese Yuan (CNY). And questions whether America is too big to fail.