While federal workers will ultimately receive back pay under the deal, contractors will likely not get their lost wages, Bovino said. And with the deal only guaranteeing government funding through Jan. 15, many federal workers and contractors may continue to hold back on spending into the holiday shopping season.
"That's going to keep people a little more cautious, particularly government workers and certainly contractors," she said "It certainly suggests a ho-hum holiday."
Buffett: Get rid of debt limit 'entirely'
The debt fix is also only temporary, which could continue to fuel economic uncertainty, hurting consumer confidence and slowing hiring, said Mark Zandi, chief economist for Moody's Analytics.
Zandi blamed continued government brinksmanship as a major factor holding back the U.S. economic recovery.
"This is a real corrosion on the economy," Zandi said. "If we have to go down a similar road in the near future, the costs are going to continue to add up."