US President Barack Obama meanwhile accused Republicans of risking a “tailspin” for the still recovering US economy by putting partisan zeal ahead of the good of the nation.
“If we don’t raise the debt ceiling — we are deadbeats,” Obama said in a fiery speech in Missouri.
Wall Street watched the proceedings with concern that could grow as the Oct. 1 budget deadline approaches.
“Watching Washington be dysfunctional is getting to be a regular pastime of Wall Street,” said Art Hogan, head of product strategy for equity research at Lazard Capital Markets. “We’ve seen in the past that it is not good for markets. The market does not like the unknown, and they certainly don’t like the government shutting down.”