Tuesday, October 1, 2013

US White House still sits in gridlock, Obama prepares to address the Nation this afternoon

- For the first time in 17 years, much of the federal government is shut down as Congress failed to agree on new funding before a midnight deadline. House Republicans continue to insist on changing, delaying or de-funding 'Obamacare' while Senate Democrats and President Obama continue to reject that position. 

There is no potential resolution in sight at this point, and additionally the debt ceiling is creeping closer, threatening further fiscal chaos. Fitch said that the US debt ceiling is not itself a downgrade trigger, but a formal ratings review with potentially negative implications would be triggered if the government does not raise debt ceiling in a timely manner.

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