Obama has vowed to veto a bill passed by the House of Representatives Friday that would keep the government open through mid-December while also eliminating funding for the health-care law. House lawmakers approved the bill in a 230-189 vote, mostly along party lines.
Stocks fell hard on Friday, with the Dow Jones Industrial Average losing 185.46 points, trimming a weekly gain to 0.5%.
With the fiscal year drawing to a close at the end of a month, the prospect of a government shutdown looms, while failure to raise the debt limit could eventually lead to a default on debt payments. The government is poised to run out of room under the debt limit by mid-October.
“We are the world’s bedrock investment. And doing anything to threaten that is the height of irresponsibility. That’s why I will not negotiate over the full faith and credit of the United States,” Obama said.
Obama has vowed to veto a bill passed by the House of Representatives Friday that would keep the government open through mid-December while also eliminating funding for the health-care law. House lawmakers approved the bill in a 230-189 vote, mostly along party lines.
ReplyDeleteStocks fell hard on Friday, with the Dow Jones Industrial Average losing 185.46 points, trimming a weekly gain to 0.5%.
With the fiscal year drawing to a close at the end of a month, the prospect of a government shutdown looms, while failure to raise the debt limit could eventually lead to a default on debt payments. The government is poised to run out of room under the debt limit by mid-October.
“We are the world’s bedrock investment. And doing anything to threaten that is the height of irresponsibility. That’s why I will not negotiate over the full faith and credit of the United States,” Obama said.