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Traders work on the floor of the New York Stock Exchange minutes before the closing bell on October 8, 2013 in New York City. As concerns grow throughout the country and world over the continued U.S. Government shutdown, the Dow Jones Industrial Average and the S&P 500 were both down by close to 1%. The Nasdaq lost close to 2%.
The Treasury Department says that a week from today, the country will no longer have enough money to pay its bills unless Congress raises the limit on borrowing. House Republicans met this morning to discuss possible solutions.
Treasury Secretary, Jack Lew, was also on Capitol Hill this morning. He said failure to raise the debt ceiling could cause a recession worse than the one triggered by the financial crisis of 2008. Some Republican critics aren't buying it. They think the government could simply prioritize payments to prevent a financial melt-down.
Wall Street executives have also been warning of catastrophe if the U.S. defaults on its debt, but the stock market doesn't seem to reflect that. D.C.-based Marketplace reporter David Gura joins the show to explain why.