Government Shutdown Enters Week Two

Oct 7, 2013 7:53 AM

WASHINGTON (AP) - The government shutdown enters its second week with no resolution in sight and ominous signs that the United States is moving closer to the possibility of the first-ever default in the nation's history.

House Speaker John Boehner and Treasury Secretary Jack Lew traded blame on Sunday but provided no hint of compromise. Boehner rules out House votes on a temporary spending bill or a measure to raise the nation's borrowing authority without concessions from President Barack Obama.

Lew says Republicans' budget brinkmanship is "playing with fire" and warns of the devastating impact. He says Obama isn't backing down on his call for a debt limit bill without conditions before Oct. 17. That's when the threat of default will be imminent.

Stocks are also taking a pounding today as the partial shutdown of the U.S. government is in its seventh day and lawmakers appear to be making little headway in raising the country's debt ceiling.


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