Obama warns of default danger amid US Shutdown

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Amid the US wide shut down, the American President Obama has warned that Wall Street should be concerned that a conservative faction of Republicans is willing to allow the country to default on its debt.

It may be recalled that the US government has been partially closed after Congress failed to agree a budget. If corrective measures are not timely applied and unless  the debt ceiling is raised, there is a likelihood that the country will  and will run out of cash on 17 October.

Already, the shut-down has left more than 700,000 employees on unpaid leave and closed national parks, tourist sites, government websites, office buildings, and more.

Read more about it at: BBC News
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Posted in: Crisis, Fiscal Crisis, Obama, Shut-down, USA