U.S. political intransigency unsettles financial markets: China warns U.S. against a default

The Extinction Protocol

October 7, 2013NEW YORKU.S. stocks dropped on Monday as the partial U.S. government shutdown dragged on with no signs politicians were willing to relax positions over the debt-ceiling limit or budget impasse. Republican House Speaker John Boehner vowed on Sunday not to raise the U.S. debt ceiling without a “serious conversation” about what is driving the debt, while Democrats said it was irresponsible and reckless to raise the possibility of a U.S. default. The United States faces a deadline of Oct. 17 to raise its $16.7 trillion debt limit or risk an unprecedented debt default. The two issues of emergency funding for the government to operate and increase the U.S. borrowing authority started out separately in the House but have been merged by the pressure of time. “Now you’ve got not only the budget but the debt ceiling and time is running out and everybody knows…

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