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Take Two

How is Wall Street reacting to the government shutdown?

By Take Two Staff
Published Oct 10, 2013
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%.
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%.
(
Spencer Platt/Getty Images
)

Take Two translates the day’s headlines for Southern California, making sense of the news and cultural events that affect our lives. Produced by Southern California Public Radio and broadcast from October 2012 – June 2021. Hosted by A Martinez.

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How is Wall Street reacting to the government shutdown?

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.