Guardian style article
The U.S now faces a possible federal default unless they raise the debt limit too $16.7tn (£10.5tn) by Thursday to actually thwart the default. The congress is now in disarray as they try to proceed to raise the debt limit or face potential financial ruin. The government has hit day 16 of shutdown since the financial disaster.
Barack Obama claims that this “could lead a damaging blow to the global economy” as they try to re open the partially shut government. There plan is too extend the Americans borrowing authority to February the 7th and too hike up the debt limit in order to fund this partial political shutdown.
Due to the frequent friscal battles of budget battles Peter G reckons that this has boosted the unemployment rate by 0.6% which from late 2009 comes too about 900,000 jobs. If the congress fails to reach a deal by the 17th of October they could face even more disaster as the U.S treasury would begin to run out of money to meet all U.S obligations.