Update on U.S. Shutdown

Washington entered the fifth day of a partial government shutdown on Saturday with no end in sight even as another, more serious conflict over raising the nation’s borrowing authority started heating up.

The U.S. House of Representatives prepared for a Saturday session but with no expectations of progress on either the shutdown or a measure to raise the nation’s $16.7 trillion debt ceiling. Congress must act by Oct. 17 in order to avoid a government debt default.

Republican House Speaker John Boehner tried on Friday to squelch reports that he would ease the way to a debt ceiling increase, stressing that Republicans would continue to insist on budget cuts as a condition of raising the borrowing authority.

CNBC

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