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President Obama met with Congressional leaders last night at the White House to discuss a possible deal in the shutdown and the debt ceiling issues. The two sides, House and the Senate, are still no closer to a resolution than they were before the meeting. A poll just released shows that 72% of Americans disapprove of the shutdown.
The Labor Department reported this morning that Weekly Initial Jobless Claims rose by 1,000 in the latest week to 308,000 and below the 315,000 that was expected. Layoffs are now at pre-recession lows, but the Unemployment Rate remains high at 7.3%. The Labor Department said today that due to the government shutdown, the September Jobs Report will not be released tomorrow.
The U.S. Treasury has come out with a few head turning headlines this morning regarding the debt ceiling. The department said that if the debt ceiling isn’t raised resulting in the U.S. not honoring its debt obligations, could cause a financial crisis and a recession, that could be worse than 2008. The Treasury went on to say that a default could cause the credit markets to freeze, the value of the dollar to plummet and interest to soar.