Showdown Over the Shutdown

On day seven of the government shutdown there are still no signs that the United States is getting any closer to avoiding the first default in the nation’s history.

There are no scheduled talks between Democrats and Republicans. There are no votes scheduled in Congress and both sides appear to digging in for a long fight.

President Obama did however say he would accept a short-term increase in the nation’s borrowing capacity in order to avert a catastrophic default. But he also said both sides need to come to the table.

Meanwhile, House Speaker John Boehner insisted he doesn’t want to see the nation default but said the president is the one who’s not willing to negotiate.

Is the government shutdown and no deal on extending the debt ceiling taking a toll on the markets and the economy? –

Bruce Kasman, Chief Economist, at JPMorgan Chase and Carmine Grigoli, Chief Investment Strategist at Mizuho Securities USA Inc offer their analysis.

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