This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/world-us-canada-24375591
The article has changed 6 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| US shutdown: Barack Obama warns of default danger | US shutdown: Barack Obama warns of default danger |
| (35 minutes later) | |
| US President Barack Obama has warned that Wall Street should be concerned that a conservative faction of Republicans is willing to allow the country to default on its debt. | US President Barack Obama has warned that Wall Street should be concerned that a conservative faction of Republicans is willing to allow the country to default on its debt. |
| In a TV interview on Wednesday, Mr Obama said he was "exasperated". | In a TV interview on Wednesday, Mr Obama said he was "exasperated". |
| Later, talks at the White House between Mr Obama and Congressional leaders ended without agreement. | |
| The US government closed non-essential operations on Tuesday after Congress failed to reach a new budget deal. | |
| Republicans and Democrats are blaming each other for the impasse. | Republicans and Democrats are blaming each other for the impasse. |
| The government shutdown has left more than 700,000 employees on unpaid leave and closed national parks, tourist sites, government websites, office buildings, and more. | The government shutdown has left more than 700,000 employees on unpaid leave and closed national parks, tourist sites, government websites, office buildings, and more. |
| However, as one budget crisis raged in Washington DC, another one - potentially more dangerous - loomed in the coming weeks. | However, as one budget crisis raged in Washington DC, another one - potentially more dangerous - loomed in the coming weeks. |
| On 17 October, the US government will run out of cash to pay its bills unless the debt ceiling is raised. | |
| On both issues, the Republicans who control the House of Representatives have demanded concessions from Mr Obama and his fellow Democrats in return for funding the government's continued operation and for raising the debt ceiling. | On both issues, the Republicans who control the House of Representatives have demanded concessions from Mr Obama and his fellow Democrats in return for funding the government's continued operation and for raising the debt ceiling. |
| Chiefly, the Republicans demand the repeal, delay or defunding of a healthcare reform law - dubbed Obamacare - passed by the Democrats in 2010. | |
| Major portions of that law, which was subsequently validated by the US Supreme Court and was a major issue in the 2012 presidential election, took effect on Tuesday. | Major portions of that law, which was subsequently validated by the US Supreme Court and was a major issue in the 2012 presidential election, took effect on Tuesday. |
| On Wednesday, Mr Obama met the heads of some of Wall Street's biggest banks - including JPMorgan Chase, Goldman Sachs and Bank of America - to discuss the debt ceiling and other economic issues. | |
| The bankers are members of the Financial Services Forum, a lobby group which has, along with 250 other businesses, sent a letter to Congress urging it to raise the debt limit. | |
| Following the meeting, Mr Obama told CNBC "it's important for them to recognise that this is going to have a profound impact on our economy and their bottom lines". | Following the meeting, Mr Obama told CNBC "it's important for them to recognise that this is going to have a profound impact on our economy and their bottom lines". |
| Mr Obama also said he was unwilling to negotiate "with the extremist wing of one party" as the 17 October deadline neared. | |
| "The message I have for the [Congressional] leaders is, as soon as we get a clean piece of legislation that reopens the government... until we get that done, until we make sure that Congress allows [the Department of the Treasury] to pay for things that Congress itself already authorised, we are not going to engage in a series of negotiations," he said. | "The message I have for the [Congressional] leaders is, as soon as we get a clean piece of legislation that reopens the government... until we get that done, until we make sure that Congress allows [the Department of the Treasury] to pay for things that Congress itself already authorised, we are not going to engage in a series of negotiations," he said. |
| On Wednesday evening Mr Obama met Republican House Speaker John Boehner, as well as Senate Republican leader Mitch McConnell, Democratic Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi at the White House. | |
| Mr Boehner later left the talks complaining that the Democrats would not negotiate. | |
| Nancy Pelosi, however, accused the Republicans of "moving the goalposts" on the budget deal. | |
| Harry Reid said the president had told Republicans he "would not stand" for their tactics in the standoff. | |
| Analysts say Mr Boehner could end the current government showdown by allowing the House to vote on a "clean" budget bill that does not alter the health law, because that could pass with a coalition of Democrats and moderate Republicans. | Analysts say Mr Boehner could end the current government showdown by allowing the House to vote on a "clean" budget bill that does not alter the health law, because that could pass with a coalition of Democrats and moderate Republicans. |
| But doing so would risk his standing with the most conservative elements of his caucus. | But doing so would risk his standing with the most conservative elements of his caucus. |
| Earlier on Wednesday, senior US intelligence officials warned the shutdown of the government seriously damaged the ability of spy agencies to protect the US. | Earlier on Wednesday, senior US intelligence officials warned the shutdown of the government seriously damaged the ability of spy agencies to protect the US. |
| Director of National Intelligence James Clapper told a Senate panel that an estimated 70% of intelligence workers had been placed on unpaid leave. | Director of National Intelligence James Clapper told a Senate panel that an estimated 70% of intelligence workers had been placed on unpaid leave. |
| He warned that the damage to US intelligence capabilities caused by a shutdown would be "insidious". | He warned that the damage to US intelligence capabilities caused by a shutdown would be "insidious". |
| Also on Wednesday, the White House announced Mr Obama would cut short a planned four-nation tour of Asia next week. | Also on Wednesday, the White House announced Mr Obama would cut short a planned four-nation tour of Asia next week. |
| He will attend regional summits in Indonesia and Brunei, but skip Malaysia and the Philippines due to the government shutdown. | He will attend regional summits in Indonesia and Brunei, but skip Malaysia and the Philippines due to the government shutdown. |
| The US government ceased operations deemed non-essential at midnight on Tuesday, when the previous budget expired. | The US government ceased operations deemed non-essential at midnight on Tuesday, when the previous budget expired. |
| National parks and Washington's Smithsonian museums are closed, pension and veterans' benefit cheques will be delayed, and visa and passport applications will go unprocessed. | National parks and Washington's Smithsonian museums are closed, pension and veterans' benefit cheques will be delayed, and visa and passport applications will go unprocessed. |
| However, members of the military will be paid. | However, members of the military will be paid. |