Congress mulls short-term fix to debt ceiling
Treasury Secretary Jack Lew testifies during a Senate Finance Committee hearing on Capitol Hill, October 10, 2013 in Washington, DC.
Investors, this morning, are putting their hopes on to talk that Congress could get behind a short-term delay to the impending collision with the limit on federal borrowing. This would be like getting an extension on a term paper, the work would still have to be done but not by the current deadline, October 17th. Treasury Secretary Jack Lew is on Capital Hill this morning warning about what he sees as the widespread consequences of a default. Some Republicans are suggesting one way to mute the impact is to prioritize what the government pays, the way you might pay the heating bill before a gym membership during a tough month for a household budget. The Treasury Secretary thinks that makes no sense.
To tell us what Wall Street is saying, Marketplace Morning Report talks with Adolfo Laurenti, deputy chief economist at Mesirow Financial.