News Summary: Default looms on Day 14 of shutdown

AP News
Posted: Oct 14, 2013 12:02 PM

DANGER ZONE: The United States moved closer to default and a partial government shutdown entered its 14th day. Congress is racing the clock to try to end the crises facing the nation, with the Treasury warning that the U.S. will exhaust its ability to pay the bills on Thursday.

STILLL TALKING: There was no certainty that the growing anxiety among world financial leaders would provide the necessary jolt to Senate leaders, who represent the last, best chance for a resolution after talks between President Barack Obama and House Republican leaders collapsed.

WORLDWIDE WORRY: The shutdown has furloughed 350,000 federal workers and impeded various government services. But economists see greater financial danger — possibly even a recession — from an historical default.