First Shutdown, Now Debt Ceiling Concerns Shake Economy - KTVN Channel 2 - Reno Tahoe News Weather, Video -

First Shutdown, Now Debt Ceiling Concerns Shake Economy

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Stock markets are tumbling as the debt ceiling deadline looms and the government remains partially shutdown and you may start feeling the repercussions.

Lawmakers are talking to the country, but that isn't helping ease Wall Street's concerns.

"The greatest nation on Earth shouldn't have to get permission from a few irresponsible members of Congress every couple of months just to keep our government open or to prevent an economic catastrophe," said President Obama during a press conference.

As the president spoke -- the selling continued.

The Dow dropped 159-points or one percent by Tuesday's close.

"We can't raise the debt ceiling without doing something about what's driving us to borrow more money and to live beyond our means," House Speaker John Boehner said.

Since the shutdown began, the Dow is down two and a third percent. And with no solution in sight, America's top CEOs are getting fed up.

"We're the most important economy in the world. We're the reserve currency in the world. Payments have to go out to people. If money doesn't flow in, then money doesn't flow out."

"The way forward is not easy, it requires a lot of sacrifice, it requires a lot of flexibility, it requires a lot of compromise. We expect the same will happen with the political architecture."

Starbucks CEO Howard Shultz has written an open letter asking for an end to the gridlock saying he's "disappointed by the level of irresponsibility and dysfunction with our elected political leadership."

The debt ceiling debate is the biggest threat to your investments like your 401K -- your mutual funds - your portfolio.

"So a debt ceiling really doesn't make any sense. It ought to be banned as a weapon. It should be like nuclear bombs… too horrible to use."

The result of the government's inaction could be catastrophic-- while the world waits for a solution-- your money hangs in the balance.

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