Transcript for Stock Markets Slide on Fears of Government Shutdown
looming government shutdown. Less than five days to go before the money runs out. And the threat of a shutdown is hitting home in everyone's 401(k). The stock market sliding on fears of paralysis in washington. Jon karl is tracking all from the white house. Your new reporting overnight suggests the chance that some kind of shutdown still quite high. Reporter: It is, george. Congress is simply running out of time. Here's how it will play out. The senate, despite ted cruz's talk-a-thon, will vote some time tomorrow, or saturday, to fund the government and take out that republican effort to defund obama care. But what republicans are telling me this morning is that the house will then take up the bill and still want to make changes, make another run, perhaps, at doing something to the health care law. That means it has to go back to the senate. George, this will go on through the weekend, into next week. And here is the problem. The government runs out of money on midnight on monday. And it's very hard to see this all getting done by then. And we also learned about something even more serious yesterday. The treasury secretary, jack lew, saying the government's going to run out of its ability TO BORROW MONEY ON OCTOBER 17th. That raises the possibility of default. And there's a showdown on that, with republicans demanding big reforms in return for raising the debt limit. Reporter: This is, by far, the bigger problem. Republicans will unveil their plan later today to raise the debt ceiling raise that borrowing authority. And it's going to have demands that the white house is says unacceptable. Including a one-year delay in the implementation of the health care law. And the white house said they will not negotiate on that. That means there is nothing going on when it comes to negotiations. And no solution on the horizon at all. We'll be watching closely. Jon karl, thanks very much.
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