Government Shutdown Day Three

New developments in the standoff on Capitol Hill that is costing Americans.
1:59 | 10/03/13

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Transcript for Government Shutdown Day Three
But is one of the big republican players tonight signaling that the worst threat will not happen? Let's bring in abc's chief white house correspondent jonathan karl right now. Where does everything stand. Reporter: On ending the government shutdown there is no sign of progress anywhere but speaker of the house john boehner fs privately assuring colleagues that the worst case scenario will not happen. He is saying he will not allow this steal mate to trigger a catastrophic government default. Reporter: The stock market slid further today. The dow dropping nearly 700 points in just two weeks as washington's dysfunction spooks investors, and for good reason. Today the treasury. Department warned, "unprecedented" and "catastrophic financial crisis and recession that could echo the events of 2008 or worse" if congress falls to raise the so-called debt ceiling to allow the government to borrow money to pay its bills. The longer this goes on, the worse it will be. And it makes no sense. Reporter: At a campaign-style event today, president obama lashed out at republicans in the house, demanding they vote on a bill to fund the government with no strings attached. If the speaker of the house, john boehner, simply let the bill get on the floor for an up or down vote, the shutdown would end today. The only thing that's keeping the government shut down. Reporter: Republicans have voted to reopen parts of the government including national parks and cancer research, but they continue to demand at least some changes to the health care law before fully reopening the government. Because there is an insist ens on no negotiations, no talking, my way or the highway, we are here. Reporter: There is no meetings going on, no talk of compromise. In fact, the house of representatives plans to spend at least part of the weekend off and at home. All right. Heading onto another day and maybe another weekend. Thank you, jon.

This transcript has been automatically generated and may not be 100% accurate.

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