Media Stocks, Broader Markets Dip On Debt Ceiling Jitters, And It Could Get Worse
deadline.comU.S. stocked closed lower Tuesday on fears of a debt-ceiling impasse that could lead the nation into recession. The Dow fell 230 points, reversing earlier gains.
Other indexes lost ground too with the S&P 500 dipping by 1.12%, the Nasdaq by 1.26% and the Russell 2000 by 0.43%. President Joe Biden and House leader Kevin McCarthy met yesterday afternoon and called their talk constructive but there was still no sign of a deal to allow the U.S.
to continue borrowing to fund its broad range of financial obligations. Republicans continue to ask for wide spending cuts and some other measures to support raising the debt ceiling.
It’s getting close to a so-called X-Date – or the moment when absent that raise the U.S. government will no longer be able to pay bills of any kind, including interest on government bonds, salaries for federal employees, contractors, payments to agencies and programs including Social Security and Medicare, and to the military.
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