Stocks In Flux on Debt Ceiling Debate
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Stocks gyrated Friday as all eyes continue to watch the ongoing circus in Congress regarding the debt ceiling.
The Dow Jones is down 63, Nasdaq is down 4 and the S&P 500 is down 4.
With 3 days left until Treasury runs out of funds, John Boehner, after delaying a vote Thursday on his measure, is rifling up support among House Republicans.
Earlier it appeared Boehner was gaining momentum and that there were enough votes to pass the bill. However, other later reports suggest that Boehner is near abandoning the plan.
If the bill passes the House it is expected to be immediately killed in the Senate. The Senate will likely take up a debt plan from Harry Reid.
President Obama and Democrats have been calling on a compromise, while members of the Republican Tea Party have been against Boehner's plan as they want much stepper cuts.
UPDATE
1:44PM ET - The House is expected to vote on the bill before 6PM ET.
6:25PM ET - The House of Representatives passed the John Boehner's debt-limit bill. The bill now moves to the Senate, where it is expected to be killed.
8:50PM ET - As expected the Senate rejected the House bill.
The Dow Jones is down 63, Nasdaq is down 4 and the S&P 500 is down 4.
With 3 days left until Treasury runs out of funds, John Boehner, after delaying a vote Thursday on his measure, is rifling up support among House Republicans.
Earlier it appeared Boehner was gaining momentum and that there were enough votes to pass the bill. However, other later reports suggest that Boehner is near abandoning the plan.
If the bill passes the House it is expected to be immediately killed in the Senate. The Senate will likely take up a debt plan from Harry Reid.
President Obama and Democrats have been calling on a compromise, while members of the Republican Tea Party have been against Boehner's plan as they want much stepper cuts.
UPDATE
1:44PM ET - The House is expected to vote on the bill before 6PM ET.
6:25PM ET - The House of Representatives passed the John Boehner's debt-limit bill. The bill now moves to the Senate, where it is expected to be killed.
8:50PM ET - As expected the Senate rejected the House bill.
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