Industrial Average futures fell 114 points--nearly one percent--Sunday night as U.S. lawmakers failed to reach an agreement to raise the $14.3 trillion debt ceiling. Standard and Poors futures also fell by 0.9 percent in electronic trade, MarketWatch reports.
The report follows a Sunday night meeting between President Barack Obama and congressional leaders Nancy Pelosi and Harry Reid. According to the White House, Pelosi and Reid briefed the president on the state of negotiations in Congress, while all three Democrats reiterated their opposition to a short-term debt limit increase.
“Gang of Six” member Tom Coburn told NBC that such opposition by the president is “ridiculous” because “that’s what he’s going to get presented with.”
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