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Wall Street Glances Wearily at Washington

Fears that U.S. will default.

If everyone in the world is in near-universal agreement that Congress should end this impasse and raise the debt limit by October 17, maybe Congress should start listening? Just a thought. European shares and oil opened weakly on Monday as the yen rose while many investors sought safer assets. “This feels a lot like Sunday night on Lehman weekend,” said Westwood Capital Managing Partner Daniel Alpert. The government currently has $30 billion in cash in the bank with a little more room to borrow. But if an agreement isn't reached by Thursday, the U.S. will reach its debt limit—that means no more borrowing.

Read it at Reuters

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