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FALLOUT

Wall Street Takes a Dip on Debt Fears

Dow down 125 points at opening.

cheats/2011/07/25/wall-street-tumbles-on-debt-fears/wall-st-debt-karabell_jvhgka

Mark Lennihan / AP Photo

Maybe this will finally spur some compromise: Shaken by Washington’s inability to reach a debt deal, the Dow Jones Industrial Average shed more than 125 points just minutes after the opening bell. Back in Washington, leaders aren’t any closer to an agreement—in fact, House Speaker John Boehner, a Republican, and Senate leader Harry Reid, a Democrat, are shopping around competing plans. Boehner’s would be a two-step process, and the first part would raise the debt ceiling and cut $1 trillion from future budgets. Reid is presenting a $2.7 trillion package that includes no new taxes.

Read it at National Journal

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