Mounting Wall Street fears of US default

FINANCIAL TIMES: A highly anticipated meeting Wednesday evening between Mr Obama, John Boehner, the Republican Speaker of the House, and other leaders ended without any sign of progress.

“They will not negotiate,” Mr Boehner said, standing outside the White House. “At some point we have to allow the process to work out.”

Moments later, Harry Reid, the top Senate Democrat, accused Mr Boehner of not accepting a “lifeline” that had been thrown his way after Democrats promised to begin negotiations on a long term budget once the Republican moved to pass a “clean” short term budget that ended the shutdown. Mr Reid said spending levels, healthcare and agriculture, among other issues, were on the table. Mr Boehner has rejected the offer… (more)

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