Futures Fall as Deadlock Persists

Stocks are falling as the United States moves one day closer to default with little sign of progress in Washington.

S&P 500 futures are down more than half a percent but have been rebounding from their lows last night. European markets are also posting small losses, while Asian markets were mixed in the overnight session.

While deadlock began in the House, the acrimony spread to the Senate over the weekend as Democrats pushed to end spending cuts under so-called sequester rules. They also rejected a budget plan by Republican Susan Collins, who often allies with Democrats.

The impasse makes it more difficult for politicians to raise the U.S. debt limit with just four days until its borrowing capacity is reached. Government agencies also remain closed after the Senate and White House rejected budgets sent by the House earlier in the month.

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