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U.S. edges closer to default
WASHINGTON, D.C. (NEWSCHANNEL 3) - As the government shutdown continues, the United States edges closer to the possibility of the first-ever default on the government's debt.
House Speaker John Boehner says republicans will only approve bills to reopen the government and raise the country's debt limit if democrats agree to changes in the Affordable Care Act.
If Congress can't reach a deal next week then the nation could default on its debt for the first time in American history.
Treasury Secretary Jack Lew says defaulting on the debt could plunge the nation back into a recession worse than 2008.
"Congress shouldn't be creating self-inflicted wounds that hurt the economy and hurt the American people. So, I think Congress can and should act," said U.S. Treasury Secretary Jacob Lew.
"If lawmakers don't get it together by October 17th it's going to be a collision, an economic collision that's going to wreck our economy so this is a problem," said economist Mark Zandi.
Democrats argue the 218 votes needed to pass the bill in the House are there, but Speaker Boehner won't bring it up for a vote.