House defeats funding bill; shutdown looms

Reuters editorializes that the country is "rattled" and "unnerved" by these budget battles in Washington. Given the choice, I'd rather be rattled than broke and  desperate when the economy collapses because of massive debt. The vote could further rattle consumers and investors who have been unnerved by the high-stakes budget battle that has played out in Washington this year. Congress pushed the government to the brink of a shutdown in April and the edge of default in August. Republican leaders said they would figure out a way to pass the spending bill and avoid disrupting everything from national parks to scientific research. "There is not going to be a shutdown. Everybody needs to relax," said Representative Eric Cantor, the No. 2 House Republican, as he emerged from a meeting with other top Republicans after the vote. Later in the evening, a panel approved a measure that would allow the House to quickly reschedule another vote. But it was not clear how the substance of the...(Read Full Post)