Money Matters: Debt ceiling concerns growing with gov. shutdown

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October 3, 2013, 8:06 am
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(NECN) - Concerns are growing on Wall Street as the U.S. draws closer to an Oct. 17 deadline to raise the debt ceiling.
     
If Congress doesn't act, the government could run out of funds and default on its loans.
     
The U.S. Treasury estimates about $30-billion would remain to pay off debts, which would only last a few days.

Holiday sales could be in jeopardy this year if the government shutdown continues.
     
It's forecasted that Americans will spend at a more rapid rate this season, due to growing optimism about economic conditions.
     
But if this shutdown doesn't end soon, it could reverse that confidence.

Blackberry estimates its 4,500 job cuts will cost the company $400-million.
     
That's four times what was previously expected.
     
According to Bloomberg, the smart phone maker also plans to unload factories, manufacturing gear and property as part of a cost-cutting effort.

Watch the attached video for more.

Tags: government , Market, Wall Street, Treasury, Money Matters, Blackberry, holiday season, shutdown
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