Wall Street drops on Trump's threats of government shutdown
Source: Reuters
(Reuters) - U.S. stocks were lower late on Wednesday morning after President Donald Trump's warning of a government shutdown to secure funds to build the Mexico border wall added to nerves as the deadline to the raise the U.S. debt ceiling looms.
Lawmakers face a late-September deadline to raise the debt ceiling or risk a default, and Trump's comments on Tuesday evening came hours after a lawmaker said there was "zero chance" of the ceiling not being raised.
Fitch Ratings said on Wednesday a failure by U.S. officials to raise the ceiling in a timely manner would prompt it to review its rating on U.S. sovereign debt, "with potentially negative implications."
"Trump saying he would be willing to shut down the government over the wall obviously doesn't really inspire much confidence in anyone," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
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