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US shutdown: Obama says 'you should be concerned'
VIDEO: The US must break the cycle of governing from crisis to crisis says President Barack Obama in an interview with CNBC.
Wall Street should be genuinely concerned about the political impasse that has resulted in a partial shutdown of the government, President Barack Obama told CNBC.
Although Obama conceeded that gridlock in the US political system is nothing new, he said it's different this time. 'When you have a situation in which a faction is willing to default on US obligations, then we are in trouble,' Obama said.
US markets declined on Wednesday as the shutdown entered its second day. Meanwhile, the bigger battle over the government's borrowing limits is drawing closer, with the Treasury saying it'll exhaust its borrowing authority no later than 17 October.
Watch the CNBC interview below
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by Chris Marshall on Dec 09, 2013 at 09:48