October 15th, 2013
09:15 PM ET
1 year ago

Shutdown lowdown day 15: What you need to know

(CNN) – A dramatic day began in the Senate and ended there following a series of excruciating twists and turns in the House.

Speaker John Boehner failed to round up enough support to pass a leadership plan to end the shutdown and avert a possible debt default, so it was never put to a vote.

Emboldened conservatives want more substance, and Boehner instead kicked it all to the Senate, which had suspended its own talks on a compromise to first see if anything would pass the House.

President Barack Obama said Boehner can’t control his caucus while the President had House Democrats over to the White House where Minority Leader Nancy Pelosi said her conference was buttoned up tight in opposition to the Republican plan.

As night fell and the House initiative fell apart, Harry Reid and Mitch McConnell resumed talks on their effort that supporters hope will garner enough bipartisan backing to ultimately pass and pressure reciprocal action in the House – with Democrats and a strong enough helping of Republicans going along.

But things must happen quickly and there’s new and serious pressure bearing down on the Capitol. The Obama administration says it runs out of borrowing authority on Thursday and Wall Street is now pretty spooked. Stocks snapped a win streak and a major bond rating house, Fitch, is talking downgrade of the gold-plated U.S. credit rating unless Congress acts immediately.

Here’s what you need to know:
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Filed under: Congress • Debt • Government Shutdown