We're closing in on one week to the debt ceiling deadline and there's still no agreement in sight. Our Erin Connolly has more on how the turmoil in Washington is affecting the markets, as well as all Americans.
ALBANY, N.Y. -- We're about a week away from the debt ceiling deadline and as the government shutdown continues, the financial markets are starting to reflect the growing concern.
Sandy Family of Sanford Family Financial said, "There's been a fear out there. Certainly a loss of confidence in what's happening in Washington, D.C. The fact that there is uncertainty now has caused the markets to hiccup pretty strongly."
Family says as October 17th approaches, the financial markets will only become more volatile. If the debt ceiling isn't raised, the government could start defaulting on its loans, which could trigger a wide variety of economic problems.
Family said, "The market is going to have a loss of confidence in dollar, treasuries and we could see a strong decrease in government spending, which could throw us into a recession."
And as anxiety continues to grow on Wall Street and in Washington, many Americans are fed up with Congress's inability to cooperate.
Dr. Len Cutler, the Siena College Political Science Chairman, said, "The eyeball to eyeball confrontations is waiting for someone to wink is getting a bit stale. I think both sides recognize there is no winner here, there are only losers, particularly you and I the citizens of the United States."
As lawmakers continue to negotiate and the stock market continues to decline, financial advisors suggest if you have money invested, to stay the course.
Family said, "We counsel our clients throughout the day. Don't jump. There's a lot of noise out there, but don't react to it."
And the ultimate hope now is for all of this to be resolved sooner than later.