Wall Street Closely Watching Debt Debate - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

Wall Street Closely Watching Debt Debate

The battle over increasing the government's debt limit is creating headaches on Capitol Hill and on Wall Street.

The Dow dropped almost 200 points Wednesday. Thursday, the House plans to take up a GOP plan to raise the government's borrowing power and reduce the debt, but a first-term Republican plans to vote no on the GOP plan.

A freshman House Republican says he still can't vote for the deficit-reduction proposal pushed by Speaker John Boehner, although he calls it "a step in the right direction." Rep. Joe Walsh of Illinois told CBS's "The Early Show" he doesn't think the Boehner proposal or a rival plan offered by Senate Democratic Leader Harry Reid are sufficient.
    

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