Wednesday October 16, 2013 Happening Now - Shutdown Day 16; Catastrophe at Midnight as Debt Ceiling Breached?

Shutdown Day 16

No end in sight

And now less than 1 day away from the U.S. broaching the debt ceiling

Potentially unable to pay its bills.

As the news agenda so aptly puts it "Expecting a chaotic day on the hill." Yesterday afternoon, House Speaker John Boehner's latest effort to pass legislation to end the shutdown and raise the debt ceiling imploded. House leadership was forced to withdraw it in what some call a humiliating defeat.

Now all eyes on the Senate where a bipartisan solution may be in the works from Senate Minority Leader Mitch McConnell and Majority Leader Harry Reid. There is hope that they'll be able to finalize a deal and hold votes on it as soon as today. The problem is we don't know about the possibility of filibuster from the likes of Texas Senator Ted Cruz. It is also unclear what happens in the House, where the embattled Speaker Boehner is unlikely to be able to cobble together restive Tea Party members. Boehner may be forced to rely primarily on Democrats in the House.

Meantime, the government supposedly runs out of money by Midnight tonight. Tick tock, Tick Tock.

All this is taking a toll on the economy. Some estimates suggest it's already taken .5% off the nation's GDP for the year.

Fitch warned yesterday it's reviewing the nation's triple-A credit rating for a possible downgrade. Remember the last downgrade by S&P back in 2010 led to a huge sell-off in the stock market.

Wendell Goler, Ed Henry, Doug McKelway, Steve Centanni and Molly Henneberg reporting.

Eric Shawn reporting on the special election for Senator from New Jersey today.

There's been an arrest in the dry ice bombs placed at Los Angeles International Airport. William La Jeunesse reporting.

Steve Harrigan reporting on the bullied girl who killed herself in Florida.

Amy Kellogg reporting on the ongoing talks on Iran's nuclear program in Geneva.

The death toll in an earthquake in the Philippines has risen to 144 with another 291 missing.

-Clint Henderson

for more news follow me on twitter: @ClintPHenderson

Clint Henderson is the Executive Producer for “Happening Now” and an avid traveler. Follow his adventures on Twitter, ClintPHenderson, and Instagram, clintpage1.