Obama reportedly rejects debt limit proposal, futures lower

|By:, SA News Editor

The NYT reports Pres. Obama has rejected a Republican proposal for a 6-week debt ceiling hike (in exchange for negotiations) on grounds it wouldn't reopen the government. The proposal had fueled hopes a breakthrough might be on the way.

House Majority Leader Eric Cantor: "We expect further conversations tonight."

Equity futures have dropped on the report. S&P 500 (SPY) futures -0.6%. Dow (DIA) futures -0.5%. Nasdaq-100 (QQQ) futures -0.5%.

Update: Statement from The White House: "After a discussion about potential paths forward, no specific determination was made."