Wall Street falls as Trump threatens government shutdown

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US stocks closed lower on Wednesday as investors grappled with a threat from President Donald Trump to shut down the government if Congress fails to fund a Mexico border wall.

Stocks managed to briefly pare losses after comments from US House Speaker Paul Ryan calling a government shutdown unnecessary. Yet that was not enough to calm nerves as the deadline to approve spending measures draws near and a fight looms over raising the cap on government borrowing.

Congress will have about 12 working days when it returns from its summer recess on Sept. 5 to raise the debt ceiling before the U.S. Treasury exhausts the last of its options to remain current on all of the federal government's obligations.

Credit rating agency Fitch Ratings said a failure to raise the ceiling in a timely manner would prompt it to review its rating on US sovereign debt, "with potentially negative implications.

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