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Bank Stocks Pummeled on Shutdown Day 7

When asked on Sunday during an ABC interview by George Stephanopoulos whether he was "not prepared to schedule a clean bill on government funding," Boehner said "There are not the votes in the House to pass a clean [continuing resolution]."

The Democrats in the House believe that there would be enough support by members of both parties at least to raise the debt limit, according to several media reports.

Obama during a visit to the Federal Emergency Management Agency's headquarters in Washington on Monday said he believed the House would pass a "clean" bill to reopen the government if Boehner were to allow a vote to go to the floor, according to a Wall Street Journal report. "If Republicans, Speaker Boehner, are saying there aren't enough votes they should prove it," the president said.

In economic news on Monday, the Federal Reserve reported that consumer credit in the U.S. during August expanded at an annual rate of 5.4%, increasing from a rate of 4.15% the previous month. Revolving debt declined at an annual rate of 1.2%, continuing its trend during the years following the credit crisis, but the rate of decline slowed from 2.6% in July. Nonrevolving consumer credit during August expanded at an annual rate of 8%, accelerating from 6.8% in July.

Total consumer debt during August increased by $13.6 billion to $3.023 trillion. Economists polled by Thomson Reuters had on average estimated consumer debt would increase by $12 billion.


-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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