Shutdown Feud Continues as Debt Ceiling Looms

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President Barack Obama cancelled his trip to Asia Friday as Capitol Hill entered the fourth day of a budget standoff.

The Labor Department said there will be no jobs report this morning due to the shutdown, a move likely to affect investors on Wall Street.

Meanwhile, the president and House Speaker John Boehner, R-Ohio, continued trading blows instead of negotiating a budget bill.

"If the speaker of the House, John Boehner, simply let the bill get on the floor for an up-or-down vote, every congressman could vote their conscience [and] the shutdown would end today," the president said.
 
"All we're asking for here is a discussion and fairness for the American people under Obamacare," Boehner insisted.

Republicans accuse Democrats of playing politics with the shutdown, closing national memorials that remained open during previous shutdowns -- a move that angered veterans and their families.

"I mean, my father and many others sacrificed time, their lives in a lot of cases, and it's just sad to see America cannot even work together," Jeff Morgan, the son of a veteran, said.

House Republicans have repeatedly voted to reopen parts of the government, including national parks and cancer research facilities, but Democrats say it's all or nothing.

"Because there is an insistence on no negotiations, no talking, my way or the highway, we are here," House Majority Leader Eric Cantor, R-Va., charged.

Meanwhile, attention is beginning to shift from the budget battle to the upcoming debt ceiling deadline.

Both the president and the Treasury warned that a default on U.S. debt would be disastrous for the economy.

"The longer this goes on, the worse it will be, and it makes no sense," Obama warned.

A default would cause the nation's credit markets to freeze, the dollar to plummet, and U.S. interest rates to skyrocket, according to a Treasury report.

Boehner insists he won't let the government default on its debt, but he says major cuts to deal with the deficit will have to happen.

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