MANILA, Philippines (AP) - Asian stock markets fluctuated between gains and losses today as a deadline for divided U.S. lawmakers to agree on a higher government borrowing limit drew ever closer.
Unless Congress acts by tomorrow, the government will lose its ability to borrow and will be required to meet its obligations by relying on cash in hand and incoming tax receipts. That could mean the U.S. is unable to repay holders of Treasury bills that mature in coming days and would be in default on its debt.
Benchmark crude oil rose slighty and was just above $101 a barrel.
The dollar gained against the euro and the yen.