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The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

DAY 8 Government shutdown

WASHINGTON   --   It's Day 8 of the government shutdown and the nation is dangerously close to hitting it's credit limit.

We're not going to pay a ransom for America paying it's bills
On October 17th the federal government will reach its borrowing limit and default on its debts.
    
That is unless congress raises the debt ceiling.
The Obama Administration is sounding the alarms - warning of the potentially disastrous impact that could have on the global economy.
    
The president insists congress needs to act - without any conditions or negotiations.

Shut down would be over, serious negotiations could proceed on every item in the budget
    
House Speaker John Boehner said he wants to negotiate with the president.

The president said sure - but not until the government reopens and the threat of a default is lifted