Bloonmberg, (15/10) -- U.S. stocks dropped, following a four-day rally in the Standard & Poor’s 500 Index, as lawmakers failed to reach an agreement to extend the government’s borrowing limit less than two days before the deadline. The S&P 500 fell 0.7 percent to 1,698.06 at 4 p.m. in New York. The Dow Jones Industrial Average declined 133.25 points, or 0.9 percent, to 15,168.01. The benchmark index dropped as much as 0.8 percent after Senate Majority Leader Harry Reid rejected a House plan to halt the fiscal impasse and Senate leaders stopped talks on a bill that would fund the government through Jan. 15, 2014, and suspend the U.S. debt limit until Feb. 7. The Senate talks haven’t broken down, spokesmen for the chamber’s top leaders said. The House later revised its plan, which would extend government funding through Dec. 15, rather than Jan. 15, 2014, in the Senate plan, said Representative Devin Nunes of California, who had been meeting with leaders. A vote could come as soon as tonight. The new House proposal would bar government subsidies of health insurance for congressional staff members, along with lawmakers and high-ranking administration officials, Nunes said. A two-year delay in the medical-device tax was dropped, he said. The Congressional impasse has left the government partially shut down since Oct. 1 and could lead to the U.S. reaching on Oct. 17 the limit on federal borrowing.
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