Time is ticking for the U.S., with less than two weeks left until it runs out of money. Failure to find a solution will lead to devastating effects - that's the official warning from the U.S. Treasury. The department's predicting an unprecedented default with 'catastrophic' consequences. It says a collapse of the American economy would send shock waves across the globe, ending with a financial crisis and recession worse than the 2008 meltdown.

The U.S. government shutdown is taking its toll on the President's plans as well - with Barack Obama forced to cancel a trip to Asia and miss two summits. The federal stoppage has placed hundreds of thousands of workers on unpaid leave. It's costing the American economy at least 300 million dollars every day, hitting business and consumer confidence. President and Co-Founder of John C. Hulsman Enterprises, a political risk consulting firm, says U.S. lawmakers' inability to compromise is bordering insanity.

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