A US government shutdown seemed likely if the two houses of Congress don't agree on a spending plan by midnight, revealed a report by National Journal. Senate Democrats and Republicans are still locked on a battle against Obamacare, with Republicans seeking to remove funding.

On CBS's Face the Nation, Democrat Senator Dick Durbin of Illinois said a shutdown could occur. "The House position, which is basically the same one they sent us the last time, is going to be rejected again. And we are going to face the prospect of the government shutting down."

Meanwhile, ABC News reported that a shutdown would also force the Senate to formulate a bill that would increase the borrowing authority of the government. If it would fail to increase the debt ceiling to USD 16.7 trillion by the middle of next month, the US could default on some of its debt obligations. The report said this would not only threaten the local economy but could also have a detrimental impact on economies around the world.