BUFFALO, N.Y. -- Republicans want to push the pending deadline to raise the debt ceiling back.
"I know the clock is ticking but at least it makes us move in the right direction in my opinion," Rep. Tom Reed, R-Corning, said.
But Reed said he's not thrilled with his party's proposal.
"You're only dealing with the debt ceiling and not dealing with the continuing resolution," Reed said. "That's why I believe the better approach is to look at it from a bigger play, a longer term play."
The government shutdown, on its second week, makes two simultaneous crises for Congress.
"They tie together because of the timing and I think they were basically both used as a negotiation tool," said University at Buffalo associate professor of finance Cristian Tiu.
Tiu said that's where the similarities end.
"The government shutdown can basically be seen as a lack of will of the Congress to spend more money, whereas not raising the debt limit is essentially a refusal to pay things you promised that you'll pay," Tiu said.
While the president predicts disaster, Tiu isn't going that far if the Oct. 17 deadline passes by.
"That doesn't mean, in a sense, a full scale default of U.S. government bonds," he said. "What you have is basically rescheduling the priority of some payments, so some bond coupons wouldn't be paid."
Still, he said just missing the deadline will shut down markets and raise interest rates universally.
"Then we'll see distrust in the U.S. economy, meaning that companies that were willing to invest in the U.S., perhaps hoping the U.S. economy actually will come back, might rethink that," Tiu said.