How Wall Street is affected by the gridlock in the debt-ceiling negotiations

In a televised prime-time speech last night, President Obama warned that with no clear resolution in sight in Congress, the U.S. is moving closer to a default that could deeply damage the economy.

With only seven days left until the country's August 2nd deadline to raise the debt ceiling, many are concerned with how Wall Street will be affected by a default both now and in the long term.

Today on American Morning, Politico's Wall Street reporter Ben White weighs in on how the debt ceiling negotiations are impacting both the U.S. economy and the global markets.