Stocks fall as Boehner ties budget, debt cap to cutting deficit.

Global equities and oil were lower at the time of writing after John Boehner yesterday said he won't introduce legislation to finance the government or raise the debt ceiling until the Democrats agree to "a serious conversation" about cutting the deficit. He also said the U.S. is on "the path" to a debt default, a stance that is in contrast to reports last week saying he wouldn't let such an event occur.