Debt Ceiling Jitters Weigh on Media and Broader Markets.

US stocks closed lower on Tuesday due to fears of a debt-ceiling impasse that could lead the nation into recession. The US government will no longer be able to pay bills of any kind, including interest on government bonds, salaries for federal employees, contractors, payments to agencies and programs including Social Security and Medicare, and to the military if the debt ceiling is not raised. Media stocks, especially those most dependent on advertising, have been hit hard by recession fears. Moody's Analytics estimated that just one week of breach would erase 1.5 million jobs.