Gov't shutdown to have real economic impact on U.S.

President Barack Obama said on Monday that a government shutdown would have very real economic impact on the Americans.

"It does not have to happen," Obama said in a late afternoon statement in the White House. "All of this is entirely preventable if the House chooses to do what the Senate has already done, and that's the simple act of funding our government without making extraneous and controversial demands in the process."