Washington baits, Wall St. doesn't bite on panic

VIDEO0:5600:56
Wall Street not listening to default warnings

Washington's efforts to scare Wall Street haven't come to much so far.

The message hardly could be clearer from the Obama administration: An impasse over approving a continuing resolution that would keep government going threatens to morph into a crippling battle over the debt ceiling.

Wall Street should be petrified of such an occurrence and is taking the looming crisis too lightly, President Barack Obama told CNBC in an interview Wednesday.

In a statement Friday, Treasury Secretary Jack Lew warned that Social Security recipients, disabled veterans and those on Medicare and food stamps face peril if the debt ceiling deal doesn't get done.

Oh, and Wall Street should be worried, too, he said.