Dow drops over 300 points amid concerns about debt load

U.S. stock prices tumbled Monday, as growing concerns about heavy debt loads both domestically and abroad added more uncertainty to a troubled market.The Dow Jones industrial average was lately down over 300 points. It was the index’s third day of losses in the past four.

A U.S. congressional committee is expected to concede defeat in its bid to lower the deficit, renewing the debate over taxes and spending at a time when the impending expiration of payroll tax breaks and jobless benefits could undermine the economy.

The committee's co-chairs will issue a statement later Monday, according to sources, declaring the bipartisan committee was unable to reach a deficit-reduction deal because of deep divides over taxes and spending. Read more at MSNBC