Futures off as Congress heads for another showdown

January 3, 2013 | Modified: January 3, 2013 at 8:45 am
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FILE - In this Tuesday, Jan. 1, 2013, file photo, the dome of the Capitol is reflected in a skylight of the Capitol Visitor's Center in Washington. By delaying hard choices on spending, the fiscal cliff deal guaranteed more confrontation and uncertainty this year, especially when Congress must vote later this winter to raise the government’s borrowing limit. That’s likely to keep businesses cautious about hiring and investing. (AP Photo/Jacquelyn Martin, File)

NEW YORK (AP) — U.S. stock futures are heading lower with the 113th Congress being sworn after a rancorous showdown over the budget, and what promises to be more of the same when lawmakers take on the debt ceiling.

Dow Jones industrial futures are down 27 points to 13,304. The broader S&P futures have lost 4.2 points to 1,452.90. Nasdaq futures are down 5 points to 2,733.75.

Congress must soon vote to raise the amount that the country can borrow in order to avoid defaulting on loans. President Barack Obama has said the issue isn't up for debate.

Also on Thursday, the Labor Department releases weekly jobless benefit claims and ADP, a payroll provider, posts its hiring report for December.

Retailers and automakers are releasing sales numbers for December as well.