good morning, it is monday, august 1. this is your "a.m. wake-up call," this is ali velshi joining you live from new york. we'll begin by reading the new debt deal line for line because i know you can't get enough fiscal congress speak at 5:00 a.m. on monday. put the remote down, i'm kidding. get back on the elliptical. i'll get to the meat of the breakthrough bill that might stress -- well, might bring this dragged out debt ceiling doomsday drama to a close and give us some other stuff to talk about. the deal includes about $1 trillion in cuts over ten years, raises the debt ceiling about

about the same amount, sets up a bipartisan committee to find other ways to trim another trillion and change from the deficit. think of it as a deficit posse. it calls for both chamber of commerce eventually to pass a balanced budget amendment to the constitution. they don't actually have to pass it, they just have to vote on it. and the president and house speaker admit that the plan is not perfect, but hey, there's a deadline tomorrow. here's what the president said, then you'll hear from a freshman republican who, by the way, is dressed casually. give him a break, it was late on sunday night. >> now, is this the deal i would have preferred? no. but this compromise does make a serious downpayment on the deficit reduction we need and gives each party a strong incentive to get a balanced plan done before the end of the year. >> and to have bold changes to something so systematically broken is going to take time. i understand their frustration. this certainly is not perfect. i would have liked to have more

cuts. but this is definitely a step in the right direction. >> cnn found what may be a discrepancy between the republican and democratic interpretations of the plan. it's about medicare. speaker john boehner's fact sheet says that it would get cut across the board. the white house says medicare beneficiaries are protected. we're going to try and get clarification. more details should come out after more members actually read the measure. >> you know, i haven't seen the legislation yet. i haven't had an opportunity to read it. >> too often we're asked to vote on legislation where we haven't even had an opportunity to read it. so i definitely want to read exactly what is in this deal. >> i haven't seen it in writing the final product. as you know with these things, the details on important. >> details are important. you can almost hear the world markets sigh with relief that the u.s. might avoid default. asian stocks rallied after

president obama announced that a deal had been reached. we're joined in a moment from hong kong with details. u.s. stock futures, by the way, are way up this morning. remember last week -- you probably would rather forget how the market did last week. it was the worst week in more than a year thanks in no small part to the dithering in d.c. but that's what we're looking at this morning. look at the nikkei, the hang seng and ftse, all of them up. there are concern about what cutting government spending will do to the economy, however, with unemployment in the united states at 9.2%, the housing market lousy, people aren't buying stuff. this is not a great time for the u.s. government to go all scrooge on us. cnn money talked with economists about this. one said the cuts are relatively small and shouldn't have a huge impact. another said the cuts could be the straw that breaks the camel's back. economically speaking. so is the u.s. okay with moody's now? remember, the ratings agency said it would put the nation's bond rating on a review for a possible downgrade for the

chance that august 2 would come and go without movement on the debt ceiling. here's what moody's chief economist told cnn. >> listening to what they have to say, i think this would be sufficient, yes. you know, now all the rating agencies have different opinions. some may go down a different path. i think bradley speaking this is -- broadly speaking, if it comes to what they're discussing now, this is substantive and should avoid a downgrade. >> there is, however, another school of thought on this. i talked with invest guru brill gross, he runs pimco's total return fund. he predicts there will be a downgrade. democratic leaders in the senate hope to get thetuate going this afternoon and -- the debate going this afternoon and vote later this afternoon. a republican on a conference call with speaker boehner says the house will try and vote, as well. congress has to approve the bill, and the president has to sign it by tuesday. after all of this the u.s. will officially put the nation in procrastination.

time for a check of world markets. what a rally in the asian markets. the hang seng and nikkei closed up. let's go to our reporter from hong kong. what a difference a major hard-won debt deal makes. world markets have been reacting very positively to this. >> yeah, and there seems to be a lot of confidence in asia. investors have been cheering the prospects of an end to the u.s. debt deadlock, the nikkei opened more than 1% higher. it gained after the u.s. president, barack obama, announced a deal to raise the debt ceiling. there is more muted reaction in europe. stocks are climbing there, but less than 1% for the dax and cac 40. there's caution since the deal still has to pass in both houses of congress. back to you. >> news coming out of hsbc, they've got their earnings statement, and they are announcing job cuts even though the company's profitable.

>> reporter: that's right, hsbc has announced it's going to lay off at least 10,000 employees worldwide, about 3% of its global work force. all part of the plan to cut costs over the next three years. hsbc has also announced its latest earnings figures. it came out in the last hour. its pretax profits came in at $11.5 billion for the first half of the year. that is up 45% from the second half of 2010. so that is very good news that hsbc really needs. since early january, the company's share price has fallen by more than 7%. >> we'll stay with us for the morning to see how things are developing. kristie lu stot. thank you very much. we have fairly quiet weather now. in the afternoon we'll get pop-up thunderstorm. we might have a tropical depression or tropical storm pot up before the day is done. the next storm would be emily, just east of the winward islands

and heading toward the caribbean, northern part at least. the national hurricane center is pretty sure it will become a depression if not a storm. this is a look at some of the computer models which shows it potentially threatening the u.s. and will move around the caribbean islands. this bears watching closely especially if you live in florida or the east coast. the heat's going to continue to crank, dallas, oklahoma city, their streak of 100-plus days continues at 30 and growing. some of the heat will continue to grow up toward the north. 108 the expected high temperature in dallas. 100 in kansas city. this will stay with us, i think, across the day today. new york, you'll see evening thunderstorms. same deal with d.c. and philly. might see delays this, and san francisco some fog. traveling by car, and a lot of folks are this summer holiday season, ali, check this out. imagine if you're on a family vacation and you're driving down the interstate in memphis and a snake -- wow.

>> i was wondering what that was. wow. >> pops out of the hood of your car and on to the windshield. >> what are you supposed to do about that? >> well, scream. especially the little girls in the back. i know i would be screaming like a little girl probably. then pull over and maybe through the windshield wipers on. >> i know the pullover part, i don't know what you do after that. there's a snake on the car -- crazy. >> poor snake. hopefully they eventually pulled over and got him to where he needs to be. >> that's a good one. i didn't see that coming. we'll check in with you later this morning. president obama and congressional leaders have agreed to a debt deal, but the bigger question -- will they have the support to get it passed before tomorrow's deadline? we'll talk about that on the other side. first, which newsmaker said he would run for president if "the republicans pick the wrong candidate"? find out after the break. ooo whatcha got there? uh oh, sesame stir fry from lucky dynasty. oh, me too! but mine's lean cuisine, so no preservatives.

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it is 12 minutes after the hour. this is your "a.m. wake-up call." who said they would run for president if "the republicans picked the wrong candidate"? not hard to guess. donald trump. the real estate mogul and realty star said this to cnbc when asked if he would consider running for the top office in the country. even though a debt deal is on the table, it's not over yet. jay leno is proposing a closeout sale on washington. here's the punch line. >> there's one thing politicians in congress hate, it's being told what to do by the people who put them there. you know? corporations pay good money for these congressmen, they shouldn't have to listen to a bunch of idiotic voters. exactly! as they say in washington, if it ain't broke, it will be by tuesday. if this debt limit thing isn't lifted, president obama's going to switch to plan b -- a nationwide going out of business sale, everything 50% off.

all government buildings, all parts, everything must go. time for your political ticker with tim farley, host of "morning briefing" on sirius xm live from washington. good morning, tim. you know, a lot of fanfare about this deal that they reached last night and probably eight minutes passed before you were hearing from fiscal conservatives that some of them won't support it. and then from liberals that, well, maybe they won't support it either. this debt deal, is it going to get through? >> i don't know, but doesn't it sound -- if people are angry on both sides of the aisle, doesn't that usually mean it's the right thing to do at this point? that's kind of the way it turns out. it's going to have to go through the senate and house. looks like it will probably happen at some point today. you've hit the question right this, how much are they going to coalesce behind their leadership, ali. >> and that's -- the house is probably more a problem than the senate. it's going to be a priority for john boehner and for nancy pelosi to sit around and hold their noses if they have to, but figure out whether they have the votes for this.

>> yeah, exactly. the pushback from the left is where are the tax increases. from the right, look, this isn't doing that much altogether. what it really does, and i think you made this point, is that it pushes off a lot of the hard decisions to the committee who will have to make calls six months down the road. and that will mean that the house and senate will not really have to make any tough decisions. and by the way, we have this little thing called the fiscal year which ends september 30. and there are yet 11 spending bills to be passed. they haven't even been touched yet. >> oh, they'll get it done. talk to me -- >> september 29! >> talk to may about the straw poll in iowa. it's two weeks away. what is it, and why is it important? >> this is the first vote really of voters in iowa. and this is not like -- the typical ballot. it is a blank sheet of paper. people actually sponsor this voting. but it does not include on the ballot sarah palin or rick perry, but as i said, a blank sheet of paper goes out so people get the chance to vote on

whomever they'd like it vote for. herman kaine of all people picked up a win in the western conservative summit. a straw poll that took place over the weekend in denver. 48% of the vote. a surprise. and rick perry was second. he is scheduled to make a decision in the next couple of weeks about running for president. be interested to see how it turns out with the ames, iowa, poll, again, on the 13th, a couple of weeks away. >> hermion cain's support is not wishy-washy, it's not big but solid. have a great show. tim farley of "the morning briefing" on sirius xm. and a suspect, anders breivik, did shopping on ebay for a full face hess operator and hazmat suit. not a surprise. a manifesto thought to be

authored by breivik mentions the site over and over saying, "ebay is your friend." he might change his tune. ebay's people say they're helping police investigate the bombing and shooting spree that killed 77 people. amy winehouse was reportedly in the middle of adopting a 10-year-old caribbean girl when she died. you heard this right. britain's "mirror" newspaper reports that winehouse wanted to be an adoptive mom to a girl named danica from st. lucia. the girl told the paper, "amy was already my mother. i would call her mom, and she would call me her daughter." winehouse's attorneys had already contacted the biological parents. a new law makes it illegal for professors and pupils to have private relationships on any social networking sites. that means exclusive relationships on myspace, google-plus, and other sites are off limits. the point is to curb sexual misconduct between teachers and students. the wording of the law leaves

room for teachers to keep public pages for class use. one way for drivers to sidestep high gas prices is to go hybrid or get an electric vehicle. minorities apparently are not biting. that's according to a new report by the green living institute. out of every ten hybrid owners in california, it says seven are white, two are latino, and fewer are african-american. the report blames high prices and a lack of consumer education. and from out of the blue, the smurfs tied for number one at the box office. the little blue dudes grossed more than $36 million, exactly how much "cowboys and aliens" took in. the western science fiction mash-up underperformed despite the a-list cast. maybe folks were busy watching "debt ceiling," the realty drama on capitol hill this weekend. traders around the world have been keeping a close eye on america's dealingdbt ceiling dr. first, grab a slice of pie on your way to work.

august 1 is national raspberry cream pie day. i think we're scraping the bottom of the barrel on this one. [ male announcer ] this is the network. a network of possibilities. excuse me? my grandfather was born in this village. [ automated voice speaks foreign language ] [ male announcer ] in here, everyone speaks the same language. ♪ in here, forklifts drive themselves. no, he doesn't have it. yeah, we'll look on that. [ male announcer ] in here, friends leave you messages written in the air. that's it right there. [ male announcer ] it's the at&t network. and what's possible in here is almost impossible to say.

21 minutes after the hour. this is your "a.m. wake-up call." here are three things to put on your radar today. are you spending more money or making more of it? at 8:30 a.m. this morning, personal income and spending figures will be released.

economists are hoping for a slight increase. these are numbers for july. lawmakers head back to capitol hill this morning for votes on the debt deal. we'll we will bring you the latest developments through the day as that happens. and we're closely watching a storm brewing in the tropics, as rob mentioned. we could be watching a newly named tropical storm, emily, later today. let's go around the world with zain verjee live in london. while we've been obsessing over the debt debate, there's some bad stuff happening in syria. forces rolling in with tanks, clashing with protesters. at least 71 people are reported dead? >> reporter: yeah, even more now, at least 100 people is what human rights groups are saying, ali. just take a look at this video. i mean, it is some of the most brutal, violent video that we have seen since the protests started in march of this year where protesters were basically calling for a change in government. they want bashar al assad out. cnn cannot independently confirm

the authenticity of this video. but this is the scene over the weekend in hama. tanks stormed in, protesters were fired on, smoke was seen rising in different parts of the city. you can hear the exchange frequently of gunfire in the piece of video that we're showing you now. now the government itself, ali, is saying that they had to go in there because they said they were arm -- there were armed terrorist groups, gangs, storming the city. and they had to just go in there and take control. the u.s. president, barack obama, upon hearing these report and looking at the video said that this was absolutely horrifying. it was brutal, and the u.s. needs to put more pressure on the u.s. to -- on them to stop what was happening. >> incredible. have you heard about the amy winehouse thing where she was apparently trying to adopt a

child in the caribbean? >> reporter: in st. lucia. yeah, there were suggestions that that was the case and that she had taken some legal action to adopt a 10-year-old girl. and obviously the girl is totally devastated. it's unclear how far along they were in the process. but she was looking, according to reports, to adopt a child from st. lucia. >> wow. we'll check in with you later. zain verjee for us in london. serena williams is back in the win column. she won something, but i don't know what it is exactly. i'm going to tell you about that in a minute. football superstar peyton manning just signed a new deal with the colts. the numbers are staggering -- $90 million over five years. but the colts actually offered him more money and he said no. huh? he's taking less so the team can sign other players. wow. looks like plaxico burress is heading to the jets. they've agreed to a one-year, $3

million deal. he was released from prison in june after serving time on a gun charge after accidently shooting himself in the leg. and here's my serena story. serena womens won her first title in a year at the stanford classic winning 7-5, 6-1. she's been beset by problems. this is no doubt good for her because the u.s. open is coming up. and we'll have the top five entrepreneur myths coming up. ooo whatcha got there? uh oh, sesame stir fry from lucky dynasty. oh, me too! but mine's lean cuisine, so no preservatives. [ female announcer ] lean cuisine has 90 dishes with no preservatives and quality ingredients like farm-picked broccoli and tender white meat chicken. lean cuisine.

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good morning, it's monday, august 1. this is your "a.m. wake-up call," i'm ali velshi joining you-from new york. 28 minutes after the hour. for money news, we have christine romans in new york. wow, six days of bad markets leading into this debt debate. and the bad gdp numbers -- i think we're going to get a break this morning. roy >> reporter: i'll take your six days and raise you to a month. the dow was down 2% for the month 4,% for the week. the dow fell, there's been a steady drumbeat of economic reports that haven't been great. friday we'll get a jobs report. political risk for today, the week, friday jobs report futures looking better. dow futures up 133 points. but i guarantee you every little peep out of washington will probably move futures this morning and throughout the day. the stock prices.

>> yeah. things are softening up in europe, in europe trading now. we'll have to see what happens. u.s. futures already a little lower than they were earlier. what about the u.s.' reputation? i know you've got thoughts this. >> reporter: i do. there's a lot of people who have been saying does the u.s. deserve a triple credit rating. even with the political uncertainty resolved for now, does the u.s. deserve triple-a with huge unsustainable deficit and the kind of acrimony you've seen in just trying to get the debt ceiling issue with some spending cut resolved. and a lot of folks -- morgan stanley, you've got jim rogers, you know, he's a famous investor, and others saying, no, the u.s. simply doesn't. we have a reputational problem around the world that i think is something that investors and, you know, and u.s. investors are going to be -- international investors and the u.s. investors are going to be talking about for some time. remember, we're the most liquid

-- nobody issues debt like we do. so it still means that it is the biggest game in town. >> we've talked about australia and canada. they don't issue enough debt to make up for the u.s. whale we have -- while we have been hoodwinked into thinking that this debt issue is the most serious issue facing the economy, it's not. the most serious issue is something we'll be talking about this week. >> reporter: it's about jobs. there are a lot of those -- and i think you would include yourself in this group -- that say the debt discussion has taken the focus off of how do you create jobs in the near term. maybe that's because beth parties can't figure out how to do it. the things they've tried haven't worked. you have years and years of tax cuts, still have lost jobs, an awful lot of stimulus, and you still have anemic jobs growth at this recovery. that is a near-term issue. i think when you're talking about big cuts to government spending, to fix the job situation, probably not. friday we'll have a jobs report, again, and it's not expected to

be very good. >> i've already heard talking points saying this was a great deal for jobs. i can't get -- maybe i'm too tired, worked too many hours, can't get my head around it. i will see you in a half-hour. good to see you back again. >> see you soon. back to our businessman's special, about entrepreneur myths. the "washington post" posted their top five myth on their web site. myth number one, the tech entrepreneur is in their 20s. the average age of people who start their own companies is actually 40. myth number two, entrepreneur are born and not made. again, not true according to the "post." more than half of entrepreneurs are actually the first in their family to start a business. myth number three is college dropouts make better entrepreneurs. this one is so not true. entrepreneurs are more likely to succeed if they have a college degree. the fourth myth is women can't cut it in the tech world. according to the "washington post," there's almost no difference in companies founded by men and women. the final myth for entrepreneurs is that venture capital is required for innovation.

apparently that's not true either. venture capitalists want to invest in innovation that they think looks like a big bet. mexico has captured a suspected cartel kingpin. he's a former police officer who reportedly admits to ordering 1,500 killings. this is jose antonio acosta hernandez, aka el diego. he's thought to be the head of the enforcement arm of the cartel. authorities believe he's the mastermind behind the march, 2010, killing of the three men in the consulate. it's called "the biggest blow" to the cartel. one place to cement a place in criminal history is to jump out of a hijacked plane with $200,000 in cash never to be seen again. 40 years later, the fbi says it has a credible lead in the d.b. cooper case. they've told the "seattle times" that they've tracked down a

credible personal with helpful information and an item with fingerprints on it. the item, whatever it is, is headed to the fbi lab in video. this is the only skyjacking that the fbi has ever solved. engineers printed out an entire airline, flew it around. when i say printed, it was printed on a machine. i guess i should say in air quotes, then builds objects layer by layer. it's got a wing span of 6 1/2 feet. it hits top speeds of about 100 miles per hour. besides the cool factor, you might be asked what's the point. engineers say this could make aircraft design much more affordable. okay, take a look at these two bmw concept cars. on the left of your screen, which is underneath that graphic thing we have, is the i-3. there we go. an i-3, the electric vehicle, can go about 100 miles on a charge. this one here is the i-8. a speedy gas hybrid that gets about 87 miles per gallon. looks like you could transport

to 1955 in them. they could be coming to a dealer in two or three years if bmw decides these concepts are keepers. here's our get smart question. besides the u.s., what is the only other country in the world that has a debt ceiling? denmark, germany, or australia? the answer coming up after this quick break. 34 minutes after the hour. ♪ [ upbeat ] [ announcer ] who could resist the call... of america's number-one puppy food brand? with dha and essential nutrients also found in mother's milk. purina puppy chow.

37 minutes after the hour. this is your "a.m. wake-up call." back to our get smart question -- besides the united states what is the only other country in the world that has a debt ceiling? denmark, germany, or australia? answer is denmark. their debt ceiling is set so high they'll likely never hit it. beyond denmark and the united states, no other country in the world has a debt ceiling. sometimes being unique is not the best thing in the world.

here are three things you need to know, that need to be on your radar for this week. we could get a verdict for the two american hikers accused of spying in iran. shane bauer and josh fatal were nabbed near the iran-iraq border two years ago and held as prisoners ever since. their lawyer hopes they will be released regardless of the verdict. on friday, nasa aims for jupiter. the juno spacecraft is supposed to travel 400 million miles to jupiter. it will take until 2016 to get there. scientists hope it will fill in some of the blanks about how the solar system is formed. friday we'll get the jobless report for the month of july. analysts expected to see that the u.s. -- to say that the u.s. didn't create enough jobs last month to drive the unemployment rate down. brianna keilar is on the phone from washington, good morning. >> reporter: good morning, ali. >> what have you got? congressional leaders have made this debt deal, but there are -- there are questions about

whether or not it will have the support in both houses to pass. the senate's taking it up first. over at the white house, the president -- does he think this is going to pass? >> reporter: i think obviously the hope is very much that the issue, though, is that of course there appears to be agreement between white house officials and leaders on capitol hill. but there's a whole other phase that has to go on here. that's really the buy-in phase. you'll be seeing that playing out today on capitol hill when leaders in the senate and in the house try to sell this to their members. wenow that house speaker john boehner preparationed a power point to try to explain to his members. but when you look at the deal, it's a little bit of pot pourri, a little of what everyone wanted. so you're going to be having both democrats and republicans arguing that this is the best they could get, and they couldn't get obviously perfectly what they wanted. it does turn this agreement into two parts really dealing with

increasing the debt ceiling and spending cuts up front, really going into the end of this year. and then there's going to be a lot of focus, assuming this passes, ali, on the more important deficit reduction measures of tax reform, perhaps entitlement reform, of course, democrats will be fighting for tax increases. no guarantees that they'll get this. so the story isn't over. we're going to be following it. and at least in terms of what is the u.s. going do to tackle its deficit reduction problem, that is something that we're going to be focused on here for the next month. for the next several months, ali. and of course, right now, you know, nothing is guaranteed for sure. but so the focus very much on the hill as these leaders try to rangle all of the votes and twist all of those arms. >> definitely not a done deal yet. looks like tell pass, but not a done deal. brianna, we'll be speaking to you through the course of the day. zain verjee is live in

london. britain's "sunday telegraph" says the suspect in the norway attacks used ebay to buy bomb-making chemicals and tools. >> reporter: how scary is that? the "sunday telegraph" did say that, giving more specifics about what exactly andres breivik was up to. they saw he got sulfur powder from ebay, that's what was used in making the bomb in oslo. a drill press, a hazmat suit, and some kind of a face respirator, as well. there's an investigation going on into this. ebay hasn't commented on this, but they say that they are cooperating with it. it's pretty scary to think it's easy to get the stuff out there like that and to use the name andrew brei, his name on ebay, to get this stuff. >> and ebay says it's cooperating now with authorities on this. >> reporter: yeah. >> insurgent attacks in war zones, you know, when we report them, they seem random. this is very interesting. a university of miami physicist says he and his team have

developed a formula to predict what seemed to be random insurgent attacks. what do you know about this? >> reporter: yeah, they're saying it isn't random like all of us think attack tend to be. and they can actually calculate the time the another attack. they looked specifically at data from afghanistan and iraq. basically they came up with this equation. what they found was -- it works like it -- take two attacks, one and two. then you have to look at the interval, they say, between the two attacks. they take that time and then plug it into the equation that they've come up with. they say that it can predict with not necessarily a specific accuracy but at least give a sense of when the next attack will be. i don't know if the pentagon or anyone's taking them seriously or they're actually going to adopt this. but they say, hey, it's better than nothing. they have this equation, and it seems to work based on how they've calculated things in these specific war zones.

>> i guess it has to do with whether or not these things are random or not. i mean, it -- it speaks to the idea that they may be less random than we actually think they. very interesting discussions. zain, always a pleasure to see you. we'll check in later in the morning. zain verjee in london. do you guys remember this video? that was "video killed the radio star" by the buggles. the video launched mtv this day in history back in 1981. wow. wow. i'm feeling old. 43 -- 1981. 43 minutes after the hour. ♪ naturals from delicious, real ingredients with no artificial flavors or preservatives. naturals from purina cat chow. share a better life. any questions? no. you know... ♪ we're not magicians ♪ we can't read your mind ♪ ♪ read your mind 43 minutes after the hour. on

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47 mints after the hour. good morning, monday, august 1. this is your "a.m. wake-up call," i'm ali velshi joining you live from new york. let me get you up to speed on the meat this breakthrough debt ceiling deal that might bring the drama to a close and let us get on with our lives. it includes about $1 trillion in spending cuts over ten years to start and raises the debt ceiling by the same amount. it sets up a bipartisan committee to find ways to trim another trillion and change from the deficit later this year. think of it as a deficit posse. it calls for both chambers to eventually vote on a balanced budget amendment to the constitution. remember, that has zero chance

of passing a democratic-controlled senate and getting approved by a democratic president. the president and house speaker admit that the plan is not perfect. hey, there's a deadline tomorrow. they've got to do something. here's what the president said. then you'll hear from a freshman republican who, by the way, ditched his tie because it was sunday night. >> is this the deal i would have preferred? no. this compromise does make a serious down payment on the deficit reduction we need and gives each party a strong incentive to get a balanced plan done before the end of the year. >> have bold changes to something so systematically broken is going to take time. i understand their frustration. this is not perfect. i would have liked to have had more cuts. but this is definitely a step in the right direction. >> we've been looking at this all night. and cnn found what may be a discrepancy between the republican and democratic interpretations of the plan. it's about medicare. speaker john boehner's fact

sheet says that if that deficit posse doesn't come to a deal, medicare would get cut across the board. the white house says medicare beneficiaries are protected, provider may get cut. we'll try to get clarification today. more details should come out after more members read the measure. >> you know, i haven't seen the legislation yet. i haven't had an opportunity to read it. >> too often we're asked to vote on legislation where we haven't even had an opportunity to read it. so i definitely want to read exactly what is in this deal. >> i haven't seen the writing -- in writing the final product. and as you know with these thing, the details are important. and what a difference a deal makes. you can remember hear world markets sigh with relief that the u.s. might avoid doult. asian -- default. asian stocks rallied after the news. last week was the worst market week in a year thanks in no small part to all the dithering in d.c.

there are concerns about what cutting government spending will do when unemployment is at 9.2% here in the united states. the housing market is soft and when people aren't really buying stuff, is this really a good time for the u.s. government to go all ebeneezer scrooge? cnn money talked with economists. one said the cuts are relatively small and shouldn't have a huge impact. another said the cuts could be the straw that breaks the camel's back. so is the u.s. okay with moody's now? remember, the agency said it would put the bond rating on review for a downgrade because of the chance that august 2 would come and go without movement on the debt ceiling. here's what moody's chief economist told cnn. >> listening to what they have to say, i think this would be sufficient, yes. you know, now all the rating agencies have different opinion. some may go down a different path. but i think bradley speaking this is a -- broadly speaking this is a substance -- if it comes close to what they're talking about now, this is substantive and should avoid a downgrade. there is another school of

thought on this. i talked with investment author bill gross, he also runs pimco's multibillion dollar total return fund, the biggest bond trader in the world. he predict there will be a downgrade. what's next? democratic leaders in the senate hope it get the debate going early this afternoon and vote later in the afternoon. a republican who was on a conference call with speaker boehner says the house will try to vote as well. congress has to approve the bill and the president has to sign it by tuesday. rob marciano, what's going on in the tropics this morning? >> we've got action. you remember don, don died friday night with little fanfare or rainfall for texas. that didn't help the drought situation there. and this system which we think will become a tropical depression or storm here in the next day or two, aircraft en route to check it out, is just to the east of the -- of the windward and leeward islands, heading toward the northern caribbean. this will be a threat to places like puerto rico and the dominican republic and potentially the u.s., as well. if it becomes a tropical system,

here's what our computer models are initially saying the track could be here over the next handful of days. that means that folks in the u.s., along the florida and carolina coastlines certainly want to keep an eye right here. we'll keep you updated as this thing continue to develop. its name would be emily. the other big story is the heat continues to sizzle and bake the southern plains. temperatures well up over 100. with the humidities it will feel like 115 in spots like dallas and oklahoma city. they continue to be the recordsetters here. they are both en route to potentially seeing their longest streak of 100 degree-plus days. today could be one of the warmest of the week. 108 expected in oklahoma city and dallas. that doesn't include humidity. the temperatures are measured in the shade. as we go through the next couple of days, temperatures only get even warmer. all right. ali, got some scientific news for you from scientific -- "scientific american." apparently there is a ginger

route in africa that's going extinct because it's being overnight harvested. called white's ginger, not white ginger. an herb that helps men in the bedroom. to quote one kenyan who told a netherlands radio station, "it never disappoints. my wife is one happy woman." it's called mucumbero, the name of the root. a quote -- this isn't coming from me, "it allows me to go the extra mile and be naughty with other women, as well. it has guaranteed results." >> why? >> reporter: apparently there's a lot going on in kenya that we don't know about. >> what's the issue? it's going extinct? i lost focus as you started reading the quotes. >> reporter: yeah, it's hard to grow and hard to find. they have to go deeper and deeper into the jungle to find this stuff. apparently they're not replenishing it or growing it back. the guys that are going after the stuff for obviously money and other things are finding it

much more difficult to find. >> it's called what? >> mucumbero in kenya. >> excellent. rob, i always learn something from you. rob marciano in atlanta. before we go, let's look at the word of the day -- that's continue, by the way. the word of the day is engrossed. find out what it means in connection with the debt plan and" you need to know -- and why you need it after this break. they're two of a kind. and, just like toddlers, puppies need food made for them. that's why there's purina puppy chow... with all the essential nutrients your growing puppy needs. purina puppy chow. announcer: when life's this hard, it's no wonder 7,000 students drop out every school day. visit boostup.org and help kids in your community stay in school.

>> reporter: 56 minutes after the hour. this is your "a.m. wake-up call," engrossed, the official copy of a bill passed by one chamber of congress. the engrossed bill. you need ton their because the

debt plan will need to be engrossed, then once both chambers approve the bill it will become enrolled. an engrossed bill becomes an enrolled bill. it is sent to the president for signature. as you know from the song, that's when it becomes law. here are three things to put on your radar today -- are you spending more money, or are you making more of it? at 8:30 a.m. eastern this morning, personal income and spending figures will be released for july. economist are hoping for a slight increase. lawmakers head back to capitol hill this morning for votes on the debt deal. we're going to bring you the latest as it develops all day on cnn. and we are closely watching a storm this might be brewing in the tropics. as rob mentioned, we could be watching a newly named tropical storm emily later today. lawmakers are down to the wire to get a debt deal passed by tomorrow's deadline. which y has it taken so long -- why has it taken so long, you ask? jay leno has an idea. >> how did we get to this point? weren't they supposed to be working on this all last week? i is an idea of what went wrong. we have exclusive footage of the first meeting. the first meeting with the

president and boehner. here they are. look what they're doing. look -- look at that. okay, you know -- okay. [ applause ] >> i give them that one meeting to break the ice, you know. okay. look at the second meeting. look at that. they're playing air hockey. they're not doing anything. >> let's go to carter evans for a look at your money. he joins us live from the nasdaq market site here in new york city. carter, i've been watching the futures. i haven't slept much. i've been watching the futures since last night. they have been trending downward, u.s. futures. markets still look like a strong open but not as strong as earlier. >> reporter: it's not going to be a huge jump. at least that's what analysts are expecting at the opening bell. let's talk about the front page of cnnmoney.com. we have a deal, yes, the president has a deal, but congress does not necessarily have a deal yet. we'll keep it in mind. it's not necessarily the best deal according to a lot of

analysts. congress still has to vote, we'll be tracking that closely today. and there is, as you mentioned before, the possibility, a big possibility, in fact, of a debt down grade anyway. that could be one thing that holds back the markets. i wanted to mention -- remember the t.a.r.p. program? it did not pass the first time. when everybody thought it was going to pass. remember what happened after that -- >> i will never forget that day. that's when the dow dropped 777 points. let's hope we don't go through that again today. for now we're looking at an open that's higher. hey, carter, once this is gone, we've got something bigger, more importance important to worry about. the jobs report for july. >> reporter: this would be the focus normally if it weren't for the debt crisis now. yes, asian markets surging. that's the other page that i wanted to show you. beyond debt and on to jobs, that's what we're focusing on friday. expectations are low. 78,000 jobs added in july. our unemployment rate will probably stay the same. the jobstu