attended by the prime minister, minister of communication, defense minister and head of intelligence, i want a copy of the minutes of that meeting and insist on other requests that we've submitted. good morning to our viewers in the united states and around the world. this is your "a.m. wake-up call." this is ali velshi. we're interrupting our cnn national coverage of the trial of hosni mubarak, a story of historical significance unfolding at this very home in cairo. the deposed president of egypt on a stretcher in a cage in the courtroom, on charges of corruption and ordering the killings of protesters earlier this year. there you can see him. it's an extraordinary turn-around in the fortunes of hosni mubarak, from long-time

iron-fisted ruler to inform, elderly defendant. he faces the death penalty if found guilty. cnn's mohammed jamjoom is in cairo and he joins us. what can you tell us about these developments? >> reporter: we can't stress enough just how historic this is. it's unprecedented a ruler like hosni mubarak, the deposed leader of egypt would be in that courtroom wearing a prisoner's uniform in a cage on a stretcher as a defendant. it's shocking to people here in egypt. many people we've spoken with today just didn't believe they would actually get to this point. they believed the trial might be delayed, might be adjourned, that maybe hosni mubarak wouldn't be transferred from his hospital bed in sharm el sheikh. that all happened. we're outside the police academy, the venue for this court. there's about a thousand people, pro and anti-mubarak factions.

there are anti-riot police out here. this is something so symbolic and there's so much passion about this in the streets of egypt, there's a lot of concern there could be demonstrations, violence later in the day. there is an intense and increased security presence trying to make sure any kind of demonstration or violence is quelled as quickly as possible. >> tell us about mubarak's two sons? we're seeing a close shot of it with hosni mubarak. it's a big cage. there are a lot of people in it including his two sons. >> reporter: that's right. again, this adds to how unprecedented and extraordinary it is, not just that hosni mubarak would be in that cage treated as other criminal defendants in egypt. that's the protocol in the courtrooms here, but his two sons are there with him. gamal mubarak, his son was seen for many years as the heir apparent of hosni mubarak. the fact that he's there, his two sons are there, former

cronies are there, very symbolic to the egyptian people that justice is being done. still a lot of skepticism as to how this will turn out, whether they'll see it be a speedy trial or not. people shocked and riveted to the television screen. about 1,000 people out here, watching things unfold inside the courtroom. right now another fight has broken out outside the police academy. >> give me a sense again of the police presence outside the courtroom? is it police or is it military? >> reporter: we're seeing police. we're seeing military and seeing anti-riot police as well. it looks like they were deployed to try to deal with the situation. it looks like it might be calming down, a lot of onlookers. it's a very sense mood outside this courtroom. there seem to be several hundred policemen.

that includes military, includes security, possibly intelligence and anti-riot police. as of a few minutes ago, the crowd was riveted to the big screen watching the trial unfold. onlookers going to where a scuffle broke out, it seems to have calmed down with the deployment of the anti riot police. just how much passion there is in the streets of egypt because of this trial and how worrisome it is for the security forces here to try to maintain order while this is going on. ali? >> it seemed the folks got very close to one position where media cameras were. are you in a position that's away from that or are you in the middle of all that? >> reporter: we're here with where there's a lot of media set up outside the courtroom. we're close to where the crowd was gathered around the huge monitor to watch the trial unfold. everybody shifted their attention a few minutes ago to a scuffle that seemed to have broken out. but it's calmed down. people seem to be returning to watch what's unfolding inside.

that's where the real drama is today, inside this courtroom. you see about 1,000 people out there, some carrying egyptian flags, some wearing hats with the' jinx flags on it. others carrying signs against mubarak. the worry has been because there are pro and anti-mubarak people here, there could be more skufrls. one more thing, ali. tahrir square, the epicenter here in egypt, that was cleared a few nights ago. a couple weeks ago there were hundreds of protesters, a tent city. they were demonstrating. it was cleared by the military a few nights ago. they don't want anything out there during this trial, during the month of ramadan. they're trying to make sure nobody gets out there today and demonstrates because they're worried that will lead to violence as well. >> mohammed, when you have something for us, let our producers know. we'll get right back on with any developments that we're

following live here in the united states and around the world. in other news, the bloody conflict between the syrian government and protesters might be coming to a head in hama. the city has cut off wireless and land line communications. cnn managed to reach one resident who said the city is running out of food and supplies. the security council plans to meet again today. time for your debt ceiling update. and there is one. the president has signed the bill, turning it into a law. you're witnessing a close call. the deadline was just hours away from when the president signed it. the measure calls for up to $2.4 trillion in savings over the next decade, raising the debt ceiling through the end of next year and establishes a bipartisan congressional ser committee as they're calling it, to recommend long-term fiscal reform. circumstance lawmakers from each chamber, we'll know who is in it within a couple weeks.

gloria borger talked to anderson cooper about it. >> the question i have is is it a good political move to be on this committee because you don't know what the results are going to be and it could be politically bad. there are some, anderson, someone inside the administration who said why not get those gang of six on the committee because they're the only ones who have come up actually with a bipartisan way to approach the deficit. so we'll see if some of those folks get on it. take a look at the cnn-orc international poll. 77% of respondents said lawmakers acted like spoiled children during the debt ceiling debate. i know what you're thinking. that's an offense to spoiled children. only 17% believe they acted like responsible adults. the u.s. escaped a slap from moody's. the nation will keep its aaa

credit rating for now. the federal aviation administration got left behind in all this. the senate went on recess without extending the agency's funding. that means, among other things, about 4,000 faa workers on furlough probably won't be back to work for another five weeks until the government gets back. the government will lose out on more than $1 billion in aviation taxes. what else could this mean? faa administrator, randy babbott. >> we have billions in money that's not available. we can't spend it. >> let's see how the world's money is doing. the hang seng and nikkei closed lower. the dax and ftse. >> i thought after we got the debt ceiling done, we eat start to see relief, christie? >> here in asia, investors are

cashing out. the attention is fixed on weak global data and fears of a global economic slowdown. most of the major markets here are down between 1.5% and 2.5% t. nikkei closed down more than 2% with exporters hit especially hard. stocks in europe are also in retreat. investors there, not only digesting news of the u.s. debt deal, but worries of the debt situation in italy and spain. investors are selling down italian and spanish debt. ali, back over to you. >> kristie lu stout joining us from hong kong. edge it's former president hosni mubarak in court on a stretcher on an oxygen tank. we'll get you the latest from cairo on the other side. first, the quote of the day, quote, the president folded like a lawn chair. find out which newsmaker said this coming up in 90 seconds. it is nine minutes after the hour.

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spending cuts of any magnitude. yet, he walked away and allowed this travesty of a bill to be passed. >> that was former ronald reagan budget director david stockman. let's go to meteorologist bonnie schneider live in atlanta who is tracking tropical storm emily on one hand an very hot weather on the other. what's the latest? >> the latest is the center of circulation of emily continues to churn, not much of a change since our last report. the center is 180 miles southeast of santo domingo, movement to the west-northwest at 14 miles per hour. adds you see, the track changes are ahead. the center will move across is pan nola and into the southeast bahamas on thursday. it's working its way to the east of the u.s. coastline. that means everyone on the eastern seaboard needs to be prepared and make sure you have a hurricane plan in place. if you're traveling today,

expecting major delays in washington, d.c., philadelphia, some lighter delays in new york city, denver, orlando. of course the fog can slow you down in san francisco. another hot one, big-time heat advisories for the mid south. cities like memphis, into tulsa, dallas, heed indices climbing up to 115 degrees. we're in august and no relief in site. looking at heat advisories for areas into georgia, the panhandle of florida and the beaches of south carolina looking at very hot weather. you're not going to get that much relief there. high temperatures today are very hot, 110 in dallas. ali? >> wow, dallas, what is it 33 days now above 100? bonnie, we'll check with you later on. >> sounds good. rearen't getting too far away from the main story right now, the trial of egypt's ousted president, hosni mubarak, on trial for murder and corruption. he's inside a cage inside a

courtroom on a stretcher. that's him, with an oxygen tank. there are scuffles developing outside the court. we have a cnn team inside and outside. we'll bring you the latest on the other side of this break. it's 14 minutes after the hour. e and the pollen outside. but with 24-hour zyrtec®, i get prescription strength relief from my worst allergy symptoms. it's the brand allergists recommend most. ♪ lily and i are back on the road again. where we belong. with zyrtec®, i can love the air®.

steven colbert has a thing or two to say about america's credit. here is your punch line. >> now that it's done, all americans are breathing a sigh of relief because it may have been a painful, drawn-out

process, but at least the economy is saved. >> the dow today down 265 points. >> what? >> america is currently rated aaa which means we're a very safe investment plus i believe we get free roadside assistance. greece now has such a low grade it may be held back and forced to repeat the last 3,000 years. and lowering america's grade is bad news. >> that could mean that you pay more for your mortgage, the cost of buying a car could rise, credit card rates could rise. >> if the u.s. loses the aaa status, it will be much more difficult for the u.s. to restore growth. >> so these unelected elites get to wave their wall street wand and tank our economy. why? they're not special. they're not rich. they're standard & poor. no wonder they're so moody. time for your political ticker from tim farley.

deal done, sign and delivered just in time, tim, for president obama's 50th birthday party. >> yeah, exactly. the president getting out of town, much like the house of representatives and the senate who decided it was time to leave until september. the president, who turns 50 tomorrow and has a nice big special section dedicated to him in "the washington post" will be at the air gone in chicago. jennifer hudson will be there, her by hancock. they've turned this into a political thing where you can go to the campaign to reelect and host your own birthday party at home. i'm not sure if they have special favors for you or anything like that. it is something, to turn 50. >> it is going to be -- he's having a party. it's going to be a fund-raiser. the tea party is protesting it, going to try to bust it up. >> they're doing something across the street about the jobs which, by the way, is in advance

of the report we get friday. if yesterday's consumer spending numbers are any indication, no good news this week on the economy. >> expecting a tough number on friday. listen, this debt battle is going part -- part of it is going to be settled by the super committee, split between republicans and democrats. who do we think is going to be on this? it's going to be pretty influential. >> there is serious thinking about this. capturing the mood of this, i've been tweeting this and asking people to suggest names. the gang of six, for example, a part of that, three republican and three democratic senators who helped put together a package that didn't get adopted but went a long way. i had people who suggested characters. i think this is going to be key because republicans are saying

nobody who is going to approve taxes, and the democrats are digging in their heels saying nobody who is going to cut into discretionary spending. that's what a lot of this battle has been about. if they don't come up with some sort of solution, there will be the draconian cuts that take place. they have until thanksgiving. they have a lot of work to do. they have to get them now. >> those draconian cuts can be quite dangerous if that trigger gets hit and automatic cuts take place. it will be better than this group of 12, whatever you want to call them, decide to do their job. tim farley host of "morning briefing" on xm potus radio. a chunk of "columbia" has resurfaced. the silver sphere is about four feet wide. it's a tank that pro provided water and power. the debris will eventually move from the drought-stricken lake to the kennedy space center in

florida. crucial moments in a raid to capture -- the raid to capture and kill osama bin laden, what was said, how it went down, a detailed new article. we're about to hear from the author. first, we always tell you what national day it is. this one was a little complicated. august 3rd is national watermelon day. i don't want any tweets or comments about the resemblance. happy watermelons. ♪ ♪ introducing purina one beyond a new food for your cat or dog.

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our coverage of the trial of hosni mubarak continues. you're looking at riot police now assembled outside the courthouse. mohammed jamjoom has been reporting that there have been scuffles between protesters, some anti-mubarak protesters and we don't know who the others are. mohammed will clear that up shortly. you saw a picture of the courtroom which is very busy, very full. the defendants are being held in a cage you can see on the left of your screen. that's hosni mubarak on the stretcher with the aid of oxygen. he's 83 years old, not in good health. he's in a cage with iron bars and mesh, dressed in a white shirt, also there with his two sons. they were placed next to him in a cage as well. if he's found guilty of the

charges against him, he faces possibly the death penalty. he has denied the charges against him right now. we're watching both of those situations very carefully. the riot police assembled outside the courtroom. on the left of your screen, what is going on inside the courtroom. as soon as there are any developments, we'll get back with you. in the meantime, the raid to capture osama bin laden, now a "new yorker" article sheds light on what went down that night in pakistan. brian todd talked to the author and has play-by-play details. >> reporter: less than 18 minutes into the raid came the crucial moment. navy s.e.a.l.s fought their way through the compound. they blasted through cage-like metal gates on the stairways. as a small team of s.e.a.l.s reached the third floor, one turned to his right. >> he sees this tall individual

poking his head out. >> the s.e.a.l. instantly sensed it was bin laden. the article has riveting details of the raid. special operations officers had intimate knowledge of the raid. he says he did not speak directly with s.e.a.l.s who carried out the mission. the s.e.a.l.'s identities are classified. some of this detail had already been reported by cnn. smidal writes when the s.e.a.l.s rushed down the hall, two of bin laden's wives placed themselves between the s.e.a.l.s and bin laden. an account of how the first s.e.a.l. had to act in a split second when he encountered his youngest wife, amal. >> the concern is they're wearing suicide vests. she shoots her once in the calf to disable her and proceeds to grab amal and the other woman, wrap them in a bear hug and

pushes them to the side. he holds them, if they explode and blow up, he'll soak up the last. >> he knows he'll die in the process. >> reporter: there were no suicide vests on the women. a second s.e.a.l. raised his m 4 rifle, trained a laser on osama bin laden's chest. >> is there anything said at that moment? >> i asked and asked and asked, wondering if there was some sort of "dirty harry" moment. there wasn't. shoots him once in the chest, once above the left eye and bin laden fals down and says on the radio, for god and country, geronimo, geronimo, geronimo. >> that was the code word for the fact that bin laden had been sighted. a decade in prison is a long time. this georgia conflict doesn't want to be locked up.

strapped in, helmet on. we'll tell you what went down in court. we're taking a quick break. it's 27 minutes after the hour. the sons of former slaves and the sons of former slave owners will be able to sit down together at the table of brotherhood. i have a dream today! [ male announcer ] chevrolet is honored to celebrate the unveiling of the washington, d.c., martin luther king jr. memorial. take your seat at the table on august 28th. martin luther king jr. memorial. wait a second... with olay challenge that. new regenerist wrinkle revolution... relaxes the look of wrinkles instantly, and the look of deep wrinkles in 14 days. ready, set, smooth... regenerist. from olay.

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good morning. it's wednesday, august 3rd. this is your "a.m. wake-up call." i'm ali velshi. let's update you quickly on a story of historical significance unfolding in cairo. hosni mubarak, the deposed president of egypt is on a stretcher in a cage with oxygen attached to him. he's on trial on charges of corruption and ordering the killing of protesters earlier this year. his two sons and cronies are on trial, too. the trial is in a break right now. you can see on the right there are riot police assembled

outside the courthouse as there have been scuffles, minor ones, this morning. mubarak faces the death penalty if found guilty. he has pleaded not guilty to the charges against him right now. there are fears at the moment that more violence may break out outside the courtroom, but that does not look like it's happening right now. we have teams outside and inside the courtroom, and we will bring you coverage of this as it continues. keep in mind, this is something many egyptians didn't think would ever happen. again, history in the making here. we'll keep you updated throughout the morning. i imagine the folks in syria are watching this closely because that particularly brutal regime is coming down hard on the citizens of ham many. drorm emily is tracking toward the u.s., expected to get harder before reaching haiti and the dominican republic where it might start to come apart. right now forecasts are showing emily skirting florida's

atlantic coast on saturday. still no watches or warnings for the u.s. mainland at the moment. for those of you with travel plans, if you call up the airline they may or may not be cooperative about changing your flights because there are no official warnings or watches. usually they wait for that before they say you can make changes. you should keep it in mind. if you're trying to get out of florida or south carolina on friday or saturday or into it. it was a down to the wire, hold your breath, washington kind of deal. but america did sidestep default with a debt ceiling agreement. that means 28 million social security payments will be made today on schedule. another 27 million checks go out later this month. sometimes handcuffs aren't enough. this is how a georgia man who assaulted a police officer entered court for his sentencing. reginald smith, look at him. >> they're trying to kill me! help! help! >> reginald smith was wheeled in, bound to a chair and wearing

a motorcycle helmet. didn't do much to stifle his screams. it lasted throughout his entire 20-minute hearing, sentenced to ten years in prison and a decade in prison for aggravated assault on a police officer. the into gone wants you, planning to use sites like facebook and twitter. "the new york times" says the military is offering $42 million to wichb who can help. no matter how good your poker face, it might be divulging more than you think. carnegie-mellon says it's developed an app that uses facial recognition software, to find out who you are online and in the real world. while we're talking apps, keep an eye for an android hap who records your phone calls and let's hackers listen in. security researchers say it may

have a secret name like system messages. it won't randomly pop up on your phone but you may not know it's the app recording your phone calls. is vp joe biden's second role as a landlord? reports are out that he charges rent to the secret service agents who protect him. here is what jon stewart had to say about him. >> obviously the economic whoa is not over. vice president joe biden has another job, landlord. that's not so odd. these are difficult times. everybody is trying to make some extra coin. not like it's coming out of our porkts. >> records show biden charges rent to the secret service agents who protect him and his family. first of all, $2200 a month to live in a cottage in joe biden's back yard in delaware. how come he's such a good negotiator on rent? by the way, how do you collect rent from the guy you depend on

to save your life. guys, it's august 1 srd, where's the rent? i'm sorry. i must have left my checkbook in my other bulletproof vest. in today's businessman's special, the ultimate piggy bank. find out where people are stashing their cash. coming up in 30 seconds. but actually, it's never been easier to get the whole grain you want from your favorite big g cereals. from cheerios to lucky charms, there's whole grain in every box. make sure to look for the white check. your nutritional needs can go up when you're on the road to recovery. proper nutrition can help you get back on your feet. three out of four doctors recommend the ensure brand for extra nutrition. ensure clinical strength has revigor and thirteen grams of protein to protect, preserve, and promote muscle health. and immune balance to help support your immune system. ensure clinical strength... helping you to bounce back.

ensure! nutrition in charge! can be even more powerful, with precise pain relieving cream. it blocks pain signals fast for relief precisely where you need it most. precise. only from the makers of tylenol. where people stash their cash. cap gemini and merrill lynch are out with their wealth reports. people put 33% in stocks, 29% in fixed income investments like bonds, 19% in real estate, 14% in cash, 5% other. i don't know what the other is. could be a snake oil business or your cousin harry's crazy tonic. more money news this morning, let's go to christine romans live in new york with me. christine, we thought after all

this debt stuff was done, we would be looking at stronger markets. we have not been. the dow has been down eight sessions in a row? >> yeah. yesterday was a bad day overall. a lot of people are telling me the whole thing with the debt deal was there was a lot of downside if you didn't do it, but not a lot of upside if you did. eight down days for the dow. futures are looking a little higher this morning. after a big day like yesterday, you know futures at this hour can be kind of funky to predict what the stocks will look like. we'll continue to watch that. watching stock twits, i don't know if you follow that. the etf or s&p is trending lower. we'll continue to watch to see how the market is going to be hope. it's going to be hard to make a call this morning though. >> some major ones this week, of course friday the big jobs report for the month of july. >> be careful about the adp report, the private payroll report that will come out today. remember last month it showed that maybe private sector was adding more jobs than we thought

and we got the jobs report, the real jobs report. it did not show enough jobs growth at all. be careful about false predictors this week. we'll get a jobs report on friday, likely to show still an anemic overall economy. this morning, really interested. a lot of people talking about an op ed from larry summers that reuters.com is running. summers saying we have a one in six chance of slipping back. that's what people are talking about, the chances of falling back into recession. i prefer because it's the morning, i like to eat my cheerios, there's a two-thirds chance we don't fall into recession. >> all right. two-thirds chance. i'll take that. christine, i'll see you in 20 minutes. the mubarak trial which we're following very closely has restarted. here are many lawyers, advocates up near the bar. mubarak is 83 years old.

he's there on charges of corruption on ordering the killings of protesters earlier this year. toward the back of the court -- he is being held in that cage. he's on a stretcher lying down. the aid of oxygen. his two sons who you're looking at here are also on trial along with him. there are others in the cage including some security. it's -- outside the courtroom there are riot police assemble. there have been scuffles earlier today. we have our cnn teams inside and out. we'll be following the proceedings and letting you know what develops. if found guilty of charges, mubarak can face the death penalty. here is today's get smart question, which car ranked as the most stolen car in the united states 2010, a, 1997 ford f 150, b, 1994 honda accord, c, 1991 toyota camry. you want to stick around to see if your car is on the top ten list of most stolen.

42 minutes after the hour. this is your "a.m. wake-up call." back to our "get smart" question. which car ranked as the most stolen car in 2010, the 1997 ford f-150, 1994 honda accord, 1991 toyota camry. the answer is b, the honda accord tops the list for the third year in a row. the other top five. after that we've got the -- there's more than that. we just don't want to show it to you apparently. let's move on -- there we go. 2004 dodge ram, 2000 dodge caravan, 1994 acura integra, 2002 ford explorer, 1999 ford

taurus. d.c. bureau chief sam wift is on the phone. i hope you got some sleep after the debt ceiling deal was done. what does this do for the campaign light now, the republican campaign? what does it allow republicans to go out and say? >> good morning, ali. we're finally catching our breath here in washington. a new cnn poll came out yesterday that showed the public really doesn't embrace this deal. i think that probably helps republican candidates because they can say, hey, look at washington. washington is a mess. the guy in charge there is not doing a good job, so elect me and i'm going to clean it all up. >> who are they madder at about this. i know a lot of the polling is that they think washington is immature and handled it like children. who are they mad at? >> i think they're mad at everybody. not happy with thement, less happy with congress. congress's approval ratings are in the low teens.

i think they blame congress, but overall they blame washington. and i think that's what helps republican candidates because they can come in and say things are not going well in washington now but i'm the guy to make things better. elect me and it's all going to work out just fine or at least be better than the alternative because barack obama didn't do the greatest job. quick, ali, who do you think the biggest wins in this debt ceiling mess in washington turned out to be? >> i don't know. i'm trying to find one. >> somebody is winning big time. the lobbyists are the big winners. they're now working overtime to make sure their clients' programs don't get the ax in the next round of budget cuts coming up in november. the lobbyists are raking in the big bucks right now. it's good for them. >> then, it's not fair to say there were no winners. sam feist. >> happy watermelon day.

>> thank you. our continuing coverage of egypt's ousted president hosni mubarak's trial. that's live in the courtroom, on trial for murder and corruption. he's lying on a stretcher with an oxygen tank. he's in a cage in the back of the courtroom. we have the latest from cairo coming up. first, on this day in history back in 1942 christopher columbus set sail for the new world. 45 minutes after the hour. [ cherie ] i always had a job, ever since i was fourteen. i could not make working and going to school work.

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good morning. it's wednesday, august 3rd. this is your "a.m. wake-up call." i'm ali velshi joining you live from new york. let's go around with world with mohammed jamjoom outside the courthouse in cairo where hosni mubarak is on trial. you're looking at the age where he and his sons and other co-defendants are being held. mohammed, bring us up to speed with what's going on in the courtroom. >> reporter: a short while ago there were brief clashes going on outside the courtroom. riot police were called in. one of the riot police were chasing some of the people throwing rocks. that's calmed down. the trial is back in session. everybody who is out here, once again their face is turned toward the big screen showing the trial, riveted towards the drama going on inside the

courtroom. just a few minutes ago the prosecutor in the case actually said inside the courtroom that the former interior minister, one of the defendants today, should be prosecuted to the full extent of the law and get the maximum amount of punishment to which the crowd outside cheered. they were clapping and hooting at that, happy to hear that. a lot of emotions out here. a lot of people feel this day has been long in coming and this is justice finally being done. but it's also security forces are worried more clashes might erupt. people concerned that more protests might happen in other parts of the city. there's an increased security presence outside of cairo to make sure demonstrations don't happen in other parts of the city. >> mohammed, how long are we expecting this trial to go for and is there a sense in egypt that this is a fair trial? >> reporter: ali, there was so much disbelief up until this morning that this trial would take place. so many of the residents in

cairo were saying to me they just didn't believe they'd arrive at this moment, that the former president would be transported from his hospital bed to that courtroom. right now people are so sceptical. they seem to be reassured the trial will take place. the anti-mubarak factions out here are gratified this is happening, seeing this as reassurance that justice will be carried out. that having been said, no nobody quite knows how long this will go on. people thought it might be adjourned because it's happening during ramadan. nobody at this point knows how long the hearing will take today or how long this trial will take place. officialsover the last few days are trying to assure the press this will be a speedy trial, that it will be done efficiently. a lot of skepticism in the streets as to how quickly it will happen. trials of this nature don't happen in a very speedy fashion. the mood here, a lot of people very gratified it actually is happening, that they finally

arrived at the day and the deposed leader of egypt is in the courtroom wearing a prisoner's uniform in that cage right now. >> mohammed jamjoom outside court in cairo, egypt. time for your quick debt ceiling update. there is the president raising it. part of the deal establishing a bipartisan super committee to recommend long time fiscal reform. six lawmakers from each chamber will be on it. we will know exactly who within a couple of weengs. cnn's chief political reporter gloria borger talked to anderson cooper about it. >> is it a good political move for you if you're a member of congress to actually be on this committee? you don't know what the results are going to be? there are some, anderson, who have suggested to me, someone inside the administration, who said why not put those gang of six on the committee because they're the only ones who have come up with actually a

bipartisan way to approach the deficit. we'll see if some of those folks get on there. take a look at the cnn-orc international poll. 77% of respondents said lawmakers acted like spoiled children during the debt ceiling debate. moody's has let the nation keep its aaa rating for now. no word from standard & poor's. but the federal aviation administration got left behind in all this. the senate went on recess without extending the agency's funding. that means about 4,000 faa workers on furlough probably won't be back to work for another five weeks. and the government will lose out on more than a billion dollars in aviation taxes. faa administrator randy babbitt talked to cnn. >> we'll suffer a lot of long-term damage. we have billions of dollars in construction money that should be going out the door that's not. this is money that's available. it's simply that we can't spend it.

live to bonnie schneider with the latest on tropical storm emily. good morning, bonnie. >> good morning. the storm is being affected by wind shear. we're seeing the thunderstorm activity shifting a little to the east. right now the storm is 180 miles southeast of santo domingo moving west-northwest at 14 miles per hour. because of that movement we still have the warnings posted. tropical storm warnings in effect for puerto rico, dominican republic, haiti and the southeast bahamas including turks and caicos. this means this is the time to take those precautions and prepare for tropical storm force winds over 39 miles per hour. what we're looking at shows a little more of a shift to the east. more of the eastern seaboard could be impacted by emily as the storm hugs the coastline. the track gets more uncertain. keep in mind it's always good to have your hurricane, family disaster plan and preps in place before the hurricane hits. we're certainly in the heart of hurricane season. we're in the heart of summer.

the heat indices are climbing all the way to 115 across the mid south. get ready for records to be broken today, talking about more triple-digit numbers. >> unbelievably holt. bonnie, thanks so much. the word of the day is pro forma. find out what it means specifically in the context of this debt debate. it's 54 minutes after this hour. there's another way litter box dust:e purina tidy cats. tidy cats premium line of litters now works harder on dust.

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57 minutes after the hour. this is your wam wake-up call. pro forma literally means inform only. today you need to know this word

because the senate scheduled nine pro forma sessions during their five-week summer break. this will give them the opportunity to consider the faa funding bill. the senate went on recess without taking action, all be assuring almost 4,000 faa workers will be left out of their jobs for the next five weeks. this partial shutdown means the u.s. will lose out on more than a billion dollars in uncollected airline ticket taxes. carter evans joins us live from the nasdaq market site. how are markets shaping up this morning. >> trying to ooek out a smile. our futures are looking a little better. this is the pre market page on cnnmoney.com. dow up 55 points right now. yesterday was rough because of economic reports we got. today the adp employment report, also getting a report on factory orders which is very, very

important. that adp report, last month it showed that 157,000 jobs were created. the government reported only 18,000 jobs were created. we're not putting a whole lot of weight on the adp report. i also wanted to report what's being covered on cnnmoney.com. here comes the hard part. we've got to pick the special committee. they have to pick the cuts. there's a lot coming ahead. we don't know exactly what. one of the interesting things or ironic things i find about this, ali, is that lawmakers knew about this debt ceiling and how it needed to be increased months ago. they waited till the last minute. they said it with all these contingencies. now they passed a bill that all of them say they do not like and is flawed just because they had to raise the debt ceiling. they could have doint first and wouldn't have had to attach all this legislation that no one likes. >> one of the surprises, it was a debt deal that looks very similar to one that could have happened a month ago, a few weeks ago. we ended up costing $1.2 io