it is going to expire, reach its limit around may 16th. jay carney opened up the white house briefing saying it would be armageddon to quote one thing if the debt ceiling is not raised, laid out all the reasons wall street would be spooked. speaker boehner's said you're not going to have the debt ceiling lifted unless you put some really big spending cuts on the table. that's why this week's speech is huge. >> thank you, ed. we were almost an hour away from a government zoub last week. what do you think about the last 7 hours in washington? who came out ahead on this? join the conversation on our blog and tell us what you think. cnn.com/ali. post on ali's facebook and twitter pages along with my facebook and twitter as well. we'll share your comments later on in the show. our sound effect is a stark