should be government spending cuts and a trillion dollars should be additional tax revenues. we need both. we will not accplish this until they come to that realization. >> chris: during the debt ceiling debacle this summer the markets dropped 2,000 points late july early august. assume for a moment that we get no deal. on the one hand, a terrible failure and on the other hand the automatic triggers kick in. what do you think the reaction will be from the markets? >> i don't think it will be much of a reaction. it is all relative to expectations and investor expectations with regard to the committee i think have been and are still very low he. i don't think many expectle much to come out of the process. at the end of the day i don't think there will be a significant market reaction. i do thi, however, because it looks like the committee will punt we have bigger problems dead ahead of us and those could be inflection points for the financial markets.