busy weekend. good morning, august 1st. a lot going on today. >> it was an agonizing weekend and we were all up late last night. e-mails flying at midnight. >> it was busy. >> but things are a little brighter today than they were last night and saturday night and a little brighter. >> tiny bit. we start with that possible break-through in the debt ceiling crisis. in a few hours the house and senate are expected to vote on a plan by president obama and congressional leaders to raise america's borrowing limit in exchange for massive spending cuts. >> i want to announce that leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default. the default that would have had a devastating effect on our economy. >> a sense of what the agreement looks like, going to increase the debt ceiling by up to $2.4 trillion. that is enough to get us through 2012, we hope. the plan also includes $917 billion in immediate spending cuts and it preserves the republicans' bottom line. a big win for republicans and fiscal conservatives no tax increases. the agreement requires a new bipartisan congressional committee to recommend additional cuts by the end of the year. in announcing the plan the president made clear that the compromise is far from perfect. >> now, is this the deal i would have preferred? no. but 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. >> reaching a deal is only half the battle. congressional leaders have to sell it to members. in the house minority leader nancy pelosi saying she sees -- needs to see, quote, the final product in writing before she can decide if she supports it. republican senator mike lee is now threatening to filibuster today's vote. >> senator, what do you think? are you going to vote in favor of this agreement? >> you know, i haven't seen the legislation yet. i haven't had an opportunity to read it yet. based on the summary i've received so far i'm not inclined to support it. i cannot support any effort to raise the debt limit that isn't accompanied by immediate and permanent structural spending reform. >> more excitement to look forward to. >> that's right. >> we are covering this story like no one else this morning. our brianna keilar at the white house, athena jones also in washington. brianna on the phone because i think our cameras exploded last night with all of our coverage. >> too many hours. >> one of the biggest things the white house was pushing hard for, for a while, they didn't get it, though, tax increases for the wealthiest americans. >> that's right. that is one of the big things that democrats and the white house wanted. you know what i think is interesting to think about, is that this bill is a two-part bill and in the first part this increase in the debt ceiling and then just spending cuts, but there is a whole lot of stuff that we will be talking about for months as the bipartisan committee that is being created in this bill works out some further deficit reduction measures. we don't know what that's going to be. certainly republicans are going to be fighting for entitlement reform, which they did not get in the first part of this bill as well, both sides have certainly tried to find common ground on tax reform and no doubt democrats are also going to be trying to look for some way forward on a tax increase, but there is one option that the president does have, keeping in mind, because what he's long wanted to do is let bush-era tax cuts expire for those making about a quarter million dollars per year or more. that was something he wasn't able to do last year. those tax cuts are now set to expire in 2013, so that's another option where he could get the tax increase he wanted, delayed a little bit, of course, if he chooses to go that route. >> brianna, let's bring in athena. nancy pelosi saying flat out she's not sure if she's going to support this and she's not sure about support among house democrats. how can this deal go forward then? >> this is why it's not quite time to breathe a sigh of relief. this bill has to make it through both houses of congress. it's going to take republican and democratic support to get it through. and as we heard brianna talking about we know some of the issues that each side will have. on the democratic side they are disappointed it doesn't have the tax increase in the deal as it stands right now. on the republican side you have these conservative republicans, especially tea party members, who are against a debt ceiling increase period. it's going to be interesting to see how it plays out. on the point about representative pelosi, it's important to remember it's not that unusual to hear members of congress say, well, i want it to review the deal, i want to look at it and read it before i'll commit to voting to it. i spoke to a republican on that conference call last night with speaker boehner where he layed out the details of this deal to his caucus and that republican said while he believes the deal is likely to pass he doesn't want to commit to it until he's read it as well. it's not necessarily that surprising that pelosi did not commit the votes of her entire caucus when folks haven't necessarily seen the deal. >> i suppose we should be thankful that's what members of congress do, right? they say let me look at this. i've heard what the president and boehner and reid say it is but i'm going to look at it. this has to go through two votes. what's the likelihood? >> certainly the goal is that both houses will vote on it today. the planning, the thinking is that this will start in the senate, that they'll be debate opening some time around midday and perhaps a vote in the late afternoon. now if that passes, then it will go on to the house where hopefully there will be a debate and then a vote late tonight. we'll still have to see. they will have the morning, midday caucus meetings on both sides of the aisles and we expect there is going to be a lot of cojoling and explaining to make sure the deal can get done tonight. >> thanks, guys. >> yeah, another late night. >> i can't wait. >> up watching congress. >> who needs sleep anyway. >> coming up in the next hour, by the way, at 7:00 eastern, we'll get more on this plan from gene sperling, assistant. >> he's the -- >> assistant to the president for economic policy. wanted to get his title exactly. going to be speaking on behalf of the white house. we're going to ask him about no revenue, no tax hikes, nothing? >> what did they get? >> what did the president gain. >> what did they get in the trade? >> it's not the deal he would have signed. >> some are saying he got nothing except this thing won't go through the november elections. >> and we've got an all-star lineup this morning actually. we've got gene sperling, we're going to have john mccain, dick durbin, we've got a lot of people lined up this morning. >> used to be treasury in one of the bush administrations. >> steven moore from "the wall street journal ". >> yeah. >> it's going to be a busy morning. >> nobody's doing a happy dance. we'll put that's way. >> we have work to do still. >> markets around the world exhaling, a lot of relief there is a debt deal on capitol hill. >> global markets rallying on the news. still plenty of jitters out there. there always are. we are live in beijing. we've been watching the futures all morning, showing a positive open for the u.s., predictions. >> less than it was a few hours ago. >> with a grain of salt too. hi. >> hi. just as you said there are jitters but at the same time we did see a relief rally in asian markets. tokyo was the biggest winner. the u.s. dollar strengthened against the japanese yen and that helped to give a boost to the exporters in japan. here in china people were relieved. a lot of the manufacturers breathe a sigh of relief this is because we've seen authorities here really for weeks now, urging washington to get its debt problem under control. also, people have been very concerned and actually the state media has dubbed all of the politicking an irresponsible and dangerous game of chicken. they've been saying to stop playing that. still a lot of caution here because of the debt concerns and that's really what we're seeing playing out in the markets. as you said, jitters here but at the same time people are feeling somewhat relieved. >> that's interesting. american media and chinese media, state media, on the same page. >> right. >> dangerous game of politicking and game of chicken. that's very rare that happens and we're both sort of taking the same point of view. thanks. >> let's go to london. trading is under way right now. nina de santos is standing by in london. as we mentioned, we had a strong market in asia overnight. started to weaken as we get through europe and futures in the u.s. still looking like a positive open. but what's the feeling where you are? >> cautious optimism is the only thing i can tell you, ali. what we have at the moment some of the markets rising in excess of 1%. some of the traders behind me on this very trading floor are trading the ftse and it's up in excess of 1%. in today's session. what they've been saying, put that into perspective, this is still a market that like many of the other european markets has fallen in excess of 4% just last week as, of course, the impasse on the u.s. debt ceiling grabbed all of investors' attention and they're towarding their attention towards foot tour asking will the united states even if we get a raising of the u.s. debt ceiling manage to keep its aaa credit rating. one thing that is affecting the dollar, regaining some ground against the euro and pound in today's session but still a currency down about 17% in the past year on the back of these kind of concerns. the euro is also down on the year. the euro, accounts for about 26% of the world's trade. the dollar two-thirds of the world's trade. you can see just how important whatever happens in washington will be for the markets and the market makers behind me here. ali? >> you're right. accounts for two-thirds of the world's trade and that's why this is -- this was not an american problem. this was a global problem in the same way that the euro's problems were a global problem. you'll stay on that and we'll check in with you later. >> you talk about these problems, one thing this deal does not do, does not create one single job, nothing about the wage gap in america. >> you wouldn't know that about what some republicans are saying in america. >> exactly. >> if it hadn't happened it would have cost us jobs. as i said last night that is the equivalent, we had somebody on air saying this is all about creating jobs and i said that's like me saying that i saved a life by not killing somebody. >> oh. >> that's what it is. >> something to ask gene sperling and others we're talking to, what about the wealth gap. we heard from puew this wealth gap widening between the country. who is it going to hit, how will we do this in a thoughtful way. nothing that's been happening in washington has been done in a thoughtful way. >> the other thing, we're going through this austerity program now, isn't that what they like to call it, we cut everything. some people say that will actually cost us jobs, many economists feel that way. >> yep. >> what exactly has this done for the average american. >> that's going to be a good question for dick durbin, for gene sperling. >> and brings us to our question of the day. the debt deal, who won, was it wall street, main street, or someone else. cast your vote, send us an e-mail, tweet, tell us on facebook. we're going to read your comments throughout the morning. >> norway story suspect anders breivik reportedly purchased bomb making chemicals and other equipment for last week's attack on ebail. breivik used the site to buy sulfur powder for explosives, protective suit and drill press device to make bullets. the head of the medical panel investigating the suspect says he believes he's in control of his actions and not insane. more gunfire reported in hamas, syria, following a violent bloody weekend. government tanks rolled into the city yesterday, killing at least 71 people, injuring more than 100 others. president obama describes those attacks as horrifying. it was an electrical short that caused a fire in the cockpit of an air egypt flight today, actually on friday. 300 passengers had to be rushed off the plane before takeoff from cairo to saudi arabia. two firefighters also treated for smoke inhalation. and just a few broken bones and minor injuries after this caribbean airline jet slid off a runway and crashed saturday morning in guiana. look at that. just a few injuries. that thing has come apart. the boeing 737 split in half after crashing through a fence in rainy weather. it is amazing no one was killed there. ? chicago police say so many people are being busted for possessing small amounts of marijuana they might hand out citations inted of booking suspects. seems jails are getting overcrowded and many cases are thrown out by judges anyway. ladies and gentlemen, rock and roll -- >> believe it or not. mtv turns 30 today. you are old! on this day in 1981 the first music video aired on the 24-hour music network. it was the bugles singing ♪ video killed the radio star >> that's incredible. >> even looks antique. >> it does. >> it's embarrassing that used to be cool. anyway, mtv can be seen in over 600 million homes and has changed its focus since the early days with reality shows like "teen mom" and the fabulous "jerry shore." remember the original five deejays. i loved martha quinn. she was awesome. j.j. jackson. that was then, this is now. this will make you feel old. only four members of the original fab five remain, j.j. jackson passed away in 2004. but oh the memories. wow. >> that's -- getting my head around the fact that's 30 years. still to come, a big announcement from europe's largest bank and it could affect your local banking branch. we'll tell you more coming up. heat warnings. dangerous temperatures in the midwest, heat advisories and warnings are now in effect. is there any relief in sight? we'll check with rob marciano next. and sign on the dotted line. peyton manning's new deal with the indianapolis colts is a big one. it's more than big. it's humongous. how much the prized quarterback will be pulling in and he turns the money down. it's incredible. you wi you're watching "american morning." it's 15 minutes past the hour. o! really? 25 grams of protein. what do we have? all four of us, together? 24. he's low fat, too, and has 5 grams of sugars. i'll believe it when i--- [ both ] oooooh... what's shakin'? 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[ whirring and beeping ] [ ding! ] and we give you a discount on both. sort of like two in one. how did you guys think of that? it just came to us. what? bundling and saving made easy. now, that's progressive. call or click today. but not in my neighborhood. ♪ [ female announcer ] we're throwing away misperceptions about natural gas vehicles. more of the vehicles that fuel our lives use clean american natural gas today. it costs about 40 percent less than gasoline, so why aren't we using it even more? start a conversation about using more natural gas vehicles in your community. welcome back to "american morning." here is what is new this monday morning. must be good to be peyton manning right now. the priced quarterback inked a deal with the indianapolis colts, five years, $90 million. >> that's a deal i can understand. >> very straightforward. ties the quarterback tom brady for the highest contract in nfl history. manning's well worth the cash. he's a four-time league mvp. did you hear a bit about how he actually turned down other more money so -- >> the indianapolis colts wanted to pay him more, but peyton manning says no, $90 million is enough for me for the good of the team. we need to higher better players. >> incredible. >> using some of the salary i would have gotten. speaking of leadership, a second chance for plaxico burre burress, i don't think this has anything to do with leadership but hey. signed a one-year, $3 million with the new york jets. he's hoping to revive his career with his new nfl home. >> after shooting himself in the leg. >> stop that. we don't want to be reminded of the horrible things. went to prison for that. prison, spent 20 months in jail on that gun charge. chose the jets over his two former teams the giants and steelers. everybody wanted him. >> rob marciano is here. we teased heat advisory, hot weather in the midwest, rob is here to tell us what it means, hi, rob. >> good morning, again. we're looking at more heat across the southern plains. sounds like a broken record. they are tired of it for sure. places like texas through oklahoma in through kansas and remember don, we were talking about that for a few days, end of last week, completely died friday night and brought practically zero rain in texas. not only dealing with the heat, dealing with this ongoing drought as well with zero help from don. 103 in san antonio, 109 expected, the actual high temperature in dallas, doesn't include the humidity. goes up and over 110 easily. that's going to go on i think for the next couple days. as a matter of fact, it builds farther to the north where this front is not making very much progress to the south. that's where we're seeing thunderstorms pop up right now. and we'll see some thunderstorms later on in the day with a little weak front that's going to push through the northeast. that will help at least cool things down a little bit. it will cause delays if you're traveling through the new york city airports this afternoon, traveling this morning or i guess it would be over the next few hours through san francisco, some morning fog be aware of that. watching this carefully, this could be our next tropical system, could be emily as soon as later today. hurricane aircraft en route and it's very close to the winward islands heading to the west and towards the northern islands of the caribbean. they're going to be under the gun with heavy rain and maybe wind. if it continues to develop and strengthen we'll watch it carefully, potentially making a threat towards the u.s. and florida or the carolinas towards the weekend or early next week. >> all right. >> keep you posted on potentially emily throughout the morning. >> thanks, rob. still to come on "american morning," your money on the move this morning. markets across the globe are reacting to the debt ceiling agreement. richard quest standing by live on this side of the pond to help break down global reaction. >> our question of the day pegged off, of course, a pending debt ceiling agreement if we get it. we want to know who won last night, wall street, main street, somebody snels. >> great responses already we're getting. >> counterintuitive responses as well. send us an e-mail, tweet, tell us on facebook. we will read your thoughts later throughout the morning. the eagle flies at dawn. the monkey eats custard. price-line ne-go-ti-a-tor. so, you've been double crossed by other travel sites and now you want to try the real deal. yes, is it true that name your own price... ...got even easier? affirmative. we'll show you other people's winning hotel bids. so i'll know how much to bid... ...and save up to 60% i'm in i know the lady i