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Catastrophic economic happenings in america and in fact the pressure from not raising the debt ceiling was the impetus to get to us a point where we had a place to balance our federal budget and when you ask what we need to do before there is a debt ceiling in place we need a rock solid plan to balance the federal budget and pay down the debt. >> heather: david, if the debt ceiling level is not raised. what could happen, first globally and domestically. >> i think it weak ebbs the created belt of the united states and, it shows our own lack of faith in our own credit and faith in our u.s. doll...

Important asset, probably your biggest debt, too, your house. we asked them is it weak, improving, strong or very strong? where do we stand right now? and the answer to a person with no disagreement is that the state of american housing is still weak. here's what mark zandy from moody's analytics said. >> housing is the economy's weakest link. of course, it was ground zero for the financial panic in the great recession. we still have more work to do. home sales and housing construction have stabilized at incredibly low levels. unfortunately i think we've got more house price declines coming. w...

Politics. former secretary of state colin powell gave a big boost to barack obama when he supported his presidential bid. the prominent republican said many of the campaign promises are still unfulfilled and he is not ready to offer an endorsement for 2012. >> i will always vote as i have throughout my life, for the person who i think is best qualified to be president of the united states. i don't adhere to a certain party line. i'm not committed ed tted to b obama or a candidate. i will see who emerges. >> president obama will deliver his state of the union address, focusing on jobs, business...

And before the midterm elections for people on the left and the people whol agree with president obama, we've got to do something and not make it weak, not make it diluted and watered down but make it strong. >> well, because they are involved in this, there is bipartisan legislation that could move quickly. is that the case? >> well, that's what senator dodd hopes to have happened. remember, he wants this to be the last accomplishment just as ted kennedy was trying to get health care done. chris dodd wants to get this done. he just wants a bill and the white house is the same way. on the othe...