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north carolina first gets hit on saturday, and then somewhere in new england after that, even in areas that don't get a direct hit though, there's the flooding damage, wind damage and power outages, a major pain. you're looking at live pictures from folly beach in south carolina. residents keeping an eye on irene. it could pass by though. they haven't been told to leave though. they are urged to take precautions. evacuations are under way though in the north carolina outer banks. the governor declaring a state of emergency ahead of the hurricane. many areas are accessible only by fer...

at least for the moment. stocks bounced back in early trading today, after monday's 634-point plunge. right now, dow blue chips are up by 201 points. investors are psyched over today's fed meeting, and there's speculation it might announce a new stimulus. to boost the economy. president obama sits down with treasury secretary timothy geithner. that's happening this afternoon. they're going to size out the new market turmoil that is fearing -- that is fully feeding fear of double-dip recession. the president is promising to help a special congressional commission find a long-term fi...

points. that continues to fluctuate. coming up in a couple of minutes. i'll speak live with the man who ran the government's bank bailout a couple of years ago. by the way, he agrees with the downgrading of the u.s. credit rating. don't miss that conversation with him here. i do want to begin with this. the commander in chief of the u.s. armed forces is at dover air force base in delaware right now. president obama is attending the dignified transfer, right there, that's what the military calls the movement of war fatalities from the place they died back to american soil. those who...

already for so many people. so it's unbelievable. we just don't know. we're at a point where there is a lot of concern because it is so uncertain. and people are following it, they're talking about it. >> and they'll be doing that for the next two hours. hope fly we'll have something by the beginning of next week. live from studio 7, want to get you up to speed for this friday, july 29th. we're will thalmost out of time. those words from president obama. the deadline for raising the country's debt limit now just four days away. and congress and the white house still gridlocked over...

delayed. police in texas say a muslim american soldier confessed to plotting an attack on ft. hood just two years after a muslim officer shot to death 13 people on that same base. tropical storm don could hit the south texas coast tonight and drought-stricken farmers are welcoming the prospect of up to 7 inches of rain. we begin with that sobering reality check on the debt crisis and just how daunting the challenge has become. in less than four days, the federal government could run out of money and default on its bills. but on capitol hill, the process has taken a huge step back...