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Fund. you're watching these votes. the first of the two crucial senate votes and then this will go to the house, we believe it will pass easily. but that is the more questionable vote. we're counting down again to a last-minute vote by congress a few hours before a deadline. i remember here, sitting here during that vote to bail out the bank when's they didn't pass it and the market fell 778 points in a few moments. what would a failure tonight mean? >> well, it would mean the same thing. i don't know how many hunlts of points it would take out of the s&p 500 or the dow but it would take a lot...

Finally caved to the pressure. >> we fought the good fight and we couldn't win. we did everything we could to get them to the table to negotiate. they kemd saying no, no, no. >> when will the government reopen in. >> i would expect to it happen tomorrow. >> that's what john boehner had to say. obviously ted cruz trying to rally house republicans. and he does face stiff opposition from his own party, his efforts to pass in the house has fail before. tonight there is no second chance. dana bash is on capitol hill. obviously, the bill for all intents and purposes will pass. we are waiting for tha...

Senate. of course, he is calling that deal which would end the government shutdown which would extend the debt ceiling. he is calling it a terrible deal, a train wreck of a law and saying that he stands fully by his guns in terms of obama care which he believes is something which should fail and be repealed. now, here is the situation. we are in a news situation waiting for votes. the senate, going to be voting for that deal tonight. as i said, would it extend the debt ceiling. that vote will pass the senate. as you heard ted cruz say. then a vote is going to come in house. and we are on stand...

Get this formally through the senate that we'll be watching in the next few minutes. >> that's exactly right. the first vote will be the telltale vote. it is a vote on the compromise. it actually, our understanding is that that first vote will need 60 votes to pass. it should be well north of 60 votes at the end of the day. that is first vote. it looks like the president pro temperature is getting ready to begin the vote. there it is. the vote has begun. this is technically a 15-minute vote. sometimes it goes a little longer because they wait for senators to straggle in. there will be two vote...

This whole countdown, is october 17th the date. is it midnight? it is so crucial. dana will be standing by as we watch this vote over the next few minutes coming through. the minute we get a sense of how it is going, we'll break in on that. obviously, all eyes are on the markets. when dana talks about why they're so eager to get this done in the senate and the house by midnight, it is because of the view, if this vote fails tonight, the entire world will feel it. the man at the center of all of this is not on the floor and be in the house of representatives. he works for the credit rating. sta...