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It's only fair. >> shepard: second stage is when a congressional committee is supposed to recommend another round of spending cuts. look how the house speaker john boehner was selling the plan to republicans. no tax hikes. he claims the new law necessary sense makes it impossible for the committee to raise taxes. team fox coverage tonight ed henry at the white house. first, mike emanuel on the hill. when will we find out who is going to be on this committee that makes the decisions about what to cut next? >> well, shep, senate republican leader mitch mcconnell said he is working on it didn't h...

Shep. >> shepard: ed henry live at the white house. ed, thanks. so america's credit report is taking a hit as a major rating agency indicates our country's financial outlook is anything but positive. coming up, we will see exactly what this development means with one more agency to report and whether it could effect the rates we pay on everything from our credit cards to our mortgages. and the markets on a terrible streak. all the year's gains are just about gone. our business managing editor neil cavuto ahead with a look at the sinking feeling on wall street. plus, hurricane season and a trop...