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And with the risk of default still with us, the fitch rating industry has put the united states on notice. it's threatening to downgrade the united states aaa credit rating. yes, i know, moody has done that but fitch didn't. what exactly is that going to mean? the last time it happened, the s&p removed that sterling aaa credit rating, stocked nose-dived. but not much really changed in the long-run. we're all worried about what's going to happen when the clock strikes midnight tonight. no worries, no pumpkins. here is what could transpire and it is serious. the global stock market could crash. ...

won't support deep cuts without increases in taxes. >> if you are trying to get to 2.4 trillion without any revenue, then you are effectively gutting a whole bunch of domestic spending that is going to be too burdensome and not something that i would support. >> david gergen is the cnn political analyst. there was a time when john boehner and president obama both talked of doing something big to change america's unsustainable economic path. what do you think? do that you think that opportunity is lost? >> well, a week is a long time in politics. it can be a lifetime, as you know. i t...

to be severe. welcome to "your money." i'm ali velshi. august 2nd is the day the treasury department says it will no longer be able to pay all of our nation's bills. and the united states will default on its debt. republicans are going to vote on their own plan this week, complete with spending cuts. but president obama says he won't support deep cuts without increases in taxes. >> if you're trying to get to $2.4 trillion without any revenue, then you are effectively gutting a whole bunch of domestic spending that is going to be too burdensome and is not going to be something that i ...