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life and why time may be running out. i'm wolf blitzer. you're in "the situation room." the sinking feel is back on wall street. the breaking news this hour. all major stack indices with the dow down 500 points. once again, we saw dramatic fluctuations over the course of the trading day. one analyst says, and i'm quoting, fear and greed are driving this frantic cycle of buying and selling and that's costing investors trillions of dollars on paper. joining us now, richard quest. what is going on in europe right now that could drive down wall street so quickly, so dramatically. tt ma...

expected to roll out a plan to cut spending by $2.7 trillion while raising the debt by 274 trillion. reid's plan would not include tax increases which republicans refuse to consider nor would it touch entitlements. my colleague, dan lothian is watching it all from his post at the white house. dan, what is the president's position first on raising the debt in installments? >> reporter: he want it is to go through 2012 and there is a sense at the white house and treasury department in particular even if you had some sort of short-term fix that raises the debt ceiling through the rest o...