very close on raising the debt limit. joining me now, chief business correspondent for "u.s. news & world report," rick newman. rick, i know investors are watching this extremely closely. what kind of impact could this have on the markets, both the mood and actual practicality of how they react? >> the markets are clearly very spooked. they've been going sideways. six losses in a row, six days in a row. i don't think we're necessarily going to see a rout tomorrow. i think a lot of people will be sitting on the sidelines. the thing here is that it is still a very low probability that there's something like a default or that there is no debt extension. but if that does happen the consequences will be severe so financial firms are trying to figure out how do you prepare for something that's probably not going to happen but would be severe in it does happen. they're really not sure what to do. >> i have to ask people the question what i asked you, when i tried to lead new a very positive answer, you didn't go for it. >> you're asking the wrong guy.