side of the atlantic though they did manage to bounce back a little bit from the session s lows. at the close, the major indices were all off by more than 1%. here s a look at where the u.s. market stands. the futures action is showing us we could see a lower open. some of the futures markets down to the tune of about 0.08% as you can see there. while s&p downgraded its outlook on u.s. debt, we should stress it hasn t downgraded its credit rating yet. the ratings agency is warning that that s not completely out of the question if democrats and republicans can t agree to a plan to tackle the problem. let s take a look at the u.s. federal deficit as a whole. it currently stands at $1.4 trillion as you can see. it s forecast to actually grow to $1.5 trillion. that s by the end of this financial year. the country s overall debt limit is $14.3 trillion right now. and president obama is warning of a new global recession. if that isn t increased, pauline.