Chairman of the fed was asked does the fed need to cut rates with the economy as it is and he set you do not need to wait until things get so bad to have a dramatic series of rate cuts. Markets took that as a pledge they would do more, maybe shock and all. The new york fed had to walk it back and say we are not talking about the end of july yet. David please stay with us and we can talk about whether we need the rate cuts. In the meantime lets go to anna in wanting to in washington. We have a deal yet on the debt ceiling . Anna we are getting close but we are not there yet. There is a Firm Deadline of when the house is expected to begin its august recess. Mnuchinlosi and steve are trying to talk about not really the debt limit part, but everyone agrees they need to raise the debt limit. Leaders also want to attach an agreement on budget caps. They need to lift the budget caps that would impose these dramatic cuts and those are the details theyre trying to work out. Last night we got an