in the pacific and warm water in the atlantic, let s hope we don t have to deal with this. we have already seen a storm in the gulf this early and let s hope that this is the only one. let s hope this is it. what are the chances of that? we can keep our fingers crossed. both hands keep the fingers crossed because the last thing the country needs is a catastrophic event and the oil spill. catastrophic enough. thanks f thanks for coming in. thanks, chris. stocks are trying to recover today after the plunge in the dow. let s take a look at the numbers right now on wall street up but just a very little bit. the dow up 6.77 and the s&p and nasdaq in positive territory, as well. not a lot of movement early in the day. we said that stocks tanked yesterday on worries about the european debt threat and fears about a slow recovery here at home but cnbc mad money host jim kramer says it s not quite that bad.
vote on it right now, because we all know what will happen if we vote on it right now it will go down. you ve got to wait, i think, until after the election before people are prepared to move off their fixed positions. and that s what we ve got to get all sides to do, move off their fixed positions. bowl simpsons is a great outline. i think domenici-rivlin was terrific. at the end of the day what s got to happen we ve got to come together and deal with our long-term debt threat and i believe we ve got it a chance to do that, either in a lame duck or the first part of next year, but we ve got to do the homework now. and you re still are you getting any traction on this from the white house? you know, i can t speak for them. but i can tell you that the president was very prepared to do the grand bargain last year and i think he is absolutely prepared to do it.
something much, much more tilted towards the deeper spending cuts? well, that could be the case and it is not attractive at all, but my own view is to have a debt crisis and not to do anything significant about the debt, and $1.5 trillion sounds like a lot of money, but you and i know, ezra, it does not change the trajectory we are on. we are headed for a debt that is 250% of the gross domestic product of the country if we fail to take substantial action to deal with the debt threat. and it does not take any action to lift a weak economy. we are going through a recovery, but it is a weak recovery. one of the things that s needed almost every bipartisan commission has concluded that in the short term, some additional lift spending on infrastructure for example which i would strongly favor and then pivot in dealing with the debt threat. well, this is a big