Alexander and news capitol hill correspondent luke russert. Pete, lets start with you. What are you hearing from 1600 pennsylvania avenue . Does the president fully expect these congressional leaders will show up at 3 00 with a deal in their hands . Reporter well, craig, hes hoping that is the case obviously during his visit a short time ago to a local food pantry where he visited with the volunteers there. Among them federal Government Employees that have been furloughed, trying to reemphasize the impact that the shutdown is having on real merpz americans. If the republicans dont come to some sort of compromise, theres real serious potential for the u. S. To default. Theres a lot of countdowns going on. And then another countdown to wednesday at midnight before we head into the october 17th deadline. Obviously so crucial because thats when the u. S. Government according to the treasury secretary jack lew only has 30 billion in cash on hand in addition to whatever revenues he takes in.
With just 18 days left for congress to make a deal, investors are taking speaker boehners words to heart. Dow jones industrials off of the session down 82point but you can see the bulls have the edge early on. Blue chips posting modest gains around 11 30 a. M. Eastern the speaker got up front of the cameras and suddenly vanished, the rest was history. One name defined the laws of gravity. Solar city, soaring up 1. 5 today. This after a price cut and a oneday delay. They completed the ipo selling more than 11 million shares at 8 a pop. Half of the expected range. We have both the chairman and ceo, actually cousins, coming up in the next hour. What they have to say. They did not put it off, you can see the big move. Zero plate to quality, the gold brick falling off of mount everest. The market is not looking good either. Traders. Okay. We could really pinpoint this to Speaker John Boehner speaking at 11 30 a. M. And the traders must have believed there isnt a deal and this is not baked i
Bluster out of washington. Yep, thats what investors should expect short term. Maybe until january 1st. Should they also expect a rally any time soon . According to ryan dieterich, rally could most definitely be headed our way. He joins us now to explain along with Peter Anderson from Congress Asset management company. Bill mcvail from turner Investment Partners and our very own rick santelli. Peter, i have to begin with you. With a name like Congress Asset management, is Congress Going to come through for your assets . Well, i wish i had an inside scoop on that, but unfortunately, were also left to speculate at this point. But i will say this. Whats incredible about this market is the way the market moved up today, its an instant Polling Network that the government can use, actually, to kind of float trial balloons to us and get a sense of what we think of their proposed actions. Peter, that is so charming. You assume this government cares what you think. Well, i like to think that. I
0 house? reporter: well, that s the million dollar question, craig. i have to say in light of what the leaders said on the senate floor it has to be very encouraging for the global financial markets ifener closer to a deal. we don t know what a deal is going to look like. we know it s going to be an extension of the debt limit. democrats want a long debt limit extension and short government funding. republicans want the inverse, they like the sequester levels and shorter extension of debt limit. presumably reid and mcconnell will figure out some sort of agreement there and perhaps with that optimism could talk about in the white house and whose in the room at 3:00 p.m., john boehner the speaker of the house. whatever comes out of the senate, the house gop conference is not going to like. why? because they ve been cut out of the deal, number one. number two, it will extend the debt limit and presumably not touch the president s health care law in a way they view is enough for what the
0 august was 12% as arizona senator john mccain likes to say that means they re down to the support of just paid staff and close relatives. members passed just 219 bills into law. that is the lowest number dating back to the 1940s. the new congress will be gavelled in at noon followed by a role call vote by 1:00 p.m. john boehner should know if he s re-elected. there is no serious challenge to the ohio republican. he s expected to keep the job despite the recent divisions in the party, most notably the last few days over the fiscal cliff. loud the vote to come to the floor and voted for the new measure. mccarthy of california voted against it. the new congress is going to have another issue to deal with in the coming days, the pending hurricane sandy relief. speaker boehner says he s going to put $60 billion worth of disaster relief bills up for a vote starting on friday. that comes after he put off tuesday night s expected vote on the package. that triggered widespread outreach f