hour's opening bell on wall street. the doll plunged 266 points yesterday for its eighth consecutive loss. trial under way for former egyptian president hosni mubarak. the ailing hue mark could face execution if convicted in the deaths of anti-government protesters. florida watching tropical storm emily as it approaches the northern caribbean. warnings up in haiti and the dominican republic. -- captions by vitac -- www.vitac.com well, the debt deal is signed but the damage is done. our nation's reputation is tarnished, and we're all likely to pay one way or another. alison kosik is looking at the cost to your retirement. george showing how college students will take a hit. ali velshi showing the new damage and how jobs are thrown into limbo. ali, let's start with you. the markets are about to open and there's mixed reviews on the credit rating. >> yes. and moody's says it's fine with the aaa credit rating. a chinese debt agency has downgraded the united states, not an agency that most people have heard of but as you know the chinese are the biggest buyers of your u.s. debt. most big e investors in u.s. bonds will do their own resear, so that's less of an issue. kiera, this is the thirst morning in a row you and i have spoken. they're supposed to have opened up and they've closed substantially low owner the day, which tells me two things. one, we're not oub cessing about the debt deal. it's a lot of mixed economic news out there. this is what the markets did yesterday. look at those? those are big percentage numbers. down 2.2%. 2.6 on the s&p 500. the dow has closed lower for eight days in a row. we're hoping to break that on the day. it's been a percentage loss of more than 6%. if you're watching your 401(k), take a look at the dow year to date. been a rocky look. take a look at the right side of your screen. not only with the debt debate but the lower gdp numbers, lower manufacturing numbers, lower personal spending numbers. we're very worried about that. on friday, we've got the job numbers which we don't thunk are going to be any more robust. that's all of what we're looking at right now. we could have a flattish opening on the market today burke the question no longer, as you know, kiera, is what happens at the open. it's going be what happens through the course of the day. i can tell you this. it's going be rough in one way or the other. >> in 27 minutes that rough ride is going to begin and we're going to be watching it and talking again. ali, thanks so much. now to the thousands of jobs that are being held hostage by another impasse on capitol hill. lawmakers left on summer recess without funding the federal aviation administration. now thousands of employees face five weeks without a paycheck and more than billion dollars of tax money all going to waste. ted is in chicago. ted, i think what we're all asking in light of this is our safety at risk? >> reporter: well, the faa says absolutely not because the furloughed faa employees, some 4,000 of them are nonessential, so your air traffic controllers, tsa folks at the airports, they're paid out of a different pot of money. so the faa maintains traveler safety is not at risk at all. however, we're talking about lots of jobs, thousands. not only the faa jobs but tens of thousands of construction jobs because airport projects around the country have been halted. basically faa has been stripped of all its authority so they've had to put a stop work order on all of its project os. you're talking about 70,000 construction workers not getting a paycheck while this impasse continues. people think it's inexcusable that lawmakers left town without dealing with this issue. take a listen to randy babbitt of faa. >> we're going to suffer a lot of long-term damage. we have billions of dollars in construction money that should be going out the door that's not. this is money that's available. it's simply we can't spend it. >> reporter: and the other tens of millions of dollars that tax pairs are losing is the airport ticket taxes that the federal government cannot collect during this time period. what should we do about this? well, we did run into one passenger here at chicago's o'hare airport who has a brilliant idea. take a listen. >> cut your vacation short, get your ass back to washington, and figure something out quick. >> reporter: people obviously frustrated with the way that washington is doing business. kiera, at this point, those folks are staying home, not only the faa employees but also all of the thousands of construction workers while there's no deal on the table. >> that's the next question. i mean are we going to see a resolution any time soon? >> well, technically there are proforma days built into the august recess where lawmakers could come back and deal with this issue. but there's no karks at least in the short term, that that is being planned. hour, the pressure is melting with every day on these lawmakers to get something done, stop the bickering and get the faa back in business. >> okay. ted rowlands, thanks. in ten minute world series going to talk to a former federal aviation administration official. we'll look at the cost of the stalemate. okay o. this ought to catch your attention. t tea partiers are terrorists? did joe biden really say that? jim with the story. what's the deal, jim? >> kiera, the vice president said the other night he did not say that but this kroers came up after a closed door meeting that the vice president held with democratic lawmakers on the hill. he was trying to persuade those lawmakers to get behind the debt deal, and during the meeting, apparently some of these house members expressed the feeling that tea party members of congress had acted like terrorists. the question comes in as to whether or not the vice president actually said that or agreed with him or what exactly he said. he later denied that he said it. but this has made the rounds on the conservative talk shows, on websites. and sarah palin who has a gig at fox news as you know let it rip last night on the hannity program. >> independent patriotic americans who desire fiscal sanity in our beloved nation being called terrorists, heck, sean, if we were real domestic terrorists, president obama would want to be palling around with us, wouldn't he h? he didn't have a problem back in the day? no, thing if we were all domestic terrorists president obama wouldn't have a problem with us. >> sarah palin going back to an old line she used back in 2008. speaking of palin, she also did not have kind words for mitt romney saying the former massachusetts governor and formal gop front-runner. as you know, a lot of conservative critics said he was ducking that issue throughout that entire debate. >> and, jim, we kind of chuckle because it was referred to as the mittness protection program. he is taking heat for being late in the game. >> tliets. he had his picture put on a milk carton at the daily column, missing leadership. they push back hard on. this they say the massachusetts governor supported the cut, cap, and bans proposal up on the choil. john hunts man, somebody who has struggled to make some headway in this gop contest he's sharpening his message and going after mitt romney and said to some reporters up in new hampshire a couple of days ago that romney is not displaying leadership. i think you're going to see this becoming a campaign message and campaign issue for john hunts man in the coming weeks. he's going to be asked this question out on the campaign trail, kiera. >> all right. we're be talking about it a lot more. thanks. we'll have your next political update in about an hour. for all of your political news go to cnn.com/politics. a deadly heed wave has baked texas with hot temps for 32 straight day shoes we're sweltering and we're asking for some relief here. >> lakes drying up, trees withering, and the water supply in one town about to run dry. and a man jumps a fence at the white house. secret service jumps him. and it was all caught live right here on cnn. ♪ [ female announcer ] sweet honey taste. 80 calories per serving. 40% daily value of fiber. i'm here in the downtown area where the crowd is growing. 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[ female announcer ] ...or this huge. new fiber one 80 calories. yes, you can actually love breakfast. we know how to tighten our purse strings. sugar salmon flakes! sorry buddy. even with bath tissue. that's why i buy new charmin basic. it's very reasonably priced. and it holds up so much better than the leading competitive brand. new charmin basic has a duraflex texture... that's soft and durable. plus, it's two times stronger when wet versus the leading competitive brand. new charmin basic works for my bottom line. and my bottom. we all go. why not enjoy the go with new charmin basic? checking stories across country, man with a back pack jumps the fence. the secret service jumps him. the security breach triggered a lockdown at the white house and it all unfolded live during cnn's "john king, usa" show last night. you want a little extra sugar in your coffee? you'd better be careful what you ask for. a worker got busted for prostitution. her code for her services was to ask for a little extra sugar with her coffee. a huge annual cycling event rolls through iowa. cops with the rules. the dgirl's dade said she wasn' near the event. lawmakers failed to approve full funding before leaving washington. just like the debt crisis, the stalemate has far-reaching costs. 4,000 faa employees now face a month-long furlough, and projects are stopped, putting an additional tens of thousands of construction workers out of work. and on top of that, the faa cannot collect taxes on airline tickets. that mean 25 million dollars in taxes goes uncollected each and every day. >> i've been around this business a long time. i've never seen anything like this. and i find it appalling candidly. >> mary is a former inspector general for the department of the transportation, she's joining us now via skype from charleston. mary, is our safety being compromised? >> well, short term, no. they will make due with what they have. but these systems are so sonsive and so important that they need continuous maintenance and continuous upgrades, and while it's only 4,000 of the roughly 47,000 employees of the faa, what you have to do is maintain these systems. they're very large computer systems. the faa has to call some of them back to keep the systems up and running, they will do that. but in the long term it's really are important not to leave gaps in this development of air traffic safety and control. >> bottom line, you're saying the tens of thousands of construction workers, thee are the individuals that do the daily upkeep that plays right into our safety as flyers. >> well, long term, yes. the construction workers don't work for the afaa. the inspections literally are facilities around the world and those help to basically police all of the hundreds of thousands of construction workers, private sector employees, et cetera, who help deliver safe aviation. so short term they'll make it through. but long term we have the problem with new air traffic control systems, next-generation air traffic control system, runway extensions, airport expansions. all of that make the american aviation system safe. without that, we will soon start to suv sneer wow. we're going to watch this closely. mary, thanks. unrelenting heat still hanging over the nation's mid section in dallas-ft. worth. it's been over 113 degrees. today could be the day that shattered the all time high temp of 113 degrees. ed lave dar showing us the heat its toll. >> reporter: in oklahoma, there's barely enough hay to feed herds of cattle. across these crusty plains, lakes are evaporating, children hibernate, play grounds are silent. they have been baking for more than a month. the sum 20imer of 2011 is a bean of dramatic proportions. if that sounds dramatics, cnn ireporter susan new kirk knows these are desperate times. this week dallas could break its all-time high temperature of 113 degrees. in dallas the heat haskill 12 people so far. in oklahoma, there've been 11 heat-related deaths. all but six of texas's 254 counties are under a burn ban. the heat and dryness continues spawning wildfires like this large blaze in tulsa, oklahoma. in san angelo, texas, bacteria that thrives in hot conditions has turned this lake red. even strong decades-old trees are withering under the scorching leaves. leaves are turning brown. >> if it loses all its leaves and goes totally brown, it's done. >> reporter: texas lek tristies is urging people. these ireporters baked chop chocolate chip cookies in their car in just over three hours. >> oh, my god. they're pretty hard. >> the positive side of the heat there, ed. ed joining us live from dallas. you know, on a much more serious note, lakes are drying up. we talk about the trees that are withering and now this town about to run out of water? >> reporter: yeah. this lake has dwindled down to about 1% of the town. this town of robert lee out in far west texas. they're going through dramatic measures to get drinking water to continue flowing into that town. this is a situation they say that in the coming months could result in a national guard having to bring in bottled water for people to drink if they can't get another pipeline of water into that town. >> now, here's what's interesting though. we're talking about the heat and how devastating it could be and still behind you, i'm seeing joggers. >> yeah. you know this is a really popular biking and running and jogging trail. i was expecting to see at least in these early morning hours a lot more people. this is an incredibly popular track usually packed with people jogging and riding their bikes, roller blag eerblade rollerblading, whatever. i think it tells you a lot about how much people want to stay indoors around here. >> it's amazing that it can reach past 100 degrees tofrmd ed lavendera, thanks so much. ite going be a pretty wild day on wall street as well. we're keeping a close eye on the markets. opening bell just about ten minutes away. we'll be back in just a moment. chronologically i'm sixty years old. is it the new forty, i don't know. i probably feel about thirty. how is it that we don't act our age? 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[ tapping ] well, know this -- for a good deal on car insurance, progressive snapshot uses this to track my good driving habits. the better i drive, the more i save. it's crystal-clear savings and only progressive has it. nice. this has been a public savings announcement. out there with a better way. now, that's progressive. okay. opening bell less than ten minutes away. alison kos allison kison kosik is at the n stock machines. how are thing s shaping up righ now? >> we're about eight minutes away from opening bell. it looks like we're going to have a higher open because investors are going to be buying up beaten down stock, and beaten down they were. you look at the s&p 500, it lost all its gains for the years, that's something that most of us watch pretty closely because it's the benchmark for our mutual funds and 401(k) investments. then you look at the dow. it fell 6.7% in the past eight sessions. as far as wall street goes, it's going to want to look for more clues on where the economy is headed. et's going to be looking for a report on the service sector. that's where some of 280% of americans get their paycheck. wall street is going to be looking for growth in that report. wall street has its eye on jobs. we've got an adp showing that 114,000 jobs in the private sector were added last month. it's better than expected, but, remember, adp got it way wrong in june so i'm not sure whether wall street is putting much stock in it at this point. everybody bracing for nothing too hot there, but u if it's anything worse than expected, you can expect a selloff. kyra? >> we're also paying attention to our credit rating, christine romans. >> we certainly are. moody's has not downgraded it, keeping it aaa, by it's on credit watch negative, which is not a surprise when you see the size of our debt and the political acrimony in washington. still waiting to see as the chinese rating agency did downgrade the u.s., not a rating agency that's a household name and not that much of a surprise, though we watch that pretty clearly because the biggest foreign fire of our huge u.s. debt, the chinese. overall here, there's one big theme. that is you've got the debt deal and a jobs report on friday. and we're going back now, kyra, to this idea that jobs, jobs, jobs are at the center of this. what kind of recovery is this? larry summers, the president's former top money man said we have a one in three chance of slipping back into a recession. he said the economy is in a stall right here. here are the things we're still worried about, the housing market still a real problem here. what kind of recovery can you have before housing starts to do a little better. you've got a lost decade in housing prices. then you take a look at other things like consumer spending. it's still very, very weak. and where are the jobs? we're not creating enough jobs to really meanlefully move this economy forward. so these are the things that -- above and beyond all else, the debt deal did not solve. kyra? >> okay. ladies, we're all watching. the opening bell ringing in about three minutes. stay with us because we'll all watch it together right here live on cnn. also straight ahead, from the president's "situation room." gripping information revealed in the takedown of osama bin laden. >> it was all in a split second. shoots him once in a chest and then shoots him once in the left eye. he false down, steps up, on the radio he says for god and the country, injure ron mow, injure ron moe, jauron moe. ♪ ♪ introducing purina one beyond a new food for your cat or dog. 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