here to explain how is kai risdale, host of american public's media marketplace. thanks for joining me. >> you bet. >> let's caught through all the washington babble here and cut to the quick. what is going on, how bad could it get, and if we get to august the 2nd and there's no deal is it the financial armageddon that the president keeps warning us it will be? >> let me take the last part of the question first. did you see the stock market today? >> down 2%. >> dow was down almost 2%. nasdaq and s&p 2 1/2%. right? that's just a taste. i think the markets picked today to start getting wigd out. but let's work backwards. what's going on? fundamental disagreement about the skies and shape of the united states government. it's really unfortunate that they're deciding to do that at a time when we're running out of money. the technical aspects are this. right? we've already hit the debt ceiling. everybody who says oh, we're going to hit debt ceiling on the 2nd of august, that's already happened. happened back on may 16th. since then the treasury department, treasury se