. >> thank autos coming up, even default can be harmful to kme. how are the markets responding now? peter barns is here and member of the gang of six joins us and says we need to do big thicks to solve this crisis. is speaker boehner's proposal big enough for him? what does he think of senator >> greta: okay let's face it. default is bad. many describe it as catastrophic. this can scare investors and businesses around the world and we're all connected around the world. and the asian markets are open now and how are those markets react something peter barns joins us. >> asian markets are up now. >> greta: why? >> because did he the do not believe we're going to default or have a downgrade. u.s. stock markets don't, either z bond markets because if they did, if they thought there was going to be a default or a downgrade markets would be so much lower where they are now. dow down 100 points today. >> greta: okay. let's say august 3 they wake up and there is a rude awakening and turns out oh, oh my. they thought goitsing to happen, it does happen. then what happens? >> markets have been

. >> thank autos coming up, even default can be harmful to kme. how are the markets responding now? peter barns is here and member of the gang of six joins us and says we need to do big thicks to solve this crisis. is speaker boehner's proposal big enough for him? what does he think of senator rere [ male annocer ] things seem better with travelocity's best price guarantee. our girl's an architect. our boy's a genius. we are awesome parents! biddly-boop. [ male announcer ] if you find a lower rate on a room you've booked, we won't just match it. we'll give you $50 towards your next trip. [ gnome ] it's go time. >> greta: okay let's face it. default is bad. many describe it as catastrophic. this can scare investors and businesses around the world and we're all connected around the world. and the asian markets are open now and how are those markets react something peter barns joins us. >> asian markets are up now. >> greta: why? >> because did he the do not believe we're going to default or have a downgrade. u.s. stock markets don't, either z bond markets because if they did, if they

that is something they say could have a big impact on the kme.. >> we all got together with familiesnds and ate local foods like foster farms chicken. we added $16 kbrinl to the state economy. you're helping the environment. >> in case you're wondering typical items will return, garlic bread, garlic fries and garlic ice cream. a few years ago, nobody knew about garlic fries and started selling them over at at and t park. they're the rage. >> they're great. not sure about the ice cream. >> have you to try. >> thanks for joining us for abc 7 news at 4:00. >> and the news at 5:00 continues right now with cheryl jennings. >> the check that might not be in the mail for a million californians unless the debt crisis is solved. and sensors talking -- clocking your speed on one bay area bridge. and the radio ads that could scare people from signing ballot petitions in california. >> good evening, i'm cheryl jennings, dan ashley is off tonight. the debt showdown in washington took a new turn tonight. the republican controlled house passed a bill to exend the government's authority to borrow mo