liz macdonald with me now.mith in the fox newsroom and congress nan joe walsh in illinois one of 22 repaub crepu who voted against raidsing the debt ceiling. great to have you. >> thank you. great to be with you. >> do you look back at that no vote and think it was a mistake or right thing to do? >> gosh, no, i look back at the no vote and i think thank god we made that vote. the credit agencies told us all of them before that vote a week or two before even if we don't raise the debt ceiling if we don't make the extendsing put and don't act spending reform they were likely to downgrade anyways. this is not a surprise to us. we are downgraded because the fiscal situation we are in and all of these trouble some house republicans like myself thank god we have been here because we would have raised the debt ceiling who knows how much and still spending so much money. so look, this is to meet salvage debt crisis. >> maybe they will be forced to now. want to get you to respond to something the president eights adviso

let's bring in liz macdonald. you have covered the markets for a long time. you are knowledgeable you have been breaking news all weekend on this. i want to talk about hey what does this mean for 401 k, higher mortgage rates? are car loans going to be more expensive? how will it filter through to regular people on main street. >> the money fund market people are worried about that. the reserve fund the primary fund broke the buck during the 2008 crisis. he was holding leeman brother's piece of paper per. money funds tend to have a lot of short term debt. what's in trouble now is the united states long-term debt. that is what is at issue not the short term debt. i think the money funds you are not going to see royaling or turmoil there possibly. as for the knock down effects you worry whether or not it will hurt mortgage rates not the fixed but the arms home equity loans credit card auto loans and student loans. if moodies and fitch follow along which we don't see that they reaffirmed the w day we ha the debt deal. they did drop on friday to 2.6 percent. peopl