for more on the global impact we go to sydney where we're joined by abc's business editor peter ryan. thank you very much for joining us. how are the markets viewing the u.s. debt crisis? do they think that default is inevitable? >> i think that the markets in asia and the pacific are really preparing for the worst and hoping for the best but sitting back in amazement that the united states would actually take itself to the brink of perhaps defaulting on all or some of its debt but perhaps more importantly in the short term that that triple-a credit rating for the united states maybe -- might be in jeopardy. in asia yesterday we saw tokyo down 1.5%. the index here in australia was down 1.6% and it was a pretty rocky day in hong kong and just up marginally but there's so much uncertainty that no one seems to be getting off the sidelines until we see what happens with this vote. >> some members of congress are going to think the default is going to be the catastrophe that many people think. what effects generally do you think it's likely to have on the global market? >> i think this cou

. >> reporter: it's stories like peter's, ryan kerrs, and clark's that encouraged sociologists to delve into the problem of poverty. associate professor of sociology at sju studies community change. >> to me, this is not just a sociological analysis that i do. to me, it's a moral outrage in that we have 19% of all u.s. children living in poverty, and i think it's important to see that in the richest country in the world. >> reporter: rich country, rich silicon valley, but a poor system to deal with poverty. >> when the banks, wealthiest people needed money, we gave the wealthiest banks over $3 trillion in matters of weeks that was given. but when the poorest americans and the low income americans, and when average americans need help, where is the bailout for them? >>> when we come back, we'll show you what nonprofit organizations are doing to help those in need. >> it's a solvable problem. >>> we'll look at those battling the war on poverty, and the people who have found their way because of them, when equal time returns.  % >>> the poverty level in santa clara county is hi

they passed the ryan plan. they passed cut, cap and balance. they moved forward now with -- and introduced a third plan by speaker boehner. can you tell me caroline is the president's plan? >> the president wouldn't be proposing a plan because it needs to come from congress. and the president has said that he will go after social security and medicare for someone on the left. >> sean: show me where -- >> why would the president have a plan it needs to come from congress. >> sean: forget that. what is the democratic party's plan? >> reid's plan in the green room we were talking how close reid and boehner are. it is to a point where they could compromise in conference committee. boehner is choosing not to because he wants to bring it up again in six months to smear the president. >> sean: reid's plan comes from savings other things. the president going to veto the boehner plan, dead on arrival according to harry reid. they passed two plans they won't sign on to or allow a vote on. >> massive failure of leadership. the president who has cried fox

go ahead, peter. >> don, i think you should be in charge of the buzzer. i think gingrich never really got his campaign off the ground because he told the truth about palm ryan's medicare deal. i'm most worried now for michele bachmann, because rick perry will get in and take all of her heat away right away. i'm going to dekeep talking so u feel better with the buzzer. >> you're talking too long. you're not winning that avocado green drop-in range for you. >> listen, your buzzer beater, ten seconds each. texas governor rick perry not in the race but already in second place in the latest poll. is the country ready for another texas governor as president? dana, you first. >> i don't see why not. texas has been doing pretty good despite the economic disaster. who knows? if he can do a good job, he can do a good job. i had time to spare. >> come on. let's hear it. [ buzzer ] >> i know. i like hearing the buzzer. go ahead, robert. >> is the country ready for another texas governor? yea, like cbs is ready for a new series by charlie sheen. the country is not rea