Update: 12:55 — Should start in the next few minutes.

Update II: Postponed until 1:30.

Here’s where the markets are going into this:

• Chicago Jesus has arrived.
• Quotes Warren Buffet saying we should have AAA.
• Says “markets agree” we should have AAA.
• Markets continue to reaffirm our credit worthiness.
• Calls for tax hikes to lower deficit.
• Will layout a plan “in coming weeks” to lower deficit.
• Claims 1 million fewer jobs unless unemployment benefits extended.
• Wants more stimulus spending to create jobs.
• “No matter what some agency says we will always be a AAA country”
• Respect to SEALs lost over the weekend.

And it’s over.