two way

As the clock ticks down to the Aug. 2 deadline to raise the debt ceiling, Moody's Investor Service became the first of the big-three rating agencies to put the United States' Aaa credit rating on review for possible downgrade.

Reuters reports:

In a statement, Moody's said it sees a "rising possibility that the statutory debt limit will not be raised on a timely basis, leading to a default on U.S. Treasury debt obligations."

Muhammad Ghafari / Flickr

Many reports that Egyptian President Hosni Mubarak is stepping down. You can follow live blogging on this story from NPR's The Two Way:

Breaking news from Egypt: President Hosni Mubarak is expected to address his nation tonight (local time), and the leader of his political party says Mubarak may step down. The story is developing and there are conflicting reports about what Mubarak may or may not say. We will pass along information from major news outlets and NPR staff in Cairo.

(10:45 a.m. ET: The story is moving quickly, so we're switching to a live-blog approach. Our updates will flow into the box below automatically. If you look below the box, you can read our original post and two earlier updates.)