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NEW YORK ( TheStreet) -- "This market is all about terror," Jim Cramer told his "Mad Money" TV show viewers Friday.

He said the short sellers are worried about getting a deal in Washington, while everyone else is worried about not getting one.

Cramer said Congress in a best-case scenario eeks out meaningful reform, the kind that will shave trillions of dollars from the federal budget and save our beloved triple-A rating. This would be a nightmare for the short-sellers, he said, as the market is a coiled spring and would pop to the upside and wipe out their gains.

In a second scenario, a deal is reached, but it includes only token reforms that will not be big enough to save the nation's credit rating. Cramer said in this case, the Treasury would have to pay higher interest rates on its bond, which in turn sends up everyone else's rates and helps re-stall the economy.

Finally, there's the ugly scenario, the one where no deal is reached and the government not only loses its credit rating, but also defaults on its obligations. Cramer said there are other options, such as invoking the 14th amendment or selling off assets, but the real fear is that the damage done will make restarting the economy impossible.

Cramer said he's not sure which scenario will develop over the weekend, but the terror will continue until an outcome materializes.

Next Week's Game Plan

In his "Game Plan" segment, Cramer outlined a group of stocks that have his attention next week, even if a debt agreement is not reached in Washington.

On Monday, Cramer said chemical maker FMC ( FMC) will be a good buy, but he's worried about the run up in health food maker Herbalife ( HLF). For Tuesday, Cramer said that Duke Energy ( DUK), with its great dividend, will be a safe bet, but Peet's Coffee & Tea ( PEET), which is moving into packaged coffee, is one to avoid.

Then on Wednesday, Cramer said Allergan ( AGN), Clean Harbors ( CLH), Energy Transfer Partners ( ETP) and Pioneer Natural Resources ( PXD) will all be buys, especially if the market puts them on sale earlier in the week.

Cramer offered some warnings for Thursday. He said that Treehouse Foods ( THS) may be under pricing pressure and LinkedIn ( LNKD) is simply too risky. Cramer did give the nod to Copano Energy ( CPNO), however, as the stock offers a great yield and may be a takeover target.

Finally for Friday, Cramer said he likes Enbridge ( ENB), and would buy ahead of the quarter, and also Windstream ( WIN), which has a juicy 8.2% dividend yield.

Lightning Round

Cramer was bullish on Exelixis ( EXEL - Get Report), Buckeye Partners ( BPL), PPL Corp ( PPL - Get Report)and GlaxoSmithKline ( GSK - Get Report).

He was bearish on Photronics ( PLAB - Get Report).

Closing Comments

In his "No Huddle Offense" segment, Cramer highlighted what he said is the "feel good" story of the year, the discovery of the Utica oil shale formation in Ohio. Cramer said the Utica shale may be the biggest U.S. oil discovery in 43 years, and Chesapeake Energy ( CHK - Get Report) said it's Utica holdings could add $15 to $20 billion to its assets.

Cramer said adding the Utica shale, which sits under the Marcellus shale field, to the Bakken, Eagleford and other shale fields in the U.S. now represents a serious opportunity towards energy independence. He said that by converting trucks to natural gas, then developing all of our shale assets, America could break its dependence on OPEC and possible import oil only from North America.

Cramer told viewers to go buy some Chesapeake Energy, which he believes could now be worth twice the price.

--Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer was not long any equities mentioned.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

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