What Does the Debt Deal Mean For America's Economy?
The DOW is down today even though Congress and the president passed a bill that allows the U.S. to avoid default. What impact will the deal really have on the economy and you?
Earlier, Neil Cavuto said that the economy is backfiring and that "economic numbers don’t look good—personal income, personal spending, are both less than thought. In fact, on the spending front, consumers appear to have all about closed up their wallets."
Cavuto also discussed jobs, sharing the grim news that “this has been the biggest past week for layoff announcements in close to two years. So some are looking at that as a sign we’re slipping back into something bad. Maybe very, very bad.”
In discussing the Democrats' intention to create jobs, he said, “The bottom line is, and what gets to the gist of this whole debt debate, if you think about it is whatever attempts, and I take nothing away from their intentions to create jobs, they have not worked. The game we’ve seen over the last few months have been dwarfed by net losses in the two and a half to three million range since this president took office.”
Bret Baier weighed in on the impact the debt deal would have on taxes, specifically the Bush-era tax cuts, explaining that the tax cuts are going to expire but under a separate piece of legislation.