PHILADELPHIA (CBS) – It was a rough week for the economy. Markets were rattled even though job numbers improved. It takes a look at what happened through the views of some real insiders.
There were 95 Democrat votes against the debt plan in the U.S. House. One of them Congressman Rush Holt of New Jersey who says the President should have use his constitutional authority to raise the debt ceiling. He thinks the plan is a dud.
“What I have been asking all along is ‘will it work? Will it help ordinary people? Will it create jobs? Will it help the economy? Does it deal with the disparities and inequities in our economy that are crippling? And ultimately will it bring down the deficit?’ It fails on all of those points.”
It was a jolt to the markets last week after the debt ceiling deal provided a new level of anxiety about the economy.
Listen to extended interview…
He’s not happy about the deal. Dr. Gary Witt of the Fox school of business at Temple says the wrong issue was addressed and only barely.
“We did not resolve the fundamental issue which is the U.S. Governmental budget deficit. The thing that people need to understand is that’s the real issue. The debt ceiling was a manufactured crisis. The deficit is a real very serious issue. The size of the deficit is completely unprecedented in U.S. peace time history.”
Reported By Special Contributor Larry Kane, KYW Newsradio