frustrations of democrats. ultimately every democrat voted no. as recently as this week the republican leader and others claim that this bill would not add to the deficit. we know now that even under the dynamic scoring method the republican party asked for and received this bill would add a trillion dollars to the deficit. this is a revenue neutral bill. i think it s going to be a revenue producer. the 12.5 trillion-dollar deficideaf 1.5 trillion-dollr deficit requires us four tenths of 1% over the next 10 years. only republican to vote against this was tennessee s bob corker. pete, ed, rachel? ed: thanks, ellison. rachel: not a big surprise on corker. pete: really? ed: feuding with the president. there is a lot of debts being piled on here. republicans say there will be economic growth that will
lindyndon johnson. the s&p 500 jumped 6%. the second best gain in the president s first month in office came after jfk inaugurated in 1961. trump is in third place with a 3.8% gain so far. he is happy about it. he tweeted about it first thing yesterday morning. stock hits new high with longest winning streak in decades. great confidence before tax plan rollout. merps s americans are takin on more debt. $12.5 trillion at the end of last year. it is now less than 1% below the peak debt total the economy hit in 2008 in the third quarter on the eve of the great recession. this is according to the new york federal reserve data. these numbers look alarming. there were differences between now and 2008.
on tax reform at the conference yesterday. investors want to see action. that has futures ticking lower this morning. stocks in europe and asia are down as well. there is one trading day left in the first month of the trump presidency. the stocks need a huge gain to make it the biggest rally of all time. currently the record belongs to lyndon johnson. the s&p 500 jumped 6%. the second best gain belonged to jfk in 1961. trump is in third place with a 3.8% gain so far. you know what? he s happy about it. he tweeted stock market hits new high with longest winning streak in decades. great confidence and optimism before tax plan rollout. americans are taking on more debt. household debt jumped to $12.5 trillion at the end of last year. it is less than 1% below the
more americans ringing in the new year with a top resolution to save money. this as congress is reportedly set to unveil a $1 trillion spending bill this week, but with the national debt topping $17 trillion, should congress take a cue from us? john? yes. look, i have a lot of faith in the american people. you look at what the american people household debt has done since 2008, it s gone from $12.5 trillion down to $11.3 trillion, down 10%. look at what the government debt has done from 2008 to now, $9.2 trillion to $17.3 trillion. with the budget control bipartisan, they are all going against it or most of them are against it. before they even came out with a plan, the democrats, the republicans and the president denounced the plan they had never seen putting austerity in place is going to take a politician with a backbone, that s something we don t have in washington, d.c. gary, here s the big difference, we spend and save
the government off the hook. we need to hold washington, d.c. accountable for each and every dollar of american taxpayer money they spend and we are not doing that today. that is why i think we need to get some new people in washington, d.c. shannon: let me ask you, you mentioned the debt commission which is going to have its first meeting this week. do you think there is any chance that it does accomplish something and that any good comes from the process and those meetings? well, i think what the deficit commission is clearly going to highlight is that we have a huge and unsustainable level of debt. the answer to that debt problem, $12.5 trillion now going to $20 million within the decade, i think there are only two solutions to the problem. one, we to grow the economy which means cutting taxes, not raising taxes. and two, we have to cut federal spending. we actually have to begin cutting federal spending and that means i believe holding out representatives in washington, d.c. ac