heather? small businesses across the country are taking a hit amid the recent economic slow down. we are learning that it could get even worse on january 2nd automatic spending cuts kick in from 2011. one projection says more than 2 million jobs could be lost and a recent study from aerospace industry says 45 percent of those will be small business workers. also alarming this word from a recent small business committee hearing. it could be the loss of 109 billion in personal earnings and a reduction in 1215 billion from gdp. how can small business owners prevent themselves from losses? let s go to vera gibbons. they are alarmed right now.
million jobs to go through all the defense cuts. it was submitted by the aerospace industry association. it says the gross domestic product would sink by $215 billion if they input the defense cuts. those results we got right there, are also in line with other studies done by independent organizations out there. bill: so republicans are not taking this tax threat lightly. republican leaders firing back accusing democrats holding the economy hostage. republican senator john barrasso, we ll talk to him about that. he joins us live later this hour. stay tuned. 35 minutes away on that. martha: boy, owl eyes when it comes to the economy today is on one place. that is fed chief ben bernanke. he will testify before congress. that starts in less than an hour. he will talk about the state of the u.s. economy and all of the recent numbers that we ve seen point to a slowdown recurring in the u.s. economy. the big question will the fed intervene in any way?
vermont is opposed to the deal, is circulating a dear colleague letter urging house democrats to oppose it. but i just don t see the opposition sustaining anything close to a filibuster in the senate. so lay out what we know about the specifics of the deal and how much it will cost us, if you would. sure. right now we know that everything is basically two-year extension, except for unemployment benefits, which is going to be a 13-month extension. the cost of extending the tax cuts just for the rich is going to clock in about $95 billion. the cost of everything else, the tax goodies, the unemployment extension that the administration secured is about $215 billion. so right there and then you have a small victory for the administration. they got more in terms of tax goodies than they did in giving up in terms of tax cuts for the wealthy. but to say it s anything but a capitulation by this administration is to not do it justice. clearly this white house wanted to end the bush tax cuts
but i just don t see the opposition sustaining anything close the a fill buster in the senate. so lay out what we know about the specifics of the deal and how much it will cost us, if you would. sure. right now we know that everything is basically two-year extension, except for unemployment benefits, which is going to be a 13-month extension. the cost of extending the tax cuts just for the rich is going to clock in about $95 billion. the cost of everything else, the tax goodies, the unemployment extension that the administration secured is about $215 billion. so right there and then you have a small victory for the administration. they got more in terms of tax goodies than they did in giving up in terms of tax cuts for the wealthy. but to say it s anything but a capitulation by this administration is to not do it justice. they wanted to decouple it from tax cuts for the middle class. and they re going home tonight admitting that they couldn t do it. they didn t have the votes, and
letter urging house democrats to oppose it. but i just don t see the opposition sustaining anything close the a fill buster in the senate. so lay out what we know about the specifics of the deal and how much it will cost us, if you would. sure. right now we know that everything is basically two-year extension, except for unemployment benefits, which is going to be a 13-month extension. the cost of extending the tax cuts just for the rich is going to clock in about $95 billion. the cost of everything else, the tax goodies, theรง unemployment extension that the administration secured is about $215 billion. so right there and then you have a small victory for the administration. they got more in terms of tax goodies than they did in giving up in terms of tax cuts for the wealthy. but to say it s anything but a capitulation by this administration is to not do it justice. they wanted to decouple it from tax cuts for the middle class. and they re going home tonight admitting that they c