revolution and the rippling effects it may have on your 401(k). president nicolas sarkozy with his tough talk on austerity and his supermodel wife there is now officially out. and a socialist, francois hollande is now in with a promise to raise taxes and also emphasize growth. that makes u.s. markets very nervous as does the result of a vote in greece that put its austerity plan at risk as well. also investors in asia are the first ones to have a chance to react to that result in france and they do not like it. all the major indices across the region are down this morning. somewhere around 2.5%. that spells big trouble for trading today both in europe and right here in the u.s. of course, the economy will probably decide our own presidential election as well. but hot-button social issues will also be in the mix. tomorrow, north carolina votes on a constitutional amendment outlawing gay marriage. and that was ruffle something feathers this morning. here s abc s david kerley. repor
french were tired of it. and i think the fact that hollande real sold his boringness and the french like his boringness right now, that shouldn t be discounted either. it s not just about the euro. all right. quick question. obviously, there s tremendous ripple effects to all of this. but one of them could be felt in england, which is obviously in a double dip recession right now. and i m wondering has the cameron government looked at this and decided maybe it s time to change course with its own austerity plan, or are they staying the course in light of the economic data that s coming from england right now? no. they are doubling down with a double dip recession. cameron is actually preparing to reinforce his support or underline his support for the spending cuts that have yet really the full impact has yet really to begin in britain. we are only at the early stages. of course, in a spectacular piece of diplomacy, cameron basically snubbed hollande when
what is frustrating about the white house is they have had four budget submissions and they decided to duck this challenge every time. more debt, more spending, more taxes, and that hurts our economy. that will lead to austerity, and we think that s wrong, and that s why we put out alternatives. we had tim geithner who game to the committee on thursday and said, quote, we don t have a definitive solution, we just don t like yours. i can t think of a better example of what stems up the crisis. congressman van hallen, respond. jack lew and ben bernanke are right. if you have a strict austerity plan right now, we will lose the gains we made. we need to follow-up with the rest of the president s plan in addition to the payroll tax cut, and the president proposed last september we have a major infau
white house is they have had four budget submissions and they decided to duck this challenge every time. more debt, more spending, more taxes, and that hurts our economy. that will lead to austerity, and we think that s wrong, and that s why we put out alternatives. we had tim geithner who game to the committee on thursday and said, quote, we don t have a definitive solution, we just don t like yours. i can t think of a better example of what stems up the crisis. congressman van hallen, respond. jack lew and ben bernanke are right. if you have a strict austerity plan right now, we will lose the gains we made. we need to follow-up with the rest of the president s plan in addition to the payroll tax cut, and the president proposed last september we have a major infau structure investment, and we
example of what stems up the crisis. congressman van hallen, respond. jack lew and ben bernanke are right. if you have a strict austerity plan right now, we will lose the gains we made. we need to follow-up with the rest of the president s plan in addition to the payroll tax cut, and the president proposed last september we have a major infau structure investment, and we have roads and bridges and airports that need to be renovated and built, and we need to put those things together. that s the one piece of what this president s job plan and budget does. the second part is we need to balance the deficit and deal with it in a balanced way. this is not a question about whether or not we should reduce the long-term deficit. it s how. the republicans and paul ryan s budget does this, it s a one-sided lopsided approach.