well, i mean, the biggest effect is that you avoid what the administration had set up as default. and the treasury department and the president coming out and saying all of the negative things that could happen beyond tuesday. that has two effects. one is everyone is looking to this deadline, and it sets up this cliff, and there s this battle back and forth that, obviously, we ve covered very into the deep details of everything. but it also paralyzes some people. the kind of deer in the headlights. and there is a feeling that this is sort of a breath, an exhale for people to get about their business. that said, we have another standoff about a month and a half away now, the end of s. september is the end of funding for the u.s. government, what s called the continuing resolution. it s the end of the fiscal year. and we ll have another one of these battles. republicans are saying that this is one step at a time. they re going to go after this
about when they were looking for the bigger deal seemed to be roughly in that neighborhood as well. but in the end we sort of got into a negotiating down where each side was taking things off the table. mcginn necessary called the deal struck sunday night, quote, a drop in the bucket, even spit in the ocean, unquote. sean west noted that the package, quote, doesn t have a lot of actual cuts and provides little clarity about the u.s. trajectory in the medium term. jon. jon: james rosen live, thank you. jenna: we re going to look ahead here a little bit. as we mentioned, the debt deal is expected to clear the senate in about a half an hour and move on to the president s desk for final approval. with the unemployment rate still hovering over 9%, there s the question on the minds of many be of us about what s next for the future of our economy. carly fiorina is the former ceo of hewlett-packard, and she s joining us now. carly, nice to have you on the program. great to be with you, jen
this whole debt debate if you think about it is whatever attempts and i take nothing away from their efforts to create jobs they have not really worked. warped by net losses in the two and a half to three million range since this president took office. now, as he points out, as democrats like to point out, they inherited a mess. the argument now that s increasingly forming in many people s minds is they re making a bigger mess of things. how do we have this dilemma? how do we correct that? the reason for this measure today is maybe if we take more capital out to have government s hands and put it or allow it to be in private individuals and businesses hands, that ll make a better go of it. that s what a lot of republican senators and many others have been advocated they want to see. of course, the devil s in the details, but the overall side to this is probably wanting at around $2.1 trillion over the next ten years, a lot of this is back loaded. but as many have argued, we came
reporter: at this point, certainly. and one thing also harry reid was saying, of course, each side plays their political points, republicans are no different, but at issue about the tax rates and whether under president bush they made a difference. since i m the resident geek in this chief at fox and i coffer this stuff, people forget, john, that at the start of the bush administration we were going into a recession. we know that it predated him by a quarter, some say two quarters, and we do know at that time that the nasdaq was literally imploding down from a high of 5,000 to half that in short order. so all that money that was coming from wall street was just disappearing away. many argue and many have since conducted studies to this effect that had we not gotten the audiotape of and the stimulus from those tax cuts then, the recession certainly would have been far worse. people also forget that we had this little event called nerve that disrupted things, i think,
those negotiating the last minute debt ceiling deal across both parties at the white house and capitol hill tacitly eye greed to leave the major pieces of budget reform alone now including social security and medicaid and the estimated $1 trillion a year that our tax code contains in tax breaks of various kinds. in all, this deal aims to cut about two and a half trillion from deficits over the next ten years, but we will be borrowing another ten trillion or so over that time. a report released on july 14th by standard & poor s, the credit ratings agency, stated and i quote: we expect the country s debt trajectory to continue increasing in the medium term if a consolidation plan of four trillion is not agreed upon. testifying last week, standard & poor s president said his ratings agency had only cited that $4 trillion figure as being within an acceptable range of outcomes. what speaker boehner and president obama were talking