he saw a worker having a seizure. he went immediately into action when he saw she wasn't breathing. his efforts and that of paramedics revive the woman. he said he didn't know how to describe the experience. you know how to describe him. jim joyce is a hero. that's it for lis report." thank you for joining us, we will see you back here tomorrow. lou: good evening, everybody. the white house and congress reeling from the overwhelmingly disappointing forecast on what will happen to the economy if congress and the president fail to install tax hikes in the new year. the congressional budget office now projecting 2 million more workers will lose their jobs by the end of next year, and the unemployment rate is expected to rise above 9%. where is the senate, house, and

presidential leadership to stave off the fiscal cliff? we take that up here, tonight. new polls are now established in the storyline. the presidential race remains a dead heat. what is governor romney's plan to turn the momentum in his direction? romney advisor and governor of new hampshire john sununu talks to us. also, new book about public employee unions and how they prosper ile the rest of the country struggles. "shadowbosses: how government empoyee unions control america" author mallory factor joins us. his book will be a bestseller. and a record west nile outbreak in this country. has the cdc on alert. that is not the only mosquito borne disease spreading throughout the country. we will have that report straight ahead. first, our top story. new government report predicts another significant recession if the president and congress don't

stop a series of spending cuts and tax hikes that are scheduled to go into effect at the end of the year. the cbo reports that while the deficit would be cut by nearly a half trillion dollars, it would be at the expense of more than 2 million jobs. meanwhile, the president choosing to focus on attacking his opponent instead of proposing any policy that would avoid the spending economic calamity. team obama putting governor romney's wealth and tax returns and his days at bain capital at the forefront of the reelection efforts instead. >> how many grants and loans for college students, governor romney has made his time as an investor the basis for his candidacy. governor romney is on the wrong side of these issues. lou: president obama reverting to a very familiar tone. the president applauding everything that he has done ing a line that hee.

has used time and time again on the campaign trail. >> the fact is that everything i have done has been focused on how we rebuild that strong middle class and how we make sure everybody is getting a fair shot. everybody is doing their fair share. everybody is playing by the same set of rules. lou: a return tonight, unemployment tonight simply not an indicator of the rebuilt middle class. are you excited about this election yet? for more on the economic progress from the congressional budget office, we go to fox news chief white house correspondent ed henry. reporter: as president obama made his case in another key battleground state -- >> the fact is that everything that i have done has been focused on how we rebuild that strong middle class. reporter: back in washington, a harder verdict about the fiscal

mess in the congressional budget office said that the president will see the budget exceed a chilly in dollars for the fourth straight year. >> we don't know how long this can go on for. reporter: leaders in both parties failed to stop massive tax increases and automatic spending cuts coming at the end of the year. there will be short-term deficit relief, but it could spark another recession. if allowed to occur from the sharp reductions with taxes, and increases in taxes, will lead to a dramatic reduction in the federal deficit. trimming it by almost $500 billion next year. that would be a significant tightening of fiscal policy. and would probably lead to a recession early next year. reporter: while the president said nothing about the report, some jumped on it saying the fiscal cliff could be avoided if house democrats joined republicans in extending the tax cuts for middle class. they are willing to hold the

middle class hostage unless we get massive new tax cuts to millionaires and billionaires. tax cuts we can afford. reporter: republican mitt romney wants all of the bush tax cuts extended. in today's cbo report is another indictment of the president's economic policy that resulted in overspending, increasing debt, and a growing financial burden on the next generation. just one day after vice president biden declared that the middle-class is coming back. >> they have been ravaged, but they are starting to come back. we help them keep their homes and their health care. reporter: talk of a comeback may be dampened by the federal reserve. newly released minutes show many fed officials think action will be needed fairly soon, unless incoming information pointing to a substantial and sustainable strengthening in the pace of economic recovery. reporter: the bottom line is that the cbo stresses that if in

fact congress is able to work out a debt deal, that is a big if, of course, congress is not acting on a lot of things right now, we could prevent a recession, but we would still be on the verge of a fiscal crisis. that is going to reach 90% of gdp by 2022. lou: it is extraordinary that we are not seeing more language, not even action, but language on this very impending event by the president and congress. as the cbo called it, a calamity. >> everybody seems to be kicking the can pass the election down the road and they want to wait until there is a lame-duck session. lou: it seems to me, if i may say, they are under estimating the tolerance of the markets. it is not likely that investors and markets will be forbearing this time, as we go into the fall. i want to turn to the president who is now in new york,

combining two of his favorite activities, basketball and campaigning. >> it is the so-called obama fundraiser. carmelo anthony, michael jordan, some big donors there watching this all play out behind closed doors in your city. we are told the president himself is a good basketball player, we've seen them play many times, but i'm not sure that he is the caliber of michael jordan. the fact that we are told that he had a little bit of a knee injury, i don't blame them, going up against jordan would be no easy task. lou: no easy task. i can barely dribble a basketball. i would love to have the opportunity. [laughter] lou: it has to be an amazing amount of money he's going to raise tonight with those folks in attendance. thank you very much, ed henry.

you will be in attendance here tonight. ed henry is the chief white house correspondent. our next guest is referring to the obama campaign team as delusional. he has criticized the chicago style gutter politics. joining us now former new hampshire governor and white house chief of staff, john sununu. john, good to have you with >> like to point out how they avoid telling the truth. when stephanie cutter went on one of the morning shows said president obama in the last 2 1/2 years created more jobs than ronald reagan in his recovery, shows you how they lie. they lie, l. obama is bragging about creating four million jobs in the last 2 1/2 years. he is still short of creating a positive number over his full term but they're bragging about four million jobs. ronald reagan and in his last two years when we came out of carter recession,

created 7 million jobs. now maybe the fact that this administration doesn't know that four is significantly smaller than seven explains a great deal of the problems we're having. ronald reagan in his full eight years created 16 million jobs. 16 is a hell of bigger number than four million jobs. so stephanie cutter lies and the obama administration can't count well, i would have k you if that is the longest answer for a question that i never asked. >> you're right lou. i apologize. lou: no. the fact of the matter is as us you're enlightening at the same time entertaining in a way if i may say. let's turn to -- >> all showbiz, lou. lou: i understand. let's turn to these polls. we're starting to see some closure. the nbc "wall street journal", obama 48-romney 46. that is improvement from

july. "abc news/washington post poll" 50% of the senior citizens 65 years old and older, shock of shock, actually like paul ryan. and, that is also a significant improvement. and it suggests that this is not going to be quite as easy to scare seniors with the, the issue of entitlements as some in the democratic party had suggested. >> look. with mitt romney and paul ryan you have got two guys who like to talk directly to people and feed them the truth. and talk about the hard problems and the hard choices we have to make. and, americans including our seniors and, even our young people understand that when you give them the facts and the truth, that they have got to be part of the solution. and i think that what is what you're seeing happening in america. i think that is what the next eight or nine weeks all about. lou: governor john sununu as always, thank you very much. may i say thank you for letting me ask a question.

come back soon, governor. john sununu. >> thanks, lou. lou: it is not only governor romney issuing dire warnings about obamanomics, the newest government forecast is chilling. >> unemployment rate will rise to about 9% in the second half of next year. and remain above 8% through 2014. lou: are you excited about this election now? well you will assuredly be when you hear what lou lariman has to say. out of the shadows. nearly half a million federal employees make six figure incomes. you heard me right. an explosive new book on government excess and the silent but awesome power of public employee unions in tonight's chalk talk.

lou: dire economic warnings and the path to prosperity. whose fault is with fiscal cliff? willoughby of your realized? joining me now is lew lehrman. joining me in just a moment. first, wall street's climbing back, investors getting what they wanted from the federal reserve, or at least so it seems. the dow jones industrial is down 31 points and has been down more than 80 points until the fed released the meeting in july

results. the s&p gained a fraction. the nasdaq gained a little bit. pretty good. minutes from the fed policy meeting show that many show the economy failing to demonstrate substantial improvement. economic news tonight, sales of existing homes, and this is good news on housing -- up 2.3% in july. some would say that's short of expectations. i would say it is good news. it is the first increase in three months. our next guest says the fiscal cliff projections are directly attributable to the president's lack of an economic policy. joining me now is wall street legend louis lehrman, former morgan stanley chairman, author of the book, the true gold we have cbo forecast, unwelcome as one could be by this president and his campaign staff as well as the white house. we're looking at horrible numbers. two million jobs at risk. should the fiscal cliff not

be avoided by congress and this president. 9% plus on unemployment. your reaction? >> first what is the cause and second what's the solution? it is obama's administration is the cause? i mean they have had four years to restore employment. we aren't at level of employment where he took office at the second is the solution? we need a new president just as harvard historian niall ferguson on the front of "newsweek" advertised. lou: amazing the way in which the, i guess you would call them a community, if not a cult, economists are reacting at harvard university itself, going after niall ferguson as if he had absolutely committed an act of heresy with the+++? me

soviet union by every comment policy. that is what happens now almost every day on wall street. you have tens of millions of dollars of wages being paid to try to understand what unelected representatives of the federal reserve system are trying to do. the one we had a glimpse today of what had happened a month

ago. is your heart warmed by finding that there is some considerable discussion about what to do? if the economy does not improve significantly, substantially from here? >> wall street is begging for qe-3. especially the speculators. the great irony will be is that if obama goes through this tax raising policy, at year end, and the bush tax cuts expire, every entrepreneur, every private business owner, every private equity fund is going to be leveraging up, borrowing money, paying dividends so that they can get their dividends today at 52% tax rate rather than a 45% tax rate be one what will be the trigger date? willoughby the election itself, or will there be a sense that they can't wait to make their judgment as to who will win and

then ask about that judgment in the days and weeks leading up to november 6 election? >> i think it is election day. obama does not care about playing roulette. in 2012, despite a near recession for the entire year, it will go up in above expectations. in 2013, it will go down. everybody will be realizing their income this year. from the middle classes to the very rich classes. rather than after. lou: do have a judgment about the outcome? it is hard to judge precisely and definitively one causing all of us. you think it has anything to do with expectations about who'll win the election? what is your best judgment? >> i think there is a little bit of a bit of investors.

on the other hand, wall street has its own judicial system. the economy is declining and the jobs are going down, the speculative interest says, well, the federal reserve will be more substantial and their impact. lou: we will see just how perverse it gets in the weeks ahead. up next, government workers and union bosses. living high on taxpayer money. the private sector are struggling, of course. i'm sure that this administration want to do something about it. meanwhile, taking a look at the shocking numbers for you. laying out the power of public employee unions in tonight's talk talk. and the man who exposed this government excess. mallory factor, author of "shadowbosses: how government empoyee unions control america." he will be with us in mom

lou: a new book has shot to the top of the bestseller list. democratic party leaders are not too thrilled about this book. that is because there are 8.3 million government workers in the country. 8.3 million of them. that is a lot of folks. and they make more money and work less than the private sector workers. a plain statement of fact. you and die, taxpayers, all of us are paying for the time that they spend. we are paying for the time that they spend working on union

related matters. that is called release time. release time. it amounts to, amazingly, 23 million man-hours and it is effectively a taxpayer union to the tune of $1 billion. $1 billion a year. really? released a taxpayer money. it is incredible. this will please you, too. nearly half a million, half a million federal employees cia federal employees. one in five are compensated. one in five federal workers. that is called employees.

and that, half a million folks, make in excess of $100,000 each year. each year. and they received up 2 1/2 months, 2 1/2 months, time off. each year. but being a public employee union boss is really, well, it's really the pinnacle of it all. the union bosses make on average 10 times, 10 x, what their members make. the president of the american federation of state, county and municipal employees union, by the way, the, the union, makes just

$555,000 a year. $555,000. the presidents of the national education association, the, nea, the, the federation, american federation of teachers, we'll call it that. they're in for 400 grand a year. and teachers unions by the way, because this is where it really gets good. teachers unions overall, collect more than two, i just going to use this. teachers unions collect $2 billion in dues each year. think about that.

$2 billion in dues. that money is going to liberal politicians, well, for example, president obama. his signature health care law designed to unionize, says this new book, 21 million health care workers, 21 million health care workers. is this starting to come together for everybody? are we starting to see this web of interests and direction and why? because for every million of these workers, unionized in the 27 nonright to work states, unions stand to earn a billion dollars in dues. do you get the feeling that there's a little at stake here? when we talk about obamacare, health care workers, unionizing as many as 21 million health care

workers? well if you're trying to catch your breath after taking a look at these numbers, get ready to meet the author of the new book, shadow bosses. mallory factor is the author. first we want to explain the numbers at the bottom of the chalk board real quickly if i may. this 28? that is the percent of latinos, 28% of latinos who say they will back governor romney in the new wall street journal/nbc news poll. the republicans by the way, are looking for 38%. this zero? it is the amount of support that governor romney receives from black voters. are liberal teachers unions indoctrinating our youth? guess who really runs our public school.

>> mighty mighty union. lou: we'll talk about public employee union power with with the author of, "shadow bosses". it is deadly and making history. >> that is the worst west nile outbreak in the united states. i mean, for the whole, it has been in 43 states. >> what we have right now is a very serious outbreak here. what we need to do is interrupt the transmission cycle as soon as we possibly can to try to save lives. >> new reports from the cdc. we'll have the latest. 76 days until the election and president obama in las vegas. >> hello, las vegas!. [cheers and applause] oh, it is good to be back in nevada. lou: but be careful, mr. president. one famous vacationer gave new meaning to the strip in vegas. sometimes what happens in vegas, doesn't really stay

there. t really stay seems they haven't been moving much lately. but things are starting to turn around because of business people like you. and regions is here to help. with the experience and service to keep things rolling. from business loans to cash management, we want to be your partner moving forward. so switch to regions. and let's get going. together.

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for the best summer sweepstakes. lou: new reports tonight that this country is now a experiencing the deadliest outbreak of the west nile virus in our history. nationwide the virus has now killed 41 people so far this year. according to new information for the centers for disease control, more than 1100 people have contracted west nile virus spread over 38 states up from fewer than 700 cases just a week ago. more than half of these cases reported in texas where aerial spraying began last week. other mesquita borne illnesses are also arriving in texas we assume, and it is only an assumption that it is related to this extraordinary drought that the nation is going through. the state of texas has seen as 65% increase in cases of malaria

and a 300 percent spike in band-aid fever cases. well, in tonight's "chalk talk" we laid out how american taxpayers are financing unions and how the president's health care law is an effort to unionize 21 million health care workers. all of these and many more stunning packets of information together. written a brilliant new book, shadowboxes, government unions, control america, and rob taxpayers blind. great to have you here. i have good material and we have more for you to cover. we are going to turn first step the very idea that this is a significant part of the true obama agenda. >> this is the real agenda. the real agenda are the unions

to our government employee unions. he wants to unionize health care. the only have about amelya that health care workers unionized. as government starts paying more and more to our health care services they will start unionizing them. already ten states have unionized out of independent contractors. you will see nurses, doctors. remember as you so well pointed out, every million members is a billion dollars in dues. lou: a stunning number. >> stunning. lou: what unions tend principally to benefit from this effort, this initiative of the obama agenda? >> mci you, service employees international union with the president was part of, an organizer asked me. by the wake of president obama is really our first union labor president. lou: i guess i had not thought about it that way, not to and pans on the need gingrich food stamp president, but he is a man

, certainly a historic figure in so many ways. interestingly there is a lot of history coming into collision. one is the right to work and the unions, the power that time when most people think of unions as being almost relegated to the dustbin of history, under 7 percent, union organized labor in the private sector, my gosh, as you point out in the book december said the public employees are organized. >> they sure are, and 41 percent are under unique control because a fourth collective bargaining. what has happened is the democratic party figure out that if they start giving money to these politicians the politicians would give money back to them in a never-ending cycle of corruption and greed.

lou: this goes back to the 50's and mayor wagner. >> it does. lou: so it all began. but right to work states. how many right to work states? >> we have 23 now. lou: 23, and as you point out, that isn't the whole story of what is going on here. >> no, it isn't. it is a good part of the story because in right to work states you don't have anywhere near the unionism, obviously, that you do in the forced unionism states. but there are only seven states where you are not forced into a collective bargaining. sixteen of those right to work states, when there is a union they cannot foresee to pay them, but they are your sole representative, so 60 percent more people do pay them. lou: your rights are overwhe ed presence of the unions in the workplace. do you think that is going to change? how strong is the right to work movement and, how is this confrontation between,

what as you point out is rising union power and riches with which to move ahead their efforts in the private sector as well as the public? >> well with the unions have about $14 billion a year that we can find that they spend, to push politicians to feather their nests. what happens the members have no idea who they're actually, of the politicians are supporting and what they do with their money. it is just shocking. lou: very quickly, how much of a role do you think unions are going to play in this presidential election? >> we wouldn't have the democrat party we have today if government employee unions didn't have the treasure trove of money. they're the piggybank. they're also the engine of socialism in our country. the money that they supply to our politicians is that gasoline for that engine. lou: we're going to see what the conclusions are in the

weeks ahead. much luck with with the book. shasad dough bosses, government unions control america and rob taxpayers blind. so says, mallory factor. coming up next, florida voters in one congressional district demonstrating they have enough. how does a large animal vet nair i don't know no -- veterinarian, with no political experience knock off a 12-term congressman? it began with one straightforward message. a florida congressional candidate joins us next. he is here because he is a veterinarian. not because he is running for congress. honest. . ..

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lou: my next guest, 12 term congressman cliff stearns and florida republican primary just

received the endorsement of governor sarah palin's. joining us now, congressional candidate take your hope. good to have you with us. i guess i should, you know, i should tell you, people may not know, you are a large animal veterinarian. and i have to ask you. first, i have to say congratulations. secondly, how in the world is a man who like animals myself, while family does, how could you give of veterinary practice for politics? >> it's funny because on the campaign trail of other people ask me that. you know, you are leaving a bl thought highly of and going to congress which has a 9% approval rating. i said if you're going to start somewhere, always best to start at the bottom and work your way up. lou: well with the idea you have knocked off cliff stearns, what does that say in your judgment? interpret your win and prospects for us, real quick, if you would? >> i think what that says, the message that resounded on the campaign trail, our message was, we had enough.

and you know, the people that we talked to on a daily basis for the last three or four years, they kept saying career politicians are the ones led it here and failed to prevent it and neither was acceptable. we realized only way you will change washington is changing type of people that are up there. i plan to be that type. lou: well, and that is a noble aspiration. and i think your constituents, you're offering that as a pledge. let me ask you how important sarah palin's endorsement is to you and what kind of support you feel you have going into this, into the general election? >> i think governor palin's endorsement, number one, we're super excited about it. i think it is going to be real important. bring as certain base to our campaign. she changed the face of politics, showing that the soccer mom, can become a governor, that can become a vice-presidential nominee. i think it is time where with the regular people are standing up and certainly i'm as common as they come, in fact we got an

endorsement from done any van zant. the had the song simple man. i don't know if that is a good thing. anyways i feel good about her endorsement. lou: when you say a simple man, veterinarians, everybody watching knows, you can't be too simple to be a practicing veterinarian. practicing, get through veterinary school. what do you think you're going to bring to congress should you win? any other candidate would not? >> well i think what we'll bring as a business owner and as a veterinarian, i have a different perspective i think than the career politician. unlike the entrenched politician i've been in the trenches on daily basis last 30 years. we've been on receiving end of rules, regulations an mandates killing businesses. i've been fortunate i've been both the employer and employee. i remember how it feels to signed both sides of a paycheck. i think a lot of them forget that up there. that's what i plan to bring up there.

lou: ted, we appreciate you being with us. >> yes, sir. lou: congratulations. wish you the best. >> i appreciate the opportunity to be here. been a big fan of yours a long time. >> thank you very much, ted. >> yes, sir. lou: well it is a dead-heat. new poll numbers, the presidential election getting tighter. next week's republican convention, give romney the boost he needs? a-team with the answers. michael good win and judith miller. they're on the way. stand by. ♪ >> the government of california is like the government in washington, d.c. in microcosm. they always want more of your money. they never meant a tax they didn't like. guess what, they are at it again. all on "varney & company" at 9:20 eastern. you see us, at the start of the day. on the company phone list that's a few names longer.

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♪ lou: joining me now, the "a-team." author of the book out numbered. to that. pulitzer prize-winning -- new york post columnist, fox news contributor, and another plot -- pillar to prize-winning journalist and fox news contributor. good to have you all here. genentech, i have to say, i am amazed that this race is tightening it quite the rate that it is. are you surprised? >> i am actually amazed that it is this close given a obama's record and it is disastrous unemployment. i am surprised that romney has not pulled away from a more. i realize barack obama is an incumbent president and area during a lot of the scare tactics in its medicare against women and all of this nonsense, but i still keep waiting for people to wake up and say, hold on a second, this has really been a failure as president, and

i am not voting for him again. lou: well, you know what he says whenever he does allow me to answer questions, he talks about it much too early to even be paying attention to these polls in any real, significant way. what do you think? >> people really aren't paying attention except for those whose minds are already made up, and we see that again and again and again. the idea that this election is going to be decided by people in seven counties of this country, the rest of us can just go barbecue some reds and, you know, watch dancing with the stars. lou: one of those requests is. the newspaper comes down to seven counties. but they're is a mind that seems made up to me. and that is, michael goodwin who in his column rights of president obama, number 44,

specializing in a small mine this, that would be small mindedness fuelled by arrogance and contempt because i cannot speak as well. forgive me, but we get your point certainly. you have lost all hope for this man. >> well, lately, the tax, including at the press conference on monday. he is not really being a president ever without injecting partisan politics into every event, every moment, every government election. you just get the sense that nothing matters. he is not really the president. he is a campaigner. i think he is, in fact, the menacing the oval office, shrinking the presidency by doing this. this is not about the good of the united states but about the good of his election. that is the small mindedness that we frankly, even bad presidents to might think, feel weighed down by the office to act up to. he does not feel that. lou: you are shaking your head.

>> i cannot agree. when you like it your record -- his record, the amazing things he has managed to get your republican congress and democratic senate, i think that the stimulus and tart, killing. he has a good record to run on. lou: actually -- >> he has the support. that's true. lou: a democratic senate. by 50% to delete your enthusiasm >> no. i'm not enthusiastic, but i think when it comes to a choice between mr. rodney or obama lot of americans are saying, the guided not do too badly. the economy is slowly recovering let's give him another shot. i think that is what you're seeing on the bird democratic side. >> i disagree because a lot of what he did get through was grossly unpopular. if you look at obamacare, his signature and achievement, that remains unpopular with the american people, small businesses combusting applications that will have on people with all income bracket. the stimulus to billions of dollars, over 800 billion

stimulus and we have a consistent rate of unemployment over 8%. that is a telltale sign of failure, and people are not stupid. they see that. lou: square up, if you well, your analysis with the latest cbo report projecting the fiscal cliff that this president's, certainly harry reid has taken ownership of, wanting to push the nation into recession. 2 million jobs would be lost. how does that square up? >> those are dire numbers, but the flip side of that is this conference -- congress gets off its butt and does something. if they actually stop the tax -- you know, just continue the policies and not through spending cuts, we are going to have some significance. that is the other side of the equation that people aren't looking at. why aren't people saying congress, stop this. this is not a political issue. this should not be partisan

politics. the future of the country. lou: but the message must be. we have a president who has not submitted a budget. a republican house that has been -- i mean cannot put through i don't know how many times budget proposals. a senate is set to pass one. i mean, what in the world. it is definitively a partisan issue. >> and, i am struck by people who say congress, get off your butt. but the really mean is, republicans, give and to the democratic president and a democratic senate. as you said, the senate controlled by the democrats has not passed a budget and over 1200 days to my belief. lou: writes. >> and because they don't want to be held accountable for things they're doing wrong. >> did not want to be put on paper. >> dead don't want to throw keynesian economics out the window. >> i do. if it was going to work it would have by now. [laughter] lou: we thank you very much. thank you all.

appreciated. up next, one of our viewers as an interesting idea, a proposal to trim government. we are going to the and box. up tomorrow former new york city mayor rudy giuliani joins us. wells fargo chief economist. wells fargo chief economist. is this imaginary

for many, nexium helps relieve heartburn symptoms caused by acid reflux disease. osteoporosis-related bone fractures and low magnesium levels have been seen with nexium. possible side effects include headache, diarrhea, and abdominal pain. other serious stomach conditions may still exist. talk to your doctor about nexium. >> for your comments, m