john defterios takes a look at that just ahead.tay with us. >>> welcome back from cnn hong kong and london. you're watching "world business today." >>> now, the on fire debt deal calls for $2.5 trillion of cutting in the next ten years but will it help the state of the faltering u.s. economy, which we know from the u.s. manufacturing reports shows some sign of strain. cnn's john defterios joins us here from london. give us a bit of detail. how bad was that? >> it's interesting. the survey has very closely watched. it's indicated what the futures's going to look like. number one, it was very dire, but we had a 5-point plunge, that's after a strong rise in june. we have a turning for the better in the second half of 2011 that's going to point to higher growth. what i think this points to is the impact the debt impasse is having on the psyche of the consumer and is spilling over to the business community, number one. number two, we know the fed stimulus is not as stromg as it was in the first half of 2011 nor as strong as it was in 20

john defterios joins us live from abu dhabi. it does seem there's a willingness to get the money to the rebels fair li quickly, john. >> this is a case with the money keeping pace with the change on the ground in libya, especially tripoli. let's take a look at what's at stake here. talked about initial transfer of money of $2.5 billion they're hoping to get released at the meetings taking place this evening. that's part of the $10 billion being held right now over all libyan assets. we know the uprising started six months ago. the asset freeze really started kicking in four months ago. two-thirds of the funds are being held by the governments of the u.s., u.k. and germany. the frirs tranche of money is supposed to be released shortly, $1.5 billion by the united states. let's listen. >> the u.s. government has taken honorable steps and very welcome steps of releasing about $1.5 billion of frozen assets, and the legal work is being completed to that end. this will be very helpful for the first injection so as to get us off the gro

cn anchor john defterios joins me in london to explain why. $2.5 trillion might be headlined, in facthat they have on the table is a trillion dollars over ten years. so e we're looking at cuts of $90 billion. the remainder, 1.4, 1.5, is going to be passed on a super committee to get it done by christmas time before the christmas holidays. it's not really 2.4, 2.5. >> that's kicking the ball into the long grass. >> if markets were to get cuts of $4 trillion to $5 trillion of this deal so the expectations are almost cut in half, and, in fact, they only have 900 of the 2.4, 2.5. let's look at the realities. this is why the market has trepidation. the debt to gdp is still expected to stay between 97% and 102%. look at the budget deficit of gdp. 10.7%. the reality is you feel comfortable because the debt ceiling has been raised but it's not a great story for the u.s. you're raising the debt to $16 trillion. it's not going to dent the debt to gdp. they're saying if, in fact, you've got $5 trillion in cuts by 2020, the long-term debt would be 7 p 5 to 80. if you cut that in half, this number