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>> dave: debt deal judgment day, as stuart varney called it.om, she's here and we'll go to the couch, talking hot topics and the debt ceiling gives us plenty of those, doesn't it? >> i'd like to go back upstairs now, please. - hi, i'm halle berry, and as a new mom, i can tell you that childhood is a magical time. but for children with diabetes, life is not quite so carefree. the barbara davis center for childhood diabetes is fighting hard to find a cure. know the signs: irritability, excessive urination, weight loss. if you have any of these signs, please call your doctor. early detection can save your life. give to save lives and reach for the cure. call now or log on to childrensdiabetesfoundation.org. >> clayton: welcome back, ann coulter said, than it's a busy morning, you better believe it. there's a lot of news to get to and more of the debt ceiling debate, with ann coulter who will join us in moments. >> dave: and senator pat tierj -- pat toomey. >> 11 people were wounded, shots fired at a low rider car show outside of seattle, washingto

i'm stuart varney. paul is back next week. >> jon: on fox news watch. >> this is the most humble day of my life. >> jon: news corporation's chief rupert murdoch makes a heart felt statement during the u.k. phone hacking scandal. his appearance with his son james was big news there and big news here. how else did the media react and what else have we learned about the scandal. >> republicans have laid out a responsible and detailed path forward, and the house has passed it. >> jon: the house passes a plan to fix the debt crisis, but the media condemn the effort. >> do we really have time for a plan that is really just show? >> and the great debt debate goes on with more distortion from the liberal press? >> there he's saying brinksmanship, trickery around the time of a deadline just to get your way is sort of economic terrorism. >> has the negative media coverage hurt the effort. >> g.o.p. presidential candidate michele bachmann goes on the defensive after a negative story about her health and ability. d

that was a warm and fuzzy moment there. >> stuart varney, great host of "varney & company" on the foxess network. you can catch it every monday on the east coast. always great to see you. >> are you with us this morning? you know what we're going to talk about? >> h.p. touch pad. >> and -- >> and was john lennon a republican and a fan of ronald reagan? we have people who say yes, he was. john lennon. >> that sounds great. >> thanks, stuart. coming up here on the show, in one town, the unions have such a strangle hold, police officers can retire at the age of 50 with 90% of their paycheck but our next guest managed to get elected in that city by taking on the unions. >> and forget snakes on a plane. a sleeping passenger gets stung by a scorpion! that story is ahead. inside all of us is a compass and it always points true north. toward mountains of sand. townew sights and sensations. toward the true bounty of nure so let's set our compass for traverse city and find ourselves. in the magic, and the moments of pure michigan. your trip begins at michigan.org. when someone changes lanes wit

welcome to the journal editorial report, i'm stuart varney in this week for paul gigot. dramatic developments in debt ceiling showdown as house speaker john boehner called off talks on the so-called grand bargain. both sides meeting today. even if they get an agreement. is it too late to avoid a credit downgrade? joining the panel this week, wall street journal editor, james freeman. columnist, mary o'grady. kim strassel and steve moore. to you first, kim, if i may. are we looking more and more like greece? >> well, this is been one of the more remarkable aspects of this debate, stuart, in that only a few months ago both the white house and rating agents say we want you to have a clean debt ceiling hike, get it over with and then you'll be fine. increasingly the rating agencies are saying, actually you need to show us, demonstrate some sort of significant cuts or you might also, nonetheless, be at risk of a downgrade, too. so there's sort of two threats out there, hanging over congress's head. a deal potentially that shows some sort of significant progress on deficit cut

next, stuart varney uncovers something that will make your blood boil! right, stuart? >> yes. ok, you weren't supposed to talk. they're subsidized by your tax dollars to attack fox news. is media matters breaking the law or can they get away with this? even though i'm a great driver, and he's... not so much. well, for a driver like you, i would recommend our new snapshot discount. this little baby keeps track of your great driving habits, so you can save money. [sighs] amazing. it's like an extra bonus savings. [ cackling ] he's my ride home. how much can the snapshot discount save you? call or click today. on a track that simulates the world's toughest roads. ♪ [ tires screeching ] ♪ if it can survive this drive... ♪ it can survive yours. the nissan altima. innovation that lasts. innovation for all. ♪ >> over the past couple of months, we've talked about california going broke. well, maybe we know why now. shop prison shrink in the sunshine state made a whopping $800,000 in total compensation last year. >> it's where the money is coming from. stuart varney joins us right now.

stuart varney is beside himself. he doesn't even understand baseball.gest game in braves history but it was a longer night for the pirates who lost 4-3. 19 innings and it ends like that. that's why you should put replay into baseball. perhaps two or three separate -- two time-outs a game. >> he's out by a mile. >> it's not even close. it's called, listen, i gotta get out of here. i only get paid for a nine inning game and i'm not staying for 20. >> he's out. >> do they have to continue the series? the braves and the pirates. or was that the last game of the series? >> that's a good question. i haven't committed the pirates schedule to memory yet. >> we'll figure out if they have to face each other again. >> ok. >> checking. >> coming up in three minutes, stuart varney brings up a good point and let's debate the designated hitter rule for the american and national league and joining us now to discuss this, tim mccarver. let's bring in tim mccarver and stuart varney. should there be a d.h. in baseball? >> cricket next. >> fantastic. what we're hearing rig

and you could of those the white house for putting fox so-called news in its place the bad stuart varney or absurdity at fox the fox so-called news talking head took on george soros this morning on fox and friends after soros of the public interest ought to prevail over his own self-interest a seemingly reasonable comment barney went nuts. with the public interest story point that while there to be talking about the public interest on your show if you try to fix visit here so yeah i just want to i do not like the billionaires socialists who hate america and try to make money out of our rude i don't like that ok i think barney is confused he must be talking about the koch brothers not george soros unless you're sir as was begging to be taxed more and support policies that cost him money but improve the nation of course koch brothers generally support policies that make themselves rich at the expense of us that's one of the significant differences between billionaire conservatives. and billionaire progressive aggressors want to contribute conservatives want to make off with a big profit an

bill: stuart varney. u.s. secretary of state hillary clinton is saying she is sure a debt deal with be reached. >> i'm confident congress will do the right thing and secure a deal on the debt ceiling. and work with president obama to take the steps necessary to improve our long-term fiscal outlook. bill: no coincidence she made those comments in hong kong. can both side make a deal? senator ron johnson, a newbie on the hill. on the other side democratic congressman adam schiff is here. al report accused gunman in the norway terror attacks making his first court appearance. we also have amateur video of the moments after a car bomb ripped through the government district in oslo. the death toll from thursday's bombing and shooting rampage stands at 93 people killed. gregg, what happened in court this morning? >> reporter: we are going to know in 15 minutes when the judge reads the ruling. but it was a closed hearing. what wire told was the key thing is to establish the evidence to keep him in jail. they did on p

stuart varney is doing math today? oh, my goodness.e you got an a in calculus, my friend and the nationwide search is on. are you the next frank sinatra? we'll introduce you to a few of the contestants. mine was earned over the south pacific in 1943. vietnam, 1967. i got mine in iraq, 2003. u.s.a.a. autonsurance is often handed down from generation to generation, because it offers a superior level of protection and because u.s.a.a.'s commitment to serve the military, veterans, and their families is without equal. ben your lega. get an auto insurance quote. u.s.a.a. we know what it means to serve. the two trains and a bus rider. the "i'll sleep when it's done" academic. for 80 years, we've been inspired by you. and we've been honored to walk with you to help you get where you want to be ♪ because your moment is now. let nothing stand in your way. learn more at keller.edu. but also a caring touch. you learn to get a feel for the trouble spots. to know its wants... its needs...its dreams. ♪call 1-800-steemer. >> the house as you're now le

stuart varney, 9:20 on the fox business network. good network. >> you're quite right. >> coming up, he tried to kill americans by hiding a bomb in his pants. now the suspected underwear bomber telling the judge he's got a couple of demands. >> and they want equal rights and equal time. should gays and lesbians get a special spot in your child's history book? lawmakers say you bet. what that's all about next. [ male announcer ] 95% of all americans aren't getting enough whole grain. but actually, it's never been easier to get the whole grain you want from your favorite big g cereals. from cheerios to lucky charms, there's whole grain in every box. make sure to look for the white check. ♪ [ male announcer ] what is the future of fuel? the debate is over. ♪ lexus hybrid drive technogy is designed to optimize any fuel source on the planet. even those we don't use yet. because when you pursue perfection, you don't just engineer a future-proof hybrid system. you engineer amazing. ♪ >> time for some friday morning headlines. two people wer

can count on "your world," with neil cavuto and today we have stuart varney sitting in for neil cavuto right now. >>stuart: stocks up 200 points on word a new debt plan is in the mix. welcome, everyone, i am here for neil cavuto in "your world," not one, two, but throw plans to raise the debt ceiling on making their way through congress but only one is getting the president's praise. and it is not the one that balances the budget. a house vote on that is hours away. and it is not the backup plan, either. yet work is underway on that but another plan released by the gang of six, that would slash the deficit by adding new taxes and reducing others. the guy would bothed new life into the plan, oklahoma senator coburn. senator, let me ask you about the tax element. i am told you would reduce income tax rates. >>guest: that is accurate. >>stuart: to three brackets and corporate tax rates. >>guest: that is correct. >>stuart: that will make it attractive conservatives. what other tax angles? >>guest: this is no question the alternative minimum tax will be permanently eliminated. that is anoth

stuart varney from the fox business network. i don't know where to start on that thing. i mean, per second 126 grand? >> look, you've laid out the history of our spending and accumulation of debt binge. the point is as of right now it's getting much worse. this accumulation of debt and the spending has gotten much worse just in the last couple of years. for example, on the debt side of the equation we had, we now have a deficit which is ten times lance larger this year than it was in the year 2007. on the spending side, we simply exploded the spending. the stimulus plan, rapid increases in the government spending overall have left us spending $1.6 trillion more than we're actually taking in. the result is that no matter what they cut in these debt talks that are going on now, by the end of this decade we will be $20 trillion in debt. despite any cuts that are promised today in these debt talks. $20 trillion in debt, that puts you in the greek territory, bill. bill: um, that's frightening. >> yes. bill: also, if our debt is equal to the combined economies of japan and chi

stuart varney will answer that. >> while washington fights over every cent, the tax dollars that you already paid are reportedly being funneled to the taliban. how does that happen? st brian? only auto she took a stand for the pledge of allegiance and it could land her behind bars. should a

stuart varney? >> probably, yes.k, i think this is the centerpiece of a new energy policy from the administration. think of it, what have you got as an energy policy now? vague terms on can we drill for oil or not drill for oil? we hate coal. we're going to subsidize wind. we're not sure about nukes. we don't really have an energy policy. along comes 56 miles per gallon. we'll make you carmakers do that by the year 2025. there's an energy policy that will only take effect into the next four presidential terms but satisfies constituents and environmentalists right now. >> and it's all sort of a gimmick. you don't have to have all your cars getting 56 miles per gallon. it's a range. so you can have your suv's that people want to buy for all sorts of reasons, carry the gear and get to the soccer games and be safe and then you can have cars that other people choose to buy that are much higher mileage. so it's actually pretty much a gimmick. >> so long as you've got an average of all the vehicles you produce, creating 56

i am stuart varney here for neil cavuto. and day one of a hearing by the national labor relations board wrapping up as we speak. the board wants to speed up union elections from the current 38 day average to ten day average. former verizon wireless chief says it eliminates rights to fight off unions because the current board is "pro union." would you spell it out. if you speed up an election, 38 days down to ten days how does that kill jobs? >>guest: the way the process works is this: unions must get 30 percent of the group to be represented by the union to sign authorization cards. it takes months and months to do that. once the 30 percent of the workforce has signed the cards, they file with the nlrb for an election. the nlrb calls an election and supervises that election. today, it is usually 30 days for 40 days for the election to take place. what they would like to do is change that to ten days. all the months that it took to build interest and then to give companies only ten days to state their side of the case? it sla

stuart varney analyze them in a moment. [ male announcer ] how can power consumption in china, impactl exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >> bill: unresolved problem segment tonight, barack obama trying to position himself as a voice of moderation on the debt crisis. look at this chart. under president clinton the national debt increased by about $547 million a day. under president bush it increased by 1.6 billion per day. and under president obama, the national debt is expanding by an unbelievable $4.1 billion every single day. now, that's a road to bankruptcy. do americans understand what's happening. near now fox business anchor stewart varney. you see him 9:20 a.m. like the

welcome, everyone, i am stuart varney in "your world." and neil cavuto will, back tomorrow. and the president is expected to meet with house of representatives g.o.p. leaders and declaring their train dead on arrival writing off, cut, cap and balance despite the win last night. and the other "gang of six" train will not make the august 2nd deadline so it is full steam ahead for the mcconnell reid land. that is not making the cut with illinois republican congressman joe walsh who is circulating a letter today urging house leaders to reject bringing the mcconnell propose you will for a vote. congressman, so, no way, no how, mcconnell is your position, sir? >>guest: absolutely. this is not a plan, it says, okay, mr. president, go ahead and raise your debt ceiling and we disapprove of it. i understand how frustrated he is. we all are. because we are dealing with the president who doesn't get it but it is incumbent upon us to lead and that is what we did, stuart, last night, when we passed the only plan right now that will allow the debt ceiling to be raised and structurally refo

joining me with reaction the host of varney & company, stuart varney and fox news contributor and co-hostve at five, dana perino, good to see you both. business frightened. he's responsible. the business climate. his radical views. he's right. >> strong stuff. look at who the man is. steve wynn is the man who built modern las vegas. he's made himself a billion dollars. he's a self described democratic businessman and supporter of harry reid this is the man who is using harsh language about the president and his economic policies. the question is how widespread that view point among other executives in the corporate suite? >> sean: the evidence of that is all these businesses have all this money and they are afraid to invest right now. because they don't feel the climate is right for investment. you know what i like about steve wynn? he's a risk taker. he builds massive casinos. he's done it again and again. he's a job creator. the embodiment of the entrepreneurial spirit in this country. >> i think what he did was give voice to what you are hearing behind closed doors from business people

joining me with reaction host of varney and company, stuart varney.e house press secretary dana perino. also one of the cast members on our new hit show the five at five. >> can we get four minutes next week? >> sean: absolutely. republicans have put forward multiple plans. the president has no plan. the president says even the boehner plan which he was struggling to get members to support. the big flaw in that plan he was on radio explaining it today. this select committee. who are the people? when are the cuts coming where are the cuts going to be? that was the flaw. all that aside. he's got another plan. the president has no plan. >> i was stunned they allowed the president to go to the east room by himself and give a partisan speech with no plan in place and calling on members of the public to call the members of congress. i heard today that calls were up but they weren't what the president wanted. it is saying don't cave. surprisingly the poll you just read 38% of the people who still think he's handling this well? that you don't have a plan that

stuart varney analyze them in a moment. >> bill: unresolved problem segment tonight, barack obama tryingo position himself as a voice of moderation on the debt crisis. look at this chart. under president clinton the national debt increased by about $547 million a day. under president bush it increased by 1.6 billion per day. and under president obama, the national debt is expanding by an unbelievable $4.1 billion every single day. now, that's a road to bankruptcy. do americans understand what's happening. near now fox business anchor stewart varney. you see him 9:20 a.m. like the subway. 9:20 barney will be here. now, you saw laura ingraham and i and i know we are getting a lot of nasty mail about that we respect each other. i say at this point in the nation's history, absolutely need to compromise on this. but with deep spending cuts as the headline. that has to be the headline. >> yes. >> there are republicans, tea party people who just won't compromise and you say? >> i say compromise. avoid at all costs a downgrade of america's financial recommendation. avoid at all costs any chance

stuart varney analyze them in a moment.ost: could switching to really save you 15% or more on car insurance? host: do people use smartphones to do dumb things? man 1: send, that is the weekend. app grapgic: yeah dawg! man 2: allow me to crack...the bubbly! man 1: don't mind if i doozy. man 3: is a gentleman with a brostache invited over to this party? man 1: only if he's ready to rock! ♪ sfx: guitar and trumpet jam vo: geico. 15 minutes could save you 15% or more on car insurance. helps defends against occasional constipation, diarrhea, gas and bloating. with the strains of good bacteria to help balance your colon. you had me at "probiotic." [ female announcer ] phillips' colon health. we're putting them to the test against the speed of a rescue unit. go ! they're downloading a music album. the first network to finish gets rescued. does your phone know that we're racing ? done ! verizon's done ! i've got seven left ! the fastest network in america. verizon. built so you can rule the air. now powering the lg revolution. >> b

stuart varney says that could all change if the u.s. is downgraded and stuart, you say that the president in that speech last night essentially shot the economy in the foot. >> i think so. i think the president by what he said last night and his demeanor last night made a downgrade more likely and soon. >> how? >> the president commanded the audience. he goes on national television. this is an address to the nation and he delivers a campaign speech and in it, he urges us americans to get out there and contact our representatives, contact republicans and tell them they support the president's position. that's the kind of partisan approach to our nation's financial crisis taken by our president on national tv. the rating agencies are looking at this and they're saying is this anyway to run the world's largest economy at a time of crisis? you don't play partisan politics. you don't do that. i think a downgrade is now much more likely and if we do get that downgrade, i think that changes what happens on wall street. >> sure. you know, just

stuart varney will be here to break it down. >> yep, he just went through my purse.nwhile, the congressman vs. the armed intruder. wait until you hear how this 77-year-old lawmaker from iowa fought to protect his family during a terrifying home invasion at the family farm. ini♪ ♪ you know how i feel ♪ sun in the sky ♪ you know how i feel ♪ breeze drifting on by ♪ you know how i feel [ female announcer ] weight watchers, rated #1 best plan for weight loss by u.s. news and world report. join right now and you can join for a dollar. weight watchers. because it works. we're putting them to the test against the speed of a rescue unit. go ! they're downloading a music album. the first network to finish gets rescued. does your phone know that we're racing ? done ! verizon's done ! i've got seven left ! the fastest networin america. verizon. built so you can rule the air. now powering the lg revolution. vietnam, 1967. i got mine in iraq, 2003. u.s.a.a. autonsurance is often handed down from generation to generation, because it offers a superior level of protection and becaus

stuart varney is here with the outrage and i think he's getting in my tea. [ male announcer ] there'sore than one of these abandoned racetracks in america today. automotiveerformance is gone. and all we have left are fallen leaves and broken dreams. oh. wait a second. that is a dodge durango. looks like american performance is doing just fine. ♪ carry on. ♪ the two trains and a bus rider. the "i'll sleep when it's done" academic. for 80 years, we've been inspired by you. and we've been honored to walk with you to help you get where you want to be ♪ because your moment is now. let nothing stand in your way. learn more at keller.edu. >> quick headlines on this thursday. al-qaida's new leader releasing his first message since taking control of the terror outfit. usama bin laden's right hand man praising syrian protesters trying to overthrow their president. he trained the uprising as an islamic battle against the united states and israel. and the next six to 12 years, not so rosie for new york's bouquet bandit. he copped a plea to holding up two banks last july armed with just a beautifu

stuart varney leading our coverage. we're seeing a dramatic shift in the way americans feel about raising the debt ceiling. 38% now say the debt ceiling should be raised, 31% say no. about a month ago the majority o opposing that whole idea. the battle is far from over as stuart still explained. senator rand paul and what he thinks can pass. we'll talk to him in a matter of moments here on "america's newsroom." heather: a fox news alert, new word that the fbi is expanding its raid overseas on cyber hackers. officials say so far 16 members from the online hacking group, it's called anonymous, they've been arrested here in the, all picked up on charges relating to a hack on the web site called paypal. we're told that the group, inspired by wikileaks, targeted the online company after it stopped accepting donations for wikileaks' founder julian as sang. bill: well, his facebook page says he has a passion for web programming. according to the tbi, an arizona student accused of illegally hacking an fbi web site. his father s

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fox business network's stuart varney joining us with analysis on this number. not good, stuart. >> reporter: no, not good at all. we've been sidetracked by the debt drama -- martha: yeah, that's true. >> reporter: these bad jobs numbers are staring us in the face. but you've just given the numbers for new claims on unemployment benefits. along that with is a report in "the wall street journal" that shows that private sector layoffs are at the worst level in a year. now think of it, that's the private sector of the economy, that's a very big chunk of america's economy, and the number of people being laid off, good-bye, is at a high for the past 12 months. that is not what you're supposed to be saying in a recovery. now, you couple that with these new jobless claims, and you throw in the wave of public sector layoffs that are coming this summer, we've lost 140,000 state worker jobs so far this year, maybe another couple of hundred thousand to come, and you've got a very grim employment picture when you should not have a grim employment picture. now, if you follow

stuart varney on the fallout over new numbers in three minutes. and are we about to see a landslide victory for the next debt bill in the house today? congressman louie gohmert will tell us if this has changed his no vote to yes in just three minutes. and, a desperate search now underway for this 11-year-old girl in new hampshire. she vanished from her bedroom while her parents were home. we're going to have the latest in this mysterious investigation. >> she has not been seen since monday and very much missed by the family and community. she loves her family and is especially devoted to her sister kayla who is absolutely devastated by her disappearance alisyn: fox news alert for you now because america's economy apparently hitting a wall. with little signs that things will turn around soon. the government saying that america's economy grew an anemic 1.3% this spring. that is the weakest pace since the big recession officially ended two summers ago. what's more dramatic even, the economists downgraded the first quarter performance from a 1.9% grow

fox business network stuart varney joins us. >> reporter: dan fiv -- dan pfeiffer i -- that was a scare tactic. bill: he continues one that could potentially put is towards a depression because the house republicans led by speaker boehner are unwilling to compromise one inch. that word defor example scares the heck out of anyone. >> reporter: he's talking about a default if we do not pay the government check. if the government check bounces. that's hard target of august 2 has in fact become a soft target. it's more like august 10 because a great deal of extra tax money came in which gives us more money to spread around and spread out that target date a little longer. so it's a soft target date of august 2. bill: some people say sit could be late august or september or october. >> reporter: we are assuming that ben bernanke would allow the treasury to bounce a check, that would do nothing. he would stand by, the treasury bounces a check and we default. i submit that is out of the question. there is no way a chairman of the federal reserve of the united states of america would allow that

stuart varney this morning asked if he would take any of that back and he said no way. >> there are certainpeak in the military. i haven't learned the inside talk some people are used to. don't poke me in the chest is the bottom line to that exchange. >> reporter: west tweeted this, the u.s. is in crisis and everyone wants to talk about congressional members not getting along. it's insulting to americans wasting airtime on this he is not apologizing. in fact congressman west's spokeswoman said he is waiting for wasserman schultz saying she is sorry and she hasn't said anything close to that. she did suggest that west might want to start updating his resume'. >> he is clearly feeling the pressure. if he can't handle that pressure, canned handled being called out in debate on the house floor he should probably change his position. >> reporter: congressman west spoke to republican whip kevin mccarthy and after the chat he thinks gop leadership has got his back. across the aisle, scores of democrats. he put out this statement he is strong saying quote. public opinion of policy makers is already

bill: stuart varney, fox business network. define cut, cap and balance. what would that do? >> it would cut the deficit, cap spending and have a balanced budget amendment to the constitution. cut, cap, balance. have much favored by republicans in the house of representatives. will be vote on tomorrow. will probably pass, but it may not pass in the senate. the alternative plan, the on plan i know of that's on the table is from senator mcconnell. that would arrange for no default and the president will be able to raise the debt ceiling but he would have to put his spending plan in place. we do not have a plan that's likely to fast which will take the immediate and pressing decisions on taxes, spending and entitlements. bill: you have got a veto possibility. where do we stand in the face after downgrade threat to our nation's credit rating. >> in my penta downgrade looks more likely this monday morning this monday morning than it did last week. a downgrade would and loss of financial face for america. it mean a loves our financial reputation as the gold standard in the world. i

let's bring in stuart varney to help us understand this. will the market go down again, stu? >> in general terms nobody will be prepared to forecast where the stock market will go. it's like october of 2008 when there was a decision in the house, do we bail out wall street or don't we. there was a profound reaction on wall street when that vote came in. in general terms, here is what you can say. if we get a deal -- if a deal looks likely by this weekend, the stock market will probably go up. quite sharply. if we do not get a deal at all, nothing is on the table by that next week's deadline you can expect the stock market to go down quite sharply. those are generalized expectations for stocks, but i think they are realistic. here is the news of the day. as of this morning, a letter went out from the chief executives of all the big wall street firms. that letter went out to every member of congress. everybody on capitol hill. it was a plea. get a deal done. do not default. second news item. if you look at the futures market, that's an indication of how the market is likely to

joined by stuart varney now, the anchor of "varney & company" and, of course, from the fox business network. so that doesn't look so good, does it? [laughter] >> reporter: it's raising the eyebrows and conflicts on a couple different levels. first of all, what is jeff immelt doing? he runs ge, he's the president's jobs czar. why is the president's jobs czar in his private enterprise life taking jobs out of america, high-tech jobs out of america, and going to china? that seems like a conflict to most people. secondly, and here's where it gets very political, those jobs are going, being taken out of wisconsin and going to china. let's not forget that republican governor scott walker in wisconsin had a huge battle with the unions. the unions are allied with president obama. you don't have to be a conspiracy theorist to think that maybe jeff immelt is grinding the president's axe, deliberately moving jobs out of wisconsin to punish the republicans in wisconsin and sending them to china. remember, wisconsin is a swing state. martha: yeah. that's a very interesting analysis, stuart. i would add t

stuart varney of fox business, good morning, my friend. how you doing? you're a financial man, what was your takeaway from the president's speech last night? >> reporter: okay. the world of money was looking at the leader of the world's largest economy in an address to the nation at a time of financial crisis, and what did we get? in my opinion, we got a campaign speech. the president talked about taxing corporate jets, oil companies, millionaires, billionaires. none of that is in senator reid's plan. it was really a pitch for re-election in 2012. and the president of the united states in a financial address, essentially, made a plea for people to go out and e-mail the gop to support president obama's position. look, the bottom line as a financial guy looking at that speech last night, i believe that that speech made a downgrade of america's financial reputation much more likely. didn't help. bill: wow. an fg, we call you. what are people doing, what are the markets doing? the are they running for the hills? >> reporter: no. there is no panic at this poi

stuart varney, fox business network, what about the tax deal? what do can you make of? >> i've got three developments altogether. let's start with a tax deal. two republican senators, mccain and cornyn, have okayed revenue increases. now, that's virtual the same thing as a tax hike, but they've okayed that. that's on the republican side. item number two from the democrats' side, they have put on the table tens of billions of dollars worth of cuts in medicare and medicaid. and then item number three, former president bill clinton who's been popping up just about everywhere in the past week, he has okayed, he says he supports a cut in the corporate tax rate. so you've got three developments hinting that the two sides and the middle are moving a little bit closer, hinting that a deal is possible as we count down to the deadline. bill: let me get to point number three in a moment, but take point number two there. if you cut into it almosted -- entitlements, is that the most efficient way to get spending under control and then the debt would follow that? >> oh, yes. if you w

let's bring in stuart varney. the gdf number pretty ugly. >> there is no panic selling because of the debt mess. but there is going to be more heavy selling because of these terrible economic numbers. the economy is barely growing. up 1.3 percent. that's all we have got. if you go back to earlier in the year, fresh government figures show there is barely any growth at all. so as of this morning we are not on a track towards a solid recovery for the under lying recovery. we are on track to go towards a recession. the result? the dow industrials will open at least 100 points lower. that's not panic selling or the debt mess. that's the economic mess. but here is the interesting parts. interest rates we thoughts would go up because of the debt mess this morning, interest rates are going straight down. so there you have it. on the markets at least the bigger news today is the bad news on the economy. martha: it feels like that remains the big story. that what investors are looking at here. it's almost like it's noise c

. >> so stuart varney is here to weigh in on that. is he telling the truth? >> the truth?? you blame president bush because your administration hasn't created the number of jobs that you're expecting to create and give us a vigorous recovery. let me go back a few years but i can nowadays. if you get back to 1980-1981, in came president reagan facing a very nasty recession. what does he do? he stimulates the private sector of the economy and boom, you've got an economic boom that creates millions and millions of jobs and replaces all of those jobs that were lost on jimmy carter. in comes president obama and he creates a government program. government spending to get the economy turned around. and it flat out doesn't work. >> absolutely. so while speaker boehner sent that tweet to the president, turns out the afl-cio sent exactly the same question to the president because they -- his political allies wants to know where are the jobs? >> afl-cio, the man who runs it is richard trumpka and said precisely the same thing, same question. where are the jobs? that sounds like a rep

stuart veryny, anchor of "varney & company." >> reporter: bill. bill: what? lay it on me. >> reporter: let me give you both size of the chrysler -- sides of the chrysler story. here's the argument. chrysler was an american icon, basically given to an italian company using taxpayer money as a bridge loan, taxpayers lost over a billion dollars as an example of what government should not do. here's the other side of the coin. taxpayer money saved jobs, kept factories open and opened the way to more fuel efficient cars built in and by americans in the future. it was an example of what government can do, the bailout was a success. two sides to the coin, depends on who you ask on the chrysler story. but again, i want to give you the hard numbers because there's no disputing them. chrysler got $12.5 billion in early 2009. they repaid 11.2 billion leaving the taxpayer with a $1.3 billion loss. i report, you decide, bill. [laughter] bill: you're not going there, are ya? >> reporter: whatever you want me to do. in my opinion, bailouts -- all bailouts -- have failed wit