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Imus in the morning program on the fox -- -- Good morning everyone after weeks of negotiations President Obama has announced lawmakers reached a deal to raise the debt ceiling.
-- -- Washington with the details Peter there are already concerns that this won't pass the house so how much of a deal do we really have.
Well I think it's going to be hard in the house that Diane no question heavy -- over their lots of complaints already about the deal but the action gets underway and the senate.
First this morning at 1030.
Let's go over what the deal would do it would increase the debt ceiling by 2.4.
Trillion dollars over ten years and this gives me over two years in two phases to allow the government to pay all of its bills through the next election.
It was start with more than 900 billion in cuts in discretionary spending over ten years it would former special committee and congress to come up with.
Another one point five trillion in deficit reduction by Thanksgiving.
And if the committee fails to come up where they plan.
That would trigger one point two trillion an automatic spending cuts potentially painful to -- to all sides.
5050 cuts between defense and domestic programs.
This process has been -- It's taken for too long.
I've been concerned about the impact that it had -- head on business confidence and consumer confidence and the economy as a whole.
Over the last month.
Nevertheless ultimately the leaders of both parties.
-- found their way toward compromise.
Now there is a lot of concern this morning among some Republicans and even some Democrats about possible big cuts in defense spending with that trigger mechanism.
We talk to congressman Adam -- -- anger about this this morning the Illinois Republican is a captain in the Air National Guard.
Where I'm concerned about as a potential defense cuts and look I think defenses are stretched very fan.
-- defenses in obviously the most important job the federal government does.
So Willy Nilly kind of cut defense is a concern -- -- -- those are some questions on the -- have answered.
Not a house has not yet scheduled a vote on the deal but again -- we are expecting that for tomorrow because that's the deadline passed.
And Peter -- all -- priest John criticism coming from the Congressional Black Caucus on the deal what is the caucus upset about -- this is one -- the other groups and congress that is upset with this deal congressman Emanuel Cleaver he's a Democrat from Missouri is the chairman of the Congressional Black Caucus and last night He called the deal quote.
A sugar coated Satan sandwich.
So I hope we're not expecting.
Much support from him -- and perhaps some of the other members of the Congressional Black Caucus.
If it's anything like -- bacon -- and -- -- take when.
I haven't I haven't heard of that particular -- Myself man doesn't have a He did on the manual anywhere probably end up on the menu here in Washington some.
Even this early without breakfast does not sound very tasty but thanks Peter for keeping it okay -- Music videos sending stocks around the world sharply higher president Obama's announcement came early in the session and the Asian markets reacted we saw -- relief and a rally there.
All four indexes were up even Shanghai where they got some bad news on manufacturing.
Over in Europe stocks -- also up across the board banks there are among the best performers London's currently up.
Almost 77 points Paris is up fifteen and the Dax is up almost 33.
And here in the US -- are also in the Green Dow futures are up triple digits right now gaining 150.
Points so far.
The S&P that fifteen and the nasdaq's up 25 this after their biggest weekly declines -- year.
Meanwhile oil has jumped more than a dollar this morning right now it's back down to about it about a dollar of gains but was up earlier even more than that.
Gold though is down by about ten bucks.
-- just -- cutting 30000 jobs as part of cost saving efforts.
The bank is pulling out of countries where -- struggling to compete it's already cut 5000 jobs and the rest will come by 2013.
The bank is reporting a profit of almost ten billion dollars in the first half of the year.
And is selling 195.
Of its retail branches for roughly one billion dollars.
Now let's get the latest on weather from meteorologist Maria Molina in our Fox Business whether senate -- Maria.
Hi good morning Jay and good morning good morning everyone -- you live in the northeast expect to see some showers and thunderstorms today and I'm sure we'll also plan to see some delays.
And some of those thunderstorms and some of them could turn severe temperatures will also be on the rise 92 will be the high -- -- eighty and 95 in Philadelphia.
And you think that's bad had a westbound and it's even worse triple digits again across central portions of the US and Dallas -- today will be reaching -- high.
At 109 fact and the humidity and of course it -- even hotter than that.
Even hotter than one and I'm.
-- -- Thanks Maria coming up later this hour Imus is -- of the Arizona Senator John McCain.
Imus in the morning continues right now on Fox Business giving you the power to --
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