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Europe gets the -- out.
GDP the strength of our economy bit better than expected -- -- is still growing the threat of another recession I think he's waning.
Congressman let it -- from New Jersey joins us now live from Capitol Hill congressman would you agree with that assessment that we are now moving away from any idea of a double dip recession yes.
You yes I think the figures that have just been released are good for the American economy.
And we all hope that we do not have a double dip.
Now if Wall Street is doing well and right now it is doing very very well and the economy is beginning to expand -- -- Will that not increase the demand -- highest taxes to get pound deficit down you gonna have to find a real gone action on this I think.
Think we're going to raise taxes here in Washington.
-- preferably because of a better economy more tax revenues will come in because more people will be working in.
And that is the way to lower the deficit have more people working in this country.
One of the items that would juggling with here is the possibility.
Of another downgrade.
If the simple committee cannot come up with one point two trillion dollars with -- deficit reduction by November 20 -- Do you know -- and have you got any inside track on what's going on inside that secretive super committee.
There are right that competing plans that have been announced by the Republican members of the committee and the democratic members of the committee and I think there's negotiation going on within the Canadian.
I am hopeful that that agreement can be reached in.
And I disagree with the pundits who say that automatically there will be failure I I am hopeful that an agreement can be reached in.
Now we're in the position where each side has presented a plan publicly.
Well yeah hopeful -- you know.
One point two trillion is quite a lot of money in the two sides seem to be very very far Arafat's I mean.
Can you give us a bit more on this because I look at it everybody it not everybody but a lot of people are saying they had doubtful that you can get -- deal done.
And that that downgrade really does Lumet that would really throw our economy through a look -- me some more on this.
I'm -- I hope that we do not have a further downgrade of course when.
Original downgrade occurred -- people across the globe but went into treasuries as as as as as a safe place to invest.
And and I have confidence in the members of the committee I know the Republican members in the house quite well mr.
Ensuing -- mr.
-- -- mr.
opted and then I think that the members are working in good faith and I yet.
I I believe that an agreement is possible okay.
-- -- Republican New Jersey thanks for joining us on a very big day we do appreciate thanks very much thank you very much to judge now you one of the skeptics you don't think that there will be a deal you I think there will be a downgrade.
I do I I Stuart I think the super committee is gonna crash and burn I think the Democrats are going to insist on taxes which is the worst thing that could happen for the economy now.
We need not to raise taxes on job creators I think the Republicans are going to refuse to do that we won't have to deal.
And then let -- have a deal we're gonna get a downgrade.
At least another downgrade.
And now this time with the European debt deal may be treasuries -- rates won't go down.
On -- down to the bottom on from what you're saying is you disagree with the congress I do I do -- -- with a congressman down until.
We need the super committee will not achieve a compromise.
And there will be -- downgrade.
Seems to me I couldn't tell us about the politics of this thing I'm thinking about the economy and the markets.
And it is a threat of a downgrade out that that's a negative for the markets and for the economy I think if we don't cut the spending who's gonna be -- -- but right now it's all sweetness and life is it not because we've got a huge rally.
We've got up 245.
Points now yet you we've got --
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