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FBN’s Gerri Willis on consumers paying down their debt faster but facing potential tax hikes from the fiscal cliff.
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44 points -- as congress and the White House failed to gain any traction talked to went to cliff state could stand to benefit from the surgeon at state taxes.
Gerri Willis is on the story -- -- the state taxes definitely higher collections of the state taxes that's going to be exciting of course.
Where -- -- a lot of attention to today is what's going on.
With consumers vis a vis their debt and the federal government vis a -- their take a look at the Federal Reserve they're saying that consumers are paying their debt down faster -- since.
The fastest since 1994.
We had a dismal spending season because people are saving their money -- on my natural thing.
Federal government not so much it for years of trillion dollar plus debt sixteen trillion dollars in debt -- -- goes on and on and no solution in sight Richardson's hits or buy something at.
And the Brady Bunch or maybe Addams Family here these people can't agree on absolutely anything at all.
Just shocking really the degree to which we've lost all spending control whatsoever.
And and we want to keep on spending incident paying our bills this happening at the same time the taxpayers themselves are really getting their act together.
So we're talking debt ceiling on Monday that we hit -- yet again.
Or potentially cut here cut and there but it's it's smoking -- at the end of the day it's all accounting was McDonald's and -- on this so.
Why are we gonna approaches again February.
Well I think we're blowing right through obviously this deadline -- put a fork in the there's no -- it's gonna get -- I know we've had some hopeful segments.
Try people from the Wall Street Journal I appreciate that but.
Look at the end of the day we're not gonna make it and it's going to be -- game to see what we can get done at the end of the day.
In the short term I don't see any big changes nothing.
Massive.
That will impress anybody who has any kind of fiscal austerity in mind that certainly recommend making a desperate attempt to say well -- might benefit from additional.
Revenues from you know higher state taxes yes you know and saying short -- like how many days you have to died this year you know so that your loved ones get -- -- -- let's face it Smart wealthy people of the states are gonna figure out ways to shelter them as much like California said they were gonna benefit from the FaceBook IPO outlook hello that turned out right AM ES fizzled.
-- -- example I mean we're just we're grasping for straws here just try to find an -- yes we are.
But not so much so -- I can't find the upside here -- actually an -- yeah.
I did find one upside and that's that consumers are saving more money and you know how much economists like to make -- consumers and say they're that -- company economy yet for the people -- always spend wouldn't count on them they spend they have money not now.
Not anymore my friends.
They finally got the message if only Washington could -- We got the message -- -- -- Gerri thank you so much don't forget that will support tonight at 6 eastern right here.
Thank you.
