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This is -- Imus in the morning.
-- -- -- Trading starts at 930 here in new York and already -- stock rally is underway globally now that the fiscal cliff is out of the way futures arising here in the United States and in Europe stocks are surging forward.
As investors react to the fiscal cliff deal President Obama says he'll sign the fiscal -- agreement.
After lawmakers in the house approved the measure late last night bringing an end to months.
Of high stakes back and forth political theater Peter Barnes in the -- in Washington have been following this since day one and Peter what's the latest as he signed it yet.
He has not decided yet that we know of Adam he is on a plane to hello way to go back to his family vacation there -- -- he got -- on the plane last night around midnight at the ten hour flight so.
He's still in the air right now but.
The house did approve this tax cut bill to 57 to 167 yesterday.
Most Democrats voted sport so did 85 Republicans 151.
Republicans voted against it.
Many of them demanded that that be amended to include big spending cuts and sent back to the set -- a Republican leaders determine.
Vote in the house.
Why that would fail so speaker Boehner without comment allow the bill to come to the floor that tees up the fight over spending cuts and entitlement reforms when the president asked for another increase in the debt ceiling.
And the next couple of month.
Let's hope senator Reid and President Obama.
Resolve to be honest about the crisis our nation faces with a coming way out entitled -- the actions.
Making these programs solvent.
In reining in these trillion dollar deficits.
Which every economist will tell you.
He is unsustainable.
This must be done in Tony thirteen.
The one thing that I think hopefully in the new year will focus on -- -- if we can.
Put a package like this together with a -- bit less drama.
A little less brinksmanship.
Not scare the heck out of folks quite as much.
We can come together as Democrats and Republicans.
So out of once Air Force One lands in a YA hopefully we'll have had some got -- gaggle on board with White House officials they'll let us -- the president -- economic flight over he's gonna sign it today.
Are -- gonna use his famous.
Auto -- decide to.
-- -- Peter Barnes the auto -- embassies -- and they very much sir Laurence M -- Eddie is joining us now for a look at some other business stories of the day and a good morning to you Lauren.
Hey good morning -- well I'm excited when stock market openings and about an hour and a half from now because -- gonna have a huge crop on the first trading day at 2013.
Dow futures signalling.
A more than 100.
Point a 180 point gain rather at the opening bell that would be one and a half percent in nasdaq's looking like it's -- be the outperformer.
At least in the early going today look at that up nearly 2% right now.
In the pre market so.
You know the the economy may not be -- -- high relief even though this fiscal -- deal is reached but the stock market at least for today certainly is.
-- -- as January goes so goes the year.
But speaking of this fiscal cliff deal.
One thing that has not been averted his tax hikes tax cuts for everybody everybody will see a tax hike in the new year that's because the payroll tax cut.
That's gonna go up to six point 2%.
So we -- let's say 50000 dollars you're gonna see your taxes go up by 1000 dollars and that's real money coming out of your paycheck every week which will hamper.
Economic growth and finally everybody makes that probably this New Year's resolution to save money in the new year right.
Let's can be hard in 2013.
That's because everything from high -- TVs to Smartphones subsidies to food prices to health care premiums.
All gone not even -- perhaps the price of -- because copper.
Is using the equipment to -- -- and that could affect your risky Adam -- back to you.
Thank you very much Lawrence -- and -- heading over to London where -- Randolph joins us he's director of sovereign risk at.
I just global insight -- very quickly understand why you guys are rallying regarding our fiscal cliff -- but -- of people sober up contraction in Europe.
According to the PMI readings.
Yeah they have bigger that they can be found through about December -- from.
-- is -- manufacturing is still in recession.
Always -- a long -- Southern Europe on the periphery them.
But the numbers before the UK and Ireland but overrule.
Bristol -- seemed to see whether need to lift and China can help drive me.
Out of office slowdown that's -- would be the turning point but we're not there yet.
All right -- -- -- -- that I excess global insight we're not there yet but investors are there today and they seem real happy about the fiscal -- deal here in the United States.
We're gonna take a look at commodities oil and gold as we head back -- I imagine your watch and Imus in the morning on the Fox Business -- giving you the power --
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