848 Billion News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The results of a new study. >>clayton: americans have a whopping $848 billion in credit card debt. while it may seem convenient at the time to charge and pay later there are expenses experts say should never be purchased with plastic. pay attention to these. here to break it down is a retail analyst. she is here bright and early this morning. some of these things i am guilty of and i guess most americans are. >> americans are, if you're a household that carries debt, the average is about $15,000. the savings rate in this country is the lowest it's been since before the recession. we're at 3.7%...

$848 billion is from ending the wars in iraq and afghanistan which was money we were never going to spend any way and is bore road. and $800 billion from lower debt payments. mr. goolsbee, i have looked at the president's plan. he has almost no tough spending cuts. doesn't shrink the size of government and does nothing serious about structural reform of entitlements. >> look, i -- the premise of that question is unilateral action and the overriding summary the president has put forward is he put forward a budget in the discussion of the budget and in the debate last year over the dent ceilin d...

$848 billion is from ending the wars in iraq and afghanistan which was money we were never going to spend any way and is bore road. and $800 billion from lower debt payments. mr. goolsbee, i have looked at the president's plan. he has almost no tough spending cuts. doesn't shrink the size of government and does nothing serious about structural reform of entitlements. >> look, i -- the premise of that question is unilateral action and the overriding summary the president has put forward is he put forward a budget in the discussion of the budget and in the debate last year over the dent ceilin d...

>> reporter: you have austin golesbee on for that. >> seems to me, both sides are not credible. the president talks about trillions of doctor dollars in spending cuts, but he takes $848 billion from the wars that we weren't going to fight and it was borrowed, so it is not like a sum of money that we are able to keep. he also counts the trillion dollars this they made in the debt agreement in august as part of raising the debt ceiling, that's part of the budget cuts. and romney talks about very big cuts, $500 billion by twrent 16, balancing the budget by 2020, but he's very vague about the deta...

Spending. we needed to cut 30% on some 848 billion is from ending the ofso the lower levels. wars in afghanistan. 67% on the higher levels. money we will never spend and thin then -- and then our anyway and is barrowed. and $800 billion is from lower debt payment. property stackses went for nothing but public safety. he has no tough spending cuts. we want to make sure we keep he does nothing serious about structural reform of our city safe. entitlements. i was able to lower taxes as the first year's mayor and i >> look the premise of that question is unilateral action am girl. and the overridi...