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Increase 8% this holiday shopping season to around 940 to $960 billion so a lot of positivity for this holiday shopping season despite the rate of inflation. >> interesting so see spending going up as high as inflation is. alison kosik from the macy's in new york, thank you very much. we're digging deeper with personal finance columnist michele singletary. her latest book "what to do with your money when crisis hits: a survival guide." at this time last year the concern was supply chain issues. this year it's inflation. as alison laid out for us holiday sales expected to be up compared to last...

Welcome back, everyone. new data shows the u.s. deficit surpassed the $1 trillion mark for the first time in seven years. since last october, increased military spending, rising interest rates, on government debt, and weak revenues earlier in the year have all caused the deficit to rise by 19% to nearly now $1.2 trillion. during the 2016 campaign, the president promised economic growth that would take care of his planned tax cuts and new spending. however, the 2017 tax break for corporations and individuals helped contribute to the deficit. according to the congressional budget office, the for...

Cut he's already pushed through. >> our consumers are rich. i gave a tremendous tax cut and they're loaded up with money. >> okay. so here's a, fact. the fact is the president's tax cut only lowered rates temporarily for individual taxpayers, but corporations got a permanent tax cut. and all of that has fueled an explosion in the deficit. it's expected to hit $960 billion this year. and soar past $1 trillion next year. $960 billion this year. soar past $1 trillion next year. what else is happening next year? hmm, oh, that's right, the election. like i said, worries about the economy bring out ...

>> i'm not looking at a tax cut now. we don't need it. we have a strong economy. >> so he's not looking at a tax cut except he's always looking at tax cuts. it's like he doesn't even know or care about his own policies. let's not forgethat the president said about the tax cut he's already pushed through. >> our consumers are rich. i gave a tremendous tax cut and they're loaded up with money. >> okay. so here's a fact. the fact is the president's tax cut only lowered rates temporarily for individual taxpayers, but corporations got a permanent tax cut. and all of that has fueled an explosion in ...

Forecasters say more red ink is to come. the congressional budget office now says the federal deficit will balloon to $960 billion this fiscal year, and average $1.2 trillion for the next decade. the president's most consistent economic message has been a contradictory one. today he insisted the economy is doing really well but he spent the week calling for a big federal rate cut, a move typically made when an economic dip is on the horizon. >> you will see a rocket ship. you will see -- if he does it we have a very strong economy. >> the whiplash in the west wing is widespread. >> i have an a...