House Approves Deal, What Could That Mean For Michigan?

DETROIT (WWJ/CBS) - The House on Monday voted to approve a deal to raise the debt limit, voting 269-161 for a bill that would cut government spending by trillions and effectively raise the debt ceiling through the end of 2012.

WWJ and Fox 2 Business Editor Murray Feldman talk about the latest developments in Washington regarding the debt and deficit deal and what that deal could mean for Michigan.

"They are literally waiting until the 11th hour there, the measure is expected to be passed, but waiting just continues this feeling of uncertainty and the financial markets don't like uncertainty," said Feldman.

"So we're going to have to wait and see who says what, overnight that could impact Wall Street when they ring that opening bell at 9:30 a.m," he said.

"The measure they are voting on calls for trillions of dollars in cuts, it's now up to the Treasury to determine where those cuts will be made ... we're talking federal dollars ... " added Feldman.

- LISTEN TO THE FELDMAN INTERVIEW AND HOW MICHIGAN COULD BE AFFECTED BY THE DEBT CRISIS -