Jobs Report, Debt Limit Loom for U.S. Economy

With "fiscal cliff" vote in the past, legislators still face mounting challenges in Congress.
1:04 | 01/03/13

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Transcript for Jobs Report, Debt Limit Loom for U.S. Economy
We're going to begin with our money. THE AVERAGE 401(k) IN THIS Country has gained $1,900 in the last 24 hours. That's because wall street had its best day in more than a year. The dow raising over 300 points, thanks to that fiscal cliff compromise in washington. But can this huge rally now continue? Weekend "gma" anchor, bianna golodryga, watching the markets here to tell us what lies ahead. Good morning, bianna. Reporter: Good morning, josh. Despite this week's euphoria on wall street, we have plenty of hurdles to jump through before we can hope for any kind of extended rally. The major credit rating agency just warned congress needs to do more to be done to address the deficit. If that doesn't trouble the market, this will. Over the next six to eight weeks, lawmakers will have to decide whether to raise the debt limit. And whether to allow huge spending cuts to take place in march. A lot of uncertainty remains. We expect to hear 160,000 jobs were created in december. But that's not going to put a dent in the unemployment rate. Now, to some breaking news overseas.

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