05/07 Art Cashin: American Economy Will Recover

Published: Tuesday, 5 Jul 2011 | 4:35 PM ET
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By: Jessica Naziri
Special to CNBC.com
"We are heading up... We may be building to a real crescendo," Art Cashin, UBS director of floor operations, told CNBC regarding the outlook for the U.S. economy.

"I think that there will be an awful lot of [political] posturing going in here, but there'll be some resolution."
Cashin said that the focus will shift from the recent austerity resolutions in Greece to payrolls, deficits and jobs in America.
According to Cashin, if there's no compromise in the American budget, "we're going to subtract some of the [spending] cuts."
"I think what the president might do at the very end, if he doesn't get any movement, is to say [to Republicans], 'hey look, I'm going to tell everybody you guys are holding up the Social Security checks,'" Cashin said.
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Disclosure information was not available for Art Cashin or his company.
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