Fox Means Business: 5/18

Today's business headlines.

The drama in D.C. is becoming a real drag on Wall Street. The Dow tumbled 372 points on Wednesday – the biggest drop in eight months. The NASDAW and S&P 500 were also down big, as investors worry the chaos in Washington could delay healthcare and tax reform.

Americans are digging themselves deeper into a financial hole. The Federal Reserve says household debt has now topped the record high set back in 2008. American families now owe more than $12.7 trillion altogether, with the biggest jump coming from home mortgages and student loans.

Ford confirmed it will cut nearly 10 percent of its salaried workforce. The move is expected to impact about 1,400 employees in North America and in Asia.

If you’re planning a Memorial Day getaway, it looks like you’ll have lots of company! AAA estimates 39.3 million Americans will travel at least 50 miles from home by either car, plane, train or boat. That’s a million more than last year and the most since 2005.

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