Newt Gingrich labeled the economic situation in the U.S. as the "Obama depression," just days after a dismal jobs report and signs negotiations on the debt deal are faltering.

"At 9.2 percent now for month after month after month, this is the Obama depression," Gingrich said on Fox and Friends Sunday morning. "Housing prices have dropped deeper than in the great depression and it’s very clear that under Obama’s job killing policies, we’re not going to get out of this deep unemployment."