More budget cuts will not cause a bear market because government spending is not the primary driver of our economy or the main driver of corporate earnings growth.

FORBES: Budget Cuts Don't Stop Bull Markets

The cause of the crash is not yet clear, but California Highway Patrol spokesman Mario Lopez was quoted by the Associated Press as saying that the bus driver reported brake problems as he descended a road leading from the Big Bear ski resort area.

BBC: California bus crash kills eight and injures dozens