Influence from the Tea Party movement was about "60 percent positive" in Tuesday's elections, but the GOP still needs to develop a positive economic strategy, says former General Electric CEO Jack Welch.
"The Republican Party has a real challenge, and I think more than I've ever seen in my life, they need a vision," he tells CNBC.
Likely House Speaker John Boehner "has to be out there saying the whole game we're into is economic growth, grow the size of the pie. When we grow the size of the pie, we create jobs. When we create jobs, the American dream comes alive again."
Republicans won’t succeed by simply being the party of “No,” Welch says. "If we get wild gridlock and we don't get constructive discussion about these policies, we won't be better off," he explains.
"You can't (just) be anti-regulation. You've got to talk about what the regulation does to kill jobs. The American people voted. We want economic growth. We want more jobs."
Republicans must relate their policies to jobs, Welch says. “Take the policy part and say, 'This will get jobs.'”
Douglas Holtz-Eakin, president of the American Action Forum and former director of the Congressional Budget Office, tells Bloomberg that the election results will help the economy.
“I believe this election will be beneficial to the economy,” he says.
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