on the top floor of the supreme court? i had to look at the answer and so i know what it is but what do you think? lauren: shuffle shuffleboard? david: [laughter] that would suit the average age although it's actually getting younger now, and it is basketball. who would have thunk. thank you, folks i hope you have a wonderful wonderful weekend. markets are up and cheryl casone is here in for neil cavuto today hey, cheryl. >> that positive attitude taking me to the trading this afternoon. i'm hoping great to see you, sir we'd like to welcome all of you to cavuto "coast to coast." i am cheryl casone, i'm in for neil cavuto today. we have a very busy two hours ahead. there was a lot of moving parts right now going on. democrats are betting the house on the $739 billion inflation reduction act. they're voting today, without the details on the real fiscal impact of all of this spending. our reporters digging into the effect on the economy and on

your vote in november. plus, president trump calling for an immediate release of the search warrant that led to monday nights raid at mar-a-lago we're going to talk to the top republican on the house intelligence committee, congressman mike turner, who is demanding answers about that raid, and gas prices ticking downward and the white house is flying that banner, but prices for food and shelter are still way up. so what are we going to get to the price peak in all of this? i'm going to ask john castamatid es. you will not want to miss that interview but first our top story at this hour we're waiting for any news out of washington right now. the house of representatives taking a one-day hiatus from their summer recess, just one day off, or back at work, to vote on the $739 billion spending bill. fox news congressional

correspondent chad pergram has the latest and where are we right now, chad? reporter: cheryl the house just started debate on the bill a couple moan entertainments ago. the house should vote to align with the senate on the bill later today. the house rushed back in the middle of the august recess to pass the bill. democrats can only afford four defictions and still pass the bill without republican help we're told to expect no more than two democratic defections. >> government is not about to shutdown. nothing in this bill is going to take effect in the immediate future. we're simply here because my friends on the other side want to create the illusion that they're doing something positive before the mid-term election. reporter: democrats are focused on the biggest investment in climate policy in u.s. history. >> talk to your farmers in your district. they'll tell you the climate change is real, so maybe my friends would rather be on vacation but we are here in august to do something

meaningful for the american people and for this planet. reporter: the democrats have a problem. they call the bill the inflation reduction act, but even if it cuts inflation, it's doubtful that happens before the mid-term s. >> this is just another installation of their tax and spend agenda. they've got us here in the first place, this time, they're spending $80 billion in funding to send 87,000 new irs agents to shake loose change from americans to pay for their spending spree. reporter: the cost of the bill is still not final. that may not be known for weeks. republicans on the ways and means committee say $20 billion in new revenue comes from more audits on the middle class. democrats have passed many components of their legislative agenda despite a 50/50 senate and narrowly divided house. cheryl? >> well keep us please posted on how this vote plays out,

there's a lot of eyes and ears watching from our fox team in washington, chad pergram, thank you very much. let's bring in united refining company chairman ceo john castam itides. we'll talk a lot about inflation and oil prices and the economy but first i want to get your initial reaction to what we're seeing happen in washington. once again, the democrats are pushing through a very large spending back age, with 90 days to the mid-terms, so we're accusing them of looking to buy votes but they want it straight from the irs. possibly, possibly, to go after small businesses like yourself, with extra agents. let's put a few billion on 87,000 irs agents. do we need that right now, john? >> no we don't. forbes says it's about a thousand billionaires in our country. okay, you need a thousand agents for these thousand billionaires. now, what do you do with the other 84,000? what's going to happen? whose going after the middle class? they go after the uber drivers not reporting their tips.

they go after the taxicab driver s, the waiters not reporting their tips, and go after the middle class. they want to raise prices on pharmaceuticals which solves problems. i mean, we want solutions to future diseases and we want our pharmaceutical companies to do well, but when you raise prices on the pharmaceuticals, they're just going to reflect it to the consumer. the consumers going to pay for it all over again. >> sure. >> and who are they making also happy on their, not saying this , the 84,000 irs guys? they are making the unions happy because the unions are going to have 84,000 new members, so it all goes back to for whom do the bells toll? i'm not against unions, but, nobody is saying it, nobody is saying it but that's who they're taking care of. >> i love in new york city i'm

not a big fan of unions i'll say that, john, but the other thing we're seeing on one side you've got the democrats pushing through again, 700 billion-plus, right? we had all that stimulus last year. then he blamed the stimulus spending from last year for the reason we're seeing such high inflation right now, whether it was oil & gas prices which have come back down to be clear, or food inflation, shelter inflation, you and i were together on wednesday when the cpi report broke in the studio actually, and the breakdown, everything was higher except for oil & gas. i will give you credit though you did say you thought oil & gas was going to peak. now you've got a new prediction. >> well, we predicted a few weeks ago that oil prices have peaked and they are headed down. they are down to the 90s, and if we opened up north america, they will be down to 75, 65 and inflation will go away. food prices are always lagging because the manufacturing, et cetera et cetera, and truck

delivery. i predict if there's no problem in the world, that food prices have peaked around september, and will start coming down in october and november. >> okay one of the things i saw in the report this is going to southern crazy, but producer prices came out yesterday. chicken egg prices were up 44% year-over-year and still strong month-to-month. can i get an omelette right now? >> wait until you see your turkey prices. really? >> they are to the moon. to the moon. >> man, this just gets, how do you, how do grocery stores like yours deal with this? because you don't want to alienate your customers. >> if we make a 40% margin to stay in business to pay the rent and our employees that if it costs us $1 we sell it for $1.40 if it costs $2, we sell it for $ 2.80 because we have to

maintain our margin to be able to pay our rents, our employees, and stay in business. right real quick before you go i've gotta ask you about this. you're in new york, you love the city like i do, lived here a long time. >> yes. >> i want to talk about these migrant buses coming in and mayor adams and his reaction after this going after governor abbott and texas. you've got, there was more buses coming in today. i hear in new york city, and the battle between the two has been, i think really interesting to watch. listen to this i want to get your reaction these two dual ing it out on tv. >> to place someone on the bus for 45 hours without medical care, without food, water, proper sanitary conditions, and just send them to a city they know nothing about. that is traumatic for anyone, and i believe the way he's behaving by not coordinating the transportation and sending people under false promises is just uncertain. >> to be clear adams was on the

morning show today because he's responding to abbott who says bring it on, buddy. you want to come down to texas and have all the new yorkers start knocking on my doors go right ahead and this is just kind of built up over the last two days. >> well what i think is what should be done, eric adams should open up a situation like ellis island, and test these people to make sure the people coming to new york city don't have any diseases, that they are healthy, and i'm an immigrant. i want to help people, but the problem that the biden administration doesn't do on the border, it doesn't test to find out who is terrorist, who wants to work hard, who wants to pledge allegiance to our country , or not just come in, so i believe in immigration but i believe in checks and balances so eric adams, who i support and wants to have law and order, should put these people coming into new york city through a

checklist, make sure they are healthy, make sure they don't have terrorism background, et cetera et cetera. >> we're not being anti- immigrant, we're being following the law. there's a set of laws, just follow the law. that will be okay. >> the procedure to make sure other new york citizens don't get sick because they have diseases. >> john catsimatidis, great to see you thank you for being with me on this friday. meanwhile the white house is taking a victory lap on those lower gas prices we were just talking about, but a new fox news poll shows only 19% of people think that biden's policies deserve the credit for gas prices coming down. fox news white house correspondent jacqui heinrich is live in south carolina. hey, jacqui. reporter: hair, cheryl, good afternoon to you. yeah, gas prices are coming down , and the white house certainly wants credit. they tweeted, big news, the

average national gas price has dropped below $4 per gallon with over $1 drop in just 58 days. but gas prices remain almost twice as high as they were when biden took office, and a new fox news poll shows biden is having a tough time convincing voters that he's turning things around. three-quarters of voters are dissatisfied with how the country is going today, including 56% of democrats and 91% of independents, while 54% do leave gas prices are coming down, only 19% of people think that biden should get credit for the price drop. 32% approve of biden's handling of the economy, but even fewer, 27%, give him a thumbs up for his handling of inflation. republicans say the american people are seeing right through this white house victory lap. >> the cost of everything is up because inflation is taxation, and just in june, we had the highest on record so far inflation marker at 9.1% so just

because you have 104-degree fever and it drops to 103 degrees it doesn't mean that you're cured. you're still sick. >> today the presidents on vacation here in south carolina, it's a luxury golfing community but back home in d.c. congressional democrats are about to pass that massive text, healthcare and climate bill along party lines and while it's called the inflation reduction act even though experts admit it won't directly impact inflation for a year or more, democrats say voters still will feel the difference. >> if you lower energy costs as an example we're going to save the american family a thousand bucks. that is going to bring costs down for people. reporter: so the name of this bill, the inflation reduction act, could setup some high expectations for voters that prices are going to stay down and a lot of experts say that's a risky gamble, especially with energy prices expected to spike again this fall and winter. >> it's all based on the oil contracts and look it's the end of the summer and gas prices always fall at the end of the

summer we all know that but i had to say really quick i know we have to run but i've got "american dream home" that's the primetime show i host and i'm thinking we need to come down to kiowa island after looking at the video you just showed. >> [laughter] it's not bad out here. it's really a tough assignment. >> yeah, you got the good stick today on that one for sure. nice. nice. >> yeah. >> good to see you. >> i sure did, jacqui heinrich live for us. coming up, will the evidence speak for itself? former president trump backing the unceiling of the search warrant at his florida home. we could be seeing it today. we'll get a live update from mar-a-lago coming up,e next.

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>> the justice department final ly breaking its silence and former president trump has responded calling for the immediate release of documents related to the raid of his mar-a-lago home. ashley webster is live in palm beach with the latest. ashley? ashley: yeah, hi, there, cheryl. we are waiting to find out when that florida magistrate judge will actually go a led and un seal that search warrant. plus the inventory of what was

taken from mar-a-lago behind us four days ago. it should happen because both sides are saying yeah, go ahead and unseal that warrant but what we won't get a look at is the affidavit which lays out the case for the fbi, or the significant details be in there. details that persuaded the judge to go ahead and okay the raid by the fbi on monday, in the first place. there are also reports that that scale of that search was on such a large-scale because they believe some of the documents involved involve nuclear weapons there's no hard proof that that is the case, but donald trump, on hearing that news, put out a statement earlier today very forceful statement and this is what he said. he said nuclear weapons issue is a hoax. just like russia russia russia was a hoax, two impeachments were a hoax, the mueller investigation was a hoax and how much more. same sleazy people involved, donald trump says why wouldn't the fbi allow the inspection of areas of mar-a-lago with our

lawyers or others present, made them wait outside unthe heat, wouldn't let them get even close , said absolutely not, and donald trump concluding by saying planting information, anyone? reminds me of a christopher steele dossier, so trump leaving no doubt as to what he thinks about all this. meantime there are republican lawmakers who say the american people, bottom line, deserve the truth. take a listen. >> house republicans are going to follow the facts and demand accountability and transparency, statement by attorney general merit garland is not nearly enough. the american people deserve to know all aspects and all details and let's take a step back. this is joe biden's department of justice and fbi targeting his most likely presidential opponent in 2024. ashley: so we wait for the un sealing of that search warrant, cheryl, but again this will likely be a boilerplate document. we aren't going to get a whole lot out of it, especially exactly in fine detail what came

out of mar-a-lago on monday. some dozen boxes we understand but we have no idea whether they were classified information in there and also with any of them dealt with nuclear weapons. back to you. >> ashley webster thanks for your reporting on this this afternoon we appreciate it. speaking of answers let's talk about getting some. i want to bring in house intel committee member ohio republican congressman mike turner. congressman great to see you and you were at the podium this morning at the microphone, and you said very clearly that you want answers from merit garland, answers from the fbi director. are you getting any at all, right now? >> no, we have not received any answers whatsoever, and as you are reporting, even when the warrant is released today we aren't going to expect there's any detail as to what they were actually looking for. it'll be broad and general, not include the affidavits they used for the purposes of trying to establish probable cause, and the inventory is largely going to be generic, like numbers of boxes and papers and issues like

that. we'll see though. we know obviously we have to wait until it's released, but our committee has jurisdiction over intelligence issues, classified issues and certainly even issues of nuclear weapons and what we have asked the department of justice and director wray is tell us how this rose to the level of an immediate national security risk that would cause them to raid the former president's home and spend nine hours in his home there were a number of options even the attorney general garland yesterday recognized there were a number of options they could have done as opposed to raid his house so we're looking for justification as to why did this rise to that level, congress has oversight and responsibility and we certainly have the clearance to be able to know. come and tell us what was so important that you jumped overall these other options and raided the former presidents home. he eetr y y isth not notot askgsko giv giv fiedsifinf i tti b te rcl butus i b hus yo ialnitialct rnctoo .th dhat that tsehe cssifiedd

cu mesmesedooucleuc s, tylsayayt t merit garland personally authorized the decision to seek the search warrant and we knew that. have you ever, though, in a general sense, have you ever had concerns in the past about former president donald trump mishandling classified information? >> no in fact i was in the oval office with him having discussions about nuclear weapon s and i can tell you that the president wouldn't have in the oval office classified materials with respect to nuclear weapons and also there's different levels of classification. there are things the department of defense will tell you or classify that you can find on your phone right now while you're watching this broadcast, so the thing we're looking for from the attorney general is what rises to the level of an immediate national security concern that you would raid his home? and that would have to be the type of stuff that's actually done in the situation room and the president isn't going to have continuous access to this.

it's unlikely they packed up boxes from the situation room and took those off to mar-a-lago , and that's what we're asking we want to know in the decision-making here, what is it that they were targeting, what is it they actually found and what's the justification for not doing these other options that they could have and clearly did with hillary clinton , besides going in and raiding mar-a-lago. >> there's so much you just had to unpack but i've gotta run, i have one fast question though for you, sir. >> sure. >> is it possible, in your opinion, that these agents were looking for something that had to do with january 6 and not with classified documents he took with him? >> if so they made a terrible mistake because there's no court that's going to allow them to admit evidence on january 6 under a pretext, going into his home or mar-a-lago claiming that the archive is missing documents so if they did, they did it, it's a terrible mistake because the information will not be useable by them. >> the bigger mistake might be

political because we're very close to the mid-terms and this could really blow up at them i'm thinking. congressman mike turner, we all want answers absolutely, congressman mike turner, thank you for your time this afternoon , sir appreciate it. >> thank you. >> well, we've got a lot more coming up right now. the s&p 500 is poised for its fourth straight winning week since the index entered bear market territory back in mid- june. does this rally last? more "coast to coast", coming up next. ♪ ♪

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you see, son, with a little elbow grease, you can do just about anything. thanks, dad. that's right, robert. and it's never too early to learn you could save with america's number one motorcycle insurer. that's right, jamie. but it's not just about savings. it's about the friends we make along the way. you said it, flo. and don't forget to floss before you brush. your gums will thank you. -that's right, dr. gary. -jamie? sorry, i had another thought so i got back in line. what was it? [ sighs ] i can't remember. >> and now look at our top business headlines, first apple planning to keep pumping out new iphones, despite recent supply

chain struggles. lydia hu has all of the details, hey there, lidia. >> reporter: cheryl, apple stock is rising to the on that news, that the company expects to produce the same number of smartphones this year, as it did last year, if you take a look right now it looks like the shares of apple up about 1.6 %. now this is according to bloomberg reporting that apple is asking suppliers to make at least 90 million units of the forthcoming iphone 14. the order for the devices is catching attention because usually this type of information is a closely-guarded company secret, according to the report. now last year, apple also asked the suppliers to build 90 million iphone 13 models and they expect demand to be matched typically you'd see the company ask for around 75 million iphone units at product launch. the higher order is a sign the company is confident it's going to weather global economic turbulence that's otherwise see ing a slowdown on spending on

iphones and other devices but instead apple expects higher demand from customers who are willing to spend on the device, also a boost here to apple, is the decline of chinese smartphone maker huawei, which eliminates competition for the apple products. now, taking a look at electric vehicles let's check out rivian, because it beat second quarter revenue expectations reporting $364 billion that's about $27 billion over estimate. it also maintained its full year guidance for deliveries expect ing to make about 25,000 vehicles this year. it delivered almost 4,500 vehicles during the second quarter, but rivian did trim its full year financial outlook. the company says investors should expect a wider loss and lower capital expenditureses than previously forecasted. the hurdles here for rivian moving forward, delayed production ramp, higher raw material costs and freight expenses and, cheryl, continuing

supply chain challenges. >> all right, lydia hu, thank you. by the way i'm going to channel my inner neil cavuto right now. work it up to the last second, before it's baby time. we love you, good luck. >> oh, thank you i love you back. >> going to be thinking about you please keep us updated. >> will do. lydia hu we're going to miss her well, markets are on pace for a winning week. let's get the read from optimal capital director of strategy frances newton stacy. well, i don't know, are we starting to think a little bit more positive about these markets? i mean the fall could certainly be a game changer but at least technology stocks have kind of been propelling us today. >> so true. nice to see you, cheryl. the thing that's been very interesting is the first time that the federal reserve raised the interest rates with the 75 basis points markets started to actually price in a fed pivot which is really fascinating because then they went on to,

again, raise the interest rate 75 basis points and markets were still pricing in a fed pivot so you've got markets and traders pricing in this pivot which is causing the upward trajectory and influence over the nasdaq, despite the fact that we have august volumes are typically low , and then you've got the fed coming out, you know, still with a lot of hawkish rhetoric so there's quite the discrepancy here and we don't hear from the fed again for another two weeks when jay powell speaks in jackson hole, but it's the upward trajectory in the market, if it continues, is going to be determined by who wins this tug of war, the fed or the fixed income traders. >> i'm glad you brought up the fed because my question is going to be, we got that cpi report on wednesday, that core number which is really what the fed looks at even though everybody else is looking at the headline there, because that's food and gasoline, which is crushing us right now, but that core number came in weaker than expected and i can't help but wonder there is the headline 8.5 , if that's going to have

them cool their jets a little bit in september because markets rallied on that number wednesday morning, so do you say that maybe it's a 75 base it point, maybe 50, 25, i don't know. >> well it all depends on how the next cpi report looks, and the next jobs report actually, because we have one of each, before the next fed meeting where they have to determine how much they are going to raise rates, and who knows what the rhetoric is going to be in august. i imagine that it's going to be hawkish because the problem is if he even sort of somewhat breathes or sighs and insinuate s a less hawkish sentiment the markets go ahead and loosen financial conditions for him which is undermining what he's trying to do by tightening financial conditions, to destroy demand to bring prices down, so you know, watching the dollar, the dollar getting weaker is in favor of a fed pivot. the dollar getting stronger is in favor of the fed remaining hawkish, watching gold, gold is going up as in favor of a fed

pivot which they are ultimately going to pivot because the economy is weaker and gold becomes a safe haven then and then just also watching interest rates and it appears thus far that we have actually seen the high in the 10 year, it made multiple, you know, lower highs, so those are sort of the , that's the empirical data of what's happening with traders. the other thing out there that's just fascinating is the fact that credit spreads, another reason the markets having strength and the vix is lower is because credit spreads are not blowing out, despite the fact that the fed is tightening at a record rate. what's happening there, i think, credit spreads are already, you know, basically pricing in a pivot because at the end of the day powell has proven to us in the third quarter of 2019, that he will raise quantitative easing if there's problem in the plumbing of the system which happened with the overnight rates and then again during covid. he's going to protect the plumbing in the system with this record amount of tightening going on if there's a problem he's going to come in and that's

what the markets are assuming. >> if inflation cools he can cool his jets a little bit. we'll leave it there, frances newton stacy great to see you have a great friday. twitter rolling out a plan to fight misinformation ahead of november's mid-terms, but experts say the plan falls short find out why, that's coming up, next. ♪ finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy,

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than three months away and online the political debate is only likely to grow more intense , so, twitter says it's launching safeguards ahead of the election to combat misinformation. under the policy the company says it's going to be labeling or removing tweets meant to confuse people, on how, when, and where to vote. also going to remove tweets designed to suppress voter turn out and it plans to identify tweets meant to undermine confidence in election results. twitter put out a statement yesterday saying we aim to enable healthy civic conversation, while ensuring people have the context they need to make informed decisions about content they encounter. now the company says there are limits to what it'll be flagging as questionable and that in accurate statements about candidates or controversial viewpoints aren't targeted. tech experts like twitter and so many other social media platform s gotta walk a fine line and of course it's no secret many conservatives have been highly critical of twitter ever since the 2020 election and their decision to ban former president trump from the platform. he even launched his own social media platform truth social and

while he uses it, it also certainly has nowhere near the reach that twitter has. twitter says it's also going to be eager to help voters in the election cycle even launch ing regional hubs so users depending where they live can get a more clear and concise idea about the races happening in their backyard and there are a lot of them. cheryl? >> absolutely mark meredith thank you for that live report we appreciate it. well, twitter was one of the companies that came under fire the most for blocking information about hunter biden and banning donald trump. is anything going to be different now? joining me now vice president general counsel for net choice and professor of internet law, at the george mason scalia law school, carl vabo. great to have you here, carl. first your initial reaction to the timing of this. now twitter is coming out saying they are going to once again be the police of the internet. do you think this is tied in any way, shape, or form to the elon musk battle for the company >> cheryl, thanks for having me

i think this is absolutely connected in part to elon. elon shined a light on twitter and reminded them that they need to take care of all of their customers. liberals, conservatives, regardless of political ideology they need to do more and that's exactly what they're doing. the changes they've made are pretty much politically agnostic regardless of whether you're a democrat or republican, you can agree that when you speak or hear from a candidate you want to make sure that's the actual candidate, but one of the things we're seeing as kind of a larger picture on this is that twitter and all the social media platforms are trying to find that right balance between free speech and content moderation. is twitter going to get it right absolutely not. they are going to make mistakes. we are going to see problems and controversy but i can tell you this. the answer is not going to the government and having them become the arbitors of speech. if we were to turn it over to joe biden's election disinformation governance board with mary popins at the helm or

elizabeth warren or aoc to dictate what we know, hear, and see on the internet it's way worse for conservatives than allowing the private sector to lead the way. >> you know, i understand especially going back to the 2020 election they wanted to be, to make sure the information on the platform was correct. i understand that. americans go, we vote, this is democracy, but at the same time it's when the hunter biden laptop de decimal value debacle surfaced and they were flat out wrong, they censored the new york post. come on. we work together in this building with the new york post and there's great journalists there and i think that that's a point where it looked like twitter was going too far. it seems to me now, correct me if i'm wrong, they are going back in that direction, back to where we won't think that this story should be on the platform, we don't think this report is correct. it's a political narrative. >> yeah, you're absolutely right. look, on the conservative too. i was frustrated at that

decision. i'm still frustrated about it today, and you know what? i'm constantly talking to some of these platforms and content moderators and kind of saying what the heck guys what are you doing but what we are seeing is kind of a recognition that they need to do what is best for their users and their customers, and what is this doing? this is driving people on to other platforms. we now have going back to voting , we vote with our feet, we're going to truth social, we're going to rumble, and so now, the avenues for speech are so much greater. >> yeah, no, you're right in particular, jason miller at gatt er was telling me the platform has seen growth. real quickly before you go, the bots. we'll get more information when the court battle between musk and twitter. he thinks it's 20%, twitter says less than 5%, what do you say? >> you know, i think they're both probably somewhere in the middle. at the end of the day there's a negotiating tactic where elon is

trying to get a lower price for the final offer on twitter. >> yeah, is he negotiating in public on twitter? yup, absolutely is. carl szabo, great to have you, thank you for your time. all right, well, crime is a top issue on american's minds right now, and it could get worse. police departments are struggling to fill their ranks. we're going to have details coming up after the break. i'm still running against the wind, i'm older now but still running against the wind ♪

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>> major cities are struggling to contain crime spikes, and now police staffing shortages could make things even worse. madison alworth has that story, hey, there, madison. reporter: hi, cheryl. we are seeing staffing shortages in departments across the country. not only are these departments struggling to hire new workers. they're also struggling to retain the ones they have so let's give you a look at what some of these cities are dealing with. take a look at dallas they are unable to fill the nearly 600 openings they have budgeted for there.

in atlanta they have over 400 openings that they are struggling to fill and that's with an up to $4,000 signing bonus. departments we've spoken to say recruitment has been a challenge because the profession is no longer highly regarded. we have calls to defund the police and doubt in the profession of policing departments are struggling to hold on to the candidates and they can't get new candidates through the door. >> we are in a critical moment where the police department has been demonized across the country in communities across the country from coast to coast. its been demonized. if that police officer in uniform isn't on your corner we're seeing results. the staffing crisis is creating crime. it's creating violence. we have a subway system where people are afraid to go down and go to work. reporter: so you take a look at crime across the u.s. , and it is way up. robbery, up nearly 20% in chicago and los angeles, and here in new york city, it's up nearly 40%, so we touched on

some of those incentives we've seen departments across the u.s. do that. in portland, oregon they are offering signing bonuses of up to $25,000, but cheryl, they actually have a new law going into effect in september that will nullify that so they are trying to hire now before that goes away because they are struggling to fill those positions. >> absolutely we're seeing it in so many blue cities across this country madison, thank you very much, madison alworth thank you for that live report. well, meanwhile new signs that the booming housing market maybe cooling with record high numbers showing u.s. housing affordability in june was the worst since 1989. joining me now is romer deboss, managing partner, pierre. obviously my favorite topic i host a show on real estate. i want your take on what we're seeing as far as mortgage rates go, we saw them back above 5% this week with a lot of volatility in them. no matter how you slice it debt

is almost double what it was a year ago. it seems like we're just starting to see that effect, sellers attitudes about what kind of price they are trying to get for their homes. your take? >> yeah, cheryl, thanks for having me on today, and you know, what you're seeing right now is that sellers are going to be wanting to hold on to the pricing they became accustomed to earlier in the year and with interest rates at more than doubling since the beginning of the calendar year, you know, it's a matter of time too, there's until there's a correction in the pricing of housing in terms of the debt going up so significantly. at the end of the day when you start comparing rentals to mortgage payments, the moment it becomes cheaper to rent than it is to afford to buy a home with considering all-time inflation with the average price of the home eclipsing $400,000 for the first time ever and interest rates going up, you know, in the low 5% range, it's really going to, i think, in ever itable conclusion is it's going to be a significant slowdown. >> sure, of course.

>> and of course you're getting , you'll see , you know, a correction in pricing. i don't think anything catastrophic, the good thing about this the only good thing is we won't have the absurd level of price appreciation as occurred in the last two to four years. >> let me stop you though, because here is the thing. i want to make a point here. the fact that it's not just interest rates, and like obviously we've focused on that but look there's a lot of predictions the economy, we're talking recession and the economy really has yet to show the full effects of going into the tank based on what you're seeing, higher interest rates from the fed, okay, they are jacking up rates and will do it again in september . that's going to effect all different types of lending not just homes but autos and credit cards. there's that, okay? so then you've got companies out there that are talking about either hiring freezes or layoffs. big corporations. so you have a double whammy on housing i think that's what i'm talking about enough right now is that is a double threat and sellers have to get realistic about what they want.

>> right. and if you're a consumer, what's going to, where is the sense of urgency being created to buy now why buy now as opposed to waiting three to six months when you see rates will continue on this pattern and everything you mentioned, we're in an uncertain economic time the definition of recession changes day by day depending on who you ask. i personally believe we're in one right now, and if you don't have necessarily a life event that's going to force you to have to move and upgrade your living standards, why would you not wait and see how things go? >> i agree with you 1,000 percent because i talk to a lot of real estate professionals and as well as investment experts when it comes to real estate and they are telling me that the pebble has dropped into the pond, but the ripples have not shown themselves yet, and that's coming, and that's not three months, that's going to be six, nine months, 12 months because real estate is lagging, you know, you see real estate shows you the lagging effects of everything else happening in the economy and that's happening right now.

markets, different story. stock market that comes back december, january, full throttle , fine. that's one thing but the same person that could afford $4,000 mortgage last year, they could still only afford a $4,000 mortgage this year. >> right. i'll tell you, you know, our practice is a real estate lawyer we focus a lot in the new york city market and in the last six weeks the market has calmed down substantially and it is solely due to everything we're describing right now. not so much as interest rates, is markets are necessarily dependent on where rates are. it's moreso all the economic factors that you're talking about but yet, you're right. because the data we're receiving now is for transactions that were consummated three to four months ago and being reported so we don't have accurate data in terms of what's happening actually today so i can tell you from my perspective representing a high volume of consumers is that there is a slowdown, a significant slowdown taking place in the market and it is a

wait and see effect. >> if you're a buyer, this is your time, and well it's going to be, i'll tell you that i think that's going to be happening soon. pierre thank you so much for being here i really appreciate it. if you're out there and you want to buy that dream home, guess what? i've got a show called exactly that called "american dream home" and it's every wednesday night, right here on fox business, 9:00 p.m. eastern time we go country, we go to the beach, and we are following people looking for that dream home and you know what? there are great homes out there, and they are probably better deals this fall when season three starts. all right i'm off my shameless promotional soap box, everybody. coming up, the house forging ahead to pass that $739 billion inflation reduction act, but if it doesn't cool inflation, could the democrats be in for a dark day come this november? we're going to talk about it.

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americans hitting record highs. charles payne is here to explain why job hoppers are benefiting more and by how much. and another two buses of migrants from texas arriving right here in new york city this morning. mayor eric adams is speaking out. we're going to get reaction from retired acting ice director ron. we've got a busy hour ahead. let's get started right now. democrats are gearing up to pass that $739 billion spending bill as legislation is cracking down on congressional stock trading lingers in the background. hillary vaughn joining nerve nucleus on capitol hill. some saying their priorities aren't too straight, hillary. hillary: cheryl, lawmaker stock trade in the spotlight as the house is set to vote on a stock pan in september that would make this type of trading from lawmakers and their spouses illegal. ethics watch dogs are calling for an investigation into congresswoman kathy manning

filing a complaint with the office of congressional ethics demanding delayed disclosures saying manning failed to properly report more than 40 stock trades made last year worth $275,000 and $1.2 million. her spokesperson explaining the delay in a statement saying this, all of the congress womaning's financial is handled by a third party investor. she discovered an error was made by professionals in transmission of information to law firms, she filed amended record to disclose that information and her disclosures were 100% compliant after that. speaker pelosi's husband paul came under fire for a big purchase in a u.s. chip's system company and he dumped the stock at a loss before the house passed a bill that added $50 billion in subsidied -- the industry but not before questions of conflict interest

swirled around the speaker and spouse's well-timed stock trade. speaker pelosi is facing additional cob versey this week for bringing her son, a 53-year-old paul pelosi jr. to asia and he holds stock in a chinese company. pelosi insisted her son tagging along was strictly personal and no business was done on the side. >> his role was to be my escort. usually we invite spouses, not all could come but i had him come and i was very proud he was there and i'm thrilled and it was nice for me. >> did he have any business dealings? >> no, he did not. of course he did not. hillary: pelosi's office released a list of officials that were accompanying her on this trip, but her son's name was left off that official list. cheryl. cheryl: hillary vaughn, thank you for that live report. a lot going on in the nation's capitol today. more and more democrats are upset with how things are going

in the united states with 56% saying they are dissatisfied. that's the latest fox news poll but located this jump from independence: 91% say they are dissatisfied. bring in kailey mcgee-white of the washington examer and these numbers show why we're waiting on a $739 billion bill in washington. democrats are very nervous about november. >> absolutely. their chances of holding onto any sort of win in november were already pretty dismal, but this poll really does confirm they have lost all of the swing voters, all of the voters in the middle who might have been purr sueded otherwise. persuaded otherwise. if you have 90% of swing and regular voters against you, there's no hope of re-democrats no matter what bill you pass through congress and no matter how much last minute gains biden and the democrats try to push through cheryl: i look at the economy stats and that's how things are going.

75% say dissatisfied in general. it was 24% satisfied but, you know, even that's dropped from may, from 67% and then if you look at the condition of the economy, 81% say the economy is poor. 81%. what do you think that means for all these vulnerable democrats in november who are trying to cling their hopes to this inflation reduction act? >> they're going to have a tough time selling that to voters. i mean, the fact is voters aren't fiscally stupid and i think democrats think they are and they understand that dumping trillions of more dollars into federal spending social security going to reduce inflation and in fact probably going to make it worse in both the short term and the long term. i'm not sure how democrats plan to approach this with their voters at home already watching inflation eat away at their paychecks. they're eating away at grocery bills and at the gas pump. it's already hurting them and they don't want anymore of it.

cheryl: we've had predictions -- to be fair here from business leaders on this program as well as economists, that say that we -- i think we saw oil prices peak, think, back in june. some talking about potentially we'll see oil prices rise in the fall and you've got the price of gasoline. we're at $3.97 a gallon and we're about $4. we were at $5 not too long ago. but we're now, you know, finding out and learning with the price of gas nationwide, we're learning there's been a number of pipeline outages and prices could start going back up in the fall. obviously that is something that's going to impact voter sentiment. we'll get more on that in a minute from our correspondent, but is energy, food, are those the two main things people are voting on you think when it comes to the november elections? think it is something else? is it because of what we've seen with other parts of the economy, lack of progress from biden and

maybe his handling of the economy? like a lot of the factors are out there but what's the most important to voters? >> i think it's a combination of all the factors to be honest because they're all affecting voter's wallets and that'll be the biggest motivation for them. the biden administration's attempt to spin inflation rates or spin gas prices and say they've peaked and we're on the flip side of things, it's just not a winning message. you can't look at voters and say, well, it could be worse and expect them to then think that's okay because gas prices are still nationally on average about $4 per gallon. that's $2 more than what they were paying this time last year, and they remember that. cheryl: yeah, all right. kayley thank you very much. i want to stay on this topic and bring in jerry willis on this topic and, jerry, the fox news polls are really troubling because 40% still believe in the new poll that gas prices will go

up. americans seem pretty pessimistic right now. >> you can hard learfield imgly, cheryl, because they've paid $5.01 on june 14th with the nags hall overnight average of gas and experts say the prices will return but the biggest threat today to gas prices, and that is the shutdown of two pipelines. the good news here: shell saying they've reopened one of these pipelines, the amberjack. meanwhile the mars is still shut down. these two pipelines bring half a million barrels of oil from the gulf of mexico to the atlantic every single day, to the coast, every single day so they are critical to production and of course, this is coming at a bad time because inventories are so thin, so low. according to one estimate, inventories are 5% below the five year average for this time

of year. and as you know, the spr went to a 37 year low not too long ago. let's talk about those gas prices. the short-term good news here is that the overnight average went to $3.98, that's two pennys blow -- below the yesterdayaverage e temporary and as we know, it's well above last year levels. here in hartsdale, we're paying $4.19. you can see the gas station behind me for a gallon of gas in the nee area is more expensive. i spoke with phil flynn earlier today. he's expecting gas prices to go higher as you say the experts believe this later this fall because of this inventory situation. cheryl. cheryl: yeah, no, gerri, i had to giggle when you said oh, goody, we're below $4. oh, boy. get out the popcorn.

yay, it's so true. it's not helping any of us. gerri willis, thank you for that live report. great to see you. appreciate it. all right, let's stay with this and keep talking about it because it's impacting everything in our lives, isn't it? energy prices falling is a big reason for what seems to be cooling inflation, but food and shelter are still way up. let's get the read from capital management gary and strategic partner and ceo mark. mark, it was probably you i was referencing that we'll see oil come back in the fall. you're one of the people i've heard mention that on morningings with maria. your talk -- mornings with maria and president biden celebrating that oh, goody, we're at $4 a gallon. >> yeah, seriously. you know, that's kind of like a football team losing 42-0 at the end of the third quarter and then they end up losing 42-7 and they talk about how great the fourth quarter was. it's still not a good game.

you're righted, the stickier components of inflation are running hot: housing, food, wages. it's great that gas is a little less expensive than it was a month ago. energy is down 4.6% month over month but when it comes to housing, the year over year mortgage payment is up 50%, that's the highest we've seen since the 1970s. so that means rents are going to follow and that's sticky. that's going to be with us for a long time. food: up 1% month over month in june and ticked up to 1.1% in july so that is an acceleration in inflation. cheryl, you know, i went through the entire list, line item by line item in the last cpi report, and here's what else was down month over month outside of energy. apparel, jewelry, appliances, use used cars, tvs, hotels, rental cars and air fare. cheryl: yeah. >> what do all of those have in common?

they're highly discretionary items and the first things you cut when money is tight and from my standpoint, i think this is indicative of falling demand. that's a problem. cheryl: yeah, gary, what is your take on all these numbers? we haven't had a chance to talk to you about the cpi report from wednesday. you know, i was looking at things like shelter, that was still higher in that report. i don't know what to say about chicken egg prices and the ppi as well as egg prices i saw on wednesday. i'm an egg lover and concerned about my weekend omelet. >> look, there's a lot of moving parts going on. in mid june i put out the note i thought commodity inflation had topped for now because we're dealing with, you know, moving vehicles and, look, energy is the head honcho top-dog big cheese with not only going to the gas pump and how many products are involved but leave no doubt, there's plenty other things that are an issue and read this week about new york city rents at a record because of affordability factor as well

as other cities. food, i do the shopping here, and i speak to the managers of the stores at publix and other places and, yeah, it's staying up on any number of items so this has to be addressed. why? because cob consumers have been crushed and talking about prices coming down but $3.97, it's still $3.9 and we'll take it much better than 5 but a lot more needs to get done or else. the good news, the stock market bottomed when commodities topped and when commodities top, yields top and that's giving impetus for markets as the cost of everything comes down but again, a lot more needs to be done. cheryl: well, okay, both of you before we go, i don't have a lot of time and, mark, i'll start with you. markets the rest of the year, i've seen a lot of predictions that are bullish if you get into december/january but i'm seeing a lot of predictions we'll have a real choppy market between now and the month of december. what do you say, mark?

>> i would agree with that. i think the market ends lower. i think the market has these last few reports wrong. if you look at yields curve, we're still inverted by about 40 basis points so i think, yes, choppy but i think the market ends the year lower. cheryl: okay, gary. >> the market is strong as all heck right now and all i do is stay with it. i turned on july 19 from being completely out to buying and getting in and so far i've seen nothing un-towards to take me out, and i hope it continues. as far as the end of the year, i wish i knew what i was eating for dinner tonight. that's all i can tell you, so far, so good and fingers crossed because i can tell you people's 401ks for destroyed for over a year. cheryl: i hear you and think we're all hoping for a bit of good news by the end of the year. it'd be nice. guys, thank you very much. mark and gary. coming up, we have a lot more. the warrants that led to that unprecedented fbi raid on mar-a-lago could be released at any moment.

we're keeping our eyes and ears on the justice department and we'll get a live report from there coming up next.

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cheryl: attorney general merrick garland facing a fire storm after admitting he signed off on the decision to seek a warranted to search trump's mar-a-lago home. america waits a magistrate's decision on whether to release information from that warrant. davis is live at the justice department with the latest. we're all watching you, david, right now to see when we're going to get this warrant. what do you know? >> cheryl, it's good to be with you. 3:00 is the deadline and attorney general is calling former president trump's bluff saying, fine, release the documents to the public and the former president on truth social said, listen, i want those documents to be released and it's up to his attorneys to see if they think that is a good idea to do so. then we'll see what the judge says. this is what's going to come out today with the details inside on the second page here and it's a two page document and it's a big chunk where it says the

inventory of the property that was seized. we will find out likely if the judge agrees to unseal this today. what property specifically was taken from mar-a-lago. now, as i mentioned, attorney general merrick garland came out yesterday in that rare statement and said this was the deep public interest and he wanted to come out and it was an unusual move to see a attorney general talking about an ongoing case and as i said, this is an unusual circumstances involving the former president of the united states. >> all americans are spited to the even -- entitled to the even happenedded application of the law and the presumption of innocence. much of our work is necessity out of the public eye. >> fox news learned trump's office was served a secret subpoena by a grand jury and they toured the area of the

florida estate where some of the documents were stored and briefly viewed and took custody of a small amount of potentially sensitive material. sources also say federal investigators spoke with at least one person that relayed the possibility of more sensitive national security material in that room and other areas of the property, but for those people, cheryl, that want every single detail about why the fbi went into this property on monday, they're not going to be satisfied today because those details would be in the affidavit, the probable cause, the reason that the judge agreed to sign and go ahead and move forward with this search warrant. still with the search warrant, we'll find out a lot more than we've known over the past few days, cheryl. cheryl: david, i'm sorry to hear that . i want to know what they were looking for in melania's closet. >> yeah, we'll see. the former president said that happened but we have no proof so we'll see. cheryl: yeah, there's so many questions and we may not get a lot of answers today, but we're standing by so keep us posted over here at fox business with

what you know, david. >> i will. cheryl: thank you, sir. let's bring in while we wait, national security and institute founder jameel davis. do you think we'll see the affidavit and our expectations about the warrant have been tempered down. >> cheryl, i think we'll see the affidavit at some point but probably not in the near term and i say that because if there are charges brought eventually and the validity of the warrant is validated and you'll see it supports the magistrate's judge's decision that there was probable cause to believe a crime had been committed. between now and then we'll see the warrant and the receipt, the return -- what material they took with them. that actually may have some revealing information because it might show what they took. did they take something marked classified? did they have any sort of markings on it and the like, and what markings were on it and top

secret fbi court information and that might tell us about what the justice department think they got from the materials there at that mar-a-lago. some information there but we'll know more here in the next hours as the judge releases it or on monday if and when that warrant and the receipt -- the return, the receipt of material is made public. cheryl: i had congressman mike turner on last hour and he's on the intel committee and he's furious and thinks it's ridiculous. they want answers from merrick garland. they want answers from christopher wray and they may not get that and they're reaching out and we'll reach out again on monday to find out from the doj what purpose, you know, you need to el us one or two reasons here why you went down to mar-a-lago and took this action the the other thing that's interesting here is it looks like from david's reporting that donald trump knew this was happening. he knew it was happening back in june that this was coming hence the go ahead and release the warrant. go ahead and make it public

today. >> yeah, you know, i think it's interesting as you see this play out, congressman turner is right to be asking questions, and i think the justice department and merrick garland will have to come up with some answers. at a minute mall, what we do know it's likely to be supporting their probable cause request is the fact that the national archives took these 15 boxes, some of which we've heard from reporting and not for sure was believed to contain classified material including material classified as top secret sensitive level meaning the highest level of secretive information. they'd knew it was coming and seen the subpoena and was negotiating and knew at some point the justice department would demand access through a warrant and otherwise and ultimately the lawyers were there and present for the search. interesting thing, the president could have turned over the warrant in his hands and the lawyers and the receipt not being made public and chose not

to do so and put the justice department on the hook and they've called the hook and the president is not going to object to them releasing it and we'll know soon what the basis of the warrant and what statutes were being cited and what they took away in terms of how many boxes and the like: cheryl: the former president is no longer on twitter but on his own, you know, media platform saying it's a witch hunt again. i hope for the doj's sake it isn't another witch hunt and they've got something here because it's really going to, i think really blow back at them if there's not a there there is the best way to say it. great to have you. appreciate it. we're keeping our eyes on washington to get this release very soon, jamil jaffer. robinhood is expected to face a class action lawsuit over last year's mean craze. we're going to take a closer look coming up after the break.

cheryl: job hoppers are finding their wages going up by a whopping 6.7%. that's according to data from the federal reserve bank of atlanta. that's nearly 2% more than employees who stuck with their jobs. joining me now is charles payne with his take on this data. charles: you know, we're in this era where they're calling it worker horder, you know, all these new terms after the great resignation and always said it was the great de facto worker strike. that's what i thought we were going through. be it as it may, hopping around and looking for a new job, if you're qualified, forget about it. you think about people coming out with sentiment reading earlier this week, after inflation, the number one

problem was finding the right employees and it is so hard. you know, we've talked for years, cheryl. we talked about so-called skills gap and some people dismissed it and it does exist. cheryl: especially in technology. charles: everywhere, you know, driving a forklift. using a jackhammer. i mean, it is really everywhere in every faucet of our economy. finding people who have been either mentored, taught, educated and noted talking about a degree but educated in how to do these kinds of jobs. it's tough. cheryl: you're right, we can't get workers to finish homes for example. one of the things about the great resignation and a lot of people that took part in the great resignation, some have had regrets because they didn't quite -- is that a stock trade we should know about. charles: i don't know what that is. it started doing that today and i was like what the hell is that. cheryl: siri talking about a stock trade before the show coming back from break. a lot saying they're not

satisfied from the meaningfulness of their new job. what do you make about the younger generation of workers who want meaningness from my job. your job is not your mother. what's your take? charles: i had this conversation with my son 15 minutes ago. i always joke around that these days, what i love about gen z is they're go getters and what bothers me is they want the gold watch the first day. the grinding it out part and getting over the hurdles part. they want to hit the ground running; right. six figure income and middle management responsibilities and i only work for a company that shares my values. what the hell is going on here? are you kidding me? an interesting headline in bloomburg not too long ago. millions of americans regret the great resignation f. you read it, one quarter of job levers rue their decision. 75% say yeah, i'll take the extra cash. you know, i hate my boss wherever i go but at least i'm

getting paid more. cheryl: again, they're not your mother. charles: exactly. cheryl: another thing too is we're seeing companies starting hiring freezes or talking about layoffs. the first big name is tesla, but then you start seeing wal-mart and these other big names say eh, hiring freeze. maybe some layoffs are coming. let's be honest, the recession and the economy will be in the tank for the fall. not the market. charles: that window is closing and if you've been choosey and have offers, better take one and that window will close and it'll be just like that and it'll be a massive reversal. you see it already in the initial jobless claims but they're way ahead of the regular jobs report so it's coming. if you've been waiting for the perfect job and have a couple offers out there and feet on the table, pick one. pick one quick. cheryl: summer is almost over, kids. charles: nurses are in the best position because 20% of their job postings are still advertising a signing bonus but that's a chronic issue for maybe

a decade now. cheryl: one of my good friends is a nurse. the burnout in that profession after covid has been brutal for them. charles: i know. know. cheryl: i have to let you go because you have a show to do in 27 minutes but i'll see you in 27 minutes from your studio. charles: we'll do the handoff. cheryl: yeah, see you later. other topic i think is pretty darn interesting and we'll stick with the charles payne stock story here, a judge has rule that had numerous companies can proceed with manipulation claims against robinhood after trading was halted during last year's meme stock rally. charlie gasparino is here with what's next for robinhood and that story. >> carol -- cheryl, it was only a matter of time before the class action lawsuits against robinhood and is always with the class action shakeout and you might see more class action lawsuits against other companies and ceo adam aaron of amc

theaters. robinhood literally went into the whole business of stock trading and making markets in a way that they didn't have enough capital on hand. you can make a case that they were unprepared and negligently so to essentially handle the insane volume that went on. robinhood will tell you and i've spoken at them in the past at length they could have never forseen what happened in januar. that's when you had that insane meme stock rally where shares went nuts and trading volume off the smarts. that's never going to happen again and may never happen again because we had unprecedented settings and stimi checks flying and put all that together, this company is ripe for legal action and so we have this class action lawsuit and, you know, you talk to enough legal experts, they say the sec is definitely, you know, going to kick the tires on this thing and, you know, they

may face an sec charge and already you see some of that disclosures in their filings. so that's where we are right now. not a good time to be robinhood. retail trading has died down dramatically despite a supra aural headphones reservice connected generals in the -- resurgence in the meme stock trade. amc is up in the last couple days and down from its highs over 70 last year about 64% and got a resurgence right now somewhat and some reads down to robinhood's favor and some doesn't. it's going to be interesting to see how meme stocks and retail responds to the -- to what's coming, which is probably more fed increases, even if it's going to end by the end of the year. whether retail will stick around, cheryl. by the way, one thing, it's an interesting economic concept known as moral hazard when there's no consequences toy risk, you take even greater risk till you take the ultimate risk

and blow up. that happened in 2008 financial crisis, and it just got me thinking of all the kids not taking jobs that you guys were just talking about. that maybe a recession would deal with that moral hazard. i don't wish a recession and unemployment on anybody, but maybe that's the cure. cheryl: again, look, you and i have been doing this -- well, many decades at this point and markets go up -- we were together in 2008 and obviously, you know, through covid you and i worked together and so you and i are the people that kind of watch the waves go and i think the wave is going down and that's the economy and that's the job market and we're talking about a recession, but waves always go back up. it's a lessen learned. charlie: and i'm older than you. cheryl: barely. charlie: enough and i remember the 19 70s when my old man had to work two jobs and out of work sometimes because he was in construction in new york and you had the financial crisis and he bar tended and drove a taxi and

it was never enough because food prices kept going up and gas prices kept going up. it was a rough time. we -- thank god we got reagan and vulker who caused a very stiff recession. but we got rid of insane inflation and what was known as stagflation. you know, the problem is we don't really have that now. we have jerome powell who is very weak and, you know, joe biden who's not exactly a dynamo. cheryl: there you go. charlie: but the market likes something, i don't know what it is. cheryl: charlie gasparino, it's good to see you. charlie: talk to you soon. cheryl: coming up, more migrants rolling in to new york city by the bus load. we're going to have an update on that and the battle between new york's eric adams and texas governor greg abbott.

cheryl: well, two more buses of migrants from texas arriving in new york city today. fox news correspondent nate foy has the latest for us. >> nate: hey, cheryl. two buses with 89 migrants arrived here in new york city and an official with the mayor's office was here to greet them and that official is accusing texas governor greg abbott of anti-immigration hatred and take a look at this video of the migrants arriving just before 8:00 a.m.. you see commissioner manuel castro of the mayor's office of immigrant affairs shaking migrant's hands as they got off the bus. he says the city will keep cassioppi cementing all migrantl migrants from texas and has a new accusation. >> using people, political being as political pawns is disgusting and new york city won't fall for

the trap. new york city will continue to be a welcoming city. governor abbott is promoting anti-immigrant hate, but we won't do that in new york. nate: also today, new york city mayor eric adams is responding to a new york post article that claims some think migrants are getting preferential treatment compared to homeless americans including veterans, but the mayor says that's not true. listen to this. >> everyone who seeks a shelter assistance the same way is universal in how we treat people. that is what we've always done. nate: we also know today washington dc mayor mural bowser is requesting national guard support to help with migrants arriving from texas. this is her second attempt for request. migrants bussed in recent months

and 360 migrants over the past week bussed over new york city and giving you some perspective on that, correspondent bill is in eagle pass, texas, and saw 400 migrants cross illegally in a span of 90 minutes. back to you. cheryl: that is the point that we want to make with our next guest. nate foy, thank you for that live report in new york city. i want to bring in retired acting ice director chief of border patrol. it's great to see you here. i've got to get your reaction to that, to the numbers that nate mentioned down on the border. the migrants that were arriving in new york city and to be clear here in washington, is a tiny drop in the bucket. are of what the texas border is dealing with right now. >> it's good to be on with you, cheryl. i agree. 6800 is the total that went to dc. we see that -- or the border patrol sees that every 24 hours on our southwest boarders so what's happening in new york and what's happening in dc is a symptom of what's happening on

the border. this administration pursued an open border policy, and these cities are seeing the effect of it. these mayors have a opportunity to show leadership on this issue. i wish they would do it and call over to the white house and ask what the plan is beside an uncontrolled, out of control southwest border because the symptoms of people coming to the city -- i didn't see either one of these mayors complain when people were being flown to their cities or near their cities. they make no mention of that. they know this is a problem because they see it now because of what the governor in texas has done. governor abbott and his team have done more than anybody in new york's leadership. they've deployed the department of public safety to help and have the national guard at the border and they're building barriers. they're doing everything they can and sending these people where they want to go after they've been released is just a symptom of the bigger problem. they need to get ahold of the white house and not just ask for

resources but what the plan is. ask them to resource the border. ask them to put back policies that work. cheryl: speaking of resources, you've got dc's mayor asking for national guard assistance to deal with migrant in washington which, i'm sorry, i'm here in new york, i think that's a little ridiculous considering the numbers she's dealing with based on what abbott's dealing with in texas. is this political posturing? what do you make of that? >> it is. it's a failure of leadership. you know, she took an oath to protect her city like the governor in texas did, like border patrol agents do and mayor adams did as a mayor and a police officer. if they want to protect people, they need to get ahold of the white house and tell them to control that border. it can be done, it has been done. they inherited record lows and activity on the southwest border when this administration took over. why can't we go back to that scenario? we can if there's will to do it, and these mayors can exercise leadership and call up the white house. cheryl: ron, it's always good to get your take on everything

border, and it really is still to this day a crisis and we're still talking about it. great to see you, ron. thank you. >> thank you. cheryl: all right. well, the house set to push through a $730 billion measure leaving american taxpayers with a massive bill. what if you, the consumer, spent as recklessly as wrong? congress. we're going to hash that out coming up.

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cheryl: democrats nearing the finish line for pushing through their massive spending bill. personal finance expert dave ramsey selling "coast-to-coast" that when it comes to congressional spending, it's a do as i say, not as i do situation. watch this. >> well, the only people that can borrow without any repercussions eventually coming home rused is congress. the rest of us have to live within a finite set of money. the idea to borrow to cover the inflation that's driving me nuts, i mean, i went to fill up my truck the other day, david, i about had a heart attack. it was unbelievable out l. the biden administration has a real problem on their hands with this

economy. it's a political mess for them because the parts they could control and help with, they haven't. cheryl: let's bring back capital management gary and strategic wealth partner president and ceo mark tepper. mark, to you, your reaction to what dave has to say but the criticism of the inflation reduction act that's not going to do much, if anything, to reduce inflation. >> yeah, and you know, to dave's point, i mean even congress can really only spend recklessly and have an unlimited checkbook as long as the dollar is the reserved currency of the world. that's what gives them the ability to do that. tax revenue as a percentage of gdp is at post-world war ii highs yet we're still running a deficit. we are not guaranteed, cheryl, to be the reserved currency forever and ever and ever and china is gunning for us right now. they want to be the world's super power economically and militarily.

they want to displace the dollar as the reserved currency too. crypto is coming for us and that's probably less likely but i've got to tell you, none of us have ever live add day when the dollar wasn't the reserved currency of the world, and i don't want to see what that's like if it happens. if we continue to recklessly spend, there's more and more cries to displace the dollar as the reservinged currency and we've got to reign in that spending big time. cheryl: i love what you're saying and gary kay, china is playing the long game and you've talked about it a lot on fox business, and we got word today that looks like president biden, there's reports he's going meet with xi jinping later this year. >> yeah, look, unfortunately all these poll cigses are taunting the economy, they're taunting the american people, they're taunting all the markets. when joe biden got to washington dc, we only had $458 billion of federal debt and he's voted on

$30 trillion of the $30.5 trillion not by politicians on the other side of the aisle. it's the pressing, i don't know what number it's going to be but one day we're going to wake up and it's going to blow up. it always has. you can study history of every country that just kept going deeper and deeper and deeper into debt. cutting another credit card with a higher credit limit at the pace of the last one and here we go again cheryl: yeah, real quick before i let you go. despite dems vowing not to hit those under $400k with a tax hike, audits of taxpayers making less than $400,000 accounts for about $20 billion in revenue for the inflation reduction act. mark tepper. >> yeah, look, the joint committee on taxation, which is bipartisan, they did a study and they said that 78-90% of the new revenues that are going to come from this come from small business owners making less than

$200,000 a year. mic drop. cheryl: yeah, real quick, gary kay. >> 87,000 irs people, i don't think they'll be visiting ice cream stores each day or billionaires. watch your wallet. that's every body at every level. cheryl: gary and mark, great to have you both. thanks, guys. >> thank you. >> thanks, cheryl. cheryl: take a look at the markets right now, stocks are extending their gains. s&p 500, nasdaq on pace for their fourth straight week of gains. we're going to have more "coast-to-coast" right after this.

>> market contract to end in the green. the s&p 500, the nasdaq on pace for the fourth straight week of game. charles payne i will take it but if you can make these numbers go higher i appreciate it. >> take you, have a great weekend good afternoon i am charles payne this is making money, the s&p 500 nasdaq are on track for the longest winning streak since november 2021. the elites are not happy, they are getting scorched, maybe that's why we keep hearing that the market has not bottom until the small retail investors have blinked, a lot bigger than you think when wall street knows. as we await the infamous war in u.s. history are