ashley: here's the trivia question, we didn't forget. the lottery was used to help fund which american war? there are the choices. what do you say, lauren? >> oh, man, the war of 1812. ashley: 1812. i will go with the civil war. what ask the answer. it was used to help the american war, which won, revolutionary war. we were both wrong, lauren. thank for your help. cheryl casone in for neil today.

cheryl: you're not on my charades team. i'm cheryl casone. i'm in for neil cavuto. we're following breaking news right now. president biden meeting with democrats, republicans, top of the top with a big to-do list to tackle, trying, to avoid a railroad shut down and budget crisis. senator bill hagerty will be here to react to that. we'll ask him if he supports congressional interaction with the rail strike. joe borelli talking about a new bill that would stop landlords running background checks on possible tenants. general keith kellogg joins us later whether the protests in china are start of a bigger revolt by the citizens or a bigger crackdown by the communist party. that is coming up on cavuto

"coast to coast." to our top story of the hour right now, president biden, lawmakers us why saying they think we can avoid a rail strike. this as a meeting with top congressional leaders. fox news white house correspondent jacqui heinrich has more on discussions happening there. jackie? reporter: cheryl, congress and the white house identified a report of priorities for the lame-duck session including a bill to protect same-sex marriages, reforming the electoral count act and not least of all funding government and military. there is fresh urgency on congress's need to pass a bill to avert a rail strike that could shut down much of the u.s. economy right before christmas. president biden: congress has to act to prevent it. that is not an easy call but i think we have to do it. the economy is at risk. we'll work together to fund, i hope, work together to fund government, covid and war in ukraine. reporter: a rail strike would have devastating impacts on the u.s. economy. the president met with

congressional leaders. industry ceos, agricultural, retail, energy talked to reporters, emphasized for every day of a strike the supply chain would need five to seven days to catch up. cargo would back up to ports untangled from pandemic era backups, contingency planning for this is nearly impossible. there is zero elasticitity in the market and storage limitations for preplanned product. american petroleum institute said this would cause gas prices to spike. >> very difficult to contingency plan which is what, one of the key reasons why a rail stoppage would ensure americans are paying higher prices at the pump. reporter: the president expressed confidence that congress can work to avert this crisis. secretaries of labor, agriculture, transportation are heavily involved in the talks but only congress as a body can intervene. >> are you confident you can

avoid a rail strike? [reporters shouting questions] reporter: president's call for congressional intervention could face some blowback from some of his biggest supporters, unions, for undercutting their leverage essentially. pelosi though says that they will put the september agreement that some of these unions already voted down on the house floor tomorrow and the president is calling for it to pass, essentially, his, desire to avert a crisis here with the economy outweighing his support for collective bargaining with unions for this to continue on any further, cheryl. cheryl: jacqui, a strike before christmas doesn't make good political sense, i assume they know that in that room. jacqui heinrich from the white house thank you for that live report. president biden says it is on congress to stop a rail strike. republican senator bill hagerty is here. senator, i want to ask you if

would support legislation to stop a strike? i will add to that i thought the president was directly involved in this? the white house led us to believe he had a voice in all of this. he is caught on a mic saying he has not gotten directly involved. now calling on congress to fix the mess. reaction to all of this? >> cheryl, it is particularly rich to see president biden take a victory lap back in september. he claimed he resolved the question. it was a political manuever to pass the midterm elections. since we're passed the midterms is falling apart. senators wicker, burr put a resolution back in sent that would have addressed this. bernie sanders blocked that. the white house decided to declare victory. indeed it was a false victory. again politically oriented, now dumping it back at the feet of congress. we're looking now potentially two billion dollar a day impact. that is the current estimate. i think knock-on effect could be substantially higher. think about it from my home state of tennessee, we're a big

transportation state. take memphis alone. rail traffic into memphis, barge traffic that goes out, truck traffic goes out, this will have massive knock-on effects all over the country and even beyond. cheryl: talk about the meeting at the white house. get your reaction. we're in a lame-duck session until the new congress is sworn in in january. you have got schumer, pelosi, mccarthy there and mcconnell. can these four find a way to at least you think come together enough through the rest of this year to get what needs to be done, whether it is make sure that the government is funded, make sure other programs and vital programs are funded, our nation's military? >> well, this congress has got a lot of wasteful things on the docket when she should be focused getting the government funded. focused on the national defense authorization act kicked until after thanksgiving this is terribly irresponsible. now we have a rail strike landed at our feet too.

this is matter of priorities. what we have is management here in the congress. i'm talking about senator schumer and pelosi in the house at this point. that decided to keep everything on hold, wait until the very last minute and now we're going to have a tremendous amount of pressure to get a lot of important things done, while they still have things on the docket much less important, messaging bills, that type of thing that will slow us down. it is a matter of priorities. democrats need to get that right. cheryl: senator, in your discussions with senator mcconnell, has he voiced to you, you had discussions you do want to prioritize in the senate come january? >> well, in terms of january that is going to be too late for this rail strike. the white house has indeed failed looks like it has we'll have to deal with this right away. december 9th, is the deadline. we'll have to move on this very expeditiously. people will stop putting cargo on line almost immediately. what happens in january. we're working right now, focused what happens in georgia on december 6th. cheryl: a lot of news breaking during this hour, senator,

please stay with me. i want to get reaction to this next story. it involves congress, you and your colleagues. elon musk is firing back against apple in a series of tweets after the tech giant pulled back on twitter advertising. we have fox business chief national correspondent connell mr. shane here in new york breaking all of this down. this does, of course there is a washington component to all of this. >> reporter: there is lot of components to all of this. a lot going on last couple days as we monitor what elon musk is doing. if you think about it going after the company that might mean more to twitter's success than any other. you will see the headlines. world's richest person versus its most valuable company. yet these are two huge names in the business world. elon musk versus tim cook. but when you really start to break it down this might being about survival for twitter as a business. first, think about the app store. most of us have iphones. think about the app store. kind of like a gatekeeper. apple has tight control over software distribution. to that very point, just moments

ago, responding to a tweet of the power of big tech to act as gatekeepers, musk said this. this is real problem. apple and google control access to the most of the internet via the app stores. think about advertising dollars. bloomberg apple twitter ad spending over $100 million a year. "washington post" said it contributed 4% to twitter revenue first quarter of the year. those data points are context for elon musk tweets brought this all to the fore. apple mostly stopped advertising on twitter he says. do they hate free speech in america? apple threatened to withhold twitter from the app store. won't tell us why. take first two tweets that apple hates free speech in this country. apple said restricted use of airdrop feature in china which has been used over there to get around the censors in the past that opens up apple possibly to questions about a double standard but those are questions that apple is not answering right now. it has not responded at all to

our requests for comment. so we don't know for sure right how how much apple cut back on twitter ads or whether it has at all. we don't know what its plans are for the app store. we know it has kicked apps off the platform in the past. said it is doing so because of concerns about content moderation. you will remember cheryl, that is what happened to parler a couple years ago. elon musk knows that. knows advertisers have been leaving. knows that would be a very big deal if it happened to twitter. cheryl: the content shown to the american people has been the washington definitely had a large voice in the past. >> reporter: right. it might be a discussion we're having again. this might be what this is setting up, another discussion in washington about the same issues. cheryl: bring back in senator hagerty. senator, your reaction to that that. do you think this will come your way, elon musk, twitter, social media, disinformation story continues and it may get larger? >> i certainly think it could. look, apple has tremendous

market power. for them to have sort of standard that was just described to take away the airdrop feature being used by protesters in china right now to transfer information, you have a white house right now saying at least they should say a lot more, they respect the right of folks to protest yet apple is removing the main tool they use to transfer information only in china. the way that upgrade work only hit iphones issued in china. targeted for china there. a tool that the chinese communist party is using to shut down communication. back to america, you have got them taking massive market power using it to threaten a company like twitter that has tremendous voice in the public square here in america. i think it's a double standard. it is very, very concerning. could easily land here. the white house saying they keep a close eye on twitter and a closed eye on apple when it comes to china. cheryl: senator, obviously the chinese, whether it is the stealing of intellectual property here in this country, our intellectual property, whether it is spying on american

citizens, whether human rights abuses, there is a long list of grievances america can have and likely does have with the chinese, is that something you think we should be addressing again? i will take it to the new year as we approach the holidays, in particular as we're seeing these disturbing images playing out in china as xi xinping's own people are revolting and they're being beaten, they are being suppressed, they are being imprisoned? >> absolutely, cheryl. i mean you hit the nail on the head. there are tremendous number of things we should be concerned about. they represent their own interest. they're mainly aggressive not only against their own people you see unfold but being aggressive toward us as well. just yesterday the uss chancellorsville was doing a freedom of navigation operation in the south china sea, sailing to the spratly islands. ccp came out with massive protests and pressure, we shouldn't be there without their permission.

just a few day as of biden met with xi xinping, maybe the day after, you have the chinese communist party sending their own warplanes in the vicinity of japan, close to okinawa. that is airspace we utilize, because we have massive u.s. military presence. they're being extraordinarily provocative in the region. they are doing what they have always done with intellectual property theft, military aggression, this is a great concern we'll have to deal with it much more forcefully that the white house has been willing to do thus far. cheryl: senator, while i have you here, i have more breaking news. get your reaction. coming senate, coming from soon to be house leader kevin mccarthy. he says the issue of border security came up at the white house in this meeting with the president and pelosi and schumer and mcconnell. he says, this is a quote, we need our own military embedded with border agents due to the cartels at the southern border. real quick your reaction to that

comment, sir. >> look the white house ceded control of our southern border, mexico's northern border to billion dollar cartels that work in partnership, multibillion-dollar criminal operations that work in partnership with the chinese communist party to ship fentanyl into america. they are killing our kids. we need to do what we can. we have five million people illegally in the country right now since biden took office. it is national security crisis of epic proportions. i'm for anything we can do to seal the border. cheryl: you would support the u.s. military going down to the border? >> i think the better operation support the border patrol to rebuild the operation. you have texas sending state troopers, other states supplying resources at the border. i'm nor anything we can do because this is certainly an emergency. cheryl: thank you for staying with all the pieces of breaking news we had today. we certainly appreciate your time. >> yes, thank you, cheryl, well stocks are struggling to recover

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failed exchange. fox business's kelly o'grady has all of the latest for us. kelly. reporter: hi,. cheryl, yeah, another domino falling as the ftx contagion spreads. now that hearing you mentioned is on going. the headlines right now, about a third of the staff has left at blockfi. lawyers are essentially arguing that the block 5:00 is the antithesis of ftx. you look at corporate struck you can see the picture that ftx appearing more like a russian necessarying doll. blockfi saying a customer run on the bank amidst the overall industry downturn as well as its exposure to ftx. not only did bankman-fried's allayed marie search default on 680 million in loans, but the white knight loan blockfi got from ftx to backstop customer withdrawals quickly unraveled. the bankruptcy filing yesterday sharing quote, ftg's apparent rescue was short-lived. over the past few weeks exposure

to ftx exacerbated rather than cured blockfi's ailments. to complicate the blockfi is suing former ftx over shares of robinhood he pledged as collateral to back the alma laid today loan. the close links between the crypto ventures and untangling process that the it is facing. i spoke with former ftx customer and founder of crypto fund wave, that company pulled assets from ftx before it collapsed. he shared the writing was on the wall but others were intoxicated by the success. >> the books of the company, all of the basic things anyone else would do people forgot. all of these companies were you know, creating huge returns and losing money while doing so to acquire the customers and do the land grab. that is not the game we played. >> reporter: cheryl, tomorrow, sam bankman-fried is slated to speak at "the new york times"

deal book conference. apparently no questions are off the table. i want to know what lawyer okayed this. this should be interesting, cheryl. cheryl: charlie gasparino and i had the exact same conversation on set, kelly. in what world does anybody think it's a good idea for sbf on the stage with very actually tough reporter we should add, kelly. what time is that going to be? i can't remember? >> reporter: there are a number of folks speaking throughout the day. i'm not exactly sure what time he is slated for. cheryl: i have to look it up. i will have to watch with popcorn and diet coke. kelly, thank you very much, appreciate it. kelly o'grady. let's get to stocks right now, as you can see struggling for a second day following yesterday's selloff. yesterday was a rough day for the markets. a lot of that was the china news and of course the fed comments. i want to bring in slatestone wealth chief market strategist, kenny polcari. kenny, a lot the markets are kind of digesting. we're moving into the final month of the year.

what is most important to you right now? >> so i think there is a couple of things. i think you have to be concerned there will be this continued churn as we move into the end of the year. i think there may be a late, a late month, decembery into the bell but if anyone is expecting any blockbuster move i would say you probably should rethink that. unless of course we start to see the pce which is later this week, cpi, ppi next week show considerable decline in inflation. if that happens i think the market would be off to the races but i don't see that happening. so i think you just have to be concerned about how it is shaping up what the ecodata telling you, what the fed heads continue to say and investors have to recognize that 2023 could continue, at least the first six months or so continue to be volatile time as we tighten quantitative tightening and continue to raise rates. cheryl: those comments from bullard and comments from john williams, new york fed president, none of it was good if you're bullish on the market.

let's be honest they will keep tightening. oil is 79 bucks. that is not too crazy. we get the consumer confidence number today, second month in a row that was down. we're seeing further pressure with real estate and case-shiller that came out today. not a shock to no one probably watching, home prices tumbled in september, down about 1 1/2% but, i want to add to that, a little more of a hit here, second steepest decline since march of 2009. the reason i bring all of these issues up right now we're concerned about not just the consumer but threat of a recession next year. we're nowhere near out of the woods it seems, kenny? >> no, no, i don't think we're out of the woods at all. we heard it during earnings season. you and i spoke about this, a lot of big banks are increasing loan-loss reserves in anticipation of a more difficult year in 2023. expecting credit defaults, home loan, defaults.

that kind of stuff. i think they're laying groundwork what they also believe will be difficult or at least first half of 2023 could be difficult. i agree with you, everything you mentioned continues to concern investors. that doesn't mean you have to run out the door to light your hair on fire. there are places in the market to put money to work if you have money to put to work and you want exposure to equities. cheryl: only reason i running out the door with my hair on fire because i had crypto assets but i don't. so good. >> i don't understand how "the new york times" can have this guy at their summit tomorrow. how does that even make sense? unbelievable. cheryl: what lawyer okayed this. that is what we were talking about. that is crazy. kenny, thank you. >> are they arresting the guy when shows up? cheryl: no, unfortunately no, he is in the bahamas on a beach. thank you, kenny. >> see you. cheryl: a lot more coming up. the biden administration they are now defending that decision to let chevron resume pumping

venezuela's dirty oil. they say there are plenty of opportunities to drill here at home. we're going to fact check that. that is coming up. ♪.

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your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. cheryl: the biden administration under fire for giving chevron the okay to drill for oil in venezuelan after killing keystone pipeline jobs here. grady trimble, where are they? >> reporter: 10 million of them the president is saying when he took office but so far nowhere even close to that in terms of clean new energy jobs have

materialized. in fact if you look at the green energy jobs over the next decade the bureau of labor statistics says the number of new jobs added will be relatively small, their words. by 2023 the sector will only create 18,000 new jobs between environmental scientists, solar panel installers and wind turbine technicians combined. fuel sector, oil, gas, coal, biofuels, has lost about 30,000 jobs just from 2020 to 2021 that is a decline of about 3%. the workers who were supposed to build the keystone pipeline don't understand why the biden administration is pulling the plug on oil and gas projects in the united states while letting chevron drill for oil in venezuela? >> that is probably one of the most frustrating things to me as a worker you know, in this country, is, we're not getting a lot of oil from them in the beginning but the willingness of

the administration to invest in another country, help build back their infrastructure, get them up and going, but i guess when you support socialist ideas you support socialist countries. >> reporter: another would-be keystone pipeline worker told us he hasn't heard a word about a green new energy job that might be available to him. cheryl: we're hearing that from a lot of them. grady trimble thank you so much for the live report from chicago. the biden administration is defending its deease oil sanctions against venezuela with nsc strategic community situations coordinator john kirby saying there are plenty of opportunities to drill here at home. listen to his take. >> why is it president biden would rather let u.s. companies drill for oil in venezuela than here in the u.s.? >> that's not an accurate take on the president's view. >> earlier this month he said no more drilling. there is no more drilling. >> the president has issued 9,000 permits for drilling on u.s. federal lands, peter.

9,000 of them being unused. there are plenty of opportunities for oil and gas companies to drill here in the united states. cheryl: joining me now, canary ceo dan eberhardt. kirby's comments are not illustrating the fuld story. i want to read a statement from the american petroleum institute. these claims demonstrate a fundamental misunderstanding how liesing works. there are many reasons a lease may not be producing yet. supply chain, workforce, et cetera. they talk about the threat of regulation from the epa. a lot of these leases are not viable, then they also talk about the very, very slow walk to approve applications which according to the american petroleum institute is almost at a standstill right now. so you can say all you want from the pulpit in the white house but, do something completely different. >> sure. so look, john kirby's comments show that the biden administration either completely doesn't understand oil and gas or they're just okay being wrong

and don't care. i don't know what is worse but the fact is, look, the permits, the permits are slower than they were under the trump administration. the administration has canceled the offshore leasing auction. they canceled fracking on federal lands. they canceled several pipelines and delayed permits for exporting lng facilities. it is death by a thousand cuts. if they can't drill, make it harder to drill, they deny us the infrastructure they need but at the same time they ask venezuela and they ask saudi arabia for more oil, what are we to conclude here? the american people aren't stupid. the biden administration doesn't care about having cheaper, more affordable energy. they are trying to get it from other countries and destablize the u.s. oil and gas industry. to me the biden administration is driving the bus backwards here on energy. cheryl: let me add to that point here, they're saying okay, there is 9,000 leases. there are 4621 permits to drill

awaiting approval by the department of interior. thousands more are tied up in litigation. >> yeah. absolutely. look, the fact of the matter is, what they're not telling you is, the permits are happening slower than they were under the trump administration and with all of these, shutting off all the infrastructure enhancements that the industry wants to do, they are making it harder for us to do our job and harder for us to deliver affordable energy to the american people and to the world. so i think they're saying one thing in the headlines but if you look, the proof is in the pudding and proof is in policy work that they're doing. the proof is they're making it harder to drill in the u.s. and making energy cost more for the american consumer. cheryl: let's add to this president biden saying from the get-go campaign trail to now we'll build more solar projects, more wind projects. you heard grady trimble report that is not coming to fruition. your thoughts? >> yeah. no, i think a lot of that stuff

is the headline is, headlines from these politicians are always, well, well ahead of what the industry can do in terms of energy. you know, a good five to 12 years my take ahead of what we can accomplish in the industry and the other fact is, look as we talk about moving into 2023, 2025, 2027 we have to transition to this stuff anyway. it will take oil. it will take natural gas to do that. we need to make medium term invests to do that. ed administration keeps throwing a wet blanket on what the energy industry needs to produce energy efficiently to help keep costs down. it doesn't make any sense to me. also it is of gobsmacking here that they keep asking venezuela and saudi arabia for more energy but not texas and north dakota. to me it seems un-american and completely preposterous. cheryl: i agree with you. certainly as we look at a lot of americans facing a much more

expensive winter because of what it is going to cost, whether heating oil or nat-gas to keep themselves warm, i think this topic will continue to come up. thank you so much for being here. great to see you. >> thank you. thank you for having me back. cheryl: we've got a lot more coming up. more rights for criminals here in new york city. how a new proposal would prevent landlords from looking into their tenants you know, background checks? that's coming up next. ♪.

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♪. cheryl: well, a new bill proposed for new york city would prevent landlords from running criminal background checks on potential tenants. fox news correspondent alexis

mcadams joins me here on set with a very controversial bill got new yorkers -- >> reporter: a lot of people were talking about this we were talking about it during the break. a lot of people are up in arms to see how they fight back against that. there are advocates for the bill we'll get to in a minute. this bill would allow convicted murders and other crimes move into the building without a background check. it is fair chance for housing act. it is backed by more than half of the new york city council. it aims to stop housing discrimination and sales based off someone's arrest here or their criminal record but many landlords like this woman are fighting hard fence the bill. gilbert was attacked by one of her tenants last year. she was beaten up pretty badly after she called the police to report a resident for animal abuse. his apartment was a wreck. the police come in and this guy at taxes her. rent stabilization association which represents thousands of landlord says this bill only helps criminals not new yorkers.

>> making sure they're not living next door to somebody convicted of multiple murders, arson, rape, pedophilia or even hate crimes. >> reporter: landlords could check the new york sex offender registry but nothing mentioned about out-of-state registries. there is no correlation between a person's conviction history and being a good tenant. >> it is about new opportunities, right? new opportunities for people to have stability in their lives, to live a life of contribution to, add value to the community and not being perceived as dangerous because something that happened 10 to 15, 20 years ago. >> reporter: this is not a new idea for new york. there are at least two states a few cities have some form of fair chance housing law on the books, colorado, new jersey, seattle, san francisco. mayor eric adams is reportedly expected to sign the bill once it hits his desk. his office sharing a statement saying no one should be denied housing because they were once engaged with the criminal

justice system, plain and simple, cheryl. cheryl: alexis mcadams. very controversial bill as we're facing rising crime in the city. alexis, thank you. bring in new york city minority council leader joe borelli. why are council members supporting this? more than half support it and adams says he will sign it. >> in new york city most of elected offices are determined by a democratic primary. in this case progressives are getting two points for what they're doing. creating a new protected class of people which is great for them and they're rewarding criminals which seems to be a guiding light for members of the city council and state legislature. so to them this is a tremendous win what they have done is unite the had fields and mccoys of real estate, landlords and tenants don't want to rent to people with criminal convictions. by the way landlords can rent to

people with criminal convictions today. many do. there are many extenuating circumstances why a person might allow someone a criminal conviction like the advocate mentioned 10, 15 years ago to reside in the building. we had cases in new york, right near fox where a guy was throwing a brick through a window of a lgbtq bar. wouldn't the public want a landlord, would be happy that a landlord would prevent some one like that renting in a building with other lgbtq people? what about animal abusers? go down the list, rapists child molesters, all these things, why would we not want our landlords to do this. cheryl: the biggest surprise to me here, mayor of new york city, eric adams having full support for this. this mayor came to office on cleaning up the city on crime. he was elected in a very crowded field of candidates to do just that. many are arguing he is not doing that. is he tilting more left now? have the winds changed do you think for the mayor?

>> look i'm surprised he is supporting this. you know, this is something by the way that the new york city housing authority, the city's public housing agency can't even do themselves. they have to follow federal law where a background check is actually allowed and could be reasons for not renting. i'm surprises that the mayor would take this political risk. again this is something that is only popular with a very, very small percentage of new yorkers. the majority of people would prefer that their landlords do this the majority of landlords don't do it on regular basis. they only do it when circumstances seem to require it. it is unclear why the mayor sees some political benefit from this. i think it's a miscalculation and i think the public should put pressure on him not to sign it. as you pointed out before, only a few council members a few over the majority are supporting this bill, meaning that if the mayor doesn't sign it, you need 2/3 to override the mayor's veto.

we should put pressure on the mayor and council members response sorrying this bill to put it on the scrap heap of history. cheryl: there is lot of outreach and emails is going out. you talked about the hatfields and mccoys of real estate. you're reaching out now email the city councilmember. you need to make the voice heard. new yorkers were pretty clear that they voted in adams, not new york didn't go completely democrat with the governor but lee zeldin had a pretty good shot. a lot of that was because he ran on crime. this affected washington, d.c. i guess if you're at the local level maybe you don't care about that. maybe you will gaslight everybody, look here, not here but at the same time, i just don't understand why democrats are not waking up in the state of new york and realizing that they're losing power? >> we're victims of one party rule. if you look at the sponsors of this legislation all of them are in highly concentrated

democratic districts where a republican really doesn't have much chance running against them. look we tried but unfortunately the enrollments are so overwhelming in these districts. when you have only a democratic primary to worry about, as i believe many of the sponsors of this bill are you tend to go hard left. you tend to listen to the loudest voices in the room. those consistently in new york are the people who advocate for prisoners. let's be clear. we are creating a new protected class of people in new york that can't be discriminated against. those are convicted criminals. it is not just marijuana, things like that. this goes the gamut from low level drug offenses to murder and rape and all of the really heinous things that you would not want to have one of your neighbors convicted of. cheryl: you know what, new york? you get what you vote for, right? >> of course, yeah. cheryl: joe borelli, this is what you got. joe borelli always great to see you. the voice of reason i call you. thank you, joe. a lot more is coming up.

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first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. ♪. cheryl: well the biden administration asking the

supreme court to weigh in on the legal battle over the president's student debt handout. fox business's hillary vaughn will have a look where all of that stands. hi, hillary. oh, we lost hillary. okay, all right. well we will try to get hillary back in as soon as we can. all of this obviously is, there is a lot of moving parts in washington to be clear not just with student debt but obviously as congress will reconvene. you have several advocates out there pushing lawmakers to extend and make permanent the child tax credit here. one my guest is founder of credit wrote an op-ed in "the wall street journal" the wrote the child tax credit is a failed experiment. scott hodge, senior policy advisor. scott, great to see you. thank you for being here. i was just reading through your, your editorial and i thought was interesting, i didn't really know this, since the child tax

credit was enacted in' 97, one of the largest transfer income programs, 40% of all filers, tax-filers pay no income tax. that is a stunning amount of money. >> it is, cheryl. of course you know this is kind of a classic case of good intentions leading to unintended consequences. and as you say, this start the out as a very small child tax credit, $500. it has morphed into 120 billion-dollar a year income transfer program that is not only distributing a lot of income, you know, down the income scale but it is also putting a lot of pressure on the irs to become a bigger part of the social services functions of government and that's really not something the irs is equipped to do and doesn't do very well. cheryl: yeah, you know there is a lot of talk obviously about all the 86,000 new irs agents.

we'll see if that materializes. i've seen pushback on that the at the same time the question here about taxes and revenue coming into the government, this as there is more and more pushes to raise the debt ceiling, raise the debt ceiling. we don't really get a sense that will stop in 2023 even though the republicans are taking over the house and of course they control the purse strings. how concerned are you about that? you know, if you're a lawmaker, you brush it off, say, well we do this every year, raise the debt ceiling, it is not a problem but in these inflationary times. looking at possible recession. facing a global recession seems to me there has to be a reining in of that, we should add kevin mccarthy talked about that today when he was at the white house? >> this is a little bit of a chicken little story. we gone through this every year where they say the sky is falling and pass extension of the debt limit, however this year is very different with the

proposed expansion of the child tax credit which could cost as much as $1.3 trillion over the next 10 years. you talk about budget busting, that policy busts the budget. as you can imagine increases not only the deficit but the national debt. but i would say that many people would be very concerned this is an inflationary policy by essentially flooding the zone with extra cash in peoples pockets creating more demand than we have supply. cheryl: scott, let me lead into that issue again about a possible recession, another double-dip recession. nobody wants to talk about that it has been thrown about next year, comment from fed officials yesterday, new york governor john williams, james bullard saying more needs to be done, the fed needs to keep raising rates. the expectation get half a point in december at that meeting.

some are saying a third think we'll get another 75 basis-point hike. as the fed continues this, how likely do you think we go back into recession in 2023? >> it is very worrying, obviously. what we're trying to do is stem inflation with only one hammer. that is to pound down inflation with higher interest rates. what congress and the white house should be doing is try to improve the supply side of of the economy. right now businesses have to expense or amortize their r&d expenses. they should be payable to expense that immediately. next year the bonus expensing provision which allows businesses to write off their capital equipment, that begins to phase out next year which means there is a great uncertainty with businesses investing in new capital. that should be a permanent policy. that will help the supply side of the economy, and help sort movedfy or mitigate some of the damage of the higher interest

rates. cheryl: because that investment leads to jobs which is, we still need in this country, particularly the manufacturing sector. scott, thank you so much for being here. it's a great piece in "the wall street journal" i encourage everybody to give it a read. thank you, scott hodge. stocks are edging lower for a second day. we are extending that big selloff we saw yesterday again on those fed comments. could the fed's aggressive rate hikes be here to stay? we're following all of the moves on wall street. we'll be right back. ..

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