and protects wealth. with millions of ounces discovered and growing, your investment possibilities with nighthawk are endless. think beyond. stuart: we don't have much time, we don't need much time. marie antoinette was queen of which king of france, louie, the 8th, 11th, 14th, 16th. ash you have to know this one? >> 16th. stuart: correct. got to be the 16th, that was the last one before they beheaded them. now we know. great show today. thanks, everybody. "varney & company" draws to sad conclusion, "coast to coast," that that starts now. ♪. neil: well, if the fed chairman now speak together senate is

fine with that pause that refreshes, it's not a pause that will last very long. we're getting word right now, certainly given his testimony he ain't done and federal reserve is a long way from being done. markets taking it all in relative stride the same day central banks across the world lifting rates, lifting a lot. we'll rattle through these. the one that shocked me, turkey, their rights, to 15%. these are not the same type of rates. one is overnight lending and week rates. rates are going up, going up quiting quite aggressively, jere powell, is inclined to follow, not as high as turkey, that pause in rates was just that, a pause, not for long. jay woods, chief global straight

gift, jay, i try not to overstate what he is stating but what he is certainly indicating that anyone anticipating rate cuts in this country ain't happening anytime soon. >> no, it's not and we're not talking about cuts anytime soon. maybe first quarter, 2024 we're just enjoying this little pause. we'll see what the pce comes out. that is their inflation gauge they prefer at the fed next friday. then, yeah, according to the dot plot when he was on capitol hill he was very hack ish in tone, stayed true to one or two more hikes. that is scary, as you said in the lead, markets are taking it in stride. the s&p 500 had six day losing streak. they're retracing levels above the august 2022 highs. it is constructive to me.

neil: in case people didn't get the signal, he said a strong majority at the fed expects at least two more rate hikes this year, a strong majority, at least two more hikes, again to your brilliant point, jay, taking it in stride. what do you sake of the markets anticipating this or anticipating this or not getting cuckoo crazy with this. >> we'll not get cuckoo crazy as you said. when we hear, one, two more rate hikes, that to us indicates we're near the end. that is what we're focused on. the market is looking forward than just today's headlines. we go a quarter point at the next meeting. go to his summit in jackson hole in august then we see what we do in september. we'll have a better gauge then. right now, we're still near, at or near 52 week highs. we're chugging along. the bank of england was surprised. you mentioned turkey.

the bank of england going half a point when they expected a quarter point. for my daughter who is in england she will pay more for the starbucks right now. we're taking it in stride here right now. this is a natural pullback and what we're seeing, and this is the key we talked about is rotation. what led yesterday? energy, utilities industrials. industrials look really good to me. today we're back into some of the old leaders, technology, communications are doing oak. this is healthy this is boring bull market. bore something not a bad thing. neil: i built a career on it, jay. always good seeing you, my friend. thank you very much. we have jay woods. remember yesterday at this time i told you the ftc is chasing down amazon over forced prime membership behavior with customers. now targeting microsoft over something completely different. kelly o'grady on that. kelly, what's happening? >> reporter: great to see you, neil. so the ftc is in court today. it kicked off about half an your

ago. they are seeking to temporarily block a microsoft acquisition of activision. the stakes are high of, the largest deal in gaming history, the biggest ever in microsoft. they have seen challenges in the uk where the deal is currently blocked. for context the 69 billion-dollar acquisition is set to close july 18th. otherwise the two sides will have to renegotiate or microsoft pay as 3 billion-dollar break-up fee. that is important. they want the right to evaluate the antitrust implications of the deal before it closes. i will admit from my experience in merges if the deal closes before the official review it can be difficult to untangle it. microsoft however, is expected to harder that temporary block will kill the deal outright which they feel creates value for customers. the deal will last for five days. a number of big name executives testify. microsoft ceo nadella on the

docket, activision ceo and leaders from sony. that is where things get interesting. sony is the maker of playstation. that is the main competitor to microsoft's xbox. depositions show that the company is extremely worried if the microsoft owns the videogame creator that will play into the ftc case. in the opening statements the lead counsel just argued, activision blizzard makes some of the most successful videogame content in history. if combined they will have the ability an incentive to harm competition. this is a big moment for microsoft but also the ftc. you mentioned it kneel they were coming after big tech. yesterday we talked about them suing amazon a win here could give them some momentum. send it back to you. neil: great reporting as usual. kelly o'grady. i don't know what behemoth in the technology industry she will report on tomorrow but also in the eyes of government but also big tech powerhouses will be at the white house for a state dinner right now honoring the head of india.

what is interesting about this is just the sheer names involved in this. if you just looked at the ceos of apple and google and microsoft, all of whom will be in attendance at this dinner for prime minister modi that alone has a market cap, they represent companies with a combined market cap of nearly seven trillion dollars. now i have covered a lot of these state dinners when we have them under multiple presidents in the past. the fact of the matter i don't of remember a time where the collective worth of the players was that high. i'm not even get together likes of marriott, fedex, some of those others. what to make of that with mike lawler, new york congressman sits on house financial services committee. congressman, great to have you. that's a high dons operation of wealth at the white house today. what do you make of it? the understanding we want closer ties with india. obviously we have a lot of tech ties already. it is not coincidental coming at

a time with fractured relations with china. what do you think of it? >> i think no question, neil, it speaks to the strategic importance of our relationship with india. they are the world's largest democracy. they are an ally in the indopacific region and you know, earlier this year i traveled to japan, korea and taiwan with the focus of course being on china and what they are doing to undermine the united states and our allies across the globe. and so i think the relationship between india and the united states is of critical importance. we need to be working with all of our allies in the region, japan, korea, taiwan, thailand, philippines, australia, new zealand and india. i think it obviously speaks volumes to the fact that you see so many of the largest ceos of our country attending tonight's state dinner. we have a joint session of congress at 4:00 to listen to

prime minister modi's remarks and i think they are critical as we look to combat the threat from china. neil: you're quite right to understand that india connection, congressman, because in the case of google, of indian descent, nadella be part indian decent. i wonder if this is a time to close off china. china is not helpful in other matters. related military defense items from russia. we'll offer them some stuff with a message i think, sir, buy from us, not from them but they're not solid friends here. they're not reliable friends. i'm just wondering are they just deemed better friends than certainly china would be? >> well look there is no question in the indo-pacific many of our allies have relied on china and russia over the years for you know imports and

for materials and specifically india when it comes to military equipment. so i think the importance here for the united states to strengthen our relationships, to make sure that we are increasing trade, especially when it comes to military equipment. i'm going to be introducing legislation later this year that creates a nato-like alliance in the indopacific. i think that is of critical importance as we're talking about the threat that china poses in the indopacific, in the south china sea. the work that they are doing with respect to economic coercion on allies to take over ports and bases and what they're doing right now in cuba, setting up basically a spy base just off the coast of florida. you know, frankly the president's remarks the other day you know, president xi had no knowledge and was embarrassed

about the chinese spy balloon decries the evidence and information we receive and it is just laughable, the tact that the administration has taken. neil: you mentioned cuba, what is happening there, we have confirmed, we have tracked the workers for zte and huawei, the big chinese communication concerns have been spotted in cuba. they are apparently working on this suspected spy site in cuba or whatever they're calling it. what do we do about that? >> look, i think it really comes down to a fundamental fact. china is our greatest geopolitical foe. we need to be working with our allies, not only in nato but in the indo-pacific and we need to focus on our own hemisphere. i think previous administrations have kind of taken their eye off the ball when it comes to the western hemisphere, especially

the caribbean. i think we need to be making sure that we are taking action. you know, what brazil did earlier this year with respect to trade and getting off the united states currency is of great concern. so i think both from an economic standpoint and a national security standpoint we need to be taking the threat seriously, we need to be increasing our partnerships and our capabilities in the indopacific, in the caribbean and making sure we're not asleep at the switch which frankly the biden administration has been during its over two years so far. neil: all right. very good catching up with you, congressman, thank you very much. >> thank you. neil: as he was wrapping up here, they're getting more details on the so-called debris field discovering in the search for the submarine, whatever you want to call it. we don't know much more than that but that it is in the area not too far from the debris of the titanic itself.

they're planning a 3:00 p.m. presser on this. can't confirm whether this is or is not debris from the submersible but obviously folks are getting a little worried. we'll have more after this. there are some things that go better... together. hey! like your workplace benefits... and retirement savings. with voya, considering all your financial choices together... can help you be better prepared for unexpected events. for a brighter financial future. thanks. ahh, pretzel and mustard... another great combo. voya. well planned. well invested. well protected.

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neil: all right. it's a debris field, that's all

they're saying. search-and-rescue crews remotely operating an underwater vehicle discovered what they called a debris field near the titanic while looking for those missing tourists in that submersible. this is coming from the u.s. coast guard. the estimated deadline for finding those five passengers before they ran out of oxygen was in some cases deemed hours ago. whether this is the vessel in question is anyone's guess. again all of this was discovered within the search area of the titanic. experts within the unified command are evaluating the information. want to go to bill willard, what he makes of this. he is a titanic historian extraordinaire and a friend of p.j. nargolet. i hope i pronounce that right. thank you. what do you make of the latest developments? thanks for having me on the show, pm nargolet is not just a

good member of the titanic community, he is one of the greats and this new information that you're saying may be the end of a vigil. it may be strong news. at the debris field of titanic understanding that area around the two halves of the ship there are lots of areas of broken equipment in pieces from titanic. they're also ballast drop zones where subs would go to drop their ballast to go. they're being very cautious i'm sure to evaluate what they're looking at before they release any information and so i appreciate that from them. as you mentioned just a moment ago the oxygen, the air deadline is passed but we're hoping that that 96 hours was a conservative estimate. neil: bill, i didn't mean to jump on you. there is a slight delay.

i apologize. your take whether there was inherent risk in these unusual submersibles gone without incident in the past but raise safety concerns and concerns raised about safety in the past, many opted not to go because they had their own concerns what do you make of that, what do you know of that, what did your friend know of that? obviously not enough to dissuade him from taking a look at this most famous of shipwrecks. >> absolutely. there is an an inherent risk anytime you go into an extreme climate and down at the titanic where the pressure is 6,000-pound pounds per square inch that is definitely extreme. that is reminiscent of the challenger, all of the time the space shuttles continued to go into an extreme environment. we took risks every time a shuttle was launched. they take a risk every time a submersible goes down to those

depths. we worked with the french when we were there in 1998. ph was a part of that of course. i was so impressed with how safety conscious they were. everything had to be within their safety parameters. if one of them was violated no-go. everything had to be extremely safe and in this case i don't know if that, what parameters they checked with and went by. i wasn't a party to those but, yes, you're correct, anytime you go into an extreme environment there's going to be safety risks and people accepted those risks. neil: you know, bill, you're the expert, not i, but you mentioned comparisons with the space shuttle and some of these others and you're quite right but in those cases when there incidents or fears of incidents there were repairs and ren renovations to make it safer.

that didn't stop after the challenger, another space shuttle disaster, columbia a little more than a few years later. i get that, it is not without risk but we're told, bill, in this particular case with a lot of these submersibles there were long pattern of worries, not accidents or problems. this is the first if it proves to be a disaster, we hope not but there were concerns. were those ever relayed to you? did you ever have them? what do you think? >> i did not see any of those concerns or was not a party to those discussions. neil: okay. >> i will predict that after this, no matter what the resolution is, that there will be safeguards put in place. if you would think about it, even back with titanic after the titanic disaster there were major changes to the shipping industry. every ship that landed? america had to have enough

lifeboats for every passenger on board which was a new renovation a new safe safeguard. neil: you're right about that. >> this will lead to the next generation being safer we hope and it's tough to say something good coming from something bad but that is how we've evolved in everything that we've done. neil: you're quite right about that i knew it was a good idea we booked you, bill. thank you for taking the time? thank you for having me, neil. neil: bill willard. just to flesh out a little bit more the u.s. coast guard now confirming that an underwater vessel has located debris, a debris field near the titan flick, the search for this submersible that weren't missing sunday morning, right? five people aboard. this could be potential break through after around the clock effort. the coast guard post on twitter has given no details on this. they're planning a presser in about 2 1/2 hours. we're told the titan, the name of this submersible was

estimated to have a four-day supply of breathable air when it launched sunday morning in the north atlantic. within two hours of its descent in the north atlantic all communications were lost. we don't know why, we don't know what happened. all we know right now is that a debris field found near the very shipwreck they were supposed to see and marvel at. we'll have more after this. get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

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♪. neil: you remember when guys like elon musk, bill gates, a host of others were saying this artificial intelligence will be huge, it will be big but also has its dangers, we should take a pause, sort of see where we stand with all of this? all well and good until we discovered china is not taking any pause, going full throttle with this technology. big issue in congress today. aishah hasnie on that, on concerns as we pause the chinese are not and all sorts of implications for that. asia, what is going on?

>> reporter: neil, it could be a huge problem for the u.s. we hear lawmakers warn that democracy is at stake, that congress is moving way too slow. congress is suggesting that beijing is the current leader now in this new tech race really. the house science, space and technology committee they met and held a hearing on artificial intelligence and what happens if we fall behind china. think bin know vision, medical advancements and of course weapons, we have to think about that, autonomous drones, fake imagery used for propraganda. we're seeing a.i. used in war. listen to though, what is the biggest reason china would want to get ahead of this. >> compare how the chinese communist party and the united states political values influence their research and development priorities for a.i. systems? >> china is very concerned about how it can destablize their societal structure having a

system they can't control, might say things that could be offensive that would be very destructive to their, societal control. >> reporter: controlling the narrative, controlling what you think it is dangerous. this week senate majority leader chuck schumer laid out the safe framework to guide lawmakers on passing some federal rules he said would maximize a.i.'s benefits while on the other hand protect the american people. he says if we don't do it china is. >> the chinese communist party which has little regard for the norms of democratic governance could leap ahead of us and set the rules for the game for a.i. democracy could enter an era of steep decline. >> reporter: but congress hasn't done a single thing yet, neil. a bipartisan group of house lawmakers led by representatives ken buck and ted lieu, they're pushing to create a commission of 20 experts to really advise congress how to act and senator bennet just met with google's

ceo on the hill this week and a.i. and teen mental health. bottom line members are still talking and talking and talking and not acting, at least yet. neil: ashiah i was thing i about this, when you first got the congressional as assignment more than up to the task but did you have any idea going into it would be this crazy? >> reporter: not this crazy. i never thought we would be talking about aliens and a.i. taking over the world. we're living in quite some times here. >> they're already here. thank you very much, my friend aishah hasnie following on capitol hill. taylor reed about tiktok. the you heard all the horror stories. you heard they use your platform to spy on you, social security numbers, tax i.d.s, chinese taking all of this. taylor has a very successful painting company, does well on

tiktok, social media and tries them all out to diversify. taylor, very good to have you. >> appreciate you having me on, thank you. neil: let me ask you first off about given your success on tiktok, you have a lot of followers, a lot of people love your stuff at all but it is not totally tiktok dependent. in other words you kind of spread the wealth. can you explain? >> so when the tiktok ban proposed i thought that it was kind of the writing on the wall that i can't be married to this particular platform. you will secretetores their entire follow something on something like twitter. they might get deplatformed and lost their whole audience, which is a big deal especially if they are running commerce or things like that through the platform, subscription, things like that. that could be a big deal. so i thought right away as soon as i started seeing that, it was

time to move across other platforms. which we've done gone on to youtube, instagram, facebook, with varying results i learn the platform very different to market on that platform like facebook versus tiktok. neil: so when you hear, obviously you know the risks involved when you're on a site as popular as this. you're very popular on this, i guess you take the risk the chinese are spying on you or potential customers or followers but that happens to a lot of american concerns as well. i wonder how, how much you think talk in this country of shutting tiktok down goes or should go? >> so the question i think maybe should be restructured as to you know,istic tock taking my information? some information is voluntary given up. my ein or bank account. tiktok use as platform for a lot

of sellers. so content is sometimes voluntarily given to do business just like with facebook or youtube. so the question maybe should be is there information being taken away that i don't know about? that is something i would be more concerned with, how is that information being used. but i think it is, while very appealing to say for politicians we'll ban a platform, we'll do something about this, it doesn't really solve the problem. what i would like to see, i think sam altman of openai you were just talking about that a moment ago had a congressional hearing where he proposed some very good things, some direct legislation, third party oversight, some transparency with the company. those are things that could be done across all platforms, not just tiktok. so i think the question maybe should be rephrased, what information is being given out we don't know about and how can it apply to other platforms to protect your identity? stop child exploitation. these things are a little more cross platform. neil: i'm curious, i don't mean

to be flippant bit with you, but in your case, taylor, what you do is unique and obviously you have a great appeal and success and i'm wondering if china, chinese players themselves, hey, this guy is like a picasso with paint and we should hire him for some projects here, has that ever happened? >> no. we are looking at doing some work in some other states. i opened venetian plaster, other kind of coatings that are not common. it is hard to learn i will say to the credit of the platform i learned mostly through tiktok. i am reaching out to companies in texas, arizona and -- neil: beyond, beyond companies here, states here, that you know -- >> itch not had that happen. neil: okay. all right. just because i state it it is probably going to happen sometime today, taylor. i wish you well. taylor reed, reed painting ceo and owner.

quite the draw, hedging bets, spreading vets. in the meantime did hear about this a cage match that mark zuckerberg of facebook could be having with elon musk of tesla and i'm thinking both of these guys, they strike me as the lastfies in the world to have a cage match. so i'm thinking as well to myself, because i have a little bit of time on my hands, zuckerberg, musk, you're going down, brother! after this. ♪. hillsdale■s teaching is very much a resource for the nation. if you want to be a thinking citizen, we can help.

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it seriously because i didn't think it was serious but apparently it is serious because we've developed graphics for it, so it is happening. lauren simonetti is here. >> i think it is happening. neil: who started the cage match? was it musk? >> that's a good question. gee, i don't know offhand who started it. it started with this report that meta want ad version of twitter, they wanted to develop their own social media site like twitter. that got yucky on line. neil: devolved to this. >> yeah. they both said we'll do this literal mma-style cage match and they picked a location which is the vegas octagon. neil: that is not too far from where adele is performing. >> maybe she could moderate, referee? neil: you need someone to sing in between rounds. >> could be good. dana white is up for it. elon musk is bragging about

these moves that he has, i'm not joking. he has something he calls the walrus. where he lies on top of mark zuckerberg. neil: that is my strategy. >> mine too, whoever the challenger is and just stays there. but zuckerberg, he is professionally trained. neil: he is very good. >> jujitsu challenges. he is amazing. you will see some of it right now. elon musk is 12 years older, 51, 205-pounds, 6'2". zuckerberg is 39, he is in shape, smaller but in shape. neil: mike tyson as a bookser was shorter than most if not all of his opponents. we know what he did to them. he destroyed them. size sometimes might not matter. >> zuckerberg might not win. neil: it is possible. set younger guy. musk also stood on his money because he has twice as much money. >> that's true. neil: he would be taller still. >> that's true but elon musk's mom is weighing in now, mae

musk. she said, boys, please, only fight with your words. do so in armchairs, four feet apart and then musk actually responded to that and he said, no, mom, it is happening in vegas. neil: wow. she couldn't stop it. >> i think so. i think they're just having fun. neither one wants to back down because they're both icons in the tech world, right? neil: what do they get out of it? it sounds beyonds stupid. whose idea was this segment. to what ind? how do they advance their image doing something like this. >> i think they both hurt their image doing something like this. neil: i got you. >> if you look at mark zuckerberg's image, he is clean cut. has advertiser dollars. coabsolutely launch a verse of twitter. would it be twitter? probably not. it has been very difficult to successfully clone twitter but

musk successfully cloned what tiktok does for his instagram service. elon musk doesn't care, tony stark iron man to so many people. everything he has done for the world, free speech, for the climate with tesla and evs, now social media, neurolink, you name it. they're both geniuses billionaires, icons and they want to find each other kind of for fun but really for real? i don't know. neil: we'll follow it closely. lauren, you're the best. >> i think elon musk might win. i called it. my money on muck. you're on zuckerberg. neil: i will do to see if i can get adele there if i didn't have enough to do. i will work on it. >> work on the walrus. neil: like lloyd is with us right now. luke could tear both of these guys apart. >> i use the walrus too. i'm like musk. neil: i use the walrus too, like the nathan hot dog champ. let me ask you -- lauren and i were trying to figure, there has

got to be a strategy here. i'm just wondering what it is? >> you know i hate to admit it but i love to see this happens to see how it plays out. nothing wrong with a little bit of healthy physical competition, right? the reason why it most likely won't, you get my point there, is a big difference between elon musk and mark zuckerberg besides physical and huge priority and time difference. when you're and entrepreneur and business owner your time it prioritize and broken down by the minute especially at billionaire business level. elon musk doesn't have the time in his calendar to prioritize it. i don't care who you are, you can't walk into came cage match unprepared or you look on a fool. zuckerberg has more time on his hands. took a step back from meta. neil: you think zuckerberg would win this. >> i do, saidly do. even though musk is a bigger guy i think zuck would win. this octagon cage match isn't

worth his time. any pr is good time. how quickly information spreads and the fact we're take about it here right now who flows. maybe they host a quick fight in the metaverse because of this, right? that is the path zuckerberg is pushing us toward anyway. if you're a shire holder of musk i wouldn't look too much into this because we live in a world of information and getting the word out there. that is what they're doing. neil: real quickly though if you halved to buy one or the other's stock before the cage match which one would you buy? >> neither, neil. i wouldn't be buying tesla or meta. that is essentially because of the environment we're in. the fact we're rallying in the stock market with majority of gains coming from technology and stocks like tesla and meta, with fed being cautious is contradictory. what investors need to pay attention to right now from the time of the last rate hike to the time of the last rate cut defensive stocks performed better which is why i would not be jumping the gun yell going

into high growth stocks at this point unless the fed gets this perfect to keep rates stable for a long period of time you want to remain defensive so neither. neil: now you have zuckerberg and musk both hating you, now they're both saying you lloyd, are going down. we'll see what happens. >> with their money. neil: would i, i would give you, i would -- >> neil picks you. neil: i give luke the edge there. taylor riggs, what is coming up on "the big money show" 14 minutes from now. what have you got? >> neil, we're asking the big questions on "the big money show." is india sort of the better choice relative to china a.i., chips, new trade deals. we'll take you live that press conference with india's prime minister and our u.s. president. we will have the senator from tennessee, marsha blackburn to react on the other side of that, if india is indeed the better choice. all that coming up at 1:00. but first more "coast to coast" after this. ♪.

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♪. >> first we acknowledge when president biden says he is forgiving student loan debt all he is doing is transferring it to other people. the second thing that is a concern to us he is not addressing the underlying

problem. the committee for responsible federal budget says in five years we'll be back in the same situation. we're trying to go with our republican bill go after the underlying causes. neil: republicans and democrats trying to come up with alternative to forcing the issue on the supreme court which is expected to rule any day, supposed to maybe thinking could come in as soon as today to weigh in on the president's plan to eradicate a lot of debt to the tune of $400 billion in this country, not just kids but their parents as well. no decision yet but ken sanders is back with us, penn wharton budget model faculty director. think of how smart kent is, not only going to wharton, being the budget model faculty director. that is whole another scary smart. kent, glad to have you back, let me get your take on the numbers, both sides you crunching them providing some student relief. republicans don't want to go so

far giving anything away but what is the middle ground here? any? >> sure there is two components to the approach, forgive an exists debt and then the question to do what to do going forward. that is called income driven repayment program. so we've estimated that forgiving student debt loan would cost a little shy of $500 billion over 10 years but the idr program, income driven repayment which is much more generous than current plans about almost 70% of people would sign up for it and that will cost 330 billion over 10 years, but if the supreme court does outlaw, rule out forgiving of student debt that base could become bigger qualify for income driven repayment, so that price tag would go up to 430 billion over the next 10 years. i think the mechanism people are relying on more on income driven

repayment side. neil: but isn't the issue no matter how you deal with helping students repay of these loans or deal with this, it lifts the price of tuition, a lot of college fees as a result? >> it does. on one hand income driven repayment can be a little bit more focused on lower income t doesn't have some of the nuances of looking at parents income which the debt forgiveness approach had. at the same time we're doing some estimation right now, in particular we've, are seeing with our own data that colleges that have students in majors such as english, history and things like that which they know are much more likely to be affected by income driven repayment programs they're actually raising their tuition on net financial aid whereas those majors in the engineering and so forth who would not otherwise qualify they're also

going up but more because of supply constraints. believe it or not the english and history majors are more affected income driven payment with net tuition. get less financial aid because colleges know they will be much more mikely to go into income driven repayments. they're not as price sensitive anymore. neil: all right, engineer, math majors, some of these others are the ones who have a very promising financial future at least and are more likely to be able to pay off their loans. >> right. neil: the republican ban build as lot of builds a lot of that in almost without the government intention picking and choosing type of majors you go into you will get some relief, what do you think of that? >> there is no question, the republican plan that we've also cord is available on our website that is really focused on this income driven repayment approach, it is a bit more targeted in the sense that it is not nearly as generous in terms

of the amount of income that exempts from qualification for income driven repayment. so in particular under the biden plan there is, your whole payments will be capped at 10% of your income but that's after lots of different deductions are made including for standard of living and so forth. those deductions are pretty generous under the biden plan. there is no question colleges will also take advantage of some of this because we've seen this with previous income driven repayment plans. neil: all right. we'll watch closely. kent submitters, penn wharton budget mod fell faculty director. good to see you. >> good to see you. neil: meantime this extreme heat across texas continues, sometimes the big risks because of it. ♪.

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my name is shannon knight, and i own little knights daycare. carolina sports incorporated. a paradise for parents. lomita feed, current caretaker and owner. we did not know anything about the employee retention credit. that is a legitimate tax credit. so innovation refunds has really helped guide me through the process. just had to get a few of my records together, submit that, and they made it as painless as possible. i can't thank innovation refunds enough for what they did. >> welcome back, i am casey steagall in texas, estate in the middle of that miserable heat wave. in western parts of the state under a heat advisory meeting

the real feel could reach 116 °, further south it is worse with excessive heat warning getting up to 121 degrees. the state power grid is holding, no controlled black or brown outs. we know this heat and humidity can be dangerous. at dallas mail carrier of 40 years died after his family says he collapsed in someone's front yard on his route. they try to do cpr but that mail carrier died. the post office hasn't confirmed it was heat related but this will stretch into next week with triple digit temperatures forecast through next friday. it is a hot one. neil: i want to go to taylor riggs. taylor: i always think one hundred to his heart and then yo