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tv   Cavuto Coast to Coast  FOX Business  September 5, 2023 12:00pm-1:00pm EDT

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the national museum of china, what do you have? brian: i'm saying one, hermitage. stuart: i'm going with the national museum of china on the grounds of 1.2 billion. lauren: we are all wrong. stuart: here's the answer. it is the louvre in paris, 240,000 square-foot exhibition. if you have ever been to see the mona lisa. brian: waiting for this huge thing. stuart: thanks for being here. time is up for me and in 5 seconds we will say coast-to-coast starts now.
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ashley: all eyes on capitol hill as the senate returns from summer break, they better get busy. there's a lot going on. mitch mcconnell under the microscope after his recent freeze ups. kevin mccarthy facing up a little minefield as when he comes back next week, opening an impeachment inquiry into the biden affair, we will get into that. on top of that, congress has 16 working days, always under a deadline. migrant mess, democratic governors insisting they are out of room and out of money to help the massive amount of migrants. the biden administration has a doozy of an idea how to house migrant overflow. and there's of this. attendees beginning their ask otis after flooding that left
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tens of thousands stranded in the mud. live report from the center of the mayhem. ashley webster in for neil cavuto and this is coast-to-coast. top story today. senate back in session, the pressure is on. lawmakers at odds over spending. what else is new? the threat of a government shutdown continues to work. aishah hasnie live with the latest as the clock ticks. >> reporter: the senate is already buzzing. leader chuck schumer blaming house conservatives if congress cannot fund the government and it is all a battle overspending levels. schumer is locked and loaded with 12 appropriation bills they did pass out of committee's bipartisan basis.
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mitch mcconnell thinks congress will need to pass a short-term extension instead although he does say getting the house and senate to agree overspending levels, a pretty big mess. kevin mccarthy in the pacific this week is looking for short-term extension that will run through november, hoping to get his congress more time to pass appropriation bills and gain leverage with the senate. he's got to get the freedom caucus on board which has a list of demands that wouldn't get through the senate. congressman chip roy tweeting republicans should not fund the things they campaign against and for rug, doj weaponization, dod woke, irs abuse, covid trna, extending a continued resolution of the disaster is a nonstarter, hashtag no security no funding. >> if we don't we have to cut
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1% out of our budget which was never done in the history of the united states. we have a diverse interesting republican conference with a slim majority. it will be challenging. lauren: challenging is an understatement. we will see later mcconnell for the first time on capitol hill, his recent freezing episode. staff was saying he has experienced lightheadedness and his -- suffers from a concussion earlier this year. they just released a letter for the congressional attending physician who writes of this. there is no evidence that you have a seizure disorder or experience a stroke. such as parkinson's disease, putting a button on any of those rumors flying around that the leader might have one of those conditions was plenty of republicans coming to his defense saying he is a capable leader. all eyes will be on him on everything he does. ashley: he will field that.
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in the meantime the house freedom caucus is pushing for an impeachment inquiry into president biden. virginia republican congressman ben klein is on the committee and joins me now with what he is hearing and how it may impact spending talks. what are you hearing? >> american people don't want more of the same when it comes to trillion dollar deficits every year. they want congress to change from pelosi budget of the past, we are struggling to add immigration legislation to this continue resolution. we want to add legislation the gets woke out of the defense department. both of these past the house majorities. we are asking to vote on the same policies the american people want.
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ashley: we have a list of freedom caucus demands on screen. there's a complete nonstarter in the senate, putting these out is fine but it's not going to go anywhere. >> only a nonstarter until we send it to the senate and then it starts because the senate has to respond to whatever the house passes. we passed legislation the senate said was a nonstarter before. they cave the and passed it when we passed a dc crime bill. biden said we would never sign it and he caved and signed it. you never know until you get the bills to the desks and we have a majority of the american people supporting them. we should pass them and confirm those positions. ashley: very good.
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am i right in the saying the freedom caucus rarely supports short-term funding bills which looks like it will be needed to keep going here. it begins october 1st. you don't want to use any stopgap measure. >> nobody wants to shut down. we want these appropriation bills and we've been trying to convince our leadership we should start from the most conservative point and we passed these appropriations bills. that's one of the reasons for the delay, we can't agree to start from the most conservative position when negotiating the most liberal senate and administration in history. we want to get these bills done to avoid any shut down, leadership and the senate and the administration will agree. ashley: i want to get your
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thoughts on mitch mcconnell, concerns about his health. you've spoken and what is your take on that? >> i haven't. health scares are scary, we go through them in our families and we all wish the best for everyone. the senate needs to operate and respond. they have given us no indication mcconnell can't and isn't up to the job but we need to keep the government functioning and have house past bills that are conservative bills for the people. ashley: thanks for joining us, appreciate it as always. as president biden gets low marks on the economy the
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federal deficit is projected to roughly double this year. interesting, isn't it? remember all the times president biden said this? >> president biden: on track to cut the federal deficit by another $1.5 trillion by the end of this fiscal year, the biggest decline in a single year in american history. my first two years in office, the federal deficit fell by $1.7 trillion. we got to promise to cut the federal deficit and still do the rest of this. guess what? i cut the deficit $1.7 trillion. cut the debt $1.7 trillion. ashley: he said that repeatedly for months. the hill's national reporter julia manchester and chief market strategist kenny polcari are with us.
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it's a familiar theme, he uses this number all the time but there are those who say in reality, looking at the numbers the national debt has increased by $850 billion, more than originally projected and even the nonpartisan congressional budget office, under president biden we ran $1 trillion federal deficit in the first 7 months of fiscal year 23. is anyone buying this? doesn't take a lot to fact check. >> for a lot of voters, they are going up to inflation, and voters feel the pain at the pump. they are going to blame the person in charge are likely to blame the person in charge, that is president biden and we see republicans are gearing up if they haven't already to
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target biden and other down ballot democrats on this issue of inflation but biden continuing to use these indicators and unemployment. under his administration, to tout the growth of the economy under his white house. ashley: interesting. let me bring you in. so much of the us economy is dependent on the consumer. we are hearing reports of credit card debt becoming an issue, mortgage delinquencies, these kinds of things, the president is telling us everything is wonderful. what's the cycle of the consumer right now? >> it is getting more difficult. not only is it more delinquencies like you discussed but also revolving credit, those rates go up and become joking a lot of consumers, those rates still rising, more pressure on the
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consumer. as julia said, they have to start to rethink this and they vote with how they feel and how they are actually doing. i don't think they are in a good place at the moment. ashley: i think you are right. united -- united auto workers strike, three big car companies or general motors, it seems likely what impact will these strikes and potential union deals, they want to 40% pay raise, always ends up getting passed on to the consumer. >> mary bar came out with earnings report when gusting over how great they were with forward guidance. what did she expect was going to happen, to sit back and say you make all the money and don't give us any, they are going to put hard. this guy, the president, is going to push hard. they voted to go on strike, you
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said it. if auto companies do this with big raises, they are passed down to who? gm is not going to eat the higher cost of having to pay these wages so therefore it's not going to help the inflation story at all and as it is cars are expensive enough and with auto loan rates 10% or higher it will be almost impossible. good for the uaw, gm is raking it in, it will caught across the board. ashley: would this be a black eye for the president, a big union guy, he will probably want to stay out of it initially but if it drags on may have to step in. >> his administration calls itself one of the most pro-union administrations in american history.
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he's going to want to tread carefully on this. there's a number of other strakes including the entertainment industry, the administration has to trend carefully with that as well. they have to be careful, they don't want to alienate the union. ashley: they haven't endorsed his reelection campaign. don't go away. we have more for you. the biden at ministration wants new jersey to house illegal migrants at an airport, governor phil murphy is warning the garden state doesn't have enough resources to take these migrants in. jeff flock has a report from the atlantic city airport coming up. ♪
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ashley: democrat governors are finding out have an open arms policy toward migrants can create chaos. new jersey governor phil murphy says his state can't afford to take anymore migrants. the biden administration wants to use one of the state's airports for a potential shelter.
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jeff flock is at the atlantic city international airport with more on this. >> reporter: the atlantic city airport doesn't usually get a lot of attention but it is sure getting some now. new york has huge problems, 100,000 migrants, they have been shipped up from the border, some of them by the governor of texas, others made it their own, there's a plan afoot on the part of the federal government. bloomberg reported this first, possibility of 10 or 11 locations where migrants could be housed. among them atlantic city airport and that has set up a firestorm of protests, not only republicans against that but democrats including the governor of new jersey who said new jersey is a sanctuary state and made it possible for
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migrants, tuition help with college, open arms except right now he says i am tapped out. listen. >> i don't see any scenario where we can take in a program in atlantic city. you need scale, enormous amount of federal support, resources that go beyond anything we can afford. >> that hasn't come to multiple locations. just to be clear, the terminal where we are here, the area around the 177 fighter wing of the air national guard and local officials here saying even if we wanted to do this we can't do it. >> that area doesn't have the capacity, the resources, the infrastructure to deal with
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something like this from a law enforcement perspective, health perspective, education perspective, we have no ability to do this. >> reporter: noting the atlantic city airport is in the township of agate harbor, population of 50,000 people in the proposal is 60,000 migrants. you do the math on that. maybe they will spread them out. ashley: it would double the population, a windswept atlantic city, thank you very much. of course this is becoming a big issue leading into the election. how much might this impact blue state voters? julia manchester back with us. it is interesting. for so long the sanctuary
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cities, the liberal cities all said we are a sanctuary city but now that they are facing reality of what texas and arizona have been facing for years, the utter chaos and massive drain on resources they are crying foul. does it finally start to have an impact on the election, the fact the biden administration has opened up the border and said come on down? >> it forces a lot of these blue state democrats to respond like governor murphy did. we've seen some other democrats from more swing states raise the alarm in terms of what is happening on the border in the past, the 22 midterms we saw senator mark kelly from arizona talk about this. senator maggie hassan from new hampshire, not even a border state, she talked about this as
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well, republicans trying to make of the situation at the southern border an issue, some external factors, is it a top issue, and it could be an issue going into 2,024. what you are seeing is people like phil murphy, eric adams, kathy hochul raising the alarms because they don't have the resources the migrants are in their jurisdictions. ashley: it seems the president has deflected these questions focusing on the economy, cooking get his campaign on to bidenomics. could that be a mistake? >> reporter: hard to tell at this point. we know that the economy tends to be the number one issue that voters have in mind when they go to the ballot box. he certainly tried to address that and the biden team knows that is a weak spot with
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inflation and republicans expected to hammer him on inflation. last election we saw abortion access was a major issue a lot of -- if it will be the same going into this election but it is possible the border could be elevated to that in terms of issues. ashley: interesting to follow it. thank you, appreciate your time. coming up the next big test for the economy. americans preparing to restart student loan payments next week, they are starting up again. personal finance expert ken coleman will join us to ask plane how to balance your budget coming up after the break. ♪ you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach
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ashley: student loan payments are set to resume in october. payments have surged ahead of next month's restart. the extra bills are expected to bite into americans wallets. host of the ken coleman show joins us now, great to have you here. those early payments are payments going to the principal which is probably a smart thing to do is continuing to throw money at the interest, bottom line, here we are, they have to start repaying again. how many of these people are putting aside the payments they were supposed to make or have they gotten debt somewhere else? >> i think a small percentage, no data to back that up except human behavior during this skyrocketing wage increases we've seen the last several
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years, credit card debt continues to set new records. i'm concerned about people who thought that uncle joe was going to come through and get rid of their student loan debt. that's heartbreaking for people who truly believed, we took their show -- people said what do we do, what do we do? pay it off, the government is not going to get rid of your debt. it is time you and i and everybody on the air start calling out congress and the white house to actually do something about the source of the problem. it's not student loan forgiveness but the skyrocketing tuition. it is big business for state governments and their economies to have colleges and universities funded by federal student loans and the american people are the ones hurting, taking too much debt, ruining their lives and we got to talk
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about this. ashley: i agree with you. a lot of sentiment goes to you signed on the bottom line much like you do to finance a car or house or whatever and i agreed to it and you should be paying it off. the education side of it do you think they have been sold a fake narrative, you pay 60, 70,000 a year but when you get into the workforce, it that's not always right. >> a recent harvard study came out that showed there is very little, small percentage of income increase because of having an ivy league degree. that's at the high level. get college degree and you will have a better life but here's the reality, that is not the truth anymore. with trade schools exploding,
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new trades like technology schools, exploding. we see more in the headlines every day the corporations have to retrain college grads to do the work we need them to do and i see a splinter of education in the future because it can't keep going the way it is. there is a marketing line that says a college degree is the only way to success and that's not true. two questions parents need to ask, is a degree the only way or the best way to get the future i want? if the answer is no, good news, less expensive and less time-consuming alternatives are everywhere. ashley: technical schools in particular. pulling back a little bit, inflation has come down but it is sticky. gas is expensive and so on, rents, you name it. what are the biggest mistakes people make when they try to create a monthly budget? how do they get themselves in trouble?
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>> they get themselves in trouble when they don't know where every dollar is going. they try to lick the finger, does it feel like the right amount of money? they got to know how much money is coming in, how much is going out. a world-class budgeting tool called every dollar helps people do that, see their bank account and what is being spent, what is being saved. people have to get a grip on what is coming in because washington dc won't bail them out. your corporation, your small business is not going to give you a raise to keep up with inflation. that's not sustainable in a capitalist environment. what do you have to do? take control of your life by taking control of your money. a budget is telling your money what to do and not enough people are doing that. individual responsibility still wins no matter who is in the white house or who is running congress. ashley: i wish you could give them a lecture on that. you make absolute sense.
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thank you for joining us today from franklin, tennessee. now to this story. how worrying is a kim jong-il and an vladimir putin alliance? i would say very. gordon chang will talk about that after the break. ♪
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despite spending the weekend with the first lady. whether or not this ends up impacting president biden's trip to india for the g 20 summit later this year is uncertain at this point. one major player reportedly we know not attending is china's xi jinping. let's bring in best selling author senior fellow gordon chang. thanks for joining us. your reaction to xi not attending. is this more about tensions with india because that is where the summit is being held? if they have tensions within diaz opposed to not wanting to meet with president biden or some other factor. >> almost every analyst has set xi jinping is stemming the indian prime minister. that is possible but it also could be xi jinping is not in travel mode. a couple hours ago, the
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ministry of state security acting on behalf of xi jinping threatened the chinese leader would not come to the united states for the apex summit in november and xi jinping is not in jakarta at the meeting that he might have attended in different circumstances. this may be xi xinping feeling he should not leave china had a particularly dangerous time. he is under a lot of criticism. ashley: i wasn't aware he was so concerned he would cancel his traveling, isn't it a dangerous period? >> he is at some risk. i don't know if this is the reason for him not traveling but his policies are being criticized. in the august summit there are reports coming out xi jinping
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was subject to criticism for going too far in his policies. we heard some interesting rumors about the former foreign minister, people are now saying he was not only sidelined but executed. i don't believe those rumors that they have been circulating in china. they are senior commonest party leaders who undermine xi jinping, especially the economy. he has been taking a lot of criticism, you put 2 and 2 together and say we don't know the reason for not going to india but it could be internal, not external. ashley: this report that north korea's kim jong-un planning to meet with vladimir putin forearms talks. a very strange meeting. what's your thought on that?
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>> we are seeing the congealing of the china, russia, north korea axis. they are operating closely, they may have joint naval drills, they suggested adding north korea to the joint russia china drills. this should be no surprise but we should be concerned. there is no cold war, it looks like one from this perspective. sean: in a stuff. thanks for bringing that expertise, we appreciate it. i want to talk about the stock market, september has -- the dow up 55 points. it has been the worst month for the dow in the s&p since 1950, interesting. back to our market watcher,
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kenny polcari. is that a case of mutual funds and others clearing out the underperformers in the september before october 1st? is that part of it? >> i think that is part of it. there's preparation as we move into year end, people positioning and starting to look at what they on versus what they want to own. don't forget the bigger macro stuff, end of the month crisis . will bypass the budget, go on strike or not? we have the fed this month in particular after a very volatile six months. are they going to continue? are they going to hike? what will they cut? all this other stuff contributing to the seasonal weakness in the september.
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we usually lose a percentage on all these indexes which is not the end of the world by any stretch. i would tell people just sit back, don't be so anxious. be patient. i think we will see a week september. ashley: of very confusing to follow and make head or tails of. you mention all the other head winds and confusing factors. is there any sector you like right now or sitting back and being more patient as opposed to dipping in. >> i do like energy and healthcare, rallied over the last several days, we weren't flat a week and a half ago, we are up 4% based on what is going on with oil. healthcare has been an underperformers but when markets are turbulent you need big, boring names in your portfolio that would help you stabilize the portfolio, you
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find that in the energy sector and financials. ashley: big, boring names, don't be afraid of them. kenny polcari bringing the heat on this tuesday. there's another guy always brings the heat, his name is brian brent berg and he is telling us what is going on in 15 minutes. brian: the biden administration seems to be living in an alternate universe claiming people are lying if they don't like bidenomics and education leaders on a back-to-school bus tour, voters are not buying it at 1:00 pm but first, more coast-to-coast after this. ♪ ♪
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and take advantage of our low monthly payment financing. >> it is still dance parties to be found, some of the camps are still open including ours. we are making the best of it. >> during those two days people were conserving things.
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it's about communal effort. whatever you don't have that neighbors are going to have for those two days, they don't know what to expect and it was rough. ashley: a muddy mess for what it is. thousands escaping the burning man festival, they lifted the driving ban put in place after heavy rain and thick mud trapped people at this event. max gordon has the latest on this as people try to get out from nevada. >> the exodus is on. the roads are drying up for folks to drive on after tens of thousands in the muddy mess. i can't -- it is a 7 hour wait. for the last 12 hours or so. a massive traffic jam trying get to get out of the black
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rock desert. tens of thousands trapped because of monsoon rains that pushed in friday, flash flooding closed roads, sticky muddy mess. they are investing in a 32-year-old man died friday saying the rainy conditions hamper the investigation. cause of death was determined after interviewing witnesses and medical responders. toxicology report is in process. chris rock decided to walk out, other attendees did the same not knowing how long they might be stuck on the lakebed. >> we can stay but how long will we be forced to stay? if we stay, how long will it take for this mass exodus to take place? it is normally a long process with mud and rain and madness. it was drawn out multiple days. don't want to get caught in that. >> reporter: for those who did
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decide today, the party went on. a giant wooden effigy burned down at 9:00 pm time to get on out of here. back to you. ashley: i sincerely hope so. great stuff. thank you for that. a quick note on the recovery from hurricane idalia. fox corporation made a donation to the red cross relief efforts, continues to be an annual disaster giving partner. here's how you can help. visit readcross.org or you can scan the qr code on your screen. i'm talking slowly to give you time to do that. in the meantime, car break ins and thefts are on the rise in oakland, california. one restaurant simply fed up with it. what did they do? purchased a parking lot across
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from the restaurant and hired security guards to watch over it. sylvia hernandez joins us now. sylvia, it must be pretty bad for you to take that movie. it's not cheap. explain to me how crime affected your business in your area. >> thank you for having me. break ins have escalated to such a degree we are constantly getting feedback from guests who have been royal fans saying enough is enough. we love your space, your staff, the service and food, but we can't stomach another broken window. what starts off as a lovely dinner with family and friends ends up being $900, $1000
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having to fix windows. all the lost personal items, everything from suitcases to nothing. it is a lot. ashley: who do you blame for this? have you complained to city officials? have they done anything? >> for years, yes. this goes back to pre-pandemic but we saw an uptick during the pandemic, shortly thereafter, being one of the few, and short distances from each other, they have complained, it is a community effort.
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you can definitely see less traffic going into oakland, period. we have seen a decrease in sales, we live here in oakland and it is something to consider. are we ubering, is it worth going into that area? a lot of business owners are fed up, not as fortunate as we are, it is impacting. neil: ashley: how has business been heard from a financial point of view? they are frightened. >> we've seen a drop in close to 30% i would say, it is huge.
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the past weekend, advertising the new parking situation we saw an increase. saying we are so happy to be back. we miss you guys, it is not just affecting people who live in oakland, those who visit from neighboring cities. not just oakland but something happening in the san francisco. how it affects us here in oakland, this is our city. ashley: thank you, wish you the best of luck for the future. we have to leave it right there but she told a story very well. very quickly, let's look at the price of oil as we head to
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