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passed away when he was 84 years old, stockbroker and born in israel and he loved biking in central park. according to his paid obituary and loves everything from new york city except for the "new york times." it appeared in the "new york times." his son says his father did not believe the times provided honest and objective reporting. it shows him with the "washington post" and having a good chuckle. last week i was in washington, d.c. where i met a big fan of this program, michael hayden. if you are a fan of this program as well, you are in good company. he told me he watches news watch every week. thanks to judy, jim, cal and ellen. we will see you again next week.

deadline to avert deep budget cuts is come and gone and after weeks of dire warnings. president has signed an order authorizing the u.s. governmental to cut billions of dollars from federal accounts, failure setting off a furious round of the blame game between president obama and a great many congressional republicans. i'm gregg jarrett. welcome to a brand-new hour. >> heather: welcome back. >> gregg: nice to be back. >> heather: the potential cuts playing out, $85 billion in spending cuts will take place this fiscal year and come to more than one trillion dollars over the next decade. president obama says the cuts

will slow the u.s. economy growth by half of 1 percent costing $750,000. here is the latest. after republicans said they would not increase tax revenues. $85 billion in automatic spending reductions there was no deal and president obama had to sign the order putting them into effect. today the president blasted the g.o.p.. it's happening because republicans in congress chose this out come over closing a single wasteful tax loophole to help reduce the deficit of them decided protecting the well off interest tax breaks is better than protecting the military and middle-class families from these cuts. >> nancy pelosi and harry reid and mitch 'mcconnell met with president obama while the cuts were to begin.

nobody likes the reductions, but without considering merit of a program or value. republicans accepted them as a way to reduce spending. rising star blamed the senate and obama for failure to act. >> we urge democrats to put country ahead of party and pass a responsible plan to replace the sequester campaigning for higher taxes, president should lead an effort to address our nation's spending problem. >> reporter: as the debate continues, there is critical date on the horizon, march 27th which the government funding runs out. house republicans say they will pass a plan this week and then it will be up to the senate. >> heather: michael, thank you. >> gregg: the president, democrats congress and federal agency heads have all been sounding the alarm on the severe

impacted that these cuts would have, but a new fox news poll finds most americans think that the cuts are, indeed, necessary. it finds 57% of voters think the only way to control the deficit is through these automatic cuts because lawmakers are unable or simply will not do it on their own. just 29% have confidence in the ability of congress to handle the problem. joining us is jamie weinstein. do these polls suggest americans are just not buying in to president obama's dire if not hysterical warnings that children are going to die of disease, old people will starve. the earth will stop spinning and planet earth will hurl into a sun, only a slight exaggeration? >> there is no question that president obama has overhyped what is going to happen as a result of the sequestration.

just the other day he warned how employees at capitol building will see cuts in the pay and the guy that manages the employees immediately put out a press release saying that is not true. there will be no cuts to the pay and no firings in the capitol building. i think the poll shows one of the reasons why i oppose the sequestration. i think it demonstrates that americans think something is being done with this one trillion in cuts over ten years. when in reality, this almost does nothing to affect our long term budget situation. it barely touches medicare. i am afraid that congress will act and the american public will believe because it went too effect we have fixed a budget problem. >> gregg: the amount here is really deminimus. they are 2.4% reduction in

spending growth. even after $85 billion is carved out the government is still spending $15 billion more than last year. surely that is manageable especially given the plethora of stories that have emerged of the government waste. >> there is no question that government spending should be cut. i'm personally worried about the cuts of the defense department because they have seen steep cuts with the budgeted control act of 2011. again, the point is they are so small the cuts over the long term to the general budget. it doesn't touch which is the greatest driver of growth to any great extent which is medicare. that is because the american people aren't demanding it. >> the president spent the first four years avoiding any attack on entitlement spending which is out of control and medicare is going to broke and social security in just 20 years.

talking about waste, i went to and invite viewers to go to the website of tom coburn. he has the waste book. here is what hard earned taxpayer money is being squandered on. we are funding robotic squirrels water melon queen tours. climate change musicals. pet shampoo products. this is my favorite, $350,000 on how golfers improve when there is a large golf hole. he found a loan $20 billion in total waste. i bet it's ten times that amount. i didn't mention the mars menu, we spend a million dollars every year. coming up with menu on mars if we ever get there. it's so easy to absorb these $85

billion in cuts and still have money left over from last year's budget. >> here is my concern concern. there is no question what you just showed, terrible government waste, but i'm afraid it focuses on the attention on these small programs, small number of programs relative to the major picture. i think the g.o.p. needs to win the argument first before we get what we actually need is entitlement reform. for instance, there was a kaiser family poll in january. while the american people said yes, we need to cut the budge. majority said we didn't need to cut social security and medicare. they opposed by majority increasing age of medicare from 65 to 67. >> gregg: but we don't arrive at truth and those people may well be wrong because they have absorbed so much fear over the years, of granny going over the cliff because you are trying to

reform entitlements that won't take place for years, it's an exaggeration to be sure, isn't it? >> i think no question it's an exaggeration. all i'm saying margaret thatcher before you can win the vote you have to win the debate. g.o.p., although they tried and achieved some successes because the gaps have narrowed, they need to win the debate before we can actually have serious reform that is going to affect us. >> gregg: the pentagon, especially panetta, former secretary, claims that the mandatory defense cuts are going to jeopardize national security, but, you probable saw this. senator john cornyn decided to study it. he says it's utter nonsense because according to his numbers the pentagon budget will actually see an increase in spending even after the cuts. so what do you say to that?

>> the increase might be true but the percentage of our g.d.p. this sequestration will put the defense budget on track to be the lowest percentage spent in comparison to the g.d.p. in the post world war ii era times what it was in 2000. >> gregg: 900 for toilet seats and 400 screw drivers. >> i think waste and efficiency and the word cut but we are nation at war and if they want to cut the defense that is a fair debate. but you have to have a debate what we need to cut back because of a roll in the world. >> gregg: okay. good to see you. >> heather: you know what you left out of that report, the wasteful spending? the lessons in democracy we can learn from fish. >> gregg: that is fish thing.

>> heather: i found that very unnecessary. everyone should take a look at that website. fox news is taking time to look at the in-depth look. john roberts will host a special fox news report and showdown on debt row. here is a preview. >> republican congressman david swicker is telling his constituents says he will go firm. >> there be five days to solve this or go over whatever fiscal cliff. how do you see it under folding? >> firstn the question is things solvent because if we can't do this tiny marginal reduction in spending by ultimately isn't even a reduction in spending it's the growth of spending. god forbid our future. >> heather: it's part of a

three-hour special starting with an exclusive interview on fox news sunday with former presidential candidate mitt romney followed by special edition of the fox report with harris faulkner. that is 6:00 p.m. eastern only on the fox news channel. secretary of state john kerry meantime, is in egypt today. the latest stop on his first overseas trip as a member of president obama's cabinet meeting with business and opposition leaders and high members of the egyptian government. he is urging all sides to reach on a compromise to end the current political and economic crisis. chief washington correspondent james rosen joins us from skype. what is the secretary expected to tell egyptian president morsi when they meet tomorrow? >> aides say the secretary is going to make it plain to the egyptian president in a way that

isn't patronizing that he needs to take steps immediately to get his economy under control. egypt is in line to receive $4.8 billion from imf but they won't get it unless they take unpopular steps here in egypt. they want us to reduce energy subsidies and increase tax revenues. also he is going to talk to morsi about increasing his political out reach to the opposition. secretary kerry met -- due to some of the unrest we've had here and suggestion that secretary kerry has been favoring the muslim brotherhood faction. >> heather: technology is fascinating. we were trying to reach him with skype and then we tried to switch over to phone but we lost him. once again, his first trip over

two to the region. new secretary of state john kerry will talk more about it later in the hour. >> gregg: i wanted to tell you about the fierce new fighting in war-torn syria. rebels and syrian troops clashing in a damascus. troops loyal to assad say they have recaptured certain areas and there is a battle for the capital itself. they say so far conflict has claimed close to 70,000 lives. on the heels of all that bloodshed, a new controversy over the obama administration over the decision to provide aid to the rebels. that could harm american interests in the middle east. coner powell has more on that. >> reporter: iranian and syrian officials lashed out at the united states accusing the obama

administration for supporting the rebels. they said the move will only prolong the fighting which has already killed some 70,000 people. they claim the aid will punish the syrian people by encouraging the opposition fighting. they said thursday would have provided additional non-lethal aid to syrian rebels. assistance will include medical supplies, food and some $60 million for basic services like education and governance. they want military support which the obama administration has refused to provide. syrian will fall into the hands of radical groups. there are reports of heavy fighting near the capital of damascus including heavy shelling including some neighborhoods in that area. we are hearing that pro assad forces are claiming they have retaken a couple of military airports in the area.

we have seen a lot of back and forth fighting in recent months and it looks like it's continuing, gregg. >> gregg: coner, thanks very much. >> heather: still to come, desperate search for a man who was swallowed alive after this -- a massive sinkhole opens up while he was in had his bedroom. new information from the scene. >> gregg: world searches on for the next pope after historic retirement that we haven't seen in 600 years. who might be the next pontiff. >> heather: and elite university is giving away some homes for free, but it does come with a catch. molly has a preview. >> reporter: they say you can't take it with you, in this case you can and you have to. i'll have more on that from princeton university coming up. the boys used double miles from their capital one venture card

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eating less is a beautiful thing. >>. >> gregg: fox news alert out of tampa, florida where rescuers are searching for a man swallowed up by a massive sinkhole that opened up underneath his home. they fear that 37-year-old jeff bush is dead but the job of reaching him, that is getting more and more difficult as the ground continues to give way and

nobody is allowed inside the home out of fear that the whole house may collapse inside. >> at this point in time, i've been told by outside experts that the site is extremely unstable. this is not your typical sinkhole. this is chasm that covers a great distance. >> they are running tests to figure out what caused the earth to suddenly open up. five other people inside at the home managed to escape unharmed but bush's brother jumped in the hole to try to save him when police arrived on the scene and he needed to be rescued. >> i entered the hallway and when i turned into the bedroom, the only thing i saw was a hole. the hole took the entire bedroom. i went down and i saw mr. bush, jeremy bush, he was on the side trying to get out. deepest part of the hole, you

could see the bed frame and dresser and everything was sinking. i reached down around four levels, kind of you are sticking your hand and got mr. bush and pulled him out. i looked and i saw no one else in the hole. >>. >> gregg: chaos of those moments was captured inhe family's desperate 911 call to police. >> 911 emergency. >> we need an ambulance. house just fell through. >> okay, what happened to the house? >> the bedroom floor just collapsed and my brother-in-law is in there underneath the house. >> gregg: engineers say they may need to demolish the entire house. several homes evacuated out of fear that the surrounding area is also unstable. >> heather: very scary. princeton university is staging

a unique giveaway for a new development project. the ivy league school is giving away seven victorian homes for free with charming features like exterior scroll molding and quite the deal, right? but it does come with a catch. molly is live from princeton, new jersey. what is the catch? >> reporter: of course, there is a catch. princeton does not deliver. if you want one of these houses, you have to stop by and literally and take it off campus. they want to put a train station here, a new facility for their art department and to do that they need to get the seven houses off their property. you are welcome to come by and pick one up. old homes, most hundred years old and not in the best condition. some of them have been gutted inside. you can see a lot of installation peeking out here

and there. in some cases they are dilapidated sort of structure. others think they could be removed and we talked with one resident that his own home was moved to princeton over a hundred years ago and it's completely feasible. >> the historical society did a display of all the houses that have been moved. there are dozens and dozens, it can be done. it's a question of cost. >> reporter: and the cost would, of course, differ depending on which way you move them but certainly in the tens of thousands of dollars. we had a chance to talk to a builder that specializes in moving homes, he said difficult and not impossible but a benefit to the entire community. take a listen. >> it also helps the university save a lot of money as far as demolition costs. if someone is willing to take

the homes, its benefit for everybody. >> reporter: possibly savings for princeton university. possibly an opportunity for someone who wants to take on that type of challenge. another catch, there has to be a time crunch. you have to get it done by april 30th, if not done by then, university will clear the street here to move their project forward. >> heather: not a whole lot of time to work there. thank you, molly. >> gregg: you know it's been an historic week for catholics all over the globe. now pope benedict settling into new retirement. what can we expect in the days and weeks ahead. >> heather: was it suicide or murder. new questions about a mysterious death of an american working in singapore and his mother is now calling for an investigation. >> as the weeks went on he got increasingly more agitated and distressed and would say thing

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>>. >> heather: welcome back. bottom of the hour and time for the top of the news. democrats and republicans trading blame over their failure to avert deep budget cuts. president obama says the g.o.p. was more interested in protecting the wealthy while republicans say the president and senate democrats are the ones who failed to act. >> gregg: secretary of state john kerr have i visiting egypt. political upheaval leaving the country in crisis. meeting with the foreign minister before sitting down with mohammed morsi tomorrow. >> heather: california's governor denying parole to charles manson follower, bruce davis saying he does not believe davis was just a reluctant

follower in 1972. he was convicted of taking part in the killings of an peirg musician and a ranch hand. >> gregg: an american family is calling for a congressional investigation now into their son's death in singapore. shane todd was found dead inside his home overseas last summer. local investigators ruled eight suicide but todd's family says he was murdered. dominic is live from the los angeles bureau with more. >> and who murdered shane, that is what the family wants to know. they have their suspicions, they may believe it may be a chinese telecommunications company that his work was destined for. local officials saying it was a suicide but the family says many things point to that being a cover-up. his expertise was using cutting

edge technology which the united states government has identified as being a security risk. in the months running up to his death, he warned the family he may be doing something that is risking national security and his life was being threatened. >> simply that he was a key man. he knew all the formulas and recipe. then when he was broached by the company later identified. >> chinese company? >> that is correct. he knew all the key players and he would be able to identify the company and also identify who his contacts were. >> and the company denying any involvement in this. todd also told the family he had been instructed by his singapore employers to develop sophisticated high powered semiconductors to disrupt systems that china could use against the united states. the family says there needs to

be an congressional investigation because it's a national security issue now. they have called on a senator who told the fox news that they have taken up his death with top officials here. the ping poor authorities have yet to conclude their investigation. back to you. >> gregg: live in los angeles, dominic, thanks very much. >> heather: it has been a historic week for america's catholic faithful who join their counterparts all around the world. actual amazement at benedict's retirement. what is going on as cardinals prepare to elect his successor. steven weiss is fellow at epic policy center. thank you for joining us. pope benedict xvi, first pope to resign in six centuries, nond the first, i discovered 11

others had resigned. he served less than eight years. what legacy will he leave behind >> first part will be the resignation, it hasn't happened in centuries. there have been popes that have resigned before but in a way this really is unprecedented. most of the resignations in the past have been under dubious circumstances or to resolve certain political issues in the church. this is the first time of his own free will saying i'm done and somebody needs to take my place. part of the legacy will be that. it's been 600 years since the last pope resigned. i wouldn't shock if we will see this in the next hundred years. pope benedict will be 86 soon and that would have been the oldest pinpoint. people live longer these days including popes.

the precedence of a resignation may be part of his legacy. the other part will be the way that he diagnosed some of the spiritual and cultural malaise of the west. we in the west have a strange relationship with religion, we are spiritual but none of us like organized religion. we have a strange relationship with the truth, too, your truth and my truth, but we don't like to suggest that my truth has anything to do with your truth. we keep to ourselves and be tolerant of one another. in a world where that could cause problems because if there is no connection between your truth and my truth, there is no common ground we can come together. i think pope benedict will be remembered for proposing a way of addressing the realities of human life that allow forces the recognition of truth that we can agree upon. that can build the basis for how we shape our lives together.

>> heather: speaking of moving forward, what is the most important characteristic needed in the next pope. will they look at age as a factor? >> reporter: there will be a lot of factors that are considered by the cardinals. most important thing is that the pope is first and foremost a witness, he is an apostle, an heir to st. peter. his job is to christian witness in the world and to bring the message of jesus christ to the world. that the first and most important path to the papacy. there are issues and historical context to make it more difficult. one of the issues the church is facing now is an issue of governance itself. we have all kind of scandals and leaks that make people scratch their heads of who is in charge of what is going on. the neck pope will likely be a man that is sooner by fellow cardinals as someone that can

governor govern as mission and brings good news to the people of the world as a christian witness, so that work is assisted rather than impeded by the roman catholic church. >> heather: in 30 seconds are left sshlgs there a front-runner, who do you think the next pope will be? >> no. that is one of the most remarkable things about the con klaifd. there are certain names that get kicked around. the fact that lot of cardinals don't even know each other that well. only one in five have only been a cardinal for a year. half the ones have never done this before. there will be a lot of time getting to know each other and better idea who their colleagues are and who they are choosing. >> heather: we'll see what happens. thank you so much for joining us. thanks. >> gregg: a wild police chase was caught on videotape.

we'll show you the twists, turns and near misses in the traffic. >> heather: and across the board spending cuts plunging america in uncharted territory. what it means for the average american. we will break it down next. s say around 2% to manage your money. that's not much, you think. except it's 2% every year. go to e-trade and find out how much our advice and guidance costs. spoiler alert: it's low. it's guidance on your terms, not ours. e-trade. less for us. more for you. progress-oh! [ female announcer ] with 40 delicious progresso soups at 100 calories or less, there are plenty of reasons people are saying "progress-oh!" share your progress-oh! story on facebook. a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain

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get away with it, let's talk about washington. not everybody is buying it and they are not sweating the arrival of the automatic spending cuts while politicians in washington have been sounding the alarm over economic doom and gloom, wall street is barely noticing it because you may have noticed the stock market closed near it's record high. what is the deal? what does it mean to average americans? joining me is scott gam author of "help save my dollars now." hysteria is endemic in washington, d.c. and if anybody understands that it's wall street. they can smell manure a mile away and they are not buying it? >> they are not buying it and washington lost the power to move the markets. banks are doing a lot better than they were four years ago. if we think back in 2008, when the troubled asset relief

program, that is when the wall street was on its knees. future lied in the hands of the government. banks are now doing better and we only saw four banks fail in 2013. small banks. if you look at the area of the government that wall street cares about, federal reserve, ben bernanke isn't going to do anything drastic in the near future. keep interest rates low. >> gregg: what is driving up wall street to near record highs? >> look, we're seeing a lot of great economic data out there. we had a terrible g.d.p. reported that showed the economy shrunk by a tenth of a percent. that was revived last week to show the opposite. still not what we need. >> gregg: not a rate of recovery above 5-6% and unemployment dropping down to 6%. >> but its start. we saw consumer sentiment increase and americans take on credit card.

at least it shows they are safe enough to take on some debt. >> gregg: talk to my about autosales and real estate? >> we saw we saw 6.5 million cars this year. we're seeing that fueled by the housing market that is heating up in many areas across the country. we saw housing jump about 30% over the past year. we're also seeing credited for auto loans loosening up. interest rate about 3-5%. very affordable. we are seeing a lot of the other economic outputs in this country doing better and that is what causing the auto companies do better. >> gregg: what does it mean? >> if you are government worker, i will be affected but for the private sector, i don't think the sequester causing much trauma. it's a drop in the bucket and i

think americans should be more concerned about the fact that personal income dropped 3.6% from december to january. that is big deal. also, we had the payroll tax holiday expire, so americans are giving up another 2% of their paycheck. if there is anything that americans have learned over the past four years, is how to make do with less. >> discretion ear spending has jumped 84% in the first two years since president obama took the oath 6 offers. there doesn't seem to be any sign that it is in a meaningful way going in the opposite direction. shouldn't that be a drag on the economy and on wall street? >> it is, but when you look at the amount of people that own our debt, we still better off than the rest of the world. what is happening, it's a vicious cycle where people continue to buy our debt and that exacerbates the problem. but a lot of americans you are turning their head.

>> gregg: the president got $650 billion tax increase and yet again today he is demanding more. doesn't that affect wall street? >> it does but you have to figure. >> gregg: unless wall street doesn't think they will get it. >> the democrats are saying we need a balanced approach. folks on wall street, democrats are going to what they are going to do. we need to focus on continuing growth. >> gregg: when john boehner said new revenue, it's over. don't even talk about it. he won't allow it. wall street jumped up immediately. they like the tone right there. >> they did. we saw all the indices up on friday. hundred point shy of the october high. >> gregg: i'm waiting for the nosedive. it always happen. >> heather: we will hear more about the sequester on a highly

anticipated edition of fox news sunday this weekend. tune in for this. chris wallace sits down wit interview for mitt romney. here is a preview. >> chris: during the last presidential debate, you brought up the effect the sequester would have on the military and president said.... >> this is not something i propose. it will not happen. >> chris: wrong on two fronts. >> i look at the sequester and the eggs operation of the bush tax cuts as an almost once in a generation opportunity for america to solve its fiscal problems if we do that we can become more competitive globally and american can lead the world in the coming century. it's being squandered by politics, by people who are more interested in a political victory than they are in doing

what is right for the country. it's very frustrating. the hardest thing about losing is watching this critical moment, this golden moment just slip away with politics. >> heather: the interview is part of a three-hour special followed by the fox report with harris faulkner and all new show down on debt. that starts at 6:00 p.m. eastern only on the fox channel. setting up the news starts with arthritis pain and a choice. take tylenol or take aleve, the #1 recommended pain reliever by orthopedic doctors. just two aleve can keep pain away all day. back to the news. but once a week i let her play sheriff so i can wash it. i use tide to get out those week old stains and downy to get it fresh and soft. you are free to go. [ dad ] tide and downy together.

>>. >> heather: john kerry is making his first tip to the middle east no shortage of challenges. critics say u.s. policy has left many of our staunchest allies uncertain of our support and long time enemies meantime, feeling they can do as they please, feeling emboldened. what has to be done to improve relations in the region. steven yates was former advisor to dick cheney and thank you so much for joining us first of all. >> thank you, heather. >> heather: what can our new secretary of state do to improve relations in the region? >> there are certain limits what

he can do. what the region is hunger most is clear strategy about what president obama is going to do to accomplish objectives and what resources he is prepared to deploy in the region. secretary kerry has a daunting challenge. we have freedom fighters in syria who have been fighting a civil war approaching a third year and hungry for the resources in necessary to win a war. we have instability across the region, politics in egypt but also across northern africa. a lot of people there looking for what the united states might be willing to do to lead. then there is always iran. >> heather: i would like to go piece by piece. you mentioned syria's civil war. washington announced an additional $60 million to help opposition provide what they are calling basic services. is this do you believe a new approach with the administration

finally becoming more engaged in syria? >> it sounds as though they are trying to sell it as new approach. i think a new approach is needed. humanitarian assistance is not what these rebels need in order to win a civil war. i think there is a great deal of frustration among the opposition. as imperfect they may be they are what president obama said must go. and state department holds in place a regime that sanctions regional allies and other from taking action to achieve the objective we have stated. >> heather: on iran and nuclear program, your thoughts on that. >> unfortunately in recent days we had sequester politics sending a negative decision to the withholding the deployment of an aircraft carrier. it's not just a israeli security issue, but major gulf coast

allies are very concerned about iran's increasing influence in the region and lack of push back that the coalition participates in. there is a giant middle ground between plain talks and muscular military intervention. think the allies are hungry for real power. >> heather: we only have 60 seconds left. israel and palestinian stein? >> your that solving the issue is not a prerequisite to managing the broader region. we have post-arab spring and hopefully that will be the focus and not get into a trap in trying to negotiate a israeli and palestinian piece. >> egypt and several other countries are in a state of unrest right now. thank you very much. >> gregg: dangerous and uncertain world out there. that is going to do it for us.

i hope you have a terrific rest of the weekend. >> heather: we will you back here tomorrow from 4:00 to 6:00. cavuto on business is up next. bye-bye. with the spark cash card from capital one... boris earns unlimited rewards for his small business. can i get the smith contract, ease? thank you. that's three new paper shredders. [ boris ] put 'em on my spark card. [ garth ] boris' small business earns 2% cash back on every pchase every day. great businesses deserve unlimited rewards. read back the chicken's testimony, please. "buk, buk, bukka!" [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose 2% cash back or double miles on every purchase every day. told you i'd get half. what's in your walle

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