now at togo's welcome back to "face the nation." we continue our conversation now with the head of the san francisco federal reserve bank, mary daly. in that jobs number on friday, we also saw that wages rose, but they're not rising as quickly as inflation is. how concerned are you that that shows inflation is really becoming embedded in the economy in a way that is really going to force your colleagues at the fed to continue to have to hike rates? >> you know, you don't see inflation as embedded in the economy. the kind of things we would worry about just not being able to correct easily. what i see is supply and demand are just unbalanced. about 50%, by my own staff's

estimates, of the inflation we see is related demand, the other 50% is supply. the fed is well-positioned to bring demand down. we already see the cooling forming in the housing market, in investments. so i do see signs that the economy's cooling. it just is going to take some time for the interest rate adjustments we've made to work their way through. and we are far from done yet. that's the promise to the american people. we are far from done. we're committed to bringing inflation down and we'll continue to work until that job is fully done. >> so it would still be appropriate to raise rates in september by half a percent? >> absolutely. and, you know, we need to be data-dependent. we need to leave our minds open. we have two more inflation reports coming out, another jobs report. we continue to collect all the information from the contacts we talk to to see how this is workng its way through the economy. among us, you know, wage growth a little bit above 5%, inflation at 9.1%. americans are losing ground

every day. so the focus has to be on bringing inflation down. >> one of the things the fed can't control is geopolitical risk. how concerned are you about what is happening in the taiwan strait right now? >> well, there's so much going on globally, i think that's really something that we need to think about. it's just getting through covid, making sure the new variants don't derail economic activity. we have central banks across the globe, raising interest rates to try to curb their own inflation. we have ongoing developments that take place geopolitically or just more generally among countries. and all of those things, the war in ukraine, all of those things create headwinds, if you will, for the u.s. economy. and we're going to have to lean against those headwinds for growth while we bridle inflation. >> the fed has its work cut out. i know we'll be talking again. thank you very much, mary daly. >> thank you. china launched its most dramatic show of military force in decades with four days of war games off the coast of taiwan.

all in response to speaker pelosi leading a congressional delegation to the self-governed island last week. congressman gregory meeks, chairman of the house foreign affairs committee, was on that trip. good morning. >> good morning, good to be with you. >> you have been globe-trotting. but i imagine you'll soon be back in washington to vote on this big spending bill. it is a big win potentially, but it's a tenth of the size of the president's original ask. is what's about to pass and this reduction in gas prices enough to help democrats win in november? >> there's no question, this is a big and important bill. it reduces inflation. it makes sure that we can now reduce drug prices. it helps with fighting climate change. and we will be moving forward. that goes on top of wins already made in a bipartisan manner

during this congress, like bipartisan wins in infrastructure, gun control, chips and science act, p.a.c.t. act for the veterans, the select committee, the first black woman appointed to the supreme court. so yes, this is an icing on the cake of moving forward, of democratic achievements in a bipartisan way in this election year. >> but despite all of what you just laid out, i know youhose from cbs project that republicans will win the majority i can you reverse that? >> oh, absolutely. i think that the conversations as we're interesting the crucial months of september and october, look, we had an all-time low unemployment rate. we see a court that is regressive and trying to take away a woman's right to choose. we're fighting and standing for that. >> your trip to taiwan, we've

seen these dramatic chinese war games in response to this visit. china cut off some of the diplomatic ties with the united states to protest the fact that you went there to taipei with speaker pelosi. did this trip backfire by undermining some of the biden administration priorities? >> not at all. clearly the biden administration, by his presence there, by increasing economic ties there, is something that shows that the region is very important. and president biden understands, being a prior member of the senate, the difference between the executive branch and the legislative branch. so what we have to do at this time, because there's very clearly -- it's very clearly a tense moment in the strait, that's why it's very important that all sides reflect the status quo, which we did when we were there, don't resort to force to change things, and it's just as important the united

states redouble our economic, cultural, and security cooperation with taiwan in the face of beijing's aggression. so this was a very appropriate trip at the time for the region. and i think that when we talked to the taiwanese, they were prev appreciative of us being there. you should have seen, over 250,000 taiwanese tracked our flight flying in. on the largest building in taiwan, big signs saying "we love you, nancy pelosi." people lining the streets when we were driving to our hotel. clearly the taiwanese were very happy. >> no doubt. >> we were all about allies, all about partners and friends in the region, and the other nations that we visited were very happy that we were there. >> but beijing was furious, they cut off climate change talks with the united states, cut off other cooperation. beijing said this is the one issue that the u.s. and china, the two most powerful countries in the d, could come into

conflict over. they said it was provocative and sends a strong signal that the u.s. is on taiwan's side. is the u.s. on taiwan's side? >> if you look at provocative, the ones sending missiles over taiwan and china encircled the island, it was in fact beijing. this was nothing unusual. members of congress this year have traveled to taiwan previously. i've traveled to taiwan a number of times, i've traveled to china. we're not going to allow -- and speaker pelosi is absolutely right about this, that to have president xi dictate to us where we should or should not go. we are going to stand by our friends, our partners, and our allies. and clearly taiwan is one of them. and so being provocative is not us, it's want beijing government and we're just not going to allow that to happen.

>> in terms of this policy, for decades, it's been one of strategic ambiguity. the u.s. sells arms to taiwan but doesn't promise to actually defend it. do you need to change that? does congress need to prepare for a chinese invasion of taiwan? >> look, what we have done, and i think that what we have showed we will do is to give -- and we have given in that policy defensive weapons to taiwan. ultimately this should be decided by people sitting down, and not china, and not beijing, and not xi, it is his provocative actions that is trying to change the status quo. what we need at this time is the status quo to remain as is. that is the best way to reduce tensions, not the provocations being put on by beijing. >> congressman meeks, thank you for your time this morning.

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on friday i sat down with taiwan's representative to the u.s., bi-khim hsiao, for the cbs evening news. here is more of our interview. president biden indicated the military wasn't enthusiastic about speaker pelosi visiting. xi spoke openly about the risk of her plane being shot down. did taiwan ever have that level of concern that there was a risk here? >> we have been living under the threat from china for decades. and we cannot let their ongoing threats define our desire to make friends internationally. if you have a kid being bullied at school, you don't say don't go to school. you try to find a way to deal with the bully. and that's exactly what taiwan is doing, working on making our society stronger and more resilient, fortifying our

defenses so that we have means of managing risks. the risks are not posed by taiwan nor by the united states. the risks are posed by beijing. >> what specifically is that risk? is it a full-scale invasion? >> the chinese have not renounced the use of force. they have been intensifying threats towards taiwan. that is not only on a military level. it has involved a hybrid toolkit of public disinformation, cyberattacks, economic coercion. they have a broad toolkit that we have become accustomed to. again, that is not going to change your determination to defend our freedom. >> what's happening right now is unprecedented, beijing has sent 68 war planes, 13 warships right off your coast. do you believe that this is just

a drill? >> indeed china's behavior is unprecedented. from the scope and the actions, it appears that they have been preparing for this for some time, way before speaker pelosi decided to visit taiwan. >> china is seemingly showing that it can blockade taiwan, that it can cut you off from the rest of the world. what is the cost of doing something like that? >> china has been building up their military capacities rapidly over recent years. and what they are doing through these exercises has the potential of jeopardizing some of the most important air and sea commercial routes. i believe they will also jeopardize china's interest in a stable environment under which trade and commerce can function. such risky and dangerous

behavior has implications for the world. >> do you have any assurances from the biden white house that they would defend you, not just sell you weapons, as presidents have for the past 40 years, but actually come to your defense? >> we have a very strong security partnership that ensures our mutual protection and interest. >> the criticism of what speaker pelosi did by visiting is that she is provoking china. >> i think the word "provocation" has only one place and that's with china right now. they are the ones that are provoking regional instability. >> so you do not think that this was a mistake and that this ba? >> well, the visit has been welcomed by the taiwanese people. sometimes it's hard for other countries from afar to fully understand the feelings and perspectives of the taiwanese people. and that is, for too long we

have been bullied, isolated, and suppressed and banned from international organizations. so when friends come from afar and wish to lend their support to taiwan, we generally take that with gratitude. >> when you talk to biden administration officials, they will say xi jinping, the president of china, is taking notes, he is watching what vladimir putin is doing right now in ukraine as a test case to see what he can get away with in taiwan. what lesson do you think he's learning right now? >> i think we are all learning lessons. and the taiwanese people are also learning lessons. and we are learning that we have to be better prepared. we have to be stronger in our own self defenses. we have to work hard to galvanize international support in working to deter that tragic scenario from ever happening.

>> are you concerned that the west won't stand by taiwan the way it has stood by ukraine? china is financially so powerful, it would be hard for the west to cut it off. >> well, i think that was one of the messages that speaker pelosi was trying to convey. and that is, you know, despite all challenges, we have friends in the international community who will stand with us. >> and lastly, china has also flexed its diplomatic muscles. it cut off a number of agreements, it says, with the united states because of this visit, including collaboration on climate change. are you concerned that the west will look at this and say, it's not worth it? not just on climate change but on other priorities that outrank taiwan. >> well, are we concerned, yes, we are concerned about the disruption of these very

important discussions on global issues that are matters of interest to not only the united states but to china and everyone in the world. but the fact is, again, visits, congressional visits to taiwan have been ongoing for decades. and for decades it hasn't prevented the united states and china from having constructive discussions on matters of mutual interest. i agree with some of the u.s., white house and other statements and the analyses that the beijing government is currently trying to manufacture a crisis over a practice that has been ongoing for decades, and they are using this as a pretext. and i think we have to make that clear. if china is to evolve as a responsible stakeholder in the global community, it's really up

to beijing to decide if their rejuvenation, if china's rejuvenation will evolve with international respect or with international condemnation. >> our full conversation is on our website and youtube channel. we'll be back in a moment. when you humble yourself under the mighty hand of god, in due time he will exalt you. hi, i'm joel osteen. i'm excited about being with you every week. i hope you'll tune in. you'll be inspired, you'll be encouraged. i'm looking forward to seeing you right here. you are fully loaded and completely equipped for the race that's been designed for you.

michigan congressman peter meijer is among ten house republicans who voted to impeach president trump following the attack on the capitol. last tuesday he lost his primary race against a trump-endorsed challenger. congressman meijer joins us from grand rapids, michigan. good morning to you, congressman. the person who won that primary is an election denier named john gibbs and he's backed by former president trump. why do you think michigan republicans favored him? >> good morning, margaret. as you said, i lost my primary and that is on me. i take responsibility for that. but it's important to note that it wasn't just former president trump who was in this race. there was about a half million dollars that the democratic congressional campaign committee

in their first expenditures of the 2022 midterms dumped in to help boost him. so we had a scenario where not only did i have the former president aligned against me but in a rare showing of bipartisan unity, nancy pelosi and the house democratic campaign committee also united to try to knock me off the ballot. now, this just highlights the cynicism and hypocrisy of our politics today. and frankly, it will be unknowable what that ultimate impact was. but the fact that we have the establishment left and the extreme right locking arms in common cause paints a very telling picture of where our politics are in 2022. >> right. what you're talking about there is an ad that the democratic congressional committee campaign spent $325,000 on to boost mr. gibbs, which was almost as much as gibbs spent on his entire campaign. that's what our viewers are looking at right there. do you think that ad really made a difference? democrats aren't voting in this

primary, it's republicans. why did michigan republicans fall for this ad? >> well, you know, i think there say clear question of agency here, of course. and at the end of the day, republican voters are going to cast their votes as they see fit. i should note that this add was not aimed at -- was not playing on msnbc. it was not playing in places where democratic voters might see it. it was targeted in places to try to sway and convince republican primary voters to try to give my primary challenger a boost up and over. and i should add that my defeat was by roughly 3% out of over 100,000 votes cast, we lost by less than 4,000 votes. and i think that's important to remember, when you have very close elections like this, and obviously competing against very strong headwinds, having a trump-endorsed challenger, and a party where president trump still holds over 75% approval, that a message of focusing on

the substance of what i've been able to accomplish in office, i'm proud that our office is on track to set a record for the most number of bills signed into law by a freshman, that those type of accomplishments get lost in our current personality politics, get lost in a broader sense. and i think that is one of the fundamental challenges that we have as a country, and that is frankly frustrating michigan families, that we are dealing with the politics that does not reward substance, that does not reward, you know, reality, but that focuses on rhetoric and personality above all else. >> do you think democrats are going to get what they paid for here, right? i mean, they're betting it will be easier to defeat mr. gibbs than you. is your district going to go to a democrat? >> it's important to note this is a district that president biden won in 2020 by roughly 9 points. i was one of five republicans running for reelection in seats where president biden won in the 2020 elections by eight or more points.

so while i think there is certainly a cynical calculus at play with the democrats' meddling, this is a risky, dangerous strategy. where president biden is in his approval is so in the gutter that it is hard to see that strategy -- it is easy to see that strategy backfiring in a spectacular way, which is all the more reason why we should not be embracing the zero sum idea of politics. we should not be embracing this notion that if we can keep a problem alive, keep it festering, but be able to gain a marginal advantage in the process, that that somehow equates to a victory. i think it's a dark and cynical way of viewing our politics that frankly 48% of the electorate in the primary here rejected, they stood against that cynicism. they were focused on someone working to deliver results. >> your republican colleague liz cheney about to face a primary august 16th in her state. former vice president dick

cheney, her father, released this video. >> in our nation's 246-year history there has never been an individual who was a greater threat to our republic than donald trump. he tried to steal the last election using lies and violence to keep himself in power after the voters had rejected him. he is a coward, a real man wouldn't lie to his supporters. he lost his election and he lost big. i know it, he knows it, and deep down, i think most republicans know it. >> is mr. cheney right there? because 57% of republicans told cbs news they're more likely to vote for a candidate who gets an endorsement from the former president. is the former president the leader of the republican party or the biggest threat to our nation's republic? >> well, i certainly think that president trump wants to keep those numbers up. he wants that influence. i mentioned earlier, the common cause between the extremes on the right and the establishment

left, you know, nancy pelosi, i think she's waking up every day crossing her fingers that donald trump runs in 2024, that he announces well ahead of the midterms are set to be a referendum on president biden's leadership. and speaker permanent owes pelo my democratic colleagues want it to be a referendum on former president trump and i think former president trump wants that as well. >> we will be watching that primary. congressman, thank you for joining us today. we'll be right back. powered by the google tensor chip so your camera can see in the dark with night sight fix your photos with magic eraser photograph all skin tones accurately with real tone and last up to 72 hours with extreme battery saver it's all you want in a phone. google pixel 6a switch it up, and get the all new google pixel 6a. my moderate to severe plaque psoriasis...

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♪ >> announcer: ie "cbs erninews." >> jericka is off. i'm mark strassmann. tonight, president biden has the legislative milestone he desperately wanted and needed. naturally, it didn't come easy. first, polarized senators pulled an all-nighter. they started debating saturday and kept debating before finally voting. and late today with vice president kamala harris passing the tiebreaker, democrats passed the president's economic agenda that had been left for dead. it's a mix of climate spending, lower health care costs and corporate taxes. also, the president left the

whho