Transcripts For FBC Cavuto 20240703

Month of september, trading wraps up, gary is worried about the next month teeing up. We have the latest on that. Texas republican congressman pat fallon and the expanding auto strike with jeff flock. And jamie butters. In midtown manhattan, the rain is coming down almost as fast as flood delays at Regional Airports are piling up. A commute from hell, for millions of americans in its path in the northeast later today. Welcome, everybody. I want the lowdown on this shutdown. Aishah hasnie has the latest. Reporter if you ask anyone on capitol hill covering this for the past couple weeks, they will tell you it is going to happen. Anticipation is doubling. We are watching the house floor. You can watch along with us, we are watching the house vote on the rule for a shortterm spending bill. Not the actual bill yet. The rule. The rule is expected to pass. Looks like it just past. The actual bill vote is coming up next year. This is the one to watch. This is the moment, make or break moment for speaker kevin mccarthy. This continuing resolution to fund the government for 30 one days that he has been working on for quite some time, is, by all accounts, expected to fail. We can tell you what is in this. They came up with it last week. In this continuing resolution, it would reduce spending levels so it would not keep Nancy Pelosis spending levels. It would enact the gop Border Security plan. It would also create a Fiscal Commission to study debt. These are all things these holdouts wanted from Speaker Mccarthy. I asked Speaker Mccarthy on his way in to the house floor if he felt this would fail are not and he laughed and said i wish you were more positive. He didnt give me a yes or no which is what he normally does when not sure how it will go. I spoke with congressman matt gaetz, who has been a big opponent of passing a continuing resolution. He told me he has the votes to vote this down. This has really been an ideological battle in the gop, between whether or not they wanted to go with a shortterm spending bill, continue with what they normally do in congress or if they want to pass the budget the way it should be passed through appropriation bills. We were able to pass three more Appropriations Bills bringing that to a total four of 12. Four of 12 Appropriations Bills will not fund the government. We are heading towards a government shutdown. On the senate side, they are working on their cr. That isnt going anywhere yet. Theyve not passed any Appropriations Bills so far. I would say i think everyone would say we are heading towards a government shutdown. Neil measure fails in the full house, they dont have a backout plan, presumably at midnight sunday, okay. Reporter Speaker Mccarthys plan is to pass these Appropriations Bills to build up some leverage, to be able to leverage with the senate that hasnt passed a single appropriations bill and maybe do some give and take on border to work with them and pass something before the deadline but time is running out. We are talking saturday night deadline. If this does not pass today, i dont see a backup plan. Neil i could remind you from the very moment you became our capital correspondent the whole world has gone to hell. We will see what happens. Thank you for that. Weve got congressman pat fallon with us from texas. It sounds like a shutdown is on, just given the very little wiggle room we have in a measure that gets another one voted on for the deadline tomorrow night. What do you think . Reporter i was optimistic we would avoid a shutdown. Last week i thought it was possible, but now you can put your money that we are going to shut down. I hate to say that but i will be candid and frank with you because you have such a great showing intelligent viewers. I hope the house, republicans, can pass a continuing resolution because the cr is unlike any we ever had in the past because it will cut spending, Discretionary Spending that doesnt include homeland, military, va, get this, 19 of us which puts in some Border Security measures. Democrats every one voted against a rule. Neil i had a chance to talk to your colleague, scott peary heads up the freedom caucus, very concerned how the process is unraveling. He did a lot of that on the speaker. I want you to react to this. It sounds like you are disappointed in the speaker. Do you think he should be speaker . I think we should have gotten the bills done. Takes more than one person to do that but he wanted to be the leader and you cant just be in charge, you have to lead. Neil the speaker isnt doing that. The speaker is days from losing his job . Hope not. Kevin mccarthy has the toughest job in america, 222 republican rivers, we lose four we lose the day and you have a wide spectrum, lemmings all the same because leadership tells them to, the republicans like herding cats, we are a bunch of big cats but 222 of us and a wide spectrum, folks like myself, very conservative in deep district. Kevin is trying to corral us together. Its unfortunately only past four of 12 Appropriations Bills with four more than the senate did. The truth most media members wont share, your objective, they passed all their expending bills, before the august break and then sat for two months. We are where we are now and i hope we avoid a shut down but dont think that will be realistic at this point. Neil i am belaboring the point. All it takes is one of your colleagues to say speaker, you are out. I had it with you. How likely do you think that is . I hope not because i didnt come to washington dc to do the democrats bidding, to do the socialist bidding, i came to show some fiscal restraint and secure the border. To keep the government out of americans lives. If we dont pass pcr particularly the one we are talking about with significant cuts and 30 to 45 days. And a noconfidence vote you can rest assured every democrat will vote for it. To make us look like clowns so they can gain a majority. I dont want them to do anything that makes that path easier for the democrats to gain the majority back. Lauren 20 it is eventful the next few hours. Have a safe weekend. Pat fallon, beautiful state of texas. Lets draw your attention to the corner of wall and broad, getting back a lot of those gains on the fears the shutdown was more real. Hard to say, the closing day, what do you read into all of this . I had one simple mantra the last few months. It would be a huge head wind not only to the market but the economy which im worried about because the consumer, what is happening in dc, we have just and unbelievable 2 trillion deficit which is more than all our federal spending of the year, fingers crossed, if Oil Prices Keep going up which i dont think is in the system yet and if yields keep going higher, we see Mortgage Rates in the mid sevens. If that continues nothing will come of it. Neil we have this other thing mushrooming, the uaw strike, we where up to 25,000 of the 140,000 on the picket line and it looks like it is escalating. Your thoughts on that and the wage demands go through on the rest of the economy. Two words, domino effect. Knockout one plant, it affects three others. We have less cars out there which is going to happen, prices will spike. Here we go with more inflation on top of the oil prices, the crv index getting that, which is 19 commodities. We are seeing it with National Health services, big Cottage Industry in many areas. Lauren 20 thank you very much. That is the Commodity Research bureau index. And is all over the map, inflation is building up, some often see it in that index, and ultimately to us, retail inflation but it is bubbling and getting a lot of attention. The wicked about of rain and flooding going on, including outside my studio here not a good hair day. Meteorologist extraordinaire, how this is sorting out, how is this going on. The most comfortable i felt, the wind it feels wet and feels like a noreaster day. But during high tide, i had a rough time with the water rushing in from the east river which is behind me. Look what it looked like at the peak of high tide. Coastal flood advisories, the east river right in my face. Had to pause for that because thats a lot at stake on friday morning. I am still washing the east river out of my mouth. We had at least a three foot drop in water levels now that we are going into low tide. The next high tide is a 30 tonight so they have to look out for that. We are concerned how much rain is falling, rain totals right now, and and we are not halfway through the storm yet, the coastal storm is going to continue to drop heavy rain across the tristate, and floodwater and basement apartments. Suspensions on metronorth, and one way to get in and out of the ferry system. We see the fairies right here, actually noticed more are getting in line to go to brooklyn using the fairies. That might be because of the state of what is going on with of the subway system. Im enjoying at least a little lull in the rain, but looking at the trends on radar. Im concerned about the rain that still has to move for you as flash flooding is a concern. A Flash Flood Warning for all of new york city continues until 2 30 but likely that will be extending as flash flooding continues across the city. Neil you have been as cool of a cucumber. It is bad in northeast new york, already declared a state of emergency, news jersey is close to doing so, looking for motor swells in excess of a foot, 8 to 10 inches of rain. We are on top of that and the strike going on, the uaw. The uaw has targeted two of the automakers for extended strikes. Not one, two of them. We will tell you who is who after this. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Adam we are near the government shutting down but nowhere near the uaw strike ending. It just expanded by a little bit targeting two of the automakers. Jeff flock has more on that. Reporter looking at a convoy, gives you a picture of jeeps and ford broncos making their way from toledo, ohio, uaw headquarters, todays headline just gets bigger. The president of the uaw, and 7000 workers. Displayed a willingness to bargain. And thats why at noon eastern time, we expanded strike to these companies. Gm and ford, the for assembly plant, the police interceptor, 4600 people here, 2300 people at the gm, lansing, delta plant, that makes a whole host of suvs, the chevy traverse, the buick encore and gmc acadia. This is the convoy, sean fain will be out here to address this convoy and rally in the parking lot of uaw headquarters. He said todays guys on the good list at they expanded the strike to gm and ford. At least he said there has been progress on these issues, costofliving increases, the right to strike over product announcements as well as agreements on outsourcing as well. That would be close. As we said before this negotiation is unlike anything that has happened before. Possible they could reach an agreement and continue to strike the others. I will leave you with a picture, folks assembling at uaw headquarters, their solidarity remains strong. Neil chrysler was left out of the latest increase in the strike activity. That could change depending on the week, the talks, the automated of news executive, what do you think . What did you make of keeping stellantis out . It has been the furthest behind the negotiations, and in france, the ceo is known to be a hard bargain or, gm and ford, to the companys over generations. They are further along, sean fain has been surprising without this process. Neil we are up to 20,000 striking autoworkers, 146,000. How do we see that going . Advantage to the uaw has been to preserve their strike fund, hundreds of millions of dollars, the 150,000 people on strike, bringing it out slowly, what he highlighted is keeping automakers guessing, cant plan, cant nowhere to order plants for. Being part of the strategy. Neil in the market for a new car, said that the dealership already get high prices on some. Whether they were using that as an excuse, what do car buyers, prospect of car buyers face . Reporter most of the vehicles that the Assembly Plants have been ones that, pretty good supply. It is hard to to get a vehicle since they relaunched it, theres no more coming, to look to take some profit from desperate consumers. But the others shouldnt be so bad. Neil he had said despite willingness to bargain, ford and gm refused to make meaningful progress at the table, 20 or more going not to presumably 30 to the middle ground. I thought that was well along and gm is getting similar signals. What happened . It is funny he describes it that way. Automakers see a different, gm has put out a statement, they made a counteroffer on september 21st right before the previous expansion of the strike and they heard nothing from the uaw since it than. Theyve not gotten a response. The uaw made a counter to them last night and they countered back right before sean fain went out at 10 00 a. M. 00 am to name the new plants. He has not been really engaging significantly with ford or gm. Jim farley planning to go out at one 00 today to give his side of what is going on. Theres a lot of frustration, go back to last week when the news came out, there was a leak or emails are messages by the Communications Director talking about the plan to create chaos, damage for months to the automakers so there has been assents by a lot of automakers that the uaw isnt interested in making a deal anytime soon. This is shawn fain building up his image and getting people excited about a strike more so than a settlement. Neil watching closely, you have been a great figure helping us figure this out but on it goes. Jim farley said that his company has been generous with provisions but that was roundly rejected by the uaw. They spread this streak out. Keeping an eye on the president ial sweepstakes, if you were a betting person putting money on the race, there is a report in market watch, seeing donald trump as the 2,024 win, and easy winner at that, far more likely to get the white house than president biden. It has never been this wide. People coming down, almost convinced that in the offing after this. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Tourists tourists that turn into scientists. Tourists photographing thousands of miles of remote coral reefs. That can be analyzed by ai in real time. So researchers can identify which areas are at risk. And help life underwater flourish. Adam you like the debt . Based on what they think will happen in the president ial race, they are making a wager, donald trump stands a likelier chance of winning the white house than president biden. They separate to give california Governor Newsom better chances than any of Donald Trumps rivals. Cusack is a genius on all of these issues but is quite the gambler. You see them at the slot machine. What is the first time weve seen a shift of this magnitude, market watch seized on that. President biden is a slight underdog, race is a tossup. President obama called himself the underdog. He ran a Good Campaign, he ended up winning. Bidens concerns with his age, he beat donald trump barely, that was during covid. On the campaign trail this time. Neil people are following of the momentum in the polls. You can argue, after the polls solidify after the wager i dont know but we live in the moment, snapshot of the moment favors the former president more than the current one. There was a time when jimmy carter looked like he could easily put away the two term governor Ronald Reagan, polls were pretty tight and a lot of worries about Ronald Reagan that he dismissed pretty easily in his one and only debate with the president. Things can change. How do you see it . Things can change. If you look at the past year, donald trump was the big loser of the midterm is. Polls show that. He has run a Good Campaign, basically buried desantis and he is way up and everyone including me think he will be the nominee. He has issues. He has to spend a lot of money on his legal cases. They could eventually hurt him. The indictments havent hurt him. That is why he is neck in neck with the biden, in some polls he is ahead but i am not surprised. President biden barely won in 2,020. And some of these states it was so narrow and you have the threat of a thirdparty which i think hurts biden more than trump. Neil of the civil case despite the former president s demands being put off, resuming monday, going to start, i should say. A couple other cases could resume even in limited fashion long before the election. Thats the wildcard, all of this. Thats the wildcard. As Court Appearances and legal fees pile up, may be that starts to hurt him. President biden has primary resistance but not to the point of trump. Trump is spending this money and biden is not having to spend that much money but trump, interestingly, is moving back to the middle. His move to go to michigan was a Good Campaign move. The Trump Campaign so far in 2023 has been shrewd. The court cases are the wildcard. Neil the passing of senator dianne feinstein, back to a 4949 senate. I am wondering how it plays out, to find a replacement for her. The whole budget thing, a possible shutdown, Everything Else gets complicated. I am sure senator dianne feinstein, i am sure senator schumer and newsom will be talking. Newsom has been thinking about this. He says he will appoint an africanamerican woman that wont be barbara lee who is running so this would be a caretaker senator but i do think this announcement will come relatively soon. Neil always good talking to you. Dont have to make a wager. Taking a closer look at the corner of wall and broad, the final trading month of the year. How are we standing on the year . Looking at an up year for the markets, the s p is up 12 year to date. Keep in mind it was up 20 . Still looking at markets as they stand right now. The last three months saving the skittishness around october tend to be good for the markets especially the socalled santa claus rally. So watching fox business. Liberty mutual customized my Car Insurance and i saved hundreds. 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For the 336 million of us living here. Adam waiting to hear from of the president whether he will visit the border, they have to settle for the worlds richest man. Elon musk late last night, Casey Steagall from eagle pass, what he discovered. Reporter issa a lot when he was on the ground, 21 2 hours, an hour and 15 minutes or so spend at the Processing Center under the bridge, he lifestream to the audience, and have folks see it, raw and the unedited and expressed concern the mainstream media. Showing the river, showing migrants under the bridge, all the resources out here, a live conversation with Tony Gonzalez who hosted it. He raised concerns about the criminal component to this. With markings on their face who had just crossed illegally. Listen to the exchange. They are so proud of this that they have one tear on their face for everyone they kill. Exactly right. We just let them in. Reporter sources tell us in the last 24 hours another 10,000 migrants, between all sectors combined. The del rio sector remains the busiest. We are close to 2000 of those encounters in one day. Which means there are now roughly 5000 migrants in custody at a facility designed to house a thousand. Neil thank you, my friend. Casey steagall. The deputy mayor of ocean city, he has seen this firsthand and so has his community. Very good to have you. What is going on . Thanks for having me. We had in our county, 10,000 migrants dropped off of transit stations the last 15 days. A thousand of those, oceanside is in the northwest corner of san diego county. It is an untenable situation. We dont know where it will end. Neil i saw a couple weeks ago this train, getting to be for victory sign, they arrived and are not getting stopped, where did they go . They dropped off at a Transit Center and thats one of the challenges, generally with little to no resources and no plan where to go. It is left to local governments and ngos to find a solution. Thats not our role and why it is such a challenge for us. That the federal government responsibility. We have to balance our budgets. People dont understand, we cant raise a debt limit or debt ceiling, for 200,000 budget every year, we are projecting that 5000 left over so if we spend money on this, away from residents, on the west coast, one of the biggest homeless crises we have ever seen. Neil it is amazing, you refer to nongovernmental organizations, theyve done little to help you out. I wonder where this goes. You are not a sanctuary city or town but you are getting the same issues to deal with. We heard from Administration Officials the border is secured, no need to worry. What did you think of that . This morning, we had 42 migrants with little to no resources. It is up to us to deal with that, and to figure out where healthy individuals go. Generally, the city is not stopping point. Thats the challenge. Weve been left with this challenge and no resources. Neil they get off the train, whatever it is, no one tracks of them, too many to do so. It sounds like they are in this country for good. That outside our scope. The deputy mayor and noncity council, not involved in immigration. The most important job keeping our city safe maintaining a balanced budget making it difficult. Neil thank you for taking the time. Before we go to break, jackie deangelis, 14 minutes away. Reporter happy friday. The feds favorite inflation indicator is out, but we are going to break it down. Do you think air taxis are only for the jetsons . Think ahead, job dagen innovation will be here to tell us how personal sky travel is coming to a city near you. First, more coasttocoast after this. So, you have diabetes, and your glucose is heading low. [ alert sound ] dexcom g7, the most accurate cgm, can alert you before you go too low. Now, thats more peace of mind with dexcom g7. Adam who is this taylor swift . What does she want to do on this planet. The enormity of this story, taylor swift is a huge sensation. Bigger than big. Check social media across the country, when she was on tours, next year, entertainment journalist extraordinaire, doug eldridge, advanced sports agent, just so you know, the latest sort of buzz, you can help me with this, she and the Kansas City Chiefs are an item. It is not a staged event. He sought her out, now apparently got her. Trailer is what we are calling them. Neil she showed up in kansas city. She was reading readings and there with his mom. Neil now she promised to show up in new york, new jersey the jets game. The most attention the jets have ever gotten. Ticket prices are soaring up 50 . And we dont even, not even confirmed her she will be there. It is reported she will be there, we think she will be there but if you want to see possibly a glimpse of taylor swift, get tickets stuart how do you know youre getting tickets for the right seat . You dont, you are surrounded by taylor energy. Jersey sales went up 400 , game somebody instagram followers, my favorite is the tiktok trend of girlfriends explaining to girls explaining to boyfriends taylor swift really made him a name, nobody knew who he was, doing this funny joke. Neil very few players get this type of buzz. Now associated with taylor swift, hes got it. She is good at handling this sort of thing. Is he . This is a case study of the act a buzz can have. A 60 million entity like the nfl. Travis kelsey is an animal but taylor swift is a savage. Her errors tour will generate 1 billion in sales, the highest grossing tour in history. The us alone will generate 4. 6 billion in consumer spending. We talk about sales and jets game double the previous total for jets tickets, expected to triple the ticket demand for the remaining home games for the chiefs. Neil they are only 60, 18 of them. So this is in the after market where prices are brought up but if she is going to be in a box seat, you better pray the tickets will be opposite the box if you want to look at her. You hit the nail on the head. Already through the roof. Someone like kelsey, heir apparent to rob gronkowski, big body tight end, brand all by himself. The entertainment ecosystem, no natural enemies. Neil shes no adele, but she is trying to vie for that but where does this go . She has a lot of relationships that dont end well. A song or album, where does this go . He takes a chance there might be a song about him but she will use it in her concert which is going international. We have to mention her movie is coming out in a couple weeks. And already, has records broken, free ticket sales for this movie coming out, probably will break 75 million. Because people want to see her. It will be an event movie, people might where their friendship bracelets, making friendship bracelets. Neil let me ask you this. What would be ideal for me is for the jets to beat the chiefs at home and taylor has to watch that. I would be curious how that would go down. If any franchise is owed a mulligan its the jets especially after the week debacle, Aaron Rodgers going down. Taylor is going to win on this, travis will been on this but cashing in, the nfl. Look at her concerts, in cincinnati generated 92 million, denver 140 million, both of the stars will win but they leave the cash out. Neil i am intrigued how she gets into the ease, shes so recognizable. Ideal with that. Brands cash in, the they suffered eating ketchup and ranch and hines and everyone neil i dont have time after this. , but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. [ applause ] the day you get your clearchoice dental implants changes your struggle with missing teeth forever. 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Shipping solutions that actually save you time. And thats just the beginning. From start ups to scale ups. Online, in person and on the go. Shopify, your all in one commerce platform. I am issuing a state of emergency for new york city, based on weather conditions. I want to say to all new yorkers, time for heightened alertness and extreme caution. If you are home, stay home. If you are in school, shelter in place for now. Neil the drenching the big apple is getting, this is a scene, right outside the brooklyn area, we were showing a little earlier what la guardia looks like and there were a lot of train stations now flooded out. New york state, state of emergency. Jacket the angeles and company here to take us through that and more. Jackie it sure is. Im glad brian brumberg made it before this happened. He is here. Brian im acting from iowa. Jackie im jackie deangelis. Jackie have a great weekend