this, of course, despite his promise to make saudi, quote, a pariah state. all this as the federal reserve is expected to announce its biggest hike in decades. john harwood is live in philadelphia. john, there is a lot at stake for the president. reporter: a lot at stake, erica, for the president. a lot at stake for the country. as we ve seen underscored by the january 6th committee hearings. the president s biggest political problem is negative public sentiment about high inflation. as you indicated, he is going to say that this is his top priority. mostly a job for the federal reserve, but he s also going to do what he can to try to make a difference on the margins. that s why he is going to swallow his statements about making saudi arabia a pariah and meet with the crown prince, mbs, on a visit in a few weeks. that s in hopes of expanding saudi oil production and getting gas prices down a little bit. he s also here before this friendly audience to talk about the positi
points today. the numbers are dismal on the economy and the reality is, too. i m harris faulkner and you are in the faulkner focus . let s take a look at the dow. again, this has to do with how investors feel now. we dipped into bear market territory. we re no longer running with the bulls and while we don t talk all that much fancy talk on the faulkner focus in terms of money, what it means is your nest egg that you may get through your 401k on your job is not doing what it should be doing right now. don t plan to retire tomorrow. the experts are saying as well that investors are nervous because they can t figure out what s coming next. they know that this could be a predecessor for a recession and a pretty strong one. and that this is happening much more quickly than what the white house and the biden administration had promised america. the treasury secretary janet yellen recently apologizing, as if that would matter. we need action now. what does that look like? the fe
bear market territory. the federal reserve could boost interest rates by .75 point to try to time inflation that has the cost of everything rising. gas is still hovering above $5.00 a gallon nationwide, getting close to $7.00 out west in california. an estimate from moody s shows american households are spending about $460 more per month on necessities than they were one year ago. that means more families are having to make tough decisions just to get by. there s no way. it s cheaper to fly. it feels like you can t catch a break. it s difficult to save up for the things i do need in the long-term. we ll have more on it in a moment as well as the january 6th committee s next public hearing. it was scheduled for tomorrow. it was abruptly postponed. next steps in the senate on new gun legislation, when we could see actual text of a bill and most importantly a vote. we are going to start with the president s address genny moment now, and the economic realities that the coun
families by an average of $1,500 a year, put medicare and social security, medicaid excuse me, social security and medicaid, on the chopping block every five years. in other words, every five years, they re going to no longer exist unless they vote them back into existence. i disagree with that. what in god s name are they doing? i ll work with anyone, democrat, republican, independent, who have real solutions and savings for the american people. not take money out of their pockets. the other element i would like to address that has impacts on inflation is lower the deficit. the reason this matters to families is because reducing the deficit is another way to ease inflation. my friends on the republican side like to paint me as the big spender. let s look at the facts. facts matter. under my predecessor the deficit exploded. every single year he was in office. under my plan we re on track to cut the federal deficit this year, by $1.7 trillion. you hear me now. this year, $1
wanting to raise the taxes on working families by an average of 1,500 a year. put medicare and social security, medicaid social security and medicaid on the chopping block every five years. every five years they will no longer exist unless they vote them back into existence. i disagree with that. what in god s name are they doing? i ll work with everyone who has real solutions and real savings for the american people. not take money out of their pockets. now, the other element i like to address that has impacts on inflation is to lower the deficit. the reason this matters to families reducing the deficit is another way to ease inflation. my friends the republicans like to paint me as the big spender. let s look at the facts. facts matter. under my predecessor the deficit exploded rising every year he was in office. under my plan we re on track to cut the federal deficit this year by 1.7 trillion. hear me now? this year by 1.7 trillion. that s a fact. the largest decline in