don t have to raise taxes to get there. neil: got it. all right. congressman, very good seeing you. representative nancy mace, house transportation, infrastructure committee, key player from south carolina. new congressman at that. in the meantime, the markets were gyrated by this a little bit, we had a big triple-digit tumble in the dow on fears that maybe all of this spending is igniting inflation. too early to tell whether it s driven by spending initiatives or just a bounceback from pandemic low that you d inevitably see higher prices. be that as it may, even reassurances from the federal reserve and janet yellen at the treasury that this is temporary did little to ease concerns at least in friday trading. for the week, the major averages down after three up weeks in a row. liz peek with us now, fox news contributor, michael lee and sara [inaudible] former kamala harris campaign adviser. liz, leapt me get your let me get your take on the markets
down payment meaning that total of $6 trillion could go even higher. you see the president there on capitol hill on wednesday, he made that trip to meet with democrats to talk about this $3.5 trillion human infrastructure plan, the keyword there human, includes two years of free community college, expanded medicare benefits, universal pre-k for all 3 and 4-year-olds, prescription drug prices also expected to drop. the president is also pushing child tax credits. millions of families across the country are receiving between $100-300 monthly. working families will receive these payments on the 15th of every single month for the next year thanks to the american rescuing plan. 86% of american families will receive their payment by direct deposit. it will show up in their bank accounts as child ctc. reporter: but with more spending no matter what the spending is more, it brings out those fierce of inflation. right fears of inflation. right now inflation is at its
do you support the infrastructure plan as it stands roughly at a trillion dollars, half of that using reprovided covid funds that have not been spent. are you onboard with that in. i m onboard with it as long as we re not raising taxes to get there. and my understanding there s roughly $2 trillion in unspent covid relief money, so the funding mechanism is there, and i do believe we can do it without raising taxes. i m very, very cautious and, i think, suspect of more spending when we have to raise taxes on the american people. washington has never had a revenue problem, but we ve had a spending problem, and it s been republicans and democrats that have contributed to it. and you have the federal government, state and local government literally shut businesses down because of covid, but they kept collecting taxes. they didn t cut spending, set any money aside. so all i would ask is the government treat themselves the way they treat businesses in this country as well. i ll support it a
take because sometimes i find that to be sort of like a window into sentiment among the money guys. it can change you, i it can change, i grant you. but the read yesterday was a sudden, wow, we re getting concerned about this spending. but overall the markets have held up. so which is right? well, i think there are three things. one, how are we going to pay for the spending. if we start hearing talk about giant tax increases, this market is going to take a nose dive because no one has factored that in. the second thing is earnings. the rate of earnings advances for the s&p is still on the upside, so people s expectations continue to increase. but it s pretty clear, neil, and that we re at a tipping point there. probably estimates continue to go up for company earnings through the balance of the year, but we re close to the top of that. and the third thing, as you say, is inflation. a recent survey of investors showed only 23% of investors were seriously concerned about
trillion spent and billions more in federal aid that could bring us to $6 trillion in planned spending, and that s just for started. welcome everybody, i m neil cavuto, so happy to have you. it s hot out there, but the spending is running hot and heavy too. a lot more detail with south carolina republican nancy bates who, you know, her whole reason to run for office was to put a lid on this. so what does she think of all of this? in the meantime, let s go to the david spunt on these plans, tax cents and all this stuff creditsand tough that you are paying for. reporter: good morning. that $3 .5 trillion is feel up for debate, members of the administration say that money is well worth it. some progressives on capitol hill like congresswoman pramila jayapal, she said it is merely a