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west is water conservation. every single drop counts from here on out. wow. bill, thank you for explaining all that. the situation is obviously very dire. they need to find a way to compromise. thank you very much for explaining it to us. top of the hour on cnn newsroom. it s good to have you. this hour we expect to see the president at the white house. he ll sign a bill into law that one adviser calls a culmination of the administration s effort towards building the economy. the inflation reduction act as it s called makes historic investmentes in the fight against climate change. it gives medicare more negotiating power with prescription drug companies. and it imposes new taxes on some of america s biggest corporations. cnn chief white house correspondent kaitlyn collins joins us live now. so democrats consider this a significant victory. they didn t get everything they wanted here. it s not everything they wanted. and it s very different than the build back ....
sandra: america reports with the justice department last hour submitting proposed redactions to the affidavit used as the basis of the search of former president trump s florida home. now it s up to a federal judge to determine how much of that document the public will actually get to see. hello, welcome, everyone. i m sandra smith in new york. happy friday eve. john: as we like to call it around here, that s what thursday is. good to see you, sandra. the federal judge who approved the warrant to search mar-a-lago is set to weigh the pros and cons of releasing portions of the affidavit. the judge acknowledged heavy redactions to make the document in essence meaningless. justice department maintaining it could be dangerous to release any part of the affidavit saying it could compromise the investigations. republicans, along with several news organizations are pressing for more information about what prompted the unprecedented search of a former president s home. ....
get out the dictionary. we ll define recession for you. here is the bottom line. the biden economy is shrinking as the fed unleashes rapid fire rate hikes to stave off the highest inflation in 40 years. let s get right to it. maria bartiromo joins us now. go ahead and give us the news because they projected .5% on the positive side. the number was a negative .9. we are now in recession and we can confirm that because it is two quarters straight of contraction. the economy shrank in the second quarter by 9/10 percent on top of shrinking in the first quarter by 1.6%. now so far all of the commentary that i m hearing is talking about a shrinking of the economy but the good news for the economy is that job growth has stayed strong. that was why some people were questioning well maybe it is different this time. it is hard to believe that job growth can be up to 300,000 in one month when you are in a recession. what s different this time is that we have an inventory build-u ....
process about $290 billion and in addition, also changes the circumstance for people on medicare by putting a cap of a maximum $2,000 a year they have to pay no more than $2,000 a year no matter how many prescriptions they have. for all the prescription drugs. which is especially important for people with cancer, and long-term diseases. it s a god send. literally be a god send for many families. second, the bill locks in place lower health care premiums for the next three years for millions of families that get coverage under the affordable care act. average savings of $800 a year for 13 million people. third, invests $369 billion, granted i call for 500 plus, but invests $369 billion to secure energy future and address the climate crisis, bringing down family energy bills by hundreds of dollars by providing working families tax credits. it gives folks rebates to buy new and efficient appliances and weatherize their homes, and tax cuts for heat pumps and rooftop solar, ....
much right at the moment. not necessarily feeling it right now, but in the future, i have big plans. if interest rates go up on the home mortgages, i could be a little screwed there. i m in the corporate world. it s concerning. with the prices going up, we cannot afford sometimes what i you know. so it s hard for me. have to pinch here and there. still living our life. neil: the white house learning what americans knew all along. we re indeed in a recession. the economy pulling back as prices refuse to let up. stocks ignored this and moved up what is really up? we re going to talk to senior economic adviser, gene sperling in just a moment. this is neil cavuto and your world. first to edward lawrence at the white house on how all of this is being digested there. edward? the president confident that we re not in a recession. we re hearing it from everyone in the administration. don t look at the gdp numbers. look at job growth. in fact, the jobs that the a ....