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tv   Your World With Neil Cavuto  FOX News  July 31, 2019 1:00pm-2:00pm PDT

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cut that wasn't as big as market movers wanted it to be. but there's a lot more to this. a huge global story surrounding this and there's nobody better to explain this than neil cavuto. hello, neil. >> neil: hello, shepard. thank you. a gift to the president and a nightmare as you said for the markets. stocks tank because today's rate cut just might be one and done? i know it sounds weird. welcome. i'm neil cavuto. fox on top of a reaction you might not suspect. stocks diving because jerome powell is already done cutting? that's how investors read what he said. hard to make sense of it. we are all over it. with lauren simonetti on the market impact from it. john roberts on what the president is saying about it. steven gilfoy on why stocks headed south because of it. and if market history shows exactly what follows it.
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we begin with lauren. what happened? >> let's just put this in perspective, neil. this is the first rate cut since the financial crisis. the first cut in a decade. if you want to look longer as that, the fifth time in 25 years where you have a federal reserve going from hiking rates -- we've had nine increases since 2015. so we went from hiking to cutting. if you look back at history, it's usually not one and done. the reason the dow fell more than 300 points today is that it seems to think, the market does, we might be one and done here. here's the statement that investors are picking up on from jerome powell. we're thinking of it as a mid cycle adjustment to policy. is he's not committing the series of rate cuts that a lot of people are looking to. one of the reasons for that is that the consumer is healthy as the data is showing us.
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i spoke to greg mcbride at bankrate.com. he says when you think about this, a quarter point does nothing for the consumer. if you have a balance on your credit card of $5,000, this cut today, how much it saves you in a month? $1. a dollar a month. so the impact is marginal. most of the rate cut came already. we've seen mortgage rates count do from 5% to 4%. that has helped to juice the economy and might further. the other piece of information that people are really sinking their teeth into is the political ramifications of this. was jerome powell, was the fed influenced by the president? he said absolutely not. but when you look at the strains of the u.s. economy vis a vis a slowing global economy and the u.s. bank that is trigger happy
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and a very blurry picture when it comes to trade negotiations with china, that is one of the reasons that this is an insurance cut by the federal reserve. >> neil: thanks, lauren. the fed chief said that politics played no role in the rate cut. to john roberts at the white house on how the president is taking this in. hi, john. >> we don't know just yet, neil. the president as he was going into the oval office with the mongolian said yes, i will comment on the fed cut but we haven't not heard anything yet. we thought we would be brought into the meeting but that didn't happen. we may get something in the form of a tweet or always invite us in the oval office to talk about it. we know what his position is going in. he was looking for a big rate cut, between 50 and 75 points. maybe not all at once. the president didn't get that. the president couldn't be happy
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when he saw the dow go off the cliff as much as 478 points. on the upside, he got a rate cut and the fed chairman said they would end the policy of quantitative tightening in the next couple months, which is something that the president wanted to have happen. and you heard it mention a second ago, was the fed giving in to pressure from president to do what the president wanted powell to do. here's what powell said about that. >> we never take into account political situations. there's no place in our discussions for that. we don't conduct monetary policy to prove independence. we conduct monetary policy in order to move as close as possible to our statutory goals. >> so again, powell said he's not looking at a long series of rate cuts like you would during a recession. they may adjust depending on how things look going forward. powell said we'll do what we need to do to support the economic expansion. as mentioned, china plays
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heavily into this. steve mnuchin and robert lighthizer are on their way back from shanghai without a deal in hand. talks resume in september. the president suggested that a trade deal may have to wait until after the 2020 election because the chinese want to wait this out to see if the president gets re-elected and maybe deal with somebody else like joe biden, bernie sanders, or the other candidates out there, neil. >> neil: thanks, john. so what does this rate cut mean for the president and the economy and the markets? let's go to emily larson, lauren simonetti back with us and steven gilfoy. did that interpretation prove accurate? is the federal reserve saying one and done? that's it? can you hear me? >> i didn't hear you address me. okay, this is the deal, folks.
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this is something of a hot mess created by the communication. the policy moves were fine. the 25 basis points, i agree with all of that. i believe if the goal is to fight the currency war, that we need another 50 basis points by the year's end. probably needed to communicate that message. but not communicating or failing to communicate that message, you saw what the algorithms did. we're mostly trying to pick the bottom in the sectors getting hit hard. so it was on the good side. >> neil: one of the things that was raised, maybe what the federal reserve's chairman was saying was i did this one cut, i don't see a reason to rush into another cut. if for no other reason, i don't want to look like i'm doing the president's bidding. what do you make of that? >> neil, i just think he was
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more saying that i don't know what the data looks like. he said he's data dependent. we had june about 2/3s of the data miss expectations. july we had most of the data versus the last reading go negative, 70% of it. so the data allowed for it but doesn't allow for more. look at the yield curve. the inversion came out of the yield curve prior to this rate cut. we were flat this morning. we were negative one. it hasn't moved. stocks are getting hit. the inversion is gone and hasn't reinverted. this is good medium term for the market. there's one to two more cuts this year. >> all right. emily larson, you know this inside and out. the yield curve that you hear an analogy too. shorter term rates were catching better figures than longer term rates. that generally press as slow down or worse. that doesn't appear to be the issue right now. in washington, how is it falling out? is there a sense here that usually when you see a cut, six
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months, a year later, markets aren't the only thing that is up. so is the economy. that politically would be helpful to the president. wouldn't it? >> certainly. i think this is one of the reasons why trump was hoping for a larger cut to stimulate the economy ahead of the 2020 elections. this will be a very big issue that republicans are trying to tout. so the economy is strong, harder for democrats and everybody running against not only the president but nationwide and races for congress that things need change in washington. >> look at some instances where we saw a rate cut to start. usually they come in threes. not always. in 84, a rate-cutting came even before alan greenspan. we saw the situation improve for the markets and the economy and led the way for ronald reagan's re-election, that was not much in doubt any why by the time we got to november of 84. the same later on after the
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market crash in 1987. alan greenspan comes in and cuts interest rates and setting the stage for george h.w. bush to get elected. so sarge, to you, on the political fallout from this, it's based on the notion that it's rarely one and done. there's normally other cuts to follow when one is started. do you agree with that? >> i do agree with that. i do think that we need another cut or two. i think you can look at history. in 84, you had a popular sitting president. right now we have a president that is not very popular with half the country. maybe very popular with the other half. right now, it's really important that he does get the economy -- keep the economy on the straight and narrow, keep the growth going, unleash the purchasing managers that would happen if
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you can push the short term yields out and keep things going. he needs to oppose an opposition that is increasingly socialist. it's not just whether you reelect the president that half the country likes and half doesn't. >> neil: so play this out of what we can expect in terms of the trade situation. you could argue that the longer a trade deal is put off with china the more pressure remains on the federal reserve to keep cutting rates to sort of sustain the body blows. what do you think of that? >> i couldn't agree more. this is really good for the president over the short run. if the trade war does drag out, there's a little bit of a net and the fed will provide that net. if they're data dependent, the fed will cut again. if it doesn't have an effect on it, the president will win out. it's the timing of the trade war that is opportune for the president. i don't like the trade war. but given the economy we have,
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it will work out well for the president. people vote their pocket books at the end of the day. >> neil: thank you. the dow down about 333 points. largely on disappointment. the initial reaction that they wanted more. not just today but a signal that more is coming down the road. interest rates might be going down but spending in washington, you know the story there. it's going up. is chuck grassley worried? we'll ask. family is all together and we switched to geico; saved money on our boat insurance. how could it get any better than this? dad, i just caught a goldfish! there's no goldfish in this lake. whoa! it's pure gold. we're gonna be rich... we're gonna be rich! it only gets better when you switch and save with geico.
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>> neil: the white house working the phones trying to get as many republican senators as possible to back the spending bill for another two years. chuck grassley with me right now. senator, are you for this measure? >> yes, not because of approve of the spending levels except for defense.
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i support that part of it. but because of the debt ceiling connected with it. because i learned in 1995 when i thought it was smart to shut down the government that it costs to shut down government, open up government, you want to leverage something. you don't get what you want. i'm voting for this so we don't have another 35-day shut down of government because of the increase in the debt limit. >> neil: do you worry that it comes back to boomerang on republicans that you're reputation to be concerned about overspending, that is spent and gone. it's no better with democrats. i know you cited that as well. but it looks like no one really cares about this. >> listen, you could be a voice in iowa at my town meetings. i go to every county every year. 99 q&as with my constituents for 39 years in a row. it comes up all the time.
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why don't you care about the debt? leaving a big burden to our generations. you kind of have to take the political situation where it is. you're going to shut down government? waste more money? not service the people? what the government is supposed to be doing. or are you going to keep government in operation? i come down on the side in keeping the government operating. >> neil: senator, it's been talk if the president were re-elected, he would go full throttle trying to reign in spending. you believe that? >> he would make that an issue in the campaign, like for instance, if he would come out in support of a constitutional amendment to balance the budget and he was going to follow-through with keeping a strong military but everything else he was going to try to do things like let's see, freeze across the board, things like that and particularly if he was
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willing to do something he hasn't been willing enough to do i'll till now, reform medicare and social security, the entitlements, then i think if he got a mandate to do that, then he would do it. he's got to make this an issue to be able to declare the mandate. >> neil: i know you brought up the issue with him. i'm curious if whether or not he was receptive to it. >> he's acceptable to anything accept he's been very slow to recognize the deteriorating conditions of the entitlements and 30 or 40 years out from now, they'll consume every dollar that comes in to the federal government. we know we have to do something about it. it won't be done unless you get it in a bipartisan way and with the president making a big issue out of it and getting a mandate to do it, that's the only way it's going to get done.
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it has to be done. otherwise, catastrophe coming. >> neil: you might be right. are you surprised with the federal reserve move to cut rates, maybe leave it at that because the market tanked on that. are you worried about that? >> surprises me the market tanked because everything you read in the "wall street journal" is that when they lower interest rates, it enhances the market. so i'm surprised. and i don't think it's a long-lasting thing. we have had ups and downs of the market, but over the long course of not only this administration but since the low of 2008, we've done pretty well. >> neil: we have. more than quadruple. a big cause of yours is to get prescription drug prices under control. where does that stand right now? >> we vote add bill out of committee, 19-9. so we have a very strong wind
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behind us as a result of the committee vote. we've got the white house on our side. we have the american people on our side because this comes up at my town meetings, comes up in polls. every senator up for re-election this year is concerned about it. we saved the taxpayers $100 billion. this is the first time that we've reformed an entitlement since 25 or 30 years. it's also something that seniors are going to like because it caps out of pocket expenses, gives them peace of mind. we're not going to interfere in the marketplace by the companies being able to set their price, but we're not going to continue to subsidize them. once they set their price, they'll be limited to a cost of living increase.
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they'll pay money to the federal treasury or rebates will go to the consumer. so it's pretty much a very, very good thing. got a lot of power behind it. particularly when premarket organizations come out in support of it. that's helpful as well as the cato institute did last week when we had the vote out. >> neil: we'll see you next week. senator, thanks very much. >> thank you very much. >> neil: the 2020 democrats are tearing each other apart. clearly medicare for all is not loved by all. but is this battle a problem for all? >> we're not going be spending a fortune doing the bureaucratic things that they do today. second of all -- maybe you did that and made money all of healthcare. my insurance rates are probably gonna double. but dad, you've got allstate. with accident forgiveness they guarantee your rates won't go up
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>> neil: the american people want to have a minimum wage, which is a living wage, $14 an hour. >> if you're going to force americans to made the radical changes, they won't -- throw your hands up. you haven't -- >> i can do it! >> we can go down the road that senator sanders and senator warren want to take us which is with bad policies like medicare for all. >> you're wrong. >> medicare for all is comprehensive, covers all healthcare needs. for senior citizens, it will ininclude dental, hearing aids and eye glasses. >> you don't know that, bernie. >> i wrote the damn bill. >> neil: that was the nice stuff. 2020 democrats battling over a
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lot of the programs championed by the likes of bernie sanders. he was a target but he gave a lot back as well. we have joseph here, jillian and last but not lest, kristin. so kristin, how did it go last night? who got the better of it? >> i don't know. we've got -- i'm glad to see there was a stark difference between your bernie sanders whose policies are undoable, his medical for all won't happen. >> neil: any more or less so than elizabeth warren's? >> either of them. you saw the contrast with the more moderate wing coming out there. so that was a good thing. i don't think -- you know, conventional wisdom is that she -- senator warren is the winner. you know, i'm not -- >> neil: what is interesting, it was the first night that i can remember where moderates heard
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the alternatives to the progressive side of the party. some saying let's go slow. >> it's interesting that we're seeing this idealogical debate in the democratic party manifesting itself on the debate stage. we had democrats coming forward with bold socialist radical proposals. on the other hand, the moderates saying how are you going to pay for this. this is fairy tale policy. we're having that debate. it's interesting watching bernie and warren stick together on it. that brought out the contrast in their personalities. his throwing his hands up. her saying that it's not funny. didn't come across as well. but yeah, i think the division is idealogical. we'll see what the voters choose. >> neil: it's interesting. you don't read too much into figures overnight. john delaney that got that tip with elizabeth warren but bernie sanders. he was raising some money over the last few hours.
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>> democrats have tried to pretend there's no idealogical division. everybody is tilting left the same way that aoc might be tilting left. for of all, we had a governor standing up. bulloch showed up on stage the first time. he sounded like a democrat of yesterday. sounded like a young bill clinton. people talking about the fact that you can be progressive and have common sense. that is something that really sounded alien to many americans right now that listen to democrats on a day-to-dayso tha the strike. again, you have people like maryann williamson that is preaching the new american doctrine of love. she was the most googled person last night. of all the people on the stage. it's the second time -- >> for good reasons. >> yeah, i think that there's an opportunity now for democrats to reflect. possibly recognize some of the things that their own leaders are telling them. >> neil: someone pivoted there. the fact that before it was all one way, right? i guess what i'm trying to get a
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sense of, kristin, for you for tonight, whether the candidates in the debate tonight seed this robust debate, whether you like it or not, between moderates and more progressives within the party continues tonight. joe biden, that's his calling card. >> yeah. i think that you will see it continue tonight with biden leading the effort and the moderate -- >> yeah. >> and he knows. his team is looking at the numbers. i sound like a broken record. if you look at the mid-terms that weren't that long ago, how did the democrats win? they didn't win with the folks on the far left. >> neil: you wouldn't know it from biden the way he's espousing the bigger causes. >> you have to walk the line. we have to run a primary and run back to the center in the general. >> neil: so he's running back to the old joe biden. he's not apologizing -- >> last night was the debate about economics. tonight we can expect it to be much more cultural. you have the democratic party
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doubling down in many ways, especially the progressive wing on identity politics. the weak spot for biden, he will get attacked from harris and booker. i'll be interested to see how he deals with it. >> neil: amazing he never mentioned last night. >> yeah a nonentity. >> he's not the stalking horse that people want to be. the two lynchpins are senator sanders and kamala harris. kamala harris right now as i said before, the money that she needs, the money is going to biden. the voters that she needs, a lot of them, she's a second choice alongside with elizabeth warren. and elizabeth warren did a good job establishing herself yesterday. harris has to keep pounding away. otherwise, she might lose ground to a resurgent warren campaign. >> neil: we're told after the debate we'll be looking at especially given the restrictions of the next debate a smaller pool of candidates to be the nominee. if that's the case, who has the
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>> neil: after the racist jabbing back and forth, the president dispatches ben carson to baltimore to make a point. i'm not racist. our policies are meant to help all. back in 60.
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>> neil: all right. before you can win over the voters, you want to keep your money guys very happy. that was in some doubt the last
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debate that featured joe biden. he admits to the back and forth with kamala harris he wasn't bringing his a game. he has to bring it tonight. that's as much to keep the financial interests going in his candidacy. charlie gasparino here to handicap it. >> i've been spending time speaking with these folks. a lot of them are on wall street. i cover wall street. they're heartened by the polls. >> neil: he held his own. >> they point out after the dip, after the first debate he dipped, that very bad debate after the attacks with kamala harris that he didn't know how to fight back adequately. it dipped. they point out he's back. this is a test tonight. what they have implored him to do is fight back. they expect a bussing attack from kamala harris. they expect something from cory booker, something -- attacks regarding race. it's interesting that joe biden has never been -- throughout his
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entire career having to explain -- tell the world that he's not a racist. they expect both booker and kamala harris to ramp that up tonight. >> neil: let me ask you this. say he can keep his financial troops happy. >> and he has to be aggressive. >> neil: for the lesser candidates, i don't -- those polling or not raising as much money, it's only going to get tougher. the standards for the next debate are tougher. so then what? what is in store for them? their money guys have to see something. >> buttigieg raises money despite low poll numbers. people like him apparently. he's raising money. at some point that will dry up and bill de blasio won't have anything to show for it. it's going to come down to a few candidates. cory booker has to swing for the fences. expect something. when i talked to the biden people, they're worried about him more than harris.
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she made her point. she's a potential running mate for biden. they're not as worried tonight about her as they are with cory booker attacking him on, you know, cutting deals with segregationists senators back in the day. he will come out and say, okay, cory, you want to attack me, how about stop and frisk in newark which you supported? so watch him -- >> neil: could get nasty. >> could get nasty. >> neil: talk about that. is it -- where is it coming from? from the financial community or -- >> a lot. the numbers i'm seeing are from financial community, real estate, lawyers. people with a lot of bucks. they think that he's moderate enough to lead an economy that doesn't crush the business sector. they believe he's -- >> neil: the rap against him, he's their jeb bush this year.
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is that accurate? >> jeb bush didn't poll as well as he did. that's the one problem with that. he has to perform in this debate. he's saying he's aggressive. i'm going to watch him. we'll see what happens. >> neil: thank you very much. we're told the democrats are doing their best right now to take advantage of some of the mistakes the president makes. the president is trying to address them as well by sending ben carson to return to his long-time home of baltimore to at least delay fearing that he doesn't like african americans. after this. my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week. it starts acting in my body from the first dose. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it,
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>> i don't understand why anybody goes through all the trouble of running for president of the united states to talk about what we really can't do and shouldn't fight for. >> neil: all right. her message, elizabeth warren, we're going to be the party of possibilities. they might be costly but i have a plan to pay for them.
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former democratic presidential nominee, michael dukakas. you were that pragmatic candidate that reached beyond the liberal standard bearers, had the experience of getting budgets under control, no deficits. there's not much talk of that kind of thing among those running for president today. it was on full display last night. i'm wondering whether that part of you, the democrat that wants to make sure things are paid for, are you worried about that? >> i'm worried about it on both sides. i don't hear either party talking about this, neil. i'm astonished. we're about to run regular trillion dollar operating deficits in this country. we're spending already $600 billion on debt as much as alone, just servicing the national debt. i don't hear anything from either side. i don't know where the republicans are. yes didn't hear much about it from the democrats. somebody has to pay attention to this.
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>> neil: what is interesting, too, governor, regardless of policies, you're right. neither party has done much to address it what is interesting is it doesn't even show up on a top ten list of voter concerns. what do you make of that? >> look, i guess we're all borrowers. trump is considering another tax cut. i can't believe it. with a trillion dollar deficit in his face, makes no sense to me. >> how is that different than all of this free medicare for all and -- >> both sides are acting as if we have a huge surplus. doesn't make any sense to me. look, i'm a progressive guy as you know. i'm strongly for making sure that every working family in america has decent affordable healthcare. you have to look where you spend your money. i think personally this defense budget is totally out of
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control. $750 billion for the military? what is this? 837 american bases in 150 countries. i don't understand that either. it's early. i hope we have good strong debate about this on both sides. >> neil: whatever your priorities are to get them out there and see what is paid for. governor, i didn't want to step back and get a sense of what you made of the debate where there was a good discussion, strong, heated discussion between moderate members of that presidential group and some of the more progressive ones. i'm wondering which swings out. which do you want to win out? without naming individuals, you think the nominee should be of the moderate bend or these more liberal candidates? the ones that can close the deal.
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>> look, all of these folks are progressives. they're some differences of opinion. do you know who the first president was that proposed universal medicare in this country? >> neil: lyndon johnson? >> no. no. harry truman. in 1945. let me tell you, truman was no socialist. he thought that working meshes and their families should have decent affordable healthcare and thought the social security system should be expanded to include healthcare. that was in 1945. there's nothing radical about it. >> neil: i thought you were going back to fillmore. today as you know, the federal reserve cut interest rates for the first time in ten years. the president is not satisfied with that. the fed chief powell led us down the quarter point and signals a disappointment.
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what did you think of that? >> i thought it was as dumb as a lot of the stuff that we're getting from trump. this trade policy, neil, it's crazy. a tariff is a tax. a tax on the american people. we're now paying billions for this trade policy of this guy's. by the way, it's starting to hurt businesses all over this country what are getting whacked around by these tariffs. so that's another run for getting the guy out of the white house and getting somebody in there that can make some sense. look, i believe in open and international trade. i also believe that under the world trade organizations, there's ways to make sure it works well and so on and so north. as you know, i'm a great believer in regional economic development, especially in those states and regions that are hurting. i want to hear more about that from both democrats and
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republicans. because we've shown up here in this state that it works if you do it. that's another particular issue, which i think we should be hearing about. but i thought last night on the whole was a heck of a lot better than the first round. i hope today or tonight will be equally good. >> neil: do you think it's joe biden's nomination to lose, governor? he seems to be the favorite. >> no, no. >> neil: you don't? >> look, i like him. he's a good guy. i think he would be a good nominee. i happen to be for elizabeth. she's a friend. we worked hard to get her in the u.s. senate. she's doing very well so far in the campaign. but this is so early, neil. you know, between now and january, a lot of things will change. what i hope at least from the democratic side we'll have good thoughtful positive discussion, no sharp shooting of others.
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that doesn't work and doesn't make sense. i thought a good example of a good debate. bright, able group of people. all progressives in a broad sense but having some differences of opinion. if i were running, i would be for the public option. i think that's one way to do it. >> neil: the fox news alert here is that you're not for donald trump. that i got clarified here. governor, dukakis, thanks very much. >> thanks, neil. >> neil: be well. we're following a number of political developments, not the least of which is reaction to what the president now is saying on this rate cut today. the one and done interpretation the markets had and the big fall-off here. the president is not happy about it either. more after this. liberty mutual s your car insurance, so you only pay for what you need. nice! but uh, what's up with your partner?
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>> ben carson returning to his long time home of baltimore as a battle between the president and elijah cummings races on. doug mckelway with the latest. hi, doug. >> hi, neil. just moments before ben carson arrived for a press conference on this vacant lot here, a church guy, that lives next door and runs a church next door came outsi outside and booted the cameras off of the field. they didn't want anybody on the church's property. the press conference proceeded and ben carson talked about the trump administration's process of opportunity zones. it's a policy which is designed to get rid of boarded up buildings like what you see
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behind me and turn them into living facilities where residents pay a third of their income and the people that manage and build the building get tax breaks and expand overtime. mr. carson also talked about baltimore as a cancer on a human being. very similar. listen. >> it's sort of like if you have a patient who has cancer. you can dress them up, put a nice suit on them and try to ignore it, but that cancer is going to have a devastating effect. >> realistically, there's no evading the problems with baltimore and the correction of the problems without realizing what is fundamentally at stake here. in 1950, baltimore was the sixth largest city in the united states with a population of over 1 million people, the biggest manufacturer here was bethlehem steel.
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today, baltimore is the 30th largest city and lost 325,000 people since then. all of the manufacturing jobs, factory jobs have mostly gone overseas. the trump administration trying to bring them back obviously. that's a really tall order, neil. back to you. >> neil: thanks, doug. my friend in baltimore. you heard by now the president not happy, not just the markets but not happen by powell's quarter cut in rates. he let us down, the president said. i'm going to ask senator john thune after this. as a doctor, i agree with cdc guidance. i recommend topical pain relievers first... like salonpas patch large. it's powerful, fda-approved to relieve moderate pain, yet non-addictive and gentle on the body.
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i think the fed is being a little bit conservative here. that doesn't mean there could be further cuts to follow. i think it's a recognition that the global economy is slowing and concerns about trade policies. i think they recognize as well when they did that that the economy is very strong and the labor market is very strong. so it's a measured approach by the fed. we'll see what happens later in the year. >> neil: the president clearly doesn't have much faith in jerome powell. do you? >> i met with him a number of times. the fed in this particular case, it was an 8-2 vote. so he's got a team of people around him when they make a decision like this. i have confidence in him. i think the fed needs to act independently. they have to keep an eye on inflation and growth. that's their mission. it shouldn't be affected by political influences. so i want a fed that is going to be focused on the economy like a laser and make sure that we
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maintain a good strong economy that has the kind of growth and constrains inflation and hopefully continues to promote the low unemployment rate that we're seeing across the country and the dramatic increase that we've seen in wages. >> neil: in his comments today, senator, chairman powell did briefly talk about our deficit, our debt is worried about that. there's a measure to come up that pushes back the debt ceiling another two years. the problems remain. there's concern also that there is going to be hell to pay among even your fellow republicans. so many of them are incensed. >> right. here's the thing, neil. we know where the money is in the federal government. it's in the entitlement programs that 70% of federal spending. the vote that we're having on the budget here today doesn't touch that part of the budget. that's what we have to address. if we want to do something about the deficit and the debt long-term, we have to get growth
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up, keep the economy growing at a rate. everyone point increase in gdp has one trillion up. the way to take -- >> neil: we're not getting it now. the budget -- how much support do you have? >> well, the budget we're going to vote on today, if you look at the nondefense portion, 2.2 purse. we have to get the defense back up. under obama, the military got hollowed out. we have to rebuild it. to your point, yes, it's got to be -- the strategy has to be if the president is re-elected and i hope that he is, he and i and congress and people like myself and others have to focus on getting entitlements at a place where they're sustainable long-term. we have to rein the cost of those in. >> neil: we'll watch closely, senator. thanks for your time. i appreciate your patience. we heard from senator thune,
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they're going to take a stab at getting it through. there's a lot of items coming up for vote. right now the market is digesting this. a disappointment in a rate cut today. more on that tomorrow. here's "the five." >> greg: i'm i'm greg with emily, jesse and dana for "the five" well, that was a little weird affair last night. it was less of a debate and more of a family squabble in front of the neighbors. >> if we're going to force americans to make the radical changes, they're not -- throw your hands up. you haven't -- >> also mention -- >> every credible poll that i have seen has me b

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