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grown. the estimated cost of just the climate and energy part of the whole act has gone from 385 billion in their estimate to aaa and, to more than a trillion dollars. so how does that not create more inflation inside the inflation reduction act, when pressed on this, white house says it won t, but senator joe manchin who was the deciding vote on the ira says that in his mind democrats broke their word to him. and he is willing to fight to repeal the whole deal. steve moore and robert wolf standing by, but first a fox business correspondent with the backstory from capitol hill. hi, grady. hi, martha, democrats maintain the inflation reduction act will lower costs for americans. but it turns out the law itself is going to cost american taxpayers are a heck of a lot more than they were originally told. just those climate and energy provisions of the law as you noted will cost $600 billion more than the budget models economists previously estimated. they say a big chunk ....
have been ringing the alarm bell for years. we begin with this fox news alert. john: president biden heading to california this hour after giving an update on the sudden collapse of silicon valley banks. the president sought to reassure americans, all while taking shots at top bank executives and republicans for the failure. welcome back as america reports rolls onto us again our appeared happy monday, sandra. here we go again. sandra: i m sandra smith in new york. the news continues. 2:00 on the east coast. sounding off on the handling of this banks collapse. nikki haley offering their take on all of that as they gear up for their 20202024 run. john: out with a warning about the future of guaranteeing deposits. politically, it s going to be impossible not to extend the same full, unlimited deposit guarantee to all banks. once you do it for one bank, it is hard not to do it for ano another. john: let s get straight to peter doocy, waiting president biden s a ....
the bill includes $369 billion to combat climate change, largest in u.s. history. it gives medicare the power to negotiate some drug prices. it caps medicare out-of-pocket expenses at $2,000 and extended affordable care act subsidies for three years. white house reporter kevin livtak looks at what it means. jess, i want to start with you because we have news breaking in the last five to ten minutes, which i think is a good harbinger for your next few days at the capitol, where do things stand for the key elements for this to move forward? reporter: phil, democrats getting good news from the senate parliamentarian. to give you the big picture, they are using as you both noted this complex budget process that requires the support of all 50 democrats. doesn t need any republican support, but in order to do that the parliamentarian has to rule it passes and musters up to all of these rules surrounding it. we just found out really in the last ten minutes that the parli ....
Again from jim justice the former democrat who says that the g.o.p. must won the synanon 24 and that there is no way on earth republicans can let president biden remain in office. to look for his bulldog to be an integral part of the strategy. a surrogate in training. this little dog came along in the middle of covid and road with me and to be perfectly honest, she has got incredible demeanor and makes people smile. you look at that face, you have a smile. and she loves everybody. martha: joe manchin seems unfazed by the challenge. it s big i ve been in many elections, many, many, many elections. i ve only lost one of my life in 1996 and i won t lose another. i never had i won t lose ano another. martha: he will decide if ....
Same full, unlimited deposit guarantee to all banks. once you do it for one bank, it is hard not to do it for ano another. john: let s get straight to peter doocy, waiting president biden s arrival there in beautiful san diego. peter, what a lovely view. it is lovely. over the weekend, president biden talk to the state s governor. he talked to his economic team about the bank collapse, and this is what they came up with. no losses this is an important point. no losses will be paid by the taxpayers. instead, the money will come from the fees that banks pay into the deposit insurance fund. elizabeth warren writes in the new york times today no one should be mistaken about what unfolded over the past few days in the u.s. banking system. these recent failures are the direct result of leaders in washington weakening the financial rules. ....