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huh? capital t for thing. hundreds of billions for climate change. deficit reduction and tax hikes. it could also turbocharge the i.r.s. more on that in a moment. >> dana: democrats named it the inflation reduction act. republicans say it's laughable and not even bernie sanders is buying it. >> i want to take a moment to say a few words about the so-called inflation reduction act that we are debating this evening. i say so-called, by the way, because according to the cbo and other economic organizations that have studied this bill, it will, in fact, have a minimal impact on inflation...

democrats wasted no time taking a bow. >> at last we have arrived and we are elated. every member of my caucus is elated about what happened because we really have changed the world in a way that you rarely get an opportunity to do that. it is going to make a difference to my grandkids. the world will be a better place for my grandchildren because of what we did today. >> harris: many economists paint a very different picture from he just said calling the inflation reduction act saying it will do exactly the opposite and republicans are warning the legislation will wind up raising ta...

senior economic advisor jared bernstein denies any hypocrisy, though. >> there is no both way thinking at all. >> it was putin's fault. when they are coming down he gets the credit. >> i think what's happening here is a president working tirelessly to address the largest constraint, probably the toughest constraint facing american households right now. we're showing you here today some real results partially -- partially derive from concrete efforts he has taken. >> harris: the national gas price average is still up by more than $2 a gallon rising since biden took office, long before...

words. critics say president biden's words not nearly strong enough. house speaker's nancy pelosi visit to taiwan adding tension between the u.s. and china. this is "the faulkner focus" and i'm dagen mcdowell in for harris. xi warning biden not to play with fire when it comes to taiwan. speaker pelosi's possible stop there. the speaker is set to leave for asia today and expect to hear from her later this hour. general jack keane criticizing america's passive approach to an aggressive china. >> the old paradigm we've used for years, which is self-censorship and self-deterring in our r...

call xi told the president quote, those who play with fire will perish by it. >> speaker pelosi said to be heading to the region today. not clear if she will make a stop in taiwan. we expect to hear from her in the next hour. >> meanwhile, the u.s. and china agreed to plan an in-person meeting between the two leaders. this despite beijing's failure to stop the flow of fentanyl from china into the united states. not to mention its reported targeting of the federal reserve and buying up real estate near u.s. military basis. >> bill: team fox coverage. greg palkot, the latest on the tri...