biden set to lay out his budget proposal to the nation in a few hours. mj lee is following this. walk us through what we believe the president s priorities will be, particularly now since he does not control both houses of congress. reporter: we do expect the full details of this budget to come out in a matter of hours but there are major come po ne components of the budget that we know. we know the president is going to propose cutting the deficit by $3 trillion, this is notable because in recent weeks he s been talking about that figure being more like 2 trillion so this is more aggressive. we know he wants the cuts to the deficit coming in part from taxing high earners and large corporations. he has said he doesn t want to put extra taxes on people learning less than $400,000. we are talking ant tbout thingse allowing medicare to negotiate drug prices and savings there would go back to the program. and boosting federal fund for early education and child care, including m
morning and coming a week before the fed is set to meet again and showed while energy prices are declining and inflation seems to be easing a bit and inflation continues to accelerate. shelter, food, medical care costs and concerning. when the fed meets next week way plan to raise rates and this report all but guarantees to raise rates by another aggressive .75%. the reason the markets react this way because the greater the likelihood of a policy misstep, ie a recession. should we expect another sell-off tomorrow or could we see a rebound? we are in for volatility. we had that fed meeting next week which we expect to be active in the markets so until we re clear of this inflation we are likely in for some bumpy rides. i want to bring in katherine rampel. economists seem to think the worst of inflation is behind us but the report showed it is a problem. how do economists get this wrong? i think economists were mostly responding to the decline in gas prices which have i
yes. jersey is on the left. what the rest of us are looking at is new york city on the right of the george washington bridge there. sorry, new jersey. it s been awfully good these days in new york city. the financial capital of the world. we are minding your business this morning. it could be yet another record day on wall street. stock futures are up. right. and any gains today would add to yesterday s record highs set by both the dow and the s&p 500. yesterday the big driver, insurance stocks, after the government said it would boost the amount it pays insurers for its medicare advantage program. insurance stocks moving higher yesterday. that was the big driver overall. okay, so here s what we re watching this morning. new data on the job market could affect trading and we have a jobs report on friday. so that s going to be really key to watch how any job market data today might help or hurt the market. the next iphone could be on the way. the wall street journal says apple w