Page 5 - Spending Reductions News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Fox's alexandria hoff live in d.c. with the latest. hi, alex. >> reporter: yeah. 10 a.m. local time in japan, so much earlier today, president biden did receive an update from his negotiating team here in washington. we don't know exactly what that was, but the white house did come out with a statement soon after saying that the president essentially feels that republicans have turned away from a good faith promise to negotiate and are holding the economy hostage. communications director ben lebolt writing, quote: any serious budget negotiation must include discussion of both spending and reve...

Yesterday he called it a challenge progress yesterday what is that round up. a challenge we are walking into a budget where we need to maintain our prudence. and we need to prepare not just for the short term but that medium and long term precut that newsom's latest budget proposal $1 billion in spending reductions for that is on top of 9.6 billion in january. the plan is to further since the gap through borrowing and tapping into state reserves. republican assembly leader james gallagher said in a statement quote his fiscal gimmicks are shortsighted and his words about good government and eff...

Principle that the benefits of dollar stability vastly outweigh those fringe risks. paul: what about your response to those who say, you know what? you're just meddling with the independence of the federal reserve. they're supposed on the independent of politics, independent of the political branches. >> well, briefly what i would say is politics isn't the only thing that can capture an institution. managerial bureaucracy can too, a bunch of rogue bureaucrats in the late '90s kid the same thing. what i'm talking about is leadership, principle for the american people, not the kind of corruption...

Principles. if they aren't spending reductions, what are they? >> there are a number of months to get this done so it's not like this is hanging over their head right now. kevin mccarthy said he wants to get it done sooner rather than later. but he's got this caucus that really is going to want to have some cuts. and they also have this power over him, meaning they can remove him from his position if he doesn't go along with them. so this is going to be a set of tough negotiations and conversations between mccarthy and his caucus and mccarthy and the white house. >> you at the beginning of the...

Some of my conservative colleagues and i may be disappointed if you see moderate republicans working with democrats to get a clean vote on the debt limit, we would probably like to use that as an opportunity to analyze some of the mandatory spending that's given us a $32 trillion debt. >> you know that economists say if we get close to default, then what's going to happen? interest rates are going to rise. people will feel it in their mortgages. in their auto loans, in their credit card bills. >> that's why we need to start now. we should not engage in brinksmanship. we're already having the d...