2AM ET 05/14/2026 Newscast

Summary

Fox News Hourly Update — 2AM ET, May 14, 2026

Overview
This newscast covers major international and domestic headlines, including the high-stakes meeting between Presidents Trump and Xi in Beijing, bombshell testimony about alleged COVID-19 intelligence community cover-ups, Kevin Warsh's confirmation as Federal Reserve chairman, a sweeping Medicare fraud crackdown led by Vice President J.D. Vance, and the Senate’s move to withhold lawmaker pay during government shutdowns.

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Key Discussions & Insights

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1. Trump–Xi Meeting in Beijing

(00:02–00:53)

• President Trump met with Chinese President Xi Jinping for the first time since October last year, where they managed a trade war truce.
• Key Issues at Table:
  • Trump seeks reduced Chinese regulatory barriers and is expected to pressure China to get Iran back to peace negotiations.
  • China wants softer US language regarding Taiwan, potentially offering to mediate the Iran situation in exchange.
• US Position:
  • “U.S. officials say President Trump sees China's game for what it is. They've affirmed that there is no change in U.S. Taiwan policy on the horizon.” — Jackie Heinrich (00:41)
• Outcome:
  • Meeting lasted about two hours.
  • Chinese state media claims Xi warned Trump that “differences over Taiwan could bring the US and China to... clashes or conflict.” (00:53)

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2. COVID Cover-Up Allegations at the CIA

(00:53–01:50)

• Whistleblower:
  • CIA career employee James Erdman testified that in August 2021, intel was ready to call COVID a lab leak, but Dr. Anthony Fauci allegedly “injected himself into those conversations and, quote, significantly influen[ced] them until the lab leak determination was changed... to a neutral theory.” — Bill Millucian recounting Erdman testimony (01:23)
• CIA Response:
  • Called the hearing “nothing more than dishonest political theater.” (01:47)

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3. Kevin Warsh Confirmed as Federal Reserve Chair

(02:39–03:24)

• President Trump picked Kevin Warsh; the process was delayed due to an investigation into Jerome Powell over Fed HQ renovations.
• Once probe ended, Senate confirmed Warsh to succeed Powell.
• Warsh will preside over the upcoming Federal Open Market Committee (FOMC) policy meeting in mid-June.
• “Warsh takes over as Fed chairs when Powell’s term as its leader ends Friday.” — Grinal Scott (03:07)

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4. Medicare Fraud Crackdown by Vice President J.D. Vance

(03:24–04:18)

• Vance, “and his fraud task force,” have issued an ultimatum to states inadequately policing Medicaid/Medicare fraud — with threats to withhold federal funding.
• Major Moves:
  • $1.3 billion in Medicare payments diverted from California.
  • In the LA area, 800 hospices suspended — “they say less than 20 of them have called to complain about being suspended.” — Connor Hanson (03:53)
  • CMS Administrator Dr. Oz bans enrollment of new hospice/home health providers into Medicare until fraud is rooted out.
• Quote:
  • “No new hospice or home health providers can enroll Medicare until they root out some of the bad actors who are committing this fraud across the country.” — Connor Hanson (04:06)

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5. Senate Considers Lawmaker Pay Freeze During Shutdowns

(04:18–04:37)

• Senate advances Senator John Kennedy’s resolution to withhold lawmaker pay in the event of government shutdowns.

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Notable Quotes

• “U.S. officials say President Trump sees China's game for what it is. They've affirmed that there is no change in U.S. Taiwan policy on the horizon.”
  — Jackie Heinrich, 00:41

• “Dr. Anthony Fauci, quote, injected himself into those conversations and, quote, significantly influen[ced] them until the lab leak determination was changed by the intel community to a neutral theory.”
  — Bill Millucian recounting James Erdman testimony, 01:23

• “This proceeding amounts to nothing more than dishonest political theater.”
  — CIA Response, 01:47

• “They’re saying $1.3 billion in Medicare reimbursements are now being diverted from the state of California... 800 hospices have been suspended. They say less than 20 of them have called to complain about being suspended.”
  — Connor Hanson, 03:43

• “No new hospice or home health providers can enroll Medicare until they root out some of the bad actors who are committing this fraud across the country.”
  — Connor Hanson citing Dr. Oz, 04:06

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Timestamps for Major Segments

• Trump–Xi Meeting: 00:02–00:53
• COVID/CIA/Fauci Testimony: 01:11–01:50
• Kevin Warsh/Fed: 02:39–03:24
• Vance Medicare Fraud Crackdown: 03:24–04:18
• Senate Lawmaker Pay Proposal: 04:18–04:37

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This concise and fast-paced briefing delivers the latest on global diplomacy, national security, economic shifts, and federal oversight. The tone is factual, urgent, and focused on accountability, as expected from Fox News’s news bulletins.

Transcript

[Chris DiMaio]

Trump Xi meeting begins. I'm Chris DiMaio, Fox News. President Trump sits down with Chinese President Xi Jinping.

[Jackie Heinrich]

The last time these two leaders were face to face was just in October in South Korea and came away with an extended truce in a spiraling trade war. This meeting is expected to determine whether this detente continues. President wants China to decrease regulatory barriers, but he is also expected to pressure China to force Iran to the negotiating table to agree to a peace deal. For its part, China wants to extract softer language from the US on its Taiwan policy. China might dangle its role as a potential mediator with Iran to get the U.S. to say something like it opposes Taiwan independence. U.S. officials say President Trump sees China's game for what it is. They've affirmed that there is no change in U.S. taiwan policy on the horizon.

[Chris DiMaio]

That's Fox's Jackie Heinrich in Beijing. And their meeting ended after about two hours. China state media reports Xi warned President Trump that differences over Taiwan could bring the US And China to to clashes or conflict. Well, a CIA employee claims that there was a cover up within the intelligence community over Covid.

[Bill Millucian]

That man's name was James Erdman. He's a CIA career employee who was responsible for leading investigations into the origins of the COVID 19 pandemic. He testified that in August of 2021 the intel community was prepared to declare that Covid did start as a leak from a Chinese lab. But he says Dr. Anthony Fauci, quote, injected himself into those conversations and, quote, significantly influen them until the lab leak determination was changed by the intel community to a neutral theory. But the CIA is pushing back hard on the way this hearing went down, telling Fox News in part, quote, this proceeding amounts to nothing more than dishonest political theater.

[Chris DiMaio]

That's Fox's Bill Millucian on Capitol Hill. Stocks finishing the day mixed. America's listening to Fox News.

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[Chris DiMaio]

Kevin Warsh faced a long and sometimes uncertain road after being confirmed as the new Federal Reserve chairman.

[Grinal Scott]

President Trump, after weeks of speculation, tapped wash in January to be the new Fed chair. But an ongoing probe into current chair Jerome Powell over Fed headquarters renovations paused key Republican support. In April, that investigation was dropped and the Senate Banking Committee moved Warsh's nomination to the full Senate, which confirmed him Wednesday. Warsh takes over as Fed chairs when Powell's term as its leader ends Friday. Warsh will be in charge at the next meeting of the Federal Open Market committee, which sets U.S. monetary policy on June 16th and 17th. Grinal Scott, Fox News Vice President J.D.

[Chris DiMaio]

vance releasing a new ultimatum to states he feels aren't taking Medicaid fraud and other fraud seriously. He says the government will take their federal funding and do the job for them.

[Connor Hanson]

The vice president and his fraud task force are basically telling these states that their investigators need to take this fraud more seriously or they risk losing some of that federal funding. And they made some pretty big announcements here. They're saying $1.3 billion in Medicare reimbursements are now being diverted from the state of California. Now, just in the LA area, mostly the LA area, 800 hospices have been suspended. They say less than 20 of them have called to complain about being suspended. CMS administrator Dr. Oz also making a big announcement that no new hospice or home health providers can enroll Medicare until they root out some of the bad actors who are committing this fraud across the country.

[Chris DiMaio]

That's FOX Business Network's Connor Hanson. Additional motivation perhaps to avoid future government shutdowns over funding. Well, the Senate advances Senator John Kennedy's resolution to withhold lawmakers pay during government shutdowns. I'm Chris DiMeo. This is Fox News.

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