Fox News Hourly Update – 2PM ET, July 3, 2025

Hosted by Fox News Radio

House Debate on President’s Legislation

The episode opens with a significant development on the House floor, highlighted by a record-breaking speech from House Minority Leader Hakeem Jeffries. In an unprecedented move, Jeffries delivered an eight-hour-plus address to delay the final vote on President's signature legislation.

At 00:06, Jeffries passionately outlined his vision for America:

"Imagine an America where everyone who works hard and plays by the rules can live the good life, afford to live the good life."

Continuing at 00:24, he emphasized the Democratic agenda:

"Good paying jobs, good housing, good health care, good education for your children and a good retirement. That's what House Democrats are fighting for."

Jeffries criticized the bill, referred to by supporters as the "big beautiful bill," arguing that it threatens essential services:

"Democrats warn will strip health care and food assistance with its Medicaid changes. Also arguing that other provisions will fail to deliver." (00:39)

Support for the Tax Bill

Following Jeffries’ extensive speech, House Speaker Mike Johnson took the floor to defend the legislation. At 00:59, Johnson appealed to honesty and transparency:

"I just want to say something that many of us learned when we were children. We were taught, you know, it takes a lot longer to build a lie than to tell the simple truth."

Supporting Johnson's stance, Kevin Hassett, Director of the National Economic Council, lauded the tax bill:

"Fox is the best, most beautiful tax bill in American history. There isn't even a second place that's close because it's going to create so many jobs. It's going to add $10,000 into the pockets of the typical American family. It's going to put millions and millions of more people to work." (01:15)

Hassett further highlighted the bill’s benefits, including the permanency of the 2017 Trump tax cuts, aiming to "supercharge the economy."

News Update: Michael Madsen Passes Away

In a somber update at 01:30, the broadcast reported the unexpected passing of actor Michael Madsen at age 66. Known for his roles in iconic films like Kill Bill and Reservoir Dogs, Madsen was a frequent collaborator with director Quentin Tarantino. His manager confirmed the news, marking a significant loss in the entertainment industry.

Legal Developments

Supreme Court Declines to Revive Montana Abortion Law

At 02:31, a legal update detailed the Supreme Court’s decision not to revive a Montana law mandating parental consent for minors seeking abortions. Eben Brown explained:

"A Montana law requiring parents give consent for their minor daughters to undergo abortions will remain stricken now that the U.S. Supreme Court is refusing to hear an appeal." (02:37)

The law was previously struck down by Montana’s high court for conflicting with state constitutional protections for minors. Montana voters had enshrined abortion protections into the state constitution last year, a direct response to the Supreme Court’s overturning of Roe v. Wade.

Supreme Court to Hear Transgender Athletes Cases

Further legal news at 03:18 announced that the Supreme Court agreed to hear cases concerning transgender athletes in girls' school sports. The Court will review lower court rulings from West Virginia and Idaho, potentially shaping the future of transgender participation in competitive sports.

Federal Reserve Renovation Controversy

A contentious issue discussed at 03:31 involves Federal Housing Finance Agency Director Bill Pulte calling for an investigation into Federal Reserve Chairman Jay Powell over a $2.5 billion renovation of the Federal Reserve building. Pulte criticized the lack of transparency regarding plans for projects like a rooftop garden and water feature.

Responding at 03:48, Powell defended the renovation:

"It's the same elevator. It's been there since the building was built. So that's, that's a mischaracterization. And some of those are no longer in the plans. And some are earlier. We've, the plans have continued to evolve."

Pulte highlighted a potential conflict of interest, noting his family's involvement in the commercial housing sector and his financial stake in advocating for lower interest rates while opposing the costly renovation.

Stock Market Overview

Concluding the main segments at 04:15, Jessica Rosenthal reported on a positive session in the stock markets:

"On a short day of trading ahead of the holiday weekend. The Dow up 344, the S&P and the Nasdaq both finishing at new highs."

Investors appeared buoyed despite the day’s brevity, with major indices reaching new peaks as the weekend approached.

Note: The summary intentionally omits advertisements, intros, outros, and non-content segments to focus solely on the substantive discussions and news updates presented during the broadcast.