2PM ET 07/03/2025 Newscast

Summary

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

Hosted by Fox News Radio

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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.

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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.

Transcript

[Lisa Brady]

A record on the House floor. Lisa Brady, FOX NEWS.

[Hakeem Jeffries]

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

[Lisa Brady]

House Minority Leader Hakeem Jeffries just setting a new record for longest House speech as he delays a final vote on the president's signature legislation.

[Hakeem Jeffries]

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.

[Lisa Brady]

Jeffrey speaking for more than eight hours against what supporters call the big beautiful bill that Democrats warn will strip health care and food assistance with its Medicaid changes. Also arguing that other provisions will fail to deliver. For instance, noting an income cap on the tax exemption for tips. House Speaker Mike Johnson just taking the floor.

[Mike Johnson]

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.

[Lisa Brady]

Johnson says passing the bill will keep a promise to the American people. National Economic Council director Kevin Hassett telling.

[Kevin Hassett]

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.

[Lisa Brady]

He says the bill will supercharge the economy, includes making permanent the 2017 Trump tax cuts. Once Johnson is finished speaking, they'll move on to the vote. We're just getting word that actor Michael Madsen has died. Known for many roles, but perhaps best from Kill Bill and Reservoir Dogs, he was a favorite of director Quentin Tarantino, his manager just confirming he died unexpectedly. Michael Madsen was 66. America's listening to Fox News.

[Ryan Reynolds]

Hey, it's Ryan Reynolds here from IT Mobile.

[Hakeem Jeffries]

Now.

[Ryan Reynolds]

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[Mint Mobile Ad]

Of $45 for a three month plan equivalent to $15 per month. Required new customer offer for first three months only. Speed slow after 35 gigabytes of networks busy taxes and fees extra. See mintmobile.com.

[Lisa Brady]

The US Supreme Court will not revive a Montana law requiring parental consent for minors to have abortions.

[Eben Brown]

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. Montana's own high court ruled last year the law ran afoul of the state's constitutional provisions protecting rights of minors. Though the state's attorney general argued parental rights to make medical decisions, their children under federal law should outweigh the rights of minors. Montana voters enshrined abortion protections into their state constitution last year, a move made in response to the US Supreme Court overturning its decision in Roe v. Wade. Eben brown, FOX News the justices do.

[Lisa Brady]

Agree to hear cases involving transgender athletes in girls school sports. They will review lower court rulings in West Virginia and Idaho. The Fed chief facing a call to resign or be fired over a renovation.

[Bill Pulte]

Federal Housing Finance Agency Director Bill Pulte says Federal Reserve Chairman Jay Powell should be investigated for his lack of detail about the $2.5 billion renovation to the Federal Reserve building. At a hearing last week, Senate Banking Chair Tim Scott questioned the plans for a rooftop garden and water feature. Powell was defensive, but didn't offer details.

[Jay Powell]

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. They, you know, that's, that's earlier. We've, the plans have continued to evolve.

[Bill Pulte]

Pulte, his family is in the commercial housing sector and he still has a financial stake. He has been urging for lower interest rates, but he's also said a $500 million renovation would be ridiculous, let alone one for 2.5 billion. Jessica Rosenthal, Fox News stocks finish higher.

[Lisa Brady]

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. And Lisa Brady, this is FOX news.

[Bret Baier]

Listen to the all new Bret Baier podcast featuring common in depth talks with lawmakers from opposite sides of the aisle, along with all your Brett Bear favorites like his All Star panel and much more. Available [e-mail] or wherever you get your podcasts.