Fox News Hourly Update – Detailed Summary

Episode: 4PM ET, July 1, 2025

The latest edition of the Fox News Hourly Update, hosted by Lisa Brady, delivers comprehensive coverage of pivotal political developments, economic updates, and significant local news. This summary encapsulates the key discussions, insights, and conclusions from the episode, enriched with notable quotes and structured into clear sections for clarity.

1. Legislative Developments: Tax and Spending Bill Passage

The episode opens with President Trump addressing the nation, emphasizing the need for House Republicans to remain united following the Senate's passage of a revamped tax and spending bill. Originally a considerable part of the President's agenda, the bill required a tiebreaker, ultimately achieved through Vice President J.D. Vance's intervention after three Senate Republicans sided with Democrats to vote against it.

Chuck Schumer, Senate Minority Leader, commented on the bill's passage:

"Senate Minority Leader Chuck Schumer wasn't able to stop the major tax and spending package from passing the Senate, but was successfully able to remove the formal name of the one big beautiful bill act and name it the act." ([00:21])

In response, an unnamed speaker critical of the bill stated:

"I didn't even think of President Trump. I thought of the truth. This is not a beautiful bill. Anyone who loses their health insurance doesn't think it's beautiful." ([00:33])

Despite opposition, Republican leaders and the White House argue that the bill's provisions, including the extension of the 2017 tax cuts and enhancements to deductions on tips and overtime, are poised to significantly boost the economy and provide much-needed relief to working Americans. Lisa Brady reports:

"The president says Medicaid, Medicare and Social Security are being strengthened, not cut, despite estimates that more than 11 million Americans could lose health coverage." ([00:54])

However, internal divisions remain as some House Republicans express concerns over spending levels and the national debt, hinting at potential pushback against the Senate's revisions. A House vote on the bill is anticipated as early as the following day.

2. Presidential Trade Policies and Tariff Implications

President Trump has signaled his intentions regarding international trade negotiations, specifically regarding the looming July 9 deadline for trade deal discussions with various countries.

"Most of the countries will see snapback tariffs," ([01:31]) an unnamed speaker explains, referencing Treasury Secretary statements that suggest tariffs will revert to their April 2 levels if agreements aren't reached.

Further complexities arise as President Trump expresses skepticism about reaching a trade deal with Japan, indicating that Japan might face higher import tariffs than initially proposed:

"The president is now doubting a deal will be made with Japan which he says could face a higher tariff on imports than previously announced." ([01:39])

These developments come amidst a mixed start to the trading week on Wall Street, where the Dow Jones Industrial Average surged by 400 points at the market opening, although the S&P 500 and Nasdaq Composite indices experienced slight retreats from their record highs. Lisa Brady notes:

"The Dow rallies up 400 points, but the S and P and the Nasdaq retreat from record highs, the NASDAQ dropping 166." ([04:02])

3. Sanctuary Cities Legal Battle in Los Angeles

A significant local issue covered in the update involves the ongoing legal confrontation between Los Angeles and the Trump administration over sanctuary city policies. Mayor Karen Bass is at the forefront of this battle, responding to a lawsuit filed by the Department of Justice, which alleges that LA's sanctuary policies interfere with federal immigration laws.

"The lawsuit is an attempt to overturn the will of the city, calling for a halt to long-standing policy to protect immigrant Angelenos. We are a city of immigrants who have had policies in place for decades," asserts the unnamed speaker handling the matter. ([02:27])

Mayor Bass remains resolute in defending the ordinances, highlighting the city's commitment to its values. She elaborates on the financial impact of recent ICE raids, which prompted the city to allocate $30 million towards LAPD overtime and security expenses—funds she deems unnecessary:

"We spent $30 million on LAPD overtime and security-related expenses. $30 million that was unnecessary, calling for the raids to end and stressing the vast majority of those detained have no criminal history." ([02:42])

4. Union Strikes in Philadelphia Amidst Labor Disputes

Turning to labor issues, Fox's Kristine Goodwin reports on the escalating union strikes in Philadelphia, where union workers are demanding higher wages and better benefits. Greg Bulware, president of Council 33—Philadelphia's largest union—expresses disappointment over the ongoing negotiations:

"Council 33, Philadelphia's largest union. It seeks better pay and benefits from the city, and many of its nearly 10,000 members are walking picket lines to get it." ([03:25])
"The development is disappointing." ([03:25])

Philadelphia Mayor Cherelle Parker addresses the situation, assuring residents that city services continue to operate, albeit with some adjustments in hours and operations. As Independence Day approaches, the city faces additional pressures to maintain normalcy amidst the labor disputes:

"We provide all the services of men and women inside the city of Philadelphia. We would like to get to a point where we reach a deal that's serviceable for our members." ([03:40])
"The city is still running, but hours and operation of some services have been adjusted." ([03:48])

5. Market Update

The financial markets presented a mixed picture at the episode's close. While the Dow Jones Industrial Average experienced a robust increase of 400 points, the S&P 500 and Nasdaq Composite indices saw declines from their record highs, with the Nasdaq dropping 166 points. Lisa Brady summarizes:

"Stocks the Dow rallies up 400, but the S and P and the Nasdaq retreat from record highs, the NASDAQ dropping 166." ([04:02])

Final Notes

The episode concludes with a brief mention of upcoming Fox News programming and podcasts, encouraging listeners to stay informed through various channels. However, as per editorial guidelines, promotional segments are not included in this summary.

This comprehensive overview captures the essential narratives and viewpoints discussed in the Fox News Hourly Update on July 1, 2025, providing listeners with a clear understanding of the day's significant events and their broader implications.