8PM ET 07/03/2025 Newscast

Summary

Fox News Hourly Update – 8PM ET 07/03/2025 Newscast Summary

Release Date: July 4, 2025

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Legislative Update: Passage of President Trump’s Tax Cut and Spending Package

In a significant development on Capitol Hill, the House of Representatives successfully passed President Donald Trump's highly anticipated tax cut and spending package after enduring several hours of delays and negotiations. Lisa Licera reported at [00:02] that the package aligns with the hallmark of President Trump's legislative agenda, emphasizing tax exemptions on tips, increased military and border security funding, and the renewal of the 2017 tax cuts.

Chad Fergum further elaborated at [00:12], noting that the GOP managed to overcome opposition from only three members, including two moderate Republicans: Brian Fitzpatrick of Pennsylvania, who opposed Medicaid changes, and Thomas Massie of Kentucky. The passage of the bill was critical for Republicans aiming to meet President Trump’s self-imposed July 4th deadline. Despite initial skepticism within the party—especially since the House had previously approved a different version in May—the unified push ensured the bill's advancement.

House Minority Leader’s Opposition

The legislation's passage was met with strong opposition from House Minority Leader Hakeem Jeffries, who delivered a nearly nine-hour floor speech condemning the bill. At [01:01], Jeffries proclaimed, “Republicans are trying to take a chainsaw to Social Security, a chainsaw to Medicare, a chainsaw to Medicaid, a chainsaw to the health care of the American people.” His impassioned remarks underscored the deep partisan divide over the proposed changes to essential social programs.

President Trump’s Signing Ceremony in Des Moines

Moving to the White House, Lisa Licera reported at [00:46] that President Trump has scheduled a signing ceremony for the bill at 4 PM the following day, inviting all members of Congress to attend. The ceremony marks a pivotal moment for Trump’s second-term legislative achievements. Chad Fergum highlighted at [01:33] that Trump addressed a crowd in Des Moines, Iowa, emphasizing the bill as the "signature legislation of his second term."

International Relations: Saudi-Iran De-escalation Talks

In international news, Lucas Tomlinson reported at [01:43] that the Saudi Defense Minister made a covert visit to the White House to discuss de-escalation measures concerning Iran. Multiple sources confirmed this sensitive diplomatic engagement, signaling a potential shift towards easing tensions in the region. This development underscores the ongoing complexities in U.S. foreign policy and the delicate balance of Middle Eastern geopolitics.

Crime News: Sentencing in Croatian Nursing Home Mass Shooting

Tragedy struck Croatia as Lisa Licera conveyed at [03:07] the sentencing of Krasimir Pahoki to 50 years in prison for a devastating mass shooting at a nursing home in Duravar last July. Hillary Barski provided details, stating that six individuals lost their lives, including Pahoki’s mother, four residents, and a staff member, with six others injured. Pahoki, a retired military policeman, was apprehended at a nearby cafe after fleeing the scene. His motives, as reported, stemmed from financial frustrations related to his mother's nursing home bills. During the trial, Pahoki expressed no remorse for his actions.

Economy: Robust Job Market Growth

The U.S. economy showcased resilience as the job market exceeded expectations last month. Lisa Licera reported at [03:41] that an impressive 147,000 jobs were added, and the unemployment rate saw a slight decline. This unexpected surge in hiring suggests that the U.S. job market remains strong despite ongoing concerns about tariffs potentially impacting the economy and persistent inflationary pressures. The robust employment figures indicate a steady economic foundation amidst global uncertainties.

Business News: Egg Surcharge Removal by Major Restaurants

In the food industry, Lucas Tomlinson reported at [04:02] that Denny's is following in the footsteps of Waffle House by eliminating the egg surcharges previously added to their menus. Earlier in February, Denny's had implemented a 50-cent fee to counteract the spike in egg prices caused by bird flu outbreaks. However, as egg prices began to normalize in April due to declining bird flu cases and increased imports, Denny's decision reflects the broader trend of businesses adapting to fluctuating supply costs.

Lifestyle Events: Nathan’s Hot Dog Eating Contest Returns

Adding a lighter note, Hillary Barski announced at [04:40] that the annual Nathan’s Hot Dog Eating Contest is set to take place tomorrow. Notably, Joey Chestnut is returning to the competition after a temporary ban due to a partnership with Impossible Foods. Hakeem Jeffries commented at [04:50], “We didn't burn any bridges, but yeah. And I love this event and I was willing to keep talking and I'm happy we figured it out.” This statement hints at behind-the-scenes negotiations that allowed Chestnut's return, ensuring that the beloved contest continues to draw participants and spectators alike.

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This summary encapsulates the key discussions and insights from the Fox News Hourly Update, providing a comprehensive overview for those who did not listen to the original broadcast.

Transcript

[Lisa Licera]

Done before the deadline. I'm Lisa Licera, FOX News. After several hours of delays in wrangling, the House passed President Trump's tax cut and spending package.

[Chad Fergum]

It's the hallmark of President Trump's legislative agenda. Stocked with no taxes on tips, money for the military and the border, plus a renewal of the 2017 tax cuts. The GOP could only absorb three nos. There were two moderate Brian Fitzpatrick of Pennsylvania, he opposed Medicaid changes and Thomas Massie of Kentucky. Many House Republicans were leery of the Senate bill, especially since the House okayed its version in May. But Republicans wanted to meet President Trump's self imposed deadline of July 4th.

[Lisa Licera]

Fox's Chad Fergum on Capitol Hill. President Trump says there will be a signing ceremony at the White House at 4pm tomorrow and has invited all members of Congress to attend. The bill passed after a nearly nine hour floor speech by House Minority Leader Hakeem Jeffries.

[Hakeem Jeffries]

Republicans are trying to take a chainsaw to Social Security, a chainsaw to Medicare, a chainsaw to Medicaid, a chainsaw to the health care of the American people.

[Lisa Licera]

The president and other Republicans say Medicaid will not be impacted and they are focused on what they call wasteful spending. President Trump said to address a crowd in Des Moines, Iowa this hour to kick off a year long celebration of 250 years of the United States gathered.

[Chad Fergum]

Here to hear President Trump will be speaking here to the faithful who have come out to see him. Also with the passage of big beautiful bill, this marks the signature legislation of his second term.

[Lisa Licera]

Fox's Lucas Tomlinson in Des Moines. Multiple sources confirmed to Fox News that the Saudi defense minister secretly visited the White House today to discuss de escalation with Iran. America's listening to FOX News.

[Chris Foster]

It's an interesting time for business. Tariff and trade policies are dynamic, supply chains are squeezed and cash flow tighter than ever. If your business can't adapt in real time, you're in a world of hurt. You need total visibility from global shipments to tariff impacts to real time cash flow. That's NetSuite by Oracle, your AI powered business management suite trusted by over 42,000 businesses. NetSuite is the number one cloud ERP for many reasons. It brings accounting, financial management, inventory, HR into one suite. You have one source of truth giving you the visibility and control you need to make quick decisions. With real time forecasting, you're peering into the future with actionable data. And with AI embedded throughout, you can automate a lot of those everyday tasks, letting your team stay strategic. Netsuite helps you know what's stuck, what it's costing you and how to pivot fast. If your revenues are at least in the seven figures. Download the free ebook Navigating Global Trade. Free insights for [e-mail] fox that's netsuite.com fox.

[Lisa Licera]

Sentencing in a mass shooting in.

[Hillary Barski]

Croatia, Krasimir Pahoki is sentenced by a court to 50 years in prison for a shooting in a nursing home in Duravar, Croatia, last July 22. Six people died, his own mother, four other residents and a staff member. Six other people were injured, most of the victims in their 80s and 90s. Pahoki was arrested at a cafe nearby after running away. He's a retired military policeman. Croatian media reported that he was angry about money problems, including bills for the nursing home where his mother had been living for the past 10 years. He said during the trial he did not feel guilty about the shooting. Chris Foster, FOX News.

[Lisa Licera]

The job market delivered another upside surprise last month, turning out a better than expected 147,000 jobs. The unemployment rate also ticked down. The unexpected acceleration in hiring signals the US Job market is holding up despite worries about how tariffs may hurt the economy and inflation. Another fast casual restaurant is ditching egg surcharges.

[Lucas Tomlinson]

Denny's is joining Waffle House and will be removing the extra fee the restaurant chains added to their menus when US Egg prices spiked earlier in the year. In February, Denny's put a 50 cent surcharge in place, but it varied by location. While Waffle House instituted the policy at all of its restaurants due to the surging price of eggs as a result of bird flu outbreaks back in March, grade A eggs hit a record high of $6.23 a, according to the U.S. bureau of Labor Statistics. But prices began to drop in April as bird flu cases fell and Easter demand ease while increased imports of eggs also help lower costs.

[Lisa Licera]

Fox's Hillary Barski the way in today for tomorrow's annual Nathan's Hot Dog Eating Contest. And Joey Chestnuts returning after he was banned due to a partnership with Impossible Foods.

[Hakeem Jeffries]

We didn't burn any bridges, but yeah. And I love this event and I was willing to keep talking and I'm happy we figured it out.

[Lisa Licera]

The contest kicks off at noon. I'm Lisa Lucera. This is FOX News.

[Chris Foster]

It's an interesting time for business. Tariff and trade policies are dynamic, supply chains are squeezed and cash flow tighter than ever. If your business can't adapt in real time, you're in a world of hurt. You need total visibility from global shipments to tariff impacts to real time cash flow. That's NetSuite by Oracle, your AI powered business management suite. Trusted by over 42,000 businesses, NetSuite is the 1 Cloud ERP for many reasons. It brings accounting, financial management, inventory, HR into one suite. You have one source of truth, giving you the visibility and control you need to make quick decisions. With real time forecasting, you're peering into the future with actionable data. And with AI embedded throughout, you can automate a lot of those everyday tasks, letting your team stay strategic. Netsuite helps you know what's stuck, what it's costing you, and how to pivot fast. If your revenues are at least in the seven figures, download the free ebook Navigating Global Trade 3 Insights for Leaders at netsuite.com fox. That's netsuite. Com fox.