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Fox News Hourly Update

4AM ET 01/31/2026 Newscast

31 Jan 2026

Transcription

Chapter 1: What is the current status of the government spending bill?

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A partial shutdown. I'm Deborah Valentine, Fox News. The spending bill passes the Senate, but the larger fight looms. Fox's Lisa Lucera reports.

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By a vote of 71 to 29, the Senate has approved a package of measures that will fund most of the government through the end of September and a bill that will pay for the Department of Homeland Security for two weeks. Democratic leader Chuck Schumer says the fight to reform DHS is not over.

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If our colleagues are not willing to enact real change, they should not expect Democratic votes.

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And Schumer said Americans are hurting and scared over the tactics ICE is using. They want it stopped. We want it stopped. This is not America. This package of bills must go back to the House for a possible vote Monday. That means there will be a limited government shutdown over the weekend. Lisa Lucera, Fox News.

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President Trump picking a nominee to be the next chairman of the Federal Reserve. Fox's Jackie Heinrich has more from the White House.

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President Trump nominating his new Fed chair, former Fed Governor Kevin Warsh, without a commitment to cut interest rates, despite the pressure campaign to do just that on his soon-to-be predecessor, Jerome Powell.

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I don't want to ask him that question. I think it's inappropriate, probably. Probably would be allowed, but I want to keep it nice and pure. But he certainly wants to cut rates. I've been watching him for a long time.

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Warsh got the job despite his own hawkish history of rate hikes in the wake of the 2008 housing crisis. The president says it shouldn't be a problem.

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Getting Warsh into position got one vote harder with Republican Senator Tom Tillis withholding his support, saying, quote, the Department of Justice continues to pursue a criminal investigation that no reasonable person could construe as possessing criminal intent.

Chapter 2: Who has President Trump nominated for the next chairman of the Federal Reserve?

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Iran was rocked by protests earlier this month over economic uncertainty in the country, with the regime reportedly killing thousands of protesters. Actress Catherine O'Hara has died at the age of 71 following a brief illness.

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