ashley: 310,000. >> happy valentine's day to my wife tracy. >> 150,000 on the ground that marriage is in decline. the average is 220,000. there is an estimated increase, that is terrible. it was a fun day. thanks for staying with me for the hour. happy valentine's day. that is it for us. i've got we 10 seconds left. happy valentine's day in advance. coast-to-coast starts now. david: head en cavuto coast-to-coast, trifecta of storms, no worries about

inflation leading to a stormy selloff on wall street. faces a storm of opposition in the house and literal storm hitting the northeast, we will dig into all of this for the next hour. steve forbes on why snow, and inflation isn't sticking around, a sticky political subject for the biden administration. house majority whip tom amber, why he will try to whip up votes with $95 billion aid package heading to the house after passed in the senate. snow, literal snow slamming the east coast could have a big impact on the entire country and some in the gop are worried about turnout in a special election on long island. coast-to-coast starting right now. thanks for joining us.

i'm david asman in for neil cavuto. a higher-than-expected inflation report and rate cut expectations are now in limbo. forbes media ceo steve forbes with market strategist lou beenese. let's talk about the markets, thousand 400 points. the inflation numbers have investors scared about not so many rate cuts if any at all. >> reporter: last year investors were adamant we would see cuts in june or july, we will watch inflation and this is the fear that keeps the fed up at night, inflation is stickier than expected and reaccelerate which is a nightmare scenario that could

return to the late 1970s where it looks under control and then take off. that is what they are trying to avoid and have to readjust to the reality. there is no cut in march. david: i can remember the late 1970s. we can tell you about it. what worries not investors so much but the average joe is inflation numbers because listed among the data on inflation numbers was the average hourly earnings are now down 2. one% from where they were in january 2021. the average american is getting hit hardest by this high inflation number. >> january jobs report, people working less than before, that's a dangerous on, companies have a hard time hiring people, labor shortages, nursing and restaurants but other parts of the economy, so hard to hire people, they elected to lay them off,

reducing the number of hours worked, they make a decision of letting go somebody they have a hard time hiring in the first place. david: staying with you, we have treasury coming out and admitting for the first four months of fiscal year 24 which begins in october we had $532 billion deficit, getting close to $2 trillion a year, $6 trillion budget. that has a terminus effect, does it not? >> resources going to the budget. and who's going to finance this. the cbo gave the projection, to 2. 6 trillion in the early 2030s when nothing is done.

and who's going to pay for those deficits, for inflation or taxes. david: the bottom line, for the fed, for the treasury to be able to sell these new debt bonds since the fed is not going to be picking them up as they used to, they have to raise interest rates to get investors to buy them. we have high interest rates for a long time, right? >> that's what the fed told us to expect, trying to finance these deficits, investors not willing to accept higher interest rates, leading into today we saw speculation coming in wildly, bitcoin with recent highs, russell 2000, biotech, there needs taken out from them, russell 2000 up 34% alone

so it's not an ideal situation but it has been in the data, expecting a rate cut, 80% chance down to an 8% chance. david: lou has more optimistic tone than i do but it is true the american economy is very resilient. all the stuff that is thrown at it by politicians who don't care about it, we have strong gdp numbers. i wonder if that strength can continue with high interest rates. >> the commercial industrial loans that go to midsized companies. that's not where it should be. the world bank estimates last year, 35 billion abnormal economy going up 175 billion.

smaller businesses not getting the capital they need for inventories, regulators talking about capital requirements, jamie dimon, the consequences of that, you don't need it, less lending, but storm clouds out there, the economy is resilient that's the optimistic thing. after the elections next year, we have a government that is progrowth, tax cuts like we had with ronald reagan or donald trump's first tax cut. not a moment too soon. david: what about real estate? it has proved pretty resilient for all the high prices. they are up 4.4% over last year can they continue to go up with all the pressure from higher

rates, forcing a lot of potential buyers sitting on their hands. >> mitch rachelle, guru in the real estate market, it is not a demand issue but a supply issue, you see a 1% decline leading to more buying activity, we don't have affordable housing or enough housing so you see the cbi print, shelter was up 4. 6%, contributed to the increase and that's the underlying fundamental of real estate, too many people in need of shelter, not enough, the prices going up or at least say hi. david: congresswoman barbara lee, she is now pushing for a $50 an hour minimum wage. it is a $2 -- what would a $50

minimum wage? >> i'm old enough to remember $1.25. the fact is why not $500 an hour, you are seeing - in california, the restaurant industry raising prices, shutting down and who's hurt the most? with less affordable food, hurts people with lower income so people need help the most are getting whacked the hardest. david: my first job was watching dishes in a restaurant. a lot of people, luke, steve, great to see you. to washington dc the senate passing a $95 billion package with aid for ukraine and israel but is it dead on arrival in the house? chad pergram has been counting votes on both sides. he is live on capitol hill with

the latest. >> reporter: this was a big bipartisan vote 70-29, 22 republicans eventually voting yea but conservatives raged at their leaders for backing ukraine. >> our own minority leader is attacking dimmest and shortsighted views of people who don't want to throw $60 billion, $60 billion more to prolong the ukraine conflict. >> reporter: donald trump opposes help for ukraine. his allies don't want to commit mr. trump to help ukraine if he wins in november. lee suggested democrats are trying to set up the former president for impeachment. three standard who caucused with the democrats voted on the bill. there is opposition over money for israel. >> i can't in good conscience support sending billions of additional taxpayer dollars for

prime minister netanyahu's military campaign in gaza. at the campaign that has killed and wounded a shocking number of civilians. >> reporter: 70 yeas in the senate could compel the house to act. >> this bill passed a robust majority, we need to get aid to ukraine quickly. we can't do there for another three or four months and the quickest and best way to do it is pass the senate bill. >> reporter: mike johnson took a dim view of the bill, that it lacks border security, johnson did not declare it dead on arrival. a coalition house numbers could bypass johnson and force the house to act on the senate bill. david: thank you very much. reaction from the gop house majority whip, congressman tom ever joins me now. i am curious, to chad's last

point, what happens if speaker johnson doesn't put the bill on the floor. are there enough republicans willing to vote for the bill that they can bypass the speaker and get on with the discharge petition? >> i find that hard to believe that that is a valid option but it is always a possibility. our speaker and conference, is clear with the senate and the white house that if you want to do the ukraine funding which people need to understand, the military defense capacity so people need to understand the

numbers in this but the understanding is you are going to seal the southern border, and they spent two months, find it rich to hear chuck schumer talk about the time is now, two months negotiating a border deal, the house had done one back in may which provided five things, finish the wall, reform asylum, ended catch and release and restored remain in mexico which border patrol told us would stanch the flow across the southern border by 70% overnight. you've got to look at it, didn't do anything to finish the wall or reform parole or did not restore remain in mexico. it codified the illegal actions of this administration to release thousands of people through catch and release. they gave up on it as soon as

they recognized -- they came at us with a bill they passed this morning. the house did bring and israel funding bill, 166, almost 80% of democrats in the house voted against israel in favor of hamas. david: you should know the votes better than anybody. sounds like enough wins are pushing against this that it won't pass. what do you think? >> our speaker in the house will continue to lead. that's what we have been doing for several months. we passed israel funding in october, chuck schumer just chose not to bring up. the house will continue to lead. the senate has shown us they are not going to be able to provide substantive relief at the southern border. they don't have to.

all the president has to do is undo the executive orders he assigned since becoming president, open the southern border to record number coming across. david: i have to ask a couple questions. one about money. a lot of people in congress have no problem spending money even if they don't have it. it's easy to spend other people's money. according to committee to unleash prosperity, not one penny for this bill is paid for with offsetting cuts in our $6 trillion budget. that is really irresponsible. is it not? >> i don't think so. talking about american homeland security and american safety and interests around the globe with our allies. david: one quarter of our

budget, $2 trillion a year of our $6 trillion budget is deficit. we won't be able to help anybody including ourselves if keep running deficit spending the way it has been going. >> could not agree with you more but the idea we will fight about one third of the budget which the agreement is 1.66 trillion. that is what we are trying to do. that is only 1/3 of our budget. that's what running the country into the iceberg, two thirds involve medicare, medicaid, social security etc. . you have do. if you don't do it. david: in an election year, i have to ask about ukraine. there are a lot of legitimate concerns, whether we are able to track the money going to ukraine. it has a checkered history of not accounting for everything including the money that has gone to pension funds for goodness sake.

are there provisions to secure accounting for the ukrainian funds? >> no. you addressed one of the major problems for house republicans. we have asked the white house for basic things, more detailed than this, what is the ultimate goal of support to ukraine. where is the money going? what is the oversight mechanism, they haven't answered those basic questions. it will be difficult for any republican to support what the senate sent up. david: bottom line they were wrapping me two minutes ago but it won't pass as is. >> everyone will start getting back into town and understand

what is headed. it will be difficult for the speaker to move it as is. david: you won't vote for it. >> i didn't say that. right now, as the whip i've got to listen to everybody on the team. i will do that. david: thank you for being here. really appreciate it. of voters braving the snow and heading to the polls in new york to fill the vacant house seat left by george santos. we have a live report on that coming up. businesses go further with 5g solutions.

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david: nor'easter barreling through your closing schools canceling flights, as they brave their way to the polls to decide in a special election who will hold the vacant house he left by george santos. how is it looking? >> it is snowing. both candidates concerned about voter turnout. you see 8 inches of snow on long island, snow expected to continue until 3 p.m.

. we make our way into this polling location where turnout has been slow to say the least. five voters have showed up to cast their ballot at this polling location since 6 a.m. am but the site coordinator says they saw a lot of early voters, people told him if they cast their ballots early to avoid today's rough weather. republicans rallied, including a least a phonic -- police stuff phonic --stefanuik as republicans fight to hold onto their slim majority in the house. >> so important to have effective government. this victory is a big one. it is going to empower republicans to be involved, making sure we have both houses.

>> reporter: democrat tom swasy who has distanced himself from president biden running as a moderate promising bipartisan solutions, could provide formula for democrats to win in spite of biden's low approval ratings. >> biden is not popular but trump is not popular. they are both not popular. they are not popular because people are concerned about extremism of our politics. >> reporter: democrats vowed by millions, they view new york as key to regaining control of the house. david: more comfortable inside i must admit. hope you stay inside as long as you can. i want to get reaction on the new york race from washington examiner, great to see you.

there have only been five voters for the whole morning. i'm curious, bad weather conditions, who usually benefits? democrats or republicans? >> not necessarily a partisan split who benefits from that sort of thing but whichever party has momentum and enthusiasm heading into an election where an election day weather conditions might detour, they are not that excited about participating, could be republicans. and what put santos in congress in at long island district still exist, he was kind of a disaster as a member, with democratic policies. and what results might say

about 2024. >> david: were publicans are ticked off, also a lot of independents. this district, a lot of migrants come into facilities that normal taxpayers usually are using. massi pillum is a legal immigrant from africa to israel to the us, very attractive candidate. there is enthusiasm for her herself. she's not just against immigration. she is against illegal immigration, the stimulus that gets more republicans out to vote for her.

>> that of the prime issue are the two factors in this incredible short special election. enthusiasm might not be the right word. it might be energy. lot of voters are angered by what they have seen. swasy recognizes a toxic figure in politics, it's been hard for him to distance himself from the broader democratic party's position. neil: david: what makes it difficult is she's an african whose immigrant, she comes from a position of strength, it shows again, they made a big strategic mistake thinking their open border policy accepted by the immigrants whether hispanic or for many

other in the world who come here. they have been living here for generations. >> reporter: he has to address those issues the way other republicans don't because of her background, a major talking point when a republican advocates for closing the border, claiming racism or bigotry, not really an easy attack against the specific candidate, emigrating illegally, she has credibility to attack the immigration system anyway a white male republican candidate might not have. it's been so hard for former congress and swasy delay a finger on her on this issue. it happens to be the one creating the most energy. david: because so many people

are disillusioned with biden's policies including independents and democrats as well, attention is turning to who else, kamala harris has to forward saying she is, quote, ready to serve. are americans ready to vote for her? >> absolutely not. she is historically unpopular as a vice president, democrats have been pointing out the rules don't necessitate her becoming the nominee if biden were not to run. she doesn't have a mechanical advantage where dnc rules are laid out, even though she would be president if he stepped down. david: i take it you are at home, stay there, appreciate you being there. coming up, bitcoin making some big breakthroughs. doesn't have room to run further? we will discuss that after the break.

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after hitting the $50,000 level, public ventures president and chief market strategist lou basenese is with us, the dollars jumping a little bit. is there a reason to go behind the dip on bitcoin. >> limited supply of nothing that will assign value to. this was speculation. it is an index. looking at the volatility index as the fear index, bitcoin, you've seen this recent price ride happen is a speculative areas like biotech and some,

bitcoin has been a speculative index because it is accessible. with the etfs making it easier to make exposure to bitcoin you are seeing a run-up in prices. it has become a more reliable index. david: i generally agree with you, never gotten involved with it. the ease with which you can buy into it, is there any indicator, when the dollar goes down, gold goes up, is there a similar relationship, the dollar and bitcoin, between gold and the dollar. >> the dollar is declining, looking at alternative assets, bitcoin is heralded as that, it is a speculation. it is never going to get to

that point. i don't see every day people using bitcoin to transact for groceries at the grocery store, that's the key limiting factor. david: thank you for being here, the democrat national committee accusing a super pac for rfk junior of a, quote, ballot access scheme. more on this when we continue. ♪

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david: the harder than expected inflation report presented a new set of challenges for president biden is the fed may be pressured into keeping rates higher for longer. charlie gasparino discusses the political implications of the latest inflation numbers. makes it more difficult to sell bidenomics. charles: that is one aspect. david: not that it was selling to begin with. charles: if you can't run on your cognitive ability, at least the economy is good. one of the problems biden always had, very good for wall street, generally good for speculators or the average american who gets eaten by inflation and inflation has gone down obviously. the rate, prices are still high. david: real average hourly earnings adjusted for inflation

down 2. one% one% for january 2021. charles: the economy is showing it's not working. that's where he has his biggest problems. david: he is not your average joe, he's about a dollar outside at all. charles: there was talk about a march rate cut if inflation keeps going down. names should not be uttered. march cut is likely off the table. it is so sticky, and things get into the election. can you cut before the election and gets tricky. the best you could say is the

vice on his head are starting to turn. on the one hand, the guy who caused inflation, the biden administration is pounding his head left and right. david: he doesn't want to be seen as the guy who helped nixon, with rates. charles: volcker raised rates dramatically, they quelled it, they ramp it up again. a stiff recession in 181-82, the reagan recovery, doesn't follow a straight line. wall street giddy over rate cuts, inflation spend this much money, expect inflation not to

die that fast. that is where we are. if you believe one more thing, the market is overbought. david: the inflation isn't due to come down a little. charles: if inflation is still sticky, it is overbought. david: the democratic national committee filing a federal election mission complaint against rfk junior's super pacs effort for state ballots. reaction from mark gordon, it is also confusing. at least a year the dnc tried to keep rfk junior off the ballot. they are suing you guys,

because you are trying to get on some ballots. where's the fairness in all of this? >> the system isn't fair. it is rigged and the dnc knows they have a week candidate. there only hope is to keep rfk junior off the ballot to prevent the american people from having a choice, looking at the options of trump, biden or rfk junior. only one of them is a strong saying candidate and the american people will see that so the dnc needs to stop them and they are prepared to break the rules and play dirty because that is what they do. david: let me do what we can. we got to get your ducks in order.

you got to identify folks who collect the signature, that sort of stuff. second point they are making, your pack has been colluding with rfk junior, how do you deny that's true? >> both. it is absolutely untrue and the fact that the dnc which is basically a collection of super pacs itself would have the temerity, biden is not personally working to get on any ballots, the democrat he is doing it. this is supposed to be a democracy. the democratic party doesn't want people to have a choice. as simple as that. david: we are seeing a commercial a lot of people saw in the super bowl, the kennedy

commercial, in rfk's junior's own family suggested he had something to do with it, saying it was totally done without his knowledge or that he was surprised as most people looking at it, you can understand why people thought there was a connection with rfk junior himself and that commercial but you are willing to swear on a stack of bibles it should never have talked to him and you knew nothing about that commercial? >> this was completely an initiative of a be 24 and had nothing to do with the campaign. david: despite your denials, maybe you can prove everything you say. all of this costs money to defend your self. i wonder if what the dnc is doing is trying to squeeze the money out of your organization by forcing you to spend money on legal bills. >> that's what they are doing and they said that their

strategy. you see biden denying rfk junior secret service protection even after he had multiple people come after him. the campaign needs to spend money on security. this is the way the dnc and biden play the game. david: that was really unacceptable. particularly when you saw hunter biden surrounded by secret service. it was too much. let us know what happens. stay in touch. appreciate the information. coming up, the us is ramping up warnings against israeli bombardment of raqqa. enemies are not heating us warnings, lower allies? chris whiten joins me next. nly♪ ♪ it's our time ♪

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wightman joins us know -- a lot of these voices are coming from south africa which has a government that has been very anti-israel and the un itself which as we now know was working in tandem through its andare a agency with hamas. we heard comments from president biden saying they are pushing too hard and have to pull back. i don't think is really listening, do you? >> listening but not acting. that you unhelpful thing from the administration is the proposal for a 60 day cease-fire. israel knows the cease-fire never ends and that's akin to letting hamas win. they can ignore what the un says, what south africa says. if we took the same view toward south africa it takes towards other countries there would still be apartheid. they are on the wrong side of

every issue. the war will continue but netanyahu is under a lot of pressure including at home and from the united states. the pentagon can suggest to slow walk delivery to put pressure on him. david: the timing from the anti-israel perspective is perfect because they have the aid package hanging over their head and there's the possibility the president wouldn't sign it. let me go to the actor responsible for the mayhem taking place in the middle east and that is iran. iran just came out in the last 24 hours with an announcement that it will target the enemy ships if its own ships are attacked, we saw this by ship from iran directing the houthi attacks on vessels trying to go through the red sea. a lot of people said we should

have gone after that spy ship. iran is saying we will send ballistic missiles after you. should be be concerned, not being deterred by their own actions. >> iran faces serious threat. if you look at the biden administration refusing to depart from its policy throughout the administration. occasionally will take actions against iran. it is another step up the escalation ladder to deter further activity and there's always a behind-the-scenes message we can de-escalate. even putting the houthi back on terrorist blitz, if they start to behave a little better. iran is not deterred at all. no plan to push against iran comprehensively.

david: the islamic revolutionary guard has launched a ballistic missile from a warship. defense secretary austin canceled the trip to brussels about ukraine. is it time for him to step down, he cannot act right now and he would again like a busy defense secretary. >> he should have been fired after the afghanistan debacle. he has nothing to his credit the past three years. they have a capable deputy secretary of defense. if he were to leave not just for medical reasons, but political reasons. david: great to see you. thank you for being here. appreciate it. more cavuto coast-to-coast after this. things can transform. slipping out of balance into freefall. (the stock market is now down 23%).

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david: markets are down and ugly, 505, consider the ugly inflation report. and not making anybody feel better and we are following it for you. jackie deangelis in "the big money show". jackie: great to see you, not great to see a board like that but we will take it from here. i'm jackie deangelis. taylor: i am taylor riggs.