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good evening, everyone. i'm larry cut low. this is "the kudlow report." another day, another high for the dow. guess what, america, this is not all about bernanke and the fed. i know the fed is helping boost stocks, but so are record corporate profits, housing recovery, and even the budget cutting sequester, and add to that a big rebound today in business investment that could spell stronger job creation. we're going to talk about that in just a few moments. meanwhile, washington's already talking about the stock market rally, but not necessarily in the same voice. republicans in congress see the sequester as being one reason for the upturn, but democrats still playing the scare tactic game, at least some of them. just take a listen. >> these are savings that have been anticipated for years, delayed for months, finally arrived last friday. the market responded yesterday with an all-time high. >> wall street is celebrating

while the backs of poor people are being broken. >> will, there you have it. anyway, the highlight of "the kudlow report" this evening, my exclusive interview with john boehner. we talked about the chances of a big entitlement deal with president obama, also the plan to keep the government open, and the growing outrage over the obama team's decision to close down white house tours. go figure. anyway, "the kudlow report" begins right now. all right. we lead again with wall street's historic bull run. today wall street set another record high closing with 14,296. let's go to our experts. here is andy cross, chief investment officer at the motley group. and ashley at the sea port group. i want to put up on the full

screen the factory numbers. we'll look at core business investment orders excluding military. core business orders. if we can get that number up. the january number was an astonishing 7.2%. there you can see the three-month change has moved from minus 30 percent to plus 45.6%. abigail i cite this because first of all business investment is crucial to growth. second of all, it's having a tremendous comeback in the last six months and third of all it could be a great job creator, what's your take? >> i agree with you. these are excellent numbers. if you take it back to november, the growth is actually 9.3% for the highest growth in many, many years. this is clearly a positive for the economy. i think if you put this together with pending sales, case-shil r case-shiller, i think there are some warm spots in the economy. we're seeing some improvement. on the other hand, we have the

mediocre job perform manages. ism is in a down trend. the all important velocity of money. >> i intend to agree. isn surprised everybody. andy cross, one thing i want to note though. we have this sort of disconnect between profits and jobs. okay. i get that. now if these capital investment numbers continue, this is so important, i think, to the stock market. it means profits will be put to work. and we will have better job numbers in the months ahead and we will have a stronger economy, which could give this whole bull market rally record legs. >> oh, sure, larry. i think what american businesses are doing, how they're investing, back in their business, how innovative they're being, that's all good for investors, companies, stocks. that's why i'm bullish on stocks even after this four-year run. >> you know, abigail, let me come back to this. you had some other surprises. i didn't agree with you about the isms. i think they came in stronger than people thought. cars are coming in stronger.

housing is coming in stronger. i don't want to be a wild and crazy bull on the economy. there are obstacles. there are regulatory obstacles, tax obstacles, obama care obstacles, i get all of that. i think the stock market signal, including maybe cutting spending, is telling us we're at some kind of turning point here. that's what i'm going for. >> i think you have a very good point about cutting spending, investors responding positively to that decision out of washington. you know, relative to the bright spot in the economy, there's absolutely no doubt about it. you can balance them with less encouraging signs out of the economy. we can debate the bullish and bearish economic data relative to the stock market and this ben bernanke bull market. i think the question to be asked now, everybody is expecting a correction. from a medium to long-term bearish perspective that i have,

the question to be asked is what is the catalyst for the next leg. maybe you're right. maybe it is the improved capital spending. >> andy cross, what is it? >> continuing to do what we have. we haven't seen the housing market take off to an extent for single family homes that i think we're going o see. i think we have a lot of cash sitting on balance sheets for the companies that are waiting to invest. we saw what happened this quarter. we're now on this movement of starting to invest back in businesses. i think that's very good for the stocks and that's good for the long run investors who are investing for the long run. they want to take any opportunity for any kind of correction and pull back. >> it's interesting, abigail. look, i don't denied the fed's role in this. by the way, the fed is injecting in the last two months a lot of money. the monetary base, which is their balance sheet, up 60% in some just in the last two months. they're running with the ball, there's no question about that. irget that.

if you go back, the market, the s&p is up 135% from the lows way back in marve 2009. you no he what, all in profits. not quite, 110, 115%. we don't have the fourth quarter. it's interesting to me how important profits are and how important profits are going to be and that gets me back to the economy, abigail. >> i think the profits are hugely important to the stock market. that's a great point because, you know, if you look at gdp, it's actually been declining on a year-over-year basis in 2010. 20 perce 2% in 2011. if you look at 9 profit outlook from the trough back in 2008 and 2009 when the s&p estimate was around $48, we're more than double that. >> right. >> that's a great point. relative to the catalyst that could lead to the -- >> that's the key. >> absolutely. >> that's the key point.

profits are the mother's milk of stocks. that is absolutely the key. >> you're right. >> long after bernanke has come and gone, whenever that is, profits are still going to be the key. both of you, thank you. andy cross and abigail doolittle. we're in washington d.c., we're about to ask two politicians what the reaction is. i think in part, you'll agree with me or not, it proves the budget cutting sequester. the dreaded budget cutting sequester has actually been bullish for the markets. it will be bullish for economic growth. we'll see what joe mansion and mike lee have to say when they join me on the set. gentleman later on, my exclusive interview with speaker of the house, john boehner. we talked about chances for a grand deal with the president, obama. it could entitlement reform. take a listen. >> cola adjustments for social security and benefit

adjustments, means testing for medicare. could those two points serve as the basis for a larger deal? >> oh, absolutely. i mean, they're going to be on the table. they should be part of the agreement. there's a lot more that needs to be done. >> all right. i'll tell you, possibility of entitlement reform, possibility of tax reform. i'm very optimistic tonight. free market is the best path to prosperity. let's get some thoughts on the thoughts of the sequester from our buddy, jay leno. >> congress and maxine waters said today that 170 million jobs could be lost because of it. now there are only 155 million workers in america. if she said we'll lose 170 million jobs, do you understand why we're in the situation in the first place now? suddenly becomes clear. yeah, exactly. i'll tell ya. [ applause ] >> the cuts have already gun.

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welcome back to "the kudlow

report." we're coming to you live from washington, d.c., where president obama is apparently taking a bunch of republicans out to a very posh restaurant called the jefferson hotel. what does this mean? is he going to become the investor in chief? joe mansion, mike lee. mr. lee, you first. what is this all about, ten or 11 republicans, jefferson hotel, what's up? >> first of all, when he found out joe and i were not available, we were on your show, he invited a few others to join him instead. i'm not sure what's on the agenda. i hope what it is is the president wanted to interact with members of the other party. >> as i understand it, the not so hidden agenda here is to stop

the sequester and to develop some entitlement reforms and some tax reform but tax reform means the president wants to raise revenues, close loopholes and not lower the rates. entitlement reform and revenue raising in place of the sequester. is that what you're hearing? do you think that's all possible? >> i've always been a big supporter of the bowls simpson. it has stayed bipartisan. we haven't had any leadership really on the democrat or republican leadership taking hold of this as their own and making it happen. it's a shame they won't do it. mike and i get along. we're great friends. we have certain members of our caucuses who say we don't have a spending problem, we have a revenue problem. we have other members who say, we don't have a revenue, we have a spending. we have both when you look at the facts and figures since 1947, gdp and expenses.

lowest revenues, highest expenses. so we've all got to come together and work and fix it for the next generation. >> i mean, is there a deal, senator lee, is there a deal here? i mean, obama wants to get rid of sequester, very clear, worst case, dire consequences. i talked to john boehner about this at some length. you'll see it in the interview. he's not thinking the same as you're thinking on tax reforms. >> a tax hike is not tax reform. tax reform is something we do when we're simplifying the tax code. making a less volatile revenue stream. we have 18.5% of gdp that we can generate through the income tax code regardless of how high you put the marginal rate. even a couple of decades ago when the top rate was about 70%, but we need a more consistent, steady stream of that.

that's what real tax reform is. the president wants a tax hike. we've had that in the last weeks of $850 billion. >> senator manchin, the biggest issue is obama is just doing this. he's calling senators on the cell phone. he had mccain and graham into the white house. now he's taking them all out to dinner at the jefferson. is this a new obama? how do you read this? >> i think it's very good. a new president, old president, whatever, this is good. so i don't look at what happened in the past. this is a good start. you need to reach out. >> if you have supper with 10 or 12 republicans, does that mean you'll make a deal with them? is that -- >> when i was governor of west virginia i had democrats and republicans over all the time. we worked it day and night. you have to. >> do you think so too?

are you impressed with the fact that he seems to have changed his style? he's not playing golf, he's goings to get around to you two. is this a new president obama? >> i'm impressed with the fact that he's reaching out to republicans. i think it's great. i think it will be great if he continues to do that. it doesn't always mean that a deal will magically materialize, but it could help. it could help get us somewhere. >> senators joe manchin and senator lee. now we have drama building with the possible roadblock to take over dell computer. we'll get an update from mary thompson and much more. later on, don't miss my exclusive interview with speaker john boehner. speaker boehner told me his thoughts about a government shutdown. >> our goal here is to cut spending, it's not to shut down government, and keeping the government open after march 27th is our goal.

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a lot more interest today. cnbc's mary thompson is here. >> good evening to you, larry. a lot of twists and turns.

today we learned carl icon bought up 100 million shares of dell. that gives him a 6% stake. the stock today closing at $14.32. jcpenney's shares down another 3.5%. a judge ruled jcpenney can't sell martha stewart's products. and mitt romney is getting back to work. he'll be joining his son tag's investment firm. he'll work about one week per month, not as a fund-raiser, just as an advisor. ran paul is fashioning an old-fashioned filibuster. he's been talking for more than seven hours. he's trying to block the nomination for paul brennan. get that man a drink.

talking for seven hours. even i can't do that, larry. back to you. >> i couldn't do it. i don't know how he's doing t. mary thompson, thank you very much. senator lee, as i understand it, this is about using droejs here in america. >> there's a concern -- >> is that right? >> -- whether it's in america or elsewhere, targeting u.s. citizens. snuffing out human life, using a drone is a problem. we want some answers about what the government's policy is. so 235r we've gotten very few answers. >> i just want to make sure i got this right. i understand enemy combatants, whoever you are on foreign soil. are you talking about enemy combatants or is this issue talking about enemy combatants here on enemy soil, that we could use them here and hit them? >> i think that's part of his concern. part of my concern in why i've been asking questions, when they had questions about a department

of justice white paper that was leaked didn't give us many answers. senator paul's concerns spill over into the domestic arena as well. if the united states has no qualms from using them on american citizens elsewhere, what's to stop them? >> what's your thoughts on the ran paul story? >> when an american citizen turns against their own kun tritriy, i think it's necessary. you can't take the option away in case it's ever needed. that's all he's saying. he wants them to make an ironclad commitment. >> as a constitutional issue? >> that's where he's coming from? >> part of it's constitutional. some of it is policy. >> he's trying to create policy from a filibuster. i'm being as objectionable as i can. i think there's probably people on both sides of the fence but that's not right. we have a pretty good check and

balance here and the way our system, democracy works, we have not had the abuse, if you will, but you can't take options away from chanders in chief. >> i'll tell you as someone who is frequently listed as an economic critic of president obama, i am a supporter of this drone policy. i have to think that through, i'm not sure. >> talking about the option. >> put the option on the table. next up, the senators are going to stay with us. i'm going to show my iks inclusive interviews with john boehn boehner. we talked about the decisions to suspend the tours of the white house supposedly because of the sequester. how bushily can you get. here's what mr. boehner had to say about it. >> the idea that we're going to shut down tours at the white house during the easter season when washington's over run by visitors, it's just silly. and i want to know who's being laid off at the white house. is this what's going on?

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welcome back to "the kudlow report." earlier today i had an exclusive sitdown with house speaker john boehner. the dow closed at an all-time high. i began by asking the speaker whether it's proof that the country believes that lower spending and limited government are good for economic growth rather than all the pessimism here in washington. take a listen to what speaker boehner told me. >> most americans understand that the problem in washington is spending, and we've got 170 economists who agree that spending is the problem. now that's why speaker.gov we're going to introduce a project to the american people to engage them in this fight. what do they think about government spending here in

washington? listen, we've got a structural spending problem that has to be addressed. the president's sequester is in effect and it will be in effect until there is an agreement on cuts and reforms that put us on a path to balance the budget over the next ten years. >> i was going to ask you. i want to come back to the issue of spending because president obama sometimes says spending's not the problem. just right now today you all are voting on a continuing resoluti resolution. two questions, sir. number one, will that keep the government open through the end of the fiscal year? >> yes. >> secondly, will that include the lower level of spending from the sequester? >> yes, it will. our goal is to cut spending, no the to shut down the government and keeping the government open after march 27th is our goal. brother' going to add the appropriation bill for the department of defense and military construction and the va in this bill. we're hopeful that the senate will not load up the bill, not put extraneous items in the

bill. the president the other day indicated his willingness and desire to see the government funded after march 27th so i'm hopeful that senate democrats will work with us to make sure that there's no threat of government shutdown. >> all right. so that vote will come later. what did i read this morning, the white house is now closing tours to go through the white house. why are they being so difficult? why are they looking for the most dire consequences? is that how this game's going to work? >> they're trying to make this painful on members of congress so that they can get their will. listen, the president got his tax hikes on january the 1st. the problem is spending and the american people know it. we're going to engage the american people on the spending question. all they have to do is go to speaker.gov and tell us what they think. but the idea that we're going to shut down tours at the white house during the easter season when washington's overrun with visitors is just silly. and i want to know who's being

laid off at the white house? is this what's going on? all i can say is the capitol is open to visitors. we welcome the american people to come to their capitol. we've been preparing for the president's sequester for months. so we don't have to go through this big reduction of spending because, frankly, we've been planning for it since last october. >> this is politics it seems to me. as i understand, you call it campaigning, politics. dire kwons consequences, 750,000 lost jobs, no meat packing inspections even though the department of agriculture is holding concerts around the country with wine tasting, and it's all because of the big, bad republicans. it's all your fault, mr. speaker. you wouldn't agree for the other

tax hikes. that's what the president -- how do you react to in that? >> think back to the summer. there was an agreement but the president wanted more. he wanted no chance of having to deal with the debt limit before -- a second time before his re-election and demanded that we put the sequester in place, and we've known the sequester was going to be in place for the last 16 months and yet the president nor senate democrats passed any plan to replace the sequester. house republicans and here in the house, we passed the bill twice last year to replace these cuts with what i would call smarter guts. the sfeser is a way to cut spending. nor does it address the real structural spending problem we have and that's on the mandatory spending.

>> why does the president say -- he's going to blame you. he said it again in his news conference on friday, spending is not the problem. we have a health care cost problem but spending is not the problem. >> 170 economists are telling me spending is hurting the economy. >> why is that? >> i think he believes it. he told me directly, we don't have a spending problem, we have a health care problem. i believe that health care is a spending problem. we have a spending problem much bigger than health care. >> he also, he also sasz that you agreed to another $800 billion loophole closing exercise and that you -- bob woodward read for us that, in fact, that removes the gulf coast because it had nothing to do with tax revenues. >> i had $800 billion on table of new revenue out of reforming

our tax code, more growth, more efficient tax code. after we had an agreement the president came back and said, no, i need $400 billion more. i said, mr. president, we have an agreement. you know i can't put a dime more on the table. he insisted on it and that's why we ended up with -- >> but he's saying right now after the election you came in with an $800 billion gal. you wanted to qualms with that. he's saying what happened to john boehner's $800 billion revenue hike? >> the president never agreed to real spending reforms. a year and a half ago we had changes to medicare, medicaid, it would have saved the fellow government $1350 million off the table in december. we had changed this to medicare.

off the table in december. so the things that he was for in the summer of 2011, all of a sudden in the summer of 2012 and without real cuts and real reforms, there was going to be no revenue. but since then he's gotten his revenue increases. they have the tax hikes at the first of the year. time to deal with washington's spending problem. >> we're going to have more from the exclusive interview with speaker boehner. let's get immediate reaction from our guests. senator manchin, $800 million. is that the grand deal? >> when you hear the bickering going on that's been going on far too long, have people sit down and look at where we are and where we can be. i go back to the bowles simpson, the approach that they laid out. they looked at our entitlement

reforms, just last year that was wasted in waste, fraud, abuse. we had over $300 billion that wasn't collected in the department. you start looking at our tax laws. under clinton, the last time we had a balanced budget and had surpluses, that was the tax rate that was in place at that time. why can't we go back to that? on the other hand, for a more aggressive and progressive, if we were able to reduce it, get rid of some loopholes and off set credits where the tax cut has grown so inefficiently. you've talked about corporate. corporate individual. >> let me go back to this. politics. president wants to blame republicans for every bad thing, even as he puts it, this is

class warfare. republicans want to hang on to $800 billion for tax cuts and that's blocking any grand design deal. your thoughts? >> he's missing the point. we worry about what racing taxes on what group of americans does. it affects everyone. you raise tax rates on the rich and it will hurt the poor. you have four merngs who work for richer americans. when you raise taxes on them, everyone else pays for it. it's that simple. so he's got it backwards. it's not that we're worried about the poor americans. >> larry, i think the facts show that wall street's doing extremely well. main street's suffering. >> right. >> household incomes, 8% lure than it was in 2007.

unemployment's still too high. put in a fair system. >> efficient. simple. >> i boat mike and i can agree on this. if there is additional revenue that comes from a system that's fair, we're going to take 70 cents of every dollar and put it toward debt reduction and the other third percent do you want a tour of the white house? >> how's this going to work? >> i'm tell you what, i have a stand gd offer if the white house will let me, i will continue to conduct tours. >> for free. >> i will also along with my staff continue to give tours. come to me -- >> is this the most bush thing you've seen. >> it is. this is classic close the

washington management strategy. >> in a benn way, it is not needed. i appreciate that. part two is coming up next. i'm going to ask him about his personal relationship with president obama and whether he plans on sticking around as speaker for a few more years. please stick around with us. i'm kudlow. we'll be right back. ♪

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welcome back to "the kudlow report." as lawmakers in washington continue to seek a big budget deal, it's worth noting that president obama has recently supported two entitlement changes. i want to be clear on this. a lower cost of adjustment and means testing on medicare which means wealthier medicare recipients would get less. in my exclusive interview earlier today, i skad whether those two entitlements are on the table. please listen to what he told me. >> those are clearly on the table. we have to do more than that to put the programs on a sustainable staff. we have 10,000 baby boomers retiring every year.

that's 70,000 this week, 3.5 this year and this is just a 25-year-old bubble. it's not like there's money in the state trooper trust fund. we have to get serious about our structural spending problem. until we do -- >> i don't think anybody knows what the black fox is. coal a adjustments for social security and benefit adjustments, means testing for medicare. could those two points serve as the basis for a long-term deal. there he is a lot more that needs to be done if we're going to start them on a path. >> you're okay with that? >> absolutely. >> we then.

what is plenty your relationship to president obama? what's it like? what's the good point? where can it be approved? i've worked in washington, myself. how do you get along with obama and can you do business with him. >> we have a very good relationship. we have obviously big disagreements over the size of the spending problem that we have here. >> but i learned a long time ago there's a way to disappear without the receipt. when it comes to actually doing something, it's time for the congress to be engaged in this process as well. both the house and the senate. letting members participate, i think it's an important part of

this process. >> no more big topdown deals, obama. >> those haven't worked very well. i understand. hope springs eternal. >> yeah, but i don't think it's the way to get to washington. listen, two people hiding behind closed doors. dweent represe dweent replicate this. members have a chance to par sis pay city pay the. we will gree it organically. >> you mentioned the other day, hr 1. i guess that's personal and corporate taxes? >> yes, it is. >> some thinking of reforming it would be a huge growth measure. you're going to put this.

is there any chance this will go through. times the president actually forms, we spent a lot of time preparing to do tax reform this year. it's a big undertaking. i understand dennis bachman. making our economy more competitive. it will help spur economic brought in america. and increased wages for middle class americans. >> that is a republican message you would like to vote. it says whags the republican message. where do we go after that? is there a growth message?

>> are you serious and want that car out. our icon mi. two-continuing therms. do we need to fix our tax code to promote more economic growth? we can't cut our way to pros stewart or tax our way to the end. they all know, they have to balance their budget every week. they expect washington to live. >> you said they need to be able to live their lives. let me ask you, how long is your tenure going to be as speaker? what do you think about? i've been on a mission do address people and i expect a

lead to speak with the house. >> i'll be here for a whim. >> speak to you about john boehner. >> many thanks again to house speaker john boehner for giving me his time. joe manchin, spike lee. have not opposed cost of living adjustments and any means pesting for medicare. do they have means testing. i think it should be done and the president has put on a table. both of them there doesn't could be to be part of the starters. schuman, reed. no messing with ep titlements. >> that's just common sense. colas. there's people basically that depend on those equipment levels

and they know. they talk about kman cpai. means test on? did you make more than 200 percent it 00 people. >> so you are owe 30esed to do it? , yit will be a tough pill to swallow. i came here basically too feks generation. that next grun will be saying we didn't either. my sand dpra was to be, to be

fines, he could cake a change in the cost benefit and he said he was being in favor of means testing on medicare which means less income for the rich. these are his positions? they they be the crux of a vehicle. >> if he's still in that position, then we do need to inform them. we need to restorm them in order to make them -- >> paul ryan he is are going to be much better than that. mine we can pak a list thaws the way they were reforms. >> we have to go in a second. if he's vgs dinner with a or so represent coops, here's we run more middle.

i believe we can keep the core value. don't share the day lights out of people. we have $65 billion in wait. >> we'll have competition, it will be priefr advertised. then i joust did . good news in housing and ear areas cry oughting a top effects. robert frank is that man an he joins us next time on "kudlow." ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of your life. in charge of making memories and keeping promises. ask your financial professional how lincoln financial

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stock market rally is great for the whole economy. it is making americans richer and wealthier. robert frank excludes. thanks, larry. the welfare effect is much broader and it's helping all sorts of mrns. $65 trillion. that's very close to the all time high before the crisis. all that new relt is it generating more spebsing. ee connie market incries and

added 1/2% to gtp on more than 70 billion dollars. housing wealth is the real staff i don't remember. each daughter creates senting 10 of of a percentage. to the total relt effects, which could be wrong. they will as 6.% a.m. dweser noun with willing the freem may tag, to robert frank. roughly 50% of the american households own the stock, 50%. big number. over 60% own them their own

fund. stock market rally is a big deal. >> we expect to see an inthus in hold household. it's part of the same argument that we can't band. sop would need to government is work hard the best. senator it is truckling duels. there are gas prices up. there are pay market tights. let me just say that main street has nod enjoyed the mali. >> i don't know there it's short lafd. way it tell you, it has not so

gene fub. so whoever's the inso i had goom. payroll tax height feblging. first of all, 3w49 taught gb going to be the best virginia. 2%. >> we could do it away that the first year, social security trust fubld. we had to dip into it because of crash weigh said, let' go get riff of it in your home state of utah. does this wealth farget working. throughout merck that they shut off. so it's hard to say we're doing

wasn't the time or place for the 15-year-old. main thanks to i told him not getting a signal, that's grady stuff. larry cut low and we will be back tomorrow morning