david: president bideny earlier today as he tried to quote the declaration of independence. president biden: we hold these truths to be self-evident that all men and women are created equal and endowed by their creator with certain unalienable rights, including life, liberty et cetera. david: we will let that speak for itself great have a great weekend, everybody. see you next week. ya. >> we'll get to president biden's spending in a moment, house lawmakers introducing two bipartisan bills aimed at china, one establishing a commission investigating the origins of the pandemic. we'll talk with mercedes schlapp, former white house strategic communications director this hour. plus, nascar paying tribute to heroes who gave it all for our nation as north carolina prepares to host the largest gathering in the state since the pandemic began. professional nascar driver weighs in. an out of this world sighting,

newly released video appears to show ufos buzzing around a navy ship. it's true. i'm edward lawrence, and this is "fox business tonight." ♪ >> our top story tonight, president biden releasing his first budget with a $6 trillion price tag, the most proposed spending since world war ii and does not include about $3 trillion in mandatory spending on social security and servicing the debt. the tax side of the budget also removes all tax breaks for the oil and natural gas industry as well as proposes an increased capital gains tax on anyone making more than a million dollars which would be retroactive. blake burman digging deeper or into the numbers at the white house. blake, what'd you find? >> reporter: good afternoon. over here at the white house, they believe president biden's economic vision is working which is part of the reason why they are calling for more spending. as we know, they've already proposed the american families plan and the american jobs plan which is a part of this budget.

that top line number, $6 trillion when you add in the federal revenues of about $4.1 trillion. that gives you a to projected deficit starting in october of $1.8 trillion. that would be 7378% -- 7.8% of gdp. the acting omb director saying, quote: the decades-long global trend of declining interest rates even as publicly-held debt has increased gives us the fiscal space to make necessary up-front investments. but the plan is projecting huge deficits. for example, over the course of the next five years, roughly $7.5 trillion and about $14.5 trillion over the course of a decade. here in washington republicans say that this is a no-go. for example, the senate minority leader, mitch mccome, saying, quote, now we know why the administration tried to bury their announcement on the friday before a holiday weekend.

edward? >> blake, you've been covering a lot of these big announcements at the white house. the timing of this, does it strike anything to you about when they released this? >> reporter: well, it is a friday afternoon before a three-i day weekend. there's normally the thinking here in washington that if you want to bury something into the weekend, that's kind of how you do it. not saying that's exactly what the white house wanted to do or intended to do in this case, but here we are on the friday afternoon -- [laughter] big announcement. no surprise for administrations, you know, past and present. but you gotta, you know, you've got to question the timing. edward: that's washington. blake, enjoy your weekend. joining me now to discuss this is representative lloyd smucker on the ways and means committee in the house there. and i wanted to ask you about this first. well, first, i wanted to show people this. the spending that we've seen proposed since president biden

took office 128 days ago, 128 days, all of this spending would add up to about 11.4 trillion. it's still a lot of money we're talking about. what's going to happen next year, and will this pass? you know, is this the definition of big government? >> so, first of all, the size of this package is unbelievable. it's breathtaking. we haven't seen anything like this in our life time. and then secondly, president biden and nancy pelosi are have lied to the american people about how they intend to pay for this massive spending. they talked about raising taxes only on the rich. we've said all along they would not be able to fund this by raising taxes in any way, but certainly not by those making, earning over $400,000. this budget shows that they were lying all along. this raises taxes on the middle

class. middle class will see less dollars in their pockets as a result of this budget. and the next thing it'll do, we're racing inflation. you just cannot simply spend money that we don't have, print money without it impacting inflation. so whether you go to the grocery store today or you go to gas station, you can already see the effects of inflation, and my fear is this will be here for some years to come. edward: and that's a tax too. house minority leader kevin mccarthy says government spending levels like this are seen in communist countries. how do we afford all of thissen then? even this year and into the future in. >> well, this is $6 trillion in spending in one year. we will see over a trillion dollars added to the deficit -- to the debt each year, trillion dollar deficits each year with no end in sight. there isn't even an attempt here to balance the budget. someone will need to pay for this at some point, and it's

going to be on the backs of the middle class, backs of the american people with less dollars in their pockets as a result of paying more taxes, and it's going to feel like you have to work harder to make ends meet because you're going to be paying more for the goods you'll be buying. >> so the total budget in 2020 was $4.8 trillion, a lot more than that proposed in biden's budget. congress holds the pursestrings, obviously, so this is not likely to pass in the form that it is, right? >> yeah. i've lost track of the total amount of spending here. we just know how it ends when nations continue to overpromise and overspend. it doesn't end well. this shouldn't pass. no member of congress should pass this. i can tell you that republicans on the ways and means committee and on the budget committee in which i serve as well will be working to convince the american people that this is terrible for the country, it's terrible for the more than people. i think this budget -- the american people. i think this budget will scare the american people.

edward: you're from pennsylvania, and i know that energy was a bug part of the economy -- big part of the economy there. on the tax side, the president proposed to get rid of every single tax credit for the oil and natural gas industry the, trying to stop investment there. and he didn't campaign in your state on killing the fossil fuel industry. just want to get your take on this. >> this administration has turned out to be a farce. when they talked about bipartisanship, that didn't to occur. they talked about raising taxes only on the rich. that, apparently, is not going to occur. the impact on oil and gas has been massive. we're seeing thousands of jobs lost as a result of this, and we're going to see jobs start to go overseas as a result of the higher tax, the corporate tax rate and the higher tax on businesses that they're proposing. edward: so how about the timing of all of this? it's an eye-popping number on friday before memorial day weekend when people have probably already left work or town, what do you think about the timing?

>> i think it tells you a lot about how they feel about the budget. leader mcconnell was exactly right. you know, you want to bury something, you don't really like it, you're not confident, you do it on a friday afternoon before a holiday. that's exactly a what we're seeing here. i'm not sure they even like this plan. edward: so what happens next? there's, what, suggestion democrats that, if -- suggestion democrats, if they defect, that's it? do you think you're going to see defections in the house, or is there going to be more work that needs to be done on the republican side to stop this? >> well, i can tell you republicans are going to be fighting tooth and nail to defeat this budget. we hope that some democrats will join us in insuring that this does not pass. this will not be good for the american people, it should not see the light of i day. edward: representative lloyd smucker, this is an issue that we will continue to follow. thank you. >> thank you. edward: pack your patience as tens of millions of people expected to travel this holiday

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memorial day weekend, a stark dumps from a year ago. mask mandates are coming down, people are starting to gather, but are the workers coming back? aaa estimates 37 million people will be traveling this weekend, so let's go to grady trimble at chicago's o'hare airport where mask mandates are coming down, but you still have to wear a mask while you're traveling. >> reporter: yeah, kind of an odd situation, edward. 2.5 million of those 37 million will take a plane. a lot of the people i've talked to say pretty much feels like everything's back to normal here and all across the country except for the masks, of course. and our fare and hotel prices -- airfare and hotel prices are getting closer to pre-pandemic levels, ticket prices up 12% according to travel booking app hopper. that's expected to increase another 4% and peak in late june heading into the next holiday, the fourth of july. but the travelers we've talked to, they say these higher prices and having to wear a mask on the

plane, that doesn't bother us, we are just happy to be flying again. >> so we were looking in california, we were looking in arizona, we were looking in florida for this weekend. and just go to the naples area, and actually the hotels are less expensive in cancun than they are anywhere in the united states. >> going into the memorial day weekend i knew it would be busy, but i didn't realize it would be quite this busy. >> reporter: and the altercation where a passenger was seen repeatedly hitting a southwest flight attendant, that was the latest over the mask rumors in the skies. requirements in the skies. the faa is seeing a massive spike in unruly and dangerous passengers. 2500 reports since the beginning of the year, the vast majority of those related to mask compliance xmasing wearing. -- and mask wearing. the faa says since the beginning of the year or, actually, since the beginning of this month alone they fined a lot of people anywhere from 9,000 to $52,000 for being unruly on flights. so we hope people remain calm so

we can all get where we're going this memorial day weekend. edward: exactly. you get a lot of people in a small space, tempers flare, it gets hot nowadays, so i hear ya. grady trimble, appreciate it. catch a flight. [laughter] recent reports of labor shortages, employers fighting to lure workers back as this memorial day weekend is coming. small businesses with big crowds. so here's joe concha, fox business contributor. joe, i wanted to ask you, this weekend is sort of a coronavirus coming-out if party showing that the u.s. is finally open for business, right? >> right, exactly. and i spoke to several jersey shore -- i'm in new jersey, edward and used to go to the jersey shore quite up, know a couple of business owners down there, and they can't fill positions that they used to actually have to turn people away for because when you look at the numbers here, right? in north dakota, for example, you get paid $37,000 a year in

unemployment benefits without working. new jersey, about the same number. washington state, $41,000. so if you could make more money sitting at home watching captain kangaroo on your couch all day and not working as opposed to going to a job where you're culling yourself maybe as a withouter, a busboy or some other -- waiter a busboy or something else, why would you work? to your point, there's going to be a lot of revenge spending, people that have been cooped up for 14 months, they want to get out, get away. jersey shore once again, try to find a rental on a place called long beach island, they've been gone since march, it's almost impossible. at the same time, a lot of people have saved money as well because they haven't been able to go anywhere, so they're more willing to say let's just go for it. money is no object. again, a lot of places you go to, you're not going to see the same kind of staffing you did two years ago. edward: right. and they also have their government still wills checks -- stimulus checks, and businesses

node to staff up for this. that trouble they're having, how do you get over the hump? mcdonald's offering $50 in some places just of to have people come in for an application, and no one showed up. >> isn't that amazing, right? just fill out the application, you don't even have to work. even that's too much effort. i think that goes back to maybe a generational thing where perhaps we're dealing with more folks that are used to being, they're used to getting stuff for free, so, you know, why am i even going to bother with that. i'll share one story, a close friend of mine went to a restaurant recently, and he said that it was one of the worst experiences of his life that you couldn't find a waiter for 40 minutes because the problem is now we're going back to full capacity, but we don't have a full capacity of staff in order to accommodate all these people. so while these restaurants respect having any problems filling the reservations, they are having a problem serving these people, and it's leading to a lot of bad experiences. edward: yeah, quickly listen to

this comment from jamie dimon. >> okay. >> unemployment insurance including the fact that schools haven't reopened up, including the fact that people have a lot of money and don't particularly feel like going back to work. edward: now, the administration's been making the case the fear of covid is why they aren't going back, but it's really that unemployment check, isn't it? >> fear of covid, boy -- [laughter] yeah, that's a good one. yeah, look, what was the jobs expectation as far as the jobs report at the beginning of this month, edward? it was a million yours jobs were going to be added and only 266,000. we've never seen a miss like that before. the administration can make all the excuses they want that people are afraid to leave their homes and work because of covid, no. it's because they're getting paid more not to do anything than to actually contribute to the work force ors to society, and it's it's not going to end anytime soon because some unemployment benefits aren't going to end until september

6th, after the summer. of it's going to be an interesting time, i have a feeling you're going to be stories about confrontation between management if, waiters and people trying to eat, that's for sure. ed: and some states offering incentives to get folks back to work, incentives to get off of the unemployment insurance. anyway, thank you, joe concha. >> you're working on a holiday weekend, that should be an inspiration for everybody. [laughter] edward: holding china accountable, bipartisan members of the house of representatives introducing bills to address the origins of the coronavirus allowing victims' families to possibly sue china. you'll want to hear this next. ♪♪ oh, i've traveled all over the country. talking about saving with geico. but that's the important bit, innit? showing up, saying “hello! fancy a nice chat?” then we talk like two old friends about sticky buns and all the savings you could get by bundling your home and car insurance.

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its role in the pandemic. fox's rich edson is at the state department. this is a big hill to climb to hold china accountable. >> reporter: yeah, it really is, edward. one of them would allow the families of covid victims to sue the chinese government for damages. the other would be an effort that would create a 9/11-style commission to look at the origins of the pandemic and also look at the u.s. response to the pandemic in the early days. and still there are more congressmen who are calling for the united states to push for an overhaul of the world health organization. >> the w.h.o. was complicit in this, and, you know, we need our world health organization back as well. and i think this administration could gain a lot of favor by pushing for that, by pushing to hold the w.h.o. accountable and not be in the pocket of china. >> reporter: some analysts say the administration should use its financial leverage to force an overhaul of the w.h.o. where the united states is responsible for one-fifth of that health

agency's budget. the administration is pushing the w.h.o. to continue to investigate the origins of the pandemic whether it came from nature or the wuhan institute of virology, a research lab where officials say scientists came down with covid-like symptoms in november of 2019. china's government is withholding information, denying access to facilities and insisting any further investigation focus on american research labs. it's unclear how the administration plans to compel changes to the w.h.o. or cooperation from china's government. now, the white house said the president has tasked the u.s. intelligence agency to continue looking into the origins and wants a report back in the 90 days. edward: we'll see what happens in 90 days. rich edson, thank you. from the state department, appreciate it. so here now, mercedes. schlapp, former white house strategic communications director. mercedes, thank you for being here. former president trump made it a point to call out china for the

bad things this were doing and try and correct that. the biden administration has been more of a whimper up til now. the white house ended the state department investigation, now backtracking as more information is coming the light about how it possibly started with the lab in wuhan. so where are these bills going to go, and is this administration really going to hold their feet to the fire? >> well, i thought it was actually interesting that this week we saw the senate unanimously approve the insuring that we can declassify the excellence on the covid origins. you're talking about both democrats and republicans uniting, which as we know in washington, d.c. these days, that doesn't happen too often. but i do think that the fact, is that biden had to basically do a double take here. he tried to stop the investigation and now restarting an investigation where basically he's looking to get a report in

90 days which it seems to me that there's something more, more information out there that the american people are not aware about, about how covid did originate. and that is the question that the more than people and the world deserves to know. edward: and we're seeing china now trying to hut down these investigations, not offering to cooperate anymore. so how should the biden administration be thug of china given -- thinking of china given all that's happened? >> look, i think china views president biden as a weak president. i think that's why you're seeing them become more aggressive in terms of their positioning in the south china sea in addition to the fact that they're eyeing taiwan as well and what aggressive behaviors they're going to talk towards taiwan. take towards taiwan. so they're obviously going to do whatever they can to cover up and not provide any transparency or accountability to what's happening in the wuhan lab and

in china. finish i have a bigger question here, which is why is the nih giving $600,000 grant to the wuhan institute of virology when we know -- and they literally used, fauci uses this language of respectable chinese scientists? we should not be cooperating with the chinese. we know that their goal is a biological warfare that they want to take on, and the mere fact is what we need right now is a strong position not only here in the united states, but with our allies to demand answers from the chinese communist government. edward: you're talking about that strong position, you know, it seems that china's slow-walking a lot of this going towards the administration, they're slow-walking with the phase one trade deal, they're slow-walking with this investigation here. you know, how do you take them on then if you're president biden now? we saw president trump sort of lay out a framework, right?

>> yeah. i mean, look, it's two very different style of presidency, presidents here. when i worked with president trump and we were conducting very strong negotiations with china's especially on the issue of trade where the president was unafraid of putting tariffs on china despite the fact that even members of his own party didn't agree with him. but it was to force the hand of china to make sure that we had free and reciprocal trade. and we saw that china responded with, to the fact that they knew that the u.s. was in a stronger position. you look at president biden, and it's the reverse. you know, they are very -- we got, obviously, it was several months ago when it was a state department official that got lectured by the chinese government -- edward: right, in alaska. >> it was embarrassing. it was absolutely embarrassing. so, look, i think that president biden needs to stand strong with our senators and in congress in general to not only declassify

the intelligence information, but demand answers and get to the bottom of where this covid virus came from. so that's going to, you know, or we are going to get pushback, but it's not only going to be the u.s. we're going to require the need and the help of our allies to push china into a position where we either look at sanctions or stronger measures to basically make sure china pays the price. edward: yeah. and that's exactly what china does, they push and push to see what they can get away with, and then they keep going and cross that line. mercedes schlapp, thank you. enjoy your memorial day weekend. >> thank you, you too. edward: yeah. released military footage may prove, get this, the existence of ufos. the truth is out there. ♪ ♪ (naj) at fisher investments, our clients know we have their backs.

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♪♪ edward: a new video of a possible close encounter. the footage of a radar seen by sailors aboard the uss omaha back in 2019 shows as many as 4 ufos swarming the ship off the coast of san diego. nick, 14 ufos, what do you think about these images? >> well, i don't know for sure what we're looking at, but it's nothing short of sensational. anding extremely concerning. here we have u.s. military assets being swarmed by something unknown. this is automatically a defense and national security, i would go almost so far as to say it's an act of war.

edward: well, you ran a ufo project for the brush government back in the '90s -- british government, so as early as next week we could see a report given to congress about ufos. is there something that's coming out of that report that will stun the nation, do you think? >> well, i'm hearing lots of rumors, including the fact that there are factions within the u.s. government on this, just as you see in wider society there are skeptics and believers, but i am being told that some people within the u.s. government seriously think that might be extraterrestrial, are saying this is a potential threat given how close they get to some of the u.s. strategic assets, and we need answers. and hopefully we'll get them, but of course, the report's going to be unclassified. it can have a classified annex, so all the really interesting material may still be withheld. we don't know yet. edward: interesting. is this like opening up the

"x-files", waiting for scully and molder to release the report? do ufos really exist? [audio difficulty] >> -- radar data, all these leaks coming out, by the way, have been authenticated by the pentagon. they say, yeah, this is actual authentic united states navy footage, so something is going on in our our space, and that's why, of course, the senate intelligence committee, the armed services committee are demanding answers from director of national intelligence. and people should think of this report as a full intelligence assessment of the phenomena. some people think it's secret prototype aircraft, missiles or drones. other people seriously think it might be extraterrestrial. edward: nick, thank you very much for the insight here. it'll be very interesting, regardless of what happens. i appreciate that, thank you.

so now back to our top story. joining me now is grover nor from americans for tax reform. -- norquist. the plan raises the capital gains tax to 43.4% on people making a million dollars or more. it'll be retroactive in the proposal. treasury officials tell me that the tax changes will bring $2.4 trillion in the additional revenue over ten years, but that's nowhere near the $6 trillion budget that the president wants to spend, right? >> well, actually, they're going to is can for $3.6 trillion in higher taxes. they get the 2.4 by saying we're going to give a bunch of favorite people tax credits to buy electric cars. see? we've cut taxes, it's just spending. so there's an awful lot of -- it's going to be $3.6 trillion in higher taxes, and then you're going to see a bunch of spending called tax credits to give to favorite people and higher income people particularly to

buy electric cars and things like that. edward: unbelievable. in the $6 trillion budget, there's a 6% jump in -- 16% jump in the domestic agenda but only a 1.6% bump in military spending. and this doesn't include the $3 trillion in mandatory spending for entitlements like social security and the debt service. so can the president really pledge not to raise taxes on anyone making $400,000 a year or less? >> he has broken that pledge many times over. he is going to raise the corporate rate to higher than china's and higher than europe's. and that, of course, raises everybody's utility bills because you adults take their federal taxes -- utilities take their federal taxes and pass them on to consumers. they do so by law. when republicans cut the corporate income tax, that lower tax gave people lower utilities. so your utility bills are going to go up courtesy of biden's corporate income taxes, and he looks you in the eye and says, oh, corporations pay that.

no, you pay that. you pay it in lower wages, in fewer jobs, you pay it in higher utility bills. this is a tax that's right dead set damaging middle income americans and small businesses in particular. edward: so with the last 30, 45 seconds, i want the change subjects just a little bit. the tax plan would not allow the capital gains to defer when someone passes to make sure that their kids get a farm or a business. what effect would this on generations going -- this have on generations going forward? >> this is called the stepped-up basis. it's not a loophole, it's been law for a hundred years. he wants to take that question. the democrat -- take that away. the democrats took that away in 1976, it was such a bad idea, they restored it in 1980. so this is a dumb idea, and the democrats know it, and they know it didn't work just a few years ago, and they're putting it back in because then they can pretend they're going to raise a bunch of revenue that, frankly, they

won't gain from the capital gains tax. edward: and it would impact farmers too where the farm has appreciated over time to over a million dollars. grover norquist, i appreciate it. we're going to follow this. thank you. so next, the largest crowd in north carolina gathering in one place for the first time since the pandemic began. we'll talk with a star driver coming up. ♪ ♪ how great is it that we get to tell everybody how liberty mutual customizes your car insurance so you only pay for what you need? i mean it... uh-oh, sorry... oh... what? i'm an emu! no, buddy! only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪ ♪♪ ♪♪ ♪♪ ow!

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remember everyone that has paid the ultimate sacrifice for our freedom. i've said it a lot this week going into the event that our freedom is not free, and there's so many people that have paid such a huge price and gave up their life like the military member that i'm representing, michael monosour. he jumped on a grenade in operation iraqi freedom to save his comrades in battle. so many men and women just like michael of that have paid the ultimate sacrifice. edward: and you were born ating lin air force -- at eglin air force base, so it must touch your heart. >> yeah, it's such an honor, it really is such an honor to represent the men and women and michael in specific on my race car. he was a part of navy seals task unit 3 -- or sale team 3, task

unit bruiser, and his commander jocko, has a special relationship with the people at smithfield. so this whole opportunity calm together through that relationship -- came together through that relationship, and it's been an honor to have this opportunity to respect michael. edward: and he's a real hero. now let's turn to the race. last year there was no fans. this year the restrictions were lifted about two years ago, and i'm hearing ticket sales are going like crazy. [laughter] what does that energy do for you as a driver? >> well, like you said, it creates an energy. it's been a year now that we've been racing with no fans or very, very limited fans, and it's weird to go, you know, put on a race and put on an event and perform in front of nobody, you know? it's very awkward. so to have fans back and to feel that energy and that electricity of people cheering and booing and clapping and just excited,

you know? they're the excited to be here at the event and watching all of us knuckleheads go around the racetrack at 200 miles an hour, you know, beating and banging, it's really great. edward: yeah, turn thing left. for the first time fan zones are back on a huge scale. this is where the companies sponsor areas where fans can come in and try changing tires, they can sit behind a virtual race car, behind the wheel. is this race going to show america that sort of, you know, you can come out of your house, it's okay, and nascar's sort of leading the way? >> i hope so. you know, it's certainly an opportunity for us in our sport to, you know, get back to normal finally after what seems to be a long time of, you know, operating in a very limited capacity. so so, you know, to have this opportunity, we were the first sport to get back to, back in action last year in may, and now

it seems like we're one of the first sports to get back to, you know, having crowds, having fan interaction and, you know, getting back to normal like we knew it. edward: so full disclosure, i talked with dale earnhardt when i was arrive, and i've interviewed dale jr. many times. one of the pieces of advice that stuck with me, and i'm going to share with you, rubbing's racing. [laughter] are you going to win sunday? >> that's the plan. we show up every weekend planning on winning. we with won to start off the season in daytona in the duel races, and ever since then it's been a little bit of a struggle for us. we're grinding it out and hoping that our season turns around and doing it here at the 600-mile race at charlotte would be the way to do it. edward: we're pulling for you and michael stanley, appreciate your time. >> thank you so much. edward: so it's fleet week in

new york city. the annual event is virtual for the second year, but one major event is happening in times square today. we're going to go to bryan llenas on the scene. what's going on, bryan? >> reporter: good evening. fleet week has been around since 1984, a chance for the public to meet our military servicemen and women and to better understand what it is that they do. but this year for the second year in a row because of covid-19 fleet week is all virtual. that did not stop for an in-person enlistment ceremony to take place here in the hart of times square. 25 men and women enlisting to become u.s. marines and u.s. navy sailors. we poke to rear admiral chip -- spoke to rear admiral chip rock about the moment. >> just a tremendous sense of pride for a couple reasons. one, it's memorial day weekend, and the commitment these young men and women have made to our navy and marine corps is just tremendous. i think even more because of that. and second, this is a great place to join our military.

what an amazing city. thank you for that. >> reporter: and as i mentioned, this is a virtual fleet week, but that doesn't mean you can't participate. more people can participate in virtual tours of our submarines and aircraft carriers, ride along with our fighter pilots as well on line. all you have to do is go to fleet week new york on facebook or go to twitter and instagram on fleet week nyc, and you can see all of the ceremonies and interviews all around the world with our military men and women as we honor them this memorial day weekend. and fox is taking part in this, actually. we are working with the united service organizations giving out food to our servicemen if women helping at the vaccination spots throughout the tristate area. enjoy your memorial day weekend and, of course, remember and honor those who gave the ultimate sacrifice for your nation. edward? edward: yeah, thanks, bryan. for the first time in 20 years, one of the california wine companies is going public. there's something special about this one you don't want9 to miss. ♪ muck

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edward: yeah, the video quickly went viral sparking theories ranging from its being a megalodon, the largest species of shark that ever loved, to a basking shark which is huge but harmless. that is a big shark. we're going to need a bigger boat. [laughter] now, one doesn't have to do with the other. wine country goes to wall street. vintage wine is getting ready to go public in a $690 million ipo. here now is the vintage wine estates president who will become the first woman the make history, take a multihundred million dollar u.s. wine producer public. so this is $169 million in an ipo in a merger agreement with capital acquisition corp., so why take the time to do this move right now? >> well, you know, thank you for having me today. i want to say it's a really special day for us today because we today have -- had a

successful shareholder vote, so we will close the deal on june 7th, and we'll trade on june 8th. so exciting day for us. but also really exciting to go public right now in unprecedented times. you know, with the pandemic and a lot of -- some of our winery neighbors, friends and neighbors, actually, struggling during the pandemic with tasting rooms closed, the business really shut down across the country, it's allowed for a really great opportunity for us to acquire. so we've done 20 acquisitions in the last ten years, and we hope to do that many more in the years to come. edward: wow. so will the upo, this windfall, that's going to allow you to make those acquisitions. do you expect any before the end of this year, looking next year? >> well, as soon as this deal closes on june 8th we will be, we have a lot in our sight

lines. we have several opportunities in front of us, and you would say right now in our business plan we only put very conservatively we put one acquisition in our business plan. we've historically done 2-3 a year. that is our hope, to continue to do that, and we do have some real great opportunities that we see out in front of us. edward: wow. so what did the covid shutdown do to. wine sales? >> well, for us in the big retail stores, in the grocery business it really step thed up. stepped up. but in the tasting rooms, our tasting rooms were shut down, and that was a major hit because tasting rooms is really when we welcome in and get more of the wine club membership. so that was a struggle. but our business actually grew indirect to consumer. that 30% of our net revenue was done in a really important direct to consumer channel. but we were able to mine our 850,000-person e-mail list, we were able to expand our cameron

hughes brand which we believe is one of the largest digital digitally-native brands, we sell wine through the qvc channel, that really exploded, and our personalized label business, windsor vineyard, that again took off. so we grew unlike other folks in the cavalry that their business declined. edward: right. so -- >> we really look forward to welcoming people back into our tasting rooms. our reservations are up, people are coming back. people are anxious to get out of their house -- edward: terry, in the last 30 seconds, we're running up against a hard break here, what tips do you have for the average wine taster,some somebody that doesn't know a lot about wines? last 30 seconds. >> well, you know what? i would start in that really kind of that $10 retail bottle to $15 and discover, explore.

go to your big retail store, look online, go to direct to consumer. wines now will ship right to your home. it's time to experiment and really that opportunity and that 10-20 -- edward: terry, i really appreciate it. show's ending whether i like it or not. i appreciate it. thank you very much. that does it for us on "fox business >> happy we can do all, welcome to the program that analyzes the week that was the week ahead. i'm maria bartiromo appeared we are seeing a strong new signs of economic growth and i will be asking mark where he is investing coming out. i will also be. mara: senator rand paul and his wife, kelly paul. they are speaking out against twitter after receiving a violent threat in the mail this past week. the role they