stuart: 195, the soviet union back in those days. it launched the dog on board of sputnik. do you know what the dog's name was, ash? >> fido. stuart: no. it was lika. cool pet there right there. ashley, you're all right. thanks for joining us. neil, it's yours. neil: thank you very much for that, stuart. we are looking at the same thing you are, my friend. markets what a tepid response to the big election results here, but having a shattering effect in washington right now. even though officially democrats say it won't change our policy what legislation will goes forward or rein figures back, the fact of the matter it was a political earthquake. as stuart pointed out the closeness of the contest of the bluest of blue states in new jersey just reminder how

crazy things have gotten for democrats. connell mcshane in virginia with the big win for republicans last night. alexis mcadams following things in jersey city, new jersey, with still officially unresolved gubernatorial battle there. we begin with connell in virginia. connell. reporter: hey there, neil. no republican run statewide in this state in 12 years but last night proved to be huge for the party. not only the governor's race which we've been talking so much about, of course, but republicans at this point appear poised to take control of the house of delegates in virginia. it is very, very close. they appear poised to win the race for attorney general and the race for lieutenant governor winsom sears would be the first woman of color to be elected in virginia. former marine. emigrated to the united states from jamaica. five of the last 10 lieutenant

governors gone on eventually to be the next governor. glenn youngkin, former ceo at the carlyle group. he ran a campaign that seemed to resonate with the voters here, especially on the issue of education. here he is. >> we're going to press forward with a curriculum that includes listening to parents input a curriculum that allows our children to run as fast as they can, teaching them how to think, enabling their dreams to soar. reporter: among virginia voters who picked education to be their top issue, youngkin just dominated, 71% of the vote on an issue traditionally is a strong one for the democrats. this time though that message from youngkin it seemed catch on. he was promising over and over again on the campaign trail to give parents more of a say in how their children learn and how their children are taught.

terry mcauliffe, the former governor, he came up short here. really failed to excite the democratic base. he did win on some issues. coronavirus would be one but underperformed when it came not only to education as we mentioned but the economy as well. mcauliffe spent a lot of time trying to tie youngkin to former president donald trump. the strategy simply did not work. you know pretty much all the trump supporters went for youngkin. they were on his side but he also picked up a number of republican-leaning voters who did not necessarily support president trump in last year's election where joe biden won by 10 points. quite a night for glenn youngkin and republicans in general here in virginia. neil? neil: great coverage, connell. i appreciate that. we all do. connell mcshane following those developments. go to new jersey, as soon as alexis mcadams started with us, we had her hit the ground running what was supposed to be an easy walk for governor phil murphy, right now the race as tight as a tick and pushily

unresolved. alexis is in jersey city right now. where does this thing stand, alexis? reporter: neil as you said people didn't expect the governor's race for new jersey, it's a nail-biter. people talk to, voters in new jersey can't believe how tight it is. ballots rolling in. we're getting most of the numbers. voters telling us the main issue drove them to the poll, taxes and response to the covid-19 pandemic. democratic governor phil murphy for the second term here in new jersey has long been considered the favorite really. this morning he is ahead of republican challenger jack ciattarelli. he is a running as a moderate republican. he lost the slight lead he had this morning. estimated 88% of votes have been counted. the remaining votes are expected to favor the democrat in the solid blue state. ciattarelli tried to paint murphy as being completely out of touch with the average voter.

murphy holding the lead early in the night but as the votes trickled in the race was too close to call. >> our mission has been simple, build a state where every child, gender, creed or sim code has the opportunity to live out their hopes and achieve their american dream. these are the values we put to work. reporter: register democrats out number registered republicans in new jersey by more than a million but the race still too close to call. the associated press this morning estimating there are as many as 175,000 ballots that still need to be counted here. ciattarelli remains pretty optimistic. >> we got to have time to make sure that every legal vote is counted and i'm confident, i'm confident, that when they are i can stand before you and not say we're winning, i can stand before you and say we've won. reporter: still waiting for those result this morning but as

we talked to the candidates out on the campaign trail neil, they really had a lot of excitement they could feel and use that as momentum in this election. here in new jersey there is no automatic recount but either side can ask for one. it has been more than 40 years since a democratic governor has been reelected in new jersey. we'll have to wait to see how the results roll in exactly what plays out this year. neil? neil: i remember that. it was brendan burn in 1977. great stuff. thank you very much, alexis mcadams following all of the developments right now. as far as this changes anyone's posture on capitol hill there is a lot of confusion whether it should. among moderates there is certainly conviction growing that progressives caused this debacle yesterday and they got to rein in their spending. that is not exactly following on accepting ears including those of the speaker of the house. let's get the latest right now from hillary vaughn on what we can expect post this drubbing for dems as they like to say.

hillary. reporter: hi, neil. some moderate democrats in congress are waking up today hoping what happened in virginia is a wake-up call for those wrestling within their party for a push towards more and more progressive policies. >> i think it should be a call to all of us to be more attentive to the people back home. people have concerns. people are concerned, very much so. for us to go down a path we've been going trying to accelerate it, it has been slowed down. i think we need to take our time to do it right. reporter: but democrats aren't backpedaling. they're going full throttle, speaker pelosi announced paid leave is going back in the build back better bill despite opposition from some moderates like senator joe manchin who don't want to put it in. progressive caucus chair pramila jayapal she does not think

progressives stalling biden's agenda, holding infrastructure package hostage that democrats did not have much to campaign on. some senate democrats told us last night democrats need to double down to deliver on biden's massive expansion of social programs. >> i need results that i can show the american people that congress can deliver. >> but is it results voters want? if progressive poll skis are so popular why did they elect a republican governor? >> not about progressive or conservative labels. it is about what people can see with their own eyes. >> even as we're as you say, arguing over the provisions of the build back better what are the republicans doing? nothing. zero, zip, effing nothing. reporter: neil, republicans worked with democrats to pass a bipartisan infrastructure package in the senate that is not being passed by the house

and it is important to note that democrats control both chambers of congress and also the white house. it is up to democrats to push the agenda through and deliver. neil: you raise an excellent point, hillary. easyeasy to play the would today would something they could have taken to voters look what we got done. it's a moot point now but it is interesting? reporter: exactly. i think it definitely would have shown that congress can work and function at the very least and that president biden is a deal-maker that he can unite america and that means working across the aisle uniting both parties. that is really what the bipartisan infrastructure bill could have shown but again it is being held hostage.

neil: yeah. great stuff, hillary. thank you very much. hillary vaughn following these developments. we don't know, we'll never know, pointing out, sticking to the facts democrat controlled this agenda even though republicans were in support of that infrastructure only package, 19 of them, and it did have bipartisan support in the house. democrats were controlling linking the two and they might rue that day now because that could have been an easy win back then back in august. now it still hangs by a thread. so the fallout from these big developments, not only in virginia but in new jersey let's go to the former governor, former senator from that beautiful state of virginia george allen. kind enough to join us now. governor, very good to see you. >> it is great to see you and it is a great day to be alive in virginia and it is wonderful to hear from the owners of the government, the voters who i

think, i know you're a business show but this is a vote of confidence in law officers and vote of confidence in parents being involved in their children and it's a vote of confidence of free people and free enterprise. i think the people of virginia said, government stop telling us what to do and start doing what you're supposed to do better and that is in education and high academic standards and training as well as making sure we have safe communities and glenn youngkin, as a business leader, wants to get virginia much more competitive. he brings up, i gave a lost speeches for him and was with him and jason his attorney general as well. virginia is lagging behind north carolina, tennessee, south carolina, georgia, florida, in job, population growth. glen like i did when i was governor said to the world, virginia is open for business. we'll have lower taxes,

reasonable regulations, affordable energy, good schools and safer communities. neil: you know, governor, donald trump has been weighing in on what went down in virginia. seems to be taking credit for it. he was on john fredericks radio show early on, saying, i hope i got this accurate, i heard virginia is blue but i never believed it was blue. without maga he would have, referring, to mr. youngkin he would have lost by 15 points, instead of giving us credit, they say oh he is more popular than trump but if maga would have delivered the votes, then maga would have delivered the votes for the former president last year, right? he lost the state by 10 points. so what do you think of his characterization that he is taking credit for this win? >> well, you know what? when a team wins there is folks who say gosh, i wore my lucky shirt or wore my lucky shoes or whatever for the game. vick trip has a lot of folks

taking credit for it and they say losses are an orphan. neil: that's good. >> this was a combined victory. neil: that is not the way he sees it though, governor, i understand where you're coming from. he is saying he is the reason that this is happening, without it wouldn't have happened. i wonder weigh in on that? >> the reason that, the reason why glenn youngkin, winsm sears and jason won, their ideas, their positive, constructive policies and solutions that resonate with beginnians, for people going to the gas station, going to the grocery store. who see their schools being unsafe in many areas, and teaching things that are not focused on academic excellence and also contrasting it to the democrat side. they're the reason they won. donald trump and his supporters were a factor, no question about it, they're part of the victory but the victory is also because of a lot of independent voters who voted majority of which

voted for the republican candidates and their ideas and there is also a lot of outreach. i was involved in it with filipino-americans, late latino americans and african-americans. look at the ticket. jason is the first child of a immigrant and history of virginia. sears first african-american woman elected statewide in virginia. this is a coalition. it is unity of people united behind the idea that free people and free enterprise ought to be controlling their own destiny rather than a bunch of nannies and vicious folks and condescending attitude that parents should not be involved in the education of their children. that is why parents matters, law enforcement matters, lower taxes matter rather than more taxes and higher electricity bills, higher fuel bills. every aspect of it.

not if we won it gigantically, won by a two point shot so to speak but still a majority of beginnians and a majority is a combination of republicans, independents, and a few sound of thinking democrats. neil: real quickly has the house of delegates swapped? i think it will take six crucial race. >> i think so. some are really, really six. i think we needed six. we got at least six that will be a new cadre of people and republicans will be in the majority in the house of delegates which will help governor youngkin get his agenda through. he ran a issue-based campaign. the issues he ran on, are not national issues, they are national, universal in many respects but they were focused on the issues and concerns and challenges facing the people of virginia. and he offered solutions to those challenges i think were

positive while the other side tried to make the whole campaign about donald trump, who was not on the ballot. glenn youngkin was talking about the president and future rather than relitigating the past. neil: i seem to remember that in your run for governor back in the early '90s. the same approach it worked for you. worked for him. governor, great seeing you. thank you very, very much. >> great to see you, neil. stay strong for freedom. neil: you too. governor george allen, former governor, former senator from virginia as well. the markets are betwixt, between on significance of all of this, they are running up on the notion earnings are driving all of this. coming off the highs, all major averages hit records yesterday. that continued for a few of them now foresix days running. the fact of the matter some give-back is in order. what does it mean on capitol hill? the way some investors are

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neil: all right. welcome back, everybody. we're keeping a close eye on the fallout from yesterday's twin stunning developments in virginia where the governorship goes republican and in new jersey where we're still not sure whether the governorship will stay democrat. let's get the latest from chad pergram how it is changing thinking right now on capitol hill if at all. chad. reporter: good afternoon, neil. house speaker nancy pelosi says the election results don't alter the democratic agenda, the gop says bring it on. >> what does that tell every moderate democrat in their conference? what it tells them frankly joe biden has no coattails. it also tells them whatever we're doing up here is so unpopular that the people of virginia, who literally are right across the river do not like it and do not want it. reporter: democrats are forging ahead on the infrastructure bill and the social spending bill but there is infighting between moderates and the left over the bills. republicans are nearly gearful.

>> they had seen this coming. if they move forward with the reconciliation, they are deaf on what the american public is expecting of them. reporter: fox is told the social spending bill is done. that bill must move alongside the infrastructure package. democrats from high-taxed states demand a reduction in s.a.l.t. democrats defend their agenda. >> polling i have seen is strongly suggests americans like what's in the build back better act. in fact they like it far more than that senate infrastructure bill if you compare the two. so we need to deliver this. we need to do some things that will start making a difference in peoples lives. reporter: democrats are now adding a family leave provision to the bill. joe manchin opposes that. pelosi is cryptic on timing. some thought the election may accelerate moving the bills but moderates still want a final price tag before voting. that could delay consideration in the house until the middle of

november. neil? neil: so progressives at least are doubling down on this. it sounds to me they're not yielding any ground? reporter: not yet. this is where there is this group of five moderates saying we have to have a cost here. again when you talk to joe manchin, his remarks this morning you could see them adding this family leave provision in the house, pulling the trigger, voting sometime in the next few days or maybe late next week, frankly. maybe the senate changing it, bouncing it back. this could delay consideration in the senate. the other wild card here is that you have house speaker nancy pelosi and others going to the climate summit in scotland. they're supposed to go next week. that might affect the timing here if democrats are not ready to vote just yet. neil: chad, thank you very much. my friend chad pergram, following all of that. steve daines, senate republican, key senate finance committee, natural resources committee. good to have you.

democrats are going full speed ahead with business as usual. continuing to craft a package that is probably not passing muster with joe manchin as things stand now. not. of a chance with you and republican colleagues but the infrastructure-only package did. that seems to be withering on the vine now. your thoughts? >> first of all, a big congratulations governor-elect glen youngkin, sweet wife suzanne, big win. something said about last night, the parents won last night, neil. we're parents of four children, two grandchildren. the parents won last night. freedom won last night t was resounding rejection of this far left agenda and the democrats on capitol hill continue to march forward towards socialism at their own peril. i can't believe how tone deaf they are after we saw last night a state that went for biden by 10 points a year ago, glenn youngkin, new governor. a republican sweep and the fact that the new jersey governor's

race is too close to call? that was a strong message. that is freedom wave. i call it a freedom tsunami swept on the shores last night. neil: i talked to a number of democrats, it was not an indictment against the spend being initiatives that democrats are trying to come up with on capitol hill and some progressives saying it is full speed ahead as i mentioned before with this package, whether they can corral in you know, senator manchin or krysten sinema they have to obviously but they're not changing or at least their public stance isn't changing? >> well maybe that is what the captain of the titanic said when he saw the iceberg, full speed heat. ahead. this ship is sinking, neil, it sunk last night in virginia and took on a lot of water in new jersey this is how tone deaf the left is. this is the problem they face. they're out of touch with everyday issues american people are facing today. rising gas prices.

rising grocery prices. inflation. instead they want to haunt of the hyperinflation bomb which is what it would be this massive spending bill plus massive tax hikes. that will only add more fuel to the inflation fire. why we must stop it. i hope they listen to what the folks in virginia had to say and new jersey last night. neil: senator, very quickly, if they blink on this and go ahead and vote for a infrastructure-only package before taking up anything else, last go round 19 republicans voted for it. would you, as you think many would this go-round? there would be a lot of republican support for that in the house? >> yeah. i voted against it and the reason is, first of all i support you know, regular infrastructure, roads, highways and bridges and airports and waterways but so much of that bill had nothing to do with real infrastructure. plus it wasn't paid for. adds to the debt. i'm concerned it is an enabler to more massive, reckless, tax-and-spending bill. the issue here the democrats are

in complete disarray. virginia was united last night in rejecting these policies. the democrats are in disarray. i think it will be very interesting if they can somehow put this back together again but they have got a real fight on their hands with the progressives which is unfortunately the center of gravity for the democrats. they have become the party of bernie sanders and nancy pelosi and chuck schumer and joe biden but the american people rejected that agenda last night resoundly. neil: all right. you will be sudden to hear they didn't feel the same way. the battle goes on. senator, thank you so much for joining us here. we'll give you an update in new jersey. it is still divided by dozens of votes. we'll see how the count is going. update you on the sentiment sort of nationwide to lean to the right even in minneapolis where voters rejected fairly overwhelmingly this notion to replace the police department with an outside force.

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♪. neil: you know virginia, new jersey, got all the attention last night but there were big developments and referenda coming up on ballots across the country but probably more startling, you couldn't find outside of minneapolis where voters decided, you know what? this measure to replace the police, we're rejecting it, overwhelmingly so, 56% to 44%. garrett tenney in minneapolis with more on the fallout from that. garrett? reporter: neil, this was the first citywide election since the death of george floyd where minneapolis became ground zero for the defund the police movement but last night voters dealt that movement a blow by rejecting a proposal that would have gotten rid after minneapolis police department

and replace it with a new department of public safety. 56% of voters went against that including majority of voters in the black neighborhood which have been hard hit by near record level violent crime. voters sent a message to the city council. of the eight members up for re-election who supported dismantling the police as many as five could ultimately lose their seats to candidates who opposed measure. last nightmare jacob frey who also opposed effort and appears poised to win a second term talked about the referendum on police and where the city goes from here. >> we need deep and structural change to policing in america. and at the same time we need police officers to make sure that they are working directly with community to keep us safe. all of these things are true. reporter: these results also

highlight the divide in the democratic party between progressives and more traditional liberals when it comes to police reform and public safety. political experts say that divide could become a factor in next year's midterm elections. >> zemin minute, first of all for the future of the democratic party, how do conventional liberals feel with progressives? who prevails when they fight? second of all, what is the future of police reform and law and order in major american cities? the minneapolis vote says a lot about both those things. reporter: neil, almost universally, those we have spoken to who oppose this measure says there is no question police reform is needed, however, they want a clear plan of what that looks like and they want it to include police officers. they don't want to get rid of them. so this result from last night certainly gives democrats a lot lot to think about between now

and next year's midterms. neil? neil: thank you very much. garrett tenney following those developments in minneapolis. want to take you back to the guarden state, new jersey, with the close as a tick battle, ciattarelli campaign said it was historic night for new jersey, republicans picked up state and local county seats, right now our team is focused on making sure all the legal votes are counted and our citizens can have confidence in the system. so as close as it is, no one is either claiming victory or certainly defeat. let's get the read on all of this right now from the politics reporter for the "new jersey star ledger.." very good to have you back, matthew. the remaining votes i understand are in democratic strongholds. that would normally favor governor murphy. how do you see it playing out as

they continue tabulating these thousands of votes? >> right. neil, so as the dust is settling right now that is what everyone in new jersey is sort of talking about, that the idea is that this is going, the governor is going to win this by a squeaker but it is going to take a few days. vote by mail ballots, there are a bunch out still but they have until the 8th to be counted depending when they're postmarked. talking about next monday. then provisional ballots get counted after that, depending if somebody was set to receive a vote by mail ballot. they have to make sure they didn't already vote. provisional ballots, excuse me, counted. and then considering how close this is there is almost certainly going to be a court challenge by the ciattarelli campaign if that is how it pans out. new jersey doesn't have automatic recounts. the only way to challenge something this close is to go to the courts. i fully expect how close it is

that the ciattarelli campaign will do that. neil: do we know where the mail-in ballots are from? >> as you said they're in more democratic strongholds. that's why we have a lot of folks, even some republicans i spoke to today, saying okay, this could be a one point win for governor murphy. assure you know, we were talking about it last week, this is not what the public polling suggested at all. i can tell you just as late as 8:00, 9:00, 10:00 last night, from murphy's campaign, they were still optimistic. then things obviously took a, quite a slow and long turn well into the evening and early morning hours and here we are. neil: so if you, like i said, there is no automatic recount in new jersey but if someone is petitioning for a full count, in this kind of situation they would almost get, right, almost

an automatic request? >> it goes through the courts. it happened before. it hasn't happened in decades. it goes you there the courts. it would be county by county challenge, which is why this, this is, i don't expect, we could have a declared winner as early as next week from you know the associated press or anybody else but i don't expect this to end on monday, tuesday, wednesday. this is probably going to be a weeks long endeavor. neil: so, matthew, another quick question, i know that, you know, republicans picked up some seats in the assembly and the senate but not enough to flip party control, is that still the case? >> that is the case but, neil, this, this cannot be understated. one of, pick up probably eight seats in the assembly. probably going to pick up three seats in the state senate, but one of the seats they're picking up the longest serving state senate president, who can raise money at the snap of his finger. he is a very powerful lawmaker

in new jersey and it looks all but certain he lost his senate seat. what that shows is that folks, i mean these are folks tapped into local politics, always polling, this one got away from them. it can't be understated that senate loss. by the way, the man that lost this seat, or appears to lost this seat, lost it to somebody with no name i.d. and barely spent any money against him. it doesn't appear it was a referendum on the existing senate president. it was groundswell of republican voters that were getting out to the polls in a low turnout election where enthusiasm gap was just extremely clear. neil: that is a big deal. that is a very big deal. matthew, thank you very, very much. good picking your brain this last week or so i have a feeling we'll be revisiting that fine head of yours. matthew arco, the politics

reporter for the "new jersey star ledger." that is an interesting development, this substory tight as a tick state governor, changing some giants in the state. counties, for example, that new jersey governor phil murphy won four years ago flipped this time. at least four of them. so something to watch, something to sort of hint to the future of this bluest of blue states. keeping you updated on pfizer vaccine for ages five to 11. cdc approving it as well. implication for moms and dads everywhere after this. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship

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neil: all right, the add the cdc to the fda giving thumbs up for vaccine for kids as young as five years old. gerri willis, with more. that is a lot of kids in this country. >> 28 million, that's right, neil. cdc director rochelle walensky giving final okay for ages 5 to 11 for the pfizer vaccine. all eyes turn to parents whether they decide to inoculate their children. while some are reluctant, many in the twitterverse seem to be overwhelmingly positive. surgeon general jerome adams saying this. i agree with the cdc director, vax thumbs up for five years old. everything including oxygen and water has a risk and benefit in life. based on my review the ben out outweighs the risk to the five to 11-year-olds. we'll get our 11-year-old vaccinated. another parent weighing with similar sentiment. as a parent of kids previously too young to be vaccinated thank

you. all caps. note that. get the underfive crowd to be vaccinated too. all right, kaiser foundation family poll where obviously all participants are anonymous. it tells a different story. the study conducted on october 14th through the 24th found 30% of parents of kids 5 to 11 will definitely not vaccinate their kids. 5% will only do so if required. 33% are wait and see. we'll see if they follow the fda approval friday. technically these are emergency use authorizations only. cdc director rochelle walensky obviously approved this as well, expanding the use. two doses three weeks apart. containing 1/3 of the dosage of vaccine for people 12 years and older. the vaccines are generally safe and 94.7% effective. since the start of the pandemic there have been 1.9 million

cases of covid-19 among children in the age group five to 11. of those, 8300 were hospitalized and 94 children died. these stats were provided to the committee that advised walensky yesterday. some members of the advisory committee said it is less urgent to vaccinate healthy kids or previous coronavirus infection in light of potential risk where vaccine associated inflammation conditions including my myocarditis. some parents are worried that school districts will mandate the shots as new york city recently did, for people, kids who march in bands or if they're cheerleaders, already athletes have to get vaccinated. neil, i will say to you, so interesting how all of these stories, they're coming back to mom and dad today, aren't they? neil: yeah the pressure is on. the parent feels like do i, don't i? it is guilt thing all over again. so we'll see what happens.

gerri, thank you very, very much. gerri willis following these developments. i don't know with higher gas prices had anything to do with the election results we've seen in some of the prominent states virginia and new jersey but i do know that those prices are still going higher, maybe a lot higher. jeff flock all over that after this. flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

♪. neil: all right. if you thought that gas prices would ease up a little bit and be less of a hot political issue as they are an economic issue for so many you might want to think again, they're going stubbornly higher. a lot of folks say we have a tin cup out to opec and opec plus countries shows the odd situation we're in right now. jeff flock with more from new jersey with all of that. jeff. reporter: i don't imagine the high gas prices here in new jersey helped the incumbent. i just checked the numbers on the vote right now. i think there are about 100 or 200 votes apart, pretty crazy. $3.33 in cherry hill, new jersey. good news out of the energy department. apparently more oil in storage that had been anticipated. that means oil prices down two

and 3%. that is good long term, however that same report said less gasoline in storage than anticipated. we continue with the high prices. take a look at the national average right now. we're at $3.40. if you remember back to election time last year, we were at 2.12 as we elected a new president. that is up a dollar and a quarter or more a gallon. the positive news i would say, neil, is that the rate of increase has been slowed in the last several weeks. however, some states still experiencing a huge run-up from last month to this month. alabama, the biggest gainer, up 33-cents agallon, connecticut up 32 cents. d.c., arizona up more than 30 cents as well. you know, the president yesterday as you know, neil, at the climate summit the blame for oil prices is all about opec and russia not pumping enough. others would say it is all about the war on energy here in this country, specifically fossil

fuels. we will examine that this evening at 5:00 p.m. here on the fox business network. jackie deangelis with a special one hour look at the war on energy. neil. neil: all right. jeff, look forward to that, my friend. thank you very much. jeff in cherry hill, new jersey. inflation and more or less energy inflation one of the things that the federal reserve is looking at today as it wraps up a two-day meeting. what might we expect? nancy davis capital management founder and cio with us right now. nancy, how much of an impact is what is going on at the gas pump having on the fed and its thinking about an inflationary problem it once saw as only transitory? >> well gas prices, and energy prices are one hot topic right now but it is just a small piece of the puzzle because the reality is we're seeing higher prices across the board, whether it is higher labor costs with the massive amount of job

openings still coupled with high unemployment and also supply side shocks. so i think the real pickle for the fed is whether monetary tightening, whether it is tapering or fed rate hikes is actually going to normalize the price hikes we're seeing because in my opinion, they're mostly supply side shocks. so monetary policy might not be effective with their tightening measures to control these supply side shocks. neil: so what do you expect out of the fed and a little more than an hour? obviously will not telegraphing imminent rate hikes, but the tapering situation should come up. it was supposed to be a november event anyway. what do you expect? >> we do expect some clarification about the magnitude, the size, the tapering process. i think the question is whether the fed tries to separate between the two the hikes and

the, the tapering because we have had you know, in the last maybe two, three weeks, we had a massive shock to front and interest rates around the world. it is in canada, australia, europe. the u.s. markets, where truncated bonds have sold off. yields have gone higher. that is because so many rate hikes have been priced into expectations in yield curves. so right now over five hikes have been priced in before the end of 23. neil: wow. so they are obviously getting ready for something. at least that is what the market expects. nancy davis, we'll see what we hear out of jerome powell a little more than an hour. s&p is giving up some ground. nasdaq is up since it was record yesterday that is record right now stay with us you're watching

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>> all right virginia we won this state. i said long ago this is a different state. we are all sorry that tonight could not yet be the celebration that we wanted it to be. but as i said when every vote is

counted and every vote will be counted. we hope to have a celebration. >> i wanted to come here and tell you that we won. i'm here to tell you that we are winning. >> i wish i could give everyone of you a hug and kiss. >> chris, you give good hugs. last time you hugged me i was sore for a week. neil: in virginia and new jersey too close to call the gubernatorial battle but there are indications that democrats have lost seats in the assembly and the senate and virginia about six seats in the house of delegates which that proves true will switch control from democrat to republican in the governing body in virginia looks go to hillary vaughn were waiting to hear from a number of democrats, what we expect to hear out of republicans.

>> i just had a chance to talk to lindsey graham and as i discussed with you last hour democrats are not getting a wake-up call, they think they have not done enough to push the progressive agenda and that's why the results occurred but sending a grant told me that's the response from the democratic colleagues he said be my guest democrats are pushing forward with the liberal agenda they think that's going to be a big benefit heading to, kevin mccarthy he said the results in virginia show they have a roadmap to take back control of congress and he thinks the path to taking control of the house is even wider now. >> , that harris was in virginia five days ago. she was correct when she said what happened in virginia will determine what happened in 22 and 24.

what it tells you policy matters, who you listen to and what you fight for matters. they had this wake-up call. >> senate minority leader mitch mcconnell says he hopes that his leverage to get democrats to ditch their plan to show through major social reforms and programs was only democratic support. >> this is in large part a referendum on national issues. but it is not too late democrat should listen to the voters in. >> youngkin's victory is empowering national campaign committee announced today that they are adding 13 new seats and their targeting democrats that they hope that they can flip the seats in the house and add that to the roadmap to take back control of the house. the chairman of the nrc saying essentially different perspective is no democrats in

states in 2022. neil: it looks like the house gop conference, i'm having audio issues. let's go to the conference no. >> we learned that parents should be empowered to make decisions about their children's education, not the federal government. we learned america wants more jobs not government welfare and reckless spending creating inflation. americans want to fund their police departments, not defund them. americans want freedom not far left socialism. this is the message that united americans across the country from new jersey to new york to virginia to texas. if united americans behind republicans last night exactly what house republicans have been saying for months republicans of the party appearance, education, small businesses, freedom of

family. democrats of the party of big government socialism creating crisis after crisis. even after the losses nancy pelosi double down on her agenda yet again this morning. that is exactly why she is a lame duck speaker of the house. republicans have a better optimistic vision and we will continue to talk about the issues that matter to the iraqi people we will hear from a number of colleagues with a special guest of the virginia delegation. first i want to hand over to my colleague virginia fox was a ranking member committee on the workforce. >> thank you representatives the phonic. last nights victory proved the voices appearance matter, it proves that parents will not and cannot be silenced. education is at the forefront of voters minds because it matters. it matters what our kids learn

in school. it matters what books are in her school libraries. hit matters what kids believe about this country. most important matters what our kids believe they are capable of achieving. the left has tried to take education out of the hands of parents, local government and the state. for too long. this is our answer to the left's attempt to nationalize education. no, no to leftist indoctrination, noted critical race theory you know to identity politics. republicans believe in policy that united is not divided. we know the education is at its best when run locally and when parents have choice, that is what we're fighting for. no child should be denied the opportunity to fulfill his or her potential. it is past time to support

students focus education. virginia election proves school districts no longer have to count down to teachers unions. the days of powerful union is over. the parent and in willing to fight for their kids. it is a great day for the future of education. now i yield to rob who will speak on behalf of the virginia delegation. >> what a great day today for the outcome of the races in virginia i would appoint to my colleague morgan griffith, then climbed all part of an exciting evening yesterday, very historic. yesterday sent a message not just across the commonwealth of virginia but across the nation that it parents that matter in parents that should be in charge of the children's destiny in school systems. it is about small businesses and

empowering them to make sure that they can build the economic engine that we know that has been stifled. we know yesterday was empowering communities to work with police department staff the resources necessary to make our community safer. yesterday was historic with the first black female elected to statewide office and our new lieutenant governor, being the first latino statewide office in our attorney general. we have a jenness house of delegates. a new day that speaks volumes about empowering people, not government, putting things back into her local communities where they need to be and should be not in the hands of washington

or richmond this is a watershed moment that folks across the nation and say let's take her commonwealth back in virginia but other states will say the same. let's take our nation back and empower the people that we know are the owners of the government. the people crossed our great nation and yesterday across the great commonwealth. i would like to turn the floor over to my colleague tony gonzales from the great state of texas. >> lots of smiles on our side of the aisle today. it's a great day to be an american and it's a great day to be a texan. lastly all eight constitutional amendments passed in texas. the republican party slipped the seat that is predominantly hispanic and had been clipped in a very long time, what does that show, that shows that americans have had enough with the socialist policies, the biden socialist policies in particular the failed border amnesty proposal is dead on arrival. , it also showed people like rnc chairwoman ronna mcdaniel who invested in the hispanic outreach centers in san antonio make a difference in how we win

elections, we one for two reasons. americans have had enough of this administration. from the house to the white house, to people like jamie and frank who live in inner-city san antonio that go out and help candidates win at all different levels. we need more people the republican party needs more people if were going to take back the house. now i would like to turn over to my good friend julia from louisiana. >> thank you, congressman. as a single mom of two, former educator in a concerned american, education is a topic that is near and dear to my heart. it's no secret our nation faces tremendous challenge in education. during the pandemic this last year many joined our children and the virtual classrooms and found ourselves concerned with the curriculum we witness. the other side proposed solution

to nationalize the curriculum and push a one size fits all approach education has proven to fail time and time again and clearly not the answer. as republicans we believe that education is a true partnership between parents and the learning environment that works best for their children. we don't think the relationship between a family and educators needs to be adversarial. we want schools to work hand-in-hand with families, bringing new ideas and innovation to the table that will truly put our students first, the commonwealth of virginia spoke loudly and clearly last night and they agreed with us. i think the problems that we have with other side of the education proposal are indicative of the larger issues. the other side wants to shut parents out and have government do the job that simply does not work because these are our children not the government. parent should not have a curriculum forced on their children for fear indoctrination by federal agenda. instead they should be able to choose one that fits with their beliefs and their values.

thank you i would like to took turned over to republican whip steve scalise. >> thank you julia and for all my colleagues for being here. i first want to congratulate governor elect youngkin for running an impressive campaign. it was a campaign that was focus on optimism. it was focused on empowering parents to take back their state. to take back the ability to have control over the kids education from the very union bosses who were trying to keep kids out of school, who are trying to keep parents out of school board meetings, that government socialism was rejected overwhelmingly by the voters in virginia and also for government socialism was rejected in a number of other states. new york record numbers of republicans getting elected to school boards in parents getting

more engaged at the local level. concerned about critical race theory being rammed down their kids through trying to teach hatred of america. that is un-american and that was rejected last night. something else that was rejected last night was the democrats radical crazy defund the police movement. overwhelmingly rejected by voters in states like minnesota. it was encouraging to see people take the government back. that's what you saw last night. here in washington the same big government socialist were rejected in states like virginia are doubling down on their field policy. joe biden and nancy pelosi did not get the message from what happened last night. maybe more of their members will look in the mirror and say i don't want to be the next terry mcauliffe. if they keep voting for big government socialism they will go the same way is terry mcauliffe. if you look at a state like

virginia it was a d+ ten. that means a d+ ten state became in our plus two state that is a 12-point swing which means their districts all across the country represented by democrats in at least d+ five, six, seven, ten districts that have to look in the mere saying am i gonna keep voting for the big government socialism. they will have a reckoning it's time to work with republicans on solutions that address crisis and problems that families are facing. this majority led by speaker pelosi has not brought up a bill in over a month to address the crisis families like inflation and high gas prices in the

border crisis. their answer is to go the opposite direction. they want to tax people more so they can give a $450,000 checks the people who come here illegally. people are rejecting those radical ideas. i'll tell you as republicans are focus on the common sense agenda to get this country back on track and work with the parents who want to take their school back. our leader has led the charge to layout the bold vision meeting with parents and families, talking about an agenda that actually helps the hard-working families who are struggling under the weight of president biden in speaker pelosi's failed agenda, he was involved helping the youngkin campaign, our leader kevin mccarthy. >> at afternoon. what a night it was. it was a night just not about virginia, it was a night about america. have you heard from other members virginia, new jersey, new york, minneapolis, seattle,

texas, today is a wake-up call for washington democrats to abandon the partisanship, the extremist agenda of washington based programs that cost trillions of dollars that don't have programs that nobody even wants. we have warned speaker pelosi almost every day that she's been the majority this year. their policies were wrong and not wanted. she solid time and again. she watched school board meetings were parents would come and ask to have a say in their children and education. the answer was to pressure the attorney general and go after the parents. even if your child was raped in the bathroom. we watched people fearful for the rising cost of inflation. democrats answered to spend

trillions more. in making cost attacks on everyone. we watch the cameras as republicans went to the border many times led by tony gonzales and the fear of what was happening other new policies along the border. more than 1.4 million people. , more than 160 countries, people on the terrorist watchlist being caught and democrats continue to ignore. crime rising across america to the cities that ask to defund the police based upon democratic policy. this is in my home state not far

from nancy pelosi, our speaker's house, five walgreens closed because they could not stay open with the theft that continues to rise. what was the answer? more of the same, just last weekend they had a poll that talked about the biggest concerns that americans have who is best to leave us. when you look at governor elect youngkin he listened, he didn't bring past politicians in it, he listened to those in virginia it didn't matter if you were republican or democrat he did not take political consultants advice like terry mcauliffe, he took parents advice. his closing night he talked about reforming the dmv, regardless of what party and who you work if you live in virginia he will answer the phone and ask how he can help. it's the fundamental belief as americans that parents should have a say in their children's education they should know the curriculum and one thing we found time and time again democrats believe that not to be

true. when i came in today i expected maybe they would have a change of heart. but doubling down with a new promise to vote again on all the things that the election last night told him not to. when you think about it in virginia i republican governor was elected after 13 consecutive statewide losses to democrats. just a year ago president biden one by more than ten points. as you heard the new republican lieutenant governor. in new jersey democrats are underperforming even worse. by more than 15 points. it's not just in the governors race which many of you did not follow or cover. the senate democrat president lost to a republican who spent less than $200 on a campaign what i would take from that,

policy matters. in san antonio as tony talked about. it is not the first time we took a seat that was 73% hispanic and republican one, tony has led that charge. but a statehouse seat that is 73% carried by joe biden by 14 points flip to republican. in seattle, washington clear across the country, you heard that right and davidson a republican is winning a race for city attorney. how many nights has there been a riot in seattle, washington. she is poised to be the first woman in that role and republican and 32 years. all of those elections also something else happened last night. we grew our confidence one more were now 213, it only takes 218 to be a majority.

with mike carey winning in ohio. i don't believe these races are just about republicans but it's about failed policies that the democrats continue to push. i'm not sure what the speaker will do. i know were on break next week and she's off to another european trip that would make three in three months. if i was a democrat today, one thing i would sincerely know there is going to be a lot of retirement either before the election or in 370 days. if you do not change course, if you don't start listening to the public if you do not understand the policies you are pushing or making prices more expensive will be our most expensive thanksgiving ever, the gas in the price of gasoline is higher than we watched in seven years and the answer from your party

is begging opec to produce more instead of america solving their own problems. a border that is unsecured with no intention, trillions of dollars she want to push with no money to secure the border. in your education policy is to push the attorney general to investigate. if you didn't know that was failed by the polling, they did not know that was a problem by the calls of americans to your office you should've woken up after last night. it was not just in virginia. it was in new jersey, minneapolis, texas and seattle. the one thing i will tell you, republican we hear you. we know the places that we can improve and we make this promise to you we will soon unlock the parents bill of rights. it doesn't matter your wealth, the color of your skin, once you

have a child it is no longer what you become is the opportunity to your children will have. you have a right to know what's being taught in school, you have a right to participate. education is the great equalizer. we are all created equal and we will make sure we make that happen across this country. let's open it up for questions. [inaudible question] >> first, i guess i can't be surprised the morning doctor republicans win across the nation, the media wants to find a position.

i watch the republican party more united, more people join the race upon policy, policy matters. i think when you sell the last ten months, the policy of the democrats, these people were open to trying to find something much better. they had the experience under the republican majority and under president trump. i don't think after winning all these races that is the question that would come before us. [inaudible question] >> a second question about trauma. [inaudible question] >> have you ever ran for office? , your question is about trump after you just had an election where inflation is higher than we've ever had before. you have a president that got a pipeline with american jobs losing more than a million but allows to produce gluten with

one. student is bringing his own military to the border of ukraine. we watched this president change by executive orders, the border who were insecure, the security is gone. we watched parents come to school board meetings creating to have input, father getting arrested with his daughter was molested in a bathroom. we watched republican after republican, one who only spent $200 to take down a sitting president of the senate. this is about policy, this is about the united policy, this is not about position and i don't agree with your question to start out with. to me, if there is anything that the press should learn we should learn from terry mcauliffe. all he talked about was trump as well. >> you say policy matters.

[inaudible question] >> all politics are local but who is in washington defending the parents? who is in washington questioning the attorney general who is in washington asking him to resend going after the parents when we found out it was one letter from one organization, they actually apologized after that hearing. who has been in washington saint don't tip on the police, who has offered the legislation, it is local politics but were all elected locally so we bring the policies here because we listen to our constituents. there is a contrast between republicans and democrats. there is a difference of belief. i think that displayed pretty greatly in the election last

night. [inaudible question] >> i think education is always a top priority. one thing with the republican party would be the party of education. >> is that something we should learn -- [inaudible question] >> have you spent time with virginia fox or congresswoman ludlow, do you know what their life is like or what they experience this is the first time we fought about education this is not the first time about legislation about it. it is something we have worked a great deal on and i think it will only be highlighted based upon what happened last night. [inaudible question] >> that's a good question. if i was at a democratic conference today and you wanted to surely look at it from a political side of you. if you are a democrat to

president biden when your seat by 16 points, you're in a competitive race next year you are no longer safe. it's no longer will the competition of competitive seats be small. it'll be more than 70 democrats that will be competitive. there are many that will lose their races based on walking off the cliff from nancy pelosi pushing them. she may not care if she loses, she lost 63 the last time she was speaker and policy that the country did not care for many believe she will not stay around, will she be there to defend you, will you bring president biden with his policies to defend you? we bring the vice president, terry mcauliffe didn't look what happened to him. i don't believe that they can be helpful, but i do believe if they continue to push these policies it could be one of the biggest election losses for democrats. when she was speaker last time

losing 63 set a record but it could be more competitive this time last question. >> as we saw last night there was a massive wave republicans in new jersey and new york and virginia the last time we saw like new jersey in 2019. are we having conversations with the moderate democrats with the seats next year to come over especially the moderate democrats were in opposition to the reconciliation bill. >> i remember sitting in this room one time people laughed at me when i said democrats wanted to reregister. i believe the party is the big ten and everybody's welcome. jaffe and drew left the party in the majority enjoying the minority he did it when the history said release races and seats. he had a competitive race but he

did it because he said the party has left him. i think that discussion and annoyed had the discussion with a few members on the other side. don't be pushed to do something you do not believe. because the policies are wrong. you get reluctant right now but our party is open, we have other people joining us. thank you very much, have a good day. neil: you been listening to kevin mccarthy, if republicans take control of the house in the next midterm election it would be the next speaker of the house unless there were a surprising development here. i should also point out you had a great deal of discussion about the implications of the earthquake that happened in virginia and what's going on in new jersey right now. we have been so focused on the new jersey gubernatorial race, we should let you know that

remains no one conceding or know when taking credit right now. one of the things that cost us the fact that new jersey senate president stephen sweeney has lost a candidate, conservative truck driver who spent about $153 on the race. that is an amazing development in and of itself and it shows you a new jersey state legislature as things stand in the senate, it goes to 22 democrats 18 republicans, 25 democrats and 15 republicans. it's narrow considerably. we have no guarantees yet when all the ballots are counted that someone won't demand a recount, there is no automatic recount in new jersey but certainly given

the closeness of the race, whoever is on the short side of that stick will demand it. i was talking to a reporter in new jersey that said it's almost inevitable for a recount request that would not be denied. let's get to read on all of this right now and if you can just remind me who we have available right now. my list seems dated. andrew feldman the democratic strategists, strategies founder and principal susan crabtree of real clear politics white house correspondent ted harvey to defeat the president chairman, welcome to all of you, i apologize for my confusion, you get to a certain aid and trade age and it's a big deal. let me get your take first, on the implications of what happened in virginia with unfolding in new jersey, when you tackle the senate president,

the longest-serving public official in new jersey, that is a big deal, what do you make of it. >> you saw kevin mccarthy expecting confidence in pushing some democrats into retirement, nudging them ever so slightly. this was a huge win for common sense and all of the suburban swing voters who thought and get about for joe biden because i want moderation and return to normalcy, they woke up throughout this year end they thought that's not what they saw and now they see in inflation rising and gas prices rising and they're not sure what's going on in their schools, whether they're comfortable with it. what happened last night, the suburban voters put the brakes on the radical democratic policies. and now democrats i don't know if there really or experience in whiplash but they're in denial because the real clear politics

average polls when it comes to the wrong track right track has the wrong track with 62% in the right track with only 29% that tells you something is going wrong in this country and voters are waking up. >> andrew feldman looking at the democrats position. if you could advise them collectively let's say all the key players in washington many going full throttle with the plan spending package that is not altered progressives moderate to open it might but it doesn't look like that, it is still early what would you tell them. >> it's good to be with you it's been a while i would tell them it's time to deliver we have to get the two bills passed in tandem a bipartisan input structure bill and the bill back better act these bills have things in it that are

transformational from childcare to pre-k to a compromise that senator schumer announced yesterday on drug prices that will impact every single american across this country and the very popular we need to deliver for the american people and when we do that we will see results. i don't think this is about progressive policies i think this is about needing to deliver and not only talk about a vision that will move the country forward but actually deliver on the bold vision, we need to get our act together and pass these bills. neil: if republicans are voting in victory, if they can get the same stats that the democrats put them in this predicament how would you advise if they move

forward and allow the democrats to hang themselves with taking the advice that you just heard, pushed the radical leftist agenda that they have been pushing for the last ten months and let them double down and see how that works out and see the next election cycle use all repudiation, not just in virginia but across the united states and the more the democrats push the more you'll see common sense rise up lulu author the democrats out left and right just like they did last night. neil: you look at the history normally presidential or party pivots happen in a midterm year, no matter what's telegraphed in an off election year. the real pivot begins then. i suspect the magnitude of yesterday's development of the pit it might start now but i

might be wrong, what you see happening. >> is all nancy pelosi come out and double down on the bill back better plan. she is announcing today that they will add paid leave, four weeks of paid leave to the package we will see if that can be passed in the senate, will go through most likely with the house the progressive support. but manchin was saying no, hold on, i don't like how this is going, it's not scored by congressional budget office. i want to see how much this is going to cost. i believe there's a budget gimmick going on so he's stepping the brakes before tuesday night election results. we are going to see running cover for more moderates in the senate, he speaking for them and whether he has more support and growing against the bigger

reconciliation bill and stopping it in its tracks. we saw that with bill clinton triangulation, he stole the republicans ideas when he lost congress. and whether that plays out, whether we've seen more moderation, it will depend on how whether democrats is a house or the senate, virginia and new jersey there were far more competitive senate races in georgia and arizona and wisconsin of pennsylvania republicans were warning about that today and saying this could be a big raise next year. neil: we had some signs and 93 what would be the republican revolution and 94, not all the time but we will see. i am curious to get your take on who represents the future or the force of the democratic party now, is the joe manchin with his

moderating approach or bernie sanders who says he will not give an inch. >> this is not one individual but i don't think it is joe manchin i think this is about delivering for the american people. this is about bold vision, even conservative and moderate districts across the country, things like paid family leave, childcare, universal pre-k, universal healthcare in some form or another they are very popular. the values that we have the democratic party are what the american people actually do believe in. this is about articulating that message. neil: you might be right about articulating the message. but even the promise of it did not really judge the voters. ted what do you think? >> that's why we need to deliver. >> he brings up universal healthcare, if you look at last

time the democrats pushed universal healthcare, the republicans take back more seats in the house since they've held in 1928. universal healthcare, socializing the american healthcare system is not what the american people want. what you saw was a repudiation of that. in new jersey. neil: they did lose a lot of seats but the affordable care act did become law and the last time. i appreciate that. understood. i want to thank you all very much all sorts of ways to split this and get an idea of where we move from here. the under. but it's safe to say there will be a bracketing on capitol hill, how aggressively bracketing the signs of the spending package. anyone's guest is too soon to tell. only time will tell. i promise myself i would never use that line but only time will tell. customization. that's why i love liberty mutual.

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neil: i always love our graphic showing money raining down. as much money raining down from the capital the robbing of the democrats took yesterday in virginia and new jersey, the former budget director and market watcher scott martin at asset management. doug let me begin with you. you were c.b.o. director and obviously elections have consequences. each party re-prioritizes after them. the democrats are still technically running the shop right now in the house and the senate and say nothing of the white house. when anything yesterday rain the men when you've seen things in the past this is unique in off year election but it's already prompting talk of causing spending or slowing or cutting

aback. how likely is that? >> i would not jump to the conclusion there will be a radical change of what's going on we have the same cast of characters prior to the election. we had prior to the election concerns about the path that they were going down and whether it was endangering centrist democrats and swing districts and they went ahead despite the concerns the concerns will be heightened but i don't see any evidence there will be a market change in what they have been up to. i think what they're going to have to learn, the intensity of the dislike of government is quite high, people are sick and tired of every aspect of the lives being touched by the pandemic. it is real simple. >> i've always been looking at the market price, by the way hitting record after record. it is interesting to me how the

markets perform throughout the debate on all the spending packages, which were humongous and might still end up being humongous and the tax increases to go along. it's almost as if they doubted they would come to proration with their original size or they might not happen at all. what do you think about that what the market is telling us about where all this goes if any of it? >> i agree one of the big player hidden behind the curtain, our old friends at the federal reserve led by jerome powell which is coming out soon with tapering plans and more constricted policies they are going to enlist in the future. that is what kept the music going for the market along the way as the spending plans went crazy and drove up inflation. but to doug's point, the administration of democrats are not going to change their stripes but that's to their detriment but if they don't change something going into the

real midterms next year they will have major problems with respect to the election forthcoming because americans have spoken and said they do believe what the administration is telling them, nor should the. neil: i apologize were following breaking news including new numbers out of new jersey not the government oil-based the remains very tight but the breakdown of the senate which still remains democrat but as a guest doing the math backwards democrats have now lost at least three seats right now. so the gap still favors them but it's 22 - 18, as close as you can get, that is their majority in the state senate. the legislature, the overall assembly, little bit bigger number would have to be significant but for now that this debt even as you can get as a race for governor. stay with us. dad, we got this.

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neil: what do democrats do on capitol hill off the election they don't have to change much. let's get the read with mark with democratic congressman,

thank you for joining us house appropriation committee, a key player, thank you for taking the time, do you think your party should change its thoughts on anything, the spending package, priority, any of that? >> thank you for having me percival, what we need to do is get the two bills done were on the path to do that right now in the bills the tax break for 40 million american families, lowering the cost to childcare and prescription drugs and other measures for american families, it will create hundreds of thousands if not a million plus jobs, many tackling climate change and is paid for by the wealthiest incorporations that don't pay their fair share. tropic we have a really strong package that is going to benefit the american people. neil: do you think people are skeptical that and maybe didn't show up in the polls because they don't trust the numbers that you give, not you particular. >> i think in general people are

somewhat skeptical of what government says but i tell you being one of the upper graders in congress people who make more than 400,000 corporations many of which do not pay any taxes whatsoever will largely be paying for what's in here as well as savings. neil: you standby it? >> is the right thing to do, the iraqi people deserve a break and this bill will get people to break that they deserve the benefit that they deserve and once we get that done it could be the storm before the calm then we will talk about what benefits people will be having an oral-b of totaled up in conversation. neil: i'm sorry to cut this short will see what happens to you and your colleagues. the wisconsin democratic congressman. we will have much more after this.

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concerned not only is inflation not transitory but it seems to be gaining steam and widening out. that almost inevitably sets the stage even for telegraphing future rate increases unlikely to come up today but sometimes i take a look at the fed funds futures contracts to trade and people seem to be betting towards the second, third and fourth quarters of next year. we will see. a combined three to four quarter point rate hikes. that is already baked in the cake to those that follow that. we'll see. take you to my buddy charles payne. charles: that very much, my friend. good afternoon, everyone, i'm charles payne. this is "making money" breaking now it is official, gun 2001 is buyers remorse. they want harmony and less decision and taxes are simply too damn high and want more police. alcohol, sellser and fake milk. what it means for the future

agenda of america. shoutout to a trailblazer remind us anything is possible in america. buy the dip and squeeze the shorts but will jay powell and company change all of that? we got you covered. we know you waited with bated breath. take you first to washington, d.c. then i have a power packed panel to help you through all of this. first let's hear what the fed has to say. reporter: charles, here we go. no change in interest rates but the fed is going to start the taper. the taper is beginning. they made it very clear. we're staying near zero interest rates right now remain unchanged but mid-november, the taper begins. they will pull back the treasury buying. right now they're buying 80 billion a month in treasurys. they will take that down to 70 billion a month starting mid-november. mortgage-backed securities. they are buying 40 billion a month and take that down to 35. the fed is saying that the t