stuart: when did yellowstone become america's first national park? there's your choices on the screen. now, ken golden is with me. he claims to know the correct answer to this. why don't you go first. >> it is kind of cheating because i saw something coming in kevin costner, 150th celebration for yellowstone, has to make it 1872. stuart: i will guess 1830. ashley what you got? >> i was going for 1872, i'm not kidding, lying. that is correct. stuart: that is correct. 1872. ulysses s grant signed on to the yellowstone national park. time is up. jackie deangelis in for neil, independent l. jackie: i'm jackie deangelis in for neil cavuto.

is the time for that sell operation right now? we'll look at some of the world's most valuable companies are doing in this turbulent economy. republicans are one seat away from claiming control of the house and the party will be holding internal elections today to decide who went the party leader. congressman kevin mccarthy being met by some headwinds from members of his own party. another judge blocking president biden's student loan handout. we'll talk to arkansas attorney general leslie rutledge who coled a lawsuit against the administration over this massive handout. a lot to get to. let's get started. our top story today, our top story ftx, number of creditors in bankruptcy could be one million. we learn about ties to democrats and the the man who was at the m of a historic business collapse.

kelly o'grady in los angeles with the latest for us. hi, kelly. reporter: jackie, ftx customers are calling on washington to step in, some lawmakers that would investigate we're learning accepted big donations from the fallen founder. i want to play a clip from an interview he answered questions on his campaign contributions. >> i'm really need to do this in a bipartisan way. it is super targeted because a lot of is thinking hard who exactly are the people who are just really public servants. reporter: when you dig into the numbers that bipartisan claim falls flat. in the midterm elections alone he gave merely $42 million. 92% went to democrat candidates or left-wing groups. additionally he endorsed 25 democrats in congressional races in this cycle. it doesn't stop there though, a podcast earlier this year the former ceo made it clear he could spend up to a billion dollars that would be record by the way on the 2024 elections especially if former president trump were to run. the donations particularly

raising eyes are those made to new york senator kirsten gillibrand. he sponsored a bill that would sideline the sec to regulating crypto industry. that would deliver a big win for crypto since sec chair gary gensler will take a big stance toward it. they question how much is influence he funneled towards ftx friendly candidates and why the government didn't sound the regulatory alarm sooner. elon musk as always tweeting on that matter, he was a major dem owner so no investigation. we reached out to the donors and heard nothing but crickets, jackie. many are questioning whether the campaigns should keep the money especially when customers may never see theirs. jackie: kelly o'grady thank you so much. u.s. prosecutors are considering a criminal prosecution in ftx

and sam bankman fried's use of customer funds. we have guy lewis. there are a lot of questions swirling around the leader of this company and the connections here. before we get to connections and donations he made. talk about this he used reserve trading arm essentially to borrow billions of dollars in funds and overleveraged. that is what happened here, correct? >> exactly, jackie. all of these, and then when things started going belly-up last week they walk into federal court up in new york and file an emergency petition for bankruptcy involving you know, again what they, initially indicated were maybe 100,000 creditors. now they're saying well over a million involving billions of dollars. the u.s. attorney's office, the fbi, the sec, need to jump in on

this thing both feet and start working hard. jackie: whether or not you're dealing with crypto or other securities there are limits how much can be borrowed, how much can be used whether or not you can access customer funds use them in this way, leverage them in this way. that is really what is at issue here. >> exactly and it seems clear to me based on my experience as an ex-prosecutor there was collusion between both the company of ftx and the research arm. i mean again, it is not a bunch of coincidences that hundreds of, really, hundreds of millions of dollars right now within days of filing the bankruptcy, hundreds of millions of dollars is missing and this guy resigns, walking out the front door claiming an apology. he puts his 40 million-dollar

penthouse in the bahamas up for sale late friday night. look this is a criminal case. it is going to be a criminal case. that is where this case needs to be. jackie: i feel like if it were anybody else they would already be doing a perp walk in handcuffs right now, but when it comes to sam bankman fried he was answering questions in the bahamas trying to shed light what is happening here. i'm wondering elon musk was saying a little bit tongue-in-cheek here, all the donations to democrats, justice department right now, how are they going to pursue? >> i got to tell you, jack jackt stinks to high heaven. he haas a bunch of politicos on his payroll, millions of dollars, not a thousand dollar donation but hundreds of thousands of dollars in donations to politicos. the u.s. attorney's office better have met this weekend.

they better have a task force together right now as we speak. subpoenas should be going out right now and, they ought to be setting up for interviews all this week. jackie: just final question, just real quick in your opinion as you watch this unfold do you think it should be moving faster? >> no question. a lot of answers are missing, just like the money. so they need to get out there, they need to start beating the bushes and figure out what's what. jackie: guy, thank you, good to see you. thanks so much for the insight on this. the other big story we're watching today, inflation showing some signs of easing but food prices are still a big hardship for families across the country. walmart revealing today, even wealthier americans are buying their low-priced groceries. madison alworth joins us from a new jersey walmart with the latest, madison? reporter: good morning, jackie, good afternoon. walmart earnings are out there.

they're often a bellwether for the retail and consumer. what we learned from those earnings today that americans of every income bracket, they are looking for deals and they are turning to walmart. so a big thing that shows this is the grocery sector for walmart that is what really drove the success in this last quarter. it is because it attracted new folks desperate for those deals. when you take a look, we're really talking every income bracket, 75% of those new shoppers that are coming to the grocery aisle, they make $100,000 a year or more. you know even when they are not choosing walmart something we learned from walmart, they are picky what they buy. walmart says shoppers are buying less expensive proteins such as hotdogs and beans. they cited peanut butter over pricier meats. that same mentality is seen with the holidays, with the shopping season already in full swing. walmart says people are spending more on their food, less on

discretionary items like clothing gifts. early deals get the shoppers in the door, town the toy aisles. even with the deals, families buying gifts for the who is today are expected to be stretched thin. >> consumers are saving money than ever before. we're spending a larger portion of disposable income. we're drawing on the savings. in some cases consumers are drawing on debt. they're borrowing money to maintain these high levels of spend. reporter: luckily we have seen some savings with companies like walmart because they had inventory gluts. they had to move product. that helped walmart. it also helped the consumer who were benefits of those savings. walmart went from inventory level of 25% in the second quarter to around 13% this quarter reported today. the way they cleared out that inventory is with deals and of course we are now in november. this is holiday shopping time.

so those deals are expected that is a little bit of a relief for the american consumer. as you heard, we're expecting consumers to be spending more out of theirgs and maybe even out of debt to afford the holidays this year. jackie. jackie: absolutely they are. madison, i've been saying this for quite sometime people switching buying cheaper foods, leads to unhealthier life-styles. this will have impact long term down the line. it will be interesting to see how it plays out. thank you so much for that. let's get reaction from slatestone wealth chief market strategist kenny polcari and expert press ceo dave maney. kenny, i want to go ahead to start with you. the market is rising again today, 218 points on the dow. seems that about market is essentially looking at the whole picture, well the numbers are coming down. they're not where we want them to be but it's enough. labor market is still holing up so everything seems okay for now. what are your thoughts? >> and i would agree. i think the market is taking

this morning's number, looking at it in a downtrend. they're certainly still higher than we want them to be, but, they are starting to come down. that is a positive. but look, they're still near 40-year high rates. right? 7%, 6.7% is still well above the 2% target they tell us where we want to be. so while i appreciate and i love the fact that the stocks are rallying and the market is rallying i'm not necessarily convinced there is still not more volatility ahead. jackie: i'm not convinced either. i look at inflation at 7.7%, dave, and say the fed still has aways to go? >> yeah. i mean look we're all hoping that they can engineer the fabled soft landing and you know give them some credit after a very rough, you know, six month period this year i mean you're starting to see signs of the softening that you need to see, you know. housing sales and then the real estate bubble kind of a little bit of air coming out of it.

the number is still too high but you're seeing encouraging signs. around the fringes you have got the tech companies, kind of soft talking recessionary activity and, you know, i think there is caution in the water and that is probably the exact remedy for the situation we've got. >> can i jump in say one thing? jackie: go. >> we see the cpi coming down, you know what is very interesting, used car prices are coming down. houses are coming down. that does nothing like jackie said put food on the table, pay your electricity bill, gas in your car. those costs are still going up. jackie: one of the biggest issues for voters going to the polls was obviously inflation. even so more than gas prices, kenny, to your point, people were really concerned about prices. you can see across the board. we have not really seen much relief there. i keep saying that comes back to the whole energy situation and transporting food around and diesel prices. so until we get some policy changes or see some more supply

come on to this market the way i see it the fed can keep its foot on the gas with interest rates, people still need to eat. they will figure out a way obviously to put food on the table? >> exactly the point but this is why when they say, look we're doing such a great job, cpi is coming down, not coming down in anything that will feed you, turn on the lights or put gas in your car. jackie: that really matters. obviously the producer prices, dave, they came down a little bit as well because that is important as long as those remain at skyrocketed levels we know producers will pass those costs on to consumers. while i see a little relief there, not really enough for me to think oh, i'm going to the grocery store, pretty soon i will see the price of milk is lower, the price of bread is lower, i don't think so, not right now. >> look you've got an incredibly damaging energy policy at the heart of this thing and i agree both of you, if that doesn't get

fixed the whole inflationary pressure machine will keep pumping but that doesn't change the fact that you know the journey of a thousand miles, begins with one step and those steps are starting in places like, even if it is just the real estate market, those will ripple out. so there are two different things going on and, and all i can say is, you know, better to take a step in this direction than no steps in this direction. jackie: while the administration and the president have said it is going to take time, certainly taking a lot more time than american consumers are comfortable with. we'll have to see you know, how it all plays out into 2023 but for now the market seems to be okay with everything that is going on. kenny, final word to you. let me ask you, during this whole transition period, as the fed was raising rates this market would have cracked a little bit more than it did. what is holding it together? >> i think there is a couple of things. i agree with you we should have

seen a little more to the downside and we did not. i think it is the end of the year. i think people are looking some names they have a lot of cash on hand, they want to be invested. they have seen some names arbitrarily dislocated so they're taking advantage of that but that will bring the rally to year-end. i think in the new year we start all over again. that is when i think we run into more volatility. jackie: i will add we saw a sharp jump in the market when it became apparent republicans would take the house. they're one seat away from having it. at least having ability to block more spending might calm peoples fierce as well. >> right. jackie: gentlemen, great to see you both. thank you so much. >> thanks, jackie. >> thanks. jackie: congressman kevin mccarthy's future as speaker of the house is on the line todays as house republicans hold leadership elections today. we'll have the latest where this all stands coming up next. ♪.

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correspondent chad pergram has details on the vote for house speaker. hi, chad. reporter: jackie, good afternoon. 217, the gop is one seat away from winning the house majority today. in california long-time republican ken calvert one re-election, the same with michelle steel, however without the house results finalized republicans will hold leadership elections today. kevin mccarthy faces andy biggs of the freedom caucus for speaker. marjorie taylor-green is now aligned with mccarthy. >> if we don't unify behind kevin mccarthy we're opening up the door for the democrats to recruit some of republicans and they may only need one or two since we don't know what we'll have in the majority, how many seats we'll have. i will not allow that to happen. reporter: the bar is lower for mccarthy to win in the closed-door meeting today. mccarthy only needs to score the most votes but in january

mccarthy needs 218, an out right majority of the entire house. >> i think you will see a critical mass say we want to turn the page. we want new leadership. we want fresh faces, new ideas. what i can tell you as i stand here right now, kevin mccarthy does not have 218 votes to become speaker. i don't think he has 200. reporter: members of the freedom caucus demand mccarthy implement rules changes to secure their support. senate republicans hold their leadership elections tomorrow but not everyone backs mitch mcconnell for minority leader. >> we need new leadership in the republican party in washington. this is why i will not support mitch mcconnell for leader. reporter: mcconnell and freshman gop senators ignored my questions about a potential leadership challenge. do you all support leader mcconnell as leader to return as leader? >> i said to go, thank you. good-bye. thank you. let's go. >> you don't have to answer that

reporter: some conservatives want to postpone wednesday's leadership elections until after the georgia runoff in december. so far rick scott has not announced a challenge to mcconnell. jackie? jackie: oh, boy, chad pergram, thanks for breaking it down. we'll be watching. thank you so much. meanwhile former president trump is expected to make a huge announcement tonight with many anticipating a 2024 presidential bid. griff jenkins is live in palm beach, florida, with the latest for us. hi, griff. reporter: jackie, that's right. we're expecting something the former president has been teasing this for sometime but yesterday put it in writing saying he would be making quote a special announcement at 9:00 p.m. eastern at the mar-a-lago club behind me in palm beach. we don't have a vip list. we don't know who will be there or what the remarks specifically will be but however one person we don't expect to be there is former vice president mike pence ho has been critical and a bit unsure about a run from his

former boss saying this to abc yesterday. take a listen. >> do you believe that donald trump should ever be president again? >> david i think that is up to the american people. but i think we'll have better choices in the future. >> better choices than donald trump? >> and, for me and my family, we, we will be reflecting about what our role is in that. reporter: now, jackie, the former president did get an endorsement already for the anticipated announcement from the house gop conference chair, elise stefanik who said she is happy to endorse him for another run saying he is the most popular republican in the country right now. we hit the streets of palm beach to talk to floridians and voters about how they felt about it. here is what they said. take a listen. >> i don't think he should run. i think there are better candidates out there with less baggage. >> i think he was a great president. he cares a lot about the

country. i would love to see him in the white house again. >> i feel all the legal troubles will follow him in this election. i don't think it's a good idea. >> i think we need a mixup. i'm not happy with the things right now. >> he wasn't bad, but he wasn't good. we need a little mixup. >> i think he did have have a very good job before. i miss him. >> i hope he gets reelected, man. he did a lot of good for this country. a lot of people respect that. but i do. reporter: very interesting, some of those voters we talked to on very high on florida's governor ron desantis. interestingly the republican wyoming junior senator incident law loomis, said to "politico," that ron desantis is the leader of the republican party, not the former president. we'll see tonight. something happening tonight at 9:00 in the club behind me. jackie: we'll bring it to you.

we're all waiting for that announcement. "realclearpolitics" reporter phil wegmann. phil, good to see you. this is interesting, you know, griff talked to some of the voters, some split opinions even in florida on president trump within the party right now. they're saying there are a lot of really good candidates that could come up to the plate. maybe it would be better if the former president would sit it out? >> and that's certainly not the sentiment that the trump team was planning on when the president said last week that he was going to be making this announcement. clearly they wanted to come into this after a number of big victories in the midterms and they wanted to ride that momentum forward. hopefully in their minds, to avoid any challenges from other candidates but the reason why this is not more of a storyline, less of just a process story that he is back into it because currently republicans they're looking around and they had a very bad night. now the question is, are they going to return to donald trump

at a moment when a lot of these republicans are blaming him for some of their midterm losses. jackie: yeah and that's the question, right? some of his candidates he got behind he did win and some of them didn't. for example, jd vance was one but you look at the governor's race, now you know, they're saying that kari lake lost and she was a big trump person. i think there is sort of a split view how much he hurts or helps. it depends really where you are, how people felt about him. >> i don't think that level of resentment has reached a level where we can say with any type of certainty that he is not the most popular candidate in the republican party, or that he is not the front-runner. clearly he is both of those things, but, i think that if you take a look at the map in 2022, whether it is kari lake and blake masters in arizona, whether it is mehmet oz in pennsylvania or whether it is bolduc in new hampshire, clearly donald trump put his thumb on

the scales for some of these candidates who were more in his image and we saw again and again some losses. meanwhile though, you know, in a state like new hampshire where bolduc failed and lost to maggie hassan you had a pretty normal, standard issue republican in governor sununu who won his night. jackie: right. >> so there is some hesitation. real quick, just before we go, do you think there is any chance -- he said there would be a big announcement. he is not the type of person that would rescind that, you think internally never said what the announcement was, could be the trump camp retooling a little bit, repositioning ahead of the runoff in georgia? >> donald trump has been running for president since he left the white house t would appear as weakness if he doesn't make announcement. he might have an out he was saying he is announcing a exploratory committee. right now seems all systems are

go. jackie: we'll see, we'll be watching tonight. thank you so much, phil. >> thank you. jackie: coming up why the u.s. is spending billions to help other countries with their energy problems. we'll discuss that next. ♪.

jackie: welcome back. the high-stakes meeting between president biden and chinese president xi xinping had a crucial item noticeably missing. china's purchases of russian oil which of course is helping to fund russia's war in ukraine. instead of tackling that item president biden asking china to help move indonesia away from its reliance on coal. edward lawrence joins me from bali, indonesia, with more what is going on.

hi, edward. reporter: jackie, good morning as it is now 1:30 in the morning here in bali. we're ahead of you there. so the president biden got no confirmation that president xi xinping would sign on to his russian oim price cap to sort of limit that cap. what he did do here is that the president helping other countries remove their reliance on fossil fuels. there is a list of hundreds of millions of dollars that president joe biden has now committed the u.s. too this week alone. listen. reporter: president biden: 20 billion from partner governments and leading financial institutions will accelerate a leading energy transition that has a global impact. reporter: so i wanted to know what the u.s. is getting in an economic deliverable? the short answer, no immediate return on investment. listen. reporter: when president is saying messenger is back, we're not only back but we're leading. that we want to showwer we're leading. i that is putting our money

where our mouth is. those investments are not only good for the people living in this region they're good for our national security interest too, they see we are investing in their future to make them successful. reporter: nec spokesperson meaning spending china will not step in. former secretary of state mike pompeo says it is too late. >> the chinese communist party is at war with the united states as a economic matter for at least 25 years. he talked about competition and places they can cooperate. xi xinping will see this as weakness. much as vladmir putin saw biden weak and advanced in europe. i think xi xinping will advance around the world as a result of this meeting. reporter: one note, very clear just timing we saw the russian foreign minister leave the g20 meeting earlier and missiles from kyiv broke. the g20 concludes later on today. the president will have a tree

planting ceremony and meet with the new prime minister of the united kingdom. jackie: edward lawrence thank you for that. try to get some sleep if you can. edward said u.s., japan unveiling this 20 billion-dollar package to move indonesia away from coal but could these billions of dollars be put better use here at home? joining me former state department official christian whiton, always great to see you. this is a really big question, probably half of the country is wondering why we're putting so much of our taxpayer dollars into green lighting this climate agenda that the president has set forth so quickly? and how people are going to sit back to say, why are the u.s. and its allies giving indonesia $20 billion when we've got really some serious issues here at home? it is well-known that the global, we've got a lot of big polluters out there but having said, is it our responsibility to go and give everybody the funds to try to go green? reporter: it is fundamentally

stupid. it is the worst kind of foreign aid. foreign aid doesn't have a good track record of popularity with the american people but i think a lot of americans can understand, we sell or give arms to places like egypt so they don't go islamist. so they can defend against other threats. judging grudging acceptance of for inaid we give. this is money we don't have. 10 will come from the private sector. that is insane. it never will. 10 is shared by other countries. you will not get any political goal. this will not move indonesia closer to being an ally. we'll not put a naval base there to deter china. we're getting nothing. we'll be elevating people's energy costs. jackie: kirby said if you want to be a leader put your money where your mouth is. with that you have to invest abroad responsibly. doesn't seem like they're making that type of calculation. switching gears to talk about china for a minn though. one of the reasons vladmir putin is not out of business is

because he is dumping his oil on the black market to places like india and china, and china is one of the biggest buyers. he is selling them at a discount. both side are making it out on that equation. europe, the united states have imposed sanctions on russian oil. but having said you need it to be global to squeeze him in a way. so why isn't president biden having this conversation with xi xinping? >> that is a great question there are a number of things he didn't bring up. he didn't bring up dissidents like jimmy lai, in prison publisher, didn't bring up origins of covid, didn't bring up the next covid or backing direct flights from china. oil issue is fundamentally stupid. the hungarian prime minister took a look at what europeans are proposing like walking into a bar i want a beer but i don't want to pay you f russia is selling to china, india, brazil, a bunch of countries at a discount, we're saying you can

only pay so much russia will not supply it and they know it and these countries are in a pretty good position. they look at europe prices going up. they look at the u.s., especially new england there will be a bit of and energy crisis this winter. isn't great we're buying oil and gas for less than that. biden thinks it is 1991, we're the hedgemon, unipolar power we can dictate anything, and it isn't so. jackie: mike pompeo and others called this president weak in the eyes of foreign leaders. do you agree? >> i think so. especially talking a tough game on north korea. if you don't do more in china to tame north korea we'll move for forces to the region. we've been under this with the biden administration and even under trump, committing more resources to europe and middle east. chinese look at number of ships and planes we have and they know we anti-telling the truth. jackie: christian, good to see you. we'll talk soon. >> thank you, jackie. jackie: the chances after rail strike before the holidays just

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♪. jackie: welcome back to "coast to coast." chances of a nationwide rail strike going up now. fox business correspondent gerri willis has more for us. hi, gerri. not great news. reporter: just in time for the holidays, right? jackie: right. reporter: absolutely a third union votes against ratifying a agreement with major freight railroads. international brotherhood of boil makerses announcing 300 members turning down the deal raising specter of a nationwide strike during the holidays just before christmas. the ibb along with several other unions did not vote in favor of

ratifying with the national carriers conference committee and is currently in a cooling-off period. they continue to negotiate however you should know. ibb joining the brotherhood of railroad signalmen and teamsters right-of-way maintenance union rejecting a contract calling for a 24% wage increase over a five-year period ending in 2024. unions rejecting the deal said the offer does nothing to address quality of life issues such as a lack of sick time and working on skeleton crews. now all 12 of the unions involved in the negotiations have to agree to the new contract or a strike could take place endangering supply chains and the economy. estimates are it would cost two bucks a day if that happened. now congress is expected to intervene if a work stoppage has been triggered and the final two unions announced their vote next week. jackie. jackie: wow, let's hope it borks itself out. i feel like we have enough

problems heading into thanksgiving and christmas. gerri willis, thank you so much for that. all right, not once, but twice, another federal court blocks president biden's student loan handout plan. arkansas attorney general leslie rutledge is here to react after this. ♪. (woman vo) sailing a great river past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship.

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president biden: it is passed, got it passed by a vote or two, it is in effect and already i think a total of now 13 million people have applied for that service. jackie: so that was president biden, falsely claiming that congress already passed his student loan handout in october but a second judge just halted the program because it never had the green light from congress. fox business correspondent hillary vaughn on capitol hill with the latest for us. hi, hillary. reporter: jackie this is another blow to president biden's student loan bailout that he planned. the eighth circuit court siding 3-0 with republican led states

asking the court to table the student loan cancellation due to ongoing litigation. now the department of education student debt relief website has this message up, saying alexandria ocasio-cortezs have issued orders blocking our student debt relief program. we're not accepting applications. we're seeking to overturn those orders. white house press secretary careen john karine jean-pierre saying they're. advocates from student loan forgiveness from day one like senator elizabeth warren insists president biden has the authority. and insists that this helps working people. >> there is no doubt that president biden has the authority to cancel this debt, but, there are trump appointed judges playing politics instead of applying the law. republicans are trying to make sure nobody gets any help at all, no matter how much they need it. democrats are out there fighting to get relief to 43 million

people. reporter: but republican attorneys general have been fighting to block the student loan forgiveness because they are doing it because it is not fair to working americans that didn't go to college to have to pay for this. missouri attorney general eric schmitt said the ruling is a big win for them, tweeting this, millions of hard-working americans have felt the pain of increased inflation and rising prices due to the biden's administration disasterous policies. the biden administration attempt to forgive student lone debt would saddle americans who did not take out loans or paid their loans off already with even worse economic woes. 26 million people have tried to apply for this relief now may never happen for them. the department of education says those applications are on hold. the committee for a responsible federal budget is also getting ahead of reports that the white house is looking at another payment pause extension, because this forgiveness is now in limbo. the committee says if they were to do that for the remainder of biden's term that would cost

$120 billion and they say t would make inflation even worse. jackie? jackie: must be another covid emergency. hillary vaughn, thank you so much for that. let's bring in arkansas attorney general leslie rutledge who co-led a lawsuit against the administration over the student loan handout. we heard in his own words, leslie, lying about it was passed in congress when it wasn't, in fact when he is not lying about it, what we really did use executive actions because we were in emergency period, and that is what allows him to do it. having said that, you know, they want to prolong this covid state of emergency to keep spending, handing out more and more money and you are fighting to stop it? >> well this president has been confused since day one and taken illegal and unlawful actions since day one. so that statement doesn't surprise me. now the president said weeks before he announced this student loan cancellation program that the covid emergency was over,

yet he wanted to rely on the heroes act which is designed for brave men and women in the military in order to grant the student loan cancellation program. this program is unlawful and it is unfair. that is why the eighth circuit agreed with us and put injunction in place, said no more, biden administration. let's not have anyone sign up. you're not handing out money. sadly, hard-working americans with a debt much others. jackie: similar outcome in a case in texas as well. i was asking procedurally what happens next? i mean the administration is saying that they are going to challenge these cases. >> well, to the biden administration i tell them bring it on. if you're going to put in place these illegal, unlawful, unconstitutional programs, we're going to keep challenging them and we're going to win in the courts. so if they want to waste taxpayer money by bringing poor challenges on a program that never should have been in place, what about the 300 million americans who did not take out

these loans, who will be paying for those loans because it is not canceling them. it is not going away. that money was still used. that money is still going to be paid. but unfortunately it will be paid back millions, 300 million americans who never took out the loans to begin with. jackie: what i found particularly astonishing was when we were reporting on fox business that when you would apply for the debt relief, one of the key thresholds was income verification and they weren't even verifying income. all you had to do was check a box to just say your salary was under a certain range. this was ripe for fraud as well. >> it is. i wish the biden administration would pay more attention to election fraud or pay more attention to the border crisis where we have illegals coming into our country, flooding our streets, flooding our streets with illegal fentanyl rather than worrying, than putting up a program such as this that's illegal and not doing enough verification to count. jackie: if i may, while i have

you just switch gears for a moment. >> sure. jackie: former president trump expected to make what is expect the to be, well he called it a very big announcement tonight. your thoughts on what he will say and is this the bid, the announcement to make a potential run in 2024 even with everything that is happening right now, a runoff in georgia ahead of us? >> well that, i am focused on the runoff in georgia. i'm hopeful that we have a former speaker of the house, nancy pelosi soon. i'm hopeful that we are able to have that win in georgia we so desperately need. certainly in 2016 and 2020 i was a big supporter of former president trump but my focus right now on the elections is winning this seat in georgia and making sure that republicans are strong going in to that 2024 election cycle. jackie: all right. thank you, lieutenant governor, good to see you. >> good to see you. jackie: coming up, another hour of "coast to coast." we're going to speak to curtis

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jackie:welcome back to "cavuto coast to coast". all eyes on donald trump, the gop anxiously awaiting his big announcement and what it could mean for 2024 and the ongoing fallout from ftx, the company saying it could have 1 million predators in a new bankruptcy filing. some people wanting out of crypto altogether. putting it on plastic. more americans turning to credit cards this holiday season coming up on cavuto coast-to-coast but first to our top story, stocks are soaring in a broad technology lead rally. national correspondent connell mcshane has a look at what is happening in the markets