coming in, because of his policy of depleting strategic -- >> exactly -- to complete strategic reserve horrible move hurts our defense, begins a i don't think he can take credit for putting out the fire, that he started, that is you overall take away, i think from entire conversation, biden can't take credit for it. >> we will wap all will that great panel thanks very much dow industrials high of the morning up ll 200 points, 1697 higher on dow stephanie pomboy, tyler goodspeed andy, mark tepper, cheryl casone, todd piro thanks very much stuart: i'm seizing it, believe me, good morning, maria, good morning, everyone. this is the big one the inflation number that's coming to us right before a fed meeting. here we go. in the last 12 months consumer

prices have risen 6.5% and the previous report showed a 7% rate. just as important month-to-month inflation. this tells us the pace of price increases. in december, prices went down, i repeat, they went down 0.1% compared to november. both these numbers, i think are fairly positive. maybe the fed will ease up a little on rate hikes, we shall see. in response, stocks have been extremely volatile. they were up right after we got the number, then they went down and now, we're at a high of the day. the dow industrials looking at a gain of about 150 points, moment s ago it was almost 200. the nasdaq solid, looks like a gain of 66 points. interest rate rises have moderated. the yield on the 10-year around 3.47 this morning. late last year it was well-over 4%, as for the two-year, that yield is now down, well it's 4.1 % still way above the 4% level but coming down. look at this.

something of a breakout for bitcoin that reached over $18,000 a coin. we'll get into that one for you. all right, now this. a political bombshell this morning. another tranche of secret documents is being discovered. the white house is scrambling but so far not coming clean. we don't know which documents, what subjects they cover and more importantly, where they were discovered. that's important because it tells us who may have had access republicans see a double standard. trump's home raided. biden's not. trump gets a special counsel investigation so far biden has not. airline passengers not out of the woods yet. more delays and cancellations today as crews and planes scramble to recover from that nationwide ground stop wednesday morning. transportation secretary pete buttigieg, he says they are looking for any nefarious activity like a cyber attack, but so far, hasn't found anything. this is going to be a big show and guess what? no story on prince harry and, yeah, really, and so far,

nothing from elon musk. yes, it can be, what a show. it's thursday, january 122023 "varney" & company is about to begin. ♪ ♪ stuart: going to get right into it. inflation, as you see , we've got the latest read on consumer prices and the markets gone up. let's get to lauren who is going to break the whole thing down lauren: sixth straight month of declining year-over-year cpi. six months in a row, the annual number comes down. why? falling gas prices along with declining prices for used cars, and airfare. i'm not so polyanna. inflation is very much alive on

aisle four at the grocery store. food is up 10.4% annually. even clothing, inventories are bloated. there's discounts and sales it's up almost 3% on the year and rent up 7.5%. that's sticky. stuart: so lauren simonetti doesn't think much to a month-over-month decline in inflation and a year-over-year decline in inflation. lauren: it's all good. we went from 9-to-6% but getting to the target of 2% is not going to be as easy as its been to go 9-to-6. getting to two will be tough. stuart: just no pleasing some people. lauren: there's the recession with that. stuart: good morning. [laughter] all right look whose here now futures pointing higher, adam johnson, market watcher of this morning. i expected stocks to go straight up when we got the inflation numbers but first they actually went down. i see this as really positive. >> it is positive. lauren makes a good point and that is there's still, look, no, but in fairness, because life is about balance, right, and lauren makes the point that inflation is still very high, but to your

point, to my point, and i think the market's point, it's moving the right direction and the right direction is down. the lower inflation goes, the better, and we're getting there. i mean, think about what's happening in the housing market, stu, and by the way, housing is 32% of cpi, so you actually want house prices to come down, so that's the silver lining in falling home prices but we've had 11 months of falling home sales, only three months of falling home prices, because there's a lag, right? it just takes time for prices to percolate and that's an important sort of way of viewing what's happening with inflation. you know, these things take time to readjust and that's what we're all learning together, in realtime. it takes time. stuart: now the fed keeps on telling us they aren't going to pivot. they are going to keep on raising rates until they beat inflation. what do you think is the fed's response to this? i call it positive inflation report. >> well, i actually think the fed has told us they're almost done. actually, let me rephrase that. the fed has told us they're

almost done. it's not a question of i think. here is why i say that, stuart. at the last fed meeting, when they raised rates up to the fed funds rate up to 4.5%, remember, it used to be zero now it's 4.5, effectively if you look at where the 12 voting members say it's going, 5.1. we're at 4.5. they say we're going to 5.1. we're basically within 70 basis points, call it three-quarters of a percent of their target. stuart: so another couple of minor league rate increases, 25 basis points, 25 basis points. >> yes, and i think that's why the market is responding, because the market is starting to say hang on, okay, inflation is still going up more than we would like but it's coming, it's starting to turn. the fed is almost done, and the market never waits. lauren: that's not nothing. those increases, i mean, credit card rates are like 28% on a store credit card. i mean, consumers are getting buckling right now of still high cost of things and high rates even if the fed stays there. >> yes, i would agree but the lesson is never carry a

credit card balance unless you have to. that's the worst thing you can do. stuart: my reading is this. there's a positive inflation report that will moderate the rate increases, planned by the fed in the future. that's where i'm coming from. >> yes, i agree with that and i would add it also suggests that the fed may be done sooner rather than later. stuart: yes, okay got it. we'll wrap that up nicely. well done everybody. the white house under pressure, a second tranche of classified documents is being revealed and another batch, lauren. take me through this one. lauren: they are in damage control, the white house, right? because the second batch was found and we are still in the process of trying to learn where and when it was found. the white house defense the first time was surprise, oh, i didn't know. well, fox's peter doocy used president biden's own comments on "60 minutes" about trump's documents, watch here. >> and then on these documents, how could anyone be that

irresponsible? isn't that what this president says about mishandling documents >> the president spoke to this personally and again, he believes that classified documents and information should be taken seriously. he takes them seriously, and he was surprised to learn by any -- reporter: how can president biden be trusted moving forward with america's secrets? >> because his lawyers, his team did the right thing. lauren: and republicans say the attorney general, merit garland, should appoint a special counsel to investigate biden because there is one investigating trump. stuart: yeah, double standard. lauren: double standard. stuart: thanks lauren. mike huckabee former governor of arkansas joins us now. governor, there's so many questions here including where were these new documents discovered. that would tell us who had access. i think that's very important here. what say you? >> it's incredibly important. now, stu, in a reference that maybe you and i are the only ones old enough to remember. let me just tell you that great political scientist gomer pile

once said surprise, surprise, surprise, and that's what we're looking at today. the biden people act like they are just so surprised that after all of their hair pulling and robe tugging about.'s documents, turns out joe biden had a bunch stored over at the pen biden center, and you know, that's just a little place where the communist chinese party have been shelling out millions of dollars through various ways to enrich that center. this is scandalist, but don't worry. this morning, i feel certain the fbi took 27 armed agents and rushed into joe biden's private residences and went through jill 's closets to see if they could find anything. stuart: governor? sarcasm is a low warm of whit, but i rather enjoy it and that's the truth. big picture for a second. do you feel that somehow or other, china has something on our president and it's showing up now through hunter, the documents and all the rest. they've got something on him. do you feel that way? >> well if you believe anything

that was in the absolute just iron clad evidence of hunter's laptop, we know that's true. we know that he was the big guy getting a 10% cut. we know that he was the one who kind of directed his son and let him ride on air force 1 over to china to make these multi million dollar deals and joe was coming off pretty good with this stuff. i don't know why there's not more outrage in the country. i don't know why even democrats aren't demanding that there's some accountability for these unanswered questions, but some of these questions actually have answers, but the media is too lazy and biased to just tell us what the facts clearly show. stuart: governor, i think that might be changing. a couple of broadcast networks had a go at the press secretary yesterday. governor huckabee thanks for joining us. people really want answers about yesterday's ground stop and the disruption of air travel that was so widespread. any answers yet?

lauren: um, well, a corrupted file. the faa says a corrupted file is to blame for the system outage grounded all flights for hours yesterday and transportation secretary pete buttigieg is not ready to say this was not a cyber attack. >> we're not prepared to rule that out. there hasn't been any indication of that. the fbi has spoken to this and of course faa is looking closely at that as well as they work to see exactly what was going on inside the files that were in this system leading to this irregularity so again, what i would say is there is no direct indication of any kind of external or nefarious activity but we're not yet prepared to rule that out. lauren: i think irregularity is a soft word because the damaged database file even knocked out the backup system so it was rare and it was bad but where are the billions of dollars being invested to modernize our aviation system? also, is it just a coincidence that canada had similar issues yesterday? they say it's not related but really?

major issues same day? final thing. that was pete buttigieg the transportation secretary. there is no faa director and there has not been one since march. stuart: that explains a few things i guess. lauren thank you. check those futures, please. it's thursday morning. positive inflation report. i'm seeing some green. coming up, peter doocy pressed the white house on president biden's reason for not talking to migrants during his first border visit. roll tape. >> he went to the migrant center which was a critical place to be. there happened to be no migrants at the facility at the time that he visited. stuart: how convenient. what can be done about the border when the president didn't see what's really happening there? he didn't press the issue either we will. florida senator rick scott calling for change within the gop. he wants republicans to be bold and stop caving in. the senator's here with his message, next. ♪

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♪ stuart: elvis costello, let's do that that is by the way jacksonville, florida only 61 degrees there right now that's cold for florida. president biden taking aim at big tech in a rare op-ed in the "wall street journal." he talks about the risks that big tech poses to the average person. hillary vaughn is with us. hillary? the president left tiktok out of this op-ed, right? reporter: stuart, that's true but he did generally talk about big tech which tiktok falls under that umbrella. he made clear he's tired of

waiting for congress to act and take action against big tech writing in this "wall street journal" op-ed that there's only so much he could do solo writing "our existing authority has limits we need bipartisan action from congress to hold big tech accountable. we've heard a lot of talk about creating committees. it's time to walk the walk and get something done." the president says he wants to reform section 230, the law that protects social media companies from legal responsibility for what happens on their platforms. >> it becomes a liability, does he think that social media companies need to have some skin in the game where they could be sued over what happens on their platforms? >> when it comes to reforming of section 230 he continues to call for that, increasing competition, reducing the impact of tech companies have on over our lives extends back to the campaign, and he has reiterated them as president, so he's going to continue to do that. reporter: even though there is strong bipartisan interest in

going after big tech here on capitol hill, both sides have been frustrated with the lack of floor action. their proposals have gotten republicans in the house say that's about to change with new leadership. >> if you want to know what i was talking about it was about the big tech legislation that i supported to breakup these companies and we were talking about during republican-control, could we get those bills to the floor that nancy pelosi wouldn't bring to the floor while her husband was trading big tech stocks. reporter: and stuart, there is a bipartisan bill in the senate that's ready for a vote. it got passed out of committee. it's the first big tech crackdown bill that's ever advanced from committee to the senate floor, but it hasn't received a vote yet. stuart? stuart: okay, we'll see if it does eventually. hillary thank you very much. now this. senator rick scott debuted a new ad calling for change in america. roll tape. >> we can't keep doing this same old thing. it's time for republicans to be bold, speak the truth, and stop

caving in. stuart: senator rick scott joins me now. good morning, senator. i know the point of the ad is to call out woke socialism but you also make a point to call out senator mitch mcconnell. looks like a clear split in the party in the senate. what say you? >> well as you know, i ran for republican leader against mitch mcconnell because i believe we need to have a new direction. we got to keep caving into the democrats. two weeks before we have a republican house, all right, we allowed an omnibus bill that we had no opportunity to read, three times the size of the bible. we had to vote on it within two days. a pass with 7,500 earmarks. we shouldn't be doing this so i believe we've got to have new direction. we've got to figure out how do we balance a budget. how do we make government accountable. how do we hold the executive branch accountable. we have a republican party in d.c. that doesn't waste your money everyday. stuart: how are you going to do

this? >> i'm going to keep working on everyday, tell my story, put out a plan. you can go to rescueamerica.com of my ideas of how we change the country. balance the budget. start making sure we have a strong military, not a woke military. make sure we can't keep spending money like this , and when we pass a bill, let's actually make sure it does what it says it's going to do. we passed a chips bill that was anti-china. it's not anti-china. lease companies can continue to build chips in china and still do business in china don't have to stop if they invade taiwan. we need bills that are accountable. we talk about these things when we run. let's do these things when we govern. stuart: okay next case. the white house is calling out florida's handling of the migrant crisis. watch this , please. >> we've seen governor desantis do political stunts. that is how he perceives to fix this issue from florida, and he

takes, you know, we're talking about people who are coming from countries who are dealing with political strife, who are dealing with issues where they're trying to find asylum and he treats them like pawns and so we have called that out over and over again and we will continue to do that. stuart: she's saying that the governor of florida is engaging in political stunts. you're the senator from florida. what's your response? >> i've been working with the sheriff rick ramsey from the keys. we had a call with the coast guard, linda fagan saying what can you do, admiral fagan, what can you do and i talked to secretary mayorkas yesterday. what are you going to do, this is just as a result of biden's appeasement of dictators in latin america. he doesn't hold anybody accountable and an open border so this is the federal government's responsibility. they need to start showing up and doing their job.

i mean, this is, as unbelievable number of people are coming into the keys, we don't have the infrastructure. the sheriff doesn't have the manpower and the border patrol doesn't have enough people down there. wonderful people running for customs and border patrol but they don't have the resources to do this so the federal government, they've created this , this appeasement of the regime, allow, you know, we're seeing more people coming to florida than ever. by the way, there's more people that have left cuba in the last 12 months that came in the mario boat lift, so it's the federal government is just, they are doing nothing. stuart: it's out of control. that is the truth, but senator thanks very much for taking time out to be with us today. it's always appreciated, sir. thanks a lot. >> thanks, stuart. stuart: look at futures again, please. i think it was a fairly positive inflation report, but the gains for the dow have moderated a lot we're only up 60 and the nasdaq is now turned south.

the opening bell is next and we'll take you to wall street. ♪ you see, son, with a little elbow grease, you can do just about anything. thanks, dad. that's right, robert. and it's never too early to learn you could save with america's number one motorcycle insurer. that's right, jamie. but it's not just about savings. it's about the friends we make along the way. you said it, flo. and don't forget to floss before you brush. your gums will thank you. -that's right, dr. gary. -jamie? sorry, i had another thought so i got back in line. what was it? [ sighs ] i can't remember.

stuart: futures mostly higher. we've just not genetics from pat ic harker, a federal reserve governor at the philly fed and he said the fed needs to be cautious on rate hikes but he says it'll likely take a couple of years to get inflation down to the 2% level. not much impact immediately on the market, but no doubt, there has been some. joe duran is with us. let's do this thing and have a look at the cpi. i regard it as a positive reading. a slowdown in month-to-month, actually a decline in month-to-month. how do you read it? >> i see it the same way, but you have to remember, people discount the impact of oil prices always. not on the way up but on the way down. that was a big driver here so oil prices came down a lot and people kind of take that out of the number and so it's still a little bit sticky. rents are coming down right now but they aren't reflected yet in the 12 month number, and

unemployment like again, the jobs reports really good which is not necessarily it's good for consumers not great for the cpi number and again i think the comments you just reflected on are why the market have a little bit of a give-back here because this is not about, we all know we're getting to 5%. we all know there's going to be two or three more 25 basis point increases just how long do we sit there. stuart: isn't that a positive? if you're down now to maybe two maybe three 25 basis point rate hikes, that's a far cry from where we've been the past year. >> of course and it's very rare to have the aggressive increase that we've had but there's a second thing happening that shouldn't be ignored. we're now removing $100 billion every month in liquidity and that creates more volatility in pricing, especially on high risk assets, so last year we saw the markets did badly in growth. they didn't do so badly in value , so the s&p was down 18%, the nasdaq was down close to 30. you were much better off in value stocks and that's probably persist so you should not make

any abrupt moves here. there will be volatility. we're still quite optimistic about stocks in the coming year. stuart: you work for the mighty goldman sachs. >> yes. stuart: best known investment bank in the world. >> yes. stuart: i understand workers at goldman were kind of shell shock ed this week with the announcement of all of these layoffs, 3,200 of them. >> yes. stuart: some of them fear there's more to come. what's the atmosphere at goldman at the moment? >> we've been around for 150 years. i can't comment on that. i can say as a partner of the firm i have complete faith everything we do, we've been through sunshine and rain and everything we do is about what's best for our clients, what's best for everyone we work with, including our employees so these are stuff decisions. i'm not in the room when they are made but i can tell you that we as partners support the decisions that have been made by the executive office. >> [opening bell ringing] stuart: thanks for being with us , joe, we appreciate you at least approaching that subject it's difficult for you i know. it's 9:30 eastern, it's thursday morning and the market has just opened, so where are we going in the very early going?

well the dow 30 shows a lot of winners. about two-thirds of the 30 are on the upside now that they opened and the dow is up and running above 34,000, it's up 106 points about one-third of 1% the s&p 500, that's up 11 points about a quarter of 1% and the nasdaq composite also higher , one-quarter of 1% higher small gains if you ask me when you've got a positive inflation report. that's my reading of this thing. big tech all of them on the upside. amazon's up again 1.75%, meta 133, apple 133 microsoft up a few cents and alphabet is up $ 0.25 that's it not much of a gain and we'll start out with apple, because we're told they are making really big changes to the mac. what are they doing? lauren: there's a report out of bloomberg they want to make it touch screen and they will do so by 2025 so in the next two years my question is this. when i give my daughter a chromebook, for instance, she touches it, the screen, as if it's an ipad.

it's not, so steve jobs, famous ly said over a decade ago, we will never make our laptops like the ipads that would cannibalize sales of the ipads but he just said it's not comfortable. you don't want to touch the screen of a laptop but that could be changing if this report is accurate. stuart: okay, got it. next case, what else we got that we're working on? oh, disney. now they are in a battle with the activist investor nelson pel tz. does he want a real shakeup at disney? lauren: yes, disney is the number one dow stock today and he also says disney lost its way. he wants to join the disney board and help in this transition, the success section plan of who is going to replace bob iger when he's out to right the ship. disney says no, you can't join the board. at the same time they appointed mark parker currently on the board who will become chairman of the board. why? well, he was great at nike when

he was ceo there and he helped them in their ceo transition. stuart: nelson peltz is a very smart guy. lauren: oh, yeah. stuart: he does the numbers like nobody else, he knowings what's going on. i have an update now on the return to work can you call it a move. starbucks wants its people back in the office but how many days a week? lauren: three. so tuesday, wednesday and you pick the other day. stuart: this is office work. it's not the baristas. lauren: yes, those reporting to seattle or wherever their office is three days a week. they were looking at, you know, here at fox you have to swipe your badge when you enter. they were looking at all that data and they said oh, well we kind of said people need to come in more, maybe once a week, and then we looked at these badge checks and nobody is. they aren't coming in at all. so now, they are mandating two days a week definite and then you pick the other one and that all starts february 1. stuart: it's going to be a big fight about this with all kinds of corporations, because a lot of people really enjoy working

from home and it's cheaper and you've got child care built in. lauren: you also get used to a routine. stuart: yes you do. lauren: so changing it up a few days a week kind of mess you up in a way. stuart: plus a common who wants that, good lord. let's talk bitcoin. earlier this morning it was $18,000 a coin just holding in there right now. lauren: so this is at the highest level since the ftx collapse in november. might be related. so the ftx attorneys say they've recovered more than $5 billion in assets. stuart: oh. lauren: about 8 billion is estimated to have been missing so there's a difference now of $3 billion. i think this is very encouraging and there's hope they could find an additional 3 billion for two reasons. there are assets that bahamian authorities seized that we don't acknowledge here yet in the u.s. and potentially a sale of some ftx affiliates like ftx europe. they're independent so if they can get any money from any of those. stuart: okay, i've got american airlines. i think they offer what i would

call bullish -- lauren: look at that. stuart: the stock is up nearly 6 %. how bullish was the outcome? lauren: it's like, they don't report officially yet, so this was a pre-report card if you will, and they forecast higher profit for the holiday quarter. why is that important? it's a busy time of year, but we also had a lot of weather cancellations. mass cancellations, so they are the first airline to come out and say how business was, when all that was going on and it was really good. i'm going to tie in the starbucks story right now. so people are taking three and four-day weekends, because they don't have to go to work five days a week at least in the office. that's great for the airlines. everyone is booking these trips, right? stuart: oh, that's it. i didn't understand. lauren: so american comes out and says we're going to see our revenue rise between 16 and 17% from pre-pandemic, so they are back and then some at pre- pandemic levels and really continuing to benefit from hybrid work schedules. stuart: yeah, work-from-home, helps the airlines. lauren: 100%. stuart: i never thought of that.

i just didn't figure that out. but thank you, lauren. good stuff. check that big board, please. five minutes worth of business, and we're now just turned south. stocks have been all over the place. at the moment the dow is down 20 points, dow winners there are some. disney is the top story there. nelson peltz wants to be on board making changes and the investors like it, salesforce, caterpillar, chevron , dow, all up, s&p winner s american airlines look at that, united airlines is up there, and disney on that list as well. nasdaq winners, cognizant tech solutions, qualcomm, merck, nxp semiconductor, airbnb is on the list, will you look at that up .79%. where is the yield on the 10- year treasury he asks? 3.5%. where is the price of gold has it hit 1,900 bucks yet? let's see. put it up there. 1,894 pretty close i'd say. bitcoin we just dealt with that

still at $18,000 a coin. oil, where is that? $78 a barrel. nat gas still below four bucks, yeah, 3.90. the average price for a gallon of regular gasoline is 3.27, not much change there and diesel same story, not much change with the national average is 4.61. coming up, the white house insists the administration is not coming after your gas stove, roll it. >> the president does not support banning gas stoves and the consumer product safety commission which is independent is not banning gas stoves. stuart: oh, we will have the latest on the war on natural gas for you later in the show. ron klain, chief of staff of the president, claims pete buttigieg has done "an incredible job as transportation secretary." bret baier just interviewed pete buttigieg. i'm going to ask brett if he agrees with that valuation. missouri congressman jason smith , he's the new chair of the house ways and committee. he now has the power of the

purse, very important guy. i'll ask him, what's the first thing you're going to do with the power of the purse. he's on after this. ♪

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stuart: stocks all over the place this morning. we have the inflation report, market went up. now it's down. down 75 on the dow, down 47 on the nasdaq. then there's this. congresswoman elise stefanik has a plan to tackle inflation. lauren: to stop wreckless spending so she's chair of the house republican conference and pushing the bill along with congressman mchenry and jason smith who you'll have on in a second to fight inflation why requiring that the white house account for every action it takes that contributes to inflation. it's called the reign in

inflation act. it mandates a report by the office of management and budget and the chair of the council of economic advisors for any action estimated to cost more than $1 billion. they want an accounting of that so just as democrats want legislation to account for the environmental impact of the bill they are pushing, republicans want to do it for inflation. just think, you canceled keystone xl, why? what's the impact that that will have on the price of gasoline? student loan debt cancellation is the impact of that? so account for your spending. stuart: now this is elise stefanik proposing this , and this proposal i believe is co- authored by -- lauren: jason smith. stuart: the new chair of the powerful house ways and means committee. very powerful committee indeed and congressman smith joins me now. thanks for being on the show, sir. you say your tax plan will increase jobs and grow wages. what tax changes specifically do you propose to do that? >> stuart, it's great to be with you. we're pretty excited about the

opportunity of a republican majority to help make this economy grow and become stronger. we have to have hearings and we have to have hearings amongst real americans. i want to take hearings of the ways and means committee throughout this country to discuss what happened in 2017 with the tax cut and jobs act. what worked in those tax provisions. what did not work, and what could be improved to help grow paychecks, increase jobs, and create more fiscal financial security. we had the best economy we've seen in a generation after the passage of the tax cuts and jobs act but we also have to have tax provisions, stuart, that help our supply chains. we need to use the tax code and trade mechanisms to make our country energy-independent. we also need to use the tax code and trade policies for food security and healthcare security those are the priorities but we'll go to the american people. we aren't going to go up here in the big city in washington d.c. stuart: okay, now, you are determined, i think, to cut

spending. there's going to be a big fight later this year about the debt ceiling, because we've already got what $31.4 trillion worth of debt. you want to cut that and you want to cut spending. i put it to you. are you prepared to go to the mattresses? a big fight which shuts down the government in order to cut spending? will you go that far? >> stuart, the republicans are not going to shutdown government the american people are the ones that's demanding the cut and spending. when you seen just in the last two years of one party democrat rule where they added more than $10 trillion of new spending that has led to the highest inflation in 40 years, inflation has gone up 13.9% since joe biden has taken the oath of office. they are demanding that we use every tool in the tool box to eliminate reckless spending and if you look at the history of the debt limit, in fact, when obama and biden were in office, to increase the debt limit, they also passed a caps agreement. we have to have fiscal reforms moving forward. we cannot just give an unlimited

credit card. stuart: fiscal reforms can you just give me an idea of what taxes you might cut? or what are you going to do in specific areas? >> there's so many opportunities, of course in this congress, it's going to be a bottoms-up approach so i'm pretty excited about what we're going to do but we have to deliver for the american people and that's what we're going to do and i look forward to working with the white house, working with the senate, to make sure we come up with this agreement to increase the debt limit but also put in some serious fiscal reforms for the american people. stuart: got it congressman jason smith new chair of the house ways and means committee. powerful guy. thanks so much for being on our show this morning. >> thanks, stuart. stuart: yes, sir, thank you. beginning this week, social security recipients will get a big increase in their benefits. how much more are we talking about? lauren: $1,827 per-month on average. that's an increase of $140 or 8.7% from last year. you know the reason, to keep up with the cost of living. about 66 million americans do collect the larger monthly checks kind of work as a catch

22 though because they could reduce eligibility for safety net programs like food stamps also push others into higher tax brackets. this is all-important because prices are so high that the senior citizens league estimates recipients are losing about $500 every month of that check going out for the higher price of goods, the cost of inflation. stuart: i can see that. the average though is going to be what is it? lauren: 1,827 a month. stuart: this year. lauren: yes an increase of almost 9% from last year. stuart: it seems like a lot of money actually. lauren: the biggest one since 1981. stuart: thanks lauren. coming up, with you suffering from long covid? well good news research says symptoms ease for most within a year. we'll bring you the details on that. planes are finally taking off after the massive faa outage. problems for fliers remain though so what are the airlines doing about this? we've got the report for you next.

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stuart: planes are back in the air after the nationwide outage yesterday, and as you can see , the airline stocks are doing very well. however, there are still flight delays and cancellations. grady trimble is at o'hare airport in chicago. the latest from where you are, please. reporter: stu, "the situation" here right now is definitely better than it was 24 hours ago when that nationwide ground stop had just been lifted but today, the airlines are dealing with a two-fold problem. the ripple effects of yesterday 's delays and cancellations on top of new delays because of weather today, so across the country right now, there are almost 900 delays. that pales in comparison to late last night when there were more than 10,000 delays across the country. more than 1,300 flights were canceled. the faa says that flight system went down as a result of "a

damaged database file." it says there's no evidence of a cyber attack, though curiously, canada's version of the same system went down a couple of hours after ours did. how confident are you flying these days? >> not that confident. you would think that the airlines would have state-of-the-art and double redundancy so that these kind of events don't happen. >> not terribly confident. that definitely makes me worried >> to make any family plans or vacations i'm very nervous, because it's money out of our pocket. are we going to be able to go once i book the flight? so it's a little nerve racking. reporter: transportation secretary pete buttigieg is facing growing criticism for a turbulent tenure as transportation secretary. congresswoman nancy mace, republican on the house transportation committee filed a bill that would require him to fly commercial until he fixes

the slew of aviation problems the industry is dealing with. >> you have to live by the same rules that every american does so he can feel some of the pain and pressure they do because they shouldn't have to be worried about flying out on a random wednesday morning and fear that thousands of flights will be canceled. reporter: lawmakers and the u.s. travel association seem to agree, stu, that yesterday's failure highlights a major problem in the air travel industry and that is that the technology that we rely on is so outdated, stu. stuart: i think you're right, grady, thank you very much indeed. check that big board. we're heading south here, despite what i think is a positive inflation report, we're now down about a half percentage point on the dow. that's 160 points down. let's have a look at the dow winner there's are some. we've got walt disney still at the top of that list and boeing is in the second spot. s&p 500 winners, top of that list is cognizant tech solutions , i see american

airlines and united on that list nasdaq winners cognizant and lucid is there, airbnb is on the list of winners but it's actually down about one cents. check that 10-year treasury yield at 3.55%. little change. the price of gold edging closer to 1,900 bucks on ounce. bitcoin holding above, no, its just dropped below 18,000, it's at 17, 939 and the price of oil up $78 a barrel. nat gas the price there is up but still below $4. the average price for a gallon of regular gas, no change 3.27 across the country. diesel little change down a fraction at 4.61 is your average still ahead texas congressman chip roy, bret baier will join us, louisiana senator bill cassidy and georgia congressman bury loudermilk. the 10:00 hour of "varney" is next.

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♪ i'm all shook up ♪ here ♪ stuart: i was singing along to this along with lauren. she is the elvis fan. more shook up. good morning, it is 10:00 eastern. look at the money, what turnaround. we opened higher, now we've moved lower. it has been all over the place, they are trying to get a handle on this i think positive inflation report. look at the nasdaq, down one hundred 4 points. where's the 10 year treasury yield, moving 3.5%, big tech, mixed picture, not mixed, they are all down. mehta, microsoft, apple, amazon, alpha but on the