dagen: week one, now you've got to come back for week two. you and the viewer. sean: thank you for joining us, we've had an absolute blast. st been a ball,s the two of us getting to work together and hang out together and bring you those the great stories. have a great night, have a good weekend. bye-bye. dagen: bye. ♪ ♪ if. >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to all.

welcome to the program that analyzes the week that was and helps position you percent week ahead. i'm maria bartiromo. resoaring america's energy -- restoring america's energy security. republicans are fighting to stop administration from releasing any more oil from our already-depleted strategic reserves to sell to places like china. texas congressman dan crenshaw on the new vote in congress and the president's latest attack on gop over spending cuts. plus from, president biden is taking a victory lap on the economy as we saw fourth quarter economic growth slow and more companies announce layoffs. mark tepper weighs in. plus this: ♪ stick your progress where the sun don't shine ♪ maria: country music star and fox nation host john rich will be here to tell us about a brand new venture he's banking on.

but first, republicans are voting on a bill to restrict president biden's control over the release and sale of our nation's emergency oil supply. joining me right now is texas congressman and member of the house energy committee, dan crenshaw. congressman, it's great to see you. thanks so much for being here. critics say biden tapped that spr as an election stunt to bring down gasoline prices right before the midterm elections, and now we're sitting at historic lows. you're trying to prevent that from happening again. tell the us about it. >> right. well, the spr act that was passed, it does a very simple hinge that shouldn't be controversial. it says if you're going to take out of the spr, you've got to have a plan to replenish it, a plan to actually lease federal land for drilling, you've got to have a plan for production so that we can refill it. this should not be controversial. the democrats are acting like this is the craziest thing ever. they're the extremists.

is -- the spr is meant for emergencies and, by the way, has a minimalfect on gas prices. -- minimal effect. he's wrong about selling it to china, about use iting, and he's wrong to veto this bill. it should be bipartisan. we're just trying to solve problems here to replenish the spr, the strategic petroleum reserve, which is designated for emergencies when we're out of gas. maria: i don't understand why we are selling this emergency oil to china. our number one adversary. do you have any answers on that? >> well, it goes into an open market, and so they'll buy it up. but to your point, it's foolish to sell it in the first place. and what we see from the chinese is that they've been piling up hair stockpiles of oil and gas, because they're not big producers of it. i understand why they're doing that, but weup shouldn't be enabling -- we shouldn't be enabling that kind of behavior. we need to be producing more. and, by the way, republicans back in 2020 the said we should buy at the record low levels. we had done the republican plan

back in the early 2020, if democrats have been had been onboard with that, the stuff be selling now would be at record profit for the taxpayers. they have screwed this up in so many ways it's really hard to farther how many. maria: congressman, mean while you've got the president and democrats using scare tack -- tactics in a new push to raise the debt ceiling. watch this. >> you're going -- they want to cut your social security and medicare. now, this is god's truth. it's the almost unbelievable. and beyond that the, they're actually threatening to have us dethe fault on the american debt, a debt that's been accumulated over 230 years. what be god's maim would -- what in god's name would americans give up the progress we've made for the chaos they're suggesting? not on my watch. [applause] i will veto everything hay send me. [laughter] maria: wow. we know for a fact that house speaker kevin mccarthy said there will be no cuts to social security and medicare.

should biden be taking this victory lap on his economic plans? >> that means he's just lying. there's a couple lies to parse out here. first of all, we're not going to default on the debt. that's not the republican plan. the republican plan is to say, okay, let's raise the debt ceiling, but we have to have some spending measures in place that put us on a sustainable debt trajectory. that's just responsible spending, right? if you've got a bunch of bills at the end of the month and you're like, whoa, i spent way too much on my credit card. okay, i'm going to pay off of my credit card, but i've got to rein my spending. that's what a normal person would do. that this's the republican plan if -- that's the republican plan. let's be clear, who's going to cut medicare and social security? st democrats. you know why? because they're not trying to solve this problem until they go insolvent. when those programs go insolvent, automatic benefit cuts occur. that's on biden and democrats. let's be clear, mt. early 2000s if we had taken up george bush's social security

plan, social security would be so the vent right now. people wouldn't have to worry about it. but democrats told us we were going to throw granny off of a cliff. hay used scare tactics, they're doing it now because they refuse to solve these problems. he's lying on multiple fronts, and it's only going to hurt american seniors and the american people. maria: yeah. congressman, i want to get your take on how you're going to figure this out and come up with solutions was your -- because your colleagues have said you want to go back to 2022 spending levels. if you go back to 2022 spending levels, that's a cut in defense spending. do you really want to cut defense spending right now while china is rising and russia is so aggressive on ukraine? how do you square this circle in terms of raising the debt ceiling, yes, but also putting boundaries in place for the next fiscal year's spending who? you look at monodefense discretionary spending -- nondefense -- it's it's increased massively. it's very easy to find cuts there.

i personally do not want to cut defense spending. you don't need to cut it. and it doesn't necessarily mean that this particular budget plan means cutting defense spending, it just has to go through regular order. and it will go through regular order, through the committees, through each appropriations bill, and we'll fight it out as it goes. so i'm not as worried about it. these supposed rules that we've talked about are, hay don't necessarily pertain to just defense spending, so i think we can get on the right track here. maria: well, alexandria ocasio-cortez yesterday or this week said that she wants a wide open border, she wants this administration to overtake and reverse title 42, and she also is blaming the trump tax cuts and donald trump on all of this debt. watch this. >> reporter: congresswoman, quickly on the debt limit, democrats have been in charge for the past two years. do you think democrats have spent too much money?

>> i think the largest contributor to the debt ceiling or deficit has been the trump tax cuts, but i gotta go. maria: congressman, you're thoughts. >> she's very confused. we all mow this. -- know in the. so right after the trump tax cuts, the federal government received a record amount of revenue year after year after year -- [laughter] after year. maria: that's right. >> so she's just wrong. it's just wrong. [laughter] i mean,st just not true. maria: yeah. >> the majority of our spending comes from mandatory spending. it's about 70% from medicare, medicaid, social security and interest on the debt. the rest are of the 30% is the discretionary stuff that we argue about. about half of that is defense spending. so you cough very little to work with. if you don't get our major programs on a sustainable trajectory, well, hen you're going to put our country on an unsustainable trajectory when it comes to debt. it really is that simple, and we do need to do a better job educating american people on what the problems are, and we have to have adult conversations on how to pix them.

maria: all right all right. we'll see if those adult conversations take the place. thank you so much, sir. good to see you. texas congressman dan crenshaw joining us in washington. persistent inflation, slow economic growth and mass layoffs. why is president biden touting good news about the economy? i'll be asking strategic wealth partners' ceo mark tepper next. ♪ ♪

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painting a rosy picture of the economy. unfortunately, it's not true. wages are not growing faster than inflation right now. take a look at the data. wages are up 4.5%. inflation is up 6.5%. pleasure so inflation is still cutting into our ability to spend and save. we are continuing to see large companies resort to mass layoffs as well to offset near record high inflation. joining me right now is strategic wealth partners' ceo mark ten ther. mark, thank you so much for being here this weekend -- can mark ten ther. what is your assessment of the macro story as joe biden tries to paint a positive picture of this really steep inflation that is still pretty elevated? >> it's still a problem. and despite the rhetoric you hear from joe biden, the economy is softening, and someone's going to have to tell him when you live by the sword, you're going to die by the sword. it just seems like heir too busy popping champagne bottles trying

to celebrate the fact that the, yes, we're past peak inflation, but that that core pce number is still 4.4% which is still double the mandate, and the sick key components of inflation -- wages, rent, food -- that's all sill the running sky high. and for him to to ache a victory lap on this 2.9%gdp number, most investors don't understand how that's calculated. that is actually the quarter over quarter number times 4. it's annualized. so you have the third quarter versus the fourth quarter, you multiply it by 4. what we really need to look at is year-over-year number. no one talks about that number, and that's how every other country looks at gdp growth. in fourth quarter of '22 versus '21 was up 0.9%, president biden. 0.9. not #.9.. -- 2.9. and that's down from 1.9 the previous quarter. so that is a completely different story. we are slowing down, and i'm expecting, maria, the next three quarters of gdp prints to

actually be negative. maria: yeah. well, yeah. there's a debate on how severe or recession will be, not necessarily if there will be a recession. but, mark, what's going on with these markets, and how are you allocating capital right now? look at what's happening. the backdrop is clearly a slowdown can in the economy. the backdrop includes major corporations from, you know, meta and ibm to dow chemical cutting jobs, and yet the market is up. we're talking about one of the

maria: mark tepper joining us. from country music fame to finance, john rich is with us. he's got a brand new venture celebrating and promoting traditional american values. john rich will join me next. ♪ and everybody's getting down in this town. ♪ antinever gonna be the same ♪ ya know, if you were cashbacking you could earn on everything with just one card. chase freedom unlimited. so, if you're off the racking... ...or crab cracking, you're cashbacking. cashback on flapjacks, baby backs, or tacos at the taco shack. nah, i'm working on my six pack. switch to a king suite- or book a silent retreat. silent retreat? hold up - yeeerp? i can't talk right now, i'm at a silent retreat.

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>> trudeau's final move was to weaponize their own bank accounts against them. unfortunately, that worked. hay had to go home. we see to the south of us down in brazil, that government's doing the same thing, freezing bank accounts by the tens of thousands. and so in america if you don't think that that's a possibility in the future, then you're not paying attention, because it's absolutely a possibility. so myself, dr. carson, larry erld and a lot of guys -- elder

and a lot of guys that come from the world of finance and banking, you know, we had a discussion of what are we going to do if that ever happens because right now there is no great alternative where there's a banking platform that would pledge to not cancel your account or freeze your bank account. and so we built old galore arely bank. it's a physical bank in oklahoma. it goes live in more. -- in march. we're taking reserve can accounts right now. tens of thousands of accounts, maria, have already been reserved, and it's an exciting thing. i think people feel like they want to run for the hills sometimes, like we're surrounded, you know? there's no where to go. and in a lot of places, that's true, so we're mt. business of building new hills for people to run to. that's what old glory bank is. maria: i love the idea, but do you have a confidence that you'll be able to have the structure in place in this bank to get the trust of american citizens to put their money there? >> yeah. so the way you go about it is

you wild slowly -- build slowly, methodically and carefully. on the front end this is savings accounts, checking accounts, small business accounts. we've already had some large businesses reach out to us and say we would like to move our business to old glory bank, and we said you're going to have to wait just a minute, you know? we're building this thing the right way and building it slow. but, you know, people ask me, hey, what would keep you guys, keep the government from shutting my bank account down at old glory bank. they don't realize that the government can tell a bank to freeze somebody's account, you know, to push back on them, and the bank then has opportunity to tell the government take two of these and call me in the morning, you know what i mean? i don't think so. it's not gonna happen. you know, our credo at old glory is if you're exercising your constitutional freedoms and rights, you will not be canceled, you will not have your money in general. ty. as long as you're not breaking the law, you're going to be just fine at old glory bank.

maria: well, that is just terrific. and you're starting with just plain v.a. vanilla banking, which is what most people want from their bank anyway. john, real quick, you've been very outspoken about who you would like to see lead the republican national committee. well, ronna mcdaniel has been reelected. you wanted her out. reaction? >> you think there's a crisis of confidence with conservatives around this country when it comes to the rnc, we've seen our donations be squandered and spent like rock star the living out there. we've seep -- seen them promise toot things and not do it, so there's a lot of work ahead to try to rebuild that confidence. there's millions of us out here that have zero confidence right now, so i'm really curious to see what she does in the future to try to build that back. maria: john, it's great to talk with you this weekend. thanks so much. john rich. >> yes, ma'am. maria: all right. we will see you soon. i've got one important thing you need to know about ahead of next week. don't miss it,st next.

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over on the fox news channel for sunday morning. futures live. i've got interviews with senators ted cruz, as well as mike lee, former secretary of state mike pompeo. and she ran for rnc chair harmony. dylan will be with us along with trey gowdy. that'll do it for us for now, right here on wall street. thank you so much for being with us have a great rest of the weekend. i'll see you again next time.