versus philadelphia, it is a real, real problem that we have with each other. i give all props to the empire state building's marketing team. this was really, really smart. their goal is not to attract the new yorkers, it's to attract out of town visitors. and, you know, there are so many more options on how to get up high and get better views. they're doing a great job in getting attention here. look at all the competition that's out there. we're talking about the empire sate building and not other folks, and i thought they were kind of clever to say, look, it hurt us more than it hurt you to have to do this. [laughter] maria: well, we are talking about it, mark. >> in their defense, they've been eager to try out the green and white lights, but they got sick and tired of waiting for the jets -- sorry, jets fans, my cleveland browns are just as bad. maria: have a great day, everybody. we'll see you tomorrow. "varney & company" picks it up from the here. stuart: good morning, maria, and good morning, everyone.

very soon the president will be on his way to the new york. he's walking into a firestorm over migrants. many are refusing to leave the hotels where they've been living. you can see them wandering the streets. the prime minister will not see hem -- the president will not see them. he's giving $290 million to the help with a tunnel linking new jersey and the city. for the republicans, looks like senator tim scott is about to throw his hat into the presidential ring. he's going to iowa in february, and you mow what that means. -- mow what that means. a gallup poll shows government and leadership are voters' biggest problems. interesting. democrats run government, democrats hold top leadership positions. that's a problem for democrats, isn't it? this is a big week for earnings. out today, general motors. better profits, strong guidance. the stock is up, what's that, 5% for gm. ups, a sock buyback program. investors love that. that stock is up. mcdonald's down. they're concerned about short-term inflation mare trends.

inflationary trends. caterpillar also down after a its earnings report. both mcdonald's and cat are dow stocks, and it's those two that are taking the dow down a little this morning, but not nowful we were down about 100 points, now we're up 82 on the dow, 37 on the nasdaq. on the show today, the president pictured many a hummer. he's picture -- pushing electric vehicles for us all. bad optics. the hummer costs $86,000, and that's more than the $70,000 median household annual income. the willow project in alaska, the biggest pending oil project in the united states. will biden allow it? he's at war with oil. a decision is supposed to come down tomorrow. by tomorrow, i should say. and costco -- [laughter] my favorite store. can you really eat a three course meal prosecute samples that pop up on every aisle? yes, yes. we cover it all on this january 31st. still no snow in new york. "varney & company" is about to begin.

♪ ♪ baby, i'm ready to go ♪ stuart: oh, i like that. i'm back and ready to go. yes, i am back, and i -- lauren: you sure are. stuart: had a wonderful four days in florida. sunshine, new granddaughter. did you miss me? [laughter] lauren: i did. how's madeleine? stuart: just fine, thank you. lauren: one week old today. stuart: i'm in love. shall we move on? the check futures, please. it is a tuesday morning. let's see where we're going. not by much, but i see green on the left-hand side of the screen. adam johnson is here. the fed meeting begins today. are rate hikes almost done? >> yes, they are, stuart. that is the good news, and i think that more than anything else is why we are rallying today. tawrt stuart make your judgment.

why do you think they're ready to stop, you know, stop hiking rates? >> well, a couple reasons. first of all, because mr. powell, the chairman of the federal reserve, effectively told us he's going to take rates up to 5.1. they're at 4.5 right now. if we get 25 bits right now, that goes to 4.75. so by his own admission, we're almost done. the fed fund futures market doesn't think he's going to take the 5.1, and the reason that we're able to stop at 5.1 or 4.9, whatever, is because inflation is coming down. stuart: that was my question. >> yeah, yeah. stuart: is inflation coming down fast enough? >> well, it could never come down fast enough, but it is coming down very consistently, stuart9. we have seen cpi, consumer prices, fall six month in a row. the ppi, producer prices, fell by the most since 2020 last month, so it's moving the right direction. stuart: what you're talking about the now is interest rates still coming up a little bit --

>> yes. stuart: -- but not by much. >> yes. stuart: when do you think we start to see interest rates from the fed come down? >> yeah. i think that's actually a real leap. i don't think we're going to see rates come down even this year. and i tell you what, that's a higher bar, right? it's one thing for the fed to say, okay, mission accomplished, let's stop, let's sit here. but i'm okay with that, and i'll tell you why, stuart. if you're a cpo and you're looking to make -- cfo and you're looking to make your capital the expenditures budget and you know rates aren't going up, pine, you can fix -- fine, you can fix your costs at that. if you're thinking about buying a house, i don't know. if rates are going to 7%, we've got a problem. if the 30-year mortgage is going to top sat -- stop at 5.5, you say, okay, let's take our time and find the home we really want. fixed rates is a good thing. stuart: you've got a positive outlook this morning. [laughter]

>> well, you know, you just were with your granddaughter. so we're in a positive mindset. stuart: yes, indeed, we are. stay there, please. the latest read on home price. take us through it, lauren. lauren: the bottom line is inflation is moderating. so annually november 2021 to last november, prices rose 6.8%. they're still rising, but that was the slowest increase since way back in september of 2020. stuart: adam, that looks backwards, doesn't it? >> it does. and admittedly, just about every data that you get out there looks backwards, and that's always the challenge. how much do we learn from looking back versus what are our expectations. it's hard -- lauren: it's a trend though. employment cost index moderated. everything is moderating when it comes to inflation in the economy. stuart: and that's very positive. adam, thank you very much, indeed. the administration previously said its student loan handout would cost $138 billion over 10 years. how much would it really cost? lauren: okay. well, i'm going to go with over

a until dollars. i do have to explain this though. what they're talking about here is the plan b, not plan a. plan a is student department forgiveness of up to $20,000. that's stuck many legal limbo. this is the alter mate -- alternate policeman. borrowers who do pay back their loans often see the interest balloon on those loans. so what the us what -- white house wants to do is remove interest -- so the penn wharton budget model judges this, and they say that change would make program very attractive, therefore, skyrocketing the cost from $138 billion to $361 billion. so as i said, the bottom line here is if you do get this plan b and plan a excepts a go from the supreme court, student debt reform is a trillion dollars. stuart: i see the addition. that adds up. lauren: a lot to explain, but both plans are really expensive.

stuart: all right. let's get to politics. senator tim scott will be heading to iowa next month, obviously fueling expectations he could be gearing up for a presidential run this many 2024. florida's governor ron desantis, former u.n. ambassador nikki haley also reportedly preparing to launch their campaigns. pike huckabee with us morning -- mike huckabee. looks to me the republicans have real bench strength, the democrat as do not. i'm making a judgment, governor. >> your judgments are always spot on. and, by the way, congratulations on the granddaughter can. stu, do you know why grandchildren and grandparents have such a wonderful bond and get along so well? stuart: yes. >> it's because he was a common enemy. think about that, a common enemy. suiter suiter and who would that be? >> the parents of the child. [laughter] because the grandparents and the grandchildren, they do whatever each other wants. it's the parents who get in the middle of it and mess it all up. [laughter] all right, let's talk about iowa, stu. nobody, and i mean nobody, goes

to iowa in the winter because they say, honey, let's just go up to iowa and have a few days out on the beach playing some golf or tennis. it's colder, and you just about freeze your koester off up there. i know, i've been in two the presidential races of my own. i've been to iowa campaigning for three other presidents. and when you go to iowa in the winter, you're either a candidate or you're going up will to stump for one. i've been to all 99 counties in iowa at least three times. let me tell you something, there ain't a warm one up there. [laughter] mice people, lovely state. -- nice people, lovely state. but if tim scott's not toeing his hat mt. ring, he's getting it sized up and is getting ready to. stuart: i think you're right. a new gallup poll shows the top issue facing our country is poor leadership in government. second is inflation. look at that risk. race, poverty, homelessness, crime, they're all way down on the list.

what's with that? >> well, i think people realize that the reason those problems even exist is because of the lack of leadership and the government's policies that have created that. if you take all those other issues, they bubble back up to the reason that those are issues, it's because the government is mismanaging the resources that we send them, and their policies are failing. you know when you get a milk if shake at the dairy queen and you get to the bottom of the cup and you start sucking with your straw and it has that gurgling sound? that's the sound of government popularity right now, because we're at the bottom of the cup. [laughter] stuart: you are one of the most entertaining guests we have on program. and by the way, congratulations to your daughter successfully running arkansas. thanks, governor. >> well, i appreciate that. i tell ya, the kid is on fire so much that we're expecting snow and ice. i bet she melts it all by herself. [laughter] stuart: you are entertaining, governor, you really are. thanks for being on the show this morning. see you soon.

cheers. >> thanks. stuart: some senators who are up for re-election in 2024 are facing tough battles. tell me, lauren, if you know, who's at risk of losing their seat? lauren: several democratic senators. here's the map for 2024. 34 seats are up for grabs. democrats hold 23 of them, 11 for the gop. so sabato's crystal ball says 4 of those democratic seats look real good for republican. the best, senator joe manchin of west virginia. what democrat can win besides manchin in west virginia. that could easily flip republican. senator john test ther -- jon tester of montana, he's the only democrat to share office -- to hold office in montana. and kirstin zipman of arizona -- kyrsten sinema, she's an independent. if it's a three-way race, many pundit cans say that looks really good to flip republican. stuart: very interesting because

it's very early days. lauren: yes. stuart: check those futures again, please. tuesday morning,s last day of january, and it looks like we're going to go up at the opening bell. coming up, president biden meets with speaker mccarthy tomorrow. is this a preview of how it'll go? watch this, please. >> [inaudible] >> show me your budget, i'll show you mine. stuart: okay. we're going to bring you the speak orer's response to that. the prime minister says the u.s. will not -- the president says the u.s. will not provide f-16 jets to ukraine. i'm going to ask why the slow walk to get ukraine weapons. the senator is next. ♪ finish. ♪ ♪ you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. we all know that words have power.

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♪ ♪ stuart: russian forces are making their biggest advance in ukraine in months. shelling has left at least five people dead and thirteen injured just in the last 24 hours. trey corinth in kyiv. -- trey yingst manykey. >> reporter: good morning. if air raid sirens sounded as russian bombers took off from belarus, that familiar sound piercing air of kyiv today as reports came in of further russian shelling along the front lines in the east. as russia continues its invasion into ukraine and prepares for an expected increase many fighting in the donbas region, some ukrainian lawmakers are calling for new ways to discourage russian actions. a member of parliament says that a russian assets around the world must be seized in order to rebuild ukraine. >> this is one of ways to stop them, saying if you go ahead, you will lose all your money stored in banks of the

democratic countries, you will lose all your assets that you have stored, and we will do that. because this is what we are doing to russia. >> reporter: the comments come as ukrainian president volodymyr zelenskyy visited wounded soldiers and doctors yesterday. ukrainian leader called for more western support to end these brutal scenes across his country, reiterating his military requests in an address overnight and added this about necessity for victory: [speaking in native tongue] >> translator: russian terror must lose everywhere in everything, on the battlefield and in the way will must be no single -- left in our country so we can restore everything. and that proves that freedom is stronger. >> reporter: yesterday president biden was asked whether or not the united states will provide ukraine with f-16 fighter jets to help them win war. his answer was no, raising new tension between washington and

kyiv. institute? stuart: trey yingst, thank you very much very much. as he just reported, the president's not going to deliver f-16 fighters to ukraine. end meanwhile, president zelenskyy still pushing for more weapons and faster delivery. senator dan sullivan from the senate armed services committee. mr. senator, why the slow walk to get weapons to ukraine? >> hey, stuart, great to be back on the show. and you're asking the key question. and what's been the fundamental problem with the biden administration since the beginning of this war is on every single issue -- and this is the latest one with the f-16s -- can they have slow walked matters, and in congress -- usually the senate, by the way, usually a bipartisan senate has pushed them to make right decision. the list is so long, it would take me hours to talk about it. but let me just give you a few examples. initially, the russian inport ban on oil -- import ban on oil,

we were going to import the russian oil into the united states, they weren't going to do that. we pressed hem to do that. himars, artillery, different weapons systems. this is the latest one. i talked to general milley about the f-16s this past summer, they thought they were getting there. so this is a huge turn-around that the president just mentioned, and it's the more of the same. congress is going to keep pushing on this, and they'll likely make the decision later, in many ways too late. stuart: is biden slow walking because america and europe is afraid of the russian response? >> well, what they keep doing is hay keep deterring -- they keep deterring ourselves. they always say, well, we're worried about escalation, and yet eventually they get to the right decision. the escalation, clearly, is happening from the russian perspective. so we need to keep pushing on weapons systems that we can deliver. but i will say this, and you mentioned the europeans, they need to step up as well.

you know, one of the things that i've been pressing with regard to the ukrainian invasion, we need a strategic victory for ukraine, but we also need our european allies to step up. a lot of them have committed to spend 2% of their gdp on defense. the vast majority don't do that. they need to accept up as well. but right now this slow walking a weapons system which has been characteristic of the biden administration is undermining our efforts there. stuart: we're expecting an announcement from president biden on the willow project, expecting the announcement by tomorrow. i believe it's it's the biggest pending oil project in america. biden's at war with oil. if do you expect him to approve project? >> well, you're exactly correct, stuart. they're at war with american emergency. you know, there's a lot of -- american energy. there's a lot of things the biden administration's doing incorrectly, in my view, but the most strategically damaging policies they've had since day one is their energy policy.

it undermines american interests across the board; national security, domestic economy, jobs, even the environment. you know what it is, they've been shutting down energy production and slow-rolling it from day one, killing infrastructure, getting wall street and american banks, pressuring them to not invest in american energy. and and the prices go up on energy on working families in america, they go overseas to beg dictators for more oil. so you asked about the willow project. this is in alaska. president trump's administration approved this incredibly important project. highest environmental standards in the world. 2,500 jobses. we could start building it today. they've been slow-walking this. stuart, it's almost 200,000 barrels a day. imagine what that could do for our national security. they've been slow-walking it, we've been pressing the white house almost daily to finally approve it, but it's so frustrating. we're trying to get americans in alaska to be able to produce

oil, and they went over to venezuela after the election and say we want you to produce more, venezuela. 20 times more dirty in terms of production in venezuela than in america, than in alaska. i sure hope they're going to approve it. we're boeing to be watching it very -- going to be to be watching it very closely. stuart: we'll be watching closely as well, the willow project. senator, thanks very much for being with us. >> stuart, great to be on the show, thanks. stuart: you got it. check futures quickly, please. it's tuesday morning, last day of january, last day of the month, and we're looking to modest gains pretty much across the board. the opening bell is next. ♪ ♪

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what do you do? step one, type 'run payroll', respond to a couple questions, and that's it... done! and they're paid tomorrow, not four days from now. if you know how to send a text, you know how to use roll. go to getroll.com/tv and get your first three months free and unlimited payroll. stuart: futures pointing up morning. green on the screen. david nicholas, our market watcher right before the market opens. seems to me that the markets are expecting the fed if to slow down these rate increases. what say you? >> yeah, stuart, that's right. but i think market is overestimating the decline many inflation and underestimating the fed's resolve to keep rates

high. stuart, not a single fomc member expects rate cuts in 023. if you just read the december minutes, which i don't encourage you to do, but by the fed's own admission, they said by us going from 75 basis points down to 50 in december, that should not be interpreted as weakness in our resolve to maintain our mandate on full employment or stable prices, nor should it be interpreted that we believe inflation is coming down. that was pretty hawkish language. i think we get 25 basis points this week. i think the market will initially rally on that news. but whether or not that rally lasts will be determined on jerome powell's language, and i think his language will be hawkish which is why i think any rally that we see this week will be short-lived based on what he says, stuart. stuart: so it's a short-lived, kind of knee-jerk rally that we're seeing this week. okay, i got that. now, you think we should be investing more many small cap stocks. i know you don't recommend individual companies, so give me

some kind of group that i can put money into that's all small cap. how do i do that? >> sorry, stuart. the market's not cheap trading at 18 times earnings. small caps are raiding at the lowest multiples in almost a decade, so one way to play it is in the small cap value space. there's a ticker called slyv that is a small cap value etf, owns over 400 companies. but what i like about that index, stuart, that etf, is the multiple is trading at only # 1 times earnings -- 11 times earnings. you're getting a pretty good discount compared to the market, and small caps recover much quicker and do much better in economic turbulent times than large caps. so i think that -- can you want to get in before we see the big rally. stuart: i've had a nice rally in some of the tech stocks that the i own, or the tech sock that i own. is that going nowhere? >> we're a little toppy on the nasdaq, and i do think the s&p and the nasdaq, they're the most

crowded trades in the world. as investors, we want to rotate into a less crowded trade, and is that's where small cap value still has a lot of room to run, stuart. you might want to consider doing a rotation to other areas. stuart: no, i'm not selling. i don't want to pay the capital gains tax or anything like that. i'm just going to hang in there for my retirement. david nicholas, thank you very much, sir. knee-jerk rally. okay, that's maybe what it looks like to david on the left-hand side of the screen because we've got green across the screen, and we're about to open up for trading. the nasdaq has had a really good january. i believe it's the up 8%. that was just in january. the dow up a mere 1%. again, that's just for january, and this is last trading day of the year. how's it going? i believe we're starting trading right now, and we are going to start9 on the upside but only just. the dow industrials have opened, and we are higher, again, only just, 70 points to the upside. we'll put them all on the

screen. they're not all open, of course, but the vast majority have is, and we're looking good here. more than half of the dow 30 are in the green. the dow's up 31. the s&p 500 also opening ever s- can susan's with me. you would call that dead flat. susan: that would be flat. but we are looking for the best january for the s&p since 2019. stuart: that is true. show me the nasdaq because, as we said, that's had a terrific 8% gain, and that's up again but only just. susan: best 15-day start since 2001. stuart: we'll take the it. show me the big tech stocks, please. all of them are up except for apple which reports tomorrow, and it's down just a fraction. susan: thursday. stuart: oh, is it thursday? susan: yeah. gonna be a packed day. well, you have amazon and also meta will be wednesday, but google, i'll be on alphabet earnings call as well. stuart okay, good must have. several danes, big names -- companies, reported before the

bell. start with exxon. susan: record annual profit, $55 billion. only your beloved microsoft and apple have ever made more money in one single year than exxon has. but here's the thing, the reason the stock is down, well, there are several factors, but quarterly sales were actually a little bit light, and there was no extra share buybacks. remember chevron's monstrous to $75 million buyback program? you didn't get that from exxon. don't feel sorry for investors, up 80% in the past year thanks to the highest oil prices we've seen in 14 years. stuart: i saw general motors on the upside, and i believe they're up 7%. susan: wow. that's huge for a value play. stuart: they reported this morning. susan: it was a much better quarter than expected to enlast year. and as a result, they're raising full-year guidance for this year, they said they'll do even better. they're making less money per car, what we call margin squeeze. we saw that with tesla as well. but here's the thing with tesla,

and i think general motors everyone's used to squeeze-in margins, right? so it's kind of excessive. but for tesla this morning the reason the stock is down, a headline just crossed, and the doj is now requesting documents related to tesla's autopilot and their full self-driving feature because of that viral video of another tesla car caught on fire on a sacramento freeway this weekend. another headline here, 1.8 million explorers are now being probed by the u.s. government over windshield concerns, the panel could detavern while driving. and speak -- detach. and yesterday ford cutting its price on the mach e, but the ceo says we're not going to make money. so there's the margin squeeze for the entire industry. stuart: good stuff. how about mcdonald's? again, i was reporting them down earlier. they're still down now. susan: yeah. stuart: didn't they have record sales? susan: i thought it was a strong quarter, but caterpillar and

mcdonald's is accounting for most of, i guess, the pressure on the dow today, which is flat. mcdonald's saw u.s. customer tracksen increasing, a slowing economy means that that customers are now trading down from the full-service, more expensive restaurants to get big macs and mcnuggets instead. here's the problem, they said short-term inflation will continue to bite into the bottom line and squeeze margins heading into the rest of this year. stuart gotta show me pfizer. what are they doing this morning. >>some if they're down. they never do anything. [laughter] susan: you said that for three years. stuart: i have. susan: didn't it go from $20 all the way to 50 plus? stuart: the wait a minute. got to 40, stayed 40, 45, 46, maybe hit 50 -- susan: but it doubled to $40, and now -- stuart: it hasn't done anything for a couple years. susan: compare stomps to last -- comparisons to last year's record, guy -- guy. dance will be less than last

year which was $100 billion in sales because of covid advantage is seens. covid is slowing down and the need for vaccines is slowing down. stuart: susan, i'm reading your script, please forgive me. spotify, what's the stock doing? they've got user growth, 489 million monthly active users? susan: yep. and that that's up by a fifth oh the past year. how many of them are actually paying, that's part that, i think, is lifting the stock today. 205 million are paying subscribers now, which is great because you have more money being made, more sales being made, and they're cutting down costs. they laid off around 6% of their work force, and they're not paying a billion dollars mihm for exclusive podcasts like joe rogan. stuart: i'll never get used to the idea that it's a global market. ups. susan: yeah. so it's actually -- that's actually better than the premarket this morning. sales actually came in light. earnings a little bit better, but they said hat international

supply chain segments saw volume declines, and guidance was slightly weaker than anticipated for the year. ups and fedex have both raised shipping prices at the end of last year, so they're trying to keep up with inflation. stuart: your favorite company, they report, as you said, thursday. susan: yep. after the bell. and i'll be speaking to management once again for a look on the quarter and beyond. so analysts expect that the world's biggest company, apple, will report its first revenue if decline for the first time since march 2019, and most of that is preannounced. we no that -- know that that because of china's covid lockdowns. apple's worried about production and supply at the high end, apple i phone 14. they -- iphone 14. $13 billion last year in three months, i mean, that's tough to meet, match and beat for this year especially with the hiccups many production. i think services will be key given that, you know, services,

apple tv plus, apple care. it's a closed ecosystem, sure, but it's a value add, and that makes up more than 20% of their sales. so so i think we'll see. stuart: i'm in the apple ecosystem like it or not, and i don't know how to get out. [laughter] i couldn't do it. >> that's the thing, it's a very sticky system, right? it's end to end which is kind of what steve jobs wanted, he wanted control of all services, all components including the app store as well. stuart it's the apple prison. susan: oh, okay. lauren: where do you want to go? stuart: if i wanted to go to samsung -- susan: not for you -- the. [laughter] stuart: totally dismissedded that one. susan: you need an easy -- lauren: he can't do the touch. susan: i don't think he could download some of those programs -- stuart: i haven't got a clue. it's not going to happen. susan: you need something that's all built in which is kind of why apple keeps you enclosed. stuart: not in prison, but

enclosed. super, thank you very much, indeed. coming up, whoopi goldberg calling for police reform following the death of tyre nichols, but she's under fire for suggesting this. roll tape. >> do we need to see white people also get beaten before anybody will do anything? i'm just asking, is that, is that what people have to see in order to wake up and realize this affects us all? stuart: she denies she's trying to incite violence. i'm going to speak with alveda king about that. and talk about tone deaf, president biden touting tax credits for electric vehicles while sitting in one that doesn't qualify. we have the full story after this. ♪ ♪ struck by your electric light ♪ pleasure pleasure

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stuart: no big price movement either way so far on the market, best gain of the morning is on the nasdaq which is up about half a percent if at stage. take a look at this, president biden tweeted picture of himself in a luxury electric vehicle, and it's getting a lot of pushback. edward lawrence at the white house. what's the problem, edward? >> reporter: yeah. we're seeing a president many campaign mode, which is what's going on, the president pitching all this spending that he's signed into law over past who years. but that that one -- two years. the president tweeted basically he will make great american road trip is going to be fully electrified and now through a tax credit, you can get $7500 back on a new electric vehicle. and he attached in that picture, but here's the problem, that's a hummer ev truck which retails for about $86,000. u.s. cent census bureau says the median household income is just under $71,000 for the year. so the tax the credit, you know, in addition doesn't apply to that vehicle. it stops at $80,000, so the car

doesn't qualify. >> we have become even more dependent upon the chinese under the biden administration. and, again, it goes back to deranged climate policy that is not benefiting americans, but instead enriching the communist party of china. so we shouldn't be doing this. >> reporter: joni ernst also made the point the president's not attached to the economy and to what people are feeling. the insensitive nature of the photo can be seen in the rising number of americans behind on auto loans. it's a higher rate than 2009 right now. in december 5.67% of people with subprime auto loans were at least 60 days late. the white house sayspresident biden -- that president biden is committed to lowering the cost of electric vehicles for all americans and bringing more affordable electric vehicles onto the market. the inflation reduction act lowers costs for americans including electric vehicles and

energy at home. the official points to the fact that the president sat in the ford lightning can which -- which does qualify, the base model starts at about $58,000. but again, that's not the photo that was tweeted. he was tweeted out in a hummer that that does not qualify for the tax credit can, and most americans can't afford it. [laughter] stuart: well said, edward. thank you very much, indeed. president biden hits the road to tout the effects of his infrastructure law. it's all a ahead of his state of the union address this comes up next week. however, before we get to that, look at new majority poll -- maris poll. more than 60% of the american people think the state of our union is not strong. larry kudlow with me now. [laughter] what are you doing? what's that? lauren: i'm sorry, i'm laughing -- stuart: oh, i know what you're doing, larry. we always come at you because -- lauren: i couldn't help myself. stuart suit to on my show you wear a pink shirt, morning he appears many a red scarf and his

pink shirt. [laughter] what message are you sending me, larry? [laughter] >> hope. it's a message of hope and optimism, stu. [laughter] by the way, i like, i like the corvette better than that the hummer. i really prefer the corvette. with the boxes of classified documents behind it. just saying. i just thought i'd weigh in on that. stuart: sarcasm is a low form of wit, but you do it very well. [laughter] 72% of independents expressed concern about, you know, state of union. it's just not strong. there's no, it's not a partisan poll, a partisan judgment. i just hi that's a huge negative for the president. what say you? >> well, it is a huge negative for the president. i've seen polls that show, by the way, people are just annoyed at washington many general. in general. so there's a lot of populism out there. but, look, we're either in a recession or we're heading for a recession. people are having trouble

meeting household expenses. they can't afford $85,000 electric vehicle cars. by the way, on this electric vehicle stuff, you know, we did have joni ernst, senator everyonest, last night on the show as you showed. the interior department and is other agencies will not issue permits so that people can mine the minerals and resources for the batteries to fuel the electric vehicles. in fact, the interior department just stomped out the iron range in minnesota near lake superior, a lot of mix el, a lot of copper -- nickel, a lot of lithium. she said don't do it, you can't do it. so what good are these tax credits which is nothing more than social spending through the tax code when you won't allow permits really to do anything? he's out there selling infrastructure which is lovely,

or it sounds great, but the reality is the ep ark and -- epa and, again, the interior department and other agencies will not issue permits for any new roads, any new lanes, you know, like a fourth or fifth lane for a highway and so forth and so on. they never had the nepa reforms to keep it under two years. none of these things have been achieved. there's a lot of spending going on. to what purpose, no one really knows. and that that threatens the economy in the long run which is why i wish kevin mccarthy a lot of luck when he meets with joe biden tomorrow. mccarthy's going to do the lord's work, i think. stuart: well, he meets with the president tomorrow, and speaker mccarthy's responding to the president's remarks about the meeting tomorrow. roll tape and watch this, please. >> [inaudible] to negotiate -- >> show me your budget, i'll show you mine. >> we go in on wednesday. for the president to say he doesn't want to negotiate

something this large, hi back to 2011 when he was vice president. they even called the negotiations over the debt ceiling the biden negotiations. i mean, to think that the president believes there's no place in government you can't cut and have a savings for the hard working taxpayers, there's so much waste out there. and we've got to put ourselves back on a trajectory that balances. stuart: okay. last part i think was right there. larry, as we get closer to the june deadline and if there's no agreement reached, who gets the blame? republicans or democrats? >> well, look, it depends because these polls show for whatever it's the worth, okay, people want spending cuts to accompany increases in the debt ceiling. you know, it may be 3 to 1, maybe 2 to 1. 10, 12 years ago john boehner got 1 for 1. so if the white house refuses, a, to negotiate and, b, to make a common sense deal where you cut some spending in return for

the debt can increase, then i think the white house will be blamed. the democratic party will be blamed. i mean, i think mccarthy, who has a lot of experience in this, you know, he's got right now, he's got the upper hand. biden, who did lead negotiatione irony. in the john boehner-obama deal, it was joe biden who did the negotiations. now, this joe biden who is different the than that joe biden says he's going to sewnwall. we're not going to negotiate -- stonewall. it's a very sod odd story, and i think if the gop plays its cards right and comes out on the side of low inflation and higher economic growth, they will win the standoff. but we will never default on our debt. stuart: no. we should say that very clearly, it never happens. >> it'll the never happen. stuart: no. >> it will never happen. they won't allow it. stuart: larry, we're going to be watching at 4:00 this afternoon. i'm eager to see what you'll be wearing, is it white shirt, is it pink shirt?

the passion niece that, larry kudlow. -- fashionista. [laughter] see you later. this is an interesting story. the surgeon general warns that 13-year-olds are too young to join social media. interesting. does doc siegel agree with that? he's on the show. have you seen in this video? roll it. >> what do you like about corn? ♪ stuart: that's known as the corn killed. he may struggle to get his hands on his snack. farmers raising, quote, grave concern over mexico's anti-gmo farm policies. we're heading to pennsylvania corn country after this. thanks to a deluge of new government subsidies. and while that may not be the best use of your hard earned tax dollars, it does give you a unique opportunity

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♪ every search you make ♪ ♪ every click you take ♪ ♪ i'll be watching you ♪ - [narrator] the internet doesn't have to be so creepy, the duckduckgo app, lets you search and browse pria blocking most trackers all forf your search history is never tracked, so it can't be shared. and when you leave search, duckduckgo helps keep companies from watching you as you brows. join tens of millions of people making the easy switch by downloading the app today. duckduckgo, privacy simplified. (upbeat music) stuart: mexico wants to ban the import of genetically-modified corn from the america. madison alworth talking to corn farmers in pennsylvania. madison, how much of a loss would that be for american corn farmers? >> reporter: stuart, it would be huge because corn is our largest agriculture export, and mexico is our biggest buyer. last season alone they purchased over $10 billion worth of

american corn. that's why farmers here, they're frustrated to see a tried and tested technology used as a bargaining. chip despite the fact that we already have a trade agreement set up. i want to bring in liz hinkleing. your pardon me doesn't sell direct -- farm doesn't sell directly to mexico, but why would a ban like this have an impact on your farm? >> even here in pennsylvania our corn stays fairly local, our price is still determined by the board. so if that price goes down, it's going to affect farmers all over the united states no matter where their corn's being sold. >> reporter: and hen tell me about the technology for growing corn like this. >> sure. most farmers my generation and younger have never even used conventional corn. we're not set up to do it, we don't have the equipment to do it. so it would be a huge investment if we had to go back to growing conventional. and on top of that, our yields would be decreased and, you know, the cost of corn would be down so, obviously, it would hurt our bottom line.

>> reporter: liz, thank you so much. so liz is hosting us here. we've also spoken to other farmers in preparation for this story, stuart. they're on washington -- in washington, d.c. today to talk to lawmakers. they're hoping that the white house stays firm because we do have an established trade agreement. farmers telling me this could be the single most devastating thing to happen to corn farming in america, if this gmo ban would go through, so they're anxious for the white house to stand firm. stuart: madison, thank you. more "varney" after this.

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