he was a child prodigy, the guy. lauren: 9, he was 9. stuart: okay, let's have a look. it was 9. he was 9. latch half. lauren: we're in agreement. stuart: he wrote 50 similar tonies -- simple to tonies. my favorite of all time -- the. susan: his most famous one is requiem. which i think he wrote at 13 -- stuart: can you hum it for us? susan: no, but it plays every olympics. lauren: that's right. stuart: that's it for "varney & company" for the week, we thank you very much for watching all the way through. "coast to coast" starts now. ♪ david: and ahead on "cavuto coast to coast", president biden's inflation reduction act, guess what? inflating. expecting costs for the climate agenda have soared as biden's energy secretary doubles down on calls for our military to go

green. we are will get reaction fro to all of the above from republican senator from oklahoma markwayne mullin. plus, carl main calling out democrats for the lack of primary debates. we have republican presidential hopeful vivek ramaswamy who just challenged democrat candidate for president rfk jr. to a debate. did he get a response from rfk? we'll ask him. and we just got the official postmortems on those failed banks. we're going to be talking to bob doll on whether or not he sees any red flags for the rest of the banking industry in the report. welcome to the show, everybody. i'm david asman in for neil cavuto the. we have all those stories for you in just a minute, but first, the fed watching some key inflation data today that could impact its decision on rates next week. that data showing wage growth stayed elevated to start the year and inflation remained high. joining me now, strategic wealth partners' president and ceo mark

tepper. mark, it just seems that no matter what the fed tries to do, it's -- this is a tough horse to the rein in, the inflation horse. it just keeps galloping away. >> it is. i mean, inflation's still running higher than anyone would expect at this point. whether you're looking at cpi or pce, we are still well above the fed's target. and, david, really the issue i'm seeing is that estimates a year if from today are now moving in the wrong direction. so the university of michigan a few months ago, they were expecting 3.6% inflation a year from today. that's now up to 4.6%. and the new york fed went from 4.2 the up to 4.7%. that's what they're expecting a year from today. ing so, i mean, that sounds like double the fed's target to me, and it also sounds like we're facing a multiyear battle against inflation. so the war's far from over. david: but, mark, on the bottom

right of your screen, you see a green screen. the dow is up 203 points right now. the nasdaq just killed it yesterday, was up about 2.5%. so the market just keeps going up despite all the bad news and, of course, we had that gdp report which was dismal. it showed an anemic 1.1% annual rate of growth in this country. it was half what was expected. why is the market so optimistic? if. >> the market, i mean, they're looking at everything through rose-colored glasses right now, investors are. you know, maybe a month ago the market was moving based on expected fed rate hikes or potentially fed cuts. now all of a sudden, you know, it's really moving based off of big tech earnings. so big tech earnings have pretty much saved earnings season so far. you know, you look at amazon, you know, obviously their guidance was a little disappointing when it comes to cloud growth. but the market continues to move higher because investors are

really fix sating on the little -- fixating on the little bit of good news we have. the problem is earnings are still negative year-over-year. they're better than fair, but they are still negative year-over-year and revenues are accelerating slower than rate of inflation. so we still have problems on a lot of these earnings calls, the guidance is still very cautious, and a lot of these ceos are expecting a recession later in the year. david: well, let's talk about yesterday, and i want to dig down on amazon. yesterday, of course, a huge day. the dow was up every 500. i mean, you know, if you're an optimist, you want to look at your 401(k) at the end of yesterday and probably still going strong today. but amazon was a very interesting story because, look, it is down right now almost 4%, down to $105 a share. it had a great report after hours yesterday. initially, you saw the stock in afterhours going up about 16% at the top, but it came way down -- >> yeah.

david: by the way, it was up so much because the profits very far exceeded expectations, but they had a very sort of discouraging report about their expectations for their cloud business. and everybody's looking at cloud right now -- >> yeah. david: so what would you look at when you're looking at amazon? because a lot of people have it in their portfolio. >> look, we own amazon as well. cloud growth, without a doubt, is decelerating. their guidance was incredibly cautious and, david, that's really been their cash cow. that's been an incredibly profitable division for them. and when it comes to cloud, amazon's been the 800-pound gorilla for years and years and years, but we've also been saying for the last if few years that microsoft would continue to pick up market share against them, and that seems to be the case. david: yeah. >> the biggest read i have from the amazon's earnings call is that businesses, businesses are tightening the belt buckle. they're scaling back on cloud spending, investing in the cloud because they're preparing for a potential recession. and if we look at the nfib small

business optimism data, we're actually at the lowest point we've seen, actually lower than the depths of the pandemic in 2020. so small business owners are not very on the to optimistic. -- optimistic. they're scaling back on hiring plans, limited access to credit and, obviously, not spending as much on the cloud. david: right. and i imagine some of them are worried about the possibility of new taxation or at the very least new regulations from this administration. small businesses are killed by those regulations. the big businesses can kind of work it into their budget, but the small businesses, it literally can bill business -- kill business. mark, thank you very much for being here on friday. have a great weekend. >> thanks, david. david: the cost of the inflation reduction act may actually be increasing inflation. a revised model from penn-wharton adjusting its previous estimate to more than $1 trillion, and a lot of that is the green energy stuff. fox business' grady trimble is on capitol hill with this story. grady.

>> reporter: hi, a david. democrats continue to argue that the inflation reduction act, as the name implies, will lower costs for americans. but what we're finding out from this new projection is that it's actually going to cost taxpayers a lot more than was originally advertised. so the new calculations are from the penn-wharton the budget model. the projection says that over the next ten years the inflation reduction act will cost almost three times more than the original estimate. and that, by the way, is just the climate and energy provisions. to our colleague edward lawrence though, the white house is defending the law. >> even with the new score, the inflation reduction act still reduces the deficit over the long run. a number of experts have said that the cbo likely underestimated the deficit reduction from the inflation reduction act's crackdown on rich tax cheats. >> reporter: house speaker kevin mccarthy's debt ceiling bill would roll back a lot of the green energy tax incentives

that are in the inflation reduction act. >> we repealed very broadly a big portion of this in our bill that just passed the house. so we have a good opportunity here to save the taxpayer money and pick our economy stronger and not invest wholly in china like this bill does. you have senators who voted for this like joe manchin who says they have to cap it or he'd vote to repeal this. >> reporter: and he's right. senator manchin said that on "hannity" earlier this week. manchin, of course, one of the key architects of the inflation reduction act, but now he's been critical of how the biden administration is implementing this law, focusing more on climate than on energy security. david? david: a little late for him to have buyer's remorse, i must say. [laughter] thank you, grady, appreciate it. meanwhile, energy secretary jennifer granholm vowing that the military should have an all-electric vehicle fleet by just 2030. imagine that. listen to this. >> do you support the military adopting that ev fleet by 2030?

>> i do, and i think we can get there as well. and i do think that reducing our reliance on the volatility of globally-traded fossil fuels where we know that global events such as the war in ukraine can jack up prices for people back home, it does not contribute to energy security. david: wow. oklahoma republican senator markwayne mullin is with me. now, that's only seven years away, and, i mean, a lot of people are wondering if we're sacrificing national security and the lives of our troops for the sake of green energy here. >> david, it makes no sense. this is what happens when you have a president who puts activists in place of this country instead of putting real people who's been there, done that. just think about this. we're going to have -- we're going to go to war, we're going to have electric vehicles. money of us have ever heard of emps before, lek d electromagnetic pulses, we're

going to be out on the battlefields with they don't really have charging stations. we're going to be pulling these huge diesel generators, and ininstead of just pouring fuel in them, we're going to sit there for hours while these batteries charge. and one of our largest adversaries called china is the one we're going to be relying on to make our batteries. this makes zero sense. but in a woke president that you have in president biden and his woke cabinet, this is the kind of results, ridiculous comments that you have. david: i mean, i keep hearing about this phrase the existential threat of climate change, and listen, i mean, you know, people are all over the board about how long it's going to take for it really to become an existential threat. but the existential threat from our enemies is pretty close by when you look at iran getting closer to a nuclear bomb, and they have a deal with the saudis, so they feel more secure. you look at china, as you said, i mean, isn't the existential

threat from our enemies more important than the existential threat of climate change? >> absolutely, it is. and the best way to deter aggression towards the united states is to make sure you have a strong military that people fear. that's what president reagan said, peace through strength. you do this, this makes us an army that is laughable. david: yeah. >> knowing that they could take out a whole unit of vehicles, of tanks, of uparmorred vehicles by just one simple electromagnetic pulse. it knows that just given a little bit, these things are going to run out of batteries, and they're going to have to stop and recharge and then they can go and attack. it is just not practical. you have a very volatile world right now, david, and we have to be paying attention to it. china is trying to squeeze us on every corner through economics, they're trying to come after the dollar, they're going after medical supplies, they're going -- they're loving the idea that we're becoming more and

more reclient on rare -- reliant on rare earth minerals. they enjoy to see the way that we're moving because they know they're in perfect position to pounce and take the leading position around the world as considered the world leader because we have literally systematically killed ourselves by a thousand cuts. david: senator, speaking of a thousand cuts, a lot of small businesses are getting a thousand cuts from the regulators, the woke regulators right now in government. >> that's right. david: and there's a battle now about an appointee or a nominee for labor secretary, a woman named julie su who had experience being a labor secretary in california, and a lot of people said she didn't do too well there. she went after, in the name of unionization, went of after a lot of small businesses there. >> right. david: you oppose her. i think we have a sound bite of the, one of the hearings in which you were peppering her with questions. let's roll that tape.

>> have you ever been an employer of a business? it's yes or no, i'm sorry. >> i have not, senator, but my parents have. my family has. >> have you ever done it? >> i have not. >> then you don't understand what it's the like, how hard it is. and when you have someone like yourself that makes a comment like this like you did in 2005 and says the very definition of a corporation as an entity e the that is created to permit maximum income and designed to insulate individuals who profit from the liability. that's your opinion about a corporation. do you still stand by that? >> i don't remember when i wrote that, context in which i wrote it. i don't -- >> it doesn't, there is no context. do you believe what you said? it's a yes or no. >> i will say this, senator -- >> if you can't answer heck no on this, ms. su, then that's a huge problem. david: well, you kind of said it all there. we're almost out of time because that was a long sound entitle, but i just have to say that

people ooh like woke administrators and unelected, of course, she has to be confirmed by the senate, but there are a lot of unelected woke bureaucrats that are making rules that are killing small business in america. >> right. david, they have no idea what they're doing. and as i said before, this is what happens when you have a woke president pushing a woke agenda, putting activists in place to try running the country. it's government's role -- government's role is never designed to create jobs. government's role was never designed to create enterprises. government's role is to create an area, an environment where entrepreneurs create those, those opportunities. they hire the employees. it takes employers to hire employees. it takes employers to have a vision to create a new way of consumers of purchasing. it takes employers to have that vision, not the government. david: yeah. i think back to ronald reagan's

remark government is the problem, not the solution. >> absolutely. david: i think you'd agree with that. senator, great to see you. thank you for being here, appreciate it. >> thank you, david. david: and coming up, i'm going to be talking with republican presidential candidate vivek ramaswamy on the idea of debating bobby kennedy jr., a democrat and republican debate his path to the white house, the disney lawsuit, much, much more. you don't want to miss that, it's coming next. ♪ ♪ ♪

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they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. ♪ >> it's whack that the dnc won't do no primaries next year, man. do a [bleep] primary debate. put joe biden up there with bobby kennedy, marian williamson and whoever steps up to the plate, and let's have a [bleep] discussion, yo. david: charlemagne skewering democrats who want to keep president biden out of the debates. well, we have a republican presidential candidate who is ready to debate anyone from either party. vivek ramaswamy is here. vivek, great to see you. thank you for joining us.

you just challenged bobby kennedy, the democrat, to a debate. have is you gotten any response yet? >> so, look, i've been in touch of with bobby kennedy, i think very highly with him. i disagree with him on a lot of issues. so he hasn't yet respond toed to this challenge to a debate that the many people have been calling for. but i think the democrats are the party that's hiding there debate right now. they're protecting joe biden as their puppet. i think we are we in the republican party need to be better than that and say we're the party of free speech and open debate, we embrace that because we're on the winning side of these arguments, and is i'm willing to be the standard bearer to take that debate to the other side's -- [audio difficulty] david: okay. >> whether it's with don lemon or the democrats running for president -- [inaudible] [cheers and applause] david: just so you know, a that's not as clean a shot as we would like. there are little blurps in there, but so far so good, we'll keep it going. but i i want to ask about a republican debate because there's a question about whether

or not if ron desantis keeps going down in the numbers, and he's taken a couple of hits primarily because of disney, we'll talk about that, but if he pulls out, donald trump might not debate anybody else who's running for the republican nomination. do you, does that the concern you? >> i think that would be a bug mistake for our party -- a big mistake for our party and for our movement. i think we have to be -- donald trump did well in 2015 by elevating issues in the debate. that's what we need to do this time around. say what we stand for and why we stand for it. not just obsess over the question of the who, that's going to make the conservative movement better with, i think it's going to make the country better off too, and that's something we need to actually embrace in our party. you know what? other candidates including trump perhaps may not relish being on the debate stage with me. i think it's still a good thing for our party to see that through, and i'm not going to let anybody evade the debate stage. i it's going to be the really important for the next election which i think we can win in a land slide.

[cheers and applause] david: you're on the. campaign trail in south carolina. speaking of embracing, you coembrace a lot of what desantis says about woke policies and the harm they do to our nation. you share a lot of those views, but i'm wondering if you share his way of negotiating with disney on a that mar issue. on that particular issue. >> so, look, i respect governor desantis for taking a lot of what i have written in woke inc. and implementing that into florida. i respect him for being an implementer. however, i think part of what's going on with disney is he said he wanted to roll back those special privileges. unfortunately, one of the special privileges was legislated into law under ron desantis himself which was actually an exemption from their political anti-discrimination statute that he passed. and i think that undermines the credibility of that crusade. i'm surprised that hasn't been more widely reported in the media, but i do think the right thing we've got to do is actually let companies be companies. go back to focusing on making products and services for profit

without apologizing for it, without mixing these politics into that boardroom. i think a big part of what governor desantis is doing, he's trying to call attention to that. but unfortunately, many of the crony capitalist purposes like special exemptions disney enjoyed were, unfortunately, passed into law under desantis' own watch which undermines credibility of him to go after them using state power now. david: let me ask you about something that's happening in the news right now and how you would deal with some of these issues. the debate over the budget. of course, the president is not meeting with the republicans at all, with speaker mccarthy, but the republicans have put out some of their, what they would like to cut from this huge trillion dollar, multitrillion dollar increase in the budget. they want to rescind funding for the irs agents, the 87,000 irs agents. they want to reallocate unspent covid-19 relief money. they want to eliminate biden's student loan forgiveness plan. what are some of the suggestions

you would have for cutting the budget? >> so, look, i think that we should actually talk more about gdp growth in this country. this is this debate about tax increases that democrats want versus spending cuts that republicans want, and i do think there is room for smart spending cuts. but what we really need to do is revive economic growth itself. it's as though we've forgotten that's an option. unshackle ousters from this -- ourselves from this climate cult, put people back to work, reform the federal reserve. and i think if we're growing back again above 3 plus percent, and i think we can get to 5 plus percent gdp growth, our fiscal problems become small by comparison. that's where my focus is, and i think that's going to be actually what leads us out of our fiscal problems, not just wearing bifocals and playing accountant with tax increases -- [cheers and applause] david: we have an anemic growth rate right now. we just got the gdp numbers this week, 1.1%, it was half of what

we expected: but you are on the record for wanting to eliminate some departments completely like the department of education. i just want to read you the mission statement of the department of education. it says our mission so to promote student achievement and preparation for global competitiveness by fostering educational excellence and insuring equal access. well, we have seen test scores go way down. globally we're kind of a laughing stock. and when you compare us to china or some of our major competitors. and yet we're spending more money than ever, $80-90 billion in the department of education, $1 is 82 billion in covid relief for k-12. how would you reapportion that money to help our schools, quickly. >> well, department of education should have never existed. a that's why i i will shut it down. that $83 billion is misspent. for just 25% of that, we could put three armed security guards in every school across this

country. it's not even close, which is a better use of money. on top of that, you could take underfunded school choice programs across the country and actually put educational choice back in the hands of parents, get the federal government out of the way. and that's why i'm going furthe- [cheers and applause] than even trump dud, shut down the department. don't just reform it. that's my view of how you handle the administrative state. david: well, it helps of to have a cheering crowd behind you when you say these things. [laughter] vivek, i appreciate you coming from the campaign trail in south carolina. beautiful state in south carolina. good luck to you. safe travels, my friend, and thank you very much for coming in today. i appreciate it. >> thank you. people here are energized and, hopefully, across the country too. [cheers and applause] david: thank you very much. and thanks to the crowd as well. coming up, the -- [inaudible] on the svb bank collapse just dropping. we will dig into that right after the break. ♪

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david: the fed if just releasing the long-awaited findings of how two regional u.s. banks failed back in march. edward lawrence joining us now from the white house with more on this. hi, edward. >> reporter: the report does not hold back. it places the blame squarely on management of silicon valley bank. it then also takes a critical eye for regulators who stood by and watched the risk of failure for this bank mount. a detail thed -- detailed, 114-page report, a textbook case of mismanagement. second, senior fed officials tell me that the bank executives were show to change exposure to risk while receiving significant compensation. the fishes say that the fed is looking at -- officials say the fed is looking at if that met federal guidelines. second, regulators failed to identify how badly the risk mounted at the bank, then failed to move fast enough once they discovered the issue. finally, the fed will review its tiered approach to regulating banks. it will phase in stronger

regulations, we're old. now, the report spent a lot of time talking about social media stressing the bank failed because of management -- mismanagement, but social media played a role mt. speed of the the failure. a senior official tells me the lesson could affect rules on capitally quid i think for all banks. -- liquidity for all banks. svb actually failed its own internal stress test back in july of 2022, then changed the assumptions to mask the risks the bank had instead of actually making changes. now, at the time of the failure there were 31 safe and sound warnings on the bank, and out of this a senior fed official tells me that the rules will change specifically looking to add teeth so regulators can force changes in smaller banks faster to avoid this situation in the future. david: it is incredible how fast some of these banks went under. edward, thank you very much. let's get the read from crossmark chief investment officer bob doll.

bob, great to see you. let's talk about first republic because talk about fast downturns, the stock, i think we can put it up now, i think it's raid thing at $3.98, it was down to about $3.50, but keep in mind that's about a 35% loss just today. the 52-week high for this bank was $171, and it's down to close to the a penny stock right now. my way it survives? -- any way? >> i doubt it. at least in this current form. it becomes a zombie stock at best. it's clear that the asset-liability issue and the withdrawal rate is causing all kinds of halve -- havoc, and the feds are trying to figure out do we let it go, do we try to convince some other banks to take a piece of it of course which they already did not thatting long ago. david dave exactly. >> sadly, this one's a casualty. david: what happens to the money all the other banks put in, jpmorgan and the restsome. >> sayonara, except the parts of

it that were actually guaranteed the, so the government will be reimbursing some of that. that's the problem, you get a bank that's crippled and if somebody wants to buy it, hale say, yeah, i'll do it if the government will guarantee. david: and the government is us. >> yes. [laughter] david: we kept hearing, no, no, taxpayers won't pay a penny. maybe directly not, but eventually we do end up paying for it. the fdic, i mean, the fdic's input in saving svb and the other bank and whether or not today put more money into first republic before it goes down and whether or not this spreads means we're all going to be paying more in banking fees, doesn't it? >> absolutely. deposit insurance rates for banks go up, so they have to pay more. we we end up paying more as a result, and you get loan costs that are higher as well as the bank has to cover their costs.

so it's, it's a tough piece of medicine to take because the bankers fell asleep at the switch, the regulators did. and and i'll put some blame on the fed. the fed, you know, kept interest rates at zero way too long and then had to to raise them so fast, and that caused too many people to be flat footed. david: let me can ask about what the fed's doing next week particularly in light of the gdp number. it came in at 1.1%, we were expecting about 2%. that was mostly because of with manufacturing pulling back and investments, businesses pulling back on their investments. how do you think the fed digests all this? >> i think the fed will look at the consumption number in that weaker than expected report and say consumers are still spending money. consumption was above 2.5%, so i don't think that changes the tune for them; that is, with the intention probably of raising

another 25 basis points. a iowa david wow. >> the question is what will they say around that in terms of some sort of pause. david: bob doll, great stuff as always, thank you very much for coming in, appreciate it. well, the clock is ticking to the end of title 42. border agents are bracing for even more chaos than we've already seen. house are republicans say they have a plan to stop the crisis. those details coming next. ♪ ♪ -- play played my part, kept you in the dark. ♪ now let me show you the shape of my heart. ♪ ♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need

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♪ david: house republican leadership is pushing a massive border security and immigration bill with plans to bring it to the floor for a vote in the coming weeks. chad pergram live on capitol hill with with the details. hey, chad. >> reporter: david, good afternoon. there's pressure on house republicans to the address the

border especially since they use the border as a campaign issue. they hope to advance their border package in mid may, that's when identitying 42 the ends. the feds expect an increase in migration. >> if just the first quarter of fiscal year '23, you received more than 130,000 samples collected by dhs at the border, but we expect that once title 42 is rescinded, the number will jump by around 30,000. many many cases -- in many cases these are leading to and solving sexual assaults, homicides and other serious crimes. >> reporter: the gop wants to resume construction of the border wall. they would also require those seeking a asylum to enter the u.s. at a point of entry. republicans continue to rail at homeland security secretary alejandro mayorkas over the flood of people at the southern border. >> -- mow the exact number because the white house won't

tell the american people how many have come across our border illegally, nor will they tell the country where all of those people have gone. >> reporter: there's a chasm between democrats and republicans when it comes to to dealing with immigration and board or security. border security. >> we support our creamers. we want full amnesty. we want a comprehensive, robust citizenship piece of legislation. republicans are delusional because they don't seem to accept the fact that immigrants are a driver of our economy, one. and, two, we have always been a nation that showed love to asylum seekers. >> reporter: republicans made multiple trips to the border. they've promised to fix the border if they got the house majority. but the gop has controlled the house for four months, and it's still unclear if they have the votes for their border security plan. david? david: all right. thank you very much, chad, appreciate it.

well, the economy and the border will play a big role in the election, but so will foreign policy, particularly with the european war, the fear of a chinese invasion of taiwan, terroristists again taking root in afghanistan and the general loss of u.s. strategic influence all over the world. i want to bring in former democratic senator and vice presidential candidate joe lieberman who, by the way, went on to back a republican presidential candidate, john mccain, many 2008. so you are a truly bipartisan person to talk about u.s. influence in the world. yeah, i don't know where to start because, frankly, there's so many hot spots now in which the united states has lost influence or at least seems kind of weak many its ability to produce some kind of solution. but let's start with the middle east which you have particular expertise on. instead of more abraham accords which were very effective peace mechanism of the previous administration, we now have a deal between saudi arabia with

and iran. what's going on with the middle east? >> yeah. big and important question. let me say about your introduction, you're absolutely right. like right now all the discussion about the 2024 the presidential campaign, of course, is about politics. but on the issues, it's all about domestic issues, about the economy, match aally, the -- naturally, the state of our democracy, immigration reform. all important but don't forget the world because the world will press in on the campaign. and depending on who the two candidates are of both major parts -- parties, there will be significant differences. and particularly the challenger if president biden is renominated as it certainly appears now will be critical of the administration's foreign policy record. the administration will have to respond. so first off, you're making an

important point about what inevitably will be the importance of foreign policy discussions. in the middle east, there's a real warning going up to us. i mean, abraham accords wean the israel and hose the concern between israel and those arab nations were really important, and a big part of why they were negotiated and agreed to was because the arabs and the israelis agreed that they had a common enemy which was iran. now all of a sudden they've got iran and saudi arabia making at least diplomatic relations again in an agreement brokered by china. boy, if that isn't a wake-up call and a warning to the u.s. and part of it, i think, is a couple of things. first off, the arabs don't know if they can totally depend on us now in a crisis, and and that's based on afghanistan and the fact, frankly, that the biden administration has continued to try a diplomatic path with iran. but it's also based on the

growing sense of self-confidence that the saudis have. david: right. >> so, to me, it says we've got to get back and regain the arabs' confidence and push the chinese back to a secondary role in the middle east. ca. david: yeah. well, you know the arab world respects strength. i mean, that's one thing that's clear about the arab world. >> right. david: we haven't been showing that strength, and i think that's one reason why saudi arabia's walking away from us. our withdrawal from afghanistan was the first real blow to foreign policy under this administration. and, of course, they just whitewashed the whole thing. but then we have this -- i do want to talk briefly about the budget, but we have this axis between russia and china. how dangerous is that? very quickly. >> it's very dangerous. and we ought to be trying to do everything we can to break the chinese away from the russians, but it's not easy because we're having our own growing competition with the chinese.

and then throw in iran, it's kind of -- using a phrase that president bush 43 used, really an axis of evil today is russia, china and iran. and they challenge us in different ways directly. and for me, that means we've got to strengthen our alliances which the biden administration has done in europe and is doing in asia with south korea, japan, australia and india. but we're in for a tough time in the world, and it's not far away. it affects our economy, our security and in the worst case our freedom. david: senator, i do want to try to squeeze a domestic issue before we go, and that is the budget deal. >> okay. a. david: we have the president and his team saying that we shouldn't be dealing with the budget in relation to the debt ceiling, that it's never been done before. of well, we have eight examples, we can put it up on the screen, where past spending reforms have been tied into debt ceiling deals, so it has happened

before. and the president just won't speak to mr. mccarthy. it's been months since he last did. as a bipartisan, which i mentioned at the top you are, shouldn't president biden meet with speaker mccarthy right now? >> yes, he should. i mean, this is important. and for some reason they don't negotiate an extension of the debt ceiling, it's catastrophic for our economy, probably for the world economy. you can't solve it with one side. they both have reasonable arguments, so route got to compromise in the national interests. incidentally, the bipartisan house problem solvers' caucus which is supported by a group called no labels that that i'm proud to to chair has come up with a bipartisan plan to extend the debt ceiling and work in a process for coming up with some cuts in spending because we've also got to do two things. we've got to extend the debt

ceiling, but we really have to start balancing our budget, or we're going to just strap our kids and grandkids for a long time to come. david: all right. well, i wish you were still inside the beltway so you could knock some sense into these folks. senator, great to see you. thank you for being here, appreciate it. >> you ooh. have a good weekend. david: have a good weekend too. let's check in with jackie deangelis and the big money show. jackie: david, always great to see you. it is a big friday for us because we are breaking down that report from the federal reserve on what caused the most recent regional banks to fail and what could be potentially coming down the pike. charles payne is going to weigh in on that, he's also going to be the talking about some of the tech earnings a we've seen and amazon as well and also penn-wharton now confirming what some people already predicted which was that the so-called inflation reduction act was going to cost a lot more than the democrats told you. tune in, top of the hour. more "coast to coast" after this.

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so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. david: well, bud light is planning a major marketing blitz. the beer giant is scrambling to recover after the brand's partnership with transgender influencer dylan mulvaney prompting, which prompted, of

course, a boycott from conservative drinkers. the hill media columnist joe concha joining us now on this one. so they're bringing back the clydesdales, they're going back to old american icons to try to sweep this problem under the rug. will they get away with that? >> yeah. i think, david, they run the risk of try trying too hard to win their customers back that they lost are. it's kind of like your girlfriend breaking up with you, and you send her flowers, it has this boomerang effect, it only makes it worse. i say maybe just let this blow over. sales are down, what, 17% compared to a year ago, but this is a brand that's been around for more than 40 years, and there'll be a few holdouts, but i think in this too the shall pass, and they certainly learn their lesson. in the end, don't take a side, don't dive into controversy topics, you run the risk of alienating your customer base. make a good product, and if the profits are good, give back to the community. it ain't hard. david: they did suspend a couple of folks that were responsible for the campaign, but i'm told

that the e e sg department is really well embedded in their corporate culture there. so do they run the risk of falling in the same trap again? >> perhaps. i would think so in this situation. but, yeah, some heads rolled over this. i mean, that's how bad this has been. you never hear of really any controversy around budweiser, so this was a foreign concept for them when they were making headlines over this. david: who would have thought. i want to get your reaction to another story. abc news editing its interview with candidate robert f. kennedy jr. to cut out parts where he was talking about vaccine mandates. so rfk is still getting censored for this stuff. >>st the unbelievable. yeah -- it's unbelievable. did abc ed i admit statements, by the way, by the current president of the united states when he said in 2021, you're not going to get covid if you have these vaccinations, you're not going on the hospitalized, you're not going to die? abc didn't seem to have a

problem with that misinformation. and here's a a headline from 2020 the, sor ily, conspiracy theorysts, study concludes covid-19 is not a laboratory the construct. they called that a conspiracy theory. so who has upper hand, who has to monopoly on truth here, right? rfk jr. is now currently polling at 19% against joe biden, he's barely campaigned. i think hay see him as a threat, and they're trying to shut him down. david: it is incredible, and i don't think they're going to get away with it, because he's sick thing around. with 19%, he ain't going nowhere at least not in the near term. joe concha, have a wonderful weekend, my friend. appreciate it. >> stay dry, david. david: thank you, i will. it's going to be a wet weekend. stay with us, more "cavuto coast to coast" right after this. ♪ ♪

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>> that does on cavuto coast-to-coast. i will see you back on fox news at 10 a.m. . jackie deangelis and the big-money sure here to get you through the next hour. brian: i'm brian brenberg. jackie: i'm jackie deangelis. taylor: and i'm taylor riggs. jackie: i'm jackie deangelis. taylor: i'm taylor riggs. brian: and i'm brian benberg. welcome to "the big money show".