you. >> that is very reasoned thinking, mr. varney. i on the other hand go even any, 1822. stuart: 1922. 50,000 people apparently dedicated ceremony. 2 million listened on the radios in 1922. that is all good stuff. quickly i will give you the markets. s&p up, nasdaq up a whopping 1.4%. the dow down a fraction. show mee nvidia. stock of the day stock of the week. send "coast to coast" starts right now. neil: unprecedented, unfathomable how market watch is describing what is going on with nvidia right now, the effect it

is having on technology stocks. welcome, everybody, i'm neil cavuto. we're focusing on a technology rally even though not extending more broadly based indices. s&p 500 doing just fine. right now much of the dow's angst whether we get a death deal done. we're exploring any and all. let's go to edward lawrence where that stands in light of credit ratings agency, fitch, you know that top rating could be ding ad bit if this doesn't end well. edward. >> reporter: making the first step there. good afternoon, neil. so the sticking point here is spending. the president would be willing to agree to reduce spending but off this year's budget. house speaker, house republicans want to reduce spending off last year's budget. the house speaker still hopeful. listen. >> any day is possible. it is very difficult for the democrats to agree not to spend more next year than they spent this year. they have increased spending so

drastically, to try to change that course is very difficult. think about what we're looking to spend less than we did the year before. put work requirements in that help people get jobs. >> reporter: sew a new "fox news poll" says that 57% of registered voters want to see spending cut with a debt ceiling increase. 27% say it should be a clean increase f we have a default a majority of registered voters will blame the president although 44% you see there they will blame congressional republicans. the credit rating firm you alluded to, they're already swirling, fitch putting the u.s. in the credit watch negative. the company says the reason we're spending too much, political partisanship, with the spending weaker-than-expected tax receipts and as well as higher interest rates led to public finances to underperform. >> but the reality we're borrowing $51,000 every second. in nine years we're up to over

90,000 a second. i believe if you really dig into the 2011 s&p downgrade it wasn't because of the fight over the debt ceiling. it is because we provide no vision of how we were going to pay back our bonds. >> reporter: the president this weekend off to camp david, then delaware. the congressional lawmakers they're taking the week off with a 24 hour notice to come back if there is a debt deal. back to you. neil: mr. lawrence, thank you very much. doug collins right now, you remember mr. collins, former georgia congressman, former house judiciary committee ranking member. doug, good to see you. do you think this will end okay with our avoiding not only default we hope, but certainly a down credit rating? >> well someone who fly as lot. this reminds me of that message comes on, we will experience a little bit of bumpy area, make sure your seatbelts are tightened. this will be bumpy, neil.

i had hope adweek ago they could get this done beforehand. i think the june 1 is deadline but not a drop-dead date. we'll see how it goes. i think they will get it done the last minute, it will be a messy affair. i do think they get it done. neil: apparently a lot is coming back how much of a freeze in spending each side will pursue. republicans want to keep it going for at least two years. democrats are saying, no more than one year. you know, both sides are wiggling back and forth. there are other nuances. how do you see those sticking points being resolved? >> it will be interesting because that is the part the white house has to be very aware of. most people understand if you don't have enough money you cut the spending. that is not practice, democrats and white has not followed the last few years. you're talking about capping

spending cutting programs, that is basically a lie. what you're doing is basically instead of increasing a budget we're saying it will not increase they're calling that a cut. if you capped it at last year's spending. that is not a cut. what you got now, keep spending but again most people don't pay attention to that. look, i think you will have to some spending cuts. they look at the political analysis as well, and realize most people understand you balance your checkbook. neil: you mentioned an interesting point. republicans are saying let's bring spending, freeze it at 2022 levels, in other words where we were last year. democrats are saying we're opening it to leaving it 2023 levels this year not as nearly as long. you can go back, either plan and say, inflation adjusted terms that is an outright cut, because the cost of things is going up. what we're committing to them remains the same. so wouldn't it be a victory for both side just to say they have agreed on that? >> well it could be but remember i think there is something, also

not being said here. the 23 budget is actually the democrat budget. that is their first real whack at a budget. so you have to understand they're protecting what they did of the so all that spending increases they put into the 23 budget we had the big fight about is something they're wanting to protect. the 22 is more of a hybrid budget. you have to look at it from that perspective. it is not necessarily a clear win for both republicans and democrats. we have to get owl of this deal in washington, d.c., preprojected 10% increase, we only do 5% and call it a 5% cut. really inflation in many government programs which are duplicated which are, is not the transition you would see say in a paycheck or in social security payment or something like that. these are just programs that need to be cut back. i think that is the issue here. neil: well-phrased as always, doug, always good catching up with you. have a safe memorial weekend. >> neil, have a great one. take care. neil: doug collins on that. i caught up with democratic congresswoman debbie dingell

exactly what democrats want here. everyone seems to agree spending is out of control. when i had her on my "your world" fox news channel i tried to get clear what are you open to duty yourself. you're against, republicans are talking, hakim jeffries was open spending freeze. are you okay with that? >> i'm not giving you a exact number, but i'm opened understanding we have to address spending in the country. neil: that is not what i asked, congressman. you are open, just to be clear some sort of a spending freeze which would be for all government spending over at least the next two years, are you open to that? >> i'm not sure -- neil: i seem to get the sense from hakim jeffries he was open to that. a lot of progressive pile on him. are you? >> i'm not for a 2% cut straight across the board. i think there are programs have to continue to exist. but i do believe that we should -- neil: 2% increase.

i'm sorry discuss to be clear, 2% increase. you're quite right with inflation is actually a cut. you would not be open to that? you would not want that? >> i think we need to have discussions about how we address our spending problem but you don't do it across the board because of programs shouldn't be cut. quite frankly there are programs that could be cut. neil: that was an interesting exchange. at least getting from here some democrats more the progressive side of the party having a big problem with hakim jeffries, of course their leader in the house open to some freeze in spending but not for too long, not too much. in her case, not open to that at all as things stand now. so every vote will count here. maya maginnis following closely, committee for a responsibility budget. maya, each wants to protect their ox getting gored i get that but that stands in the way of a deal, right? >> we need to get this deal

done. i'm so dismayed by washington's inability to get something done until absolutely the last moment. something like the debt ceiling, it has real costs. the fundamental question here is there savings we could get ought the domestic discretionary borings of the budget or full budget? absolutely there are. there are savings we could find in all areas of the budget. i think unfortunately everything is not on the table in the discussion. we are only talking about discretion fairly spending. we need to look at all parts of the budget including revenues. they should just get this done and it would be useful to have savings that will amount to hundreds of billions or possibly trillions of dollars over the next decade while we look at other bigger drivers of our national debt. neil: we're talking about the fact we owe more than we're worth. we're running right now debt running 118% of gdp. having said that though i found interesting that fitch out of no where where the ratings agency

came out it doesn't like what we're seeing here. we're on a negative ratings watch. they're concerned, this is apart from getting a deal done i guess, maya, brinksmanship, the partisanship on display. that was among the primary reasons s&p downgraded our aaa rating back in 2011. when we also avoided default but all the crazeness before it prompted that move. what do you think. >> that's right. it is hard to imagine the ratings agencies can look at the u.s. and say absolutely everything is going well here. clearly it is not. whether a downgrade or a warning the situation is just apparent. we have a fiscal trajectory that is unsustainable. our debt is growing faster than the economy. our interest payments are eclipsing important things like spending on children and national defense and medicaid. we cannot continue down this path. at the same time we also have highly dysfunctional government where everything is about us versus them and a fight until the death. too much drama around things we

need to be cooperating and compromising. hard to look at the u.s.'s behavior right now say this is the absolute safest place you can invest at the moment. we need to improve the way we are governing. we need to improve the fiscal health of our country. neil: a lot of people are dancing around the issue around the "x date," the moment we run out of money. treasury secretary has been saying it's june 1. less than a week away or so. republicans think she's sort of, you know hyping it a little bit to get them to act which isn't a bad idea even if she is but having said that what do you think is the real drop-dead date? >> so the first point i would mange we absolutely should not find out. we should lift the debt ceiling before the drop-dead date. we should have lifted the debt ceiling months ago before we were using extraordinary measures, taking money out of some trust funds putting it into others. second thing the secretary of treasury is one of most straightforward honest people i

know. she is telling it like she sees it. she is saying it is not 100% june 1st, there is very strong chance it is june 1st around that time. that is important warning to have. that is inadvert sanitily go up to the "x date" and pass it because we didn't know when we had to make the changes. the way you measure it is impossible to be precise. assume it is june first. let's get a deal done today, neil. get this done, lift the debt ceiling and turn attention to the bigger drivers of the debt we really have to work on. neil: only in these days maya can you sound absolutely crazy. you're absolutely right. you're right on everything you just said. cooler, calmer heads should prevail here, assess the situation for it is and do something. a lot's on the line. maya, i always learn a lot. thank you very much. >> thank you, neil. neil: all right, you know, ron desantis could do a lot with the money he has been raising since he officially joined the race and well before he joined the race but do you know with all of

the snafus he had with twitter, within the first hour he raised a million dollars. so if that's failing, maybe some other candidates should take a look at that, i want to fail like that, after this. ♪ dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it.

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♪. neil: all right. you probably have read some of the tweets that it was tweet storm. didn't go well for the florida governor announcing on that unique venue his presidential entree but he did raise within the first hour a million bucks. so it wasn't for naught. rich edson has more from washington. hey, rich. >> reporter: good afternoon, neil. still raising money. florida governor ron desantis is officially in the presidential race, raising money now in miami and is preparing for a campaign kickoff tuesday in des moines. his campaign says he will spend next week in iowa, new hampshire, south carolina, all early caucus, primary states. he is pitching republicans on his record in florida. >> you got to be able to win and then when you get in office you have got to be able to deliver results and i think we've been

able to do both of those as good or better than anybody in the country. >> reporter: desantis officially announced his candidacy last night on twitter spaces. it is a last form where users can listen to conversations on twitter t crashed. took about 25 minutes to work out all the tech issues before he finally made the announcement. his campaign said he raised a million bucks in the first hour. former president trump posted on truth social a video after spacex rocket labeled ron, exclamation point, crashing and burning. vivek rahm swamp any said he would join twitter spaces anytime no script required. he welcomed to florida governor to the race. >> smoothest rollout i can sympathize with technical problems a candidate might go through. put that aside. that is not the important part. the important part we have to elevate the debate what we stand for, why we stand for it. >> reporter: latest "fox news poll" with former

president trump with 53-20 lead on desantis. the rest of field says this is not a two candidate race with plenty of time, and debating ahead. tim scott, mike pence have been in iowa. former u.n. ambassador nick hi cale hi has been spending much of the week in new hampshire. >> thank you, neil. i want to go to kelly jane torrence. kelly jane, he is getting a lot of groove how his campaign kicked off, i remember other candidates in the past who were all but ignored when their campaigns were kicked off. jimmy carter comes to mind in 1976. even john mccain with his stumble out of the gate in 2008. i'm not quite sure i would be writing his political obituary just yet but how does this look to you? >> great points, neil. i hope your viewers remember those events too. yeah, no, going on, announcing your presidential run on twitter, i think that was a bit of after mistake but that was

not his only event last night. he of course went on fox news after that. he had some other events. so in some way you can call it a dynamic launch. he had multiple event. the first one, yes, some snafus as often happens on tweeter but of course there weren't any on fox and you know, elon musk has become a huge figure especially in terms of the culture war which is one of ron desantis's key issues. i think he really wanted to show he has the support, maybe implicitly, of the guy who was one of the most famous men in america and certainly a big culture warrior, maybe even more so than donald trump. neil: and if i remember correctly, elon musk also has a lot of money which could come in handy down the road if he were to donate to a pac. that pac, if you include all the money that governor desantis has at his disposal i think we're

closs crossing the 300 million-dollar mark. you reminded me in the past money doesn't buy you into office. we would have president jeb bush if that were the case or president hillary clinton if that were the case. it does provide them opportunity to do a lot of focus in states like iowa, new hampshire, later south carolina, what do you think? >> yeah, you're right, neil. i certainly made that joke about hillary clinton before but yes, money helps and you know, i keep reading all these stories about how big money republican donors have been reticent to donate to ron desantis while certainly some of them are, as you say, 300 million. one million just right after his launch. you know, to put that into perspective the trump team was crowing that donald trump raised 4 million in the 24 hours after his indictment was reported. so one million after just the campaign launch, i think is pretty good. yes, this is going to give him

money to of course, you know, do a lot of those media hits but also, as you say, to get out and talk to people and i am hearing that you know, ron desantis is going to go into every county in iowa, all 99. so he is, he has got some big ambitions that money will certainly help him to make those happen. again, this is something, ohio, iowa, donald trump goes and has a big rally and that's it. ron desantis will cover a lot of ground, taking his message to the people. >> that's well-put. you know your history, kelly jane. that's for sure. always good having you on. kelly jane torrence on all of that. kelly jane is right here, often times we're focused on the polls in the moment. we probably don't have to remind you no one voted yet. we 18 months to election day. republicans have to iron out who their nominee will be. fact of the matter every poll in

a race at this stage intriguing doesn't matter. we'll keep an eye on that. keeping an eye on nvidia right now. thanks to its a.i. business, everyone is saying this a.i. thing is really, really big. nvidia is close to being in and out of a trillion dollar company. we're back with more after this. ♪. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪

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$11 billion, versus roughly seven billion dollars. you know the drill, the stock has been on fire in and out of that trillion dollar valuation. ray wang, with us, constellation research ceo. everyone wants to rule the world and ray, right now looks like nvidia does. do you think it extends to the broader technology rally we have going on for the time-being? >> we have a tech rally. it is happening with a.i. stocks, right? if you bowed nvidia in $199,912 a share, you would have 1.5 until in hands. neil: is that right? man. i love how you remind you, if you bought this stock, of course everyone did that where do you see it going from here, is this a bit of overreaction or a sign a.i., those looking to take advantage of the players playing a key role will be richly awarded, what do you say? >> you're absolutely right, not all a.i. stocks are created equal. that is what is going on. nvidia is the heart and soul of the revolution because of

gpus. tabooing bell with tpus, data centers, cloud stocks will not see as much growth because companies are getting a bill for cloud, realizing it costs more to be in the cloud. we're seeing repatriation. data centers need to adjust having a.i. capabilities. we'll see flatten of tech stocks in the cloud, growth of any company with a.i. in it. pros and small caps, they do a.i. travel management pricing optimization. c 3 play a role. adobe, oracle, service now jump in on those areas. nvidia has done something special. they have partnered with everybody in the industry with car manufacturers like byd, companies like service now to everyone of the big cloud members, microsoft, amazon, and google to be able to work in this environment. they have had the right strategy. that is stuff that will happen three quarters from now. that is why people are jumping in the stock. neil: if you don't want to be

individual players how do you buy that? nasdaq 100 or technology comeback from the lows enough to give people pause? >> i think you're going to have to look at industries where they're applying a.i. that's one way to do it but i don't think there is an index yet. maybe you and i should start a etf in the space on a.i. you can't play general big tech. that will not get you there. microsoft and google are at war on the a.i. side. you have companies applying a.i. that is the way to look at it. you have chip manufacturers like nvidia that are running the market. neil: got it. thank you my friend, great catching up with you ray wang on all of that. then ken fisher on everything else way beyond what is happening with nvidia and the negotiations on capitol hill. i wonder if he feels the same way on them as he does the federal reserve? we'll ask him next. ♪.

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♪ neil: all right. what if we end up getting a debt ceiling deal done so we don't default on anything but we're still downgraded? the fitch, the rating service, has already placed our aaa rating on a negative watch because of all the craziness ahead of this and through this. talking specifically about the brinksmanship and the senseless partisanship. i wonder what ken fisher makes of that, fisher investments founder and chairman. ken, always good to see you. what do you make of that? but what if we are downgraded, we dow jones industrial average ad bullet but still downgraded? >> always great to be with you, neil, you're the best. thanks so much for having me. ratings don't mean beans from bananas. the reality is the marketplace grades these securities and the

fact of the matter is we've been through this a lot of times before. it is kind of a loveable horror show like, pick your favorite horror flick, which one it is, quote spskyho." king kong, we seen the movie before we know how it ends. market, 73 times we've been through this before the last 100 plus years, right on through it. neil: but if you think about it -- >> not all -- neil: they're going to try to freeze spending at certain levels i guess. depends how long republicans want it longer, democrats want it shorter but debt will still be piling up, ken, that is just the reality. even with the promise to trim the 10-year growth, the aggregate debt itself will continue ballooning. >> absolutely, but so far the

talks all been about nonsense like default. neil: yeah. >> i mean that is what the talk has been. default has been people like janet yellen, it is her fault and others in the media consistently misinforming the english language. the fact is, not really technically possible for the u.s. bond to default. it is -- neil: what if you're late making an interest payment? >> we're not going to even be late making an interest payment. monthly tax revenues are 10 plus x over monthly interest payments. the fact is what is -- neil: we prioritize those, ken? you're right, that is the thing everyone looks at, are we making good of that? >> and we will. neil: and we will. you're not worried about default? >> zero risk of default.

when janet yellen says this in the same sentence she utters and we might not be ail to pay all our bills. what she means is all the stuff they otherwise want to spend money that has nothing to do with rolling over existing debt or paying interest on existing debt and the fact of the matter is said simply they won't be able to. the tax revenues coming in monthly will cover about three quarters what they do. we have so-called shutdowns before, you probably remember that. the longest one was in 2019. when you have a shutdown, it is not really a shutdown. some things are shut down as they limp along with the cash they have. the fact, this could go on a long time but markets really see through it pretty well. the ya can. of the horror flick.

they see through it pretty well. neil: they could get close to something but you don't worry about it? >> this is hysteria about something that will work out in the end. your other point which is the debt will keep going up after they finally raise the debt ceiling and government spending seems to have a way to just keep going up, in the long term that's a problem as milton friedman pointed out well, not so of how you finance the government spending as the magnitude of government spending as a percent of gdp. it is a weight on the private sector. it allocates resources away from the private sector to the public sector and that is actually not as good for growth but it is the way it is. neil: i'm going to have to cancel these graphics packages we had planned on default and the scary music. we put a lot into that, ken. obviously i have to reposition things. let me switch, if you don't mind, to policy, i know you generally eschew the subject i

understand, we'll have a crowd of republican field, ron desantis latest to join. who are these guys, include the president of this, assuming he is a the democratic nominee, not surety, for sure, is better for markets, better for the economy? >> people will hate this, people will hate what i have to say. it doesn't so much matter. the fact is -- neil: hold on, ken, if i can, can you scrap the political campaign 2024 music. go ahead ken. >> the it doesn't much matter, market preprices in the election year. once they're inaugurated the market tends to see through it. i was born in san francisco before beatniks and hippies. i used to live 20 minutes outside of portland where today's drug capital, all forms of drugs are street legal, i learned a long time ago not to predict crazy people. the fact of the matter is this is kind of crazy people.

too early to waste -- neil: less crazy than others. are there candidates that you obviously you're very good with money. you came from nothing. you have done something in your life. you would like a like-minded, not necessarily a billionaire, someone who is good with basic math, money in, money out, right? >> i'm not going to get a like-minded person. the odds of that are effectively very, very low. these are all professional politicians. i like some professional politicians but the fact of the matter is it is an endurance race. a long time to go. i will say this people may like this, they may hate it but in my opinion if somebody doesn't knock trump's numbers down by a fair amount by the time we get through the second gop primary debate, trump is probably the nominee. but what are the odds of that one way oar the other? i wouldn't begin to handky today. i'm not pan expert in that and the reality i think it is just too early to waste time thinking

about this topic. if you get trump-biden ii, if you get trump-biden ii, it is like watching a 2023 george forman, gerry clooney rematch in 2024. the fact of the matter is ugly, ugly. okay at that. at insult fest. neil: that would be interesting if we relive that from the past. spending has been a problem republican, democrat being administrations. you've been a noted critic of the federal reserve making that worse, inflationary pressures, et cetera. it doesn't sound it would markedly change in your eyes no matter who is president. we still have the same dynamics. both parties reluctant to address it. fed unable to handle it or deal with it? >> i will say that other things equal if we elect a republican president, house, senate, we probably get a slower increase

in spending than if we go back to a democratic president, house and senate, but the reality is i think spending goes up either way. democrats like to spend money on this stuff, republicans like to spend money on that stuff. they have a hard time restraining themselves, they just really do. >> so donald trump were the nominee again you would lean more toward him than the democratic nominee, same if it were ron desantis or any one of these others on the republican side? >> if donald trump is the nominee i think i'm going to be doing this. but the reality is, i'm not going to put my time into thinking about it now. you asked me all of this about a year ago. neil: yes. >> i told you pretty much the same thing then and -- neil: i probably should have looked back at that interview. probably would have prepared me for your answers today but again -- >> replay it. neil: got it. got it. >> but ask me again about

january. ask me again about january. neil: i will. but this is actually given that, final appearance here, ken but i'm kidding. i am kidding. always learn a lot, my friend. fisher investments founder, chairman. remember his great success doing what others are not doing, thinking the way others are not thinking, richly rewarded for that, deservedly so. ken, thank you. let's go to taylor riggs what she has coming up on "the big money show" about 15 mints away. taylor: neil, if you're sitting at home looking at shares of nvidia looking at 27%, what does this have to do with me. i would argue a lot of us have this in your pensions or 401(k)s. we're all over the huge a.i. boom. are we in the early phases or is a.i. starting now to look a little overvalued after these big moves today in the market? plus michael waltrip, a two time daytona 500 champion, a former nascar driver. he is starting a new business.

stick around to hear what it is. all that coming up at 1:00. first more "coast to coast" after this. ♪. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

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♪. neil: all right, it's all about spending on capitol hill right now. that is what is blocking a final debt ceiling deal. we don't know if today could be the magic elixir they come up with, comes down how much you want to freeze spending last year's levels, this year's level, how long you do that. john garamendi, california democratic congressman, kind enough to do that. where are you congressman, on this freeze spending thing? >> well i want to see more than just what they're talking about with freeze spending. what exactly are they freezing? it is very, very clear they don't intend to freeze everything. they have put forward four appropriation bills, not yet voted on in the committees, but each one of those four bills does not meet the challenge that they put forward in their default on america act. they're backing awas, already backing away from the cuts that they're talking about. they talk about going back to 2022 spending levels which is

about $170 billion less than we're spending this year. so how are they going to achieve that? they do not know. they don't want to cut military. they're already talking about cutting veterans. they're talking about cutting the farm programs. they're talking about cutting education and on and on and on. so it is not just the debt issue here, whatever may come of a default but it is also very, very much about the spending in the coming year. and also, neil, we need to keep in mind that that debt, seven trillion dollars of that debt that we're talking about occurred during the trump administration. a good deal of it having to do with the tax cuts that were forced through without any hearings whatsoever. neil: bottom line, bottom line, now we're over 34 trillion, 3trillion, it's moving target. >> that's correct. neil: even under both parties plans, with slowing down in spending i think your plan, the democratic plan as it stands now

would trim 3 1/2 trillion off the growth 10 years. republicans argue theirs would trim four 1/2 trillion over that. the fact of the matter we would still have tens of trillions more in debt in ten years. i am wondering if the argument really matters, if we're not addressing entitlements, if we're not refocus on the entire budget, not just a portion of it? >> well certainly we're going to have to do that. medicare and social security are issues of significance all across the board and in fact we've been working here on the democratic side for the last six years now on putting forth a social security reform measure that would significantly fund social security into the future so that we need not worry about a default on social security. also, certainly medicare and health care prices are a concern going forward. neil:in other words you do recognize entitlements a big chunk of this. i don't know details of your

social security plan, congressman. i do know a lot of democrats say revenue issue, revenue from the rich folks or the rest or make it means driven. that isn't going down well with folks but you're open to all of that i guess? >> well certainly we're going to have to deal with the tax side of it. neil: yeah. >> one of the things that is up, one of the things republicans are not talking about is that the 2017 tax cuts, which amounted to several trillion dollars reduction in the revenue to the federal treasury, that sunsets in a couple of years and quietly around here the republicans are maneuvering to extend those tax cuts, 83, 85% went to super wealthy. neil: you're saying debt problem is all the tax cuts? is spending not at all a factor, spending 2 trillion more than you're taking in not at all a factor? >> what i'm saying this, there are two sides to this lever. there is the tax side and there

is the expenditure side. on the tax side of it, this is the income side, the republicans are moving to reduce income again, that is to reduce taxes once again by extending the 2017 tax cuts, 83, 85% went to super wealthy and corporations and simultaneously repealing the tax increases that were in the inflation reduction act which -- neil: you're against that. fair everyone goat a tax cut. might have been weighted more to the wealthy on percentage -- >> not might have. not might have. absolutely. neil: you're against those tax cuts. let me ask you quickly about senator dianne feinstein, people say she is in a world of hurt. she is too old for the job. she should step down, others should teller to step down. you're a fellow californian, where are you on this. >> feinstein is an exceptional individual, she served the state

of california and as mayor, as senator for nearly half a century. she deserves respect. she deserves the time necessary to recover from a very serious shingles infection. she will take that time. she is here. she is voting. she is doing what she needs to do as a senator. neil: you're fine with her, you're fine with her staying on as senator, just to be clear? >> her term is over in 2025, january 2025. there will be a new senator in california. i think the california voters should have the opportunity to pick and choose who that is. she should stay in office through her term. neil: got it. congressman, great catching up with you. we'll see how the ongoing talks continue. >> thank you. neil: following up on the irs now being accused of indeed opening up its examination of matt taibbi's tax returns. gerri willis has some startling developments. gerri. >> reporter: hello there, neil. the irs opened a tax investigation into journalist matt taibbi on christmas eve of

last year, sat day, three weeks after he exposed documents showing government officials pressuring twitter to censor content. on his twitter account yesterday taibbi said the details came from a new letter to the irs commission are by house judiciary chair jim jordan. journalist saying the manufacturer was meant to intimidate. listen. >> this is quite brazen what they're doing. they had to know that this was going to come out. also visiting me on, at my home on the day i'm testifying before congress, that shows you they're not terribly worried about the optics of all this which i think is even more concerning. >> reporter: those sensitive documents taibbi exposed came from the state department, the pentagon and the cia. for its part the irs told the committee it was trying to assure the reporter was not a victim of identity theft. they had tried to contact him earlier by letter.

however taibbi said neither he nor his accountant received the letters. house judiciary chairman jim jordan is not buying it either. listen. >> maybe the fbi will come forward and tell us, oh, just one big coincidence. okay but i kind of doubt it and everyone i talked to about that fact pattern says there is no way this was chance. this had to be deliberate. they were intentionally targeting the guy who elon musk picked to do the twitter files, give us all kinds of valuable information. >> reporter: taibbi found no money owed to the irs, neil. back to you. neil: neil: more after this. because i think we looked... yes. right. yeah. and i don't think at that time- i think you're the one to tell me that we had the same birthday. yes. it's really unbelievable when you think about it, because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now

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adam: neil: look at the 1-month treasury, that's not getting much interest. a little more today than it was of this morning when we were 6% on this but at the beginning of this month it was 33/4 of 1%. it is back two points on the notion you won't make good on interest rate payments so people are avoiding it for the time being. it is an interesting way the market is telling you we are not so sure we could get a deal. taylor: we are getting headlines that at least the republican negotiator doesn't thin