times earnings, which is well below the s&p 500. it looks pretty interesting here. jack: cisco is the darling in 1999 and still $30 below where it was at its peak in 2000s. >> if you've held your stock, still haven't gotten your money back. jack: ben, karleton, andrew, great ideas and read more at barron's.com and on twitter twitter@barronsonline. see you next week on barron's round table. ♪ and i said nothing. >> have a great week. maria: happy weekend to all. welcome to the program that

analyzing the week that was and helps position you for the week ahead. i'm maria bartiromo. the first ever debt default and republican lawmakers are fighting for more. startling new report for millions of taxpayer dollars have been funneled to adversaries for frivolous projects like cats on a treadmill in russia and gender equal fio awareness in china. $2 million sent to wuhan lab of firrology and senator marshal -- virology and we rendition of anthony respond to -- respond to this and what the feds say about that . the race to 2024 getting more crowded and mike pence and chris christie are expected to jump into the race next week. carl rove is here with how this could play out. debt default drama behind us with a bill passing the senate and house passing the senate

late thursday, senate majority leader chuck schumer was quick to take a victory lap for democrats. >> nobody got everything they wanted. there was give on both sides, but this agreement was a very good outcome because it accomplished three extremely important goals. we prevented a catastrophic default, the bill reserves the lion's share of the historic investments we've made to grow our economy. we did a very good job of taking the worst parts of the republican plan that would have hurt so many families. maria: joined by kansas senator roger marshal. 31 senate republicans voted against this bill. senator, good to see you and you were one of those no votes. tell us why you voted no and what your priorities are going forward to push and get what you didn't get here. >> right, maria. number one, i want to compliment speaker kevin mccarthy. he did a great job. americans need to realize that he only controlled just about

one-half of one-third of the levers of the government that handled the appropriations process and he got as much as he could get, but not enough for me to be comfortable with it when i read the fine print. at the end of the day, this still was add $1.3 trillion for debt for my grandchildren. number two is the work requirements we wanted really evaporated in the fine print and finally the regulatory reform was dust in the wind. it was such thin dust that even joe mansion had to get a special mountaineer kick back to get the pipeline. not enough to get there and my part going forward is address the number one concern, number one threat to our national security, and that is our national debt. by the way, there was no funding in this to secure our border. maria: that's something that really struck me that there's no money for the border. why is it that the border is not seen as a national security threat given the wide open

situation and what we're hearing every day from human smuggling to drugs. can you do anything about that? and then there's the irs. kevin mccarthy said that was going to be one of his big priorities, but we didn't rescind much of that $80 billion, did we? >> no, not much. not enough to make any type of difference but again, everybody needs to understand is that joe biden wants an open border. he wants 10,000 people being apprehended every day and wants 3,000 got aways every day and that is his goal. that's what he wants. he wants us to be watching all these problems, meanwhile he's attacking our civil liberties as well. so they do have a master plan. it's tearing down our nation right now. i'm going to do everything i can to fight back against the national debt. we need to secure our borders and go back and protect basic civil liberties. maria: it's unbelievable the difference in priorities and joe biden wants to hire 187,000irs

acts to look under every rock and raise revenue and taxes on people to do the audits and meanwhile how many border agents do we have? 10 or 15,000 right now? >> again, 90% of the board agents are being babysitters and not doing their job. they're so overwhelmed they're being social workerers and nurss and we offered an amendment to pass on the senate side what the house passed to secure the border and add 20,000 border patrol agents as well to secure the border by more funding to build the wall as well and more technology and basic equipment it would take to secure the boarder and should be a huge priority and you pointed out the border is the number one immediate national security threat. the debt, the long term, the border the immediate threat. not to mention the 300 young americans that die every day from fentanyl poisoning. maria: yeah, that amendment made a lot of sense to me. i want to get your take on another big story. your colleague joanie ernst said

that unit spent $1.3 billion of taxpayer money to russia and china over the past five years. the report identifies $870 million paid by federal agencies in funding and grants to entities in russia with another $490 million paid to chinese organizations between 2017 and 2022. now senator ernst said it's gravely concerning that nobody in washington can account for the millions of dollars isn't to china and russia for the projects. cats on a treadmill in russia, really? >> really. compliments to senator ernst for doing a good job and nibbing gallagher would be a great senator some day nor exposing in and this is the tip of the ice burg and we've been trying to -- iceberg and we've been trying to follow the money. they exposed that the american government paid our adversaries $1.3 billion for studies as you

pointed out, cats on a treadmill that the ultimate sin is funding the wuhan institute of virology. this is -- first of all, they used ecohealth, which is out of compliance with other grants. this is where the covid-19, sars cov2 cyru2 virus was made d we're throwing money at people that killed millions of americans and doing more research on bad vie suspended aviruses thisless than safe pla. you can't make this up. maria: it's unbelievable and worse than the leak out of wuhan, they cover it had up, senator; right? we can't even get an investigation into the wuhan lab to find out exactly how it leaked. the chinese communist party won't allow it. >> exactly. that's why we need a 9/11 style commission. get it outside of washington. we've introduced legislation last congress, this congress with bipartisan support that

would do an in-depth dive into this. the preponderance of evidence shows this virus was made in a lab in wuhan, china, and as well as accidently leaked. i think that if we could get in front of a jury, we could prove that on a civil case as well. but we need to go deeper and phygoyuri colins out exactly -- figure out exactly what they did and how and with u.s. taxpayer dollars. can you believe it? maria: unbelievable. really incredible. senator, thank you for all your work and leadership. we'll be watching. thank you, sir. >> thank you, maria. maria: roger marshal in dc. a block buster jobs report health heading into the federal reservings next meeting on interest rates but there are concerns. kenny polcari is here on the details and impact on rate hike decision on the other side of fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool.

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maria: welcome back. here's a look at how markets ended the week after the debt ceiling passed the senate and we got a blowout jobs report,

339,000 jobs were added to the economy in the month of may. much more than expected and revisions to march and april also added an additional 93,000 jobs, but the unemployment rate moved higher to 3.7%. joining me now is slate stone wealth chief strategist kenny polcari. kenny, great to see you and thank you for being here. what a week we had, the debt ceiling passed the house and then the senate and then got a blowout jobs number. how do you assess investings today in the face of all of that? >> listen, i'm glad we finally got through the debt ceiling because that was a lot of noise. none of that was ever going to come true as much as they tried to create the angst with the inflammatory adjective and all that. but it was just noise. it's behind us and that's positive and i guess that's good, but the strong adp number and strong nfp number really was a surprise, i think, to a lot of people considering the nfp number was so, so strong and the only thing in that report that i think makes some sense and maybe

why we saw some strength going into the trading day was the unemployment rate ticked up from 3.4 to 3.7, which was significantly larger than what they had expected and wages actually while they rose 4.3%, that was below what the number called for 4.4% and down from 6% so that is moving in the right direction so i'm trying to make sense of this that investors are, you know, getting more comfortable with where we are. that the fed is in fact becoming successful. and, look, they're talking about now skipping the hike in june, which is a new narrative, new word in the narrative and talking pausing and now it's a skip, which would suggest that we're going to bypass this one but we're not necessarily cutting but we're not necessarily going to stop either. three ya: they're going to -- maria: they're going to skip into july and raise rates in july. kenny, what does all this tell you about the macro story and

talking about a recession for so long and earnings estimates needing to come down and a market that's going to be reacting to a slowing economy. as soon as you got that jobs number out, markets rallied huge on friday. what's your take in terms of the second half of the year on the macro story? >> so, listen, it is a little bit confusing because i thought by now in june or july, we'd see a more significant slow down. maybe we're seeing with the unemployment rate ticking up because you know economists suggested that rate has got to have a five handle on it in order for the fed to be successful and if that's the case, then you will see a real slow down, but right now i think the market is just focusing on a soft landing all though i still don't think we'll get one. that's going to kind of get people anxious to get their money back invested. there are a lot of people that were expecting that slow down early in the year and had gotten out of the market and then the market keeps going higher and higher and the news gets a little bit better and better. we saw $7 billion come into the equity market last week

according to bank of america. they told us that. i think it all went straight into ai or nvidia. it was crazy the way we've seen. one way or another, i'm in that camp while i think we have some potholes in front of us, i do think that the trend is going to be higher. will it be much higher? no, we're right about at the top for the year so if we pull back and then we move back into this range at the end of the year, it's where we'll be. maria: nasdaq is up 25% year to date. kenny, would you put new money to work in stocks right here? >> i am and not putting new money to work doing nasdaq names and that's overweighted in the portfolio because of the performance and new money i'm putting in the sectors that have been unloved so i'm looking at energy, i'm looking at healthcare, i'm looking at financials to put new money in because i'm not out of the market. as a long-term investor, i want to remain in the market but it's a matter of balancing it and having a good solid portfolio

that will ride out the storm. maria: got it. kenny, great to see you and have a great rest of the weekend. thank you, sir. >> you as well, bye bye. maria: kenny polcari, the republican primary field growing even larger next week. how will it affecting rate for 2024? karl rove is up next, he'll join me, stay with us ♪ whenever heartburn strikes, get fast relief with tums. its time to love food back. ♪tum, tum tum tum, tums♪

maria: welcome back. the 2024 presidential race kicking into high gear. gop candidates swarming iowa and new hampshire as rivalries intensify and four more republicans plan on joining the race in the upcoming week including former vice president mike pence and former new jersey governor chris christie. front runner donald trump holds a solid double digit lead in the

polls over all of the candidate sos far. dozening change with pence and christie jumping into the race? joining me now to break it all down and joining me is deputy chief of staff, karl rove, thank you for joining and yous being with us. >> thanks for having me. maria: how do you think christie and pence jumping into the race changes things for 2024 race? >> well, first of all, set the structure of the race and front runner donald trump, former president and he does have a big lead in the polls but remember, these polls are relatively meaningless because they're national polls and they're more indicative of people knowing more about donald trump than they know about any of the other eight people who are jumping into the race or have -- are already in the race. but he's the front runner and he's in a category by himself. then there's a competitor. somebody who has been widely acknowledged to be a threat to donald trump including by the former president himself and has the resources needed to run this campaign through the early

primaries. that would be florida governor ron desantis. he too is in a separate category and he's a contender. then there's some wannabe contenders and have records and messages that allow them to maybe become a contender and those are nicky haley and tim scott. one is the former governor of south carolina and one the sitting united states senator. then two other candidates in the race, asa hutchinson and vivek ramaswamy who want to be contenders but they're going to face a real uphill fight because they have to get into the debates and to get into the debates, they likely have to have 40,000 people contribute to their campaigns. vivek has personal resources and asa is the former governor of arkansas but it's a real uphill fight to get into the debate and without getting into the debate, they're not going to be able to be a contender. now we have this week, three candidates thinking about jumping in the race and appear likely too. former vice president mike pence, former new jersey governor chris christie, and

sitting north dakota governor doug burgum likely to get into the race. all three are going to have to get 40,000 donors in order to become contenders in this race by being on the debate stage in august when the first debate is held. likely to happen for pence having been the former vice president and having an indiana base. likely to happen for chris christie. going to be a bit more diversity cult for -- difficult for doug burgum because north dakota doesn't that have many people and his base to draw is pretty small. all three will enter the contest and the first two in particular will have a chance to jump into the middle of the race. burgum in a very articulate and attractive candidate has to jump on the to stage in a way that nobody really knows him outside of north dakota. maria: what happened to ron desantis? so much optimism early on and fell in the polls before

officially announcing. >> well, i think that had to do with the -- with how things are this time in the race, which is that when he was doing well in the polls, he was in the immediate aftermath of the november election and it was a shock to a lot of people. here's a guy that barely won the governorship of what has historically been a purple state four years ago, five years ago, almost five years ago now. he runs for reelection and wins by a blowout and not only wins by a blowout and defeats a former sitting governor of the state, charlie crist. there were a lot of things that moved and happened for him and they tend to move in the other direction and just as he rose simply on the basis of geez, that guy got an elected governor in a purple state by a big margin and that's a strong conservative and he began to decline when people said that's all i know about him at this point. i wouldn't be surprised to see these polls begin to tighten in the months ahead. that's just the nature of things as people learn me about who the

candidates are and see them on the campaign trail, they tend to do either better or worse and i suspect he'll do better. maria: interesting that donald trump gained in the polls after the manhattan da indictment, after a raid of mar-a-lago. people are looking at a two-tiered system of jus it is i assume. justice i assume. >> one minor correction. i think he gained mightily after the manhattan da went after him because it generally looked like it was an overreach and a lot of legal scholars on the left and right were critical of the manhattan da for overreach. maria: real quick, president biden is avoiding the campaign trail all together. out in public you have incidents like this one where he tripped and fell over a sandbag. really, a sad situation to watch. the commander in chief gal like that -- fall like that and better for him to stay hidden? >> well, i think this is how they're going to try and do a modified version of the campaign

of 2020 from the basement. they'll have to. step back for a minute, we've had two polls here, the fox news poll and the other poll in which majority of americans say one of two things, he's too old to be president and he's not a strong leader. those two things are deadly. who thinks he'll look better in a year than he does today? what makes us think he'll be more agile and more youthful and that he's going to be able to avoid the sandbags like he did@air force academy. who thinks he'll look young fertilizer a year? similarly who thinks he'll look stronger? he's had 3.5 years to -- 2.5 years in order to develop a sense of who he is as a strong leader and utterly failed at it. the deputies would be better off in my opinion in recognizing that they run a very strong risk of losing the election in 2024 with him at the top of the ticket because he is too old and

is not a strong and effective leader and better off finding somebody toles be their candidate. it is astonishing to me that we've not seen more from serious elements inside the democratic party talking about how they need to get somebody fresh and new. robert kennedy jr. is drawing 20% of the vote in the polls. nobody knows anything about him except his name is kennedy and he has a jr. after it. that's a sign of weakness on the part of the sitting president. maria: yeah, and the democrats do not want to debate. it's bide and that's it. conversation ended. karl, great to see you. thanks so much. karl rove joining us on 2024. i've got one important thing you need to know about ahead of next week and that's next my relationship with my credit cards wasn't good. i got into debt in college, and no matter how much i paid, it followed me everywhere. the high interest... i felt trapped. debt! debt! debt! debt! so i broke up with my credit card debt

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maria: welcome back. one thing you need to know about ahead of next week, apple's anticipated announcement. the world's most valuable

company host ago big conference on monday, which already has fans buzzing, a promotion of the event giving which yous to potentially ground-breaking product releases. we'll be keeping an io eye on it and report all that's happening on mornings with maria at 6:00 a.m. on fox business. over on fox news channel on sunday, 10:00 a.m. eastern on fox news channel for sunday mornings futures and exclusive interviews with house speaker kevin mccarthy, ranking member mike lee, congresswoman anna paw lynna newman and newt gingrich with me sunday at 10:00 a.m.. that's it for us here on fox business. have a great rest of the weekend. thank you so much for being with me, and i'll see you nex