tread water, there is nothing wrong with holding treasuries that are paying you five plus percent. nothing wrong with money market account paying you 5%. you want to be patient and wait for the right opportunities. i would not be getting overly aggressive. >> inflation is the big story and i think labor settlements like the uaw. like we saw with ups workers et cetera are going to be a bigger and bigger issue. biden is on the wrong side pushing for higher wages. maria: liz peek, mark tepper, great to be with you. we will see you tomorrow morning. david asman is interesting. >> great show, i am david asman in first to varney. his lead is growing. a new washington post abc pool reveals donald trump leading big time over joe biden in a hypothetical head-to-head matchup. it gets worse for the president. a new nbc pool three quarters of

voters say they are very concerned about biden's age and mental fitness. working and packed all of this, congresswoman alexandria ocasio-cortez says marco rubio is partly to blame for the migrant crisis, that is not her only doozy. wait until you hear her excuse for getting caught owning a nonunion tesla. hold the hypocrisy let's take a look at the markets on this monday morning there trading down not terribly down but the dow is down almost 82, s&p down 13 and the nasdaq is down about 50. the ten year yield is up, that may be putting the pressure on nasdaq stocks in the tech stocks after more than 150 days meanwhile it looks like there may be an end to the writers strike. hollywood studios and writers certainly have, they reportedly struck a tentative agreement. meanwhile no end in site for the

auto union workers strike but joe biden will be joining the picket lines tomorrow right before he heads off to a trip on the west coast for another 2024 money grab. it is monday september 25, 2023. "varney & company" is about to begin ♪ ♪ >> welcome to this rainy monday in new york at any rate i hope it's better weather in your neck of the woods. it is debate week. wednesday night we will see republican candidates take center stage and try to convince americans to give them their vote. madison alworth is not the ronald reagan presidential library where the debate will take place. set the scene for us. >> absolutely, good morning we

are here in simi valley at the ronald reagan presidential library. this is where the next gop primary debate will be on wednesday hosted by fox business. when you take a look at the candidates that are participating. we are up to seven candidates on that stage, the latest to join doug burgum he got his spot just this weekend. they are fighting to take on the income that president biden. but the president getting bad pulling news this weekend. the washington post abc pool show sunday if the election were held today donald trump leads biden by double digits. it's not just trump pulling well against the president. in nbc news, the president trailed nikki haley by five points as well. every candidate is trying to convince voters that they are the one that can best be biden in a head-to-head contest. >> the president who over promises and under delivers leaving imperil the workers whether they are union or not

and secondly we have a president who does not solve the looming issues of the day like our southern border that is led to the deaths of 70000 americans because of fentanyl. >> age, the economy, immigration all expected to be big subjects on wednesday. here in simi valley the sun is just starting to come up we've long been at work getting ready for this debate and it's looking really good. i'll send it back to you. david: thank you very much. we wait with great anticipation. a new poll by the washington post abc shows the trump has a ten-point lead over biden in the 2024 rematch. abc guess what they call that justin edge. that is a big lead no other way to describe it. is this pull an outlier? that's what a lot of people want to know. >> i think increasingly we will

see it's not an outlier in the washington post is trying to claim that it is an outlier in the trying to hang it on the issue of age. obviously it's a big factor but you do not see this kind of yawning disparity between the two without a serious issue playing a role. i think that madison is exactly right. yet the issue of illegal immigration and gas prices and inflation. these are all things that are hurting people and not just conservatives or republicans. democrat voters are taking these punches as bad as anybody else. i think that's why we see that. quite frankly, it will be part of an ongoing trend. david: by the way the washington post itself is downplaying the polls suggesting it's an outlier, through our own pull. they want to run away from it as far as they can.

i want to switch to another subject, listen to south carolina congressman. >> be careful what you ask for you might not like the answer. >> jim clyburn from south carolina, the congressman gave an interesting response when he was asked about, here's future in the democrat party, rotate. >> let's turn the vice president here's do you see her as if each of the democratic party. >> i see here absolutely. is she the future. >> she could very well be. she is running a very good campaign. it is not given you to automatically move up, she will have to compete going forward with whoever may have dreams and aspirations. i think she will acquit herself well. david: that is pretty short of a solid endorsement. >> pretty short. you don't move up automatically unless you are the vice president into the presidency.

i think clyburn is a little bit wrong on that. but this is a real pickle the democrats are in. they picked her because she was a minority woman and now they're going to have to pass over her because she is a minority woman a woman of color. this is good to be a problem for them going forward because it's not just republican voters or independent voters who don't like, let here's as result the democrat primary in 2020. democrat voters do not like, let here's. david: if they go to a white man like the governor of california they are going to have a lot of trouble from the constituents. i want to go to senator menendez from new jersey. bob menendez is in a lot of trouble. the added indictment before he got free from that one but it looks like this is sinking down any of the press conference this afternoon. this guy twice was the chairman

of the senate foreign relations committee. twice he was made chairman of that and it looks like he was using it to his personal advantage. >> it is incredible obviously the corruption is bad in the self-dealing is bad when you find gold bars and 70 south. that is probably an indication that something wrong is going on. i think you put your finger on the most important point. what is disturbing about this is the degree to which apparently bob menendez was using his position to benefit in this case the country of egypt. he was working on behalf of the government of egypt while serving as chairman of the senate foreign relations committee. he selling out american foreign policy. we've been hearing about about that lately out of the biden administration. david: we should remember by the

way that one of menendez predecessors is chairman foreign committee joe biden. now we now with the way he dealt with his son's contacts or how his son took advantage of some of his contacts. he wondered for same would've happened back then when he was head of the senate foreign relations. >> input all of the crazy foreign-policy stuff that we've endured over the years into a new perspective. david: thank you so much for being here, good to see you. let's check on the markets there starting the week down. it is a rainy monday in new york and looks like it might be a rainy day for investors as a dow is down over 130 in premarket activity. s&p is down as well and nasdaq is down a half a percentage point. it's a biggest loser so far. take a look at this headline. the u.s. economy could withstand one shock but for at once? a year surprisingly strong growth is about to be tested by

a strike. the possibility of a government shutdown, student loans and oil prices, that from the wall street journal. jeff sica as you look through that list what concerns you the most. >> there's a lot of concerns when you look at the economy is unraveling all the things that even giving people optimism are about to unravel what concerns me the most there are two areas that concern me, one is credit card debt what i see is a massive inflation that is completely annihilated the consumer and forced a lot of people to use their credit cards to meet necessities. you have 25 million people, over a trillion dollars in credit card debt and that credit card debt has an average interest rate of 22%. the credit card companies have essentially become loan sharks to consumers. that is number one.

david: by the way with oil prices going up that is only going to get worse. >> it's going to get worse everybody was saying after covid when we had the stimulus and people were still spending they were crediting the spending with a soft landing. there is no soft landing so the higher oil prices are creating a very serious scenario. the other concern i have as it relates directly to the consumer, now as of october the first the student loans are now not halted anymore. you have a significant percentage of people who have taken student loans out to have an average payment of $400 a month. now they have to start spending. with 70% of the economy hedging on the consumer. the consumer is battered, bruised and annihilated. they are going to bring the

economy down if something doesn't change. david: consumer is the number one concern, jeff sica thank you so much. hilary clinton slam speaker mccarthy over biden's impeachment inquiry. rotate. >> sadly the speaker of the house is too weak to stand up against the most rabid block of his members who don't care what the truth of the facts are. david: we will get into that in new york city democrat mayor eric adams says the migrant crisis will destroy new york city. now his comments have support from new york governor andrew cuomo. here congresswoman claudia tenney reacting to that right after this. ♪ ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. ♪

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david: migraines are illegally crossing our border at new record levels. there is no end in sight. edward lawrence joined us what is the borders are kamala harris doing about the. >> she's talking about doing speech is anything but the border. kamala harris speaking to most black colleges at the college is a new universities. today she has a meeting with the president about historically black colleges and universities. this is what we've been hearing from vice president kamala harris in front of favorable crowds. >> it is a false choice to suggest they have to choose between the second amendment and passing reasonable gun safety laws. that is a false choice. >> meanwhile the board looks like this, custom and border protection tell fox that fiscal

year this will be another record for crossing the second fiscal year in a row. republicans and democrats are saying the president went too far allowing to be people to cross illegally. >> don't watch what the white house is saying, watch what they're doing. their processes are promoting the catch and release and that's over having record numbers, bringing in the people from venezuela and the expo saying this is work permit as well. it's a wrong way to do it until we secure our borders and control input. >> over the weekend is secretary alessandra mayorkas took the honduran president to the southern border to see the situation from mcallen texas. notably the borders are kamala harris did not go to talk with the honduran president about the root causes and she's been to the border just one time. back to you. david: thank you very much. who and what you're congresswoman alexandria ocasio-cortez is leaving for the migrant crisis.

rotate. >> u.s. sanctions authored by marco rubio began and precipitated and took a large part in the drive in a population store southern border. we need to re-examine the nature of the sanctions. david: you're congresswoman claudia tenney jointly now. i want to get your reaction we were just showing tape of the border and migrants were passing the baby from person to person. every week a week ago there was a 3-year-old baby that washed up dead on the shore. a week before that it was a 10-year-old, their children dying every week in not a peep out of aoc about that. all she does is throw shade towards others. what do you make of all this? >> she was crying at the border when president trump was president. the famous scene saying how terrible it was. they don't want to talk about the tragedy at the southern border and how much the cartels

are making because they do in fact have operational control over our border. he heard the homeland security chair mark green talk about that. we had committee meetings at the border on our side so we would force the democrats to go to the border and our borders are kamala harris has only been to the border once. joe biden has barely been near the border in his 50 years as being a career politician. they don't want to talk about it you see them talking about gun control. earlier in the show you show that president trump was actually beating biden by double digits. the reason is trump came out was something that all republicans were afraid to talk about. a bold position on the border back when he was running in 2015 and 2016 which launched him into the presidency. people realized when you have a border overrun without orderly migration you surrender control to cartels who are making billions, record number of

money. human trafficking the poor innocent children. it was obama who had the children in cages. trump was blamed. now we have children in warehouses, warehouses full of children that are suffering they don't know who their parents are, they're being told by cartels that you get to meet your cousin, uncle or somebody in the interior of the united states. they sent a lot of the children to the northern border. we had a family diana marsh of the northern border of new york and cold temperatures because that's been pushed to the northern border. also, as we talked on the show the canadian government does not require visas when the fake passports in the illegal immigrants come to the border. they come across to get a legal driver's license from kathy hochul which they can used to go anywhere in the country. david: maybe soon they will be able to use a license to vote. don't forget the 85000 unaccompanied children who

disappeared, the hhs cannot find them anywhere. i want to switch to how that affects it is particularly new york. newark's former governor cuomo says new york city adams is actually correct to say the migrant crisis could destroy the city. what effect is that having on the budget of new york city and other cities around the country. >> you hear outrageous numbers, millions and billions of dollars. it's costing about $11 million a day. it's over a billion that is because the city of new york. kathy hochul the governor put a billion dollars in new taxes among the highest tax, probably the highest tax resident in the entire nation in the state of new york which i am a resident to cover the cost now by creating incentives century city policies moving people to upstate new york affecting my districting areas forcing local taxpayers and county taxpayers to pay for the migrants without vetting or any information.

this is costing, they're estimating 5 billion over the course of the next year just to accommodate the bikers. this is a fraction of what texas is taking. i sent a letter to secretary mayorkas and i call for his impeachment. i sent a letter and said who is paying for this. are the new york taxpayers going to have to pay in addition other federal taxes, in addition to eroding our own ability to maintain and keep her own counties and local governments going. it is a disaster. david: we all have 20 seconds left, what we have a government shutdown by the end of the week or not? >> it is hard to say but i will say this. we propose putting hr to the strongest border protection bill that we passed in the house on a continuing resolution. i don't like continuing resolutions but i think if we can get the bills passed in a reasonable amount of time in the next 30 days or so i think we will be in good shape but i think we will see really severe

cuts that are much-needed in various parts of the government. hopefully we will invade a shutdown to make the cuts that we need to cut down on inflation and was hurting the american people. david: congresswoman tenney always great to see you. thank you for being here. let's check the futures, they are down as we head into the opening session. not as deeply down as they were above it ago but the dow jones and futures is down 100 and nasdaq is down 50. the opening bell is next. stay with us. ♪ welcome to ameriprise. i'm sam morrison. my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us.

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it's not a question of when or if it is a question of how. i think it's graceful we've been here somebody times we done their and got the teacher at this point. david: i am wondering how a government shutdown would compared to the continuing growth of oversize government. >> that's the real conundrum. the government equal small wallet and anytime you have a big government yup a small wallet and uncertainty in the stock market that's what the headlines are created between earnings the headlines are going to gravitate from stock to stock or vice versa. here's the moment we take a deep breath and concentrate on the bus companies. this is the kind of stuff that you could have to to get through all of them. david: we had jeff sica on earlier he's been a perennial bear but at the same time he mentioned something important, consumer debt which is growing and growing and particularly with the price of oil is

probably going to grow more, does that concern you? >> it does jeff is a bright guy somebody i respect tremendously and that's a mutual feeling. i do think it's worrisome because consumer debt is rising, credit card debt is rising, default are rising, car payment is rising. this goes back to the administration inside the beltway this is not a democrat or republican problem this is an american problem these guys and gals inside the beltway need to put the pencils down to put their brains on and fix this before they eviscerate millions of americans. david: it looks like inflation is going to be kicking off and another jump as a result of what's happening with oil and the price of gas at the pump. great to see you. thank you very much for being here. the opening bell is ringing. the future showed a sticky start sticking things to the bottom instead of pulling them up a little bit as we can see the dow is trading in the 70 mark, 70 down we do not have a full view

of the entire dow jones industrial average of 30 stocks but once we get that we will let you know three the s&p is down about 12 that is a quarter percentage drop for the s&p. the nasdaq is down more percentage wise about a third, 47 to the negative. let's show you big tech apple, amazon, microsoft, alphabet and meta are trading down a bit, let's go over to lauren and start with amazon they made a huge bet on a.i. >> or get invest up to $4 billion in cash in the a.i. startup called anthropic and amazon will take a minority stake. it's similar to what microsoft did with open a.i. anthropic has an a.i. assistant called cloud ended his arrival to chat gpt. this will see amazon web services become the primary cloud provider in and tropical

use aws to build and train the a.i. software input a.i. and all of amazon's products. and this'll be for searching online coding and it's a warning to all the big tech rivals because amazon's rival is microsoft, alphabet are doing this and now amazon is to who has billions of dollars to do it next. david: we have some progress on the writers strike still don't know that much about uaw but the writers strike looks like they might have had a deal of some sort reader think about the streamers right away the first thing that came to my mind is netflix they had so many writers involved in the projects. how are the streamers going to be involved with this. >> netflix is up 1% you had the head of the gang of four if you will disney bob iger and warner bros. discovery met in person that was a big deal last week. their discussions continued throughout the weekend and we have a tentative deal.

the writers guild of america is sharing it they call the exceptional with meaningful gains and protections for writers in every sector of membership. there are three key points that this is about, minimum staffing levels, regulating the use of a.i. so the studio cannot say david you are a writer, a.i. generated this, do you mind proofreading and perfecting it and i'm going to pay you less because the original idea came from a.i., things like that. we have a tentative deal that has to be voted on and ratified the positive. >> that is good news this is not good news a big drop for rite aid are they in trouble. >> there reportedly filing for bankruptcy, the stock is down 13%. they're expected to close for 500 of the 21 stores according to the wall street journal. they are selling the remaining locations are trying to turn them over to creditors. they have three plus billion dollars in debt because of the

lawsuits alleging that the oversupplied opioids, we've seen pharmaceutical companies file bankruptcy towards litigation this would be the first pharmacy to do so. david: you think about how many employees at 4500 stores it is very bad news. microsoft stewart's favorite stock. >> guggenheim upgraded them because they were the last in the only brokerage to have microsoft at sl. i cannot believe that, now they are going up to neutral and they say generative a.i. narrative is too strong to ignore so they cai as a tailwind not a headwind. without microsoft stock is down a dollar and 15 cents. david: warren buffett is losing face in hewlett-packard, he was a big supporter for years, what is happening. >> he continues to sell his stake 11-point to percent stake, he sold 4.8 million additional

shares after the hp earnings showed weakness in china in a cautious corporate consumer who is trimming the ip spending. david: thank you very much, checking the big board. the dow is down about 88 points. it's where it was in premarket activity although a little better right now, the nasdaq is down as well. take it the dow winners all of them are down, united health, walt disney, chevron, caterpillar, they are all trading well in the s&p winners we could take a look at that, seal air corporation, carmax, steel dynamics, the dow inc., the dow inc. is up one and a quarter percent. the nasdaq winners, netflix probably because of the resolution or the proposed resolution of the writers strike. ge healthcare is up, we have old dominion freight line, diamondback energy is trading up right now. the ten year yield is up about

nine basis points, big jump in the ten year yield 4.5%, check the gold it's trading down a little bit down $3 and bitcoin is trading down about $445 and then there is oil, big question about whether this will in fact inflation were generally or spike like we saw year end half ago, it is trading over $90 a barrel. nat gas is up a little bit. the average price for a gallon of regular gas is up $3.84. and $4.57 for diesel. coming up the union the autoworkers strike is heating up and so is aoc's viewed with elon musk, rotate. >> our car was purchased during the pandemic when travel, before with had a vaccine that came out. that was prior to some of the new models coming out on the market that had the range available. were actually looking into

trading in our car now. david: she doesn't like elon musk but she drives around in a nonunion tesla and she got caught. biden's approval rating hitting a new low in drop 19 points as ratings first handling of the economy and immigration at career lows it does not look like bidenomics to her is working. the house is still in a disagreement over government funding set to run out on friday, we need economists to tell us what is happening. steve moore is here, he will be next. ♪

>> you say i'm standing in the way of the republican wins i would love you to enumerate them. >> he set up a weaponization to investigate the d.o.j. whether there involved in a cover-up.

hold on. hold on. how about the fact he has set up the china select committee to keep china to account and of course he has launched the inquiry into impeachment potentially for president biden. is that not what you want. >> none of those things are deliverables those are steps in a process. >> matt gaetz has four colleagues, if he wants to do these he's going to need more than himself and for others. the vast majority of the republicans, the overwhelming majority of the freedom caucus, conservativism disagree with matt gaetz and the other for. >> that was maria bartiromo sparking with matt gaetz over his role in the looming government shutdown. steve moore joins me now i don't know if you saw that but it was a brilliant debate. you do not get that kind of debate on sunday morning talk shows but it was a straight out very respectful no holds barred

debate about what is happening, who is right matt gaetz or maria? >> maria is, the reason you and i live through the showdowns on the budget, how many times at least 30 times in the last 40 years. david: reagan had eight of them. i looked at the last 20 and they blamed on the republicans not the last. this would be untrue republicans would normally win. the debt ceiling showdown that we had nine months ago who won that fight, the republicans did have was that because they stuck together they got to 218 and they put biden behind the eight ball i think that should be the strategy here i am not in favor i'm in favor of cutting the government as much as we possibly can i do agree with matt gaetz, this $2 trillion a year deficit in the real financial crisis. come on we gotta get to 218

votes and put the onus on the democrats to pass their budget. david: there has been some progress, originally senator schumer in the senate wanted $24 billion more for ukraine, that figure has come way down, is still a lot of money but a couple of hundred million instead of 24 billion. there has been progress made in all these debates of how much more money we have to spend. when you're ready to $2 trillion deficit, we have to start taking a chainsaw to this budget. this is as serious as a heart attack what's happening. here we are in a supposed recovery from the covid shutdown. were usually running budget surplus not the crisis is over were running to higher deficit than we ever have before in this country. the other thing we want to urge republicans. i wrote my column on this today. let's not forget about economic growth. another thing that reagan taught

us when you got the economy booming gather revenues in the deficit coming down. i want to see a focus of getting back to three and half% economic growth that would bring the deficit down a lot. >> key to growth is energy and we cannot grow with energy policy that this administration has made you just cannot do it as much as you would like to you need strong energy. as american energy conference. tell us about that in the future of american energy. >> there is about 250 of the world economic leaders and energy leaders that's an amazing conference and also what the consensus is in the vast majority of the real expert energy policy they say the biden energy policy makes no sense whatsoever into anti-america not promoting the economic growth agenda that we should have in the war against oil, gas and coal is crazy.

you heard of the idea of net-zero the way that we could go to 0, fossil fuels. that would be a way to dismantle the american economy. david: is happening to the europeans as well you just have the european p.m. who is a greeny himself he is saying we cannot make the goals that were set by boris johnson a couple of years ago. they are totally unreasonable and we don't have the electric grid for all of these changes that they want to have on all kinds of things. >> we should be building pipelines, lng terminals, we should be drilling here in oklahoma and north dakota what sense does it make to take more millions of acres off land in alaska in the gulf of mexico this is a policy that only benefits or political enemies. david: the gulf of mexico alone could supply us with 2 million more barrels a day of the cleanest burning fossil fuel in

the world and were not doing it. were getting dirty fuel from that as well. >> the natural gas, the explosion of natural gas has actually cleaned up the environment. 70 got to explain to me why the environmentalists are going to want natural gas. david: steve moore, great work, coming up biden's open borders are bringing contagious diseases into our cities there are three confirmed cases of tuberculosis, highly contagious how worried should we be about infectious disease coming into the u.s. and get a be asking the doctor right after this. days away from the second gop presidential debate from the ronald reagan presidential library, wisconsin congressman mike gallagher says that the preperfect place for 2024 hopefs to evaluate the china issue. what does he want to hear from the candidates i'll be asking

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>> next our president biden is going to be hosting leaders from pacific islands like australia and new zealand. white house officials say china will play a key role in these talks. mike gallagher is the chairman of the time china select committee and he joins us now. you say presidential candidates should take a page out of president reagan's book, what you mean by them. >> more than anything else, reagan communicated two things, one the nature of the threat that we face from the soviet union and the nature of the readiness machine. he was criticized by the media with the clarity by which he described the threat, we need the same level of clarity with respect to the chinese communist party today it is our greatest ever say on the world stage and we do ourselves no favor from talking around that. the second and communicating to the american people why we are

the good guys why this is a military competition or an economic competition. it's an ideological competition between two different systems in their system is actually superior because it maximizes human freedom. i think the candidates beyond this or that a particular policy issues, the candidates that can explain the threat that we face this takes about apologetically make the case for america that we are the good guys can differentiate themselves on the debate stage and channel reagan in the process. david: i don't want to take sides. but to your point, the person who has made that clear more than any other candidate is vivek ramaswamy. the threat and what is at stake. the way in which our system is at stake by that. other other candidates first of all with regard to vivek ramaswamy has particular programs in place how to deal with the threat including disassembling our relationships and our economic ties to china. do you agree with that.

>> in terms of other candidates, governor ron desantis has brought up the chinese communist party and repeatedly spoke about at the summit that happened before and nikki haley as well i think there's meaningful differences certainly issues about tiktok in american money flowing to china in the most important acute issue whether or not we should defend taiwan and deter a chinese invasion of taiwan. i think all the candidates have an opportunity to connect the military competition, the threat china poses in the indo pacific to the threat right here at home connected into the lives of average americans and why this matters. david: a very quick question, some candidates may be using tiktok in their campaign. do you think that is a mistake? >> a huge mistake we cannot allow the chinese communist party from the dominant media pot farm in america and if the

case is because it's only way to reach the voters that we lost all creativity. and we can do better than that. >> there is a new report saner military service members are dealing with horrible conditions, roaches, bedbugs and there is squatters in their living quarters during congressman jan armed service committee, squatters in the barracks, what the hell is going on. >> it is shameful that we have pristine golf courses on the same basis where service members are the in the living conditions. we need to do better and shine a light on the armed services committee. any american who serves our country as i did knows that you not to be staying at the ritz. we have a basic understanding that you can have safe living conditions, quality of water, this is unacceptable we need to do better in terms of funding the military because if we don't act this week $11 billion is going to evaporate. this is money that we appropriated reimagine the pipes that we can fix with $11 billion, stuff like this shows you the lack of leadership

that we have right now. david: my son just left the marine corps after 20 years and he says it's getting harder and harder to recruit partly because of these conditions. we have to change or we will have a military. thank you for the work that you do. i appreciate particularly on this issue. guy benson, kt mcfarland, mike huckabee and corey deangelis in the 10:00 a.m. our of "varney & company" i. ♪ i got into debt in college, and no matter how much i paid,

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