get much worse. he said watch out for the banks, they are exposed to this weakness. we'll see about that, joe. >> wow. if we just go back to the speaker of the house or the lack thereof, the margins are the margins. in the senate it's two seats, for the republicans in the house, it's four or five seats. as long as those margins are so thin, there has to be some compromise until you have a solid majority. maria: lee, or final thoughts. >> 63% of americans think the government does a poor job of representing the american people, and i think this is just further evidence. i think it's going to be even worse. that's 10% worse right now than it was just a year ago. i don't think we see any changes. maria: i agree with that. all right. tune in tomorrow for more of my exclusive interview right here tomorrow. brian brenberg, joe concha, lee carter, thank you all. ashley webster in for stu this morning, take it away. ashley: thank you, maria.

good morning, everyone. let's get right to it. chaos on capitol hill as kevin mccarthy becomes the first speaker in history to be ousted. now we're left with an unprecedented stalemate and a republican party, well, with in plans for what happens next. you can be sure we're going to get into all of that. new york city mayor eric adams headed to latin america on a 4-day trip, he wants to learn more about the root of the migrant crisis that's costing the city billions of dollars. but remember back in january, the mayor traveled to the border and told a group of migrants that he would fight for them to be able to work ask and experience the american dream. oh, boy. take a look at the markets. the dow now just slightly higher in the premarket, up about 56 points. same story for the s&p and nasdaq, but this, of course, is after yesterday's big selloff. we'll get into it. of course, one big reason for the selloff is the rising bond yields. the 10-year yield right around 4.7-4.8. there you go, it's down ever so

slightly, 4.7% but with still very high. if you're a netflix subscriber, get ready to pay more. a new report says the streamer is looking to hike prices again, but by how much? we'll get into that. another day and another possible strike. this time more than 75,000 health workers across 6 states and washington, d.c. are set to begin a 3-day walkout. we're going to tell you what they want and what a strike could heene for your health care. as always, we've got a big show. ron that mccann can yell, congressman tony gonzalez, clay travis and dr. marty makary are all here. it is wednesday, october the 4th, 2023. "varney & company" about to begin. ♪ muck flub. ♪ ♪ it doesn't matter who's wrong or right, just beat it, just

beat it ♪ ashley: just beat it, says michael jackson, and i guess you could say that to kevin mccarthy. he is out out. nobody saw it coming. kevin mccarthy, yes, bootedded as speaker of the house. good morning, lauren simonetti. lauren: hey, ashley. ashley: take me through all the ugly details. lauren: wow, we knew it could happen, but i was surprised. look, you could argue ken mccarthy was on borrowed time since he gave hard-right hold ows the one-person ability to oust him, and guess what? matt gaetz filed that motion to vacate yesterday, and it passed. mccarthy's out 216-210. let's show you these 8 republicans when joined all democrats to oust the speaker for the first time ever. you see andy biggs and ken buck and tim burchett. they both sit on foreign affairs. bob good, matt rosen dale and, surprisingly, the more moderate

nancy mace. north carolina's patrick mchenry will act as the temporary speaker while congress tries to find a new one. mccarthy says he's not breasted in coming back -- interested in coming back. other names being floated, steve scalise, but, of course, he is being treated for blood cancer. jim jordan, and tom emmer who's the majority whip. the house is out of session this week, ash. they return tuesday hoping to pick a new member one week from today but, honestly, who would want this sort of job? ashley: that is a very good question, and i'm not sure too many would, but we'll get into it. lauren, thank you. mccarthy, by the way, held a press conference last night following the vote and, of course, he took aim at the eight republicans who teamed up with democrats to unseat him. take a listen to this. >> they are not conservatives. they don't get to say they're conservative because they're angry and they're chaotic. they are not conservatives, and

they do not have the right to have the title. ashley: well, there you go. ben.com them in -- ben.com they have joins me now. is mccarthy right, are gaetz and the other rebels in the conservatives? >> one of the big aspects of this deal that mccar ca think cut back in january in order to become speaker was that he crossed the line and worked with a numb of very strong, hard-line fiscal conservatives, people like chip roy, thomas massie, marjorie taylor greene and others who, obviously, supported him yesterday when it came time to actually vote. instead, you have this hateful eight, i would call them, of people who all have personal fights with mccarthy. five of them, obviously, voted present last time around and then this time around they voted no. so he comes in with 216 in support, he goes out with 216 to opposed. what's the difference? you had eight members willing to cross the line and vote with, you know, the unanimous

agreement of the democrats that they were better off without mccarthy. when you have that level of agreement from the democrats in the house, i would pause and question what's really going on there. effectively, they handed control of the house of representatives to the democrats in all but name. and i think9 that the ultimate effect this is going to have on washington politics and republicans for the foreseeable future is that the center of gravity on leadership is going to move across to the senate where republicans are obviously only two seats away. they're very optimistic about the upcoming elections which they think will return them to a majority, and who does that look hike? it looks like mitch mcconnell, the leadership team they have currently. and for conservatives, i don't think that's going to be something they're very happy with, to see those people leading the way again on republican policy making as the house is diminished and chaotic. ashley: chaotic is one of the cu words. newt gingrich, by the way, ben, says the gop should basically expel what he's calling

anti-republican congressman mathth gait. -- matt gaetz. what do you say to that? >> i think he's called for him to be expelled from the republican conference, and for as much as gaetz is talking about the idea that that mccarthy broke his word to him t part of that agreement back in january -- he does have a commitment under the rules of the house republican conference not to back any motion to vacate unless it's supported by a majority of the conference. obviously, that was not the case. and so in violating that rule, it does bring up the question will they expell him. i think there's going to be a very strong push in this next speaker race from the had moderates in particular in blue states like new york to have there be a serious consequence for gaetz. ashley: and it brings up the question, who would want this job right now? do you have anyone that you would perhaps like to see pick up the reins? many. >> look, there's a lot of things to credit for steve scalise and

jim jordan. i think tom emmer wants to keep his fire set for potentially after the next election, he's already suggesting he would back one of them, perhaps scalise. the problem for them as much as they are heroes from the perspective of conservatives, they also lack the fund raising capacity that kevin mccarthy showed that made the difference in so many of these key races in the last midterm that won them that slim majority. without that, you know, to their credit and obviously with scalise having to go new the treatment that he does, that's going to be something that's a real challenge for them in navigating the coming week. ashley: chaos is a word that's being used a lot, and it's pretty accurate. ben domenech, thanks for your input this morning. let's get to the markets. a big selloff yesterday, all the major exchanges down 1%. the dow is now in negative territory for the year, down .4%. david nicholas joins me now.

david, the 10-year treasury it's at, what, 4.7% or thereabouts, close to a 16-year high. look, it seems to me the bond yields are driving the market, right? >> ashley, you're and the on. yes, bond yields are driving this market. on august 17th, the 20-year was at 4.5%. i said we're going over 5, we're over 5% on the 20-year. if we go over 5 on the 10-year, which i think we are, the next stop is 7%. and why are we going to head to 7% on the 10- year? you can blame our federal government. the amount of money our government's spending is absolutely insane. and i know a lot of americans may not like the theatrics of matt gaetz, you guys were just discussing that, but in some ways i appreciate his sentiment. our governor tax -- government tax revenue's down 10%, but spending is up 10%. spending on medicare is up 18%. our interest expense is up 40%. ashley, this math doesn't stink,

it's immoral what we're doing to our kids and grand kids. so we're going to wake up in a few years, and our interest expense is going to be more than we spend on defense. we're not issuing debt at 2%, we're issuing it at 5% ask and higher. and i think the only way to continue is rates have to go higher, ashley. the market's not going to like it, but unfortunately, conservatives in washington forgot what it's like to have a limited government. we've been addicted to big government, and we're thousand paying the price. and -- now paying the price. and as taxpayers, we're going to continue to pay the price with higher rates, and that's going to impact the market, ashley. ashley: all right. i'm sorry it's so short, david, but we heard what you said and, yes, spending in washington is out of control. now we're pay for it -- paying for it. david, thank you very much. treasury secretary janet yellen, meanwhile, says she is optimistic about the outlook for the economy. okay. come back in, lauren are. americans certainly don't seem optimistic, so why is janet

yellen? lauren: she says inflation is trending lower, and she says the job market remains pretty strong. translation is higher for longer. we saw yesterday an increase in the jobs that are open, yet this morning did you with see the private job creation numbers? 89,000, that's it. that's the lowest since january of 2021. so if the fed does stay higher for longer, look at the damage it's going to the -- doing to the 30-year. the 30-year hit, it's under it now, but it hit 5% for the first time since the financial crisis. you see companies, you see households buckling under these high rates. and take a look, it's a washington post poll, this one quarter, 25% of voters say the the economy is excellent or good meaning three-quarters disagree. ashley: i guess janet yellen is part of the 25% -- [laughter] to your point, lauren, about the adp, i thought it was a

misprint. 89,000, that's a huge cut. all right. lauren, thank you very much. coming up, texas congressmat in a minute -- henry cuellar was carjacked at gun point in washington, d.c., with we know that. but listen to what the white house said when they were asked about it. >> reporter: if president biden's policies aren't helping bring crime down, would he be comfortable with somebody borrowing his corvette and parking it on the street in southeast d.c.? >> i'm not going to get into hypotheticals. ashley: i'll e take that as a no. he doesn't want to put that corvette somewhere where it's going to get stolen. meanwhile, the house gop is a mess. there is a major split in the party after ousting mccarthy as speaker, so the question is, how could this impact the race in 2024? i'm going to ask rnc chair ron that mcdaniel right after after this. ♪ ♪ can we keep it together?

♪ we're singing a new song now ♪

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♪ but we're never gonna survive unless we get a little crazy ♪ ashley: all right. there you have it, seal sings as we look at a very pretty picture of the white house this morning in d.c. name of the song is, crazy. that is by design, i have a feeling because, yes, it's crazy what's going on in congress. let's get back to it. kevin mccarthy out as speaker of the house. hillary vaughn joins me now to talk about this. hillary, let me ask you this, is everything in the house essentially delayed now until the new speaker is elected?

>> reporter: yeah, ashley. they're basically on pause. they can't do any of the people's business until they choose a new speaker, and that is not going to happen until next wednesday when they're planning to vote and pick a new peeker. former speaker kevin mccarthy saying that congressman matt gaetz bringing this motion to vacate against him was because -- or brought the motion to v.a. vacate because of a personal vendetta. >> you know it was personal. it had nothing to do about spending, it hadding nothing to do about -- everything he accused somebody of he was doing. i've seen the texts, it was all about his ethics. but that's all right. >> reporter: gaetz is under investigation amid allegations he engaged in sexual misconduct, illicit drug use and misused campaign money, mccarthy says it was him lashing out for him not putting a stop to the ethics investigation.

gaetz denies that and says he doesn't know who should be seeker, but mccarthy should not. >> it's totally false. i'm the most investigated man in the entire united states congress. i've been cleared by the fbi, doj, election commission, western get to -- this is not the time to go home for a week. we should stay and and elect a new speaker. >> reporter: steve scalise who's been calling republicans overnight seeking support for speaker. he's also meeting with a group of texas republican members today, a powerful voting bloc. congressman tony gonzalez announcing last night that scalise has his vote. jim jordan also could be a possible pick. jordan reportedly making calls, getting a feel for what things stand, and congressmen jim banks and thomas massie reportedly would back jordan if he wants the job. another name on the list, former president donald trump.

congressman troy nell says he will be nominating him, but it's in the clear if trump is actually interested in the job. ashley? ashley: wouldn't that be interesting? that really would put the cat among the pigeons. stranger things is have happened. great stuff, hillary, thank you very much. dnc chair responding to mccarthy's ousting, and he said this, quote: the american people expect a government that serves them, in the the egos of donald trump and maga extremists in i can't think. in the midst of republican chaos and incompetence, democrats will continue to be the adults in the room and fight to deliver for the american people like we have every single day since president biden was sworn in to office. okay. rnc chair ronna mcdaniel joins me now. before we get into this, i i want you to respond to harrison's comments there that the democrats are the adults in the room. >> with uh, yeah, i think he's

delusional. i mean, the democrats are the ones who are allowing crime to run rampant, allowing our border to be open. they've caused this rampant inflation which is killing middle income families across this country. they abandoned our kids with their education, so the democrats is have created a disaster in this country, and the republicans are bringing common sense solutions to the american people. ashley: but the optics of this, ronna, are not good at all. what implications could this have for 2024 especially among independents who have not been swayed one way or the other and look at all this chaotic in-fighting within the gop? >> anytime we're fighting with each other, we're taking away from our message is -- with joe biden. we're about a year out from a great election where we've got to hold the house, and we can win the white house. and the headlines aren't about the border, they're not about the failure of bidenomics, they're not about fentanyl. it's about republican party in-fighting. it is not good. and on a personal note, i've

worked with kevin mccarthy, you don't get the house without kevin mccarthy,9 with the recruitment that he did, with the record number of minorities and women serving in congress. it takes a lot of fund raising and a lot of grit to do what he did to get us the house back, and i'm very sad on a personal level for my friend, kevin mccarthy. ashley: would you characterize this as just very counterproductive at such a critical time? >> i don't know how this helps us beat joe biden. i think every republican right now has to wake up every day and say how does this help us beat the democrats in november. what headline do we need today. we have a media who's against with us, right? they're always supporting joe biden. so every day we're taking away from helping the american people because they're the ones who really lost yesterday, right? their business isn't being done when washington is shut down, which essentially it is for the next week. how are we helping them lower the cost of living in how are we helping them unleash energy so

their gas prices can go down? how are we stopping the flow of fentanyl? these are things republicans is have solutions for. we are bringing them to the american people, and they are desperate for help. and they know that the republican party is the only way heir going to get it. but when we're fighting each other, it makes that so much harder. ashley: blame matt gaetz and the rebels on the conservative side, should they have not taken this step in their frustration? >> i'm going to be a happy warrior like kevin mccarthy, and i'm going to say let's just get the business of the american people done. let's get this speaker vote done. let's make sure we don't have this motion to vacate. we can't do this next year. we cannot do this and win. if this happens again, we are jeopardizing a very small house minority. -- majority. what i will say to the individuals who did this yesterday, i really hope that every dollar they raise they give to those 18 republicans sitting many crickets that biden won -- in districts that biden

won, because those are the people who with they put in jeopardy yesterday. when we're not talking about biden, we are not winning. and we need to be talking about the failure of the biden administration every single day and what we're going to do to make the lives of the people better. ashley: we hear you. ron, this a, you said it, we'll leave are it right there. thank you so much for joining us. we really do appreciate it on a momentous day, no doubt, in the aftermath of mccarthy being booted out as speaker. okay, happening right now, over 75,000 workers are starting to strike today in 5 states across the country plus washington, d.c. in what could be the largest health care worker strike in u.s. history. kaiser permanente union workers including nurses, lab technicians, pharmacists and therapists all walking the picket lines today. we'll have more on this throughout the show. if we'll be right back. ♪ ♪

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all or part, live your life and play it smart. 877-sell-easy, and sell your policy. if you've had a change in health, or you're over 65, and paying for $100,000 or more in a life insurance policy you don't need, get paid for it instead. then take the money that you get, go to live it up, you bet. call 877-sell-easy. 877-sell-easy. 877-sell-easy, and sell your policy. unlock gold's potential with west red lake gold mines with 3 million ounces of resources, $350 million invested, and strong leadership. their eyes are set on production within two years. west red lake gold mines. ashley: less than two minutes to the opening bell. the market or premarket showing

a very modest gain. shah gilani joins me now. great it to see you, shah. seems like we're near correction territory for this market. you like to buy on dips, so which ones do you like? >> well, we're about, just a shade under 2% from a correction in the s&p. we're in correction mode as far as the nasdaq composite, and i think when you're looking to buy dips, you want to, first and foremost, buy the stocks that have been the hot performers, and we know those are the magnificent seven. i still like google, and the lower it goes, i want to buy. microsoft, one of my favorite stocks. looking to add to those positions on this dip. but for those folks who don't have positions this those looking to maybe start a position, i say don't go all in with whatever capital you have, maybe take a quarter of the capital and start here. just because we're heading into a correction doesn't mean we can't go lower. i like to average down.

as messed up as the government is right now and i'm nervous investors are not willing to commit, it can go a little bit lower which means you can potentially buy lower. ashley: and and you're bullish partly because you don't believe the fed will hike again because you say they don't have to, right? >> i am bullish. we are in the first leg of the new bull market, and this will be the first correction within that new bull market. so it's not unusual to have a correction in a bull market. everyone who remembers 2009 on, every correction was a major buying opportunity. so this is the first one in the new bull market and, yes, i think with the government as messed up as it is, i don't think the fed can go any lower. if we get a hard selloff, that's the end of it as far as the raises. we're on the other side of their raising regime, and i think cuts in early, probably mid 2024, and i think -- ashley: all right. >> -- pretty shortly. ashley: i feel better already,

shah gilani. thank you very much. [laughter] we're off and running. thank you, shah. and as you can see the dow right at the opening bell up 36, 42 points, up about a tenth of a percent. take a look at the other major exchanges for you. the s&p, which lost 1.33% yesterday, is slightly higher today. also the nasdaq was down 1.8. there you have the s&p, up again about a tenth of a percent. again, the nasdaq lost nearly 2% yesterday as those bond yealds went higher, up at the starting gate here about a quarter of a percent. talking of the nasdaq, let's take a look at the big tech maims. it's a mixed bag. amazon is, alphabet, microsoft, they're all up. amazon up 1%, but meta and apple down lightly. in fact, apple down half a percent at 171.55. let's take a look at netflix, if we can. we said at the top of the show they could be with looking at raising prices again, lauren,

right? lauren: they reportedly plan to raise the price of their ad-free service when the hollywood actors' strike ends. so a big question mark there. look, almost every streamer has increased prices in the past year. netflix has not. what they did instead was they cracked down on those who shared accounts, the password sharers. that's how they brought in more money. so if you have a netflix plan without ads, you're paying $1550 a month -- 15.50 a month, most likely. warner brothers discovery, they just put through a $2 increase for their ad-free plan, it's $9. and disney, starting october 12th, their ad-free version goes to $14 a month. that's a $3 increase. so, basically, everyone has increased prices because the price of everything has gone up. netflix hasn't yet year. ashley: yeah. so but just wait a minute, they

will. it's amazing how all those little things add up when you look at your bank statement. you go, oh, wait a minute, there's a lot of things going out. i want to move on to meta. we mow that it's made a big -- we hoe that it made a big bet on the metaverse, air quotes. how's that goingsome. lauren: not so good, ashley. reuters is reporting meta will lay off staff in a unit that makeses the chips for if their augmented and virtual reality products. the specific name of that unit is the facebook agile silicon team, or f.a.s.t. they employ 600 people and and, basically, they developed the chips that power quest and the other meta hardware that's produced by the reality labs division. this would be another round of layoffs. meta has laid off 21,000 employees since november, and i am surprised the stock is not going up on this news. ashley: wow. yeah, that's what morally happens, rah right? -- normally happens, right in because costs go down.

next one for you, what about intel? what reese going on there? -- what's going on there? lauren: they're spinning out their programmable chip unit, they can be programmed after they're ship. they want to ipo that unit in the next 2-3 years. they plan to operate it as a stand-alone company in january. intel will manufacture the chips for this unit with. wall street sees this as a positive because it's a strategic refocusing. intel did this with mobileye, their self-driving unit. they allowed the public to to take part in that ipo, so they're looking to do that again. wall street likes it, the stock is up .7%. ashley: very good. apparently, unitedderlines pretty -- united airlines pretty bullish on travel. how do we know this? lauren: i had to read this several times. they're ordering -- this is the big news. for delivery in 2028 and beyond, they are being so proactive.

why? huge demand to go overseas. that requires a bigger plane for the most part, or a longer range plane. so they're trying to accommodate that international demand. and the supply chain still is not back to normal. united says deliveries are sold out this decade. so they're placing an order now to hopefully get it in the 2030s. ashley: wow, that's amazing. interesting. all right, thousand this, cow main, that's the largest producer and distributer of fresh eggs. where are they at in wow, they're down 8%. what's the problem with this story? lauren: it's good for us. eggs got cheaper. bad for them. their revenue in the quarter was down 30% because egg prices also tumbled by 30%. last year 228 -- 2.28 a dozen, now $1.59 a dozen. i know you're saying, wait, what? yeah, those are the fancier

eggs, the cage-free eggs that most people buy. but the supply chain is recovering for them and so no outbreak of avian flu so i guess that's the good news. although lower prices hit the stock. ashley: yeah. as you say, good for us though. i love my eggs over easy. thank you very much, lauren. lauren: a little runny. ashley: yeah, hey. let's check the big board, if we can. had that big selloff yesterday. today we're modestly higher, taking a breather a little bit. as you can see, the dow up about 23 points, just barely a tenth of a percent. let's take a look at some of the winners on that in the top 30 on the dow here. we can show you that at the top we have microsoft, american express, visa, nike and salesforce. all of those moving higher. microsoft, by the way, somewhere stu is smiling, it's up 1.16% at $316. take a look at the s&p 500

winners, if we can, see what's going on there. the s&p was down 1.3% yesterday. etsy doing well today, up 3%. also molson coors beverage, cheers to them, up 2.6%. sherwin williams, the pain people, up 2.4. -- paint people. and let's take a look at the nasdaq winners, the tech-heavy exchange. asml holdings up 2.5%. cadence designs, intuit, trade january desk, their all -- tradedesk, they're all moving higher. take a look at the 10-year treasury yield if we can. close to a 16-year high. it was around 4.7% -- there it is. till down 5.4%, basically 5.4 basis points, right around 4.74%. still very high. let's take a look at the price of to gold, just down a couple of bucks at $1838 per troy ounce. taking a look at bitcoin, i saw that earlier was moving ever is

so slightly higher, up -- well, up $200 or thereabouts at $27,547. taking a look at the price of oil, opec+ today saying they're not going to do anything but keep those production cuts in place. oil though down at $86 a barrel. natural gas up 3 at just around $3.05. there you have it. that's the wrap-up of the market. all very muted so far. all right, coming up, kevin mccarthy's run as speaker is finished, but is congressman matt gaetz a villain or a hero? liz peek talked about it, and she's going to discuss it with us. the crisis at the border is getting worse. elon musk touring the border with texas congressman tony gonzalez. there they are. got to love the hat on elon. did thinking come of it? the congressman is here next. and the u.s. has just with over 17 days' worth of oil left in the strategic roll yum reserve. louisiana -- petroleum reserve. louisiana senator bill cassidy just introduced legislation to

are prevent joe biden from shutting down offshore energy development. he's here next to break it down. we'll be right back. mug. ♪ taking all of my energy, energy, energy ♪ ♪ ♪ every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to help keep our online platform safe from cyberthreats? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with the advanced connectivity and intelligence of global secure networking

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stuart: all right, this is a live look at los angeles. that's where over 75,000 workers, well, system of those 75,000 workers, are starting to strike in what could be the largest health care worker strike in u.s. history. kaiser permanente union workers including nurse, lab technicians, pharmacists and therapists are all walking the picket lines today. we're going to continue following this and, of course, we'll have more for you throughout this show as developments warrant. that is the scene in los angeles for those health care workers on the picket lines. all right, let's change

gears, take a look at the price of oil. it's down nearly 3% at $86 per barrel. edward lawrence joins me now and, edward, opec ministers, well, they're meeting today. so the question is, any chance this could lead to a drop in oil prices? >> reporter: the answer to that, slim to none. and slim just left town. to opec+ announced to keep the plans they had to constrict oil around the globe. they're not going to increase oil production at all. in fact, this comes as the biden administration last month announced the that it would limit drilling in the gulf of mexico to just three areas over the next five years. the american petroleum institute says the administration changed regulations on shipping also to make it difficult to get to and from the rigs in the gulf. all of it adds up to discouraging investment in american oil and natural gas industry and higher prices. this is one of the topicses for the presidential election. >> third, when i got in, when i left, we were by far number one.

and we were going to start selling our oil and gas to europe and making a fortune. and, by the way, keeping the price down so that putin wouldn't have been able to prosecute his war many if ukraine. if -- in ukraine. >> reporter: president joe biden believes at some point energy prices will eventually go down. his administration having meetings with the saudis to try to get opec+ to increase production. so far no luck. president biden has yet to change course on any of his policies since coming in to to office. >> we have transformational investments we're already making to deal with the climate crisis. we are, you know, protect medicare's ability and power to negotiate prescription drug rates. we pay the highest prescription drug prices in the world. we're finally making progress. >> reporter: is so americans still now paying more at the pump and also paying more because of inflated prices. ashley? ashley: it is mad ifenning. all right, edward, thank you very much. joining me now, louisiana senator bill cassidy. senator, thanks for joining us.

you introduced a bill to prevent joe biden from shutting down offshore energy if development. is this going to help make energy more affordable for americans? >> absolutely. out e won't be tomorrow, but it will be in the intermediate and long term. the gulf of mexico produces right now about 15% of the crude oil that we use in the united states. and it bugs the heck out of me when biden says he's doing this for environmental reasons. the oil produced out of the gulf of mexico has the lowest carbon footprint of any oil consumed in the united states of america. by the way, did i tell you with it employs 175,000 americans because of offshore oil production? so biden is at war with with the environment, at war with the american worker and driving up prices long term for those at the pump. it is a war on the united states of hurricane, it helps opec -- of america. it helps opec. what else can i say? it's awful policy. ashley: and how maddening is it

we go cap in hand to the saudis to say could you, please, increase production when we're sitting right here on that very resource here in the united states. >> and biden is going to say, oh, don't worry, we're going to go renewable. you're never going to make plastic out of renewable. he's making us dependent upon china because that's where most of the critical minerals are processed, and he's hoo turning his back -- he's turning his back on american domestic production which creates jobs and wealth. drilling in the gulf of mexico contributed $22 billion total treasury, to our -- to the treasury, to our government in the last five years. it's like he's trying to kill the goose that laid the golden egg, kill it, dismember it, fry it, you name it. i don't understand why. [laughter] it's just terrible policy. ashley: it is. at the same time, the spr, strategic petroleum reserve, is now at half of where it should be, which is not good.

>> yeah. so what he's been doing is using the strategic petroleum reserve, he's been pumping out of that which is effectively opening up more oil except that is a finite resource as opposed to that which in the gulf of mexico where we can find more and more and more. so he's trying to hold down prices by cannibalizing the reserves that are supposed to be there if we ever have another oil shock. it is a policy which is schizophrenic. the american people are literally paying the price. ashley: very quickly while we have you, senator, what are your thoughts about kevin mccarthy's being oust from the speaker position? i mean, this cannot be good for the republican party. >> it creates the perception of chaos. if there's one thing that americans are sick of, they're sick of chaos at the southern border, sick of chaos in the gasoline prices, sick of chaos in politics. and they say for the last sick or seven years there's been chaos. i think we need to actually govern in a conservative way and

not contribute to chaos. ashley: i think that says it all. we'll leave it right there, senator cassidy. thank you so much, as always, for joining us. do appreciate it. all right, now this. thank you. an energy company in kansas is charging customers more in order to provide power to an ev factory. all right, lauren, break this down for us. lauren: so the name of that utility is -- and they're in charge of powering pan panasonic's new ev battery plant that's nearby. how are they going to do that? they're going to burn coal. that a annoys the environmentalists. and then they're going to increase rates to meet the expected energy demand from panasonic. that that nows -- a annoys the customers. so in the end, if i have this right, they're contributing to the green transition by burning more coal and raising prices. ashley: i gotcha. [laughter] thank you as much, we'll leave it right there, lauren are. uh-huh. we toll you about the new

service popping up called rent a mom where parents will pay over $10,000 for someone to cook, clean and even bail their kids out of jail. we're going to hear from one of those moms later in the show. the trial of disgraced ftx founder sam bankman-fried is underway, and federal prosecutors are set to argue that he orchestrated one of the largest ever campaign finance frauds in order to get special treatment from lawmakers. we'll is the very late -- we'll have the very latest right after this. don't go away. ♪ i fought the law and the law one. ♪ i fought the law and the law won ♪ (woman) what if my type 2 diabetes takes over? what if all i do isn't enough? or what if i can do diabetes differently? (vo) now you can with once-weekly mounjaro.

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ashley: as many as 2500 migrants are expected to arrive in chicago for the coming weeks. residents saying the city is a breaking point. garrett, residents had a meeting on this crisis, did it get contentious? >> reporter: this is one of the most contentious meetings we

have seen, it was standing room only, 500 people packed into protest this opening of a migrant shelter, converting a fieldhouse into that shelter, predominantly black neighborhood. even before officials started talking the crowd was yelling at them making it clear they don't want the shelter in their neighborhood. >> the reality is say no. that the solution. no. >> got about 15 seconds. >> the community of black people. you want to take the little scraps, for resources we have at the bottom of the barrel. that's not fair. i want mayor brandon just in time, selling us out for people who can't vote for you. >> officials are warning chicago is about to reach a breaking point.

a close political ally of president biden calling out the administration for its handling of the border crisis telling the president in a letter that the federal government's lack of intervention at the border has created an untenable situation for illinois. it doesn't show any signs of improving with a record number of people continuing to come across our southern border. ashley: still ahead, liz peek, texas congressman tony gonzalez, clay travis and pat fallon. a big our coming up, the 10:00 hour of "varney and company" is next. ♪

>> $1.87. what has happened to our country, afghanistan, the most embarrassing moment i think in our country's history. our next president, 40, 54th, and more