the alternatives we talked about. >> gold and bitcoin are going up because inflation is real. taylor: can we talk about gold? gold or silver. >> silver for sure. because the gold standard was established as a 15:1 ratio. it's a 9:1 mining ratio today. if we look at the numbers right now as of this morning it's 89:1. i'll do that deal everyday of my life. 89 silver to one ounce of gold so silver is about to go through the roof. we're in an early market for this bull. taylor: i need costco to start selling me silver bars, because now they are selling me gold bars. >> they do silver as well. exceptional pricing. taylor: gold bars and silver bars in my stocking next year for christmas. meanwhile take a look at the s&p and the nasdaq trying to close. >> [closing bell ringing] taylor: in the green that does it for us kudlow is next. harrilarry: hello, folks.

welcome to kudlow. so a historic day as president trump's election was certified by congress and vice president kamala harris had the great pleasure of presiding over her own defeat. also, mr. trump has come out full force in support of one big beautiful bill which he has renamed one big powerful bill. in fact, power is an important analog to mr. trump. in a moment we'll hear from senator ted cruz and then house ways and means chair jason smith but first up, one big beautiful bill. that's the subject of the rif. so a big moment in history today. perhaps two big moments. first, certainly, congress certified president-elect donald trump's decisive election victory. he carried the popular vote and all of the swing states. mr. trump created a working class coalition, hispanic-americans,

black-americans, asian-americans, muslim-americans, young people, union members, women, it's a coalition that may well change the face of the american politics for at least a generation as mr. trump has turned the gop into the party of working folks, and he will promote america-first policies, if they lower taxes, reciprocal fair trade tariffs, border closing, unleashing energy, minimizing red tape, business regulations, and he brought in the doge brothers, elon musk and vivek ramaswamy. but will weaken the over-extended power of the unelected federal bureaucracy as well as chopping down the federal budget, and america-first extends overseas to restore american authority, respect with peace through strength and a clear focus on direct american interest. again, all this to help

the middle class reignite a blue collar boom, restore our historic judeo christian culture, traditional values, and of course to restore public safety for families and kids and schools and businesses, and even cities. noteworthy in the modern era, only four vice presidents presiding over the election certification have had the great pleasure of announcing their own defeat. richard nixon, al gore, mike pence, and now kamala harris. but there's a big second thought on this day. a big thought. president trump has announced his support for one big powerful bill in order to fulfill his election mandate and hit the ground running. as you know, i've been unsparing in my advocacy of one budget reconciliation bill that would include tax cuts and border secure utili and energy dereguln and strengthening defense. night after night, guest after

guest, senators, house members, have heard me relentlessly promote one big beautiful bill. let's get the middle class blue collar boom working right away. bundle it up in one beautiful package, inspire confidence that promises made will be promises kept and of course, the awareness of a razor-thin republican house majority which in recent weeks shows almost certainly that one bite out of the fiscal apple will be all the new administration could possibly expect. so, things are looking bigger. they're looking better. they're looking brighter for a new golden era that will make america great again. and that's my rif. all right joining me now, to rif alongside the great texas senator my dear friend ted cruz, senator cruz, it is wonderful to see you, sir. i want to know about the senate. got to get on board. you know, even lindsey graham

was the budget chair, i don't agree with him on some things. i agree on other things but he said himself back in november, he posted on x he was in favor of one big bill. now all of a sudden he's changed his mind, but i know that senator ted cruz is going to go along with president trump for one big bill. is that right? you'll lead the senate, sir? >> well listen. i think the procedural question of whether it's one big or two bill is less consequential than l the simple point. we have to get this done and we have a task in front of us that we must accomplish. i think president trump at the end of the day will have the flexibility to decide whether he wants it in one or multiple bills. i will say, one bill i think politically will prove harder to get done. if you have a giant bill that you throw everything in the kitchen sink in particularly in the house when you have an exceedingly small majority, that that can be very difficult

to get the votes to pass it. we saw that just recently with the continuing resolution right before the holidays that was a train wreck over in the house. that got a little bit big and became a problem. this is talking about being the omnibus of all omnibuses and that can pose real problems for passing a bill. i think the logic behind two bills will start with a simple bill that funds border security that makes the changes to stop the invasion at our southern border and that addresses energy and unleashes american energy. both of those are desperate need. both of those can be done on reconciliation. both of those are relatively simple and straightforward, and both of those , i think, be quite easy to unify republicans and get us on the same page which would mean we would start the first couple of months with a big win delivering on major elements of the president's policy. the tax bill?

larry: senator, you're just so disappointing on this. i can't believe i'm hearing this from my dear friend senator ted cruz. first of all, you're going to have to have certainty on the economy with respect to not only tax cuts for 15% for corporations but also small businesses, 100% expensing which is running out, individual middle class families going to need help. you've got to tell them they are going to get extensions. you leave it towards the end of the year. here let me take your political point. i disagree with you on almost every point here, i love this. >> this has never happened. larry: it's all in good fun. it's a first here, but look, you take a look at the cr. i agree let's look at the cr, which was a fiasco. okay? that should be a leading indicator of how hard it is to get anything through the house

at all. anything, at all. big, medium, or small. you're only going to get one bite out of the house apple. trust me, i mean this is what mike johnson is telling people. it's a common sense position. furthermore, you yourself, along with president trump, promised me a middle class boom. that was the genesis of this whole victory. economy number one followed by immigration, and i'm all for closing the border. you're going to have to do it. get it done, you know what? these bills are almost written already for heaven sakes. you won't get , what do we expect? well i don't want to use names but i've had so many calls with senate leadership. you're not going to get some in january. it's going to take forever. you're going to, that's why you mesas well throw tax cuts in there and as mike johnson said, you can get it done by april, maybe by may, call it 100 days, call it whatever. call it trump promises kept.

that's what you want. senator cruz, i'm crushed that you're coming out on the wrong side of this historical divide. >> [laughter] well, larry, you and i agree on practically everything so this is a first where we're having some disagreement on tactics. listen, we both agree on the objective. we both want a big, bold, dramatic tax cut that spurs major economic growth. we both want the border secure. we both want american energy unleashed. the question is what's the best way to do it? look, i am indifferent between the two means. one bill or two bill. whatever gets the job done, that's what i support. if the president decides as the days and weeks go forward he wants to stick with one bill, that's his prerogative to do that. larry: but look what he said. >> i am making the point. larry: he said it on truth social. he repeated it. >> i understand that, but i also understand seeing legislation move initially

people thought the cr was going to fly through and then the conventional wisdom was the problem with the cr is it was too big and had to get a lot simpler. it's a strange lesson to take from that that instead of taking one big reconciliation bill we should take a huge reconciliation bill because that'll somehow be easier. i question the political logic there and i've gotta say the statement that's being said, they only get one bite at this apple. that makes no sense to me at all. we have two years with the house of representatives. the democrats managed to do multiple reconciliations. i do not believe that the democrats are more committed to their principles or more capable than the republicans. we can take multiple reconciliations. we be foolish if we didn't accomplish the maximum amount possible and in terms of timing, look. this tax bill is going to take some time. i was here. i was intimately involved in

the 2017 tax cut. you were as well, and it took many months, because there are trade-offs that go back and forth. larry: you never should have waited senator. i was not in the government at that point. >> it was the trump white house that waited. the trump white house made that decision. larry: i'm clean. i was still working for another network at that point. i didn't come in but that was a mistake. >> well that was the white house's decision. larry: ronald reagan was a mistake. he waited for his tax cuts to kick in for two years. i'll tell you, senator. wait until the back end of the year. you may not get it and so you playing recognition roulette with a $5 trillion tax hike and even if you got it another one of these hail mary touchdown passes it won't have an economic impact in 2026 which is the mid-term election. this is what we've all been saying. >> larry i'm 100% with you that we should pass it as quickly

as possible. my point is this is too complicated. there are too many divisions of opinions, within republicans and the house, within republicans and the senate, between the house and the senate. there are too many trade-offs between c-corp. and s-corp., trade-offs between capital gains and ordinary income. trade-offs between families and child tax credits, salt questions. larry: it's all there. all i want to do is extend it and then add, as mr. trump is saying, add the tax free -- >> i'm just telling you. larry: just a couple things to add. >> two-thirds of the house of representatives was not here in 2017 when we passed that bill. i spent literally hundreds of hours helping negotiate that bill. i agree we need to move and we need to move as quick as possible. i'm just telling you these issues are complicated enough and, you know, the old line that trying to coral republicans on one page is like herding cats.

that's not fair to the cats. republicans are harder and so anyone who says that we're going to get to february and magically have a tax bill, that's whistling dixie. i don't know what they're smoking because it ain't going to happen. we should move expeditiously, absolutely, but the reality is there are enough disagreements within the conference that takes a little time. larry: i'd use your own arguments, senator cruz. i would use your very arguments to say you are supporting a one big beautiful bill strategy. everything you said is one bill. look, you're one of the smartest people i know. you can put together, you can piece all of this stuff together. so much of its been done already. jason smith's coming on in just a couple moments. so much of this has been done already. anyway, i don't want to waste all of this valuable minutes on that but i'm hoping that you'll be open to rethinking your

position because -- >> as i said i am open to whatever means gets the job done. larry: this is the first time i've really seen you on the wrong side of a key issue. >> [laughter] larry: i'm sure you'll relent. >> and larry, you will hold this conversation if five months from now, the one beautiful bill, there's too much in it and it has to be broken into two bills you'll remember this conversation then? and play it back? larry: in five months, i'm going to be happy because we will both exalt in the blue collar boom coming from the tax cut bill that we passed. >> amen. larry: by may at the latest. senator let me move on, because more mischief from president biden. he's now taking out, what is it? six or 700 million acres offshore, atlantic and pacific for any leasing or drilling or fracking. he's also going back and stopping anything going on in alaska. he's using some piece of legislation that dates back to

the 1950s. this is sort of the last gasp of all of this climate socialism and nonsense and direct slap in the face to president trump. you coming from texas? you've got to have serious thoughts on this one. >> look, i've got to say it is infuriating. i'm 54 years. i've never seen an outgoing president behave with such utter contempt for the american people and the voters and democracy the way joe biden and kamala harris are doing. they know there was a clear mandate in november. they know that the voters want to change course, and yet joe biden is like a builter old man saying screw the voters i'll stick you with terrible policies and doing everything he can to tie the hands of the incoming administration. 625 million acres set off limits for offshore drilling? i hope and expect trump will reverse that on day one but you look also at what biden is doing, trying to auction off

pieces of the border wall for $5 a section to get rid of them just to waste taxpayer dollars. you look at the pardons he's granted. pardoning 37 or commuting the death sentences for 37 of the 40 prisoners on death row, simply to prevent president trump from carrying out federal law and executing those prisoners. signing long-term contracts with unions saying, you can stay home. you don't have to go to work. you don't have to show up at federal offices over and over again they are sitting there. they are bitter and angry and in denial about the election and frankly, they have utter contempt for the voters who said we want to change direction. joe biden and the democrats want to do everything they can to keep on the same failed path the voters just rejected. larry: boy i agree with all that. so you and i are back in the saddle right now. >> [laughter] larry: i just want to ask you legally sir, you're a

constitutional scholar. there's some bill that dates back to 1953 biden is relying on. it was actually a law passed. how do you get around that? because we must get around it. you can't just start closing off the atlantic and pacific offshore drilling and leasing rights but can you get around that, sir? >> so look. i haven't done the specific legal analysis on that statute but this is a presidential declaration and i'll give you a basic principle of constitutional law. anything the president declares the next president can undeclare. the president does not have the power to bind the authority and decision-making of the next president, so i'm certain trump's legal team is engaged in that legal analysis right now but this is a little bit like, you know, somebody buying a business in foreclosure and the owner of the business going and just looting the place on the way out, just ripping up the carpets and spray painting

the walls because they are bitter and like if i can't have it i don't want anyone to have it. that's what joe biden is doing and is doing to the american people. there's a level of disrespect for the voters and for democracy and of course biden and kamala spent the past four years strutting around like peacocks from claiming they are defenders of democracy and when the voters repudiate them they say to the voters to hell with you. larry: which they have done. senator i've got a minute. just a minute, but this hideous evil terrorist attack in new orleans, it brings back the issue of terrorism at home and some people are quite critical of the fbi and other agencies for not having any advanced warning and for not handling it very well. i just have slightly less than a minute. you have a quick thought on that, sir? >> yeah it's a serious problem under joe biden, the fbi, focused on politics, focused

on going after his political enemies. they focused on being woke. they focused on dei. they focused on everything except actually doing their job which is stopping terrorists going after the bad guys, one of the most important things that will happen under trump is the department of justice and the fbi, they are going to restore their integrity and stop the weaponization and focus on the bad guys. i've said many times on my podcast with ted cruz, we are today at the highest risk of a major terrorist attack than any time since 9/11 and tragically what happened in new orleans showed was exactly true. larry: yes, well, john ratcliffe, kash patel, pam bondi all first rate nominations, i think you'd agree. anyway thank you senator ted cruz one big beautiful senator. we appreciate it very much. folks, coming up here on kudlow, how is the house preparing to help president trump pass one big beautiful bill? well we'll ask house ways and means chair jason smith next up

and remember, folks, you can always catch kudlow monday through friday at 4:00 p.m. right here on fabulous fox business and if for some reason you can't get us at 4:00, please just text your favorite 9-year-old and she will show you how to dvr the show and you'll never miss one big beautiful bill. i'm kudlow. ain't it great? at harbor freight, we do business differently from the other guys. we design and test our own tools and sell them directly to you. no middleman. just quality tools you can trust at prices you'll love.

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larry: here is more. he was mr. trump's truth social post last evening. "members of congress are getting to work on one bill, been powerful bill that will bring our country back and make it greater than ever before. we must secure our border, unleash american energy, and renew the trump tax cuts which were the largest in history but we will make them even better." that was from his post last night. all right joining us now, somebody's going to have a lot to say about this house ways and means chair my friend jason smith of the great state of missouri. jason, you may not have heard it. i had this wonderful one big conversation with our great friend senator ted cruz who

keeps talking about two bills so we went back and forth. i know you've been in favor of one bill and i've advocated one bill. where do things stand after the republican conference on saturday and so forth and so on. where do things stand? are we still talking one big beautiful bill? >> the speakers been very clear that we're going to do one bill because that is the best and quickest approach to deliver on the priorities of president trump and the 77 million americans that sent him to washington. one big beautiful bill is the best way to approach it. the speaker, myself, we know the dynamics of the house much more than any senator. especially a senator whose never served in the house of representatives. we have the smallest majority, the smallest majority in the history of our nation. it's essential that we don't make any missteps and do the right approach and one big

beautiful bill is the best approach to make sure we deliver on president trump's priorities for the american people. larry: yeah, you'd made a point several weeks earlier with us. the last 25 years you never had two or three reconciliation bills. that's a strong point, but what you just said, you know, looking at the cr battle in the house and speakership battle i don't see how anybody could think you'd get more than one bite out of the apple is going to be hard enough but you've also said to me, you basically have been working on this tax bill for nearly a year. >> that's exactly right, larry. we've been working on this bill for over a year and it's very simple. the president was very clear during the campaign what he expected congress to deliver on. he wants pe permanency of the successful trump tax cuts from 2017 and wants us to address no tax on tipped employees and wants to address tax relief for seniors, he wants

to make sure that we incentivize manufacturing and production here in the united states. these are things that the ways and means committee has been working on for some time and guess what? according to the constitution, all tax policy has to originate in the house of representatives and we can pass the tax bill, get it over to the senate, and let's get it done. by memorial day, we could have it signed into law if the senate does not slow down the process. larry: that be so fabulous. basically it be 100 days or 100 days plus, but it would show, you know, mr. trump and the gop promises made, promises kept. it would have an economic booster. the blue collar boom that we're all pushing for would start in earnest this spring. i don't want to wait until next year or take a risk and so forth. i don't think people understand how important the economics are and much less the legislative issues.

>> larry, the certainty for the 30 million small businesses that don't know what their tax code is going to look like next year. there's 30 million small businesses that if one 99a, the small business deduction expires at the end of this year, they will face a tax rate of over 43%. that's almost 20 percentage points higher than that of companies in communist china. we cannot allow that to happen but guess what? they are looking at how they will invest in their businesses. how they will grow. who they will hire or not hire or lay off. let's give them the certainty now. don't wait until december of this year to address the problem. when we pass the original trump tax cuts, it was in 2017 just a few days before christmas, and then, then, 10.5 months later the house republicans lost the majority. senators have a six-year term. house members have a two-year term. let's get the job done now.

larry: well you know, look. president trump said, i mean, in his post, he said it to me, several several weeks ago, he had told the leaders at the army/navy game he wanted one big beautiful bill and last night on the truth social post he said he wants one big powerful bill. it's what he wants. he won the presidential election for heaven sakes. i don't think senators should go against his wishes, frankly. i think that's bad politics, and as you point out it's bad economics as well. last one. you're in touch with senator mike crapo, who runs the finance committee. a very brilliant fellow, i think you'd agree. can you guys work together to get some out in 90 or 100 days? >> absolutely. i was talking to senator crapo just a few hours ago. we're in constant communication. we can deliver on this. it's not that difficult. we want permanency of the expiring provisions of the trump tax cuts and then make

increased modifications to improve on no tax on tips. improve on manufacturing in the united states. these are things we can deliver on and we're ready for it. larry: congressman jason myth head of the ways and means committee. i wish you all the luck. happy new year thanks for coming on the show again, appreciate it, sir. >> happy new year, larry always great to be with you. larry: coming up here, one reason we need the trump tax cuts right away is inflation is still kind of sticky, and i want to get our next guest steve moore and david malpass, someone to weigh in on nippon and u.s. steel. what's logic of denying nippon? after all, i think that it be an investment that would make america great, but perhaps not. and again, one big beautiful bill. steve moore, david malpass, i'm kudlow, be right back.

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larry: all right, a big beautiful bill or not joining us david malpass former president of the world bank, steve moore, host of more money on wabc radio, unleash prosperity. i don't know if you heard it or not, steve moore. ted cruz, the great ted cruz, the conservative ted cruz, the brilliant ted cruz, argued with me to wants two or three bills, can't get it done in one bill and it's not important and we'll get to the taxes when we can get to them and i don't agree with all respect for ted cruz, a genuine conservative. i don't understand it, steve moore. >> well i want to tell your viewers a quick story about what happened in 2017. you hint at this on this earlier in the show, but do you remember december 2022, 2017, larry when you and i got an emergency call from mitch mcconnell saying we don't have enough votes for our tax bill and we had to go

pounding on the doors of five or six republican senators trying to get and persuade them this was an important thing to do and so my point is, we came within an eye lash of not getting that historic tax bill done. i don't want to live through that again. i want to get this done. i think did jason say he thought we could do it by memorial day? i'll take it. memorial day, we're going to have this tax bill signed because one other quick thing. larry: the whole thing. the big bill. >> the whole thing. and here is the thing. here is why it is so important to do it quickly in addition to all the reasons you already mentioned. the taxes will go up by several trillion dollars at the stroke of midnight if we don't do this. so time is of the essence. larry: by the way, of the key aspects of this bill for large and small business is the immediate 100% expensing write-off for machinery and

equipment. okay? that's already down to 20%, david malpass, okay? because its been coming down from 100 to 80, or it's either 40 or 20. that will run out. i think the fact that there's no advancement going on in capital spending and manufacturing in some part uncertainty about extending the bill, but also, the fact that those write-offs may not exist anymore, david malpass. >> that's right, larry, and so we know that the tax bill is critical for investment and critical for growth, critical for small businesses. so i think the economics are really clear. steve gave a story from 2017. i'll give you one from 198 #. remember reagan came in and phased in the tax cut and got a recession. it was a pretty intense recession, and so we know what happens when you do it wrong. i think what will happen here is

the house will have one bill. that was what happened in 1985 with the big tax reform act of 1986. it started in the house. there was gucci gulch where every lobbyist got provisions and i hope they manage to avoid that and then it went over to the send at and it got torn apart, so the risk here is to find a way to work with the senators to get this done fast. the urgency is very clear. larry: but rostenkowski won that at the end of the day. i've always given him credit for that. >> no remember it was bob pack. larry: yes, but he -- >> rewrote the bill. larry: he was a good deal maker. anyway let's not argue about that. steve moore? i want to raise another issue here. david, we don't have too much time. steve moore i want to go to the second issue and that is nippon steel and u.s. steel.

joe biden has ruled against it. the committee on foreign investment sifius and the treasury department basically punted and all became very political. biden is using, he's saying we can't have a deal because of national security. i don't understand that. now, mr. trump also opposes it, but particularly on biden, i just don't understand in general, it seems to me nippon steel will save u.s. steel. u.s. steel will go down and close factories and lay workers off big time if they don't get the investment from nippon steel. what do you think, steve moore? >> well i can explain why joe biden came out against this. you see he has memory problems and he thinks we're living in 1935, not 2025. japan is no longer an enemy of the united states. they are one of our greatest allies, and by the way, they are a check against china. this is the point and i love talking about this on your show because i know donald trump watches your show. mr. president, we want japan to

have this , take control of this and by the way they aren't taking control of it. they will just remanage it but the jobs stay in pennsylvania, larry, but if we don't do this deal, the best, the biggest winner will be china that's trying to take over the whole steel industry all over the world. this is good for jobs. it's good for workers. it is good for the investors and it is good for america, and donald j. trump who you've been alongside him much more than i have is the greatest negotiator i've ever seen. i want donald trump to come in, negotiate a good deal and get this thing done. larry: david malpass what do you think about the nippon/u.s. steel story? >> that president biden has made wrong decisions each time they're present. think about, afghanistan, ukraine, israel. just in the last week, wrong decisions on offshore drilling, on social security trust fund draining he's doing right at the

end of his term, one after the other, and so the national security grounds, i worked on sifius heavily both in 1986 when it was being written the exxon and then again in 201. national security is at the core but it doesn't mean japan is the violation. steve's right. china is the one to watch, and that's how we should be using sifius, not this way. larry: president trump is against the deal, but i see the deal as america-first. i see nippon's strengthening u.s. steel. you know look. honda came in. look what they've done. honda is like the biggest american manufacturer now. >> exactly. larry: or the same thing about toyota in terms of domestic content. why not let them come in? it's attracting foreign investment to make america stronger and part of the blue

collar boom. i mean, i'm not sure i understand it, but i appreciate, david malpass. why should joe biden change now? he's done everything wrong up to now. it's way too late. >> that right. growth is important, and growth and biden has been bad on that too. larry: yes growth is important, david malpass and steve moore, thank you very much. now we can change gears, even though we love growth. we have liz peek syndicated columnist fox news contributor and emily compagno, co-host of outnumbered and author of "under his wings." thank you, ladies. appreciate it very much. emily, can i raise this guy, judge juan merchawn, who wants to sentence the sitting president-elect, who was just certified today, as you well-know. he still has a gag order on him

and hes going to sentence him to call in a felon. this violates every legal thing and keeps going with the weaponization and the lawfare but what do you think of this? it's kind of an insane story. >> look you're not wrong first of all. this is unconstitutional, on so many levels and really any judicial objectivity that we could have afforded judge through flew out the window, so the fact he utterly failed to give the president-elect time to pursue his appeal of the immunity point because that would have preserved his status, not as a convicted felon, and the vast majority of americans thought this particularly trial was politically motivated and as he writes in his opinions the fact it's upholding the law and preserving people's faith in the criminal justice system. it couldn't be anything further from that so it shows this is simply political and the second reason is for him failing to require the jurors and specificity, this is why in part

it's unconstitutional of the underlying charge. it could have been one of anything that they merely hinted at, right? the election integrity, fraud, falsification of business records but the fact he continues to state in his opinions is only about election integrity. again reveals the fact he is so partisan and this is so political and it is just for the sound bite of him saying, this is a convicted felon. larry: and i think he did it now because he wants to beat the appeal. i think he deliberately did that. the gag order is, i don't mean to point at you, liz. that's very rude. the gag order is still in place. trump is now the president. but was certified today and the gag order is still in place? >> what's hilarious is he was on truth social going, i can't talk about blah blah blah. and he goes head and talks about it. how could that possibly be right? larry: incredible. >> it's an outrageous thing and if you ask 99% of the country,

they have no idea what he did wrong. they think what he did wrong was pay off stormy daniels. that is not a crime. anywhere. so this was an entirely manufactured thing, like reminds me of making those sort of financial instruments during the financial crisis where they just tumbled their own way. 39 misdemeanors turned into 39 felonies. it's ridiculous. larry: liz, i know you're very interested in the congestion pricing decision today so let me get this right. so that everybody in new york will pay higher prices and more inflation. all the businesses below 60th street, restaurants, businesses, shows, everything will suffer and here is governor kathy hochul at it again. at it again. >> it's pretty staggering and by the way connected a little bit to this case, right? they are doing everything possible to make new york city as unattractive as possible to businesses, residents, and commerce in general.

i mean, why when you have a city that's losing residence and losing businesses, we're the number one state in term of losing people and losing city. why would you make it more expensive to be here and harder to be here and riskier which is what this judge is doing. larry: emily, can trump somehow overturn it, congestion pricing in new york? it's another tax, a pay off to a lot of unions and union bosses in new york. it's not going to do a thing to help the subways. can somehow president trump stop that? >> well the federal remedy be the court system and that of course has can supercede any type of state law that's in effect but at the end of the day, i think that the reality is that and i don't know why, but the voters here in new york and myself included in that, have failed to remove these individuals that keep passing these decisions against the will of all of us. >> that's what has to happen. >> the pricing is impossible to

overstate how much that will, yes. larry: all right, can we impeach her, do something? liz peek, emily compagno, thank you very much. catch emily hosting out numbered weekdays 12 p.m. eastern on fox news fabulous stuff. coming up charlie gasparino. he writes that joe biden has a fiscal time bomb but he also says an optimistic kudlow says wall street has the story all wrong. charlie coming back right here. when you're a small-business owner, your to-do list can be...a lot. ♪♪ super helpful. ♪♪ [ cheering ] what are invoices? progressive makes it easy to see if you can save money

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larry: we're here with the great charlie gasparino, fox senior business correspondent. wall street is worried about a fiscal time bomb. i think they are reading trump wrong, but i don't know. you wrote it. charlie: i don't think they are reading trump wrong. they aren't reading trump. they are reading biden and kamala harris and they are reading janet yellen and 1.9 trillion deficit and rolling over the deficit with short-term debt. you know, we were just talking. and the media does not appreciate this. we have just upgraded our economic team so greatly with scott bessent and lutnick and vivek and elon and it's light years ahead of this and if you

want evidence read my column in the post. how do you in an economic expansion, how do you get a $2 trillion deficit? how do you spend in just a couple months 30% of your budget? how do you do something so reckless basically sell trillions of dollars of short-term debt to paper over the deficit so you don't spike the 10-year? and now, guess what? traders are looking at it and trump is going to be faced with an issue. now if i were he, i am a nobody, who got the line into him, i'd just be pounding the table about vivek and elon and the doge. larry: that's a good important point and i think he will. that's just what he's going to do. charlie: that could put a tap, because the bond market a lot of it is about impression and expectations. if the bond market senses that trump does give a you know what about the deficit, he will put a tap on that rise in the yield. larry: use elon and vivek.

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thank you! larry: so, we've got one big beautiful election certification and we've got one big beautiful fiscal tax cutting bill and you know i've got to say it leads me to one big beautiful elizabeth macdonald. liz: wish everybody felt the same way. woohoo! what a way to start the ne