maria: good wednesday morning thank you so much for joining us this morning. i am maria bartiromo, wednesday, january 8, it is -- 7:59 on the east coast president-elect trump refusing to rule out taking greenland or panama canal by military force during sweeping press conference yesterday. >> we need them for economic security, the panama canal was built for our military. i am not going to commit out the that now, it might be that you will have to do something. look. the panama canal is vital to our country. it is being operated by china. china. >> we need greenland nor national security i have been told that a long time people don't even know if denmark has legal right to but if they do should give it up because we

need it for national security but people are going to probably vote for independence or come into the united states but if they did do that, then i would tariff denmark at a very high level. maria: more than one hour press conference, he took lots of questions threatened very serious tariffs against northern southern neighbors, pitching a new name for the gulf of mexico. >> are you considering military force to -- >> no economic force. because canada and the united states that would really be something. you don't forget we basically protect canada. >> -- no, nope no right here is what we have we have a right not to help them with their financial difficulties because we are 36 trillion dollars still -- but why are we supporting a country 200 billion plus a year, our

military is at their disposal all other things they should be a state we're going to be changing the name of the gulf of mexico to gulf of america a beautiful ring covers a lot of territory mexico has to stop allowing millions of people to pour into our country putting serious tariffs on mexico and canada, canada they come through canada, too. >> gulf of america tricia i -- you love it. >> i really do taking nothing off the table this i said before art of the deal, but. maria: i like this looking at everything, not allowing anything to get past him, and if he feels that you are not being fair to america, he is coming for you -- >> have that is right, denmark a nato country what is leverage there with greenland we have a u.s. military base what else could u.s. be

getting agreement strategicic territory i mentioned rare earth minerals dominates greenland rich with oil and gas, geographyly deter russia an think a a smart move a win-win situation even if we don't buy greenland. maria: can he change name of muscle of mexico. adam: i don't know what all this is -- is about, donald trump saying time for america to assert sphere of influence the same way china asserting itself in asia russia, quite frankly, doing that with ukraine america now we have a sphere these, panama matter to us in our sphere. maria: because president trump sees america as exceptional, the former administration did not, the

obama administration did not see america as exceptional, apology tours across the world he announced a major new foreign investment for american data centers in intelligent. >> -- will be investing at least 20 billion dollars over a very short are period of time into the united states may go double or even what more than double that amount of money, that is support massive new data centers across the midwest sunbelt also keep america on cutting edge of technology artificial intelligence. >> waiting for this moment we are trying to invest 20 billion dollars, and even more than that, if market allow us the moment planning 20 billion dollars, in data center, for ai, cloudy bits. trump vowing to expedite

reviewer process reduce railings or outside investors willing to spend more than a billion dollars in united states, this is a really key point, he is telling you, look. if you are willing to invest in this country, willing to create jobs in this country, well, maybe we can do more accommodations for your as investor coming in. adam: you want to see money flow into your country that is direct foreign investment, bmw mercedes building cars in south airbus, really just a european consortium in france assembling planted here good for american works for our economy. >> gheth in line right now knowing that president trump is coming into office going to be, very focused on doing right by u.s.. >> take a break come right back at it just getting started this hour quick break president trump setting the stage for his agenda as he reconsiders reconciliation plans president-elect to meet

with senate republicans today in washington to discuss strategy wisconsin senator ron johnson is weighing in when we come back. you are watching "mornings with maria" live on "fox business".

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call the number on your screen. coventry direct, redefining insurance. pacific p president-elect trump meeting with republican senators in d.c. to discuss the reconciliation strategy trump keeping option open best way to implement his agenda. watch. >> well, i like one big, beautiful bill i always have i always will but if two is more certain, it does go a little bit quicker because you can do immigration stuff earl. >> i am okay. i just don't want about the to see a default that is all i want i never talked about spending more money necessarily, and all i want to see is no a default debt ceiling not about raising a lot of money it is extending it i just want to see an extension. >> gop has let me ask you margin as i have been reporting the issue is getting

everybody onboard including state and local lawmakers that want their salt deduction cap lifted, now politico reporting that incoming trump administration officials planning to over expand and local tax duksz at mar-a-lago in exchange for salt republicans to get in line behind trump's policy agenda including money for border, energy permitting, that tax bill sweeping tax bill later this year, joining me now wisconsin senator ron johnson member of senate homeland security budget finance committees great to see you. thank you so much for being here this morning. . good morning, maria. maria: i know no you have been thinking about how to cut spending get us back to normalized levels, but as you approach these meetings with president trump, today can you tell us a bit about what the issue is? is this all about salt and salt lawmaker getting onboard? or is it also about the debt ceiling where you've got to get colleagues onboard with some of these issues that

trump wants in this big bill? >> first of all, maria there is no way united states government is going do did default on debt there is no way, a scare tactic is a pointed out the on sun 2019 spent 4.4 trillion dollars in total spending spree 6.6 trillion dollars next year because of covid never come off thatlast five years averaged 6.5 trillion dollars, so 4.4 to five years 6.5 trillion dollars reminds i am reintroducing i am on key committees bunlt finance committee people receptive i laid out a reasonable plan you go back to bill clinton spending, from 1998 and you

just leave social security, medicare as they are and interest inflate everything else but population inflation spend 5g.5 trillion dollars versus biden spent 7.3 if you go back to obama's 2014 do same thing 6.2 trillion use trump's budget last budget for 2025 spending would be six trillion dollars inflation same way again reasonable spending numbers, way less than what biden's proposing why would we want to embrace president biden's spending levels? again, people around here talkinging about we got to save two trillion over 10 years peanuts, we should save 10 to 15 trillion over 10ies the battle, the point how much going to spend i am glad president trump is saying isn't about spending more money it is not we need to spend a lot less living win our maintenance no way defaulting on debt no convey. maria: i understand that an

important comment from you, elected official who markets are watching. to ensure that you've got that kind of confidence you right about this in op-ed you accomplished in "the wall street journal" fiscal sanity is not too much to hope for in new year, you are sharing charts showing devaluation of dollar over years we want your take on the impact of a dollar that has been devalued, this is one chart looking at another chart that you point out is you -- reveals needed offsets to balance the budget, those offsets, i mean, people have a hard timing could up with offsets, tell us about where you see offsets in terms of how you could fill the holes when you do have to spend like, for example, how do you justify lifting the state and local tax deduction for new yorkers in californians want salt cap listed how do you justify that in on a era of massive spending? . >> first of all from my

standpoint avoiding massive tax increase top priority separate issue, from spending, now we are going to put them together reconciliation package set a budget a family make a hundred thousand bucks how much can we spend down that00 thousand dollars not going over, now if you have illness next year you spend 150,000 because you have illness, when you get well, you don't keep spending 150 borrowing 50,000 dollars you go back down to 100 how federal government does what i want to do make committees actually do work, the authorized committees figure out okay here is all you can spend figuring out how you stay under that number, same thing broepgs committees, again completely paradigm shift but this election was pare dime shift president trump elected to grow government wasn't elected to

spend it, president biden's numbers he was elected to end the "deep state" fulfill president bill clinton's era of big government is over we feed to make sure that era of big government is over that has to be -- >> i am glad you mentioned you are right, voters have specific things in mind when they voted for president trump, one of the key areas was the border. and fact we've had open border that has national security issues as well as economic issues, second one was inflation, so these or two top issues why talking energy permitting debt ceiling, defense all this stuff in this big bill? why put -- you say it is all complexities what is so complex? the border and you got tax why can't that be in if first bill? >> well, because well fvrl taxes are complex i don't want to just extend cuts job act it maintained very complex taxes, but absolutely go ahead pass the funding for four years

border security president trump, american people in a winner dictate time simply reactionize tax code not easy to return to more reasonable spending level not used to it, they are -- by the way, not even aware they are -- when i tell 4.4 for you up to 6.-- we increased spending 50%, never got back down we never talk about government spending. maria: i know. >> i am informing people. they used covid as excuse to spend more they turned you know, discretionary money as you write in op-ed into what they are calling were mandatory spending it was is not breaking news on jobs quick, if you have a bill that includes lifting the cap on state and local deductions will you vote "yes". >> listen i want to, the hopper simplify rationalize tax keyed compromise not

simply taxes i want one a lot more system. >> you are willing what i hear you are willing to compromise. >> absolutely. >> senator great to see you. >> have a great morning. >> thank you, sir. ron johnson in d.c. get to break news december adp number cheryl casone. cheryl: weaker, 122,000 this is lowest read seen on adp since august 2024 watch 10-year today because yields actually pared back a little bit, the labor market according to report, down shifted, more moderate pace of growth in december saying kind of a broad-based weakness when it comes to federal industries, this is we are getting claims today 8:30 because of tomorrow bump that report up to today 8:30, by the way, friday we get nonfarm number december jobs expectations 160,000, do 4.2% we shall see. maria: reason markets turned negative, after the fed december hawkish cut cheryl right there 4.7% that is why

markets -- the yield on 10-year rising since fed did that hawkish cut, also. cheryl: i am looking at a couple things here but waller out with comments talking about more cuts for 2025 that is one fed official the minutes come out day at 2:00 day could be interesting as well, commentary. >> all right. the yield 4.7% dow industrials down 54, markets as you heard reacting to adp numbers stay with us. we'll be right back. you're watching "mornings with maria" live on "fox business." .

maria: moments ago president trump team filing emergency peat. to stop of january sentencing in new york steven changing said that mandate merit liz hoax be medal dismissed, american people there could president trump overwhelming mandate that demands immediate end to political weaponization of justice system all remaining witchunts, says steven cheung in december report crossing moments ago u.s. added 122,000 private

sector jobs to the economy weekly jobless claims any moment in seven minutes' time we are also looking ahead to december jobs' report coming out on friday. economists expecting growth in jobs 160,000 nonfarm pay brolz expected add for the month unemployment rate steady at 4.2% joining us right now, is fundstrat global advisories managing direct global head of technical strategy mark newton thank you so much for being here i was reading your note last night i was struck by the fact that you don't think this noise the selling in stock is over just yet? >> no, i think we potentially have another three to five days in near-term what is troubling is degree of breadth deterioration we've seen seven sectors down over 5% equal weighted materialslast month technology to its credit it managed to rebound, save the market, is actually held it up a lot better than would otherwise be the case,

however, look. long-term trends in tact sentiment getting worse near-term two things that are still quite positive. towards, but no meaningful longer term damage to the current trend. maria: we have phenomenal year 2024 stocks up double digits december federal reserve turns hawk ish said fed not in a rush stocks started having trouble yields going up. >> i any that is correct, i also think that is probably incorrect in terms of yields spiking because of the fed, pulling cuts out of the market, thinking that trump's policies will definitely be inflationary, that has become knew consensus narrative proven to be wrong i continue expect yields up over 5%, term premium at highest levels in

10 years, market has it wrong, to think that new gop ticket is going to continue to spend recollect recess leas before if anything trying to rein that in yields should not be as a high as they are my sense going to start to back occupy likely month of february. >> good point you hit object 10-year 4.7% adam johnson jump in here part of the reason because, there is a pocket of people on wall street who think trump's growth initiatives are inflationary, in fact, i spoke with so many people say they are actually deflationary, not inflationary, just because you are talking about growth and deregulation doesn't mean you are returning to inflation. >> correct in fact first term that is what we saw a stimulative a regular reagan-esque supply said not inflationary i like the word you used narrative, the market intuth this narrative there is

going to be inflation i that i that is wrong, you also said something, that i want to push you on, because i am hoping that i heard you correctly, that if to move in yields up to 4.7% is now peaking, that would suggest that yields are going back down should be good for stocks, do i have that right? >> i think that is correct. because stocks specifically reacted negatively as yields started to spike less about level more about velocity of yields moving mayor we don't blind if yields move up because of growth don't want them moving up because of inflation i think what the market potentially has wrong, as well as some fed governors adjusting do the, thick trump's policies are definitely inflationary i don't think we have any proof of that pullback in yields should be good for stocks sentiment more and more negative technology has come to the rescue a good thing my target for the year 6650 i think market going to be just fine if anything a stronger

first half than second half most likely, two years of back-to-back 20% gains, you know difficult to follow suit with another 20% plus year potentially. however, we have a lot of great things in place, if anything coming into this year potential deregulation, tax friendly policies, that is going to be constructive for the financial industrial two sectors over 20% last year so coming into the year, might have ended with a whimper my thookdz we have bullish time ahead just might not be straight up. maria: in fact even as we approach bhoo you are expecting to be the a near low you think a bounce into nargs i do stocks like apple over 7% s&p nvidia close to very serious areas short term support a lot of weight in s&p

technology, the ren optimistic sentiment too pessimistic >> do you want to look at some big tech names apple you mentioned because such a big portion, of the averages, nvidia as well also a dow component. >> look magnificient 7 cared 40% s&p begins a last year i don't sense that many of these are technically in a lot of trouble, we stilt see very good signs of earnings, as well -- you know technical trending, higher but with many stocks meta of course, apple, nvidia, all very technically sound i still think right to favor large cap growth last year momentum was top performing factor of any major factors, until that shows some evidence of really mean reversion right to favor technology i know tired theme companies all changed for the better right place to be in financial. he writes apple could hit

bottom by the end of the we'lling i think right temporarily a lot of people said apple overbought my thinking is going to bottom have a sharp rebound into inauguration, with a look february approaching, unless we see broad-based rally i am not sure that we do see that with a dollar yield uprisings the way of this own u.s. on tech to carry this market should broaden out as yields roll over i suspect that is probably a type event. nvidia another name i mentioned you also said earlier that any decline is a buy, basically what you are saying right here. >> i do think that is the case expectations at recent conversation stock pulledback, unsustainableable levers near-term getting he do lefz quite attractive i like technology industrials financials consumer discretionary, under pressure last year starting to come

back being booing agencies stocks hotels obviously, air lines casinos rebounding sacks, like consumer discretionary and financials have broken out of he longer term trends versus s&p makes sarkozy a lot more attractive. >> you say s&p 500 sociohit maximum 7350 this year before backing off into you said 6600 on s&p 500, but i know you are a text you look at technicals of this market but there is also fundamentals to consider that he is earnings, and the earnings season is beginning next week, you said you like financials into the earnings season major banks reporting earnings soon. >> i i think true i think we need evidence regional banks starting to participate unfortunately with pressure on small caps yields pushing higher gonna fall to largely banks i like large-cap fintech to out performer financials should be a great area to participate overweight i think

2025. >> i won how banks are going to explain this moving yield, what that might mean for their guidance adam. adam: higher yields, it cuts both ways because they can write higher loan base but as there is less demand at higher loan rates, it is a little muddled. maria: china is banning u.s. did she say nays vessels federalize its port home to some of the biggest independent oil imports under u.s. embargo the export imported 1.74 million dollar barrels a day from iran russia venezuela, 17% country imports how does this play into your thinking. >> some supply shops have temporarily helped crude to real seasonally bullish time of thee seeing some worst hit sectors like healthcare energy both rebound this year, is think that is going to prove temporary for a couple reasons one is that

u.s. is going to continue to rebuild infrastructure, that is going to cause you know the overall supply to be very high at a time everybody is expecting, gallon for 2025 to be bleak we consider chinese sovereign yields down 300 basis points many suggest deflationary spiral that hit japan in early 90s i think china having a very, very did i time despite stimulus measures need to do a lot more, that is going to -- in my view, offset any sort of inflationary balance the markets are scared about china fragile recovery is really going to make it difficult for -- for inflation to get footing. >> is there a policy risk on china you can see trump administration come in get a lot more in hawkish on china pull chinese stocks off exchanges given china behavior

i know owed of your rein but is policy an issue for china remedial. perception should weigh in minds of all investors difficult to know until it happens certainly a risk given that china remains well off of -- all-time highs continue to struggle, you know stimulus measures provided weak bounce but a world of problems, with regards to some of their you know -- many different areas. maria: look. i think the even stimulus package was criticized, people wanted more, and they did not believe it because we saw a complete turn in the markets after all this hype about stimulus out of ccp. maria: look as soon as election results were known a huge rally back to so-called rally of u.s. exceptionalism u.s. started to outperform almost every year of the globe by wide margin certainly boiling point to consider as we head into 2025 despite some s lackluster momentum some other sectors technology, magnificient 7, i hate to say

sound like a broken record i think where to position for 2025. >> all right. wealth of knowledge from you as always mark newton joining us the laken riley first piece of legislation proffered by new congress most dmots voted glenz the bill including next guest ka congressman ro chan is here. >> you are watching "mornings with maria" live on "fox business." . inside i confess, i'm leaving. . i didn't do this for the fame. i did it to pay it forward to the next generation of athletes. ♪ i joined sofi because they've helped millions of members bank, borrow, and invest for their ambitions. sofi. get your money right.

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california three out of control wildfire spreading in different parts of los angeles

county. the flames are tearing through the over 4,000 acres already at this hour all three fires not contained at all, l.a. firefighters reportedly running out of water with fire hydrants in pacific palisades coming up dry officials warning winds will continue to tomorrow with gusts in areas topping 99 miles per hour, tens of thousands under evacuation orders zones expanding by the hour officials calling this worst case scenario expected to be the costliest in u.s. history california congressman ro khanna member house oversight armed services committee and house select committee on china thanks so much for joining us. >> greet to see you my heart goes out to all suffering with california wildfires back home. >> i know not your district, but i wanted to get your take on what you can tell us about the impact why are we seeing, so many wildfires recently? and can you give us any

information in terms of what this is going to mean in terms of -- damage and the impact? >> these are historic and horrifically fires my district in northern california i have many friends near the l.a. area. the reason is that l.a. basically wasn't getting rainfall so it is particularly dry, and fire is spreading rapidly i am grateful to extraordinary firefighters out there, all night last night still out there trying to contain this. maria: yes as are we that i evering god for our firefighters of this great nation let me get your take on business at hand congressman the laken riley act first piece of electrocution, approved by 119th correct me if i'm wrong 48 democrats joined with all republicans, 159 democrats vetted against it including yourself bill required federal immigration authorities detain illegal immigrants arrested, loud

states to sue department of homeland security for crimes, named after laken riley murdered by illegal venezuelan migrant jogging on university ' campus you voted against this act. why? >> what happened to laken riley was outrageous my heart goes out do hur family any violent criminal any criminal serious offense convicted ought to be deported, but my objection to this bill was that the standard was arrest in our country you are innocent until proven guilty why not make sure someone arrested for shoplifting or arrested burglary maybe daca kid get court process quieted before deported. >> when you say deported president trump says going to start deporting people who

have been convicted of crimes. >> conviction this bill did not talk about conviction this bill wants -- the law already says if if you are convicted of a crime or if you admit to serious crime, that is grounds for deportation, but this law was doing expanding that category saying it is not just convictions if you are arrested then you can be -- deported, and i believe that you should have the legal process in this country, if you are arrested to say look i was innocent, i don't deserve a conviction. >> i i mean it doesn't appear to bode well, the fact that we had you know such disagreement over the speaker, mike johnson, against the act president trump trying to keep options open i wonder if any unity on any of this trump yesterday watch this. >> i like one big, beautiful bill i always have i always

will but if two, two is more certain, it does go a little bit quicker because you can do the immigration stuff early. i can live i like idea of one big bill but i can live either way the debt ceiling was given to us should not have been but put in our lap, what i want in terms of debt ceiling isn't the ceiling i just don't want to see a default, debt ceiling not about raising a lot of money it is about extending it, i just want to see an substantiation. >> congressman are you -- poised to support president trump's agenda? >> depends what he proposes if he says let's cap interest card fees 10% he campaigned on i would spur that if he does what steve bannon said make sure billionaires pay more taxes in this you can you be i would support that billionaires were paying 20% effective tax today paying 30 to 35 administrators in 90s when we had 3.5 percent economic growth if he says i want to invest in

manufacturing i would support that, i may support some issues on tariffs, on strategic products coming from china. but if you are just going to say i want tax cuts for the wealth, and taxi breaks i can't support that. >> hold on our california lawmaker do you want the settle a deduction cap lifted? >> i the salt deduction cap lists? >> i do i think it should be lifted to amount that covers, working in middle class families, but that is one issue, about a i rather focus on is giving americans working middle class a raise, raise minimum wage, focus on investments in this country in manufacturing but do i support the proposal i am not going to vote for it if it means giving more tax breaks to billionaires and corporations, many whom outsourced their jobs -- >> you just said, if he executes what he campaigned on what president trump campaigned on large securing border cutting taxes.

are you going to support those things? will you support 100 billion dollars that they are looking to get allocated from congress for deportations and security of the border? >> that depends on details i said i support some of the things that. >> that is the dealt a hundred billion dollars they need, to carry out deportations to secure the border by building the wall will you are into it that is a detail. >> well, i think it has to be part of a comprehensive immigration package that we had, by the way, in the biden administration, and if details include treating people with -- dignity, there are immigration judges, more of them we need people have, due process and if they've committed felonies or crimes yes should be deported, of course, we need to secure the border, is to it depends on the actual language, no one would just say okay i am going to support a hundred billion

dollars without reading the bill, even republicans -- >> you did that with obamacare; right? >> i supported, government in congress back then i had i wasn't in congress looked at the bill as you know largely modeled after mitt romney. >> i know nancy pelosi had to pass the bill before we actually read it i want your take whether or not, getting the salt cap lifted is enough for you have to get onboard with the other issues that trump is trying to execute. that includes border security, that includes raising the debt ceiling, that including energy permitting are you onboard with those things if you get your salt cap lifted? >> no. >> okay. >> what took breaks are going to do is explode a deficit that could go to four trillion dollars, deficit spending, by the way, that is going to put pressure as you know on mortgages interest rates a 36 trillion-dollar debt now want to began more treasury bond

rates going up putting pressure on morts physically irresponsible. >> are you going to talk with president trump about this meeting with gop lawmaker this weekend politico reporting spechgz in terms of what officials are planning to offer talking about expand state and local tax deductions, at meetings at mar-a-lago this weekend in exchange for you and others, who want salt deduction left the to get in line behind the agenda, so, if you get that accommodation for salt you are still not committing to being onboard with the rest of the agenda, are you? >> look. the salt deduction as you know, was eliminated by donald trump, now i am glad that he is reversed course, are and is considering allowing some of those deductions undoubtedly signing off to massive tax breaks for coronations increasing the deficit when we need focused on raising wages

for most working class americans. >> you know, when you look at where you are, it is going to be all republicans supporting president trump's plans, i am wondering what you want to see i mean you talked about you know interest rates, caps you talked about -- you did not talk about the main things that president trump campaigned on borrowed security are you onboard with border security or not? >> i am onboard with border security as right bill i tell you what i want to see i want to see what steve bannon said corporation in this country paying tax billionaires make tax will president trump raise minimum wage. >> massive investment in manufacturing. >> massive investment in some big as you say billionaires, yesterday 20 billion, couple a month ago a hundred billion so when you say investments in the u.s. that is what he is

doing. >> well, the -- i support some of that but what we need to do is look at places fraishth towns key you will i have a bill to build steel plants president trump wants to bring back steel, aluminum do it biotechnology why are we making them all in china i worked with senator young bipartisan biotech commission if he does that i would support that, so there are areas, that we agree but what i am not going to support is more massive tax breaks, for the very, very wealth peg a lower tax rate today than in 90s. >> you don't want tax extended you don't want tax cut plan extended. >> i certainly adopt want it for people making over 400,000 some millionaires billionaires i believe kick pay more tax

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maria: welcome back president trump vowing to stop construction of new wind farms jeff flock new jersey with

more. good morning new jersey first wind farm wind is blowing sunny at your business are turning but politicize winds blowing different president trump making it pretty clear his position on wind, to be succinct not a fan pardon the pun, take a look at this projects off atlantic he coast either in states of planning or states of construction about a dozen from stretching down from massachusetts to north carolina the president though saying yesterday, he wants no new wind farms. here is o how he put out? >> you can talk about windmills, they litr or country they littered all over our country like -- like dropping -- paper like dropping garbage in a period of time turn to gar bairnl

only work if subsidy only people want them those getting rich massive sush disease from u.s. government. >> maria according to the u.s. energy information aggregation, yeah, offshore wind is high dollars nuke generation is a a little bit more expensive but offshore behind is 6,000 dollars megawatt hour coal is high cheapest forms of energy natural gas yeah that is number one source anyway 1200 dollars megawatt hour solar onshore onshore wind also, low. you know maria a lot of states now get most of their power from the wind, there are five midwest states now that have wind generations number one source of power, president wouldn't control, of course, windmills on private land but at atlantic off near where we stand he could put the kibosh on is that jeff flock in new

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♪ maria: welcome back. time for the big buzz of the morning. wedding bells ahead of the opening bell with. two of our panelists getting engaged over the holidays. adam johnson popped the question to ann fisher in charleston, south carolina, and trisha mclaughlin and ben yoho getting engaged in palm beach, florida. congratulations to to you both. >> thank you. maria: wow. [laughter] >> yeah,