tv Varney Company FOX Business January 8, 2025 10:00am-11:00am EST
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stuart: good morning. it is 10:00 eastern. may get straight to the money because we've turned south for the dow industrials, close to 200 points. the s&p is down 12 and the nasdaq down 11. i think the yield on the 10 year treasury which you are about to see moving above 470, 469-6, close to 470, investors don't like it, dow is up one hundred 85, price of oil $74 a barrel, bitcoin on the downside, back to $95,000 a coin this morning. that's the markets and now this. at last and honest appraisal of the biden presidency from the new york times. yet again it is bret stephens who hits the nail on the head, the title of his column today, quote, the biden presidency, four illusions, four deceptions.
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he lays out what led to a failed presidency. his colleagues at the times should have paid attention to what he has been saying for a long time, the illusions. number one, the migrant surge, biden says it happens every year, no it didn't, certainly not when trump was president, number 2, the towel band would not swiftly seize control of afghanistan, they did. 3, inflation was transitory, no it wasn't. 4, that he, biden was the democrat best able to beat trump. he was saying that even after his dreadful debate performance. stevens is right, biden misjudged the border, afghanistan, inflation at his election chances and it cost him the presidency. and then there are the four deceptions. stevens is right. number one, he promised to serve a single term, changed his mind and ran again. 2. he promised to be bipartisan. he was not. 3.
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he insisted he was mentally fit for a second term. he was not. 4, he promised not to pardon his son hunter, but he did. delusions and deceptions. became the hallmark of biden's presidency. i would add one more delusion. he thought the media's support would win him the election. he was right that he had massive media support but he was dead wrong to think that we the people couldn't see through the propaganda. we could and we did and now he leaves the stage an old angry man done in by his own delusions and deceptions. second hour of varney just getting started. liz peek with me this morning, something of a disagreement going on. i thought bret stephens's column was terrific, but so the usually. liz: as far as it goes but
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there are so many deceptions and delusions that clouded this presidency, what about the biggest threat to our homeland being white supremacy, we could start with that, in the wake of the last couple weeks, bret stephens is trying to scramble ahead of his never trumper stance like so many democrats, so many never trump republicans and get on the right side of 2025 and it is very difficult for him. the last column i read by britt stevens was why he was going to vote for kamala harris. let's move on. stuart: you've got a new op-ed, biden keeps insulting americans with last-minute moves. republicans can stop it. really? how could the gop stop these last-minute moves designed to to i think sabotage trump? >> he is throwing a spanner in the works as you might say for the incoming trump administration and it is really
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deplorable because voters voted for energy investment in our country, fossil fuel investment, getting back to energy independence and using our tremendous resources of oil and gas to put one hundred 65 million acres off-limits to drilling is a slap in the face to voters, the majority of americans who want to see us do this and for all the new industries, we need mammoth amounts of energy and electricity generation which will only come from offshore development. so many things he has done including the 42,000 social security administration workers protected can come in, never have to come in. every day there is a new offense. yesterday, gas-fired water heaters, what they can do is threaten biden with congressional hearings, having him come in after he leaves office and testify about these proposals, taking offshore acreage off etc.
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make him prove he's the president, the fellow doing this, not his aides. we elected president biden, we didn't elect -- stuart: they can demand his appearance? liz: in 2022 congress subpoenaed donald trump to talk about the j6 up evils, they can do that. donald trump never did testify but even the threat of it. imagine joe biden having to defend himself and the use policies in front of a skeptical congress. it isn't going to happen because he cannot. he is not capable of doing it. i think it is offensive and he needs to be reined in. stuart: back to the markets, the dow off one hundred points, nasdaq up 26. mixed picture. how important, to me the big point about the markets today
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is the rise in the 10 year treasury yield. it is above 4. 7%. seems to me that is a problem especially for big tech, what do you say? >> this is a wake-up call for investors that inflation has 9 lives and we might be in life number 2 or 3. i give you credit. all along last year when investors were expectations for 6 or 7 rate cuts you were tuning viewers into the treasury yield and watching the yield and this treasury yield has not lied. it showed that inflation has been stubbornly sticky, the fed might not cut as many times and it hasn't as we've been suggesting. stuart: bad news for big tech. >> valuations are so stretched you have to bring them back down to account for this. it's bad news for the economy because borrowing rates are higher. it will suppress that. i think all rate cuts are off the table barring some disastrous jobs report friday. stuart: you say off the radar companies who use ai in their
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products. which companies are you talking about? >> companies like mts i which is a semiconductors that makes data center chips that helps move data quicker for ai applications, companies like sound hound which is a 6 or $7 billion market nvidia is invested in. nvidia is invested in. other names out there. i think apple, some of my friends disagree but never bet against apple, it doesn't lose but there's a lot of names that we don't want to mention on the air because they are small and more speculative but do your research. a lot of companies use ai to detect heart attacks, build synthetic biology, to build everyday chemicals in a sustainable way that we need them another applications that are going to use ai leica service, not a standalone product. stuart: stay there for the hour, thanks. ashley webster come on an. you are looking at some of of the movers. and i see roku at 3.3%.
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ashley: the streaming platform is now in nearly half of all us broadband households. roku continues to gain ground as you say up 3.5% this money. next up is axon, the her technology people, ted cowan just initiated coverage of the stock getting a buy rating of $700 price target. analysts say this company has a solid position in the public safety market and a robust market share bolstered by durable competitive advantages. it is up half of one person, last is palo alto down today after receiving a couple downgrades, cut from a buyer to neutral. citing concerns over the company's growth prospects while deutsche bank shifted its position downgrading the stock to hold, palo alto itself down nearly 4% this morning.
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stuart: elon musk setting his sights on the sports world. is he is you looking to purchase a major league team? >> reportedly interested in buying an english premier league soccer club. liverpool. no less. one of the flagship teams in the premier league and currently in first place. going to forbes as of may of last year, it was valued at $5.37 billion making it the fourth most valuable football team in the world but liverpool is owned by the american conglomerate fenway sports group also run the boston red sox and the pittsburgh penguins among others. fenway says it has a long-term commitment to liverpool, and musk's father in an interview confirm his son's interest
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saying the family has relatives in liverpool and they even use some of the beatles growing up. what? it gets stranger. stuart: what would you say to elon musk owning and running liverpool? ashley: it is starting to get into the ridiculous stage. stuart: thanks very much. i've got to change the subject, serious stuff, right now los angeles is burning. at least five out-of-control wildfires spreading in different parts of la county fueled by a life-threatening and destructive windstorm. >> the problem is this is a wind driven fire and spotted multiple miles ahead of the fire and we could have another 500 firefighters here on this incident and we still wouldn't be able to stop this fire. stuart: we are going to bring
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you updates throughout the school as we get them. trump's middle east envoy, good things to announce on the hamas hostages before trump's inauguration, rise me of the 1980 iran hostage release which we will get into that with former ambassador to nato kurt volker, his next. 've always bee than just football. ♪ even as a kid, i wanted to get my money right— and have the financial freedom to support the next generation of athletes. just like my family supported me. i joined sofi because they've helped millions of members earn more money, save more money, borrow better, and invest for their ambitions. join a generational player. sofi. get your money right.
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lock in let's go. rated e for everyone. [rock and roll music playing] xfinity. made for gaming. rewards members, get early access to an ea sports fc25 kit. visit xfinity.com/rewards. stuart: on the markets this morning we have a lot of rating, dollars up 150, nasdaq is down one hundred points, because of the rise in the 10 year treasury yield. come back in again please, what is the biden administration saying about the plea deal for the alleged 9/11 mastermind?
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ashley: the biden administration is asking a federal appeals court to block the plea agreement for accused 9/11 mastermind khalid sheikh mohammed which would spare him the risk of the death penalty. the government would be denied the chance of a public trial and the opportunity to seek the capital punishment against mohammed and two codefendants in a heinous act of mass murder that caused the death of thousands of people, the defense department negotiated and approved the plea deal but later repudiated it. attorneys for the defendants argue the deal is already legally in effect and it is too late to go back. a federal appeals court in dc is considering the government's request. stuart: donald trump says all hell will break out of hostages in gaza are not released before he takes office. >> if they are not back by the time i get into office, all
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hell will break out in the middle east and it will not be good for hamas and it will not be good for anyone. all hell will break out. i don't have to say anymore but that is what it is, they should have never taken them. they should never have been the attacker october 7th. i will say it again. if this deal is not done, for the people representing our nation, by the time i get to office, all hell is going to break out. stuart: he said it several times. former us ambassador to nato kurt volker, this reminds me of 1980, the hostages were released the moment ronald reagan was inaugurated. what's the chance of the hamas hostages being released as trump is inaugurated? >> a very good chance of this will move. we can't say if it will be on inauguration day, just before, maybe sometime after but the dynamic is the same.
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you have iran the prince black there in 1980 and today, iran realizing the trump administration is going to put on a policy of maximum pressure and that includes military pressure and now you have a more direct warning from trump specifically on hamas saying all hell will break loose so they know if they don't release the hostages they know what's coming so i do think there's a very good chance this is turning up the pressure in a way that will get the hostages out. stuart: do you think iran is getting nervous about it from presidency? sure looks like it. >> they've been getting nervous already. we saw a month ago how they are told hezbollah to pull back from the israel/lebanon border and the lebanese security forces in because they didn't want hezbollah to be a direct target and they didn't want iran to be a direct target with attacks continuing by hezbollah against israel. stuart: trump has not ruled out using military force to gain control of greenland. denmark, which has authority
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over greenland at the moment says, may become independent but not a us state. is greenland vital to us security? >> i think what donald trump is doing is highlighting that there are resource issues and security issues that are involved when we talk about greenland, when we talk about canada, when we talk about the panama canal. these things matter to the us so he's taking an extreme position saying we will take these territories, might even use military force. i don't believe he has any intend to do that. he often brags about one of the presidents in recent memory who hasn't started a war but he wants to put out an extreme position to get people talking about security and resources. is it a vital interest? i would say as long as it is not used by an adversary, it is fine but at the moment an
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adversary like china, exploiting greenland or exploiting panama against the united states, that would be a concern. stuart: mister ambassador, thank you for joining us, great stuff, see you again soon. then you have the president of france, emmanuel macron issuing a warning about iran's nuclear program. what is he saying about it? ashley: let's take action at a meeting with french ambassadors, he called iran the top strategic and security challenge for france and europe this year. the french say time is running out adding, quote, the acceleration of the nuclear program leads us nearly to the point of no return. he says the reinstatement of sanctions against iran must be urgently reconsidered. the international atomic energy agency told reuters last month that iran is enriching uranium close to the 90% level required
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for weapons grade. iran continues to argue its nuclear program is for people purposes, but the west is becoming increasingly concerned. stuart: van jones called senator schumer for claiming democrats did not mislead the public on biden's mental fitness. >> obviously biden was in bad shape and i was surprised, schumer's noses going to start growing if he says stuff like that. stuart: we have more on it for you coming up. full body scans, holograms, robots, smart glasses, ces continues in las vegas and ray wong shows is the coolest tech, raise next. ♪ ♪
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destructive wind storm. the flames tore through 5,000 acres already despite heroic efforts by firefighters they are all 0% contained. officials are warning winds will continue through tomorrow. la county officials calling this a worst-case scenario with crews spread extremely thin. tens of thousands under evacuation orders and the zones are expanding by the hour. do we know where the mayor of los angeles is in all this? ashley: she's out of state and out of country. reportedly on her way back to los angeles from ghana. she's been attending a presidential inauguration and received some criticism of being absent, not returning sooner while those devastating wildfires have been destroying neighborhoods in her city. critic scott a failure of leadership, of management saying the fierce winds have been well predicted.
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bass was elected in 2,022 but has been widely criticized a over the street crime in los angeles, also raising questions about her reelection hopes in two years time. stuart: back to the markets, you are seeing some red ink for the dow industrials, down 150 points, small losses for the s&p and the nasdaq. lou basensase has his latest stocks but, core scientific. >> it is up 50% since then. this is one of those under the radar ai plays, traditionally a bitcoin minor using data center space to sell, monetizing their data centers and have guarantee utility power contracts which is vital when we scale ai so they make money and two ways, as far as i'm concerned the only smart way to spec and later on bitcoin. it has gone up 50% since we talked about it almost as much
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as 70% if we look a couple weeks ago so this is a company, for billion dollar market cap that could double from here based on the growth they have embedded. stuart: thanks very much indeed. now this. ces 2025 continues in los angeles showcasing devices and futuristic gear. what is the best new technology you have seen? >> reporter: the new tvs out here that get up to one hundred 36 inches, the biggest, brightest screens out there, sharp and clear and lots of things that are ai enabled and you will hear more about that across-the-board. ai assistance, anything motorized if you want to clean the pool, the robots have gotten better and sweeping everything up cleaning pools like you've never seen before. stuart: i don't know if you saw it or not but i heard something about samsung's stretchable screen.
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do you see it? what is it like and what is it for? >> i've seen the screen and we use all types of applications whether you want to use it on the floor or different environments, light up hallways, i've seen that on some sets, people using those as a red carpet as well. stuart: smart glasses, they don't look like glasses. >> they don't. they look like regular glasses. that the beauty of it but you can put a teleprompter in, these glasses are smart, they do translation, in the middle of different country, talking back to you in another language so all that technology doesn't look geeky or bulky and doesn't, doesn't sag on your head. stuart: you threw some cold water on quantum computing, surprised if you get anything
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out of it before 15 years is up. do you hear did you hear about this? really clobbered those particular stocks. >> jensen showed you put all the power he needs to ai into our pc and now take that power home. >> and he put off quantum until quantum shows up. stuart: have a good time. donald trump looking at an economic emergency when he takes office. grady trimble at the white house was why would trump do this? >> reporter: to impose tariffs declaring a national economic emergency would provide a legal avenue for donald trump to
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impose tariffs not just on our adversaries and our allies. that is why cnn is reporting he's considering that as he looks to turn the economy and lower prices for americans. >> hard to bring down prices when somebody else has screwed something up but we will get them down, energy will bring down prices. energy and bad spending is what brought it up and energy will bring it down. >> speaking of energy trump is promising to revoke biden's newly announced offshore oil and gas drilling ban, that could get tied up in the courts for months maybe even years so another option would be to get congress to do something about it. >> i believe donald trump can move in with his own executive order on day one and reverse it, the courts have to weigh in and determine if that is valid, we had one district court say
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can to do it but that's not conclusive and final, we think the statute allows him to do this. >> reporter: trump has a different take on gas appliances like stoves and heaters. he's reportedly considering an executive order to protect those gas appliances from regulators who are part of the current administration who have been looking to phase them out. doesn't seem like that's going to happen under trump. stuart: thanks very much, going against the grain. one costco board member doubling down on calls to maximize woke dei policies. going the other way from what most people are doing. what he saying? ashley: costco board member jeff riggs says companies indeed should be expanding dei practices. in a post last november he said, quote, attacks on dei aren't just bad for business, they hurt our economy.
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a diverse workforce drives markets and fuels growth. let's focus on building a future where all talent thrives. a number of large corporation disagree including alphabet, zoom and john deere, they've been limiting their dei initiatives and laying off program employees after a supreme court ruling reversing affirmative action in the college admissions. despite that ruling costco's board of directors claimants dei practices are legally appropriate so they are bucking the trend and while costco is doubling down we should also point out mcdonald's is rolling back there dei policies, changes include mcdonald's scrapping its aspirational representation goals and getting rid of its dei pledge for its surprise, changing the name of its diversity team and ending external surveys. mcdonald's the latest to say we are out.
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stuart: thanks, still had, corporate america is in a headlong rush to change sides. they want to implement the new administration, ditch biden and go with trump because they has the white house, the senate and the house and all the power that goes with it. that is "my take" top of the hour. not everyone was happy to hear from trump yesterday. >> the level of anger, he's really agitated. >> engineered a remarkable historical political comeback is so whiny and so full of grievances. stuart: whiny? didn't he just address common sense issues every day americans care about? we will unpack it all, coming up at you next. ♪ ♪
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really special counsel jack smith's report on the 2020 election interference case against trump, volume 1 which covers allegations trump attempted to illegally undo the result of the 2020 election, will not release volume to which covers the classified documents case against trump. we are learning more about the migrant accused of lighting a woman on fire inside a new york city subway train. alexis mcadam has the story. >> reporter: this case captured everybody's attention not just in new york but across the country because donald trump was talking about how he is going to resecure our borders, we hear more about migrant crime as americans say they are seeing this issue across the country. >> the biggest reason either click was the fact that they are allowing prisoners to come into our country, they released their prisoners, their murderers, thousands of murderers are now walking around the streets of our cities.
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>> reporter: trump is renewing his campaign promise on tuesday as this migrant pled not guilty to murdering arson charges in the big apple. he let a woman on fire on a new york city subway car last month while she was sleeping. he watched her burn alive and ran off according to authorities. he told police he doesn't remember the attack because he was drinking tequila and the beer and he often drinks until he passes out but when investigators showed him the surveillance video of him starting the fire police say he said oh, damn, that is me and started to cry and said i am so sorry, i did not mean to. he's originally from guatemala. investigators say the 33-year-old was in the country illegally, crossing into the united states not once but twice. he was deported in 2018 but came back again, one of many high-profile violent crimes tied to migrants in new york city, a growing trend the mayor promises to work on with the new borders are tom homan who will do what he can to tackle
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the issue. chad pergram is in custody but because of saint tori city laws, and ice immigration detainer will not be honored in this case. people at home wondering he let a woman on fire, doesn't remember it and ice isn't going to have a detainer so a lot of questions. stuart: that is ridiculous in the extreme. thank you. call me down please. how does the left not understand and see the danger of biden's open border polic and illegal migrants committing crimes allegedly like this in new york? >> reporter: they see everything as black-and-white, just because americans want to secure border, they want laws to be enforced, american laws to be enforced, they want to ensure national security in their country doesn't mean they think all migrants are bad or everyone the cross of the border is evil but at the end of the day somebody came in illegally, they violated a crime and it is a microcosm of what is not just wrong with progressive mentality on
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immigration but homeless policy. this woman, a homeless woman, what are we doing in our cities to help the booming homeless population? one more thing, after the daniel penny debacle so many people watching as this unfolded, people don't feel safe on the subway, they don't feel willing to help. these are the consequences of progressive policy. stuart: why do they keep defending the century city status? >> it's coming back to bite them. it's not just a problem in new york, the fact that he's going to be released, that's a problem in massachusetts too and many sanctuary states and voters are going to start holding them accountable for this now that more of these cases are happening. one as cnn panel went into trump's mar-a-lago news conference, said he was whiny and angry. watch this. i want to say one of the biggest things that stood out to me from that press conference, when trump got out there before he even started taking questions is the level
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of anger. >> he is really agitated. >> remarkable somebody who is two weeks from resuming the presidency of the united states with you voted for him or not or like him or not, a remarkable historical political comeback, is so whiny and full of grievance. stuart: would you describe trump as whiny? >> reporter: there are a lot of adjectives to describe the president-elect with but with that press conference, whiny is not the right word. is not even in office yet and are whether you think his policies are controversial or not, he is sitting there for over an hour giving us a thorough look at what he plans to do. that is far less then we got from president biden. we are ready adjectives from cnn at that time, the accountability when he was on the campaign trail and nobody saw him or the accountability now. is hardly redoing press conferences himself. stuart: they will never get over the trump hatred, never never, it pops up again.
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thank you very much. we told you about senator schumer claiming he did not mislead americans about biden's mental acuity. cnn's van jones is calling out schumer. ashley: ex obama advisor van jones was having none of it when schumer denied democrats misled the public about biden's ability to serve. watch this. >> foolish. obviously biden was in bad shape and i was surprised but there were people who must've known better. obviously a lot was known and wasn't said and wasn't shared. it was leaking all the time anyway. i think to have any credibility and integrity people have to quit playing around.
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stuart: political commentator scott jennings noted that admitting to carrying up biden's help would be admitting to one of the biggest coverups in modern american political history. they are onto something. stuart: did they mislead the public covering it up? >> that's not a strong enough word. we were gas lit by the democratic establishment and told he was fine denying what we saw with our own eyes, he's fine and we have no idea who is running the country even though we can see with our own eyes the decline. stuart: thank. still had. meta ends fact checking on instagram and facebook. missouri congressman jason smith led the charge to end big tech censorship of conservatives and investigated the hunter biden laptop cover-up on social media. he is next. no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management
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stuart: tonight, donald trump will meet with senate gop leaders, they will talk about passing his big beautiful bill. hillary vaughan on capitol hill. is trump softening a little on his demand for one big beautiful bill? >> reporter: he is open to but the bottom line is he wants to get his agenda through, whether
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it is one bill or two bills, what matters most, and american energy to extending the debt ceiling. >> if 2 is more certain, it goes quicker, and i like the idea of one big bill. >> the biggest roadblock the trump's agenda could be some fiscally conservative republicans who are opposed to any action that would increase america's debt threshold. there's a lot of conservatives including him who don't want to be backed into a corner to support a catch all bill, that they see as a poison pill. >> i don't think a debt ceiling increase should be in the reconciliation bill, there are many conservatives like myself who haven't voted for all the spending and we won't vote with the debt either so forcing us
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to make a decision on that forces us to maybe be not a yes vote on the tax cuts and other things we are 4. >> reporter: some republicans say it would take a miracle to get one reconciliation bill for, it would be divine intervention to get two reconciliation bills through so they think the best strategy is to do one bill and corner some of the skeptics to support the bill even if it includes some of the things they might oppose. stuart: thanks very much indeed. the chair of the house ways and means committee, jason smith. do you want one or two bills for trump's big agenda? >> the best and quickest approach for us to deliver on donald trump's priorities and what the 77 million americans who sent him to washington asked for is one big beautiful bill like what donald trump has said. this is the way it needs to
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have tax cuts, energy, border, it needs to have savings by cutting mandatory spending. these are the things we have to have in this bill. let's pass it, get the job done and put it on the president's desk. . you've got a razor you got a razor thin majority in the house. do republicans have the discipline to stay united and pass one big beautiful bill? >> failure is not an option. that's why i discourage two reconciliation bills. if you look at the history, since 1997 was the last time any congress, republican or democrat was able to pass two reconciliation bills into law and we now have the smallest majority in the history of our nation, the united states senate has a higher margin, majority than we do in the house of representatives. stuart: three of trump's
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nominee's will get a hearing before the senate next week. interior secretory nominee doug be bergam, chris wright and lee zeldin. that is his drill baby drill team that. do you think they will have trouble getting through congress? >> donald trump deserves all of his appointees to be confirmed and as quickly as the united states senate can do it. he hit the ground running after he was elected in november. he hasn't slowed down. he named his cabinet very quickly. the united states senate needs to confirm all of donald trump's appointees. stuart: meta and that it's fact checking program, promised to restore free expression on social media. you're frustrated with big tech censorship. is meta's move a step in the right direction? doesn't go far enough? >> it is a step in the right direction. we had been calling no fact
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checkers for a long time because it wasn't about free speech, it was about the speech that they liked. for example they hid the hunter biden laptop and we've now seen fbi agents, cia agents testify in regard to it but in the early stages they hid it, and they called it fake news. let's have free speech that is open, fair, and transparent and not dictated by some bureaucrats or some individuals in the private sector that doesn't like what people are saying. stuart: thanks for joining us this morning, jason smith, appreciate it, come back soon. did meta end fact checking simply because donald trump is going to be president? >> there's more to it. they want to increase profitability, moving some to texas, they cut down on taxes a but it isn't far enough.
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what we need to be definitive is sarbanes-oxley act for social media that would require revising section 230 of the commute occasion zach to make social media platforms liable for content that will lead to identity verification, civil and free discourse but i don't think that's going to happen in our lifetime. stuart: probably not. thanks for being with me for the hour. martha maccallum, congressman clyburn saying it's not in biden's personality to sabotage the transition. senator rick scott on trump not ruling out literary force to acquire the panama canal and greenland. chad wolf on the massachusetts governor now hoping trump fixes the border after she originally promised a fight deportation efforts, the 11:00 hour is next. ♪
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