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so unfortunately wildfires still raging in california. but then again mr. president trump goes to washington, we'll talk about it in a moment with congressman wesley hunt, we have senators mike crapo and steve daines, and economist said he seems a trump boom. but first up, tough stuff, max gorden is live in pacific palisades, california on the wildfires, max. rough story. reporter: 5 wildfires burning uncontrolled across southern california. we are standing in aftermath of the palisades fire. you can see how it has destroyed this mobile home park. this fire has destroyed 11800 acres, to east of us eaton fire killed 2 people. it is burned 10600 acres. these fires have been fed by

strong santa ana wind, in one case one gust was 100 miles per hour, up to 60 miles per hour are expected through tomorrow. this firefight is not done yet. larry: thank you very much max gorden. >> tune in to fox business tomorrow morning 4 to 6 a.m. we'll have special live coverage of the california wildfires. by our team over at fox weather. we thank them. up next, fox news peter doocy is live in west walmart -- west palm beach. reporter: i'll tell you biden team, want to talk about president biden diplomacy on world stage. but they are talking about trump diplomacy and an antony blinken revealed he appears to take seriously about protecting american

economic and national security by acquiring in some way, greenland or panama canal. >> idea expressed about greenland is not good but one that is not happening, we should not waste time talking about it. reporter: antony blinken is discounting something that is a part of american history. >> president andrew tried to buy greenland. when he went after alaska, at end of world war ii president truman offered $100 million, this [music] not a new idea. reporter: republicans can vote on this marjorie taylor green -- the funding of changing of maps, do not expect any democratic support there.

>> house democrats believe that we're not sent to washington to invade greenland, rename the gulf of mexico, or seize the panama canal by force, we were sent to washington to lower the high coast of living in the united states of america. reporter: president-elect trump will talk about all of this with the republicans whose votes he will need starts in 12 days, on capitol hill, within the next two hours, larry. larry: by the way, peter, you know, in world war ii, united states occupied greenland, to prevent the nazis from occupying greenland. just saying. peter doocy, west palm

beach. reporter: he said they have to do it to counter china and russian influence, at min mminimum will start a conversation with democrats, look do you have a better idea protect american interest from china and russia? let's hear it. larry: 100% right, thank you, peter doocy. trump mades one big beautiful coalition to pass his one big beautiful bill. that is the subject of the riff. all right there are a number of important reince for reasons for president trump to hang tough on his one big beautiful bill in his meeting tonight, one almost overlooked reason is diversity of house republicans. any significant piece of le legislation requires a coles coalition. >> it makes most sent with regard to what we need to

achieve, house is a very diverse conference. it is brode and wide over 200 people with a lot of different opinions and dynamics in their districts at home, we will, i think if you put all measures to one package it increases greatly probability of us achieving off of the objectives. >> there you have it. i can think of 4 ky groups whose -- key groups choice votes will be necessary to pass president trump's agenda, one is pro growth supply side tax cutting group, second those who want sufficient resources to close the border and third, those who will insist on budget cutting offset for pay go balance out to any spending increases and heavy duty defense hogs. i am in favor of all 4, but not everyone in house g.o.p. conference is in favor of all four, what speaker

motomake of joh -- johnson said one bill strategy is only way to cobble together all of the interests, important to note that pay go budget cutters play an important role in any deliberations, there has been such a flagrant disregard for budget over spending in both political parties, this uniparty deficit has got to stop. now t that said, delay in tact cuts will delay the blue collar boom and disappoint president trump's new republican working class coalition. delaying tax cuts will delay the next real middle class boom which will hurt the republicans in 2026 mid terms, most of tax cut work is to extend mr. trump's

first term tax cuts there is nothing complicated and adding 15% corporate tax rate and cash free tax tips and overtime, there is nothing hard about them, with tax cuts and deregulation, and more energy production all those surprise side policies will help end biden inflation, house passed hr1 for energy reform and hr2 for border closing, if our republican friends want to double salt deduction, find that is small beer give it to them, mr. trump is looking at a broad-based universal tariff, which could pay for plenty of tax cuts then some. think about this, the u.s. imports about 5 trillion

dollars per year. and 10% of that is 500 billion. that will buy a lot of tax cuts and other priorities as well. people should think about tariff potential to finance the tax cuts. believe me, it is never far from president trump's mind. that is the riff. all right. joining us now great texas congressman wesley hunt. happy new year to you. >> happy new year to you larry. larry: i riffed on the budget stuff, but to go back to peter doocy's report. on trump diplomacy. because, you know, contrary to what democrats may be saying, these are uniquely greenland that is so to say and mexico, and the panama canal. these are american national security and economic security interests, they are vital interests are they

not? and mr. trump is address addressing them to show that the you know, what we gave up in biden years, we'll get that foot print back then some, what do you think congressman? >> i can't agree more with you. with panama canal, 55 thousand americans help to build that 5600 died. so idea of us now having to pay chinese to use our own vessels to go through pannalla canal is accident. president trump is spot on, and greenland, if i were a is the from green land i would love to be under banner of the greatest country in the world, and also strategic for us. and by the way, naming the gulf of mexico, gulf of america, as an american, that is one hell of an idea. why is that? the cost we get and money

spent in region, is spurred because of the united states, this is about putting america first, and back to policies that benefit the average taxpayer and everyday americans. we are beneficiary, and woe are th we're investing most in the world in those regions and those areas, no one talking about taking land from people and annexing them, we talking about paying for them. a return on our investment by investing in panama canal, and investing in greenland and making gulf of mexico gulf of america. larry: these are core u.s. interests. >> yes. larry: not -- not f far-flung wide spread other side of the world interests, they are right here, core --

interests. this is china and russia nosing around greenland and the arctic for naval bases and air force bases, these are core american interests, they are vital security, can i ask you a question, i get so frustrated. why wouldn't democrat, there was a time that democratic party, had you know national security experts, like a sam nunn, like this knee-jerk react, hakeem jeffries i don't know the man, trump said some things that make sense, they don't take it seriously, they fire back, no, no, where -- why? what is wrong with that? >> it is the dichotomy in our ideology at a whole, they are still will to send

billion to ukraine with no return on that investment this is roi, individual of invest -- idea of vist investing in something, we get to up unleash, this is getting something for something, giving it away. it makes good sent to me, it helps is our strategic global services in country, without putting boots on the ground elsewhere. we can just control the global markets by investing in areas, that benefit all of us collectively. larry: monroe doctrine of the important to keep out in interference that was 200 years ago, updated vergd version could be the

trump doctrine, a pity dem krat democratic party has no common sense. >> we need a coalition of people to get one big beautiful bill. republicans in house are great people, diverse, in are many interests, only way you get them to together is in one big bill. i would think. what is wesley hunt think about one big bill? >> i know president trump wants one big bill, i support our president ambition, but we're sliding bologna thin. what do we want, we want good energy policy and unleash american eng energy and tax cuts and border security. we need to focus on what is in the bill this benefit american people.

speaker johnson spoke this morning, about having one bill. i like that idea. but there has to be tax cuts, i want to avoid cr's and make sure we have a debt ceiling moving forward. it is not about two bills, it is about what comings out of it president trump is a very effective leader, he wants result. process will take care of itself. >> it is go growth. and -- about growth and defense and closing the border and more emergency production $2 gasoline. that is what it about. about all above, about growth. ending bidenomics. congressman wesley hunt happy new year. >> thank you happy new year. larry: coming up on kudlow one big beautiful coalition, for one big beautiful reconciliation bill, will senate g.o.p. got onboard,

we'll ask one big senate finance committee chair, mike crapo next up. you can catch kudlow monday-friday 4 p.m., right here on fabulous fox business. if you for some reason can't get us at 4, text your favorite 9-year-old, and she will show you how to dvr the show and you will never miss one big be beautiful bill, i'm i'm kudlow. oh yeah. consolidate bad debt and save money for your next goal. take a swing at your kitchen reno... meant that literally. or design your actual dream wedding. all your ambitions. all in one app. sofi personal loans. low fixed rates. borrow up to 100 k. no fees required. go to sofi.com to view your rate. sofi. get your money right.

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money is tight, so we must make sacrifices. i give up my bespoke shaving subscription. and i'll stop ordering everything that's trending on instagram. and i will no longer agree to the add-ons at the oil change place just because the mechanic called me "ma'am." it really is a top-of-the-line filter, ma'am. and of course, we'll downgrade our insurance -to get a lower rate. -well, you know, you don't have to make sacrifices now that you're saving money with the progressive home and auto bundle. you couldn't have said that like 6 seconds ago?

a. >> i think if you put all measures into one package that increasing p probability of us achieving all of the objectives. larry: all right there you have it mike johnson, saying one bill strategy, joining me now chair of senate finance committee mr. mike crapo. senator, happy new year to you, welcome back. we appreciate it. you know, what johnson says, you have a diverse house, only way to getting any through is one big bill vehicle, he is making sense. if that is what house wants will senate buck him on

that. >> i don't think so, i have said i'm ready to gather direct appears that house will go with a one bill program, we're read to work to make it happen, keep to do what i talked about, that is make the tax changes permanent. instead of a 4.3 million tax hike we need a permanent tax code. we could see 1.1% growth in the economy, if we do to permanently. >> let's go back to that revenue point. i want to get to our current policy baseline. that is one of reasons we love having you on, people do not appreciate your point of view. the cbo and joint tax

committee are always wrong, 2017 tax cuts, they not only paid for themselves and a lot of other things, bad spending things. that is one point. second, your point about current policy baseline, if this is a permanent tax cut, why does it have to be scored 5 trillion dollars, the way that this cbo will do it. >> why. >> it doesn't have to be almost every american with common sense understands that, if you are not changes tax code, you are extending current policy, you are not increasing the deficit. bottom line is that a 4.3 trillion dollar tax increase not a 4. f 3 trillion dollar deficit increase, we grow the economy. and we give permanencey to

tax code. what cbo and joint tax score a congressly created scoring system, which is always inaccurate. larry: the other thing is this account about the current services baseline. these spending programs go on forever, they are not scored as deficit increasers, but if tax cuts are coming in, they go on forever they are scoredda way, like whole system is geared for government to take your money. rather than for you to keep more of what you have earned. >> that is right. let's not be fooled. if we have a 4.3 trillion ddollar tax increase, congress would spend it on new spending. the taxes, they don't get

the same treatment, i think that americans can see through this. larry: one last one senator. if mr. trump goes for a universal tariff of 10%, which is you know europeans had 20% vat, 10% tariff. you know, you would make -- in static terms, 5 trillion worth of imports 10% tariffs would be 500 billion dollars worth of revenue, those are inact estimates there is a good deal of truth in we put on mr. trump puts on that tariff you will raise a moa lot of money to help finance a lot of different things defense or the wall, or more i.c.e. agents for deporting. >> i have talked with president trump about this, i understand that approach

and there will be a significant aim of revenue -- amount of revenue potentially from tariffs, we have to ensure it is done right in a way that does not injury our economy or create inflation there is a strong chase pres -- case president trump is making that he can do this well, he did it well first term with successes on his tariffs on china, and france and canada. that had pe positive results in our trade relations with them, we thiede that kind of result of tariff policy, done well, it can help our economy, and grow our economy just as these tax cuts will. larry: yeah, that is right. senator mike crapo thank you. i think you are the smartest guy in the senate. >> thank you. larry: we appreciate you coming on. >> next up. joe biden is doing everything that he can to spite donald trump on his way out. it just burying the democrats, this is -- whole

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larry: i'm picking up on this, i'm tired of democratic negativism on every thing. okay, trump trying to conduct diplomacy in national interest, democrats are against it joe biden's last days, just to spite

trump he has done some of the whackiest things talking about it with rich lowry and joe concha. a -- now the greatest come back ever. that is the short form. >> there is inside trump's big beautiful campaign. larry: that is what i'm looking for. democrats are pathetic, joe biden is an embarrassment he has to shut down all drilling in world, he can't give you a decent shower, cutting down water flow and electricity, watching today, what spoked this, hakeem jeffries, trump is arguing for a return to monroe doctrine to protect american interest in this hemisphere, and greenland is very much a part of it all of democrats can do is attack and attack. they are so negative. they have nothing to offer,

they are defeatists that is public can't stand democrats right now, i said it. >> they are defeatist and defeated, for 10 years straight they mocked donald trump their reaction to everything, he came down escalator stress conference, guess who will be president of united states twice? donald trump. he has taken center from a party that moved radically lift, and told us the r ridiculously the pathetic man who shuffles off street can well enough to be a president. larry: the drilling in pacific, and final episode of weaponization and lawfare against trump. you know, even the medal of freedom recipients, i would give hillary clinton, if you give them to a democrat fine. she was secretary of state

and senator and live with bill mebill clinton all these years. and he is pardons death row criminals, this is nonsense. this is just crap, not even serious, just nonsense. >> you are pissed off, that is the word you used during the break, i'm use it. dozens of inmate on death row, he didn't give a medal to barack obama. that is interesting. oobama own gave one to biden on his way out. he snubbed obama but gave one to a monster like george soros with the blood on his hands, i spoke with trump about this for the book, he is really not happy with the fact that joe biden is selling off border wall pallets for pennies on the dollar. trump said, you are only doing it to harm the nation, what other possible motivation can you have.

we're talking millions of acres of offshore drilling that be trillions of dollar in revenue. >> 620 million. larry: >> what did hakeem jeffries say, to sent to washington democratting to lower cost of food. you signed inflation reduction act. larry: this is after worst inflation in 40 years. generated by democratic policies. republicans voted again two major spending bills, but bigger point. right now, donald trump is enjoying an incredible ho honeymoon of popularity, even newspapers that hate him give him decent coverage, he is talking about serious issues, people want to talk about taxes and talk about the panama canal and defense, and china is invading our hemisphere. democrats have nothing to

say, nothing to add to this. they are killing themselves. they are getting off to the worst new year's start. it seems. >> there are a couple memorable moments from press conference, one, donald trump spoke in a family american voice about hostages and u.s. citizens held in gaza. he interrupts his envoy to say they better come back or there will be hell to pay, joe biden could never summon that indignation against that horror perpetrated between our own people. this is why trump won. larry: do you think that the democrats will continue with their policy, cultural policies of woke? do you think they will continue to push? i'm serious. biological men competing in women's sports for example. d.e.i. for example. even american -- all of big liberal companies, here. i got one, ju zuckerberg

getting rid the score card for facebook, how about that. we have a chart, put up that chart here. and listen, red -- these are influencers on the web sites on the media exchanges. look how they have changed facebook more conservative, instagram more conservative, they are more conservative now this is a remark able change. >> he runs a business, he said political wins are change -- winds are changing. trump is not no office yet, big things are happening, that is what he is speaking to. and facebook will not move its content -- will move content moderators from california, woke, to texas, not so woke, that is a huge

thing. hihe will adopt, elon musk affect, community notes, crowd source fact checking not one person, saying i bequeath this to be x ore, -- >> the democrats voting against laken riley act, i guess they will still go down that road except for john fedder m -- fedder man who is now the voice of reince. reason. >> he will knee cap. >> there is policy consequences to this election, you talk about them for a year, the downstream cultural affects that are huge. we're seeing this before trump takes office, and it -- the trump victory, was a sign to much of america that woke capacity is end.

>> got it, good work rich lowry and joe concha. and not democrats, all right, moving along, the guy who engineered -- montana senator steve daines coming to happy new year, by the way senator you helped engineer this democratic defeat. and republican takeover of senate. now, what do you expect president trump goes to washington, he will meet with the senate republicans, you heard i think mike johnson say he needs a one bill strategy because of need are in republican coalition in house, what do you make of that senator steve daines. >> we're an our and 15 minutes from meeting with president, there has never been a more influencal leader in america than president trump, he is 12 days away from being sworn in he is defacto president

as we speak. high is c is -- he is coming to capitol hill to meet with us in about an hour, that shows leadership he demonstrates and wasting no time, american people are expecting results. so we need to go as fast as possible to deliver the financial result -- fundamental results for people, securing border and preventing a 4 trillion dollar tax increase. trump is engaged his hands are dirty working close with house members and u.s. senate, that is leadership, leaders have followers, i like his style, i like what he is doing, he listens. we will give him input to how we get to goal line as fast as who possible, i want to see fastest possible outcome with the best result. larry: well, senator, you have your finger on the

pulse, i watched you last year, you did a hell of a job. and a lot of people doubted it. what is your own view, i thought you would go back into this senate leadership, but whatever. you are from great state ofmont montana where by saintly wife is from and we were married in montana. you have defense, border, energy and spending cuts. you have to go to pay go, and you have tax cuts, how do you put that together if not in one package? >> yeah, it may have to be one package, inpres i know the president is open to two, we have to keep our minds open, point is do as fast as possible, can we get it done with one quickly, i don't think we want to get bound by a process argument. lay stay focused on outcome,

if it is one bill, great. but i think keep options available, that is why two magic numbers are 218 in house, and 51 in senate. those are two magic numbers, that is what we have to stay focused on, i am a numbers guy at heart, 51 republican senators, 218 republican house members and we're in the end zone. >> senator steve daines, you know how to count. and congratulation on job you did as election chairman, we appreciate it. >> all right coming up next, economist ed yard eni sees a trump boom to close out the rest of decade with record highs in the stock market indes. he will be here right next to us on sit. i'm kudlow, waiting fur yardeni, here it comes. (♪)

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you said there wasn't going to be a recession, you were right about that, give us a smsnap shot, where are we on the economy. >> since 2019 it donned on me that the 2020s, might have some similarities with 1920s, a big productivity boom based on technological innovations, leading to increase of standard of living and low inflation, productivity is a wonderful variable, we positive we'll start to see a rebound in productivity outlook at technology was used to augment not replace but augment labor, skilled lane o-- labor is scarce, we are half way through roaring 2020 its has worked out well, with the some policies that incoming administration is promoting, i think they

would love to see a roaring 2020. i think that it is going to happen. but, i was looking for it no matter who won, sometimes we give too much attention to washington with all due respect, but, i think you will often said that the economy has its own animal spirit. it has its own dynamics, a entrepreneurial capitalistic economy still despite the fact that in some ways, also been offset by some crony capitalism, but, the venture capital, the technology, innovations they are there, and driving the economy. larry: interesting we have seen a tremendous surge in optimism. you know since the election. i think people are counting on the tax cuts for example. and deregulation. >> i agree. larry: i think you are too. >> yeah. larry: let's see, s&p index is where right now? >> about 6 thousand.

>> you looking for 10,000. >> by 2029 perfect. i love your roaring 20s, that is underestimated. and end to roaring 20s, badly understood. what is happening now, long-term interest rates are going up, you copied this phrase many years ago, bond vvigilante. the fed is cut their short rate by 100 basis points and long rate, 10 year bellwether up by 100 basis point, fed does not appear to be listening but you are, what do you make? >> i thought back in august, before the fed started to lower interest rates, that the economy didn't need any interest rate cuts buzz it proved that it is resilient. we went from zero on fed funding rate to 5 and 1/4% and economy kept growing 2

half to 3%, we should listen to what economy says we have normalize the interest rates, abnormality of the zero fed funds rate, not 5 and a quarter%. you know, having it. closer to 4% is fine, but. bonged ma -- bond market saying that fed stimulating an economy that does not need to be stimulated and inflation is not yet 2%, they are companies gun assuming it will continue to drop down to 2%. and soy, b bond market says no mas, no more rate cuts. larry: trump said yet that -- still a problem. those of us who help him out, i don't want to see biden anonymo. >> economists like you and myself look at inflation on

year-over-year basis, prices now versus a year ago. most marchs look at it -- most americans look at it 5 year basis, we are seeing prices a lot higher. you know, i am shocked by some prices. larry: over 20%. >> what we have to pay. and so, i think that what american public wants to see it prices coming down, and i think the only way that will come without having a a recession or depression if we get energy prices down. so i agree with that approach of the administration. get energy prices down. and that say very important key driving force for the level of prices, i think it is possible to bring the prices down but i think you have to do it by pumping out more oil and more gas, producing more energy. geopolitical consequences are positive from that. larry: if trump can manage a

peace deal, or ceasefire, you might take some of that war premium out of brent crude oil price that is possible. >> they very strong possibility. the other thing and i suspect that they will find it hard to reduce the deficit or slow the increase of outlays without coming up with some more revenues. i think they will do it with leasing, they will lease a lot of oil and gas and mineral rights and if the properties are such that easy to extract from those kind of wells, that will lower the price level worldwide. larry: you would advocate people stay in the market? >> absolutely. >> are you a passive investment strategy? i favor myself.. >> i don't have a problem with that, but i think, you could combine the both.

you could have active manager that uses edfs to get you to a good diversified portfolio that will work in this se scenario. larry: how about the bond market, you favor stocks. >> i do, i do think that bonds are getting interesting, there is a positivebility they will retest that 5% level that we had last year. and we saw tremendous amount of buying at 5% that was a good yield. and it is of co conceive we'll be we'll get, that bond yields are where they should be. >> 30 -- 20-- can i get 3% plus growth in text 10 years. >> absolutely, you will get more because of productivity. >> are on to something, our optimism has been on target. >> so far so good. larry: edyardeni thiest of the best. >> thank you. >> we appreciate it.

>> happy new year. >> we'll be right back with my last word, yardeni r wisdom, listen to it. ds. ♪ vanguard. we got this. fifty years of helping you invest for every chapter.

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