—hi! —hi! ♪ chocolate fundraiser. ♪ with the chase mobile app, things move a little more smoothly. ♪ deposit checks easily and send money quickly. [coins clinking] ♪ that's convenience from chase. make more of what's yours. maria: good monday morning, everyone. thank you so much for joining us this morning many i'm maria bartiromo. it is monday, january 27th, your top stories right now, 6:0. today, stocks are plummeting, he'd by a selloff in a.i.

related companies, it's turning into a broad based decline with the dow down 400 right now. but first, president trump has it out with colombia as the president of colombia caves to trump's demands to take his citizens back, revoarsing the initial defiance of taking back repatriation flights of illegal crossers after trump said he will i'm po impose a 25% tariff. hear why now the colombian president is sending his own presidential jet to pick up the illegal migrants as republicans in congress they'd a retreat this week in florida to negotiate the recognize sill reconciliationplans and john ths on schedule to get president trump's cabinet nominees confirmed this week ahead of key hearings. we've got the preview. the president stops in las vegas with the promise of no tax on

tips as he considers relocating the 90,000 biden hired irs agents to the southern border. we'll get into it all of this all morning long. futures this morning are declining. take a look. we've got the dow industrials down 416, the nasdaq down a solid 1,000 points right now and the s&p 500 lower by 160. a broad-based selloff with the nasdaq plummeting as the chinese a.i. model deep seek threatens to upset the american a.i. space, china's a.i. has advanced and this morning u.s. a.i. is selling off. chip makers right now, they're down across the board on this news with the big performers as you can see down 13 and 14%, nvidia right now down 13%, broadcom down 13%. super micro, taiwan semi and qualcomm all selling off ahead of major technology earnings

this week. we will be getting meta, microsoft, tesla, out on wednesday. apple is coming out with its earnings on thursday. meanwhile, check rates this morning, the federal reserve's first meeting of the year happening tomorrow. we'll take a look at where investors stand on rate cuts with the yield on the 10 year right now down 11 basis points at a level of 4.51%. european markets this morning are also down. take a look at the eurozone, the ft 100 right now is lower by about a quarter of a percent, that's just 22 points lower, the cac quarante down 77, the dax index in germany lower by 288. in asia overnight, a mixed story, fractional moves in the asian indices overnight. meanwhile, back at home, the cia determining covid-19 likely leaked from the wuhan lab in china. hear what newly sworn in cia director john ratcliffe told me in his knee intelligence release. joining the conversation this morning, liz peek, wealth advisors president, chris mcmann

and fox business' cheryl casone. "mornings with maria" is live right now. ♪ maria: all right. stocks are down across the board and we've got futures selling off this morning. take a look. the nasdaq right now down 1 s 10 points, 4 and-a-half percent right no lower on the nasdaq. the dow industrials down about 1%, that is down 403 and the s&p 500 lower by 155 right now, the nasdaq in a tailspin as a.i. stocks sell off over concerns of competition from the chinese a.i. startup deep seek. take a look at these numbers. pretty much down across the board with the wall street journal reporting that deep seek's programmers nearly match american rivals, despite working

with less advanced chips but the startup's popularity suggests that washington's export curves having difficulty blocking rapid advancements in china. big tech earnings are out this week. meta, microsoft and tesla all reporting on wednesday after the bell followed by apple on thursday. we will want to hear what these folks say about the year ahead and what their analysis is on the chinese a.i. developments. joining me now is harris financial group managing partner, jamie cox. jamie, good to see you. here's a punch in the face as you wake up on a monday morning, the nasdaq down 1,000 points. your reaction? >> you know, disruption is hard. i mean, you're going to see a lot of st stratifying of technoy stocks this week. you'll hear from pretty big companies which are going to feel like the -- the deep seek may create deep trouble for some companies, particularly in the hardware space. as i've said to you before, maria, investors tend to

overestimate the ability for companies to earn in the beginning of a cycle, for transformative technology and underestimate the opportunity for that transformational technology to make companies more profitable over time and that's going to be ground zero in your trip in the chip sector, nvidia, broadcom, texas instruments. interestingly enough, if you look down all the tech stocks that you typically look at, apple is decidedly sitting this one out and i think what you're going to see over the week is a stratificatio no, whn where thep seek development will create some larger opportunities for companies that no longer have to spend a fortune on data centers and chips and things like that and i think you'll see those companies actually rebound pretty quickly but i think if you are a little bit over your skis in the chip sector, you're going to have a really rough week. it's not going to change. so more to come on that. maria: i mean, liz peek, jump

in here, because all of the conversations over the weekend and certainly in davos this week was about -- well, two things, a.i. and about president trump and new leadership in america but i want to you to react to what sarah fr fry arrest told m, -- friar told me, the cfo of open a.i. the issue this morning is the chinese startup, deep seek and the latest a.i. model is outperforming open a.i. here's sarah friar with me last week. watch. >> they already won over. 300 million people around the globe using chatgpt today and it's growing at incredible clip. the business context, we see it across almost every vertical, revolutionizing healthcare, education, financials. maria: liz, your reaction as investors now question whether china's deep seek is getting a leg up on open a.i.

>> well, this seems to have come out of the blue, maria. and i guess one question e which is kind of hinted at in one of the wall street journal stories about this, are we getting the full facts from china? in other words, this company and the whole message is we can do this on the cheap, we don't need to spend tens of billions of dollars on really expensive chips, et cetera, and it's all in the training model. i think the question that's going to be asked is, again, is the computing amount or the effort that's going into this actually being reported accurately? because this, something here doesn't seem to make sense to me. all the brilliance of this industry, all of a sudden upended by an upstart using cheaper models, cheaper everything. someone's going to have to make sense of this, maria. right now, i think what we're seeing is a sector that was extremely expensively valued. everything was expected to go perfectly.

and this is a little bit of a cog in the wheel. the question is, how meaningful is it. maria: i agree with that. i think that's right. jamie, how do you see it in terms of the investment outlook here? obviously, you know, this administration as well as even the biden administration at least tried to appear that it was doing something about this, trying to block the chips to go to china and this conversation this morning with this chinese startup's latest a.i. model is suggesting that it didn't matter. >> there are two things, maria. the first is the deep seek model is basically a piece of clever engineering. it's classic disruption where the big players tend to innovate in small increments and disrupters come in and change the model and deep seek basically did that. whereas, the open a.i. architecture has all of it, if you had your experts think of it that was, all of it is open and available all the time. basically what deep seek did was basically break it down so it's sort of like a football team where the special teams, if you

need a question about i don't know, financials, that particular engine is active whereas the section on lawyers or doctors or something, a medical question is not so it fires up in different ways so it takes less computing power. that's an engineering piece. that's not disruptive in terms of changing a.i. i think it just makes it more efficient. that's the first piece. and then the second piece this, this is -- i've heard it said this is a sputnik moment, a wakeup call for u.s. companies, the united states government and you've got a champion in the government now that will make this better so we don't sit on our heels and let the other -- let the rest of the world pass us by so i think this is a good thing for us in the united states. maria: yeah. i mean, look, there's also some real credence to the fact that these stocks were up huge over the last year and-a-half so taking a breather on some of this is probably warranted as well. but let me get your take real quick before you go on the fed meeting, yields are plummeting, the fed kicking off the first two day policy meeting of the

year tomorrow morning, we will likely not see a rate cut this time. jay powell will speak on wednesday. we'll get more clarity. the yield on the 10 year, 4.51%. your thoughts, jamie. >> yields are down because flight to safety has thrill do with the fed. fed will be on hold. they'll be under enormous pressure as we go through the year by the administration to be more aggressive on the rate cuts, problem employ not just on the fed funds rate, it will be on mortgages and balance sheet items that they've been slow to deal with. and i think that is probably what the story will be. you'll probably hear the chairman start to talk about what they'll do with the balance sheet. it won't be a fed funds story this year. maria: that's a great point. it's a great point and as we know even though the yield on the 10 year has come back now at 4.5%, yields on mortgages have not. we're still talking about 7% or close to it over there on the mortgage rate. jamie, thank you. we'll keep talking. appreciate your time.

jamie cox. we're just getting started this morning. slip in a break then president trump proving tariff threats work as colombia agrees to receive repatriation flights of illegal migrants despite initial defiance of the order. first. haley: he was saying we're notgo land in colombia. it's the hot topic of the hour. you're watching "mornings with maria" live on fox business. we'll be right back. ♪

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order american made products at wt.com surf's up! maria: welcome back. it's time for the hot topic of the hour. president trump showing the world what a tariff threat can be. the president of colombia caving to trump's demand to accept deportation flights of illegal colombian nationals after refusing two flights on sunday. trump announced that if colombia

doesn't accept the flights, a 25% tariff on all goods coming into the united states whim be placed on colombia and the tariff will increase to 50% after one week's time. trump proposed a travel ban and immediate visa revocation on colombia government officials, allies and all supporters. colombia now agreed to all of trump's terms including taking back illegal my grants deported out of the united states. the foreign country's ambassadr expected to be in washington today for high level meetings. liz, wow, your reaction. >> it was taking a bazooka to a knife fight, right? what's interesting about this test marketing if you will of the sanctions and tariffs threat, maria, is that we actually have a trade surplus with colombia so this is not a country where like canada where they are really going to be devastated presumably by tariffs

so this was really more i think president trump getting angry that they had turned these flights away and basically saying to all of our neighbors,e are serious about getting rid of criminals that are in our country that come from your country. you're going to take them back and there's no discussion about it. so it was, you know, was this sort of overreach by the president? maybe. but guess what? it got the job done and that's as i say sort of a template going forward. maria: it's a litmus test, right, cheryl? if this did not go well, others would have gotten a different message. now pretty much all the people who are dealing with trump on tariffs are receiving this message. >> the message is, he is serious. this is not a threat. remember, last week goldman sachs put out a note that said there was only a 20% chance that the trump administration would levy these tariffs against canada and mexico but think about overall message from that group of investment advisors or

goldman sachs, they're saying it's a threat, negotiation. you have stephen miller and howard lutnick that are saying the tariffs are real and we're going to put them down, tariffs first and we'll talk later. so that's why when the colombia pushback came so fast and furious, before we had the discussion about february 1st, this is why because the trump administration is sending the signal. this will be happening. this isn't a joke. and so -- and i understand his anger about the flights. it's their citizens. they're criminals. take them back. you know what, that could have made a -- that would have hurt colombia's exports by the way with coffee and it -- maybe my cup of coffee would have went up five cents, i don't care. i would rather have the colombians go back, maria. maria: he was in las vegas over the weekend proposing a new plan for the nearly 90,000 irs agents that joe biden hired under the last four years.

trump has new ideas. watch this. >> on day one i immediately halted the hiring of any new irs agents. you know, they hired -- [cheers and applause] >> they hired or tried to hire 88,000 new workers to go after you and we're in the process of developing a plan to either terminate all of them or maybe we'll move them to the border. [cheers and applause] >> and i think we're going to move them to the border. [cheers and applause] >> where they're allowed to carry guns. they're so strong on guns. but these people are allowed to carry guns. we'll probably move them to the border. [laughter] maria: your reaction? i mean, this is incredible, pros posing sending the -- proposing sending the irs agents to the border. what are they going to do? one of the issues is that president trump found out the majority of the audits that were

done, a treasury inspector general report found that more than 90% of the agency audits between 2019 and 2023 were taxpayers making less than $400,000 a year, chris. i mean, the president already said he would like to create an external revenue service to collect profits and tariffs from foreign countries. scott bessent could be confirmed as early as today. this is important. this will give the markets clarity, chris. >> it will definitely give the markets clarity. we uponized the irs. -- weaponized the irs. it was against the middle market which is what biden promised against and the idea saying we need more revenue, the idea was hire more irs agents, turn it against the people. that's why people are excited about president trump says let's collect the money owed to us by other countries. the message is people will be looking for work and they'll have to develop ways to build the economy as opposed to

additionally taxes our people. maria: absolutely. what do you think, cheryl? >> they were targeting small businesses, maria. we talked about this on this program. that's what they started to do. you go after the low hanging fruit. you go after who you think won't fight back and that is -- we already knew this was happening. people under 400,000, making 400,000 and less, again, a lot of those were small businesses, small llcs across the country. this is the irs. so look, if you want to fire them, send them to the border, i'm going to go with fire, maria. maria: we'll take a break and come back at it. we have a market that is down slightly off of the lows, dow industrials down 397, nasdaq down close to 1,000. stay with us. we'll be right back.

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control of government and an opportunity to use recognize sill united nations. we should use it -- reconciliation. we should use it as we have talked about doing. and ensure that all those things get done in a way that keeps america safe, makes sure that america is ready to deal with whatever crisis we face around the world, strengthens the economy and makes us energy dominant. we're in the process of figuring that out and trying to determine -- 2 218 in the house, 51 in the senate, that's what it takes to get it done. maria: joining me now is texas congresswoman beth van duyne, chair woman of the budget and spending task force. it's good to see you this morning. thank you for joining us. how do you approach this conversation? tell us what your priorities are in terms of ensuring you can cover all of those things in a reconciliation plan. >> well, i think my priorities are the same as the president's that are the same as the

american people. we're looking to secure our border. so we need to make sure we're given the resources to the administration to be able to deport millions of illegal aliens that have made their way over the last few years to our country. we have to make sure that we can become american energy dominant again. so we are kind of taking the shackles off that we've seen the last four years put on our american energy producers and we've got to make sure that we're cutting our government spending. you know e we have seen $36 trillion in debt add up. it's killing our economy. we owe it to the american people to make sure we having a strong economy but not continuing to put that kind of a burden on our american future. maria: yeah. no, and i understand all that. i think our viewers have a good understanding of it as well. but what i'm really asking is how are you going to put all of these things in one bill when we know that the things have changed. now you've got la to deal with. now you're talking about 100, $150 billion just for la. you've got another 120 billion you're talking about to increase

defense spending. you've got the debt ceiling debate. by the way, you also have some of the members saying i'm not scisigning a tax bill unless sat increases are in there. you've got a lot of nuances here even though you're talking about the same wive priorities. >> yeah. -- basic priorities. >> yeah. i'm on the ways and means committee. one of the things we've been talking about for over the last year is our tax policies and tax plan. we've had meetings after meetings looking at what we're going to be able to cut as waste, fraud and abuse. obviously what's happening in california has to be addressed. we've already passed a number of bills, hr2 that we passed that dealt with securing the bore dire last year. we have a framework to work with. we're looking at hr1 and energy and we have a framework. look at the tax cuts and jobs act we have a proven policy, proven programs that we can show benefited the u.s., the economy, the working families so it's not

as if we're starting from scratch here. conversations will be difficult. we saw under the first trump administration when we had a trifecta how that got blown because republicans weren't working together. i think it's really important that we get on the same page here and you're absolutely right, you've got states like texas that i represent that are not a big fan of salt provisions but then you've got other representatives from california and new york that are. it's going to take compromise, it's going to take hard work. it's why we'll be together the next three days hoping to nail this out and looking forward to hearing what the president has to say tonight to unify and bring us together. maria: what are some practical offsets that you can talk about that would actually give you some wiggle room to get all of this in there? president trump signed an executive order to give him more control over california's water after he and the first lady toured the wildfire destruction in the state. once again, urging officials to release all the water to los angeles. republicans talked bo about the

wildfire and a raise in the salt cap potentially being added to the reconciliation bill. here's senate majority leader john thune with me yesterday. watch this. >> there's the so-called salt caucus, it's pressing hard, obviously get a change in that. we're looking in the context of tax reform and the big package, obviously extending the current existing tax laws. my hope is as we move through the process we will do it in a way that enables us to get all of the votes that we need in the house of representatives, it's a narrow margin there including the salt caucus on board with whatever it is we do. but we need to make sure that we are delivering on the -- for the american people and preventing what will be a 4 and-a-half trillion dollar tax increase next year if we don't act by the end of the year. maria: you have already identified some offsets, you and your colleagues have identified offsets for use in this bill. can you walk us through what is possible as you also try to

figure out what kind of an increase you could put to that salt deduction. >> there's a number of different offsets we're looking at, whether or not it's pulling back some of the policies and programs that biden administration put forward, whether or not it's looking at education, how much these massive endowments and how much they're putting a drain on our economy and not producing. there are a number of different waste, fraud and abuse programs also that we're looking at. there's a huge overhaul which is why i'm excited to be able to work with doge caucus committee, whatever, there's a number of those initiatives that have been set but we are working together right now to identify what those are, whether or not it's in ways and means, whether or not it's in budget. there's a number of meetings with a number of sections of the republican caucus. there's a lot we can do but we cannot continue to spend and you mentioned the salt caucus.

while they are very active and they're very vocal, you've got an equally vocal and majority number of members who are concerned -- we consider ourselves as full hawks, recognizing the fact that we have to be able to pass the tax cuts and jobs act extension, other programs for american people, but it cannot continue to increase the deficit, it cannot continue to increase the debt. those are the difficult conversations we're having, where exactly are those agreements going to be made on cuts. maria: what do you want to say about tariffs and about the border? has a lot changed in texas? i spoke with the governor yesterday and the president of colombia caved huge to president trump's tariff threat yesterday. he is now willing to accept the deportation flights of illegal colombian nationals after refusing two flights on sunday. speaker johnson posted this on x. colombia and all nations should be on notice, congress is fully prepared to pass sanctions and other measures against those who do not fully cooperate or follow through on requirements to

accept their citizens who are illegally in the united states. are you willing to go to the matt, congresswoman, and start putting sanctions on countries who are not going to agree with these deportation plans? >> absolutely. i think what you've seen in the last week alone is -- this is what leadership looks like. this is how lead from strength. this is what has been lacking in the executive office the last four years. this is not man to be trifled with. this is a president who you have seen, had four years as president to recognize the fact this is what works, this is team to put together and he's had the last four years to put together the strategy and the plan and andhe's executing with that. do not mess with this man. he has a mandate for the american people right now and he's got the house and the senate majority behind him. so i think when we look at the threats and we have a lot of people who are talking negative about tariffs but the fact is that the threat works. maria: okay. we'll leave it there.

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talk to your doctor about zepbound. maria: welcome back. well, israel allowing thousands of palestinians to return home to northern gaza today after hamas agreed to release three more israeli hostages this thursday and another three this saturday. but israel is now accusing hamas of violating the cease fire agreement says one female hostage slated for release this week was supposed to come home this past saturday. four women were released by hamas over the weekend in exchange for nearly 200 palestinian prisoners. the white house says the cease fire agreement between israel and lebanon has been extended until february 18. joijoining me is senior policy

analyst, daniel flesh. how would assess the cease fire and release of hostages? >> good morning, maria. the cease fire is as you said it's now ongoing with the final hostage that's a civilian being released on thursday along with another soldier and one unnamed hostage. the civilian that will be released on thursday was held by a different terrorist organization, the palestinian islamic jihad which tried to classify them as a soldier, not as a civilian. it's not surprising hamas defied the cease fire. they likely will do it again. the end of the day, hamas views israelis as valuable assets to hold, to exchange for their terrorists and prisoners held in israeli jails. while we hope and pray all the

israeli hostages will be released, we don't expect phases two and three will come to fruition, the entire thing will come to an end. maria: we're all praying for the hostages to get home and that they'll safe. is this deal lopsided? you've got three i israelis her, another three on saturday, when meanwhile there's 200 palestinians being released. >> certainly it's lopsided. in 2011 you had 1,007 tray 1,007released. the idea that israel is going to get a one to one trade is unlikely to ever happen not to mention the terms of the current agreement were first established in may of last year but it took obviously president trump's election and israel battle feed victories over the last six months to see the deal come to fruition. the end of the day, israel does value and will value the return

of its people safely, to the extent possible, even if they're alive or dead back to israeli territory. maria: president trump said he wanted to, quote, clean out the gaza strip after it was destroyed during the israeli war, the hamas war. he's urging jordan and egypt to take in refugees either temporarily or long-term. both countries rejected the idea, daniel. your reaction? >> well, maria, it's an interesting thing about this war. indeed, all wars with israel. is that unlike ukrainians who fled ukraine 2022, millions of them after russia continued to invade, you don't have gazans leaving gaza. they can't become refugees, largely because the arab world knows two things. if they leave, they're likely to cause instability and even death had and destruction in every country that they visit. that's what history tells us. the king of jordan, his own grandfather was assassinated by a palestinian.

secondly, the palestinian people want to stay in gaza, the world wants to keep them there because it keeps the 1948 war alive. if you don't have palestinians in gaza, they can't claim a right to be there anymore. it's up to president trump to think outside the box to break the regional taboo. ggazans who want to leave, why shouldn't they be allowed to relocate. maria: liz peek, jump in. >> it is offensive to me that israel comes under relentless criticism for not opening their border, not having a free exchange of people from the gaza strip coming into israel. what about egypt? why doesn't anyone ever confront egypt on this issue? jordan, i understand their position. they have 3 million palestinians, they took them in before in a country of 10 million, that's a huge basically subsidy of this entire

region but what's up with egypt? why don't we press them to do this? >> well, to add another point about jordan, most of jordan is palestinians. you want to go back to the mandate period from world war i to world war ii, the mandate included them. as pertains to egypt, ha hamas s an outshoot of the muslim brotherhood. mohammed morrisey became president, that was a muslim brotherhood government. the brotherhood and hamas present a challenge to the rule in cairo and egypt. having palestinians in there would be a destabilizing force. not to mention, they want to keep pal still yens in gaza to keep the war against israel alive. that's the main reason. arab countries around the region who claim support for the cause should be willing and able to

accept the palestinian people when they are refugees. maria: it appears hamas is breaking the rules on the cease fire. >> certainly. they are breaking the rules and again, we talk a lot about hamas as we should. but there are other terrorist organizations inside gaza including palestinian islamic jihad a subsidiary of the islamic republic of iran. when the war ends, when the day after comes, you want to see a gaza that is peaceful, that is not a threat to israel and if people watch the video of gazans going north along the coastal road, take a view of the coast there. i ask what's the difference between the coast and tel aviv and the coast off gaza and the only answer is 20 miles, not even, 15 miles, that's the only difference. it could be a wonderful place if the palestinian people put down the war against israel. maria: great point. thank you. stay with us. quick break and we'll be back. you're watching "mornings with maria" live on fox business.

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maria: welcome back. south korean prosecutors now indicting to impeach the

president over his failed martial law declaration last month. cheryl casone with the details. >> south korea's president facing charges of leading a rebellion. he declared martial law before rescinding the order hours later due to a backlash. he claims it was meant to raise awareness of the opposition political party obstructing his agenda. he is the first ever sitting south korean president to face an indictment and criminal charges. the final confirmation vote for treasury secretary nominee scott bessent is set for today in the senate. this after friday's confirmation of pete hegseth to be the second of defense, the senate confirming kristi noem to lead the department of homeland security. confirmation hearings are scheduled this week for robert f. kennedy junior as secretary of health and human services,

howard lutnick as commerce secretary and former georgia senator kelly loeffler to lead the small business administration, and tulsi gabbard as director of national intelligence. all of that underway this week. president trump signing an executive order to drastically overhaul fema in the wake of major disas disasters hitting bh coasts, donald trump said they have lost their vision, including w welcoming illegal immigrants while failing to provide disaster relief. they will propose changes to make the agency more efficient and fair, putting america first. trump says his administration will ensure states like north carolina get the help they deserve without political games. vice president jd vance getting into a back and forth with cbs' margaret brennan over trump's

executive actions on the economy and when to expect prices to come down. listen to this. >> we've seen all of these executive orders. which one lowers prices? >> we have done a lot and there have been a number of executive orders that have caused already jobs to start coming back into our country which is a core part of lowering prices. more capital investment, more job creation in our economy is one of the things that's going to drive down prices for all consumers but -- >> energy prices aren't going to come down. >> prices are going to come down. but it's going to take a little bit of time. right. the president has been president for all of five days. i think that in the five days he's accomplished more than joe biden did in four years. one of the main drivers of increased prices of the biden administration is that we had a massive increase in energy prices. donald trump has taken multiple executive actions that are going to lower energy prices. >> there are a lot of things that contributed to higher energy prices and there was record oil and gas production. >> joe biden did many terrible

things to lead to an increase in prices, i agree, margaret. >> maria, one example here, egg prices. they are expected to jump about 20% in 2025 but that is impacted by the aggressive strain of avian flu, bird flu, okay. so an executive order isn't going to get rid of bird flu. that's one point i want to make. and the other is that he mentioned -- he mentioned joe biden. i'm pretty sure goa didn't get up at 4:30 in the morning on inauguration day, go out and give one inauguration address and go to the room next door and give another inauguration address and stay up until midnight and get up the next morning and keep working and signing executive orders. maria: i think the core of the argument has to do with spending and if you don't acknowledge $7 trillion of spending by the democrats on joe biden and kamala harris' watch, led by those two, then it's impossible to understand how inflation spiked to all the way up to

9.1%. i mean, yeah, sure, the shortage of eggs and the bird flu is an issue. and, yes, transportation and the move in oil and the supply of oil is an issue. but the underlying issue of inflation including eggs, oil, and everything else, is $7 trillion in spending. so liz, if margaret does not acknowledge that, she's not going to buy into anything that jd vance says in terms of reining in inflation. >> maria, the amazing thing to me is not once has any democrat leader admitted that it was basically that spending spree starting with the $1.9 trillion american rescue act in a fully growing economy that set off inflation and you can track it. it's not a mystery. joe biden to the very evened of end of hispresidency kept claime inherited high inflation. not true. it was the result of the

spending spree. this is what makes all of this reconciliation talk and the conversations going on in florida so incredibly important. we have got to cut spending. everybody knows it. it's not going to be easy. it's not going to be popular. it has to happen. maria: and remember when because of the joe biden white house we had to actually question what inflation was? right? and we're all sitting there saying no, i mean, i covered business for 35 years. i know inflation is too many dollars chasing too few goods. no, no, no. and then we had to question what a recession was. no, no, no, a recession is two quarters of negative performance. no, no, no, not this time around. it was so outrageous, chris, with all of the redefining, very, very basic principles, too many dollars chasing too few goods. >> the concept of inflation reduction act, spending billions of dollars is absurd on its face and the adversarial nature, he's

been vice president for five days and she's attacking him. they want to get back to this kind of anti-conservativeism and it's a funny -- it's ridiculous because at the end of the day everything they're doing is going to reduce inflation and ultimately i think we're trending in the right direction but again, in five days, she might be coming in a little hot for five days, for sure. maria: southern california will see its first significant rain fall in months after the devastating wildfires but the much needed rain puts la under a flood watch, potential for mud slides in t marissa torres with an update there. >> we desperately need the rain. we haven't seen significant rain in southern california since september. the first winter storm is when wewe capitalize on moi's chirr. the upper level low has been cut off from the upper level winds. it stalls it over the region. that's why we saw rain saturday, sunday, into today. you'll continue to see the

counterclockwise spin with it. the threat for flooding is higher over burn scar grounds, the hughes fire in la county and the eaton fire that tbhurnd then the san gabriel mountains. these are air yeahs where you get that runoff, there's no vegetation to stop it, there's nothing to absorb it so we have to pay attention to the flood risk for flash flooding, mud flows and debris flows as well. otherwise, outside of that, this is bringing some much needed rain, totals are going to be anywhere from hundredths of an inch to three quarters of an inch in spots so we'll pay attention to that. there's mountain snow coming in to the southern see sierra, we d see half a foot to over a foot above 3500 feet in elevation. let's get back to the trivia question. january of 2024, record breaking

fog coverage was reported across the country. how many areas were under fog advisories. the choice is a, over 400 areas, b, 600, c, more than 1500, or d, more than 1900. we're going to have the answer coming up in the next hour. maria. maria: all right, marissa, thank you. we'll be back for that and we'll slip in a short break and come back with a big hour. 7:00 a.m. right here. you're watching "mornings with maria" live on fox business. stay with us.

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