chiefs. [laughter] cheryl: okay. all right. you're going for -- actually, i think i'm supporting the chiefs too, and that might be a taylor swift opinion but, you know, i mean -- >> too good under pressure. >> i'm with you. >> we've got four chiefs here. >> i wouldn't bet against ma home. it's like the new brady concern mahomes. cheryl: i wouldn't bet against elon musk. and i realize there's a lot of -- you know, the left is very angry he wasn't elected. he wasn't elected, but at the end of the day, he's taking what he did with twitter, east taking that model and applying that to the federal government, and it's not -- it's going to be painful for some, mark, final word, but it is going to happen. >> soros wasn't elected either, and they didn't have a problem when he was essentially running the government. cheryl: there you go. ing great show, your guys. my other favorite is stuart varney -- stuart: oh, that'll do the trick. [laughter] good morning, cheryl. good morning, everyone.

doge expanding its investigation of government. musk is looking at medicare and medicaid which together spend about $. 1.5 a trillion a year. he's issuing daily reports on the problems that he's found. just wait til you see where usaid money is going. we have the list. the left is apoplectic. musk hatred is rampant. democrats want to take the fight, that that's their word, to the streets. they are angry because musk is effective. let's get to the markets. all eyes on big tech. are these companies spending too much on a.i. in the face of a cheaper alternative from china? their long rally has stalled and, by the way, some lawmakers are looking to ban deepseek on government devices. as for the dow industrials in advance of the opening bell, we've got some green. dow up about 70, nasdaq up about 12. little bit of green, not much. bitcoin still under 100 grand, 98,6, to be precise. interest rates, look at the

0-year level, your back to 4.42%. and the 2-year well below 4.25%, you're at 44.21. poll -- 4.21. a serious challenge to sanctuary cities and states. newly-minted attorney general pam bondi is going to cut off the money. a memo says the doj will ensure sanctuary jurisdictions do not receive access the federal funds, end quote. separately, the mayors of several sanctuary cities including chicago and new york will be hauled in front of james comer's congressional committee. comer accuses them of prioritizing illegal criminals over the american people. on the show today, 40,000 federal workers have accepted trump's buyout offer. trump wants more. the deadline to sign up, midnight if tonight. it is thursday, january 6, 2025, "varney & company" is about to begin. ♪ ♪

♪ 'cuz i hear a voice and it calls me -- stuart: okay. mercy me. don't know that that. before we get started -- lauren: a major correction. stuart: it is february the 6th -- >> did you say january? it just slipped out. [laughter] i've got to think about -- >> you can never go back. [laughter] stuart: let's get on with it. president trump attending the national prayer breakfast many washington this morning. watch this. >> if we could ever come together, it would be unbelievable. may not happen but it should. maybe it will. from the if earliest days of our republic, faith in god has alls a been the ultimate source of strength that beats in the hearts of our nation. we have to bring religion back. the stories of legends like washington, winthrop and williams remind us the that without faith in god, there

would be no american story. every citizen should be proud of this exceptional heritage. if. stuart: we've got a lot more on that later in the show. now, listen to massachusetts senator ed markey call for protests in the streets over elon musk and doge. you've got to watch this. >> this is an historic moment. this is the time when we have to stand up and the fight, to not stand on the sidelines. there should be hundreds of thousands and millions of people descending on washington, d.c.! we will march for freedom. we need a march for democracy. we are the moral force of the world. we are, we are a democracy that people look up to. stuart: okay. [laughter] finish charlie hurt with us this morning. you know, senator markey wants millions to protest on the streets. you could say that that kind of rhetoric is dangerous. you could say that, couldn't

you? [laughter] >> yeah. you might want to think about that if you are ed markey. and it's remarkable whenever we see one of these toests, we've seen a down -- protests, we've seen a couple the week with chuck schumer, a couple of others, and they are trying to get millions or at least thousands of people to march in the streets in washington d.c. the problem is they just come three blocks from somewhere wells in washington d.c. those are the only people who daughter about these cuts to -- that doge is trying to make to these government practices. the only people who are up in arms about it are government bureaucrats, often unionized government bureaucrats. there's no movement in the rest of the country among taxpayers because taxpayers understand what is obvious, and it becomes more obvious the more of these stories that come out, and that is that the government spends wildly on things that have nothing to do in terms of improving their lives.

stuart: right. i think senator markey is particularly upset because he's one of the authors of the of original green new deal along with aoc, and it's being taken to pieces by musk, and senator markey's not happy about that. let me move on. listen to what white house press secretary, karoline leavitt had to say. watch this. >> reporter: they say we have to fight this in the streets. so what now? >> if you heard that type of violent, enticing rhetoric from if our side of the aisle, from republican leaders on capitol hill, i think there would be a lot more outrage in this room today. it's unacceptable. and for democrat officials to incite violence and encourage americans to take to the streets is incredibly alarming, and they should be held accountable for that rhetoric. stuart: you could make the case that trump hatred was a fact if to have in the last election. -- factor in the last election. it didn't work. and i think you could make the case that musk hatred, which seems to be predominant now,

won't work either for the democrats. what do you say? >> yeah. no, i think you're exactly right about that, and i think karoline leavitt is exactly right. that kind of rhetoric, there are no -- there is no place for it. but on a political field, it's even more damaging to them because it sounds so discordant with what most people see with their own eyes which is elon musk and donald trump are making, doing a lot of really good, common sense things. doing things trying to cut spending, trying to make government more efficient and more answerable to the innocent taxpayer. and then you have these screeching lawmakers who are coming out trying to get people to fill the streets in protest, and it just doesn't make sense. and it's a reminder that, you know, president trump is always playing multiple sort of board games at once. obviously, he cares about the policies, and there's a lot to the fix in terms of the policies, but he's also playing

that pr game, and he's winning it. if to you saw that event yesterday with at the white house where he signed the bill banning men from participating in women's sports and you look at the prayer breakfast this morning in the capital, donald trump is talking to, you know, giving big speeches to a big audience of america. and people like ed markey and these other democrats, chris van hollen, they're just screeching to a smaller and smaller crowd. and they look, quite frankly, stuart, kind of unhinged. stuart: they do on occasion, that's true. charlie, thanks for joining us. >> great to see you, stuart. stuart: you too. i've got a little bit of green. dow up about 80. adam johnson with me this morning. >> sir. stuart: when can we expect the market rally to get back on track? >> well, actually, i would argue it is on track. think of what's happened each of the past two two mondays. you know, we've had these unbelievable selloffs on monday. two weeks ago because of the whole deepseek thing out of china, and by friday we were right back to where we were.

hen we come this this past monday, and it's the tariffs and can we're down, and now we're back to where we were. it's choppy. that's the way i would characterize it. but the trend is higher, and we know that, stuart, because whenever markets go down, as they have in a big way the past two mondays, people are there to buy. and that's because the economy is stronger than many realize. we have earnings growth in the double digit, and now, thank goodness, we finally have an administration in washington that has the best interests of the country and business in mind. so it's a wonderful coming together. that's why markets are going up. and they'll go higher from here. i've been buying them. stuart: okay. still with me for the hour. lawmakers want to ban deepseek on government devices. they want legislation on this, lauren? lauren: yeah. and the "wall street journal" reports the top democrat and the top republican on the house select committee on intelligence will introduce a bill today to ban deepseek on government devices on security concerns. they say the u.s. cannot allow

sensitive government or personal data to go back to china p. the deepseek app has hidden code that can send information to china mobile which is a state-owned telecom, and it's very similar to the original ban on tiktok. stuart: now we know. and thanks very much, lauren. lauren: you're welcome. stuart: adam, is big tech spending too much on a.i.? >> it's a very legit meat question, and that's -- legitimate question, and that's what's been rocking big tech, if there is an alternative coming out of china. here's the thing, the deepseek chinese alternative was built using 2,000 nvidia chips. and, by the way, a number of apparentlies have said, oh, yeah, and they stole code from chatgpt. so it all a comes back to the u.s. anyway which means need to keep spending and outdoing, and we need to keep it in our hands. we don't want to share that stuff with china. stuart: all right. thank, adam. >> you bet. stuart: attorney general pam bondi is going after a sanctuary

cities. she wants to pause all federal funding. senator ron johnson has that for us later in the show. we're not even a month into donald trump's second term, and democrats are already shouting impeachment. >> i rise to announce if that i will bring articles of impeachment against the president for dastardly deeds proposed and dastardly deeds done. stuart: dastardly deeds. all right, we're going to take that one on. we'll get there. california's governor newsom met with president trump in washington. he wants federal funding to rebuild california. any if aid should have conditions, and looked a this, grant cardone is here in new york, he's marching toward the set. he's going to deal with this. good to see you, grant. we'll be back. ♪ when i was younger, so much younger hand today measure. ♪ if. ♪

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stuart: a little bit of green. not that much, but we'll take what we've got. the dow up 80, the nasdaq up 1.5 points. california governor gavin newsom met with president trump at the white house. he wants federal money for the devastating l.a. fires. real estate investor grant cardone with me now. you want any aid given to california to come with strings. what strings? >> well, there should be, and newscum -- stuart: oh, i don't like that. i don't like that phrase. >> president trump likes it -- stuart: yeah, i know. you're blushing. >> he's saying that a for a reason though, because he doesn't respect him. he also didn't have him at the a mayors' meeting. nobody noticed that, but he didn't bring him there. and last night's 30-minute if meeting, i think, was 90 minutes, so it'll be be

interesting the see what happens. i believe president trump will ask for, certainly, voter id. stuart: really? >> i think he asks if for the elimination of sanctuary cities. somebody needs to talk about the coastal commission. the coastal commission is responsible for these fires, okay? this is a 50-year legacy institution that has protected that coast for years. if you've ever tried to build there, i have a home on the beach that got burnt down, 18 of my neighbors got burnt down. and had that coastline been developed, it would be concrete, steel and glass and it would not have burned. this was a preventable event. stuart: you're suggesting that the president make political demands of california. >> they're not going to -- they're going to need $250 billion, okay? everybody's underestimating how much money is going to be spent there. i also suggested the president would say let the owners of the homes that can and willing to remove debris start today. stuart: and they're not allowed to at the moment is?

>> not. because the environmentalists are going to come in. you're going to talk about these people later, they're going to come in and worry about my safety. let me take care of my safety. get out of my business. let me do my thing. i want to remove the debris and start building my home 40. stuart: this is a power play by trump. >> should be. greenland, canada -- [laughter] panama. gaza. stuart: california. >> california. why not? if you're going to have the leverage and you have the wallet, if it's going to take $250 billion of taxpayer money, he should absolutely, 100%, art of the deal get something from the negotiations. stuart: is he going to get $250 billion? i doubt it. >> they might need 500 billion. this is probably the biggest environmental accident on planet earth. and this could be bigger than the t.a.r.p. bailout. stuart: that big? >> 100%. stuart: okay. let me move on for a second. we've got a new report that claims climate risk could cause a near, what, $1.5 trillion

decline in real estate values for the 30 years. the report suggests people move out of high risk areas. florida, los angeles, for example. what are you seeing? >> nobody's moving out of florida billion. people want to be on coastlines, they want to be where the action is, where jobs are, where the water is. if you're invested in real estate, stay as close as you can to the water. you're going to have a 30 percent premium on the exit. you're always going to be better off closer to those places that that people find that hazardous. nobody's moving to oklahoma. [laughter] stuart: oklahoma's a -- >> it's wonderful, but it comes to with tornadoes. [laughter] stuart: see, you're a real estate developer. i want to the talk about trump's vision of creating the riviera rah of the mideast in gaza -- riviera. he's been talking about this. he says israel should turn the gaza strip the over to the u.s. once the fighting's over. we would work with development teams from around the world. no u.s. troops would be needed.

do you like the sound of beachfront property in gaza? it's kind of funny, but, you know? >> you know, trump sees everything. he sees north korea as oceanfront property. he sees everything as property. he's a real estate guy. if you're in the real estate business, you should mota donald trump is going to see -- know that donald trump is going to see everything as a real estate. he's going to want the federal government to reduce interest rates. he talked about that last are week, he sees everything as a real estate deal and/or negotiations. so i could actually see where he canned see -- hook, they try -- look, they tried for 75 years to handle the gaza strip. it hasn't happened. he thinks the u.s. goes in there and develops that land, turns it into the live year rah of the mediterranean -- stuart: one thing i've been saying, that's the only plan on the table. i haven't heard anybody else suggest anything that could remotely work. >> they just keep remeeting insanity which is, you know, the same results over and over until

they don't get anything, and he's coming with something out of the box. maybe he brings the other players from the middle east to to to the table -- stuart: do you think he sees greenland as a real estate development. operation? >> no, but i think greenland absolutely happens this year. stuart: in this year? >> 100%. stuart: the prime minister of denmark has said, look, he doesn't object to an increased military presence in greenland -- >> i think it's a great play. we should expand our country. stuart: really? if you're an imperialist. >> no p. i think that all businesses, any endeavor has to expand. if it stays flat and doesn't grow, it won't survive. so we have to expand. the family unit, religions, churches, all those things have to to grow. if you don't grow, you guy -- you die. this is what happened in california with the fires. the coastal commission resisted the growth and development of the coastline. they restricted it. took seven years for me to build there. if that happens, okay, then i

can't redevelop my neighborhood. there's going to be a massive problem with the coastal commission, back to that first story, preventing me from what i need to do. stuart: do you want any government control of coastal development. >>? >> i'd prefer no government control. stuart: you okay with that? >> yeah, because people that are going to reinvest in that coastline are going today the right thing. the free market takes care of the marketplace. stuart: you're a trump guy, aren't you? >> i am a trump guy. stuart: knew that. [laughter] >> but i'm a business guy, and i want my neighborhoods to be protected. california's got the highest crime, highest housing prices, highest everything. like, they're terrible at everything they get involved in. stuart: okay. i've got to leave it at that. grant cardone, thank you, sir. >> thank you. stuart: now this. california's attorney general, rob banda, he wants kamala harris to run for governor of california. because he think that harris has a reasonable chance of winning? lauren: he calls her a

field-clearing candidate. [laughter] look, the field's already crowded. names like xavier becerra, katie porter looking to replace gavin newsom. he's done next year, term limited. yeah. kamala harris has name recognition, absolutely. she did win california, 58% of the vote, but she lost the election and now she finds herself out of elected office for the first time in two decades. stuart: i'm looking at you, grant. do you think harris could be governor of california? >> they'll rip her face off. stuart: okay. >> they will. stuart: quick check of futures. i see the dow up maybe 100 points at the opening bell. the opening bell is next, and we'll take you to wall street for it. ♪ when all you gotta keep it strong -- ♪ move along, move along like i know you do. ♪ and each when your hope is gone -- ♪ move along, move along just to make it through. ♪ move if along ♪ ♪

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stuart: all right, three minutes to the opening bell, dow's up 90, nasdaq up about 16 points. gary kaltbaum with me this morning. my big question, everybody's asking, will the huge spending on a.i. pay off? >> it better, and i say that because, you know, i watch the

semiconductor group all the time. i follow 85 stocks, and a lot of them are just crashing. the only ones that aren't are the a.i. because of the promise of, i guess, it's over a trillion dollars of spending in the next two, three years that are being announced. if so, number one, the spending were the get done, and number two -- better get done and, number two, it better bear fruit, or i think or else. i always worry about a overpromising and then eventually underdeliveringing. let's hope it comes through. stuart: okay. which big tech names do you still like? >> right now the relative strength is in meta and in netflix and in amazon. but amazon reports after the close anding you know, anything's possible. google was strong, alphabet was strong and then it gagged on their earnings reports. so you've got to be a little bit careful. and there are other big tech stocks now that are down for the count not because the end of the world's at hand, but not growing as much like apple, like microsoft right now. microsoft, i think, has done

nothing in 10, 11 months, still down from the highs. and, again, nothing's wrong, it's just that you to get a moment in time for a lot of these stocks that have just gone so far for so long, they've got to rest for a long while. stuart: you follow 85 stocks, that's what you do. >> in the semiconductor group because i think they drive the bus for the market. but over the last three weeks, yields have gone down from 4.8 to 4.4 in the 10 plaintiff year and oil's dropped -- 10-year. as long as yields and oil, i think, you know, play nice, i think we're in good steading right now. and earnings have been pretty darn good especially for the big banks. stuart: yields on treasuries, looking at it now, 10-year at 4.44, that's important? >> bigtime. if you just chart yields verse -- versus the market through the last few years, direct correlation which way they went. when the yields were spike all the way up, guess what?

we were in a bear market. we were just 4.8 three, four weeks ago. so nice drop. that is the cost of capital from the if individual all the way up to the biggest business. and mentioner or as i said, oil prices have really plunged. that's the cost of energy not just at the pump, but how many thousands of products are made with petroleum. let's hope that stays. stuart: if those 85 semiconductor stocks that you follow closely, what's your favorite now? >> this second, broadcom seems to have the strength. i've got to tell you with, there's sex or seven more that are crashing today, down 25, 30%, some names just amazing to watch. amd, one of hem that also a can't compete too well with the rest. so i think you be careful there and be very sock-specific. stuart: got it. gary kaltbaum, great to have you in new york. you left florida for this? >> 77 and sunny there. stuart: it's snowing here. welcome to new york. >> happy days. stuart: the market is now, banker open. away we go.. -- bang.

i'm looking at 70, 80 points up for the dow industrials. there's a lot more green than red among the dow 30, so there is some buying this morning. the s&p 500 also opening higher. not by much, about a quarter percent higher for the s&p. and the nasdaq, again, it's opening higher but not by much, .16%. let's have have a look at a big tech again. we do this every morning at 9:30. amazon, microsoft and meta up. apple and alphabet are down. qualcomm just reported their latest earnings. couch. -- ouch. what went wrong, taylor? >> yeah, it was the forecast, lower, that is what went wrong. you had a sales beat given a.i. has been fueling big demand for smartphones, but lower forecast. part of its agreement with huawei expired. stuart: did it, now? >> it did. stuart: that didn't help. >> count help at all. stuart: we had a slew of companies before the bell. first off, eli lilly. >> okay. look at what mounjaro and

zepbound are doing to the stock. nothing today, but overall, its the it in part fueled a 45% increase in revenue to $13.5 billion. they want approval for zepbound for moderate to severe sleep apnea. stuart: the stock's now up half a percent. yum brands. >> am i single-handedly responsible for all of the talk about value meals that are pushing this company up 6%? i might be. kf if c as well. it is all about the value meal. taco bell was the standout with their cravings box, starts at about a $5. kfc was a winner as a well. stuart: that's a deal. why is roblox down so much? >> yeah, they're plummeting because daily active users missed estimates. only 85 million, short of the 88 million that analysts wanted to see. bookings, which is a measure of sales, only close to 1.36 million -- billion, excuse me. missing estimates. and really they're not doing enough to keep predators offline

from if children, and that has been something that has harmed this company for a while. stuart: peloton? >> peloton actually had a good report, better than expected profitability. look, they're up 23%. they said, look, we're sacrificing a little bit of sales, but we're doing that for profitable. we're hoping that -- profitability. and breaking news we're just hearing from the cf if o saying there are no peloton-branded hardware projects that are subject to tariffs from china. stuart: oh, that's helping. that's a solid gain. is honeywell trying to split into three? >> i know, right if not one, not two, but three. they provided a disappointing outlook which is also why the shares are down 4.5%, but heir going to be separating the automation and aerospace technologies along with what was a previously-announced spin-off advanced material arm all about the second half of 2026. again for analyst, some of the parts versus a conglomerate discount, what is worth more, and i think people are trying to

figure that out. stuart: all right. the sports brand, under armour. >> this was a good one. you're only up eight-tenths of 1%, but they raised their annual profit forecast again. this is after a really good results. they said that they're reducing the discount, heir seeing better demand in both north america and asia. they have that new pan tom -- phantom 4 golf shoe, it was a standout to. stuart: okay. [laughter] the luxury brand other than, i think it's democratic luxury, tapestry. they're up 16%. of. >> yeah. they're also doing well. so they beat estimates. they're raising their outlook for the year. revenue was at 5% to $2.2 billion, well ahead of estimates. all led by coach which hats had sales up about 11%. kate spade if was down 10%, but, again, coach was leading the way here. stuart: that was always the standout for me, coach. i used to like that store. >> yeah. stuart: haven't been in one for

years. this is a corporate story. google. they've announced that their killing one of -- they're killing one of their de irk programs. tell me about that one. >> yeah. it is what has been in their annual statement every year since 2021. the first time we are not getting this statement now since 2020 that says they are making dei a part of everything we do. so, again, we are hearing that they're eliminating the goal, right, the quota in how many dei hires they want to make. again, the first time that we are not seeing this statement since 20 to. -- 2020. stuart: that's quite a turn around. ford motor company, are they below $10 a sharesome yes, they are. why are hay down? >> well, i mean, on one hand they're losing about $5.5 billion on ev sales, and they lost on evs last year about $5.1 billion. and more importantly, they had weak sales guidance. quarterly sales last quarter they hit a record but, again, profits are going to be lighter this year due to a lot of headwinds. getting some comments about a

tariffs but, again, that's all speculation at this point given they do source a lot of material from mexico and canada. but really a lot of this has just been a pivot from this company that, frankly, is not paying off. stuart: tesla. they've been on a slide recently, and heir down again this morning. i'm -- they're down again this morning. i'm looking at the prompter, and it says sales in europe tumbled. >> yes. stuart: they really came down. >> yes. stuart: what's the word there? taking a hit. they tumbled in europe. how much? >> i think tumbled is a great word. in germany registrations are down 59%. france, sales are down 63%. norway, sales are down 38%. u.k., registrations down 8%. again, here is the question: is this a brand issue with elon musk, or are people waiting for the new model y that is expected to be released in the first half of this year? that's the question. stuart: it could be both, actually. >> yes. >> or what if everyone who wants

an ev has already bought one? maybe, you know, it appeals to a group of enthusiastic people but doesn't have broad appeal. i'm not buying an ev. stuart: all right. micro strategy. i'm told they're leaning more heavily into crypto. i got that. but they're changing their name, aren't they? >> yeah, cut out the micro e. they're bigtime now. strategy. they came out and said they had a capital-raising plan of about a $42 billion, and they have achieveed -- we're almost halfway -- $20 billion of that. yes, in bitcoin. they now are the largest corporate holder of bitcoin. they make up about 2% of total sales. stuart: okay. yeah, they've a got 2% of the bitcoin -- >> total supply, yeah. stuart: they do. adam, quickly to your stock pick. you've only got oned today. ge very nova, and you really like it. >> i love this company. it's real simple, they solve the problem of powering data centers with electricity. this was a spinout from the old

general electric which, as you know, makes jet engines. well, they took the same technology but instead of mounting it on a wing, they mount it on steel brackets. and if instead of running jet fuel in it, they put natural gas in it. that that thrust then turns a general rater which produces electricity -- generator. if you need to produce electricity on site, all you need is a hook-up to a natural gas pipeline, you make your own electricity, now we have powered the a.i. data a centers. problem solved. [laughter] institute stuart that stock's done well. thanks, adam. here's what's coming up for you. the u.s. is set to push president trump's forward for peace in ukraine next week. former u.s. ambassador to nato, kurt volker, he's going to tell us what needs to be in that plan. while donald trump's working at a breakneck pace to make change a, republicans many congress are fighting with each other. does their bickering put trump's tax cuts at risk in former speaker of the house newt gingrich on that. newt's next. ♪ why must you be such an angry

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♪ if. stuart: president trump's been in office just over two weeks. democrats are already threatening him with subpoenas. they're calling for protests in the streets. they're actually pursuing impeachment. jacqui heinrich at the white house. did the president address any of this at the prayer breakfast? >> reporter: hey, stuart. well, indirectly, yes. he credited god for saving his life in the assassination if attempt and said he's not growing weary of doing good, referencing a letter from the apostle paul. the president said if it were up to democrats, he would be in a much worse place right now, not a good place at all. that was a reference to multiple impeachment attempts against him, federal court cases that he

was facing. and congressman al a green is at it again, announcing yesterday a new impeachment bid against the president for his plan for gaza. if meantime, democrats are demanding that the president fire elon musk, calling him an unelected bureaucrat with unchecked power as he continues his campaign to slash wasteful spending. progressives are holding a news conference after a senator markey said millions of people should be descending on washington, d.c. to protest musk's office. one congresswoman said this week, quote, we are at war. the white house says it's not preparing for any such battle. >> any officials here preparing to fight democratic lawmakers in the streets? >> absolutely not. [laughter] and may if i just point out, if you heard that type of violent, enticing rhetoric from our side of the aisle, from republican leaders on capitol hill, i think there would be a lot more outrage in this room today. it's unacceptable. >> reporter: -- urging their colleagues to hold their fire

because there's little public appetite to save much of what musk is trying to kill. here's jill biden's former press secretary. >> this is not the hill we want to die on, right? the country does not really like foreign aid. i learned this from watching "the west wing" in the '90s. it is not a popular subject with main street america, nor are federal workers. play the long game and stop being disthe tracted by these shiny objects. >> reporter: president trump was up early this morning posting on truth social about more waste that doge can uncovered. quote, the left-wing rag known as politico seems to have received $8 million. did "the new york times" receive money? if who else did? this could be the biggest scandal of them all, perhaps the biggest in history. the democrats can't hide from new one, too big, too dirty. the president framed this money as a payoff to write good stories about democrat, but the,

said a web side says it was to fun subscriptions for staffers across the government for a period of several years. still a tour yous expenditure oh the base package costing 15 grand for just three yearers -- three users, stuart. stuart: a meeting yesterday was reportedly contentious, one republican described it as, quote, predictably emotional a. former house speaker newt gingrich joins us now. is republican in-fighting threatening the ec tex of -- extension of trump tax cuts? >> well, no. i think in the end the tax cuts will be extended because even the democrats can't go home -- they realize if you don't extend them, you have a huge tax increase on the average family. and when that sinks in, do you really want to vote for a tax increase? if that's what you're doing if you vote no. so in the end, they're going to get this done. my worry, and i say this over

and over again, they have to get it done by may or june in order to have an economy next year growing fast enough to increase the house republican majority. if they lose the house next year, and you just had a report on this, the democrats are going to go crazy with investigations, with fights over policy, with efforts to impeachment so for the trump presidency to truly succeed, one of their highest goals has to be to keep the house. in order to keep the house, they have to get a tax bill through by may or june and, frankly, my good friends in the senate just don't seem to get it. if they want to move early, fine. move the tax bill early. but don't tell us you're going to move the budget bill -- the border bill early. the border bill's easy. what's hard is finding a a way to cut spending, to reform the system, to save a lot of money and to have tax cuts. and to do that, i think we have the move if together. it ought to be one big, beautiful bill as the president

said. any step back from that, risk losing the house next year. stuart: what's your judgment of elon musk and doge so far? [laughter] >> i think this is a strange historic moment everything from developing gaza to -- [laughter] taking on aid, to -- actually, the most fascinating thing musk has done, very similar to what he did earlier at spacex and then tesla and others, he's brought in very young people who are computer geniuses. he's got a bunch of people in their early 20s who are brilliant, and what they're doing, they're using computers to run the numbers. and as you saw with aid, once they began running the numbers, they said, woe -- whoa, look at all this money. aid always refused to tell congress what it was doing. it's a totally rogue, out of control agency. i think historians will someday say elon musk has a junior partner to president trump is a

major factor in getting america back on track there and getting the government under control and saving the taxpayers a huge amount of money. stuart: he makes news constantly. he's wonderful for the news business. newt gingrich, thank you very much for joining us, newt. [laughter] see you again sooning thanks. coming up, at last a serious challenge to sanctuary cities and states. we're starting to cut off the a money. the sanctuary era is drawing to a close. that is my opinion, and that's my take at the top of the hour. president trump has made it clear since he was on the campaign trail he wants to get rid of the department of education. that -- that's not going to happen overnight. how long would it take? former education secretary betsy devos will cover it for us. she's next. ♪ teacher, teacher, can you teach me? if. ♪ can you tell me all i need to know? ♪ teacher, teach teacher, can you reach me? ♪ or will i follow where --

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♪ finish. stuart: president trump has confirmed that his number one goal for the education secretary nominee, linda mcmahon, is for her to be so good at her job that the department is no longer needed. trump's former education secretary is betsy devos, and she joins me now.

abolishing the department of education doesn't happen overnight. realistically, how long would it take to the get rid of it? >> well, it certainly would require congress' ascent and approval and cooperation. but this is an ideal moment to really tackle this issue, one that has been brewing for a number of years. we tried to, essentially, dismantle it in the first term by returning the money directly to the states. this is the time to do it though. we just got the most recent nation's report card. it is dismal. the department has abjectly failed at its mission. it has not closed achievement gaps. in fact, those achievement gaps are wider than ever before. fourth graders and eighth graders are, 70% of them cannot read at grade level. and if you can't read, you can't learn. so all the a arguments are there, and president trump is right on track with calling for dismantling the department.

stuart: that's appalling. how would it work? you abolish the education department and then you just give block grants to the states according to their population, is that how it works? >> well, congress certainly wants to fund education and education activities. and assuming they want to continue to do so, you can block grant those funds directly to the states, take all the bureaucrats out of the middle and all of the red tape and all of the regulations. right now what happens is a lot of that is sucked up, a lot of resources are sucked up in running the agency, paying people's salaries, turning it around with all kinds of red tape attached. and then the states to do virtually the same thing before it actually gets into a child's classroom. so supporting families most directly is the ideal route through school choice which president trump, of course, has called for as well. but in addition, the department can be, essentially, dismantled even if congress does not agree

to totally abolish it. stuart: that's very interesting. betsy devos, thank you very much indeed for being with us this morning. always a pleasure, ma'am. thank you. adam, let me ask you a question about musk and doge. is his cost cutting we've seen so far, is that a positive for the stock market? >> oh, you better believe it, yes. doge is a big positive for the stock market, and i tell you why. it gets to productivity and efficiency. those are two things that, certainly, you look for in a company because that's what generates higher profit margins, right? and it's a little bit different in the public sector. but, yes, if you can make government more efficient, that is wonderful. ofst good for the market, for people and you as me -- and me as taxpayers. elon musk is doing the good lord's work. stuart: in the devil's kitchen. [laughter] thanks so much, adam. good to have you with us us for the hour. >> thank you, stuart. stuart: still ahead, former u.s. ambassador to nato kurt volker.

a deadly version of the bird flu spreading to cows. dr. frank contacessa tell us us if we should be worried. senator ron johnson says trump getting rid of usaid was just the tip of the iceberg. what more is coming our way? more "varney" after this. ♪ your best defense against erosion and cavities .. mmend pronamel active shield because it actively shields the enamel to defend against erosion and cavities. i think that this product is a game changer for my patients. try pronamel mouthwash.

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