the funding has to stop, and i think it's very interesting that with a new administration all of a sudden that we're having a true conversation about what this has cost places like new york city. i understand it's a sanctuary city, but it's the till a city that's got residents -- maria: they set the $59 million last week, okay? they're still spending -- sending money to missouri to the house illegals. mark, your thoughts. >> we agree we will see a return of volatility in the stock market this year, and those present buy able pullbacks -- buyable pullbacks. you have to make your decision at which level you would buy now so you don't get weak in the knees when the price drops. maria: great point. we will see everybody tomorrow. we've got the consumer price index out, we've got all hands on deck. mark, cheryl, thank you so much. stay with fox business. david asman in for stu. varney, take it away. david: the good morning, everyone, i'm david asman in for

stuart varney. doge on a roll. sounds like a deli order, but it's the not. the department term terminated 89 contracts with the county of education on monday, 29 education department dei training grants worth more than $100 million and 59 million that elon musk says fema if sent to rubbing luxury hotels in new york city. they house migrants in the country illegally. the left is apoplectic about their progress. they a continue their defense of wasteful spending, and now they're threatening to hut down the government. to the market, fed chair jay powell's on capitol hill today and tomorrow for his semi-annual testimony on the state of the economy. how will his testimony today affects the markets? which, by the way, are down right now? the dow, s&p and nasdaq all in premarket negative activity. that could change during the course of our show. on the hoe today, the department of homeland security is now

looking to deputize irs agents firm gration enforcement to to help dig into money laundering and human trafficking. and president trump is going to be welcoming a key middle east ally to the white house today after issuing an ultimatum the hamas, release all hostages by saturday or, quote, all hell will break out. it's tuesday, february 11th. "varney & company" is about to begin. ♪ ♪ billy, billy don't you lose my number -- ♪ if quds -- 'cuz you not enoug- >> incredible album, one of the best ever, by the way. certainly are the the best, i think, in 19800. phil collins, the great phil collins. a federal judge has extended the ban on trump buyout offers.

good morning, lauren. lauren: good morning, david. david: this isn't the result trump wanted exactly, is it? lauren: a reported 65,000 workers have accepted this buyout, and the president says the judge's extended freeze makes no sense at all a. >> well, i don't know how you can lose a case like that. we're talking about people, you know, everybody -- i got elected on making government better, more efficient and smaller: and that's what we're doing. and i think it was a very generous buyout, actually. also if people don't show up to work, we have a right to fire them, and they have an option. they can show up the work or not. you'll find many of those people, in my opinion, have had other jobs even though they are collecting money from the federal government. lauren: so the administration's goal is cutting 200,000 workers to to accept the buyout. and it would save the government hundreds of billions of dollars. this is the argument coming from the labor unions that are suing

the administration. they say the buyouts are arbitrary, they're in violation of a federal law, and they question how the government can guarantee paychecks are funded through september if the government is only funded through march. david: of course, the unions want to have those workers paying into their dues, that's what's going on here. todd piro is here, and todd, i know you are a recovering lawyer. >> yes, sir. david: but i want to put you back in that position for a moment. it kind of echoes what the president was saying. how can a president who won overwhelmingly on a promise to shrink government not be able the accept the freely-given resignations of tens of thousands of government bureaucrats? if i mean, it just -- it count seem to be what the people -- it doesn't seem to be what the people want. >> you raise a lot of issues there. there is not following watt will of the people is when they elected this individual to the executive branch and gave him the powers within the executive branch. david: and he's fulfilling a

poms by doing so. -- promise. >> but there's the legal side of it. if we engage in a transaction and there's no harm, this party over here cannot sue based upon your behalf because you are not alleging harm. you're taking a buyout from the federal government, you're happy with the terms, you're going to go your separate ways. so there's no harm there. all of the arguments that are coming from these unions are specious at best. of all these cases, the only one that has a scintilla of legal merit is the birthright citizen hardship case. and if there's one big takeaway on every single one of these, it comes from senator mike lee from utah. takeaway from for our audience, he said at the end of the day the supreme court will rule in favor of donald trump on every single one of these. it's just we're in the federal courts right now, and there's a delay because you have a number of democrat-appointed judges who are gumming up the works -- david: and, by the way, these

are the same judges that democrat d.a.s and attorneys general in various states like letitia james in new york sought out because she a knew that they were going to be on her side. >> judge shopping. david: they didn't mind that the law had been twisted around and the constitution itself had been twisted around to to suit their lawfare. >> 1000%, judge shopping. that's' what's going on here. david: very quickly, shutting down the treasury -- or shutting down the ability of the secretary of treasury to look at his own records, that's what a he's empowered to do. he was nominated by the president, he was approved by the senate, and now he can't look at his own records. what about that one? >> we love this. the argument there is unelected bureaucrats. they didn't have, the left, that is, any problem with unelected bureaucrats during the biden administration. those individuals who, by the way, basically ran our government in the absence of a president with who had really any power and authority. you watch joe biden -- david: the minions were running

the white house for four years. >> all those guys -- they'vived next one, will be o -- listen to what president trump had so say about the country rallying behind him. >> it's hard to come together when some is people want a closed border, some people want an open border. some people want men playing in women's spurts, some people are big on transgender. the republican party isn't. we were coming together when the country was the most successful it ever was which was not very long ago during my term. david: so, solid, not only did the president -- todd, not only did the if run on common sense, but his popularity is growing with these common sense policies. how much longer can democrats deny reality? >> well, it's because the democrats benefit off of when you call it the status quo, when you call it the grift. democrats benefit off of this. not only the unions that we just mentioned in the first discussion, but also the ngos

and all the party bosses that have been in existence literally, david, since the 1800s. this is embedded in our federal, sate and local system. they make money off a of it, is so you better believe they're not happy what donald trump's doing, but it needs to be done. $36 trillion in debt is unsustainable. david: by the way, you weren't suggesting maxine waters goes back to the 1800s, were you? >> not yet. but keep it up. he gets me fired up, so maybe. david: a group led by elon musk has made a bid for a takeover of of open openai. i love this story to. lauren: i couldn't believe it. so "the wall street journal" says it's a $97.4 billion bid. it's for the nonprofit that controls openai, the make pa per of chatgpt, and the timing, this is come right when openai is transitioning to a for-profit company. and if elon musk is trying to sop all of that. so the openai ceo is elon musk's

archrival -- david: david his former partner, by the way. >> they founded this company together about a decade ago. so sam at taan responded to this unsolicit ised bid saying, no thank you, but we will buy twitter for $9.74 billion if you want. david: he just moved the decimal point over one -- lauren: and he's saying you've done nothing with this company. that offer for openai, doesn't that seem cheap considering what the latest funding expected to come in -- said david i think he was playing with that just to kind of put it in your face, elon, you know, take your money and shove it. lauren, thank you very much. tom hayes joins me now. tom, i do love it when billionaires have these spats, particularly ones that were former partners. i wonder if some of it, though, is being made up just in order to get attention for what they're doing. >> this is high stakes poker, for sure. elon musk does not want to see softbank's $40 billion n. s at a

$2600 billion valuation, so he offered a third, so softbank will have to say, no, it's really worth $200 billion, and sam altman going back saying you paid $44 billion for, and, maybe it's only worth $9.7 billion. i think this is just back and forth. but the stakes are high. he should be making an offer for deepseek and getting that model at a discount, a significant discount to what they're doing at openai. faster models, your seeing it with alibaba -- david: well, if you believe them. a lot of these molds are being questions -- questioned -- >> that's fair. but alibaba is showing faster performance against deepseek, etc., so there are a lot of models coming from all over the world. everyone wants a piece of this pie. lauren: deepseek, elon musk, those are the open source models. sam altman's is a closed door -- david: right, good december

2006. lauren: -- distinction. david: next one, tom, does the threat of the trump tariffs change your investment policy at all? >> yeah. i think what we're seeing, trump is trying to even things up. our simple average tariffs are 3.3%. india is 17%. brazil is 11%. china, 75%. so he's trying to even things u. it's going to affect steel and aluminum, heavy machinery. it's estimated -- david: and that's why the value of the u.s. stocks that are in aluminum and steel will be way up over the past couple of days. >> yeah. in terms of the steel prices -- producers. in terms of the impact to the finished goods, caterpillar, deere, a lot of this is priced in. they're not down that much this morning, and that's a good thing. david: tom hayes, good to see you. thank you very much for being here. coming up, we have consistently commented on the breakneck pace donald trump has been a moving at, and he says

that pace is actually necessary. listen. >> i've done so much so fast, and we really had to because they have really, what they've done to our country is so sad, it's so sad. we're going to be bigger, better and stronger than ever before. tawfd david me and has no plans -- and he has no plans to slow down. and new reports say that some immigrants who had joined caravans to make their a way to the u.s., well, they're turning around now because of trump's crackdown on the border. meanwhile, democrats have seemingly united in their opposition to doge and and trump's agenda, but can the republicans get in line on trump's big, beautiful bill? congressman carlos gimenez responds to that coming next. many ♪ ♪ one thing i can tell you is you have got to be free -- ♪ if come together right now over me ♪ where ya headed? susan: where am i headed?

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♪ david: well, democrats continue to rally in the streets over elon musk and the work of his doge team. chad chad pergram joins me now. doge is just recommending, congress has to deal with it in a substantive way. is speake, johnson moving to codify the cuts? >> reporter: good morning. johnson says that, but he's struggling to put together the a budge plan that can pass the d budget plan that can pass the house. a democrat congressman says doge sands for the department of government evil, but that's not the only democratic acronym. >> i think i saw a sign in the crowd that said doge stands for dangerous oligarchs' grab at a

everything. and i said then and i'll say it again, elon musk needs to keep his grubby, greedy, grubby hands off of our government. >> reporter: democrats are not only hammering doge and its cuts, but elon musk. he has become the new target of democratic attacks, replacing president trump. >> so, elon, come here and face us. bling your [bleep] over here. come on over here and face us so you can hear from if us, you can see us, you can look us mt. eye. we're not afraid. >> reporter: so far republicans are supportive of doge cuts, but they have questions about a fema and the consumer financial protection bureau. the gop embraces the suspension of programs at usaid a. >> when you see, for instance, $3.5 million being given the a rap artist in gaza to create anti-israeli songs, that does not seem like a good use of

american taxpayer money. there's no question they've gone astray from what their mission actually is. >> reporter: massachusetts democrat elizabeth warren said the cfpb was there to protect consumers. she accused musk of being what she called a scammer and a fraudster. she also a worries that doge might try to steal personal data. david? david: other than that, she's fine with it. shared, thank you very much. florida congressman carlos gimenez joins me now. trump is getting all these doge cuts done. meanwhile, congress, it seems republicans can't unite on what trump said he wanted, one big, beautiful bill. will that happen? >> i hope so. look, without a doubt there are differences of opinion within the conference. but i trust that speaker johnson will get us together and and then, finally, we'll be able to put out a reconciliation bill out of the house and send is it over to the senate. the first thing that has to happen is a budget resolution.

you've got to get to a top-line number. you've got to get the instructions, and then we can get to work. we need to get to work because we have a lot of work to do, ask we don't have too much time. david: of course; the disagreements aren't so much on doge and spending. i think most republicans agree on that. it's on taxes, in particular the republicans from blue state who is want that extent of the s.a.l.t. deductions, the state and local deductions, because their states have a lot of taxes that texas and florida don't have, right in. >> yeah. look, hay don't want an an extension of it, actually, if they got rid of it, they'd be fine. they're willing to work with increasing that am so that instead i think it's $10,000, 15,000 right now, if you can increase that am, then -- that amount a, their residents and constituents are going to get a bigger deduction on their tax bill. i understand their position. on the other side, there are folks who say, when we do that, that creates a hole. how will we going to pay for it

that's one of the big bones of contention -- david: if it's a deal-breaker before tend of the year, we get the biggest tax hike in history, and republicans clearly would lose the house if that happens. >> that's true. david: they're on pretty thin ice here. next one, congressman. two venezuelan planes were used to repatriate a lot of migrants yesterday. these are venezuelan planes, some people include alleged gang members. congressman, this is extraordinary. first, colombia says, no way, we're not going to get involved, then they use their own planes. now venezuela's using their own planes. looks like trump has a pretty good record on this. >> yeah. but i would hope that we're not dealing with the a if maduro regime. we need to slap sanctions on him beginnings, oil sanctions on him again, and i would hope that most, if not all of these repatriated venezuelans are gang members. every member of tren de aragua

are venezuelan, but not all a venezuelans are not tren de aragua -- david: good point. >> don't deal with these dictators. they're the cause of the problem. let's get rid of the dick today dictators, and -- dictators. david: last one, congressman. listen to what president trump had to say about a his tariffs on china. roll i. >> as you know, i put tariffs on china. we took in hundreds of billions of dollars with those tariffs, and biden wasn't ready to to ge. they've charged us, we haven't charged them. it's time to be reciprocal. so that's having to do with everything. that's not just steel and human lumbar. we'll be -- aluminum. we'll be discussing that. david: you're holding a hearing on china's influence if on our ports and on what's going on in panama. what is the best way the counter china? is it the tariffs that the president's using? >> it's an all the above

approach. we need to engage our western hemisphere neighbors so that we can stem the now of chinese influence in our own hemisphere and, yeah, need to slap tariffs on them because they just don't do things the right way. they don't play fair. of and so president trump is right on in slapping tariffs on them because we know that the chinese don't play fair. they try to undermine all of our industries and basically run them out of business. and and so i'm very happy about the tariffs on steel, aluminum, etc., because we need to produce that here in the united states for our own national security interests. david: all right. congressman, best of luck to you in all your endeavors. your plate is full, as they say. and the president, of course, has no problem eating through many plates at the same time. we thank you for coming in, appreciate it. >> it's my pleasure. david: the department of homeland security wants irs is agents to help at the border. how would that work? lauren: dhs wants to deputize certain agents to investigate financial flows involving human

photographicking networks and businesses -- trafficking networks. the homeland security secretary, kristi noem, wrote to treasury secretary scott bessent saying, quote, it is dhs' understanding that the department of treasury has a qualified law enforcement personnel available to assist with immigration enforcement especially in light of recent increases to the internal revenue service's work force and budget with. she's referring to what former president biden did. he expanded the agency. there are nearly 23000 agent as -- 2300 agents just in the criminal investigations unit. some of these carry guns, they can make arrests. so the argument is why not use them to help carry out deportations of illegal immigrants? david: efficiency. efficiency. it's do what -- efficiency and common sense, it's what this administration's been about. lauren, thank you very much. checking on futures, looks like we're going to open with a down market. the dow is down 147 in premarket, nasdaq is down percentage wise a lot greater,

150 points to the negative. the opening bell is next. ♪

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david nicholas joins me now. david, let me first talk about gold. today it's down a little bit, just about $8 to the negative side, but it's still $2, 926, only about 80 points, 700, 80 points away from 3,000. do you think it's going to hit 3,000 before it goes back below 2? >> oh, certainly, david. we're seeing unprecedented demand -- yeah, yeah, no question. if you look at the demand for gold, it's unprecedented both in the europe and the u.s. the amount of gold in london vaults fell by 5 million troy ounces, the most it's dropped on record. a lot of it is central banks are buying it to hedge their bets against a tariff trade war that could set off globally. so central banks are buying gold, so i think the price goes higher. david: is it also inflation? is it also concerns that the fed doesn't seem to have as much as the marketplace does about inflation not being licked? >> well, i mean, it's funny you

bring that up. if you look at the cpi number, we've had three straight month of cpi increases, so i think there's something to to that, david. i through the market is saying, you know what in inflation is starting to pick back up. gold could be a hedge in some ways to them off any rising price increases that we may see. david: besides gold, how other -- what other changes are you making in your investment strategy based on what's happening with the tariffs? >> yeah. it's harder the find value, right? if you look across the pond, we talk about london, europe has gotten beat up because investors are concerned about tariffs really affecting prices over there. but i look at the valuation gap, the stocks 50 is up 8% in january comparing that to 3% from the s&p 500, so europe is currently outperforming the u.s., and it's trading at 14 times forward compared to 22 times for the u.s. so i think investors should look to europe with. a maim like taxer adyey is a payment processer out of

netherlands, love that. david: david nicholas, thank you so much for that. and the opening bell has rung. we do have some green on the screen. it's not all red. the premarket activity was down not particularly bad, wasn't a selloff, certainly, but the dow is down right now 120 points as you can see, we still have growing number though minority of green stocks on the dow 30. let's take a look at the s&p. that is also trading down by about a .3% right now, down 18 points to 6,0048. and the -- 6,048. expect nasdaq, tech-heavy, down about a full half a percentage point,9 99.75 points down. it's trading at 19,6000 right now. we're also showing you big tech. only apple's in the green right now. amazon, alphabet, microsoft, meta all in negative territory but not terribly so. let's start with meta, and and we have taylor riggs to take us

through that. >> good morning. david: what's up with meta? >> meta ca came out yesterday morning and said they are starting the process of cutting a few jobs, about 5% of their work force or 360000 people. sub-- 3600 people. zuckerberg wants to cut out some of the lowest performers. that's the way they're doing this, really focus on jobs that are pivoting to a.i. and cutting other jobs elsewhere. david: they're all in on a.i. >> yes. david we did have some earnings reports before the bell. let's start with kellogg. >> you're up 8, 9%. a sales miss but profit crushed it thanks to what they're doing in their supply chain, all the way down that income statement. interesting, they said they're looking to to organic sales growth for the rest of this year to still be about a decline of 1%. david: another iconic name, coca-cola. >> let's do it. you must be drinking and eating, because the shares are up 4%, and they're seeing resilient demand for their stow das and juices in particular -- sodas and juices in particular.

organic revenue if up 14%, but 9% of that is the price mix. combination, 5% is the increase in the actual sales. this year organic revenue, they want it to be about 5 a-6% growth. david: and an undetermined number or percentage of trump bump going in there because he loves his diet coke. [laughter] humana if. >> let's do this. human a that, they said earnings are going to be flat, but they were able to reaffirm their guidance for the year, and they said it's going to be flat. basically what it was in line with last year, and the market's happy with that. they also looked at their first quarter forward medical loss ratio. it's a way for them to track sort of costs, how much things are going. and they actually said better than estimates. staved david finish do. david: shopify. >> holiday season better hand expected. they're doing a big a.i. rollout to, so even though they had a down beat profit outlook going forward, everybody's excited about the investments they're making in a. a.i.

it's called the shopify if magic. david: marriott. >> they're down about 3.4%, and i'm getting a lot of comments ab domestic demand this in china that is well below expectations because you're having weakness in that chinese consumer. except the fact that if you're a high-end chinese consumer and you're reeving china to go concern leaving china to go to other places in asia or southeast asia, you are seeing demand there. marriott calling out the weakness in that domestic sort of middle income chinese consumer. david: elon musk's brother just offloaded some of his stake in tesla. how much? >> you know, david, i never e get too, a too worried about this stuff because a lot of this is preapproved, annual selling. this isn't a sign that he no longer likes tesla and he's selling, none of that. he sold 74,000 shares, but he still has a cool 1.5 million shares. david: and the buy now, pay later people, affirm, they are

partnering with fin-tech company fixer s. i what for in -- fis. >> to the maybe their debit cards available to any bank who also a partners with fis. so if you are a bank and you partner with fis, you now have access to the debit card of affirm and get access to buy now, pay later. david: checking in on crypto, there's an sec lawsuit. >> it may be and it may not if be, that that's the news. binance and s is ec both filed a report to the judge and said maybe let's ask for a stay for 60 days. as you know, there is that crypto task force, and they are saying this task force may impact the potential resolution of this case. as we get more clarity about rules and regulations, what the future of crypto regulation may look like. david: bitcoin is down by about 5000 points. taylor, thank you very much. we're going to see you on the 2-hour "big money show" starting at 12 p.m. eastern time.

it is a fast-moving, wonderful show. we love it. checking the big board, the dow is down. we expected that that. it's actually off its premarket lows. it's down about 1000 points right now -- 1000 -- 100 points. apple, ibm, unitedhealth group is up and nike is up as well. let's looking a or -- look at the s&p 500 winners. ecolabs is on there, phillips 66, dupont, coca-cola and since halt inty -- is that financial? i guess since matty financial, that that's what it was. and the nasdaq winners, global groundings, is that it? if. >> foundries. david: okay. my eyes are not as good as they used to be -- [laughter] >> on semi, mongo db and apple. david: and the 10-year treasury, the yield is up 4.2 basis points to 4.536%. that's the 10-year. check in on gold. as we mentioned, it's down just by a tick, down about $6. still well over $2900 per ounce.

and bitcoin is down, again, not by a9 lot from their standards, it's down to $96,946. taking a look at oil, it's up a little bit, up about 88 cents to $73.20 the a barrel, and nat gas is up about 3%. big jump for nat gas. the average price, by the way, for a gallon of regular is now $3.14. but if you live in california, sorry to say it is the $4.66. what a difference. coming up, senate republicans are pushing two separate bills to get trump's agenda passed, but the president just wants one big, beautiful bill. will the head of the house ways and means committee, they're the folks in charge of writing tax bills, jason smith is the chairman, will he say he can make donald trump happy? [laughter] we're going to be asking him. meanwhile, president trump has a warning for hamas if they keep

slow-rolling the hostage releases, he will break loose. take a listen. >> i'm speaking for myself. israel can override it, but from myself, saturday at 12:00 and if they're not, if they're not here, all a hell is gonna break out. david: are we about to see the end of the ceasefire? we'll take that on. meanwhile, fed chair jay powell is headed to capitol hill today for his first day of testimony about the state of the economy. is there anything he can say, it's certainly happened in the parks that could spook the the markets? economist john lonski is here in studio. john is walking in. good to see you, josh. you're right behind me. [laughter] ♪ if. ♪ 'cuz it all just seems so funny. ♪ a bunch of guys like us in a big tour bus -- ♪ if making that easy money ♪

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brought to you by comcast business. david: checking the markets, and they're looking a little better. still all in negative territory. dow is down 99 is -- 91.

nasdaq down about a 600. today jerome powell's going to be testifying on capitol hill. ful he'll talk about the economy p of course, and what the fed is trying to do the fight inflation. economist john lonski joins me now. ing first of all, is there anything he can say that's going to spook the markets to the downside? >> i think the market right now is very jittery about what's going to happen with tariffs at this point in time, so it's going to really take something extraordinary the spook the markets to add to this sense of above average risk. david: i'd can ask him a question if i was on the committee nation him. i'd say why was it that when you cut rate rates the last time, the market rates, the rate of the 10-year treasury went up, in exactly the opposite direction? why aren't to you in tune with what the market traders believe? >> you know what happened, last year in terms of jobs growth we got off to to a strong start, and then it really dropped, the second and third quarters, 130,000 new jobs per month.

but what i think powell didn't know was that the economy was very resilient, and that cut in rates and the accompanied jump in stock prices brought back some consumer confidence, it brought back hiring activity, and with it it brought back the fear of inflation. in other words, inflation if expectations, it makes sense inflation expectations rose after the fed made that unexpectedly deep rate cut of half a percentage point in september. david: by the way, i'm curious, is part of the reason that the markets are so is resilient because we still have the trump tax code that was niche ifuated in 2027 -- initiated in 2017? >> that's part of it. and we still have a federal budget deficit at more than 6 of gdp. the federal government, in effect, is spending, my goodness, what is it? it's a huge amount more than, $1.8 trillion more than they take in in terms of taxes.

with that type of stimulus, you're not going to have a recession. you're going to have a resilient economy, but you can only do that for so long. david: which brings me to the cpa a -- cpi, excuse me, which we, the inflation number we get out tomorrow. st the last full report from before donald trump took office. what do you expect to see there? >> i think we're going to see a drop many if headline inflation .4% in december, .2% in january. however, core inflation edges up from .2% -- david: and that's the one that the fed focuses on. >> right. and we're still going to have core inflation annually running just over 3%, maybe 3.2%. it seems as though progress at reducing inflation has stalled for now. it's ended for now. and we're going to have to see what happens moving ahead. if we do have a revitalization of economic activity and spending, unfortunately given the fact we're starting off with a relatively low unemployment rate, a full employment economy, we may see a revival of

inflation. however, doge, you know, cutting federal spending, that could make a big difference. david: it already has. it's whether congress is able to work e it into its reconciliation budget. you already mentioned, by the way, the debt. the president had some interesting things the say about the debt ceiling and tax cuts. roll tape. >> i can't imagine the democrats don't want to be take care of the debt ceiling because that's, that could be an explosion if the likes of which we have never seen. and i just don't think that's going to happen. i think we -- it's very important that we do the tax bill, and i can't see the democrats giving people the largest tax increase in history. so we have to extend it, and i think make it better, make it even more productive, you know? we can do things that we did even better than we did during the trump tax breaks. david: well, first of all, should the debt ceiling be rayed? >> i think -- raised? if. >> i think it should. the focus should be on

curtailing federal spending that's what the game is all about, and that's what elon musk is trying to do right now. [laughter] apparently, there are billions of dollars being spent by the government that are not being accounted for. ca. david: yeah. >> that's insanity. if a cf if o had done that the at a corporation, not only would the cfo have been fired, but might be criminally liable. david: and since you just admitted that one of the reasons the economy's resilient is because we have the tax structure that was set is none 2017, what happens if we lose that? what happens if all of these in-fights among republicans lead to the end of 2025 and the biggest tax increase in history in. >> oh, the answer's obvious. you know, with inflation remaining on the high side, if we go ahead and end these tax cuts, the economy immediately goes into a recession. david: so companies, essentially, would be facing two pushes against them, and taxes would go up and inflation is going up, and they have no way to pay the bills. >> and possibly labor costs

would break their backs. david: john lonski, really appreciate it. >> thank you. david: donald trump is praising the doge team for their work ever so far is. what is he saying, lauren? lauren: he calls the doge team a group of brilliant young minds. watch here. >> these are really brilliant, it's a group, i call it the group of a hundred. we literally started off with 14 or 15 young geniuses. now we have 100 young geniuses. people are calling up from all over the country wanting to do and wanting to help elon are. you know, they respect him and they respect me. they love what's happening with our country. lauren: yeah. they're carving out a path to fiscal sanity. that's what americans voted for. the president spoke of the youth of the doge team, and that's because he's in our culture. he's 78, but he has made maga and the maga mission if cool to young people. [laughter] david david remember how the democrats tried to use maga, the term, against him during the campaign? it failed miserably. a. lauren: now for many young people, badge honor. save money, cut waste.

david: lauren, thank you very much. coming up, president trump defending his use of tariffs to give america a boost. listen. >> we were being pummeled by both friend and foe alike. our nation requires steel and aluminum to be made in america, not in foreign lands. it's time for our great industries to come back to america. i want them back to america. david: we will ask a real estate developer how these tariffs will affect his business. also defense secretary pete hegseth making his debut on the world stage. he is meeting with our u.s. command leaders from europe and africa before heading to the nato meetings in brussels. we'll bring you his stern message to european leaders coming next. ♪ -- a tooth for a tooth and an eye for an eye. ♪ that's an old slogan we're going to revive because america can survive muck ♪ america will survive ♪

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♪ david: well, now this, pete hegseth is kicking off his first foreign trip as defense secretary. he is meeting with the leaders of the u.s. european and african

command. our own on lucas tomlinson is in germany with the secretary. good to see you, lucas. what will be discussed at these meetings? >> reporter: good afternoon, david. i'm in germany, home of the u.s. military's european command. as you can see behind me, home of the u.s. military's africa command. just ahead of this trip to brussels, the defense secretary wants nato allies to spend much more on defense. >> well, of course, the president has said directly that our nato allies need to step up even more. we're appreciative of what they've done. the alliance is rock solid, but any sort of an aligns needs full burden-sharing. so we're going to talk a lot more about that. >> reporter: now, right now, dade, the defense if secretary's at a town hall visiting with troops. as you can see, he's at the u.s.-africa command headquarters earlier for a classified briefings, now doubt hearing ab -- hearing about that

airstrike in somalia. earlier he visited the u.s. military command, 78,000 troops deployed across europe right now. before touching down, hegseth brought back the name fort bragg but with a twist. it is not being renamed after the former confederate general, instead after a world war ii silver star recipient, private first class are roland bragg. >> there it is. pursuant to the authority of the secretary secretary of defense, title x, united states code section 113, i direct the army to change the name of fort liberty, north carolina, to fort bragg, north carolina. that's right, bragg is back. >> reporter: now, dade, you're wondering how did hegseth, the4-year-old former army officer? with a little pt, of course, with some soldiers and navy seals after getting in late last night. after his visit here to stuttgart, he's off to brussels.

i'll be traveling with the secretary, and is once he gets there, of course, ukraine will be a major topic of conversation with nato allies, a defense ministerial. of course, as we approach the 3-year anniversary of the war, we've heard from president trump who wants to end the war, but we have to ask, what's model? the korean, german or irish mold, david? david: what's the summit on the autobonn? >> reporter: you know, we got a ticket, apparently, on our way over here. [laughter] i was not driving. a navy officer a was driving us, the light flashed trying to to get here, but come on -- david so there is a speed limit, but lucas doesn't know what it is. [laughter] thank you, my friend. still ahead, oklahoma senator markwayne mullin on president trump saying he'd love to work out a nuclear deal with iran. and brian kilmeade on the administration's plan to send education back to the states. wouldn't that that be a wonderful hinge? bill hemmer on democrats who are

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