estate early, had little exposure, the exposure they had, they bit the bullet early and reserved ford and may have reserved too much for it, they are prepared for the worst. when you look at the overall price, where long-term value is, 20% discount, strong dividend while you wait and a major beneficiary, some of the support for small businesses and medium-sized businesses won't be as dependent on net interest margins like bigger banks if interest rates stay higher longer so they are in a sweet spot. liz: thank you for making room in the sweet spot for us for your stock picks, great to have you. market end the day in the red but off of the lows of the session, continuing to show, you can argue resilience. that will do it for us. ♪ larry: welcome to code low.

i am larry kudlow. doge dividend checks and tax cuts very high on the presidential agenda, plus more government on the doge chocking block. byron donald's and katie pa pav pavlich, how to keep china out of the panama canal. senator rand paul endorses donald trump, better late than never. he will tell us why. first on fox news, peter doocy live from the white house, you said it yesterday, what have you got today. >> so inspiring that i took it to the briefing room, stephen miller about how checks could be worth $5000, for how could actually work. >> 20% to pay down the debt,

60% is left. >> when you achieve savings, and can be cycled into next year's budget and lowers the overall baseline next year. >> there is broad bipartisan agreement that wasteful programs and duplicate payments should be canceled. the republicans think this doge money should be focused elsewhere. >> the sending money to taxpayers. >> after we address inflation, the deficit, to send taxpayers, $36 trillion in debt, we dug ourselves a deep hole and they need to address that first. >> something else, these checks

wouldn't be arriving anytime soon, they have to be part of the congressional budging process which takes a long time. larry: thank you very much. give donald trump what he wants right now and that's the subject of the rift. a month into donald trump's golden age 2nd term his economic policy has become very clear. shrink the government and turn savings over to taxpayers. two points stand out here. first up, there's a doge dividend in the cards, perhaps 5000 ahead from $2 trillion of savings as elon musk and company blow up all the waste, fraud, abuse and corruption endemic to the dc swamp and second, donald trump wants's tax cuts and he wants them now. no republicans in the senate or the house should stand in the way of these trump priorities.

for one reason, they are spectacularly good policies to grow the economy and produce a new blue collar bloom. second, he is the president. he won the election. by a wide margin. carrying the popular vote and all seven swing states. therefore, the congress, i am thinking the senate in particular, should give the president what he is asking for immediately. take a listen to the president last night. >> i will be working with the republican congress to pass the largest tax cuts in american history and that includes we have to extend the trump tax cuts, including no tax on tips, no tax on social security and over time, that over time one is a sleeper because a lot of people are going to be doing extra work. when they hear that.

larry: does donald trump's explicit list of tax-cut promises during the campaign he just repeated it, he wants promises made promises kept and the republican congress must give it to him. trump ran on that commitment to his working-class coalition. let me remind when donald trump's truth social post yesterday, i will quote, the house resolution implements my full america first agenda, not just parts of it, we need both chambers to pass the house budget to kickstart the reconciliation process and move all priorities to the concept of one big beautiful bill. end quote. by the way, vice president j.d. vance told cpac this today. >> i talked to the president about this yesterday, he said to me it is very rare you can get two reconciliation bills done in one congress, which is why he think we've got to do a lot with that one big beautiful bill.

larry: donald trump has signed on to the idea of a doge dividend check. >> i love it. 20% dividend for the money that we are saving, by going after the waste and fraud and abuse and all the other things. you think it is a great idea. 20% would give back a lot of money to the taxpayer and an incentive for taxpayer to go out and report things to us. larry: donald trump warmed up to the idea that a republican budget resolution should include a plug that would represent $1 trillion of doge savings. >> take in tremendous tariff money and number 2, look at doge, saving millions of dollars. larry: i will reference senator mike crapo of the finance

committee who continues to try to persuade people that budget reconciliationules permit the budget committees to form eir that would scorehe extended y trump tax ts as neutral in their deficit and the cbo must react tohe budget baseline rather than the other way around. so pase ve donald trump what he wants and let him have it now. let's talkbout this. byron donalds and katie pa paich, welcome to both of you. weill art,ate to do it but othesteve mier ques. listen to at milr had to say, my dear friend. >> i takthis oppornity to

no donald trump is making a hior ctmen the rking s of this un to fight f major taxelief d jor prreef and cutting spendi as do i dog the k to livering ises lay congreman ron nalds, i don't know why t sene ha have a buet resutn. couldless ley graham but lisey graham has ner mccain, we snd $350 ion or40billion, no tax cuts, no doge savings, nspending $1 billn.let'cuthe defit ne yr

one thousand $999 billn instead of $2 billn,on't understand of this. thiss a distract his the president, it is his promis and his eleion that got thmajority there ie fit place. >> couple ings. what theenate is trying to do, not juste instructions, the instructions create a forthe commites have to fi the floor wh ceary ts, th $350 bilonor aorinto thfence, we spenth mey regardless wheer iis one bill or o. e y sue is the processf how you arrive at getting the agenda done and fothe loest time, i'veeen agno how many bills it tas to get thr. owg the dynamicscapil as lonase t tohe ndatory agreement on mandatory ending brin dn our dget ow that

deficits, erything else will be easy. tax pocy is pretty much it , brd agreement wh edto be in there. spending.o re mandatory er it i thesmembs he hse and sete, membare committe havinthist least be deficit utral and they want to see ufoowheteps of doge and do the me lel o work. y: iouust think,'m comi to you. wouljust think that budg instctionshod ggest than reducing next year' because it is going to be $2rilln. this year's deficify 25 as you maow ialready coming estimates and ahead of las year. you could beooking aa

$2.5 trillion deficit so we will only cut it b$1 billion, that's the instruction? i got to tell yothat is why there is no at on those bones and that game is not where the can the land that is why lindsey graham should tell the presidential line, give him what he wants. it is important, he needs it now and the economy is not so good and inflations not so good either. >> only ing i will say and let katiweigh in is even i the house's resoluti the house resolution calls for $1.5 trillion in cuts and there's an amendment that if you want to open up more dollars for tax policy you have to cut more mandatory spending but in the house and senate we have republican colleagues who are reticent about doing heavy lifting in mandatory cuts and reforms, the house resolution forces that, to adopt a lot of that, across the board to get

that done. i want to tell everybody tax policy is not going to be the issue. everybody agrees it is going to be mandatory spending and how much we are going to cut and if we are talking interest rates and the national debt, we are going to have to cut some mandatory spending. let's be clear cutting mandatory spending is not paying for tax cuts. that is ridiculous washington dc math and analysis. cutting mandatory spending is the future fiscal health of america. larry: the tax cuts, the extended tax cuts should be done, mike crapo is the only want to get this right, i keep saying it, you can create your own budget baseline, it is all about current policy and the deficit impact should be neutral. they've been in place for seven years and they will pass again. no reason to give it over to the cbo. i can't stand the idea of linking spending cuts to tax

cuts. that's a nonstarter. a lot of this can be discretionary spending. i agree with byron, some of it has to look at mandatory come mandatory doesn't mean social security, doesn't mean medicare either, mandatory means explosive welfare budgets, higher than they were even pre-pandemic, no work requirements, a lot of finagling for small businesses, tax credits that have been pirated by people that aren't even citizens. there is room on the mandatory bucket, not talking about the bucket for social security and medicare but the other bucket for the so-called smaller mandatory's. >> as we are learning, as doge continues its rampage through washington dc there is fraud everywhere including and social security. if you are not going to look at mandatory spending when you

have spending, 150-year-olds, hundreds of them, you are touching what needs to be done and the key point elon said in his interview with sean hannity, if we don't deal with that issue of spending, mandatory discretionary the country will go bankrupt and nobody will have social security, nobody will have medicaid and medicare, nobody will have any services if we don't get this under control. this idea that we have to pay for tax cuts, the federal government, more money than it ever has in the history of the country and what is really refreshing about having a businessman in charge of this administration starting with donald trump on down to people he put around him whether it is in the cabinet or special appointees that elon musk is is they look at this as the american people's money. they don't look at monopoly money, they don't say taxpayer

money, they say the american people's money and it is refreshing to hear them talk about giving it back to them whether that happens or not. with knowing where their money is going. having this discussion during tax season when everyone is filing their taxes, what percentage of pay, not just the federal government but the state government which could use some refreshing as well, their own doge team across the country. look at that and say why is it that i'm going to work and paying for all of these programs that aren't benefiting me and being sent out a lot of ways fraudulently or to fund the left's infrastructure they use inside the federal government to fund their own pet projects and political ideology whether it is through grants or other means like we are seeing in georgia with the epa setting stacy abrams to billion dollars, that is insane.

larry: take that back and distribute it among the taxpayers. we could start modestly but that sounds like it is worth it. my other point i want to make is a political point. on many occasions now in this new year since he was inaugurated and before, donald trump has asked for one big beautiful bill. he wants the tax cuts included, he wants to show the base the new republican party, the working-class voters and blue-collar voters and so forth that he will make good on his promise. he has asked for it again and again and he just did it yesterday on truth social. i would say to you, you all should give it to him because he won, election, there's coattails here, he made the promises. if you don't get it done and don't let him have his way, then essentially you are setting yourself up for a huge loss in 2026, but why go against the president now? look at his momentum, look at his popularity, look at his

polls, strike while the iron is hot, i bet you can get more tax cuts and spending cuts today and the next few weeks until the second half of the year, strike while the iron is hot. given what he is asking for. >> i agree with you. if it were up to me this deal would have been cut a month ago. the same dynamics, i don't want to belabor the point but the same dynamics katie is raising around mandatory spending, we know what the issues are for the federal budget on capitol hill. the real question, the republicans who don't want to cut spending because they are afraid of losing elections or bad press, that's the issue on capitol hill. we could cut the deal right now. we know what areas to go, fraud and waste in medicaid, illegals in social security and medicare. there are members in the

republican conference, in the house and senate who are afraid of casting a vote for the fiscal health of america. it could be done in a week. larry: tell me, bring him on the show. let's have this conversation nice and polite, lots of smiles, plenty of happiness. i want to meet these people, trump put out an executive order, i read it last night, no money to illegals, no more benefits to illegals. what is that worth? that has got to be worth something. a couple hundred billion, i am just guessing on this. all of his cabinet, he is all for work requirements whether it is snap, food stamps, welfare, unemployment insurance. have you taken a look at the increase in medicaid in the last four years? it is astronomical. this stuff can't go on because we are going bankrupt. i think we are bankrupt. katie:we are. larry: think of it.

katie:the last decade definitely not. one of the biggest lies of the last decade was illegal immigrants don't get obamacare, they do as we see with the executive order last night saying they are no longer allowed to receive obamacare benefits which by the way are funded by the american taxpayer. the bottom line is pushing the tax cuts that need to be renewed off is too big of a risk. saying everyone is on the same page, the tax deal is done, sets it up so it's a closer timeline and if these tax cuts don't become permanent, it is a vast majority of the country. larry: you put the tax cuts off, put the tax cuts on the back burner and sending the wrong message to the very constituency that elected you

and this landslide, it is a bad message. >> tax season now, people want a tax cut today. larry: the taxes and the irs throwing stuff at us. my producers throw stuff at us. let's get it, the guy wants it now get it to them now. thank you. appreciate you, coming up next, we need to keep china out of the panama canal. we will talk about it with the chair of the senate intelligence committee, senator tom cotton next up on kudlow. advil targeted relief. the only topical pain reliever with 4 powerful pain- fighting ingredients that start working on contact to target tough pain at the source. for up to 8 hours of powerful relief. advil targeted relief. so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari?

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in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. larry: welcome back to the show. tom cotton, author of a new book, seven things you can't say about china. i want to ask you, you and republican senators have given donald trump and the rest of us kash patel, the new fbi director, absolutely fantastic why won't you give donald trump's tax cuts, that's all he is asking for, give him some tax cuts, you gave him kash patel who is wonderful, how about doubling it up. >> we are going to give him tax cuts, we are going to give the american people border security

and a stronger military and energy production, a budget that passed last week through committee and the senate but if the house comes back in session next week and they can pass a budget that includes all that plus the tax cuts we would be happy to take it up. what the president is going to have his some options, plan b sitting on the table, we hope the house can pass a budget that includes all of those priorities plus the tax cuts and if so we will be ready to act on it. larry: that the tom cotton promise. of the house gets his resolution in you will drop the lindsey graham thing which spends more money and has no tax cuts and back the house bill. is that right? >> we will end up in the same place however we get there, we will have a secure border, stronger. are, more energy production and tax cuts for the american people i can promise you that. larry: i don't know if you are a card player or bridge player but timing is of the essence, timing is crucial. it is very important, timing is everything. let me move on.

i want to keep china out of the western hemisphere. i want to keep china out of the panama canal. i want to keep china out of greenland. i want to keep them out of the arctic circle etc. etc. . this is western hemisphere america first. what should i do, what should you do? >> as i say, seven things you can't say about china, china is waging economic war against the united states, china is preparing for war, part of that is the inroads they are trying to make into the western hemisphere by having chinese influence, control businesses near the panama canal trying to get inroads in greenland, that's why the president has stressed the relationship we have with greenland, with the panama canal, the legislation to withdraw china's most favored nation status, supercharge china's economy over the last 25 years, we need to take seriously the threat china poses, not in an abstract

distant way but right now today, to our way of life, to you and your family lodz that is the alarm bell i'm trying to ring in 7 things you can't say about china. larry: the most favored nation, don't know if people understand that, that is a privilege which essentially brings china into the community of nations, the wto, allows china to charge high exorbitant tariffs compared to our very low exorbitant tariffs and in so doing they can export cheap stuff to the united states, do damage to the industrial heartland and our economy. do you have a bunch of co-sponsors with us, denying china most favored nation status, something that should pass, something that ought to go. >> it is worse than that, not just that they have that status but they rigged the game for their companies, manipulate their currency, give them subsidies, even use slave labor

but at the same time they attack american companies, steal our intellectual properties, traditional espionage or cyber attacks, they levy high tariffs or other nontariff barriers to trade into china. they are constantly finding ways to help their companies and undermine our companies, that's why china's economy has grown so much over the last several decades and that is powering the fastest military buildup in world history. larry: can i come back to the panama canal business? secretary of state rubio had a good conversation with the president of panama. are you satisfied? should we be satisfied? the charge was china had important terminals at both ends of the canal, the pacific and atlantic. i'm not seeing that rebutted and not seeing anything that suggests that has been fixed. you know more about it than i do. what can you tell us on that

score? we can't let that happen. what can you tell us? >> china has some operations on both sides of the canal, though it hasn't been addressed yet, it's a piece of what we have let china do over the last several decades. chinese equip and software, most of our ports in america and around the world, this is how china has insinuated itself into american society in american business that leaves us exposed in a moment of tension with china whether it was tariff policy or potential conflict over taiwan. that is why i call for in 7 things you can't say about china, strategic decoupling with their economy. we have to a lemonade those points of leverage that china has over the health, safety and prosperity of the american people. larry: senator tom cotton, we will hold you to all your promises including the budget and tax cuts, you can check out

his new book seven things you can't say about china, good stuff. coming up, is the economy slipping? dow jones got whacked today, stocks, i think, and the economy and business are crying out for tax cuts. just give it to them right away. we have sean carney and gerri willis onset when kudlow returns, kudlow is available as a podcast, every weekday after the show. on spotify, apple, fox business podcast.com. back with us, i will be right back. in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities.

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economics editor and co-author of the breitbart business digest, gerri willis surely knows fabulous fox business correspondent. thanks for coming on. appreciate it very much. you first. jam mac gerri: is it really? still make me talk about bonds paying in gold. it is supposed to be walmart with disappointing results and everybody jumped on that bandwagon and says that's why markets are down in the truth and reality of it is nobody knows. larry: i will say that. retail sales fell almost 1% in the month of january and retail sales up less than 2% at an annual rate, housing starts fell 1%, housing was in recession for 2 years, 3 years, who knows?

consumer price index 4.5% at an annual rate for the last three months, much worse than that in january alone. what it looks to me like, this is not trump's economy, not yet but the reality is the economy slipping lower and inflation is slipping higher. >> the reason stocks are down is people realize the fed can't cut anymore. and you have to wonder how to give the economy a boost? and inflation is too high, we need tax cuts, deregulation, and what is starting to happen is people are becoming afraid the tax cuts aren't going to come in time. larry: that is filtered in. you are closer to the market daily than i am. i talk to people, a lot of

hedges and so forth. it is creeping in. there is some worry that the 100% bonus expenseing for machinery and equipment could run out. the 15% corporate tax is permanent but won't get to 15, small business tax deduction is 199 a. if you don't get that, that's a killer for small business and in general if you hold back on the tax cuts, you are sending the wrong message, saying it is back burner and maybe we will get to it and maybe we won't. gerri: there was job number one, first step was going to be cuts, taxes, that helps everybody, individual people paying $9 to get into the neighborhood we are sitting in, congestion tax, i want to say one thing about this. i think there are glimmers in

the housing market that nobody talked about, listing prices are coming down year-to-year and nobody talks listing prices, that's the price people put out. larry: is that -- gerri: i think we will get an interruption in the market and then buyers will creep in. larry: market correction is interesting. you want to countervailing prediction, you might be right or might not be a right. i used to do this for a living. i say to buy stocks and hold them for the long run but i think if not recession, slowdown fears are creeping in everywhere and price fears, inflation fears which reduce the value of everything, mortgage rates, 30 year fixed,

hovering 7%, that's all. >> it is going to get worse because we keep getting bad inflation numbers, the fed made a serious mistake when it cut in september and cut in november and cut in december, that was going to go down in history books as a terrible thing, we see inflation adjusted the us but leaking across the world, look what happened in the uk, there inflation is through the roof, we are seeing inflation grow, that's going to again hurt stocks because that makes the future income from those stocks worth less because interest rates will have to stay higher. this is a big problem and i think republicans have to get serious about trying to repair the economy. they cannot allow the budget nonsense going on. cut taxes now. worry about how to balance the budget afterwards. set the tax rate at the appropriate rate to grow the economy and then worry about where you are spending it. gerri: i don't want individual

investors to follow the lead of the professional investors, keep investing in stocks. larry: individual investors who tend to purchase and hold are the smartest kids on the block. if you look at the actual numbers empirically the hedge fund people do far worse than the individuals do or let me put it as active investing does far worse than passive investing. my old pal james glassman showed these numbers for a year. after taxes, after inflation. gerri: ten years long-term, the annualized, doubled your money. it is a machine that makes money and takes nothing. larry: that is what we try to do. >> depreciation, we need to get

that, i see that investment. companies are not sure what their depreciation schedule would be so they hold back on investment. larry: to your point, business equipment investment has been in a 2-year recession, full-fledged swamp. look at thnumbers. thlast t years in particular when it should have popped up. john carney, gerri willis, it is coming. one hundred year bonds comg. thank you,ppreciate it very much. have some new news from senator rand paul, he's giving a heck of a speech on the oor of the senate and i am prepared to agree with him. we wl t you wait a momen for senator paul to co on e show. i am kw. we will be right back. wh you're a small-business owner, your to-do list can be...a lot.

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>> what we are doing today, the vote on the budget is not doing our job. what we are doing today which will be a republican-led effort minus be, will be an effort to tee up a bill to increase federal spending. larry: sign me up. joining us now, kentucky

senator rand paul, that was him speaking on the floor of the senate. welcome back. you are one hundred% right, maybe will tell us more about what you said and what you are thinking on this point. >> we have two budget battles, one in the senate, when in the house. lindsey graham wants to spend more money in the military and more border money. my point is with all the savings elon musk is finding and doge is finding, we can apply that to the border in the military. instead they are going to tee up new spending, without significant cuts outlined so far. in the house, they lined up one. $5 trillion of cuts in the budget bill. i will add that as an amendment so tonight the effort will go all night long probably, the amendment i will put forward will be let's put the house spending cuts into our budget, $1.5 trillion to show we are

serious so people like me can be more enthused about the project. right now i think it is just a spending bill, a waste of an election and goes against what donald trump is saying and against what elon and doge are doing. larry: 100% across-the-board on this. i think, i have argued because senator crapo has said the budget committees under reconciliation, rules and laws can create their own baseline. you could put a plug in and it will be $1 trillion plug for doge and have them go after the next five years or longer, nothing wrong with that. it conforms very well in small entitlements, people are afraid to cut any mandatory spending, mandatory spending, welfare spending has exploded. this is not just, this is post pandemic it has exploded and continues to explode. all the criteria have been waived, nobody has to worry about work requirement, all

these things seem to be missing from lindsey graham's budget resolution and i don't know why anybody would want to pay any mind to it. >> every able-bodied person in america should work, not as punishment but as reward. it is how we get our self-esteem and i want everyone to work, i don't want anybody that is able-bodied to get a check, one bit of a check without work. that saves money too, saves one hundred billion dollars for medicaid. the states should pay more of their fair share. when the federal government pays for medicaid we borrow it and have the fed put up the money, states don't have a central bank, they don't have a federal reserve so states are by their nature more fiscally responsible than the federal government so every program shared through the state and federal government needs to be shifted back with states having to pay more not because we are being mean to the states but we have to shift the burden because we are accumulating too much debt. interest will be $1 trillion, $37 trillion overall. i fear that our greatest danger to our country is from within. i'm going to be the only

republican know on this but some but has got to. larry: you are making great points and i hope your colleagues listen to it. you're going soft on donald trump i understand. a little birdie told me like his cabinet picks, you like is russia ukraine policy and you like the elon musk doge policy. tell us about it. >> during the campaign you asked a couple times are you endorsing, i was on your program a couple times and i said i wasn't there so i am a little bit late but i'm enthusiastic for donald trump. i am either late for the second term or maybe i'm early for the third term. i don't know. i'm endorsing donald trump. larry: got to like the doge effort. don't know if you talked to elon but you got a lot. >> to my mind what donald trump

is doing, foreign policy and all the establishment, we got to save democracy, don't you have to have elections to have a democracy? we spent $200 billion in a country that no longer has elections. that is not making the world safe for democracy, that's making the world safe for kleptocracy. larry: what doge is doing on a regular story front, don't know if you saw the sean hannity interview with elon and donald trump but elon said i am your tech assistant, but he wants to and force the executive orders. so many of which, as you know, are aimed at downsizing or eliminating key parts of the regulatory state as well as the waste, fraud, abuse, and corruption and the rest of the budget. >> they are doing an amazing job. all i ask is that they collect all of this together, put it into a rescission package so

congress can vote on it. there's a constitutional power of the person thing, i love everything they are doing but to make it real, lasting savings, i want to see congress vote on this and i will do everything in my power to get over 50%. all we need is a simple majority to cut the spending. i'm afraid they might disappear, the second we turnaround it pops back up and they are spending the money again unless we actually change the law and quit spending the money. larry: russell vought wants to make a run at impoundment. i know what you are saying about rescission authority. i understand that. requires votes in the house in the senate. i think there is an argument to be made about presidential executive impoundment authority particularly when it comes to saving money. don't build a billion-dollar bridge if you can build a $500 million bridge, don't spend all that money if you don't have to. >> there's a great amount of leeway for the president to

pause spending and examine it and that is what is going on now. there will come a time when people call this impoundment the court president so far is that the presidents can't impoundment he, does the supreme court have a different decision? sometimes you have to challenge things. if it is a law that talks about separation of powers, we will see what happens but i think it is messy and long and there's a chance, we should also try to do the right thing, have congress step forward to cut spending and i will leav effort if they sent it back to us. larry: nobody talking about plugging the senate budget with all the musk doge savings. i'm not that smart, there have to be lots of people who understand it can be done, last few seconds. >> we will see. i will have an amendment, one. $5 trillion in cuts must be part of this budget. we will see whether my amendment passes, how many republicans are forward at how many don't. larry: terrific stuff. senator rand paul, we appreciate it.

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