well. and ferrari's managing supply while the demand in the middle and other countries, the top 1% of the population, they all buy ferraris. collectors' items. they buy them and store them. liz: really quick, nvidia had been up to the upside here, it has now turned slightly negative. we're watching that. that is one of your picks. thanks so much for joining us. >> happy investing. [laughter] liz: yeah. happy -- a little white-knuckled. thanks, frank. here we go, we are heading down to session low -- close to session lows. the dow is down about 540 points. folks, it is the s&p that appears to be about to close in correction territory, down 76%. we will see what happens tomorrow. ♪ ♪ larry: hello, folks. welcome to "kudlow," i'm larry kudlow are. so why is it the democrats can't connect with america, including

shutting down the government, raising taxes, sanctuary cities and even rosie mcdonald -- o'donnell, sorry about that it's ladies' night out on set in just a moment. plus, president trump is right about foreign tariffs being way hire than our, but investors forget -- higher than ours, but investors forget rome wasn't built in a day. we're going to talk with former federal reserve governor kevin warsh, and senators tim sheehy and markwayne mullin waiting in the wings. plus, senator tim scott is going to personally tell me when my tax cut is coming. i'm very impatient. but fist up -- first up, jacqui heinrich live at the white house. what's cooking? >> reporter: larry, so much news on the status of talks between the u.s., russia and ukraine, trying to bring this war to an end. putin's statement today was not a no, but it was also a bit of a nothing burger because, sure, he agreed in principle to a

ceasefire conditioned upon all of the same demands he's been making from the beginning of the war like making ukraine a neutral state, taking away from from their territories, reducing the size of their military, banning them from joining nato, all sorts of things. and the president noted as much when he reacted to putin's statement in the oval office. take a listen. >> well, i do have leverage, but i don't want to talk about leverage right now because right now we're talking to him, and based on the statements he made today, they were pretty positive, i think. he put out a promising statement, but it was incomplete. yeah, i'd love to meet with him or talk to him, but we have to get it over with. >> reporter: putin said, quote: we agree to the proposals to halt the fighting, but we proceed from the assumption that the ceasefire should lead to lasting freeways and remove the root -- peace and remove the root causes of the crisis. ukraine similarly resisted a ceasefire without security guarantees, but president trump punished them for that. ukraine ultimately agreed to a

ceasefire without those security guarantees in hand first, so now the question is whether president trump also a punishes russia in a similar way to try to drive a deal if it needs to get that way -- that far. the take a listen here. >> we'd like to see a ceasefire from russia. and we have, you know, not been working in the dark. we've been discussing with ukraine land and pieces of land that would be kept and lost and is all of the other elements of a final agreement. there's a power plant involved. >> reporter: one pressure point the white house has said they could lean on is more sanctions. the president let a key sanctions waiver expire. that allowed other countries to buy russian oil9 with the u.s. dollar and u.s. payment system. it will cut into putin's war machine because it was not renewed, but that could also raise oil prices by $5 a barrel by some estimates. it will also have big impacts on

u.s. allies that buy russian oil like countries in europe, france, belgium, for instance, and also a india. diplomatic sources tell us they didn't get a heads up from the u.s. that the president was going to let this waiver expire, that adding to the sense that we got that the administration was not tracking it, but the fact they didn't renew it before it expired is serving as an important point of leverage as those conversations happen in moss cow, larry. larry: interesting point. oil prices coming down quite a bit, but that's an interesting separate point. jacqui heinrich, thank you ever so much. let's head over to capitol hill, chad pergram joins us live. chad, what's the latest on this c.r., shut the government down business? >> reporter: larry, good afternoon. it's important to watch sub atomic political movement right now. senate democrats were utterly silent as they left a meeting about a shutdown just a few

minutes ago,s and at least one democrat is ready to break the filibuster if they get votes on secondary plans. >> yes, on cloture likely if we get the appropriate amendments, then let's move forward. i don't know that i want to just move forward instand town yously, but then -- instantaneously, but let's see. obviously, we can get the 30-day c.r., that is what we ought to do. >> reporter: senate democrats just finished their meeting on the shutdown. reporters say they could hear yelling from who is believed to be new york democrat kirsten gillibrand in the hall. tim kaine represents a lot of federal workers in northern virginia. democrats could is ask for votes on amendments related to doge and cutting funding washington d.c. only one republican opposes the gop bill. >> this bill before us will lead to a $2 trillion deficit this year. no pressure from president trump or the senate republicans to get you to change your

position? >> no. >> reporter: you surprised at that? >> no. people know where i am. i'm pretty consistent on posing debt and spending. >> reporter: paul will vote with most democrats to filibuster the bill, but9 if the government shuts down, the gop is ready to blame senate minority leader chuck schumer. >> his burn the house attitude is what we're dealing with. rule or ruin approach. it is irresponsible and it is reckless, and he's trying to lead the entire democrats in the senate over the cliff and hurt the american public in the process. >> reporter: many democrats were mysteriously quiet leaving a meeting about the shutdown. what often happens at the deadline as a senators try the secure votes on other plans, the that way democrats can at least say they fought against the gop and president trump and tried to save face. larry? larry: but, chad, when is the absolute deadline on this? if. >> reporter: 11: 59:59 p.m.

tomorrow night. they're not in sync with the house and senate. larry: thank you. chad pergram, we appreciate it, as always. all right, on a slightly different -- related subject, democrats cannot connect with america, and that is the subject of the riff. ♪ larry: democrats incapable of connecting with america. i don't mean connecting with the columbia faculty lounge are. that's not america. i don't mean hunter biden's art a gallery which is closing down, i guess. that is not america either. democrats can't connect with middle america or with working class america because they want to shut down the government and risk a $5 trillion the tax hike instead of actually cutting taxes on working folks and and providing new incentives for factories and factory workers. that's why they can't connect with america. democrats can't connect with america because they'd rather defend an anti-semitic palestinian who's been taken into custody in louisiana

because he had no business on the columbia university campus in the first place. so what do many democrats do? they support a protest in the lobby of trump tower in new york. even though the president is in washington. speaking in the to oval office precisely on why democrats can't connect with america. at least some democrats actually defending this guy. democrats can't connect with america because they're obsessed with attacking elon musk who is trying the end the democrats' $2 trillion deficits as far as the eye can see by ending waste, fraud and abuse endemic to the federal bureaucracy which democrats is have run for over 40 years. and, oh, yeah, elon has fingered them and their gigantic magnet to attract illegals. take a listen. >> the waste in entitlement spending which is all of -- which is most of the federal spending, is entitlements. so that's the big one the

eliminate. where you'll see the biggest outcry is from the democrats who are -- they don't want the waste and fraud to be turned off because it is a gigantic magnet to attract illegal immigrants and have them stay in the country. larry: there you go. democrats cannot connect with america because they won't let border czar tom homan do his job and insist on saving sanctuary cities in order to prevent them from enforcing the law. but homan blasted new york state by saying if you don't get out of the way, we're going to double the man force of i.c.e. agents if we have to. and, of course, democrats can't connect with america because so many of them still want biological men to compete in women's sports. and democrats can't connect with america because, you know what? 70% of voters want elon to cut waste, fraud and abuse. and, yes, democrats can't connect with america because

they can't even stand up and applaud a 13-year-old cancer survivor. and, oh, yeah, one more. democrats can't connect with america because with rosie o'donnell's going to ireland and immediately large numbers of people posted on twitter/x that her leaving would make america healthy again overnight. here's what president trump had to say about that one. >> reporter: why in the world would you let rosie o'donnell move the ireland -- [inaudible] >> thank you. i like that question. [laughter] do you know your version of -- do you know who she is? do you know who she is? >> yeah. >> i'm joking. >> you're better off not knowing. [laughter] larry: i wish her well. those are just a few reasons why democrats cannot connect with america, and that is the riff tonight. joining us now, lisa boothe, republican strategist, fox news political analyst, caroline downey, staff writer at "the

national review," and emily compagno, cohost of "outnumbered" on fox news and author of "under his wings." thank you, ladies. i could have left the rosie o'donnell thing out. the rest of it was -- >> [inaudible] [laughter] larry: lisa, you're right, pull my chain. i mean, just on that, the most boring thing here is the fiscal thing about the continuing resolution. but, look, everybody knows republicans passed the bill, everybody knows democrats now if they don't get the vote up by 12 is midnight or just before, one second before, that we're going to, you know, risk huge tax increases and shut down the government and make it even worse for federal workers who are already not particularly happy in the first place. so why do they have to do that? why can't they just play along for one time and be, like, decent human beings? >> because they hate donald trump more than they love this country. larry: okay. >> that's what this comes down to. i will also say one of my

favorite moments from donald trump ever was during one of the the primary debates in 2016, and he was being asked about his comments toward women, and rosie to. donnell, that was one of the best moments. beyond that, so for the longest time democrats have had control over what we read, see and hear. they controlled the media, hollywood, big tech. now donald trump has defeated the system this past election cycle, so he's been able to break that. but what happened is democrats created their own echo chamber. so they convinced themselves it wasn't just 20% of america who wants men in women's sports, they've convinced themselves on all a these difference issues. and what they found out this election cycle is, actually, more americans align with us. they align with the republican way of thinking, the common sense way of thinking, and they've not woken up yet. they still live in that echo chamber. i don't know what it's going to take. i worked in politics for a long time and we watched the pendulum go back and forth, it is like a ping-pong a match.

and in 2009, time magazine for the republican party was extinct, i think we picked up 63 seats, so you never know. but right now i think they're wandering in the wilderness with hillary clinton. larry: but, you know -- hillary clinton, yeah. i almost had forgotten that name. [laughter] emily, coming back -- >> sorry to bring her up. larry: you know, i think that democrats hate elon musk because he's got them fingered. he's nailed them. i mean, in our interview he was very clear. they've been feeding at this welfare entitlement state for many years serving as a magnet if for illegals, and and maybe even future voters, and they don't want to see their bureaucratic empires gone. and then just to add to that, the numbers on the polls, you know, voters are talking 70-ish percent favor doing away with waste, fraud and abuse. now, how can democrats be on the wrong side of that issue?

>> well, i think there's no end to the failures that they are miring themselves in. but the reason that they hate elon musk so much is because he, a a, represents the new beef, but it's why? they hate anyone that they deem to be a traitor, but the reality is that person thought for themselves. when all of a sudden everyone was driving teslas and he was the answer a, his innovation was the answer to the democrat party, but the reality is an as an independent thinker, he aligned himself with the efficiency dedication of this administration, well, in beast is more scorned, right, than one who -- they deem a traitor. you sort of dovetail that in with the beast is eating itself, and what i mean by that is the utter failure of them to grasp why they have lost connection with the american people. it's because the greatest weapon they have was cancellation. and if you look at the root of why people refuse to stand up for common sense and say, yeah,

boys shouldn't be in the locker room actually, it was always because of a fear of cancellation from the mob mentality that was fomented with the democratic party. people clearly without jobs are storming trump tower saying free mahmoud instead of free edan alexander. the rest of us who are at work right now who are dealing with taxes, we're the ones that are saying, look, i don't -- these noisemakers over here represent no one in the central party, and that's why people like rahm emmanuel who have come out and said this shouldn't be happening, focus on classrooms, get back to work -- larry: well, carville's lost his mind over this thing. he can't even conduct a simple interview with, you know, my friend martha, for heaven sakes. caroline are, on this other point, i think it's a very important point, what are they doing storming the lobby of trump tower? what are -- who, i mean, i don't know exactly who they are. i don't know that they're all democrats. i suspect some of them are democrats but maybe not, okay? maybe not.

i don't see the democrats condemning him for his anti-semitism or condemning columbia or any of the other elite schools that we may have all gone to, but it's no good anyway no matter who went to 'em. that's the issue. where's the condemnation? it should have been out there almost two years ago, and it never was and it still isn't. and now they're flatting the lof trump tower for what? >> and they've always turned a blind eye to bad actors in their camp as much as they target us for ours. to emily's point, they're scraping the bottom of the barrel if for direction right now. and to lisa's point, the democrats are in the political wilderness because they refuse to leave their silos. they are refusing to concede even an inch on 80-20 issues that they know will doom their political prospects for the next eight years and beyond. and one thing i've noticed is that when there are democratic dissenters who dare to leave the camp and said, you know, men invaders in women's sports,

that's not only unfair, but unsafe like seth moulton in massachusetts, he was nearly run out of town. gavin new. >>, he did have charlie kirk on his podcast and he conceded that, yes, it is disenfranchising women to have men in women's sports. and right after that, whoopi goldberg went on "the view" and said who is this guy? the democrats, the majority of the leadership and the elites in the media class, they don't want to give a single second to any kind of dissent within the democratic party. and so i think that's the problem is there's still no the mea culpas. to your point about cancellation, the democrats that are starting to be common sense or more moderate, they're going to be run out of town. larry: well, just one other one here, lisa. i mean, here's tom tom homan. he's at albany. he is kicking butt. publicly going after governor hochul and praising mayor adams, okay? but it's all about a sanctuary

cities, and it's all about deporting criminals. now, is this -- i don't even think this is an 80-20 issue. i think it's probably a 95-5 issue. but i don't see the democrats coming to support homan. where are state legislators, house members, the senators, chuck schumer? you know, yesterday trump -- you heard the line trump said yesterday about schumer? if he said you're a palestinian, you used to be jewish, but now you're a palestinian because -- we actually have the tape, we'll run it in a second. i mean, because he was frustrated with schumer doesn't want to help on any single common sense thing, and that's why democrats can't connect with america. i'm just saying. >> and democrats always engage in this shaming process, and it's worked before. you think about mitt romney when he was attacked on women. i have binders full -- right? but president trump doesn't subscribe to that, tom homan doesn't subscribe to that, and that's how he went.

nobody -- nope, i'm doing the right thing for the american people, no matter what you call me, i'm not moving. and they've solved the illegal immigrant crisis in over a month, 50 days. the only core value that the democrat party has is hatred because they're setting electric vehicles on fire. larry: it's quite remarkable. they used to love them. >> they told us -- larry: they're setting the chargers on fire. i mean, i asked him, what do you think about -- the poor guy, his stock's gone down, and he keeps doing this. he's lost a fortune since he came to help donald trump. >> [inaudible] larry: doesn't even matter. >> right, so this was supposed to be a core issue that they cared about and, obviously, it's been exposed as a ruse and as a lie. i will also say that the democrats' defense of the bureaucracy shows they don't stand with the american people. i mean, even look at the reaction of miles taylor who wrote the op-ed saying that we're the resistance, we're thwarting a duly-elected president. he was treated as a hero, and

elon musk and donald trump are trying to wrestle back the government and deliver it to the american people, but they're condemned? elon musk is the the en? he's the evil guy? it's warped. larry: caroline, democrats like to spend our money. half after. >> yes, they do. larry: okay? how's that? just put it right on the line. they really -- no, with gusto and great enthusiasm -- [laughter] and almost love, they like to spend our money. >> yes. and -- larry: and americans are saying, stop, enough already. [laughter] >> right. you know, we were talking about, briefly, newsom i mentioned, okay, in california? we know there's a money laundering scheme going on in california with illegal alien medicaid -- larry: yes, medicaid. >> -- that comes from the federal government because the progressives in california are finagling it so they get extra money. that's a prime example of that. i mean, squandering the taxpayer dollars onion citizens. and this is at the heart of the issue for democratsings their

political conundrum is they're still abandoning the bedrock of this country for people who are not even citizens. larry: working folks having trouble making ends meet. this is one of the biggest themes in this election. democrats learned nothing! it's not just that trump's -- trump's been in office six, seven weeks. but he won in november. it's been many months now. have the democrats changed, i ask you, emily compagno, i'm giving you the last word on this. >> they have not changed. i don't think they will. look at bernie sanders who now -- larry: oh, my lord, oh, no. >> -- right now is the most terrifying moment in history because of his words, the power of the oligarch key, said someone planted in the 1%. everything we're discussing that this administration if has wrested power away from the bloated federal bureaucracy and handed it back to the hands of the american people. that is terrifying to democrats. larry: you know, when democrats

stop talking about oligarchies or, they have a shot at coming back, you know what i mean? [laughter] >> don't give them any parties. larry:° any pointers. larry: that's just incredible. you're so 0% right. -- 100%. that woman that gave the counter to trump's speech -- >> slotkin. march hr. okay, i was kind of interested in her because she was former cia, which interests me a lot, and i lasted about four minutes according to dana perino, and then she started going tax cuts for billionaires. tax cuts for billionaires. and i said, no, no, no. oligarchies, i love that. lisa boothe, caroline downey and emily camera pan owe, catch emily on "you'd -- "outnumbered," weekdays, 12 p.m. eastern on fox news. coming up here on "kudlow," trump's reciprocity trade plan is spot on but, you know, folks, rome wasn't built in a a day. brick by brick. former federal reserve governor kevin warsh will be here right

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you think those phone guys will ever figure out how to keep 5g home internet from slowing down during peak hours? their customers have to share a wireless signal with everyone in their area. oooh. you know, it's kinda like when you bring a really big cake for your birthday, and then there's only a little, tiny sliver left for the birthday girl. aw. well, wish her a happy birthday. happy birthday... -it's... ...to her. -no, it's me. have your cake and eat it, too. don't settle for t-mobile or verizon 5g home internet. get super fast xfinity internet you don't have to share. forty's going to be my year. larry: joining us now, kevin warsh, dear friend, fellow at

the arkansas institution. welcome back. i know the market is correcting, but people don't have any patience anymore, and, i mean, i'll ask you if you see a recession. i've talked about this all week. i don't see a recession, but what do you think? >> so the president inherited a fiscal and monetary mess. i think a little patience is in order. rome wasn't built in a day. i think he's been president 52 days. the economy came into this period with a lot of government money that shouldn't be there which has negative multipliers, bad regulatory policy, bad monetary policy going into this period, bad fiscal policy. reversal's going to take a little bit of time, and i think the benefit of the doubt should go to the new leader at a time like this. larry: if he goes through with this fiscal consolidation that we're talking about, if he brings the share of spending gdp down, s&p isn't that ultimately very positive and healthy for the economy? >> it's great news for the economy.

it's also a great news for corporate earnings. the government is too big. it spends too much. and the money it e spends is wasteful. that's what elon and the gang have taught us. so it's going to take a little time for the government to spend less and a little more time for the private sector to spend more, but this is the transition the economy needs. so the medium term growth prospects are stronger. this is really good news. in economics we call it an expansionary fiscal contraction. there's not a ton of them in economic history, but the president's well positioned to have one of them now. and i think we're on the right track to do it. so good news, i think, is coming. march and he's talking about major league tax cuts. he's talking about 100% expensing for ma machinery and equipment and factories and 15% made in america tax. in other words, he's saying come to america, you won't have to worry about tariffs. we're going to give you very, very low tax rates and deregulation. >> yeah.

so i think the two biggest points that matter to the economy and ultimately will matter to the stock market is, one, business capital expenditures. is this an economy where businesses say with full expensing especially, i'm going to be investing in the united states? the multiplier on that money is a lot better than the multiplier on usaid funding. the fourth quarter showed negative business fixed investment. that's got to turn. the second point's more important than the first. i think we're at the beginning, now 50 days into it, of the president starting to roll up his sleeves on a deregulatory agenda. we're going to see it soon, i hope, in bank regulation. this'll be a huge stimulus to the economy. and the president, with some proper new choices at the bank regulators, needs to send thal that america's -- the signal that america's banks are open for business. larry: mickey bowman, she's a

fierce deregulator. >> i hope the reports of her choice are true. i know her. she's a friend, larry. he's got two things going for her. one is courage and the other thing is convictions. and if she's there. she can hit the ground running. there is no time to waste because our bank regulatory policies have been on the wrong track. small and medium-sized banks have no idea whether a merger would be cleared by the regulators. large banks are spending hundreds of billions each on a bunch of compliance tests that make them neither safer nor sounder. that's' credit and capital that can go to the real economy. if mickey gets chosen as i hope she does, she'll be a great choice, and along with the with other bank regulators led by scott bessent, i think we can see a brand new deregulatory set of programs. and once markets can start to focus on that, i think they'll see better news. larry: i mean, it'd be nice to get a new batch of bank loans, all right? old-fashioned loans. let's help businesses by making loans instead of dei, esg and

other things we don't need to talk about. kevin warsh, thank you very much. reappreciate it. >> thanks, larry. larry: good to see you. we'll talk to some senators, tim sheehy and markwayne mullin up next. we're going to talk about tariffs, tax cuts, the stock market. i'm kudlow. we'll be right back. ♪ r clients are so much more than clients. they're go-getters and game-changers, legacy-leavers and visionaries, healers and confidants. the goals that matter most to you matter most to us. helping you achieve them is what we do best. with personal financial advice from an advisor you can trust, and goal-based investing and solutions. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial advice worth talking about.

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we can help. fox news media impact starts here. advertise with us today. muck. >> -- for years, and we're not going to be ripped off anymore. no, i'm not going to bend anymore. i've never seen investment like this. trillions of dollars is being invested in the united states, and that's because of the election result, and it's because of the tariffs and the tax incentives too. tariffs and tax incentives. larry: that's a good point, tariffs and tax incentives, both very, very important. they go together. joining us now, senators tim sheehy of montana and markwayne mullin of oklahoma. gentlemen, thank you very much. mr. sheehy, i'm looking at a

chart, average tariff rate applied to products by country, and this is for 2022, the latest data. so it's interesting, india has an average tariff of 14%, actually 14.3%. brazil's average tariff is 12.4. china's is 6.5. the united states is 2.7. so when mr. trump talks about how their tariff rates are far higher than our tariff rates and he would hike a policy of reciprocity, i know the stock market is in a correction mode, but the reality is president trump is right on this, isn't he? and doesn't he have to do something about it because the world trading system's been broken all these years? >> apparently, free trade the only means free trade for other countries and not for america. and as you well know, larry, a lot of those companies bake in tariffs in other ways whether they call it a value-add tax, an import fee, an import tax or

they have regulatory hurdles that artificially create trade barriers for american companies. we are level the -- leveling the playing field, and and that's what we will do when given a fair landscape to play in. larry: and, senator mullen, look, you're getting a lot of static from the stock market. look, corrections come and go. you're down 10% in the stock market. it's not the worst thing in the world. but the president said he's going to be steadfast in making his case on reciprocal tariff policy. now, here's a where i wanted to go with you, sir: you can't imagine how important the tax cuts are. suppose you want to bring investment into the united states. we are offering them a 100% depreciation for machinery and equipment. immediate expensing and, and factories, which is a brand new wrinkle. and it would be with retroactive to january 20th, senator

musclen. -- senator mullen. now, my point is if you're going to make these changes in our policies and you're going to protect the home front and you're going to try to level the world trading playing field the way mr. trump wants to do, we have got to have these tax cuts right away. we can't be waiting. you heard him today. he put -- notice in the same phrase, tariffs and tax incentives? they go together. we'll bring people here with the lowest tax rates, virtually, in the industrialized world. but what are you all waiting for, senator mullen? >> well, we -- there's several things happening right now. first of all, we've got to finish this c.r. that's will left over from the biden administration, then we can start looking at, at reconciliation with where we can put permanent tax cuts in place. any business owner that has ever been in business wants stability. they want to know what they're going to get. so incentives on coming to the united states and build right off your investment is great,

but what does the road look like down the road. so are you going to have, are you going to have regulatory environment that is conducive for your business, and are you going to have access to other markets. and so they go hand this if hand. if you have a good tax policy plus you have free trade because reciprocal tariffs creates free trade. you have opportunities to access their markets. and so if the business owners themselves know they're going to have stability with long-term investment return and have access to other markets than just the united states with free or equal trade going back and forth with the tariffs, then you can have an environment where with businesses can thrive inside the united states. when we create that, we will not only compete with anybody in the world, but we'll excel in everything we're doing. larry: but that leads me back, senator sheehy, to my original question, you know, why are we letting the grass grow on this? in other words, what i heard today in the oval, it's as though president trump was asking for help. now, he talked about one big, beautiful bill.

maybe we'll play the tape in a minute. but he is coupling the tariffs with the tax cuts, and that's a very important statement. he's saying i'm going to do my part in negotiating reciprocal trade policies that are improve america's position. but he's saying you have to do your part, you have to help him. you have to give him the tax cut incentives that will bring that money here to the united states. i know there may be hundreds of reasons, i've been around washington for quite some time myself, but i'm telling you, you cannot let the grass grow on these tax cuts. trump is asking you to get it done quickly, senator. >> right. so we are. larry, what i say is we're not letting the grass grow on anything. we've confirmed a presidential cabinet at a faster rate in over two decades. we have pressured the system to the maximum. leader thune's done a great job. our schedule's been the most aggressive, i think chuck grassily told me the other day, he's been here 42 days, i don't

think the senate's ever worked this much ever since i've been here. so the primary focus has been getting the cabinet in place because having cabinet secretaries in position is the most important thing we can do to deliver on the america first agenda because they have the authority to start reforming these agencies ask making sure they are working for the american people. immediately we're moving to the c.a., and i can tell -- c.r., and there's not a conference meeting that goes by where we are not talking about making the tax cuts permanent -- >> that's right. >> our american business owners will have certainty in our regulatory environment so they can invest even more. and let's not forget in these last couple of weeks, larry, we've seen unferentzed announcements of investments into america, hundreds of billions of dollars of manufacturing coming back to our country. so, you know, point taken, but i can promise you getting the tax cuts and jobs act turned into a permanent law so we have certainty, that's a top priority for us, and we're going to be getting there as a fast as we can. larry: actually, it's close to $2 trillion, senator mullen.

the president has chronicled that, but again, i don't want to lose that money. i don't want to lose it to some other country that might be cutting taxes before we cut taxes. and again, i come back to this point, i heard the president -- actually, let's run the tape. here's -- let's run the tape. here's what he said about that tax incentives and tariffs in the oval office today. please stay with me on this. >> ultimately, we want to vote for one big, beautiful bill where we put the taxes in, we put everything in. we're going to have big tax cuts, we're going to have tremendous incentives for companies coming into our country and employing lots of people. it'll be -- i called it in a rare moment one big, beautiful bill. that's what i like. and it seems to be that's where they're heading. larry: one big, beautiful bill. if you listen to him, it sounds like he's asking you all for help. he's saying help we out here. >> right. we -- and we're, larry, we're going to deliver for the

president. sometimes he says one big beautiful, glamorous bill. we want to deliver exactly what the president has, but the chambers have to work their will. right now underneath current law is what the house reconciliation or the budget package looks like. well, that causes problems because if you go underneath current law, which we're talking about tax policy here, that creates about a $4 trillion deficit. if we use current policy, which is what the, which is what the senate is wanting to do, it makes the taxes permanent -- larry: right. >> it makes it permanent, and it doesn't create a deficit. which if you go to reagan economics, we don't count tax i cuts as a deficit because we know that the american people, the american business owner and the employees will spend the money better than washington d.c. they'll invest it wisely, and our economy will grow. larry: oh, senator mullen, please hold that thought, as an old reagan guy. that was a beautiful thought you just expressed on dynamic scoring. and the fact is current policy, as senator crapo has tried to

tell everybody, current policy would score this stuff as deficit-neutral. senator sheehy, i'll give you the last word, sir. >> we're focused on the america first economy, larry, and that means, you know, milton friedman, the great father in modern economics once said the single greatest indicator that you must look at in an economy is how much of the gdp is the government spending. our economy's been on a sugar high for a long time. best been -- it's been distorted by excess government spending, and i think what you're to going to see from this congress is redisciplining to make sure our economy is based on private investment, not public sector spending. larry: all right. well said. thank you, gentlemen. senators, we appreciate it very, very much. coming up here, we're going to talk politics with my dear friend and old pal david webb. catch "kudlow" monday through friday at 4 p.m. on fabulous fox business. and if for some reason you can't

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larry: all right, joining me now, david webb, fox news contributor, host of the david webb show on siriusxm catch him cohosting "the bottom line" with dagen mc mcdowell right here on fabulous fox business. dave, thank you for doing this. so i just want your thought. there's a lot going on, putin maybe, zelenskyy improving, meetings in saudi arabia, europeans maybe getting -- i mean, a lot of the things trump has launched may be taking hold right now. people won't give him any credit for it, of course. >> well, they're never going to give him credit, but he's interested in getting the job done. remember, kissinger did shuttle diplomacy. he went everywhere. thousand reverse this, whether it's at mar-a-lago, the white house south, or the white house, what are they doing? they're all coming to trump at the same time. he has nato coming to the table,

he sit there is today in the oval office, takes questions like biden never could, what happens? you get almost a rehash of jens stoltenberg saying, you know what? thank you, because of you, europe's stepping up. whether they love it or not, they're stepping up. g7's going on, rubio's there, and where are they? they're in canada. and they're not losing their minds. notice what's going on. they're shuttling in to see strength, peace through strength, and leadership that says let's get a good world, a safe world, a world without a war going on or at least as little conflict as possible and economic prosperity. because we'll all do better. look at the business shifts that are going on. you've gone over this. if apple deciding we're going to move $500 billion. corporations reason making these decisions going, you know, in four years we'll have to move it again, trump's gone. they're thinking, 20, 30 years ago,s we're still working. we're investing a lot of money. larry: i keep saying, look,

you've had $2 trillion of foreign investment commitments to the u.s. since trump became president. that is a lot of money, 2 trillion. big money. let's give them the incentives to maybe sure they follow through. let's give them all the a expensing we want, the low taxes we want, you know, plenty of productivity, plenty of tech logical advances we want. let's basically help out trump. the guy's trying to redo the world's trading system. let's help him here at home by redoing the tax system. >> and the world despite what the left-wing media tries to tell you, likes the idea of reciprocity. they like the idea that, hold on a second, we all have resources, we all have things we want to do. same thing in latin america. lasten american leaders -- latin american leaders want partnerships. in the dominican republic, they want partnerships. they want partnerships in the caribbean. they want a working

relationship, not this constant addled behavior with globalists saying do what we say, we'll tell you how we'll afford it later. larry: by the way, on that poinr bit left, but charlie gasparino broke a really important story a couple days ago. larry fink of blackrock acquired the chinese ports on the panama canal. both sides, atlantic and pacific. now, that is going to help mr. trump quite a bit. last few seconds. [laughter] >> look, when this big an asset manager, arguably the biggest, says a i'm doing this, why did it happen? why did the they take that risk and go in there? and notice the signs, the signs are no longer in chinese in some areas in. [laughter] america's back, baby. that's what the bottom line is. larry: that's really quite an extraordinary thing, to think that larry fink did -- anyway, hat's off to him. david webb, thank you ever so much. i'll be right back with my last word. ♪

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larry: you know, trump is working on a level playing field for tariffs and now that congress got to give him help on tax cuts. the two go hand-in-hand for a successful economy, and speaking of success, elizabeth macdonald, up next. liz: thank you, larry. you are so right about tax cuts. now, larry? did you say about rosie o'donnell, did you say rosie macdonald? larry she'