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tv   Mornings With Maria Bartiromo  FOX Business  April 30, 2024 7:00am-8:00am EDT

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(♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com maria: welcome back. good tuesday morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. i'm is tuesday, april 30, 7:01 on the east coast. mcdonald's earnings crossing the tape right now. let's get to cheryl with the numbers. >> there's a lot going on with this report, stock is down 2 and
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a quarter percent, they missed on earnings per share by two cents, came in at 270, the street looking for 272. they had a slight beat on revenue. they say the consumers are tightening their spending, lower than expected sales growth is the problem here. they also said that global same store sales growth of 1.9%, which is below analyst expectations, the conflict in the middle east they say is dragging on their international license business and also lower income consumers generally are struggling to manage higher costs. as you know, mcdonald's, there's your inflation story with food costs. this is the world's largest burger chain by the way. so this really is a global story when you look at a company like mcdonald's. the stock was already down almost 8% year-to-date. and as you can see the pressure continues. you just i want to real quick here, they had some issues with the middle east because their
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license -- they have a large licensee in israel that had been giving out discounted meals to soldiers, that created a fire storm in the middle east and that hurt sales in the region as well. they're buying those restaurants from that israeli licensee. it's an inflation story, a consumer story and of course the global story with mcdonald's. maria: thank you so much. time for the hot topic of the hour. former president trump's so called hush money trial resuming in new york city this morning, his former banker is expected to return to the stand for the prosecution. he testified on friday that he worked at first re republic bank and you assisted michael cohen with setting up an account for a shell company. the da's office said cohen used that account to make a 130 of thousand dollars hush money payment to stormy daniels. cohen is going on social media to talk about the trial with tiktok live streams. watch this. >> 10:00, same bad time, same
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bad channel. see me there. because something that i said when i was testifying before the house oversight committee, i turned around and i said that donald trump has shown acts of generosity but he's not a generous person. there are people who can be generous but they're not generous people. maria: meanwhile, a second gag order hearing will be held on thursday after prosecutors claim that trump violated the order four more times. prosecutors accused the former president of violating the order 14 times. so joe, joe pinion, how do you see this? you've got a sitting president versus a former president running for the next president. we are six months away from an election. and the sitting president's doj
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puts a gag order on the former president. and the sitting presidents is able to go campaign and say whatever he wants but president trump is not allowed to say anything. during an election. >> none of this makes much sense to the average person. first of all, i love how all of a sudden michael cohen becomes this pristine arbiter of truth when the man defrauded the city of new york with medallions, is clearly there making a recording of his client and no point on the recording do we ever hear him tell his client who is relying on him for legal advice that he should not actually do the thing he's asking him to do and now they have attorney client privilege for the purposes of trying to act as if president trump is a criminal. i think most americans see this as effectively stretching the letter of the law in the name of trying to keep president trump locked in courtrooms while joe biden remains locked in a basement and ultimately as i've
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said last week when this election is decided and when president trump is elected victorious, it will be on the strength of those voters who voted against him the first time, voted against him the second time but are tired of joe biden trying to tell them their bank account is a mirage and trying to convince them the justice department is acting the same way towards president trump as they do to everybody else. maria: i'm just wondering if they're once again overstepping. i mean, some people are reporting similarities between the legal case of former president trump and the case around harvey weinstein, saying that trump prosecutors are doing exactly what led to the reversal of weinstein's conviction after a new york court ruling thursday that the judge overseeing the trump trial allowed testimonies from women who are not even involved in the 2020 case. so you've got an opportunity here to basically just muddy up trump, have all of these women come in, they have nothing do with this case, have all these
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women come and talk about trump to muddy him up. that's what happened in weinstein's case and led to the reversal of that conviction, joe. >> well, look, i think if you are under the impression that these cases are about holding trump accountable and i've got a bridge to sell you with hillary clinton commemorative presidental coins. this is about trying to pin trump to every republican up and down the ballot, try to pin every one of those felony indictments to every republican up and down the ballot and in the process try to get the headline they've never been able to get, trump guilty of a criminal offense, irrespective of whether it's december continued to -- it's destined to be overturned on appeal which would come many moons after election day in '24. maria: what do you think? >> the opportunity for a fair trial is slim to none, you're talking about a jurisdiction where 87% of the people in the
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jurisdiction voted against trump. when we talk about the gag orders, the judge in the case voted for biden in 2020 and news just came out that his daughter has raised $100 million in this case. so like there's no way for him to get a fair trial and then on top of that, gag orders are supposed to exist to protect criminal defendants, not to be used against them, to protect criminal defendants so they have their constitutional rights, the sixth, 1 1 14th amendments, they're stripped of president trump so he can't talk about it, makes it a greater uphill batter for him. maria: we've got a lot coming up. it's day one of the federal reserve's two day policy meeting, it kicks off a this morning at you 9:00 a.m. federal reserve chairman jay powell says inflation will come down over time. what does that mean for the timing of rate decisions. the word on wall street panel is here with expectations. don't miss it. you're watching "mornings with maria" live on fox business.
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maria: welcome back. breaking news overnight, columbia protesters breaking into hamilton hall at columbia, an academic building, barricading themselves inside. earlier in the day negotiating between school officials and protesters broke down, 12 hours after the deadline passed. we're following this breaking news development all morning long this morning. meanwhile, markets this morning are mixed, mostly lower ahead of the federal reserve's meeting it's time for the word on wall street, top investors watching your money. joining me now, senior portfolio manager bryce doty.
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also with me is mark tepper. thank you for joining the conversation this morning. i want to show you interest rates, the 10 year treasury looks like this ahead of the federal reserve kicking off day one of the two day meeting, the yield 4.63%, that's up 1.7 basis points. the fed widely expected to hold interest rates steady tomorrow but the futures market is pricing in 58% chance that the central bank will have its first rate cut in september. earlier in the show i spoke with the wall street journal's chief economic c correspondent nick timiraos. what are you expecting from jay powell today given that we've seen three straight months of inflation staying elevated and worries that in fact rate cuts may be off the table? >> they'll simply take out the interest rate cuts expected this year or early next year. what that will do is it will raise interest rates across the treasury curve. that will tighten financial conditions. it's really the same effect that you would get from an interest rate increase. so i don't see a lot of appetite
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right now for most fed officials to raise interest rates. i think what it would take, maria, to put actual interest rate increases back on the table, you need to see evidence of wages reaccelerating, that would cause some alarm at the fed or inflation expectations rising. on those last two, wages reaccelerating, we're not seeing that yet but there will be an employment cost index report at 8:30 this morning and so that will be an important sign of whether wages continue to cool in line with what we've been seeing. maria: so bryce, what do you think? what are you expecting from the fed today and do you expect rate cuts at all this year? >> well, first of all, as a bond investors i think it's great. i love these yields. i think yields are considerably higher than inflation. we're managing investment grade bond portfolios between 5 and-a-half and 6% yield. we haven't seen that in ages. so the longer the fed takes to cut, i'm totally fine with that,
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all right. and as far as the fed is concerned, they're between a rock and a hard a place. it's easy to raise rates when everyone is flush with cash and demand is high. but now businesses and consumers are watching every penny and it's a cost push inflation that we're enduring right now which is quite a hardship and a the fed is part of the problem. their higher rates are actually making it more expensive for businesses an and everyone, it's more expensive to buy a home when mortgage rates are high and everything else so they're forcing the costs higher that they're trying to actually fight and a push down. ironically, if they cut rates they would lessen some of the inflation pressures but of course they can't get them out of their -- that would be such a major paradigm shift, i don't think they could handle it. we're expecting the fed to walk this narrow line between hawkishness and trying not to completely tank the stock market
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because if they're too hawkish, that means they're going to really keep rates so high that it destroys the economy. maria: yeah. i understand that. meanwhile, the earnings picture is sort of there in the backdrop as well, big week of first quarter earnings this week, eli lilly and mcdonald's reporting mixed results this morning, eli lilly stock is on fires this morning, the take a look at that stock which is showing a gain of 7%, almost 7%, 3m is up almost 8% this morning. mcdonald's down 2%. coca-cola reported a double beat on earnings and revenue but the stock is down a fraction. boycotts in the middle east weighing on mcdonald's and coca-cola's international sales. we'll get amazon after the bell tonight. that will likely be a market mover because it gives us a window into the consumer. followed by cvs health and then tomorrow cvs health and a apple is out on thursday, mark. what is your reaction to the earnings you've seen so far? are there trends that you can take away and what are you expecting from the big one, which is apple on thursday. >> let's start with this
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morning. i think it's pretty interesting that you have eli lilly, mcdonald's and coca-cola all reporting this morning because as cheryl and i were talking about, this is a trend that's going to be a strong trend, strong theme over the course of the next five to 10 years which is the glp-1 drugs, aka ozempic or munjaro and zepbound versus s foods and beverages that aren't quite as healthy. with coca-cola, volume was flat. pepepsico, week, volume was negative. mcdonald's is blaming some issues on inflation. i don't know that that tells the whole truth. you see inflation as a headwind is a short-term headwind and you hope we can combat inflation in the near future. if they were to come out and say glp-1 drugs are hurting us, people don't want to order a super size french fry from us
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anymore, that is a completely different story so it's going to be interesting, maria. over the course of the next three, five, 10 years to see how coca-colas, pepsicos, mcdonald's a, yum brands of the world, how they evolve to counter what's happening with the glp-1 drugs. as for amazon and apple, those are two big ones this week. i'm not very optimistic about apple. seems like demand is starting to slow for iphone sales. and just last week i found out that they're actually cutting shipments of their $3,500 headset by 50%. either because people just don't want it or they don't want to pay $3,500 for it. so obviously consumers are taking it on the chin and they're unwilling to shell out $3,500 for a luxury item like that if you believe it's a luxury item. with amazon, all the focus is going to be on cloud and a.i. they're of definitely an under-under-the-radar a.i. play.
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they offer some languages to a.i. developers that are pretty important. but also the cloud. i mean, as more and more people are using a.i., you're going to need more cloud and aws is the leader. maria: all really important points. i think the pivot on apple could have been what went on in china where chinese officials were talking about an end to using apple within government. bryce, any thoughts on earnings here before we go? >> yeah. i think the consumer is down shifting. so high end luxury items are going to struggle and the walmarts and mcdonald's, they're going to pick up business because of that. i agree there's cost constraints and things like that there, but that's the way the consumer's going. necessities are replacing niceity. maria: you keep hearing that, it's all about value, people want a deal and they want value for sure in this inflationary world. gentlemen, great conversation. we appreciate it. bryce, please come back soon. thank you. mark, you're with us all morning and we're grateful.
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stay with us, everyone. we'll be right back.
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netanyahu's government conduct during ' during the conflict is anti-semetic. >> the bill doesn't solve anything, doesn't do anything to stop the rise of anti-semitism. >> program me meant scholars ss it's the gold standard of defining anti-semitism. >> what's happening on the college cam misses, it's not freedom of speech, it's theft by having classes taken away from people who paid for them. maria: that is the house rules committee debating the anti-semitism awareness act yesterday before voting to advance the bill. the full house could vote on it by the end of the week. if it passes, the bill will require the department of education to consider the so-called international holocaust remembrance alliance's working definition of anticipate semitism when enforcing federal anti-discrimination laws. a group of anti-israel protesters broke into the ham a i'll ton hall building at -- hamilton hall building at columbia university.
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protesters smashed through the windows. a group called columbia university apartheid divest say they reclaimed the hall and renamed the hall him's hall. the protesters are there right now. joining me is new york congresswoman claudia tenney, a member of the house ways and means committee. thank you very much for being here. this is a serious situation underway right now. your reaction? >> look, the this is horrific to watch and it's not like we weren't warned. this has been going on through not for profits, a web of them have been funding all kinds -- this is foreign money that's come through various forms of nonprofits. we saw this after the october 7th, horrific attacks by hamas sponsored by iran and we did a committee hearing in the ways and means committee to look at the structures and i think we're going to be revisiting this to find out where this money is coming to create these intimidating and threatening -- this threatening activity against jewish
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students, against them and making them feel unsafe on the campuses. this as my colleague congressman austin scott mentioned in the rules committee, this is actually not protected speech because we are intimidating other students, denying students the right to get educated where they spend $80 $80,000 more a yr to go to columbia. there's two things we can do, expel those engaged had in the antianti-semetic activities, fie the professors and take away tax exempt status. maria: these are important things you mentioned. i'm glad you mentioned outside agitators. not all of the protesters are students. somebody is funding them and somebody is coming from the outside and being part of it. we know for a fact when people were arrested by the nypd many
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of those people arrested were not students. but i'm wondering where this -- why these people were empowered to think could do this, congresswoman. let's face it. we haven't exactly had support from the leadership in the senate. new york congressman, your colleague, mike lawler is calling out chuck shy schumer ad his silence is deafening on the protests. lawler writes this. it's often said the most dangerous place in washington or new york is between senator schumer and microphone, at a time when new yorkers and jewish americans needed his voice be the loudest,es been tim mid about the anti-semetic protests, sad writes mike lawler as the highest ranking jewish official in american history he should visit columbia university immediately and speak out lodely and clearly -- loudly and clearly against the pro-hamas
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crowd that's taken over the university. have you heard back from senator chuck shy shaw her? >> he's -- schumer. >> he's our senator, obviously. not a word. because the democrats are consumed with politics. if they stand up to this anti-semetic crowd that means they have to stand up to a couple districts, rashida tlaib's district in dearborn, michigan which could decide the presidential race, could decide the control of the senate. remember, this is all about power for chuck schumer and the democrats and joe biden. these poor students are victimized now at columbia and even cornell and we're seeing in syracuse university, my reason , yale, a over the country. they are hiding and using bypassing our laws against using not for profit money for political speech and now they're getting violent and intimidating jewish students and where are our leaders, especially chuck
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schumer. they're so consumed, guess what, we could lose the michigan seat, that could be taken over by a republican. the entire 2020 election was decided by 42 to 44,000 votes depending on who is counting in those swing states and michigan is one of them and that's where rashida tlaib's district, this is right now ground zero of this movement and the per partly the, they're afraid because they could lose political control. we're seeing divide, violence, using students who i consider low information people, not people who are -- they're fed information by these groups arrest where are we now? we're seeing violence and tall concern for the safety of students and people around the country. where are the police? the police are being told to stand down because we have a defund and demoralize the police movement. you know what i'm happy today, maria?
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we reauthorized fisa with 56 new reforms where the police can actually see who are these people they're arresting. they're probably not american citizens. they're probably people who are inciting students who really don't even know what's going on. maria: well, look, you just mentioned a lot of stuff there. we're looking at a live picture of chapel hill, north carolina. unc chapel hill is also getting protesters and it's happening right now so we want to show you what's underway right now live on top of what's going on at columbia. back to chuck schumer. you said he's timid in terms of what he's saying. i would say it's worse than that. he gave a speech on the senate floor a couple weeks ago and said we need new elections in israel attacked benjamin netanyahu in the middle of netanyahu's fight for survival. did this empower anti-israel protesters? >> well of course.
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thou does project too much. he's been projecting election interference, they've been doing it for years. they a accuse president trump of election interference. they try to put him in jail which is election interference. this is never ending trying to interfere with elections by the democrats. if you took netanyahu out of power, every member of the leadership in israel, regardless of party, would be doing exactly what netanyahu is doing, standing up for israel, standing up for the only democracy in the middle east. the country that is standing between extremism and safety in our communities, can you imagine if we didn't have an israel in the middle east? can you imagine if we didn't have an israel? the israelis -- the so called palestinians in israel, they have freedom of speech, have jobs, they're protected. they wouldn't be under the current state of the plo. that's who chuck schumer should be standing up to, the palestinian liberation organization who is denying
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safety and a security to people in the uncountry. maria: we don't know if the hostages are still alive. they're pushing the cease fire without knowing whether or not hamas would release hostages. look, we haven't heard anything from -- much from joe biden either. so it's not just the democrat leadership. it's also the white house. but i want to get your take on treasury secretary janet yellen because she's going to be testifying in front of your committee, president biden's budget, she will discuss before the house ways and means committee later today. yellen says this, as a whole the president's budget will enable us to you address costs that families face right now and bolster our country's economic strength for years ahead had. congresswoman, this is a talking point that janet yellen put out in this statement. let's be clear with this budget for 2025. $7.3 trillion budget includes $5.5 trillion in the new tax increases. what do you want to get from janet yellen today in that testimony? >> it's incredible. we're going to be asking her about that today. the worst thing you you can do n
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the situation we're in is to add taxes and disen sensitiveize work. people need to go to work, we need to pass the provisions that are helping small business that made incredible progress on growth. it's all about growth. we're never going to pay off the debt that has been created under joe biden with all of the give-aways and all that we did during the covid. this is going to be really -- a really interesting meeting with janet yellen and all she's talking about is the same old talking points on raising taxes and giving more give-aways. it's going to be disastrous. but let's hope we can get some kind of movement out of her in the direction of agreement it's the only way out of the mess we're in. maria: we had growth at 1.6 there's the first quarter. congresswoman, thank you. we'll keep watching that and a we'll catch watch the testimony today. claudia tenney joining us in new york. stay with us. we'll be right back.
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maria: welcome back. deadly and destructive tornadoes ripping across america's heartland. cheryl casone with all the details right now you. >> that's right maria. the heartland is bracing for another round of severe weather including more tornadoes, thunderstorms, hail, and heavy winds as after deadly tornadoes ripped through you states over the weekend. iowa nebraska are expected to see the worst of it as people are beginning to clean up the damage from the last round of devastating twisters. the monster storms killed five people across oklahoma and iowa including a baby. well, the arizona rancher that was charged with murder for allegedly shooting an unarmed high grant on his property will not be retried. last week a mistrial was declared in the trial after the jury was dead locked.
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his defense team says there was one juror who wanted to strict t him while the rest wanted an you acquittal. it centered around a migrant that was found dead of a gunshot wound on his rant. nbc universal is preparing to spend two and-a-half billion dollars a year for broadcast rights for nba games, a blow to tnt which held the rights previously. playoff would appear on nbc and peacock streaming. the potential bid could include two prime time games a week, something that warner can't offer and there are the stocks in the premarket, both are lower. finally, this. football news for you. despite rumors that travis kelce could retire, maybe go off with taylor into the sunset he has clinched a two year contract extension. this now makes him the highest paid tight end in the nfl. kelsey has two more years at a
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reported $34.25 million. of courses going to be staying with the super bowl c champion chiefs. his older brother decided to retire, going into broadcasting. maria: happening moments ago, police breaking up anti-israel protests at unc chapel hill. take a look. this north carolina on top of the news in new york, breaking news overnight. columbia protesters took over hamilton hall, an academic hall at columbia. pushing through barricades, carrying barricades inside the building, just hours after the university began suspending students who refused to leave the encampment. this scene is happening as we speak right now. law enforcement dismantling a large encampment at ut austin, arresting at least 43 other protesters, additional protesters yesterday after they
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ignored orders to disburse, according to the school many of those arrested believe not to be affiliated with the university. this is happening at universities, we're finding many of the people being arrested are actually not students at all. joining me is heritage foundation president, kevin roberts. good to see you. thanks for being here. you teach american history at ut austin. what have you experienced? what can you tell us and give us your reaction to all of this. >> yeah, maria, i'm a proud university of texas alumnus and used to teach there and have a lot of friends there. what i can tell is unlike what happened at columbia, unlike what happened at george washington university in d.c. and unlike what's happening at unc chapel hill, the administration has handled this very well. they warned the protesters that there would be severes consequences if they violated the right of other students to do what they're supposed to do, which is go to class. and so i really applaud
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president jay heartsfield for what he's done and applaud law enforcement for arresting niece knuckleheads who are either going to intentionally or unintentionally implement violence against jewish students. this is not protected speech. we need to draw a bright red line against it like the university of texas and university of florida have done. maria: t they a finding many e arrested were outsiders. you've got an op-ed in the epic times titled the struggle for the soul of the gop and i want to get your take on how the gop is handling this and how the white house is handling it but in this op-ed you're talking more about the border. in it you write how can a republican led house prioritize the borders of another country over our own border? even as american citizens are killed by illegal immigrants. kevin, tell us more.
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>> well, look, these two things are connected. what we see at these universities especially in blue states like new york, maria, is the deterioration of institutions, the deterioration of you truth, and the way that's connected to house leadership even though i love my friend, mike johnson, the speaker of the house is that we've seen the deterioration of the republican party in d.c. as an institution. what i mean by that, maria, is there is a huge disconnect between what they did several days ago with the supplemental package and what the american people, especially the conservative base want to see done as and you and i have talked about over the years, the main thing that needs to be done is securing of the southern border. therefore, just like there is a growing distrust of american universities, there's a growing distrust of washington based gop establishment and so what i was trying to do in that op-ed, what i will do until my last day on this earth is remind the establishment and washington, d.c. that they work for us, they do not work for kaye street and
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they must close the southern border before they do anything else in public policy. it's a travesty what happened several days ago. maria: that's not what's actually happening, though, kevin. you know that. you've had before the border was mentioned you've had the inflation reduction act passed, you've had the fiscal responsibility act pass, forgiveness of student debt, the chips act, the green energy act, foreign aid bill and we don't have new security at the southern border. what is happening at the meetings that the republicans need to roll over for some reason and change direction which is what just happened. >> well, in spite of -- to your point, that's precisely the point, yay, in spite of the fact that several times speaker mike johnson said he was not going to talk about ukraine funding, funding to any other place until we secured the southern border, he got rolled. and what happens in washington, d.c. as i've learned unless you
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come in with a steal spine is that lobbyists just twist arms and mike johnson who is a good man simply bowed to the pressure and so the good news, always want to link back to something hopeful, its a majority of house republicans voted against this nonsense so in the medium and long term, i'm very o optimistic about the conservative base taking over the washington establishment but in the short term as you point out very rightly, the american people are suffering. we're spending $1,300 per household to finance all of that aid to ukraine when the ukrainians cannot win thus war even with all of this aid. what we're calling for at heritage is what you're calling for every day on your show which is an understanding of a sober reality that this country is weaker than it's ever been, it's not irreversible, we can fix it but we have to change business as usual in washington if we
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want to do that. maria: every time i raise this with lawmakers they say look, maria, the bottom line is we need a new president. we can't do anything until the election. they're feeling basically handcuffed in terms of a change in leadership. that's the only way they feel they can actually make a difference on the border. well, i think that's partially true and i certainly agree with the fact we need to upgrade the person who this the white house but i think it's a cop-out if i may be so blunt. it's a cop-out because mike johnson has two great gifts from above, you authenticity and communication ability. as i suggest publicly, they need to go not just run on the issue, campaign on the issue, they need to do a border tour from california to texas, highlighting the problems there and a actually be willing to do political battle with the other side. that's what the american people are looking for. and frankly i find it disgusting and cowardly that washington gop be establishment is unwilling to fight on behalf of closing the
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southern border for americans. maria: and in terms of these protests today do you think -- could anything be done in fact we learn that it is soros funded groups behind some of this? >> well, something can be done and most likely given your wonderful exchange with my friend congresswoman tenney, it's going to electoral upgrades, it's going to take better men and women in office. what's going to have to happen is a complete up-ending of the american higher education system. there's two things i'll mention. the first is, there have to be new entrants like the university of austin in texas, what hills dale has done for two centuries but there has to be a public policy response and this goes back to the point i made about political cowarda ce conservative members of the house and senate when they had have strong majority they have to tear out root and branch every single part of the u.s. department of education.
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it's bad enough that these protests are happening. it's even worse that you and i and your audience are funding them. our members of congress have to have the courage to take that when they have the power they tell us they're going to get. maria: we'll leave it there. kevin, good to see you. thanks very much for all of that. kevin roberts joining us this morning. we appreciate it. good to see you. thank you, sir. quick break and then all aboard the new supersonic flight set to debut in the next decade. grady trimble with all the details from california this morning. grady. >> reporter: good morning, maria. how would you like fly from new york to london in three hours and 45 minutes. commercial supersonic travel is making a comeback and it could be here sooner than you think. we'll have the full story coming up.
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maria: welcome back. time for the morning buzz. nearly half a dozen companies competing to bring back supersonic passenger travel before the end of the decade. fox business' gr grady trimble n mojave california this morning with more. grady. >> reporter: maria, this company's ceo, called boone supersonic, he tells me they've got a 10 year head start on all the other competitors in the race to commercial supersonic flight. this plane that you see right
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here is basically a one-third scale prototype of what will eventually become boone supersonic's passenger plane known as overture and a take a look at this, boone says flying twice as fast as commercial planes do today and faster than the supposed sound of course its planes will be able to drastically cut travel time on trans continental flights. here's what that overture plane looks like. the company already has more than 130 orders in preorders from united, american, japan airlines. and most people when they think about supersonic travel they probably think of the concord which was really expensive, unattainable for most people and ultimately was taken out of service a few years after a deadly crash. boone's ceo says his company's planes will be a whole lot different. >> compared to concord with half a century old technology, today we've got lighter materials, better aerodynamics, more efficient engines and we
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put all of that together. our first airplane will be able to make it available at business class kind of fares and there's a future where supersonic can compete with economy class fares. >> reporter: right now they're working on research, development and testing. the video you're seeing on your screen right now shows the plane behind me on its first test flight ever last month. the very first time that aircraft was in the sky. we talked to the two test pilots who will take it on more flights below the speed of of sound, subsonic at first, looking to eventually supply supersonic in it later this year. .each time we go up we'll get higher a faster. we'll get up in altitude and speed. >> this will be the first time we retract the landing gear. that's the big focus on the second flight. >> reporter: and boom is about to open another factory in north carolina in just a couple months
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with a goal of flying passengers on their planes, maria, by 2029. maria: that's exciting stuff. grady, thank you so much. grady trimble this morning. cheryl, your thoughts. >> i reported on this, the development of this jet prior on this program, maria and i'm glad that grady brought up the materials that the jet will be using. that's the difference, that's the key difference because that is less fuel used and also you're able to go a little higher. but consumer demand is also what the concord fleet suffered from as well. so there's got to be the consumer demand. we'll see how united and american and these others, what their plans are for these jets. i think if there is a market and they can keep this in business class fares it's a possibility but you've got to monetize these things. you don't know how much they're charging for the jets. maria: all right. we will take a short break on that note. thank you. we'll be right back. you're watching "mornings with maria" live on fox business. coming up to the final hour.
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