AND.. CUT

Fox Host Kudlow Decides Not to Join Trump’s Cabinet

But the president-elect was reportedly meeting with the founder of Key Square Capital Management.

Fox Business host Larry Kudlow took himself out of the running Friday to lead either Treasury or the National Economic Council, The Wall Street Journal reported.

Donald Trump, meanwhile, reportedly had a meeting scheduled Friday with investment guru Scott Bessent, who is on the president-elect’s short list to serve as Treasury secretary.

Kudlow previously served as the director of the National Economic Council under Trump, and has kept in touch with the incoming president since the end of his first administration.

Kudlow has used his time on Fox to prop up Trump’s economic policies. But he told Trump’s team Friday he has decided not to return to government.

Kudlow’s stock had risen in Trump’s eyes because of the “cold war” between billionaire CEO Howard Lutnick and Bessent, one Trump adviser said. Both Trump allies are jockeying aggressively for Treasury secretary, which has irritated Trump and lengthened deliberations while he considers other people, some advisers said.

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Besides Bessent, founder of investment firm Key Square Capital Management, Trump is also considering Robert Lighthizer, the U.S. trade rep during his first term, and asset management CEO Marc Rowan for high-level economic positions, including the coveted treasury secretary position.

Trump advisers compared the deliberations to “a game of musical chairs.” Closed-door discussions with candidates are expected to continue into Friday. Whoever is not selected as treasury secretary is still expected to land a top economic job within the administration, such as director of the NEC.

Kudlow would have made the second Fox host Trump has nominated to his cabinet: On Tuesday, he nominated veteran Fox & Friends Weekend co-host Peter Hegseth to lead the Department of Defense.

Unlike Kudlow, Hegseth lacked experience for such a position. He is among Trump’s other unorthodox picks, including Matt Gaetz, who resigned from the House ahead of a meeting of the House Ethics Committee to decide whether to release a damning report against the Florida congressman involving allegations of illicit drug use and sex with a 17-year-old girl.

Speaker Mike Johnson, however, after meeting with Trump at Mar-a-Lago, said Friday that the report should not be published. And the ethics panel’s meeting was scrapped.

Another of Trump’s controversial picks is Tulsi Gabbard, whom critics call a “Russian asset.” The former and future president nominated the former Democratic lawmaker to be his director of national intelligence.

A spokesperson for Fox News told the Daily Beast: “Larry Kudlow recently signed a new deal to continue hosting his eponymous program on FOX Business and has no plans to leave his current role helming one of the highest rated shows on the network.”