He noted that billionaire Democrat donor Tom Steyer has launched a $10 million campaign to impeach Trump, accusing the president of taking money from foreign governments, obstructing justice at the FBI and bringing the U.S. to the brink of nuclear war.
He also noted that Rep. Frederica Wilson (D-Fla.) claimed that the Niger ambush that left four U.S. soldiers dead will be "Trump's Benghazi."
Niger is @realDonaldTrump's Benghazi. He needs to own it.
— Rep Frederica Wilson (@RepWilson) October 22, 2017
"It seems the left's contempt and, frankly, hatred for this president has now reached a new level," Varney said on Fox Business Network today.
He argued that's happening now because Trump is on the verge of a massive win on tax reform and the economy.
"The left is very worried that a tax-cutting deal would grow the economy. They don't want the president to get the credit for that," Varney said, explaining that is the reason they go to extremes with allegations of racism and calls for impeachment.
He warned to watch for a "crescendo of hate" and "ever-rising hysteria" as tax cuts look ever more likely.
"If the left can't stop him now, they face a huge political defeat," Varney said. "And the president is very close to a very big win."
Watch more above.