Bloomberg scoop. It shelving his plans to study cryptocurrency has fund hend fund. Erik schatzker broke the news. What do we know with this . Erik as you may recall, Mike Novogratz talked about or had plans to start a 500 million Cryptocurrency Hedge Fund biggest regulatory constraints he cannot talk to us, that he talked about his enthusiasm for cryptocurrencies at assets. Stores of value, and tokens that have the potential to change the way that companies did business. He Still Believes in that. Bitcoin wasthe Time Training at about 4000. Or was it just last week . More than 19,000. Mike novogratz is a career micro trader macro trader. He warned this would be the biggest bubble of our lifetimes. He is the guy. Knowing what it would take the function as a fiduciary. Eitherprospect of buying an bitcoin at the same time as having to risk manages own personal account and maybe sell those very same cryptocurrencies at the same time, he could not stomach it. The schizophrenic side was too much. David you talk to him in september. We talked to him in november just before thanksgiving. He said it was going to 10000 and we thought that was high. Mike we end the year at 10,000 in bitcoin. Thats a decent move and we end close to 500 in etherium. David they like volatility. They dont have volatility. He can go short or long. Erik he is just is happening happy continuing to trade cryptocurrencies in his personal account. But if youre going to take client money and you have to put it to work, yet the build long positions. This is perhaps more volatility than Mike Novogratz can stomach on behalf of his clients. And his own personal account,. He is fine with it he has been selling. He was right that bitcoin was going to hit 10,000. It got there faster than the end of the year. I took about eight days. He told me today he has been selling ether at 600, 700. And 16,000. 3,000 he sustained losses today but he still up for the month. David there are a lot of other things going on. We had an Exchange Close in south korea. Investigation by the sec. How much is all the hair on the dog . Erik he would say a couple of things. Regulation is coming. He said he heard of regulators are going to arrive at the Bitcoin Cryptocurrency chorale. The other stuff, what is going on in south korea and the potential hack by the north koreans, i dont speak on his behalf but he said this is a young industry, there are a lot of growing pains. He believes cryptocurrencies have real value as assets over the long run and they will be a very Disruptive Force in finance. Not just in high finance on wall street, but in consumer finance. As a result they are here to stay. The value of the bitcoin is anybodys guess right now, the weather cryptocurrencies will go the way of the dinosaur, he does not believe that at all. David he is not out of it forever . Erik not at all. David thank you, erik schatzker. Lets turn back to something less speculative, the federal tax code. We know the United States has a new federal tax code, potentially changing the Economic Situation for every individual and company in the country and raising challenges for state governments. Judd gregg has seen it from both anns of the telescope. As as a of the telescope as senator and governor. You said basically this was a good idea. The cutting of the Corporate Tax rate, you have expressed some reservations about how the personal income tax was handled. What would you have rather seen . Something like the reaganrostenkowski activities in 1986. Were you radically reduce top rates but eliminate many more deductions and exemptions. I think that causes individuals to investor return, which is a much more efficient way to use dollars rather than invest to avoid taxes. That should be one of the goals of tax reform. People investing is capital effectively versus investing for the purposes of avoiding taxes. That was my disagreement with the individual side. For the corporate side its a huge boost. This is a major win for the american economy, american jobs and how competitive situation internationally as a result of the change in the court of laws. Corporate laws. David they came with a price for the deficit. We can go backandforth about this dynamic scoring issue. There is a huge deficit authorized. How concerned are you about that . Sen. Gregg that is why Simpson Bowles was not a revenue neutral way. I think the tax bill should have been done, but it allowed for 1. 5 trillion on a steady basis that static basis for attacks deficit action. Double workout at around 1 trillion over 10 years. We will have a 50 billion 50 trillion federal budget. Its not that big. It is significant, but as a percentage of debt it is not the primary driver. That remains the spending side, entitlement spending and health care, medicare and medicaid. Those deficits are being driven by the retirement of the baby boomer generation and its demands will be around 20 trillion over the next 10 years. It is not a huge driver of the debt. It would have been better to do it in a revenue neutral way. It are talking about deficit dollars, i would have been spent by individuals spending her own money, corporations investing those dollars. David some people not having money to spend our money from high tax states. Youre a former governor. What would you do as a governor of a state facing this situation . It will be painful right around or im standing right now. Sen. Gregg it is going to be painful and is the result of a government that rent massive patronage programs tied to huge pension benefits. States like New Hampshire, we do not having a contacts or sales tax. We should beay subsidizing illinois and new york and california, vucevic governments never totally irresponsible and managing their fiscal house. I think this is fair, the way it should be handled. For many people in New Hampshire or taxes may go up, high income people with high property taxes, but there is no reason a low income tax state should up to subsidize a high income tax state when their spending money in manners which are basically not an efficient way to run a government. My suggestion to peoples move to New Hampshire. David take me through the economics. A person from new york or connecticut or new jersey would say, it was subsidizing home . Or shipping more dollars to washington. We are subsidizing the federal government. Why should we be penalized for that . Sen. Gregg to answer is New Hampshire is, too. After minnesota, minister spends the most dollars New Hampshire sends the most dollars to the government. The basic theme is you have a federal government. Some states are doing better than others and money will be distributed on the basis of what states are doing economically. Most of these programs that is your big money to states are based on the economics of that state and the incomes of the people in that state, especially things like medicaid. Profitable, healthy states that are doing well, their citizens are doing well. They end up sending more to the federal government to states that are not so financially successful because they take out more from the federal government than they put in. When you have a national government, thats the way it works in the way should work. David given the concerns you expressed about the deficit, should they be moving onto infrastructure now . Do we have the money left in the coffers to cover infrastructure . Sen. Gregg one thing that will be interesting is over the next year is the reconciliation structure. Every piece of policy legislation that passes will have to have 60 votes. It will have to be bipartisan. There are not that many places where they can reach a bipartisan agreement. If they do infrastructure, they should pay for it. They should not do a major bill saying 1 trillion without paying for it so it does not add to the debt. David many thanks to sen. Gregg from sarasota. Always good to have you on the program. Lets get a check over the markets stand. Abigail doolittle is hill with the latest. Is here with the latest. Abigail looking at small declines for the major averages. All slightly lower. Investors not so impressed by the fact that taxcut will was signed. We are of course going into the long holiday weekend. This type of trading is anemic. And it is typical. Of the year, the s p 500 up about 20 . This is 4223. Here we see the s p 500 up a second year in a row. Up 20 . Here is the bull market. One of the points you made, this is a longterm chart going back 80 years as we have the streets of up years. The fact we have such a big gain is not mean next year will be so bad. Perhaps not all the tax overhaul excitement is not priced in. Our friends at compass my financial think there is one more like higher to go. We are looking at the u. S. Dollar against the mexican peso. On paper its best week since the election of last year. Amazing here. The last four days having its worst four days since january. First there is a graft investigation, basically a bribery investigation around corruption. And mexico officials said the tax that could prompt a review. Movies has withdrawn their debt rating on some of the sovereign debt and one of the 16 states, the one closest to the u. S. The dollar climbed against the mexican peso. David thank you very much. Coming up, where have all the deficit hawks gone . Y hainesnes terrt y will join us. This is bloomberg. David this is lyf Bloomberg Markets balance of power. Not have been possible without the republicans in congress having agreed increase the federal deficit as much as 1. 5 trillion. Lets look at what seems to be an endangered species, the deficit hawk. We welcome terry haines. Is one of them was experienced policy and Political Consultants in washington. He served as a president ial appointee. He comes to us today from washington. I have to give you a little nod. You are always saying it is better than a 5050 chance. You were always pretty optimistic. It happened the way you said. Is in there a concern about how they will pay for this . Terry sure. First of all i very much appreciate being on the program. Sure there is. Decades decided after a of sluggish growth it was time to really jump start the economy. They were willing to do so by increasing the federal deficit by up to 1. 5 trillion over 10 years. He talked to a lot of economists and a lot of people in the markets. They shrug that office not being very much. It sounds like a much eager deal in political washington. , but nonetheless they are essentially taking of that that will happen as a result of the law is that Economic Growth will actually be jumpstarted and that what we see is frankly not that much of a deficit increase. David this is the republicans doing this. They are more conservative in fiscal matters. Have they given up the high ground in this issue . We talk about building walls or helping people you really need help. Public talk about infrastructure, all these things on the list. Terry for better or worse deficit and debt increase issues i think there is no high ground either way. Noocrats were very i cast aspersions. I think of just reporting what is. Republicans were willing to go into a deficit increase, betting on greater Economic Growth and a lower overall deficit. Democrats wanted, and said so in 2017, was to do 1 trillion of direct federal spending on infrastructure and by implication where willing to increase the deficit. Probably have in washington rand paul said on the senate he is correct. What ended up happening is that both Political Parties have escided to use their prioriti to make a bet on Economic Growth. Since they were hoping to do it on infrastructure. David i apologize in advance. A new yorker might say is that really 1. 5 trillion . Its an accounting gimmick to get past the bird rule. Now youre talking about 1 trillion on infrastructure. We have a lot of things coming up on january 19 that have been put off to give the government going. If this were a company that was regulated, they would be in jail for fraud. [laughter] terry i believe others to talk about the forwardlooking rules. You are quite right. Part of the point here is that, and as my colleagues have long been making the case, this is really a much bigger deal. This is more like a 2. 2 trillion to 2. 5 trillion tax cut because frankly nobody thinks the temporary provisions, the ones about to expire, will be permitted to expire by any congress, the matter how democratic or republican. The Economic Impact is larger, yes. David what are the politics on capitol hill . To have an election coming up in november. One third of the senators and all the house of representatives. They are tied to this tax plan, the republicans. Will they do anything else are just trying to sell this plan for the next several months . Terry i think they will do both. It there is understanding that there is a fair amount of things that happen in the next few months that are very bipartisan. You end up with another bipartisan spending plan. This will be the fifth year of bipartisan Spending Plans that will essentially keep stable government funding and move it up slightly, somewhere between 100 billion and 200 billion over two years. You will resolve the dreamers issue. You will resolve the debt ceiling issue. You will do the things you need to do in a bipartisan basis to get the government going. There has been a lot of discussion about welfare reform. Negative on this even before senator mcconnell said you thought that was unlikely. Im still bearish on infrastructure, largely because i see no policy agreement or the ability to have bipartisan agreement on federal funding. I think they will make runs at those things. By and large i think what you got is the achievements. You have republicans really selling as much as possible the tax cuts. And you will start to see the economic benefits of it. Erry, always good to have the on and to get a chuckle out of you. Terry haines from washington. Carried interest. It is something candidate donald trump repeatedly denounced on the campaign trail. 20 can time to deal with it, was his bite as fierce as his bark . You will give you a report on that next. This is bloomberg. David the looks like Steve Mnuchin was involved in a behind the scene clash. Gary cohn was in favor of ending the tax break when mnuchin wanted to keep it. It puts Hedge Fund Managers here is sahil. They will put up a graphic to show the three positions because it gets a little complicated. The question is what the right is . It is 23. 8 . Longterm Capital Gains rate if you keep it for a year. Nhat apparently mr. Coh wanted to hold it for three years. Of mr. Mnuchin wanted was the 23 point percent and yet the holder for one year. Out of this come about . Ahil the real dispute is a Fund Managers should get that preferential rate on their income. In some cases real estate should get that preferential rate as opposed to real regular wage income which is taxed higher. The class was gary cohn wanted to eliminate the tax break as President Trump repeatedly promised on the campaign trail. Steve mnuchin did not want to eliminate it. You wanted to reserve in some form. He talked about a potential compromise or it could be removed from hedge funds been a private equity. What happened was republican tax writers did not have much of an appetite to eliminate this. The fact there was a divided white house, not a united message or a clear redline in many gets elimination to get them sufficient cover. It ended up being tweaked from a when youre as a Holding Period to qualify to three years. It largely preserves it as some found managers feeling that god stumble it. Dodged a bullet. David was this just pure lobbying . We had people like David Rubenstein say think hes open to having it go away if there was a conference of redoing of the tax code. We did not take care of it. Sahil there are very few republicans actually making the policy argument for keeping it. Is not politically popular or palatable to go to a town hall with voters and say i want my Investment Fund and private Equity Managers getting a preferential tax rate as opposed to an ordinary worker and a plant were retail or working out waiter job. Its difficult to make the argument politically. One person who has is pat toomey, republican critical to the drafting of this bill. He says sweat equity should have preferential treatment and he believes they carried interest is useful because some of these assets that double taxation without it. That is not if youve republicans are willing to make in the light of day. David it will be interesting to see how this plays in the fall. Thank you. Washington forto a report on the state of peace in the middle east, on the eve of christmas. It does not look peaceful at the moment. Live from new york, this is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. David this is Bloomberg Markets balance of power. There is breaking news. The Un Security Council has voted to impose new sanctions on north korea in response to the missile firings in november. This sanctions apply specifically to Petroleum Imports and workers abroad. The u. S. Ambassador was just speaking a moment ago. Once again, the United NationsSecurity Council has imposed a new sanctions on north korea because of the missile firings in november. Lets check on the bloomberg first word news. Emma chandra has it for us. Emma President Trump has signed the tax reform bill. It slashes the Corporate Tax rate from 35 to 21 . Because individual tax rate. Analyst say most benefits will go to those at the top of the income scale. The president also signed a public use the government running three january 19. Russian president Vladimir Putin says the United States has violated a cold war era nuclear arms pact. He accusedting today the u. S. Of housing certain types of banned weaponry and its missiledefense sites in romania. Washington has denied the claims in says russia is developing a new missile that would break the 1987 treaty. That Trump Administration recognized the results of the honduras disputed residents of election, despite opposition complaints and irregularities and calls from congress to back any vote. The state department graduated fernandes on his victory but urged the Electoral Commission to review any challenges to the results. In a statement, a spokesperson urged refraining from all violence. In orlando it was a here and to determine what evidence can be presented at a trial connected to a deadly nightclub shooting. Gunmen facesthe charges of aiding a terrorist organization and obstruction of justice. Or lawyer argued her statement to the the eye the attack should not be shown at her trial, which is scheduled for march. He killed 49 people and wounded nearly 70 others have also night club in 2016. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im emma chandra. This is bloomberg. David President Trumps decision to recognize jerusalem is causing a difference of opinion between United States and some of its key allies. The General Assembly overwhelmingly backed the measure critical of the decision. We want to toss it over to Kevin Cirilli who has more. With we our here retiring after several projects in the middle east. Is now a Senior Advisor to the counter extremism project united against nuclear iran. Thank you for coming on. Thank you for having me. kevin i would like to play clip that nikki haley said yesterday about the vote. This vote will make a difference on how americans look at the u. N. And on how we look at countries to disrespect us in the u. N. And this vote will be remembered. Nations,e majority of including every nation on the Un Security Council voted or denounced the president s decision to move the u. S. Embassy. What do you make of what happened this week with the United Nations . Norm is an extraordinary development. I think the challenge is it shifts the debate and the subject to the United States political making decisions. Its more useful if we can keep the focus of the conversation on the Peace Process and on iran and the issues that underline extremism in the middle east. Kevin staying with israel, with President Trumps decision to do that, it was applauded by Benjamin Netanyahu and many conservative groups. If you get some criticism from democrats, even those that support israel. The you think it did anything at all to jeopardize vstoxx peace talks . Certainly it collocated the parameters. It makes it difficult for the ies ors or the emirat the egyptians to play a role. I think hes talks depend upon with the framework of the deal ultimately is. Kevin saudi arabia voting against the United States on that referendum. You think nikki haley has done a sufficient job in representing the United States interests at the u. N. . Haley does anor exceptional job. Kevin switching to saudi arabia, it has been a busy week with regards to the situation and the relationship they have with yemen. What you make of this administrations response regarding that missile attack on december 19 to the royal palace . Norm you have a couple of issues at play. Administration put forward a compelling case that iraq is behind iran is behind some aspect of the missile firings. Those firings also take place against the Multinational Community that lives in saudi arabia. There are thousands of americans placed at risk by these shots. Theiranians supported allies that conducted another launch. It is a test of the international community. If we allow a second one to go by without a concerted international action, we could encourage them to take further steps believing they have not yet reached a redline. Kevin with regards to the ports in yemen, there is a bipartisan letter sent to the leaders of saudi arabia to continue to help with humanitarian efforts, but also reopen some ports. Playing withiran regard to the sports . Norm the opening of the ports is an important development. Even in terms of the violence and suffering we have seen in the middle east in recent years. Iran has been accused of providing weapons and personnel for the conflict. If i were in saudi arabia that would be concerned the ports can be used by iran to deliver weapons and the technical personnel to offer the weapons. The unfettered flow of a into the country that could enable to deny it to its opponents. I think its a good thing the ports are open. Is important United Nations monitors this. Anytime you can deny iran the capacity to enter his weapons in the yemen. Introduce weapons into yemen. Kevin we have not heard much publicly about the port issue. Do you think President Trump and this administration, secretary tillerson, have done a sufficient job on the global stage with regards to her ron . Iran . Norm there has been a growing dialogue between the administration and european partners. I think the Administrations NationalSecurity Strategy highlights the role of partners in such a program against iran. I think its moving in the right direction and another National Security staff and other personnel behind the strategy worked hard and long to develop a strategy they believe would be effective. Kevin the biggest thing on your radar in the First Quarter of next year in the middle east . Norm i would worry about a missile shot from yemen that strike the target in saudi arabia of such economic or political consequence that it would require a dramatic action similaraudis, a occurrence for the united arab emirates. I would worry about an uptick of violence or perhaps a degradation of the situation in libya because of the inflow of isis personnel. Kevin fresh at a retirement but not taking any days off. Thank you for taking time for bloomberg television. Happy holidays inventor coming in. David thanks so much. We have breaking news. Air force one has just arrived in palm beach, florida. President trump on his way to his home at maralago for the holidays, having signed before leaving the tax bill. That is air force one taxiing in. He will be down there for the next week or so. Coming up, the latest on the Election Results in catalonia where separatists have regained control of the regional assembly. The Prime Minister saying he was a dialogue with the new government. That is coming up next and this is bloomberg. David this is Bloomberg Markets balance of power. It is time for the stock of the hour and the shares of papa johns are sliding after the founder and ceo abruptly resigned. Abigail, what is going on . Abigail investors dont like this news. They are not entirely sure why. There is some speculation the reason for his stepping down could do with the fact the stock is down significantly since the start of the nfl season. We have a chart of those declines. We see the stock is down about 4 over this time. Since the start of the season, and im not a football fan, august or september . I almost had it. We see the stock is down 23 . During that time they put up a terrible quarter, put on that quarter the ceo tried to blame it on the nfl, the and send issue. The anthem issue. David he put himself right into the politics issue. He said the reason the stock is down is because Roger Goodell does not get the players to stand up for the national anthem. Abigail there are questions about his impetus for that. Maybe the nfl had pride him bribed him. Purely speculation. He is a donor to the republican party. The business is in trouble. If you look at the same store sales, the big slide down the last quarter. Just 1. 7 growth year over year. It is worth noting he owns 27 of the outstanding float. Perhaps hes trying to protect his own riches. The guy stepping it is steve ritchie, longtime deputy and he has been involved in the operation. Maybe that has something to do with it. David one thing that is clear is the battle between schneider and jerry jones and Roger Goodell, the dell cannot ok goodell cannot ok. Lets turn to the election in catalonia where proindependence parties prevailed over the pros train rivals, handing the spanish Prime Minister a historic defeat. A depose catalan president say they want to hold talks on where to go next. Somebody has to figure out a way to let him back into the country from belgium because they say they will arrest him. , whong us is maria tadeo has been tireless in her coverage of the story. Is there any progress in mitigating getting these two men together . It was an election disaster. That would take him to 2020. s party was completely erased. It was a bad result. He says in terms of holding talks with the winner of the night, he is the comeback kid in the catalan parliament. He wants to have a meeting outside of spain, clearly worried about the legal implications that would carry if he is returning back to spain. Say they got a little bit of clarity on this idea of actual dialogue. The government is always open for dialogue, but there is constitutional law. David we are watching President Trump coming down the stairs from air force one. He arrived in palm beach for his holiday down there after signing the tax bill. Going gun at maralago for a restful week, although im sure he will be working at the same time. President trump arriving in palm beach, florida. You look sunny and warm. Maria, i want to put up a chart if we can that shows was going on in the national assembly. Is a complicated story. We say the independence people won, but there are two parties to make up 70 of the seats. They did not take the most seats of any parties. It he put them together, you get a majority. Maria thats right. The actual winner of the election, you break down the details, it was a pro spain party. Incredibly vocal about staying with spain. Which is had an interview with one of their spokespeople today. They were saying he has to face the music and get back to spain and take responsibility for what he did. It is by no means clearcut and the idea that independents will take place, not so quick because the proindependence party lost seats. Not ple of catalog did catalan did not like what they saw. Situationplicated between madrid and barcelona. It was a disaster and it highlights how toxic the relationship between the Central Government and the people of catalonia. The message was clear. We dont like you. David its intricate political story that you have covered every step of the way. The people seem to be going about their business and getting ready for christmas. Is this having a real effect on business or markets or banks . Is it just for the politicians . Maria it is having a real impact on the economy. If you know anything about the spanish economy, the catalonia economy always leads growth. Its having a real impact. Tourism numbers dropped. Barcelona is one of the most visited cities in the world. When we talked to hotel people, they tell you it is not looking good. The pictures that came out of the day of the illegal referendum, it had an impact on the brand. They feel it has done damage internationally. And cash among the banks under Major Pressure today. Investors are a little worried about that. This is crucial. There are companies that are also saying we fear what happening this christmas and the rest of spain. There are a lot of spanish people who dont like what they see in catalonia and may not buy their products. It is a difficult situation for the Business Community here. David maria tadeo, thank you so much. Great reporting all week long. Your president ial suite tweets causing heartburn. Did a remake and the president s toolbox do they remain in the president s toolbox . This is bloomberg. David President Trump to the office with a flurry of tweets criticizing companies. Praising others for actions he saw is helping him make America Great again. For a nearly a year of tweets, we welcome Kevin Cirilli. We will put up a bar chart they get an indication of the companies that have the most tweeted about them. Amazon was number one. Back in the summer he said they are not paying their taxes and is hurting retail. Ford,lso went after praising them for bringing jobs back. General motors. These the companies that were really hit. It is a College Anything . A College Anything . Did it accomplish anything . Kevin we would have roundtheclock coverage of the ceos going in and out of the Revolving Doors it trump tower in manhattan. We would chronicle them in their relationships. I was told of the time privately it was a way for the president elects Transition Team to bring Business Leaders to the table, a skeptical Business Community of this administration. Flashforward several months to his first year in office when a lot of those businesses we chronicled disbanded several of those business boards in meetings and groups in Silicon Valley and wall street. Now the year ending the year on a positive note. Several companies, including several other companies have actually increased minimum wage or provided bonuses. I will let you guys decide about whether or not you think it was because of the tax plan or a corporate pr spin. Either way it would appear the president leaves for maralago he just arrived with some more positive relationships with the Business Community. David back in january and then going on we would report about the stock prices which would often take a dip. Over the course of the year the stock prices came out just fine. All of them. Kevin i totally agree with that. Was interesting is if you take a look at the investment world to see how the president s twitter account was able to really drive news coverage, that is such a great chart because no matter what the president was tweeting a lot of investors barely blinked at the president s tweets, the matter how controversial. Or they did in fact markets is when the president was tweeting about Foreign Policy and National Security. , thene we saw north korea we noticed fluctuations. David lets look forward now to 2018. Cover the politics you know so well. Republicans clearly have tied their wagon to the tax reform, or the tax overhaul. They will rise or fall in november on that. Elevated position themselves . Particularly steve bannon . Kevin he did really bad with roy moore. Mitch mcconnell giving a press conference on capitol hill earlier today, and really offering a taunt at steve bannon. In a way making fun of him for reddest in one of the seats to democrat doug jones. Mcconnell feels emboldened as a result of that alabama, and as a result of delivering tax reform. I interviewed one of the top folks at treasury below secretary mnuchin earlier today at the white house before President Trump took off from maralago. I said democrats are really going to pummel this point home about whether or not this impacts the wealthy people. He said essentially game on. They hope they can run on this. David thats find a say game on, the we have a lot of issues coming up to keep the government going on january 19. They have a lot of issues. They will need democrats to side with them. Are they for the democrats were against them . Kevin they will need people like senators heidi heitkamp, the joe manchins of the world. He sees potentially a couple more weeks of time for them to address Something Like daca until march. A lot of them would disagree on the estimation. On other policy issues like raising the debt limit or getting defense spending. They will have to address that by january 19. President trump, during your show tweeted about this morning about wanting to work with democrats. He predicted they will have to. If he wants to get a second major legislative accomplishment, he will have to deal with the democrats and other freedom caucus. David teacher likes the feeling of that success. He was really loving it. Kevin we even got a Merry Christmas he took off from the helicopter. David many thanks to Kevin Cirilli. Great to have you on. We leaving with a couple of reminders. Sign up for alans of power newsletter at bloombergpolitics. Com. Get the latest and your inbox every day. You can catch all of our tv. S with we are live in bloomberg World Headquarters in new york over the next hour. Mayor is on the prowl as bighorn plunges almost 30 today. It might be why crypto bowl ishael told bloomberg he backing out of his plans to start a Cryptocurrency Hedge Fund, at least for now. Is deciding the tax bill into law. Potential deal could raise the potential of a duopoly with airbus and smaller jets. In just underlose two hours time. Lets get a check on how stocks are faring with emma chandra. Emma we are looking here at a bit of red across the screen for all of the major averages, but not very much. We are talking the different between one and one tencent 1 10