Downshed out for shutting the countries top tv stations, the move came after networks try to broadcast images of the mock inactivation as the peoples president earlier this week. Order to and the shutdown, that he is not satisfied. Time weought for a long will have a new constitution. Constitution is all the freedoms is under serious attack. Mark he continues to insist he want the president ial election last august and went on to say that the enemy is known to all the people, and that is where all the guns should be trained. Global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. I am mark crumpton. This is bloomberg. It is noon in new york city, and 1 a. M. In hong kong. Shery welcome to bloomberg markets. Vonnie here are the top stories from bloomberg and around the world. You may chips away from longtime partner paypal. Joins us to talk about the relationship between the two companies. Fory and the big day apple, amazon, reporting after the bell, and a memo of the fbi russia probe and the latest from democrats and republicans. Intelligenceim the committee changed a controversial memo and how it is affecting markets. We are halfway through the first trading day, and julie hyman is here. So far not much attention to ashington, and of course, bonnie mentioned, all three major averages are in the green because we have like a swing today. Very tight trading range and lack luster little changed to slightly lower. They have altered higher here and it has been an interesting day. There doesnt appear to be a catalyst for the turnaround, but we have tech stocks lead the way. We also see the bonds and the andds at two point 75 now, if you look at the classic portfolio of 68 stocks and 40 bonds, it is now positive for 15 straight months here if you had your investments in that kind of portfolio. A relatively unusual for that kind of a streak. Getting at the stock specifically, and watching technology specifically. In companiesases that reported earnings related news. Higher, andding 4 it initially fell after earnings and then recovered as the company said the declining time users are spending, the other metrics are strong. Gains andis seeing losses, and it is at a record high after Company Results be estimates. I strong Holiday Season and a strong 2018 forecast, and finally, corbels results lackluster, but they did a contract with apple, so those shares are surging it and then we have changing partnerships and earnings news. Alibaba falling today in the wake of its burning news as operating margins fell in the last quarter. Buyingtion, it is financial, perhaps the companys ipo is not going to be sharing profits as much with the company in the short term and may benefit in the longerterm. Paypal and ebay, ebay is saying it is going to be the solving its partnership with that company and switching its toments business from paypal the Global PaymentsCompany Based in the netherlands. Down 6 and ebay shares higher by 14 . Vonnie julie, thank you. Will sendf ebay, we it to emily chang in san francisco, standing by with more. Paypal cfo joining me in the studio, and the big news is that ebay is seeing its business to another provider. What does this mean to you . I want to share the fact that we announced a great quarter and a great close to 2017 and added a Record Number of customers for the fifth consecutive quarter. The main takeaway is that this is a Natural Evolution of our partnership. It is the next chapter if you and this is anticipated and completely built in our financial plans and does not change our longterm earnings potential. Is concern about how it will impact payment volume and how you will replace that. How much of the volume comes from ebay and how do you intend to make it up . Our market andof it is the slowest growing part of our business. The average Revenue Growth from that youd a part of the business is 4 , and the rest has been growing at 23 , so if you tforward, it is as much it is a much smaller piece of our business. Will still be a part of the ebay business, we have a threeyear extension were the largest part of the business that we do, the branded processing will continue to do that. That is the most profitable part of the business. This allows ebay to partner with someone else, large marketplaces the size of ebay already do that. This is a natural extension and it allows us to partner with some of ebays competitors, some of the largest and fastestgrowing competitors with unlimited mobility that we havent had before. There is concern about the profitability of ebay transactions and how this will impact paypal. We dont believe this is well within our plans, and we continue to grow faster parts of our business and we believe this doesnt do anything to change the profitability profile after the operating agreement versus before. When will we be able to buy things on amazon through paypal . To the extent that we have the ability to partner with other marketplaces, hopefully we can do something there. How has tax reform impacted your forecast . We generate cash flow offshore, so tax reform is an unmitigated benefit for us and we will see our effective tax rate state in the same range 20 . Ve guidance of 17 to the guilty tax will be imposed internationally. This means there is more flexibility for m a, will it be towards lending . All of the above. One is expanding our geographic footprint, we are a global company. Would love to be bigger in some other markets, and to your point, there are a lot of Complementary Services like bill pay that are good for our customers and tucked into the platform we already have. We see square roll out Bitcoin Trading and concerns about instability. When might we see Something Like venmo . N been because of volatility of this currency, it is not something that merchants readily accept. If you have a 5 operating margin and you accept bitcoin and you see a swing in one day, you are underwater for that transaction, so i think it will be a wild before we see this ability in this currency that merchants will readily accepted. What about venmo . If our customers want to use it, it is something will look at in the future. How about a paypal app with instore capability . We have that in certain regions today, and we partner with Large Technology companies that authenticates with us and you can use paypal. Instore is something that has a greater foothold internationally and it is slower in the u. S. , but we want to be on the forefront to allow customers to use paypal however they want whenever they want. Usbanks a much for joining thanks so much for joining us. Shery we have breaking news crossing at the bloomberg and here that President Trump has read that classified memo authored by the House Authority chair and he is sending it back to the house. The memo is said to be redirected and this is big news because republicans claim that the memo describes fbi misconduct. President trump it back to the house, a memo rejected that President Trump has read. Will have more details and President Trump is speaking in 20 more minutes. Coming up, amazon and alphabet all reporting after the bell. This is bloomberg. Shery this is bloomberg markets. Tech earnings continue with amazon and alphabet reporting after the bell. Facebook we heard from and joining us is editor and large, cory johnson print its go to amazon. What do you anticipate youll see . I saw this interview with jeff bezos and he talked about how the next quarter was baked in three years ago, and what they are working in at amazon is the Fourth Quarter two years from now. The rest of us playing catchup is trying to find these results fascinating the most interesting thing to me about amazon is the philosophies of profitability. For all of their business, they things into singledigit half digit Profit Margins so they can pay the very least and taxes and offer the lowest prices and grow the most market share. In every business they are in except for one, what services has terrific Profit Margins and they seem to be holding those Profit Margins. It is a competitive business and some would argue you could move your data business to google and amazon with the change of price and a second. Nonetheless, amazon shows a different philosophy on profitability. I am waiting to see them say where going to lower we have they market share we want, and all of the profits of amazon and more all come from web services. That is the thing to Pay Attention to, how long theyre going to run this business torts profitability when others are grown towards growth. Shery can they make some money out of it . They might want to jack profitability and all the cash from this business, it is a wonderful business. They pay their suppliers in 90 days and they collected in the couple of seconds and they use that like a Grocery Store uses them and it want to build a massive institutions that we havent seen before. Vonnie the metrics are phenomenal. At what point does this fall back to earth . I have been having this discussion for well over a decade. I think when someone tells you who they are, believe it. Be an does not want to company that throws off ups, they dont want to have an operating off it they want a big business with low profit. The ratio for this company is always going to be ugly, but if you look at the cash flow dynamics, terrific business. Shery talking about services, apple trying to refocus efforts. Someone is going to let me up on twitter. Cash flow from operations dynamics is important here because they use it to spend on and every thing else to grow the business capex. That is what the business is for. Apple is a cash flow monster and what we have seen one of the lines i dont pay much attention to is to relative revenue from different products. The end of the last quarter is just short of a hundred billion dollars of camilla to revenue from the iphone. To militant revenue from the iphone. Cumulative revenue. Qualcomm came out and said we have rising inventory in a certain kind of modem. Didnt say who the customer is, but it is apple, they are a big customer of them. The idea that there is a slowdown in the iphone x and iphone 8 is disconcerting because we havent seen a cycle so short for apple. Production wrapped up like crazy because people couldnt get their hands on the phone they wanted, and they were waiting on the wings. Will have to say that we are not going to have these couple of events every year, we are going to come out when we have something ready, because that is what happened here. The iphone x didnt blow people enough to spend 1000 to upgrade their phone. 10,f you are counting to the longest trip people make is from the bed to the floor, so it is incremental. At a certain point, going from smartphone to smartphone, that was the thing that was amazing. I also think that as apples business shifts towards phone at a the new much higher price is going to introduce the potential for new services. No one thought when the iphone came out that the killer app will be bloomberg and credit a multibillion dollar business, or instagram. Those were the killer apps for the iphone, so with the new iphone with a lot market abilities with ai and facial recognition, we havent seen killer apps yet. Participateng to more in that ecosystem, and what happens in the first 26 weeks of the phone, maybe that is important. Vonnie i am going to be looking forward to the ibook. Books are good. O . Ery do you read to bloombergs cory johnson, thank you for joining us. Still ahead, the u. S. Economy is reportd the jobs would be a contract to raise funds next month . This is bloomberg. Vonnie this is bloomberg markets. Shery tomorrow will get the january u. S. Jobs report and estimates compiled by bloomberg forecast a hundred 80,000 payrolls being added, and the Unemployment RateHolding Steady at 4. 1 . This supports at a time where the 10 year yield is at 2. 75, the potential to the point in the fixed income market. Joining us is chief economist at charles schwab. Its a get jobs tomorrow because we had a tepid december and solid november, and where moving sideways right now. You cant expect the growth rate of jobs to come up at this level unless we have a lot of new people coming to the job market, which might get a few more, but we are not going to see a huge jump. Is a lot to or so fuel a tighter job market and more wage gains, we are hoping. Vonnie what type of wage gains are we going to see . Is it going to be incremental . It to bect incremental, i dont think theres going to be this hockey stick where we jump to 4 yearoveryear increases. It has been steadily gaining, and it will continue to see that as it gets lower and lower into the pool of available workers. Part of what we are seeing is baby bloomberg retiring, and is skipping the aggregate down, but the wage tracker that tracks people in the workforce, we have seen a 3 plus. That is where we are headed. Shery steady gains, what does it mean for the bond market . Pick up a little bit, and if you look at the fiveyear forward rate vonnie i had that chart earlier. One of my favorite charts. Now, probablyts fueling consumer spending, so i think it will continue to push of Inflation Expectations and probably bond yields will climb higher as well. Charts,a look at those i called the point break, it is the fiveyear about to break out. This is where it was at the beginning of the taper. Much more inflation pressure can we get when europe and japan can limit u. S. Yields . Potentialn limit the for yields because there is a huge gap in either nominal or adjusted yields. The terms of inflation, the output gap seems to close in europe and asia, so that means they should be getting some inflation. I think it will be slow, gradual, small, but it will contradict the pressure. Vonnie we get an announcement down the line if infrastructure gets done . What does that do to treasury markets . Problem in church or markets is supplied, which makes the market has to absorb more supply anyway, now weve got tax cuts giving larger deficits, and if we gett and infrastructure spending, were looking at more supply. I think that adds up to higher yields and you will have to attract investors, and higher yields will be needed to do that. Shery are we going to see a more hawkish fed . That is a great question because we dont know who is going to be in the fed yet because we have three of the Seven Members they tend to appear to lean towards hawkish, but it is too soon to say. Shery caffe, thank you for joining us. Kathy. This is bloomberg. Shery we are in midtown manhattan, where the rain has not started yet. Vonnie im vonnie quinn. Shery and im shery ahn. We are seeing u. S. Stocks gaining momentum in the afternoon session, the dow up one half a percent. And industrials are leading the game. Tech shares also bouncing back in this section. And alphabet are reporting after the bell. Lets get to the first word news this afternoon with mark crumpton. Mark two people familiar with the matter say President Trump a classified house intelligent memo that replicants republicans claim describes and will send it back to congress with reductions to be released to the public by tomorrow. The white house Spokesman Says as of now, the house will be responsible for releasing the memo because it is a legislative document. In the meantime, democrats accused House Republicans of Steve Verrilli secretly altering the memo before sending it to the white house for review. In virginia, federal safety investigators and it will spend several days at the side of a crash between a truck and a train carrying dozens of republican members of congress. They do not have a probable cause for yesterdays accident and will not for several months. One person in the truck was killed. Minnesota congressman jason lewis was briefly hospitalized for a concussion. As it was official a u. S. Official says tensions with pyongyang are not set to reach they spoke to a briefing in tokyo today. Based inlicy is putting pressure on, as well as leaving the door open for a dialogue. I think that has been an unseated very clearly by secretary took understated very clearly by secretary tillerson. All options, including military force, remain on the table, he hopes to have credible negotiations between the two size. Two sides. The Israeli Embassy in warsaw will see increased security for several days to prevent polish nationalist groups from touting the countrys push to regulate holocaust speech. The polish senate yesterday approved a bill that outlaws itsic allegation of complicity in holocaust era crimes. It has sparked cap legislation in israel, where the bill as dean as holocaust denial. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im mark crumpton, this is bloomberg. Mark, thank you. President trump is said to make remarks at the republican retreat in rest virginia in a few minutes. We are taking a look at the podium right there. This is an annual retreat, mark. President trump is said to make remarks at the republican where more than 30 gop senators and 180 representatives will be planning their strategy for 2018. We will bring you those comments from President Trump when we get them. Ray dalios Bridgewater Associates are strengthening his against italian banks. Have boosted that to 3 million in 18 firms. This comes as the italian election looms in early march. Joining us now to discuss is Brandin Cooks on an. Thank you for being with us. Investors are not too happy with the state of politics in italy . Brandon this is a threepronged. Et on bridgewaters part we know they are famous as being a rulesbased approach. Last year, ray dalio published his memo about the state of populism around the world. He called it potentially the biggest moving force in Global Politics and global finance, bigger than finance and Global Policy fiscal policy. We also know italian banks have with stress tests in the past. They announced the latest criteria for stress test yesterday, and said it will be the most severe goodyear he a to date criteria to date. Dalio we know that ray has placed a 3 billion, 4 et on assets that are yet to be leverage. What does this represent for bridgewater . Brandon it is not a big part of their portfolio. Show some confidence in his prior thoughts in the way they are thinking about the world right now. Like i said, in regards to populism and in regards to italian banks and how they have doubled with dress test stress tests in the past, it shows some confidence in their idea of the state of the world right now. Shery how successful have their bets been recently . Brandon like most short bets, sometimes it takes a while to pay off. They have the winners and some losers in there, it is not quite 5050, but the biggest bet has been going against them so fa r. It has gone up over 10 since the that was placed three months ago. Without winning that one, it will be hard to win overall. Short theye know how are . Are they looking for a 10 drop or for these banks to go to zero . I certainly cannot speak to what they are looking for before they close out the. Et i cannot possibly tell you. Vonnie we do not know at what point they sold the short . Brandon well at what point they were trading at. 10 example, they were down prior to this. They were up 10 since the initial that was placed, so they need to drop 15 to get back into the money or somewhere around there. Shery but we have seen the italian banks stabilized in a little bit. Economic growth has been better. Is it about italy that is causing such a problem . Is that the politicians posi tions . Brandon that is my thought process. View onthis outspoken populism and you have the fivestar movement in italy. It might end up where the government cannot get anything done, and there is a gridlock there. To us fromdon coming our princeton bureau. Next, memos and conflicting statements. Gop members are in an allout war with the Justice Department over the potential release of a controversial memo. This is bloomberg. Shery this is bloomberg markets. Im shery ahn. Quinn. And im vonnie our stock of the hour is tumbling, just like most of the s p 500 actually, most of them are not tumbling. Julie hyman is here, as you can see. Wereactor supply company talking about, down 8. 5 , the biggest decline in the s p 500 today. That was probably my clumsy language that trip you up. Tractor supply is a retailer of outdoor and other stuff, and they are normally located in rural areas. Company actually came out with a forecast for its fullyear for earnings that is at least in line with analyst estimates, although the midpoint is below. Fourthquarter earnings and sales matched, and fourthquarter sales rose 4 , double what was estimated. Of that sounds well and good, but the issue is the operating margin forecast for this year. It will be spending more comments that might be good in the long term, but in the shortterm it is creating issues for margins. If you look at the bloomberg, we have a look at the operating margins. Bloomberg intelligences seema forecast the margin is to be 8. 8 of the midpoint for 2018, 70 basis points below last year. You can see the operating margin has been in a range between six and 14 on a quarterly basis, but would still represent a decline yearoveryear. That appears to be the main issue here for analysts in todays session. But we would have thought with tax reform shery we also thought with tax reform, and higher wages as well, they would have a brighter outlook. Julie the outlook is good, but they are reinvesting some of that money into the business. I want to point out as well, the volume on the stock today. You can see the year charts on stock cap had a big run of going into todays session from the lows last summer. It is up 40 , but the volume today is about double the average over the past year, and we are halfway into the session or so. Though you can see the blue line here is where volume tracks on the 20 day average. This line is where it is today and where it is protected projected to go by days end. You have the tumble on an unusually have any heavy trading volume. Release the memo. This has been some of the calls of Republican House members, including devin nunes, releasing a memo it also sets up a battle with the Justice Department, which has been raging. Bloomberg has learned the president has read the memo, and will send it back to congress with his actions were released friday. That is tomorrow. That is according to two people familiar with the matter. At theirilli is there gop retreat in sulfur springs. We saw the president there. He is on his way and will be speaking in a few minutes. Chance we will finally see what this memo says, but with reductions, kevin . The fight will continue. Kevin President Trump is expected to speak your shortly, and he will focus on a bunch of policy issues, but talk behind the scenes on whether or not to release this controversial memo has taken a central fee at the retreat. Theme at the retreat. Know that earlier today, the Senate Minority leader Chuck Schumer was calling on paul ryan to remove devin nunes from the intelligence committee. This all started last night, when representative adam schiff, the top democrat on the intelligence committee, wrote in a letter to the republicans if the majority remains intent on releasing this document to the public, despite repeated warnings from the doj and fbi, it must hold a new boat to release to the public its modification. I asked chairman mark meadows of the House Freedom caucus whether congress meant ships criticism. Take a listen. That is an adam schiff misdirection. I talked to chairman nunez last night, and i can tell you from that standpoint, any changes were not factual and would have been minor. Kevin why were they changed at all . In trying to appease adam schiff and the fbi. I am ok with releasing the original memo is that as a deterrent. Regardless of whether or not this memo was modified in any way, republicans are still unified on its release. Shery so whether or not it was modified, give us some context. Why is this memo so important, and why with the public need to care about this, especially in relation to the fbi and the Mueller Investigation . Kevin two things. First and foremost, i have spoken with several sources on the republican side that feel like wait a minute, if this bob Mueller Investigation is continuing, we should know what is going on during the election at the intelligence 80 disease agencies and the intelligence community. And fbi officials seemingly had some issue with the candidate Donald Trumps campaign. On the flipside, the second point would make his i talked to democrats, and they said look, the fbi itself has confirmed with many types of modified reports being made public. They feel it should not be released. Schiff is expected to be speaking at the university of pennsylvania in philadelphia earlier today on a separate scheduled event, but it is unclear right now whether or not the timing of this release headlines crossing the bloomberg terminal earlier today was that the president himself has read the memo, but no word on its release. Terms oferesting in the jurisdiction, a white house official telling bloomberg the release of this ought to be dependent on Congress Since they are the ones with the actual memo. Congressional folks feel it should be up to the white house to decide that. Vonnie kevin, beyond this memo, if we can get beyond this memo for tomorrow, will be anything will anything else be discussed at greenbrier today . Kevin a host of topics being discussed, including increased National Defense spending and also infrastructure. This gets interesting, because how much money the ministrations willing to allocate for infrastructure, it was upwards. F 1. 5 trillion and how theyre are going to pay for that, could divide the public. There is a host of things they are talking about. Later this afternoon, we will you cann check catch my interview, which would another controversial item would be increasing the socalled gas tax, so there is a lot of back and forth right now. Is reserved and hesitant to say he wants more government spending. 200 billion, with regards to infrastructure. And lets take a break from a second ande for they have to have a partial government funding bill by february 8. They Kevin Cirilli from congressional retreat in West Virginia. We have heard from Speaker Paul Ryan and from several other members, but the president himself has arrived and will speak now. Lets listen. Trump thank you paul and mitch for the introduction, tremendousr leadership. You folks have done well. I look at some numbers. You have even done better than you thought, we think, based on what we saw 10 minutes ago. I want to thank you to the government of this incredible state, my very good friend jim justice and his wonderful wife kathy, who are with us. Jim is now a proud member of the Republican Party. He was a democrat. He switched over. Right . You do not see that too often. You will will maybe see that more and more. We appreciate it. It is good to be among so many friends for the second time this week. Tuesday was an incredible inspiredas we were all. [applause] President Trump and i mean that, we were inspired by byricas heroes and uplifted everyone who has sacrificed in the fight for freedom. They were and are incredible people that we saw that night, and tremendous courage. One of the people, i have to say, you have a very big hand. Steve scalise. [applause] President Trump great hand. We are all truly blessed to be before going any further, i want to send our prayers to anyone affected by the train accident yesterday, especially to the family of the person who was so tragically killed. Our thoughts are with the victims and their loved ones. Thank you. With us today on stage is our incredible leadership team, and they really have if you just look at what has happened in the eriod of time without them, i could have never won the presidency. I do not know, could i have ever won the presidency without them . [laughter] President Trump i do not know, but they have become very good friends and we are now in battle together and friendship together. Senate majority leader mitch mcconnell. [laughter] President Trump [applause] President Trump great guy. Senate majority leader john cornyn, House Majority whip Steve Scalise again, steve. Thank you. House majority leader kevin mccarthy. Kevin . Chair john fun and kathy rogers did they forget your name, john . They did not put his name up, but that is ok. That is the first time that has ever happened. Hey john, that will never happen again. [laughter] President Trump working together, we have a couple sticks for an very things for the American People over the last year. I believe this is just the beginning. Paul ryan called me the other day, and i do not know if im supposed to say this, but i will say that he said to me he has never, ever seen the republican , so much in like with each other, but literally, the word united was the word he used. It was the most united he has ever seen the party, and i see it too. I have so many friends in this group, and there is a great i do notgether that think either party has seen for many, many years. Right . That is good. I was hoping he would not deny that. He did, he called me and i thought it was very nice, so thank you paul, very much. Day, we are empowering our citizens to follow their hearts and live out their dreams. The priorities of republicans in congress are the priorities of the American People. We believe in strong families, and we believe in strong borders. [applause] we believe inp the rule of law, and we support the men and women of law enforcement. [applause] believet trump we every american has the right to grow up in a safe home and attend a good school, and have access to a really great job. Americans, that for nothing, absolutely nothing, is out of reach. Because we do not know the meaning of the word quit. We do not quit, and the Republican Party certainly has did, we, because if we would not be here today. We would be sitting at home saying boy, that was a tough year, instead of saying this is one of the greatest years in the history of politics in what we have accomplished. And not by much. Almost, iear that was would think, unlike any. It was a tremendous success, and i give everyone in this room the credit, and i give the people behind me tremendous credit for what took place, especially in the last month. That was a month of tremendous pressure, and that was people who were able to act under pressure my favorite type of person. They were able to act under tremendous pressure, so i want to thank you all, because that is what it was all about. And it was interesting. While we had a great year, we were not being give it credit given credit for it. Regulation that 11 low but he has ever done. In one year, we knocked out more regulations than anybody, a Supreme Court justice, judges all over. So many different successes, but when we got the great taxcut called it the tax cuts and jobs bill, and it was like putting it in a box and wrapping it with a beautiful ribbon. We started getting credit not only for that, but for all of the other things we did during the year. It is amazing the way that happened. Ands surprised, actually, we got a lot of credit for people and they are saying while he had a lot of accomplishment and then they went on to do the thing. The fact is, you understand that. We got a lot of credit. It all came together in that final month, so i give everyone in this room really kudos. Nation of builders, dreamers, strivers, and fighters , and we are building a safe, strong, and very proud america. Since the election, we have created 2. 4 million jobs. That is unthinkable. G allhat is not includin the things that are happening. You will see numbers get even better. The stock market has added a trillion dollars in new wealth, unemployment claims are at a 45 year low, which is something. After wage stagnation for years, we are finally seeing rising. Ages africanamerican and hispanic unemployment of both reached the lowest levels ever recorded. That is something very, very special. [applause] trump and when i made that statement the other night, there was zero movement from the democrats. They sat there, stone cold, no smile, no applause. You would have thought that on that one they would have sort of at least clapped a little bit. Which tells you, perhaps, they would rather see us not do well than see our country do great, and that is not good, that is not good. We have to change that. [applause] said, we trump as we have eliminated more regulations in our first year than any administration has ever eliminated, and that means four years, eight years, all in one or in one instance, 16 years. In one year, we have knocked out more regulations that is an amazing thing. And i happen to think that is as oury bit as important as success as to the tax cuts. Any of my friends and businesses, including small businesses, come to me and say the fact that they never have to of turmoil ands getting approved and getting approvals and getting rule changes and getting all sorts of while, and getting old they are waiting to get them the fact that all of that is as important or even more important to the massive tax cuts we have gotten people. That is something. We have signed into law the biggest tax cuts and reforms in i have toistory, and say, included in there is the individual mandate. We repealed it. That is a big one. That is so big. [applause] President Trump by itself, that would have been a big achievement. One of the Great Potential fields anywhere in the world i never appreciated and water that business so much. Is it true that you are thinking about it . I think we are going to get it are you kidding . That is the biggest thing. Ronald reagan then every president has wanted to get that approved. After that, i said oh, make sure it was in the bill. Ont had a very big impact me, paul. I did not care about it, and when i heard everyone wanted it for 40 years, i said make sure you do not lose it. It is great for the people of ,laska, and senator sullivan senator makowski are here someplace where are they . They are very happy campers. Senator, good senator, thank you. It was don young. He was such a quiet guy. Don young also, thank you. [inaudible] President Trump we were always good together, we never had a problem with it. But that by itself is a big bill. The individual mandate by itself is a big, powerful bill. That was added on to what we did with the massive tax cuts. I want to thank the Senate Finance chairman, and a spectacular man orrin hatch. Where is he . Listening to him speak. He said one time, the single greatest president in his lifetime i was a young man, so not that much but he said i was the greatest president been the history of our country. Does that include lincoln and washington . He said yes. Love this guy. And house ways and means chairman kevin brady for their incredible work. Where are you, kevin . [applause] President Trump what a job. I would call kevin night after night. What about this . What about that . He was always there. What do you average sleep for about four weeks . Maybe nothing. He had no average. You did a great job. Nobody knows it better than you, kevin. Thank you. Two, ie will do a phase dont know. Are you ready for that . I dont know, i think you are ready. Of you. Roud here in West Virginia is the result of our tax cuts. The typical family of four will save roughly 2000 a year. To lower tax rates for hardworking americans, we nearly doubled the standard induction for everyone. The first 24,000 earned by a married couple is completely taxfree. When i came into this beautiful little whilet a ago, one of the people said you know, i just got a check. I have 221 more than i had last year at this time in my envelope. And that is what we were waiting we were waiting for february. And then we got hit with these corporations giving tremendous bonuses to everybody. Nancy pelosi called them crumbs. That was a bad that could be like deplorable, does that make sense . Deplorable and crumbs. They have a resemblance. I hope they have the same meaning. She called and crumbs, when people are getting 2000, 3000, 1000 that is not crumbs, that is a lot of money. We also doubled the child tax so helpful that is to so many. We have gone from one of the highest business tax rates anywhere in the world to one of the most competitive, one of the lower ones, so one of our so our workers and companies can compete and win again. We h