Transcripts For FBC Cavuto Coast To Coast 20171116

Getting it done. That doesnt seem to be a big issue in the house. The bigger battle is in the senate. Theyre scrambling to make it happen. A lot of this got wobbly yesterday, ron johnson, republican senator from wisconsin, is a no vote if they dont make changes to provisions that favor Big Companies rather than smaller companies. The ones fueling todays rally in the markets, not necessarily the small ones are not even publiclytraded. We are on that. Were also awaiting any remarks the president might make when he comes out of those meetings. If he plans to make remarks, hearing from Speaker Paul Ryan. When it comes to the back and forth on individual mandate, the senate lead the way there. So the senate will be keeping that as part of its plan to shelf the mandate, the one that requires you to buy health insurance. That isnt going down well with some republicans. Could be a deal breaker. Way to early to tell. Maybe well get a sense of all of that from the speaker. Reporter neil, get to the picture sent out of President Trump meeting with House Republicans. The president has not said publicly which version of job cuts he prefers, the house version or the Senate Version. So were going into this with the house, expected to pass their version late they are afternoon. But in the senate, as you mentioned, there are some potential hurdles. Want to get to this immediately. We know that ron johnson has come out publicly, said he would be a no vote on the senate side. Sources here on capitol hill tell me they expect johnson to eventually come around to vote yes, because they will work with him even johnson said, what he wants for passthrough entities. Although johnson is a no right now, people here on the hill are confident they will get him to yes. But there are other senators on the edge, they havent publicly committed to yes or no. Look at them. Susan collins said she is worried the repeal of the individual mandate will wipe out any savings from tax reform that a family of four will have when they have to pay higher insurance premiums. Theyre countying Susan Collins from maine as no. Jeff flake, john mccain, lisa murkowski, bob corker, James Lankford who have not committed yes or no. Real quick on lisa murkowski, although she hasnt committed, they will put in the Senate Version the ability to drill for oil in the arctic reserve. Murkowski wants that on the hill. Sources say that is the deal she cut. They expect her to be a yes. Where is this all headed when the senate eventually does vote. By no means, it is not a done deal. It becomes process of restoring some salt deductions, peter king, who is a no, will talk to senators about getting deductions put back in. Here is what he said. We donate 48 billion to the federal government, than we get back. We get 79 cents on the dollar. Unlike states like South Carolina 1. 35 on the dollar. If we had balance of payments equity we wouldnt be on this issue. Reporter there is expectation that the senate may at least restore the ability to deduct property taxes. Back to you. Neil thank you my friend. Adam shapiro on capitol hill. Im told the meet something about letting out right now. We might get a sense from some house members, where this is almost fait accompli, passage in the house, they have a lot more wiggle room of republicans. Not expecting much democratic support, if any, the same drill in the senate. Lets get a read to real clear politics editor, a. B. Stoddard. Turning point usa founder, charlie kirk. Ab, to you, how do you think this will about today and what do you think the president is telling House Republicans today . Sounds like the president should be in the other chamber talking to Senate Republicans talking about staying unified there and getting something across the finish line in the senate chamber. The house but all but settled their whip count. They know members congressman pete king of long island they will lose. They have enough of a buffer. They feel confident passing their bill. I was told by a republican congressman just this morning, they didnt put mandate repeal in, because they didnt think it would pass the senate. This is really an issue that could be really politically perillous for republicans. You have concerns about the deficit, like from senator bob corker. You have concerns about passthrough language as you twice have been talking about, that senator johnson has but if you think about maine last week, voting to expand medicaid, what that will mean. Where the repeal votes have fallen apart before, because this politically, if you look at the polling, will be on republicans, even though it sounds great that people will no, they will have a choice to opt out, what it means is sicker, more expensive pools, for those who are in it. Deterioration, further deteardeterioration of that program will fall on republicans according to public polling. That is making people very nervous. Neil charlie kirk, im wondering, be careful what you wish for. Republicans scrambling to get this thing voted on, but to abs point if they have it with the medical provision or not, the individual mandate or not, im wondering about the impact it will have on a lot of americans see their paychex next year, presumably about this passes goes through. They realize theyre not getting a big ol tax cut, at least not the one they thought they would. Then many of these hightaxed states will pay more. You dont have to be rich to pay more, you could pay more so couldnt that backfire on republicans, not losing the vote, actually winning the vote . Correct. I also agree with regards to the individual mandate. As much as i would like to see the individual mandate disappear and break the back of obamacare politically, i dont understand why all of sudden you put that into a tax bill. That makes it even more difficult. Neil their logic was to use the money to satisfy these differences. Sure. Neil i agree with you. I think revisiting a third rail, right . Revisiting third rail. It reactivates liberal base was that quiet on the tax bill at least so far. As far as state and local deduction this is is politically contentious issue. The thought process, we dont want to tax some republican districts and some republicans states. A lot of republicans come from these blue states. Neil absolutely. I think the thought process is here, give benefit of the doubt to senate pubs and House Republicans, that they think there will be explosion of Economic Growth when you lower the Corporate Tax rates. I can understand that to certain extent, continually getting watered down as you saw in the Senate Version. It will not kick in until 2019 of january. Want to kick it forward another year. Neil were looking at peter king, one of those hightaxed state republican lawmakers, not satisfied. Lets dip into this. Certain districts we will have to address. Have you seen allegations against al franken . Neil we just came in tail end of that. Charlie, i apologize for that. Ab, there are 73 republicans from high taxed districts across a half a dozen high taxed states. Not all 73 will vote, maybe more than we thought. The fact they scheduled the vote today in the house must indicate they have got the votes or speaker ryan is convinced they have the votes. What do you think . Oh, they definitely have the votes. They knew exactly who would say no like pete king. They knew they could lose 20 or however many. Theyre ready to go with their bill. The problem is on the senate side. The, with a problem in either chamber you will run up against that december deadline. So it doesnt mean that they can get this through by christmas. It has to get through the senate. That is where all the problems have been with the Health Care Repeal and replace. And the senate is much more closely divided majority. It is a divided majority in terms of just, you know, in terms of the policy debate. The ground moved out from under the Republican Party on this obama care debate. Just as charles is saying, it sounds good to get rid of the mandate, actually without coming up with a repair of the law, creates more political problems later. What you were saying, neil, in these high taxed states, theyre looking next year. Theyre angry, this is no middle class miracle, that will be very problematic in the midterm elections. If you havent had the magic growth from the corporate rate cut till after the midterm elections, youre looking at some potential problems in 2020. So politically, this is definitely a risk. Beyond the just the concerns of republicans in different camps idealogically, about deficitfunded tax cuts, et cetera. Theyre going to continue raising those concerns. I dont think bob corker will be the only one. Neil thank you both, very, very much. David stockman was here warning us about the tax plans impact and it would not be positive on the middle class. This is not a middle class tax cut, either. Take the heart of the middle class, adjusted Growth Income from 55,000 to 95,000. A third of them get a tax increase of a thousand a year. 2 3, get a decrease of a thousand a year. Neil averaging it out over 10 years. Over the 10 years. Or credit. That is gimmick, a shortterm gimmick. If you look fully effective. If you take the middle class as a whole, 30 million filers right in the center of the middle class, their average tax cut is 6 a week. One cappuccino, two cap cappucinos and a banana. Neil not worth the fuss . Maya macguineas, youve been a critic that the numbers dont add up. I am attacking for a different angle for republicans. Be careful what you wish for. The reality for americans, the gain wont be much of a gain, the very fact this passed could come to bite them. What do you think . I think the problem were setting outfalls expectations and the wrong expectations. Such a huge overhaul tax reform which is opportunity we have once in a lifetime, so we have to get it right. This is a teachable moment. I realize most people dont want a big lesson in tax policy but there are things that matter more than shortterm tax cuts including growing the economy so that we grow the standard of living. But instead of sort of going through the whole exercise of talking about if we do things that grow the economy, what those things are, many ways they are business tax reforms, more than individual tax reforms, that the benefits will be to improve the standard of living, wages, jobs, that overall, certainly on sustained basis, that is so much better for the middle class, but there are two big ifs. If we do it right, and if those gains to growth are spread broadly throughout the economy. But instead of going through this whole discussion and how do we do a tax bill smartly crafted to achieve those goals, were going to, how much money can we put back in middle class taxpayers pockets. The problem, we have huge budget deficits. Debt is at record levels. Were not cutting any spending. We have no fiscal space for tax cuts. Tax reform is the best bet. Lawmakers are not going through the exercise explaining that. The talking points are different than under the bill. Neil there is under these rules, the kind of tax cut would have effect they want would have to be substantial. There is not much wiggle room deficitwise to do that. So by the very definition this wont be big, right . So i would say the theyre restricted by fact weve been borrowing year after year after year, we have 20 trillion debt. That itself is restricting and should be restricting. Theyre not as restricted as i think they should be, theyre allowing 1 1 2 trillion dollars of debt for this tax bill. That is not a good, smart, economic idea. The tax cuts are more than i think we should be doing but the real point of this, tax reform means some taxes go up, others go down. Instead of saying oh, that is terrible for everybody who may not have a big tax cut right now, if we do this right and grows the economy that is much more beneficial. I think the talking points are about middle class tax cuts. I think real ambition should be about tax reform. Key piece of that, dont blow a hole in the debt. Do look at bunch of these loopholes in the tax code, which if we get rid of them, i know we all love them, if we get rid of them well simplify the tax code and bring individual rates down and that will help. Neil you have to crawl before you can walk, walk before you can run been hearing that for years. Neil so you dont buy that . No. Republicans are in the majority. Ive been hearing for years and years address spending, reform entitlements, deal with the debt and balance the budget. They have a budget that achieves none of those. You can make excuses for so long. This is moment to take the opportunity to make changes on fiscal policy that are progrowth and deal with the fiscal challenges. Numbers dont lie. Tax cuts dont pay for themselves. Entitlements are the big problem. Were ignoring them. Neil well see. Obviously in the house where they expect this to pass, that will be less of an onerous thing to address than it will be in the senate where it is uphill battle. By the way were learning in the Washington Post and others reporting as well the bribery trial of senator Robert Menendez, looks like could be headed for a mistrial. The jury confirmed as much for second time, it simply can in the reach a verdict on better than 12 corruptionrelated charges, six counts of bribery, three of services fraud. It is possible that they just might up and quit and judge might say already, enough. Again the jury deadlocked. The judge indicating right now, you got to keep work at it. Well have more after this. First the markets are worried about tax cuts potentially unraveling or numbers dont add or they have a funny way of showing it. President meeting just wrapped up. He was meeting with House Republicans. Theyre all clearing out here. Were field it was a pep talk. The issue is not so much the vote in the house. It is increasingly looking like a crapshoot in the United States senate ever since ron johnson of wisconsin said he would be a no vote. What surprised a lot of folks, reason johnson for saying this, it wasnt about the individual mandate, whether it was in or out of there, it was about treatment of smaller businesses or larger businesses. Same wons whose stocks are benefiting appreciably from the runup largely on the belief it will benefit wall street. Market hasnt even come close to factoring in those cuts. That i dont know if that is the case. The fellow who does know, my buddy charlie gasparino, the best in the business. To that point, im wondering if the markets could get ahead of themselves, assuming that i know the argument, something is better than nothing. Im not convinced of that. Can you imagine what a pep talk is like . Do this or i will make fun of you on twitter . The problem there is growing opposition among republicans to various aspects of this plan. Johnson coming out saying he doesnt like the way Small Businesses arent getting a big tax break. With people in the house on state and local tax deduction. Trying to get maybe senators, in other states, that are republican to vote against this behaved on that notion. Neil those same represent districts where that is an issue. Right. Neil they are are not going to be won over in the senate where theyre killing it entirely. No. Entirely. What we have here, deficit hawks, someone like john mccain, who i admire john mccain. Neil i think he is a no vote. He is a no. I admire him for a lot of reasons. You got to think in back much your head he wants to stick it to donald trump right now. Neil what about corker . You know. Donald screwed with the wrong little senator on that one. Neil he has expressed reservations today. So that got people thinking how about flake . Neil maybe, Susan Collins, dont mess with the whole health care thing. I mean this, there is a lot of reasons for republicans to say no to this thing in the senate. Now here is the thing, neil. I remember during the financial crisis, there were positive headlines came out that would send the market up 300 points. This is before the dow hit 6,000 in march 2009. Markets get ahead of themselves. They trade off he lines. The headline today is good, right . House will pass something. Trump giving them a pep talk. But the headline tomorrow might be crummy. Senate, there is not enough votes in the senate, this thing dice. The questions do the markets sell off as much as we think. I will say this about the ubs report, it is somewhat true. Markets are trading off the expectations of lower deregulation which trump can do, with the pen. Neil right. Corporate earnings and i think there has to be some tax cut in there. Neil tax cut thing makes multiples in this market without getting into the weeds, but makes it look more affordable. You cutrates and all that it changes. Do the markets crash if they dont do the deal . I dont think, i were to bet it will be somewhat of a correction. The markets trade off earnings as they are, reflective the economic fundamentals and corporate fundamentals but i think, if youre saying does this market today mean well get tax reform, you know, remember, the market, Stock Traders are generally stupid. They trade off of headlines. That is a positive headline today. Dont take too much. I wouldnt too much credence. Neil markets whipsawed before they buffetted late in the day about the johnson news. That came out of nowhere. So they accelerate a little bit. Not much. They were down, but it could have been worse. What keeps that market going . What keeps it doing that . Well, listen, markets are imperfect, right, measures in the short term. So in the short term, it is trying to figure out where this is going. That is why it is going like this. Long term, it is generally a good predictor. Longterm theyre filthing all the different pieces information in. That is why they trade off headlines. Neil lets say they dont get it. Whole thing fell through. Then what . Some of this froth has to come off. I think there has to be a correction. I just dont think it is going to be as violent as i talked to people, just so you know, other side of the story if this thing doesnt happen, it will implode, go down 5000 points. I have heard that out there. I dont think so. There is so much, the trump deregulation agenda, the fact he is not looking to raise taxes on companies is so much net neil opposing argument fueled by forget about the tax cuts failing but what could it mean republican majorities . They would almost certainly be gone next year . Certainly . Depends who you talk to. I think there is conventional wisdom, i talk to a lot of people in the house, they are going to keep it. I think bigger problem for republicans, say if they pass this, and you really screw over those high taxed states, right . No, so deductibility of salt, state and local taxes what does that do to peter kings . What does that do to all these neil im told, he was not happy. He is still likely a no vote on this thing in the house. Right. Neil they probably figured that. So if you lost all your republicans from the hightaxed states, would you maintain your gop majority . Neil theyre calculating they will lose, as far as no votes 22 of them today. Youre talking about the next years . If youre going to really screw them, screw new york, california, new jersey, and you lose all the republicans in those hightaxed states, that use salt, do you keep your majority . Neil that is where the tax cuts come back to boomerang. They get them. Ironically, they get them, people in those states see the result of getting them they will can them. You can all the republicans, why have a neil that is the theory im working with. I could be very wrong. I dont think so. That is what peter king is worried about. Neil all right, buddy. It is south, midwestern party for republicans of the tail wags the dog here. Thank you, my friend. Charlie gasparino. Looking in menendez trial, look like deadlocked. The judge asked how are you doing . Were doing nothing. We cant agree to anything. They cant come to unanimous conclusions on dozen counts facing senator. At this time were deadlocked. Were watching that. Were watching prospects of another senator, stuff coming to light on al franken before he was a senator. Pictures can tell a thousand words. Some embarrassing ones on him coming back to haunt him. All at same time were waiting to hear what happened at that meeting where the president was trying to give sort of a pep talk to republicans to get this thing done in the house. That does not appear to be the issue. What appears to be the issue, the United States senate. Where they are sharply divided a little more after this. Make sense of it all. Well, victor, do you have something for him . Check this out. Td ameritrade aggregates thousands of earnings estimates into a single data point. That way you can keep your eyes on the big picture. Huh. Feel better . Much better. Yeah, me too. Wow, you really did a number on this thing. Sorry about that. Thats alright. I got a box of em. Thousands of opinions. One estimate. The earnings tool from td ameritrade. Neil all right. It is happening yet again. A woman accusing al franken, senator al franken, of groping, kissing here, without her consent this is years ago before he was a senator. Nevertheless reverberations fast and furious. From a number of senators including mr. Franken himself. Hillary vaughn with the details. Hey, hillary. Reporter neil, thats right. This senator apology comes over 10 years after senator al franken took this photo with radio host leeann tweedennen. Franken is groping tweeden while she sleeps. This is not only harrassment she suffered working with the former comedian now senator on uso tour of middle east in 2006. Tweeden says, while backstage at one of the stops, franken insisted they rehearse one of the questions that including a kissing scene. The host tried to turn her cheek when he approached her with a kiss, but franken forced himself on her. Tweeden, we did nothing leading up to the kiss, he came at me, put his hand on the back of my head, matched his lips against mine and aggressively put his tongue in my mouth. Franken is vocal supporter of the me too movement on twitwer where people share their stories he doesnt remember it happening that way in certainly, i dont remember the rehearsal for the skit in the same way but i send my sincerest apologies to leanne. The photo was clearly intended to be funny and wasnt. I shouldnt have done it. Tweeden decided to come out with decade old encounter when she interviewed congresswoman jackie spire on the show, and she talked about being sexually harassed by a high level hill staffer. All i thought was, that was al franken to me. You know what . I have to speak out now. This is my time. Im going to come out with the story because i dont want this to happen to anybody else. And if i can come out now and tell my story, if he has done this to somebody els, maybe somebody else will have the courage to come out in real time and not hole this in for 10 years and have the anger and humiliation and shame that i had for 10 years. And not, not hide it. Maybe he cant get away with it anymore. Reporter tweeden says that the senator has had a chance to apologize for the past 10 years but didnt do so until her story went viral today. Neil . Neil hillary, thank you very, very, much. Meanwhile roy moore is telling Mitch Mcconnell, im not going anywhere. Bring it on. He is not backing down. Maybe costing republican as seat in the United States senate. To Jamie Weinstein where this is all going. Jamie what do you think . You know, remember those Old Commercial where this is your brain, this is your brain on drugs . Showing a picture of an egg . This is the Republican Party on bannonnism. There is not much the republicans can do. Mitch mcconnell can get him drop out of the race. He will still be on ballot. Absentee ballots will vote for him. Maybe other than a writecandidate of Jeff Sessions doesnt want to leave the nice job to go back to run for senate, you know, it is not good for the Republican Party, and the chances that they lose there are much higher than they ever were or ever expected to be in alabama, a state where, republicans should win no problem. This is what happens when you get candidates, even before these recent allegations, that seem more comfortable in the Comment Section of breitbart than in the United States senate. Neil jamie, im getting the sense that Mitch Mcconnell knows this seat is lost. I could be wrong. I think what he is trying to do now, sort of minimize the damage of other insurgent candidates suddenly popping up and establishment, you know, veterans getting primaryied. And debannonning, bannon, im talking about steve bannon who is leading this push and stopping it. What do you think . That is only upside for what you might call the mcconnell establishment wing of the Republican Party here. You will not see another candidate other than roy moore, who still may win be elected in alabama. I dont think there is place for writein candidate to win right now. The only hope must have mitch might have, make this example what happens when you listen to people like steve bannon and get these rinkydink candidates not ready for prime time. You put them out there, and you lose a seat that you should obviously have won. And you actually bring down candidates, other candidates in the Republican Party, all across the country, as you saw in 2010 with todd aiken. So maybe this will be used as an example to say, look what happens when you follow the other path that steve bannon path. Listen to Mitch Mcconnell and me. That is what he might say. You know, get candidates that are ready for prime time. Neil by the way, if he does step down, unlikely, because he says he is not, doesnt matter, he is still on the ballot, right . He is on the ballot. Absentee ballots coming in. You have people that, are very strong supporters of roy moore, no matter what the allegations are. They think its a conspiracy, and will vote for him no matter whether he steps down or off or not. So you know, even a writein candidate in that situation will be very hard for them to win with roy moore still on the ballot. Neil what a mess, my friend. Jamie weinstein in washington, thank you. Thank you. Neil these guys are incredible. Keep the party going. Dow up almost 200. Nasdaq hit alltime high. You know the drill already. Tax cuts, they see still happening. A lot of this buoyed by Investment Banking report today, ubs, the latest to say that you know what . As much as we have run up, as high as these markets are, they dont even begin to reflect the bang for the buck youre going to get from tax cuts. So ubs says. I might point out, ubs was the same firm that didnt see something called the meltdown well have more after this. 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He will be departing capitol hill shortly but he did have the pep talk, whatever you want to call it, with House Republican leaders and House Republicans period, where this vote later today, actually, within the next couple hours, is expected to be sure thing. I caution saying nick like that. The tax cut they want to see pass the house, it is the senate it could be problematic. We have a automaker that says he supports the plan and various plans, differences though there might be among them, because it would be better than what we have. I think that is the gist where youre come from, right, john . Yes it, neil. Thanks for having me. Neil thank you. It is important we get tax reform done. It is important to grow the economy and that is what this is really about. So the action today in the house is a critical step in that direction and the work that is being done in the Senate Finance committee is obviously important as well. I will say however, though, there are a few concerns that we do have with some of the provisions designed to deal with corporate behavior, of companies kind of taking things offshore and to lowtax havens, we have to make sure that net is not cast too broadly and that it doesnt capture the job creators and the u. S. Tax base extenders. Companies Like International Car Companies who are operating here in the United States, building plants here in the United States, and employing over a million americans. Neil what do you think of what wisconsin senator republican pron johnson is is about this . He has no doubt it will benefit the big biz guys. He has doubts about the small biz twice, and if that is not rectified, he is a no . Look, our focus is on tax reform, comprehensive tax reform it that does a number of things. It has got to grow the economy. It has to help companies that create jobs, create jobs here in america. Neil do you think they will do that, john . I always wonder, what if they just plow the money back they are free to do whatever they want with their money of course, but if they plow it back into buying stock, hiking dividends, a lot of people say, guys you told you would expand plants, hire more folks, youre not doing that . Look what happened here. Look at the u. S. Auto industry. Last time, when you compare the last time we did tax reform in 1986 today, there are twice as many Car Companies today build cars and trucks in america than and employing americans than there were then. With International Car companies building cars and trucks in the United States, that they are investing, they are expanding the tax base and employing more americans. Were building a lot more cars and trucks today than we were then. A lot more companies are doing it. This is great news. Neil thank you very, very much, john. We have breaking news here i do want to pass along here. Al franken elaborated on the response he originally gave here. He agrees with Mitch Mcconnell. He is asking that pan ethics investigation be undertaken, i will gladly cooperate. The first thing i want to do to apologize to liane, everyone part of tour, tour of afghanistan, this famous picture this is it when he was a private citizen. He says he respect women. I dont respect men who dont. The fact my own actions given people a reason to doubt that makes me feel ashamed. Well have more after this. Approaching medicare eligibility . You may think you can put off checking out your Medicare Options until youre sixtyfive, but now is a good time to get the ball rolling. Keep in mind, medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement insurance plans insured by Unitedhealthcare Insurance Company come in. Like all standardized Medicare Supplement insurance plans, they could help pay some of what medicare doesnt, saving you in outofpocket medical costs. 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Call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. Go long™. Neil everyone keeps hearing, tax cuts are coming, tax cuts are coming. Main a lot of folks are spending money before they have it. Whatever the case, walmart saw that smashing through earnings, revenues estimates. A lot of folks say that could indicate a very robust Christmas Shopping season or beyond or its a oneoff here. Deirdre bolton on what is going on. Deirdre . Reporter neil, investors are certainly reacting to walmarts news, Third Quarter numbers you talked about very postively. You can see walmart really leading the dow. The stock is up. The company said for the fiscal fourth quarter, it is raising its guidance. It is telling investors, you know what . You can expect more from us. This is really a positive surprise. Why youre seeing the stock go high so quickly today. A lot of people are saying can walmart really compete with amazon, right . Ram son is now the biggest wrestler in the room, whatever analogy you want to use, but walmart got their on line business together and if you look at these numbers, as i did, neil, the on line sales up 50 , if you compare this quarter to last quarter. So they are doing a lot of things right. You remember you have the new app on the phone. You can basically order what you want, run into the store, pick up things within five minutes, that is the guarranty. You can return things faster. Seems if consumers are responding to this. Look at walmart yeartodate, it is not even that much further behind amazon. Walmart yeartodate, up 41 . Amazon yeartodate up 51 . If you look at best buy, that is completely different story. We heard from that company as well. It is exactly the opposite picture. So best buy, they missed a few key metrics analysts looked for the fiscal Third Quarter and even for the fourth quarter, theyre saying look, were still getting hurt. One of the big reasons for best buy, apple release the iphone x. It went on sale in november, honestly that is hurting best buy margins. The fact that best buy announced three phones and that pushed sales of iphone xs to november, that really hurt best buy. Gap, im standing right in front of the stores on sixth avenue, most expect to come in pretty much in line. Black friday, the day after thanksgiving is going to be a big holiday test, a little bit of pr for you, gap is actually offering for every warm pair of sleeping socks that you buy, they are going to donate a pair. So a little bit of this conscientious consumerism to touch people this Holiday Season. Neil, back to you. Neil deirdre, thank you very, very much. The dow up 193 points. Fueling by optimism some retailers, not all of them, but like walmart are very much inclined to do well this Holiday Season with better than expected numbers and shoppers still inclined to spend money they got, and including money they might not yet have. Although tax cuts are to pass. Meantime were waiting for the president in washington with the president coming out of meeting with House Republicans. If he speaks, leadership speaks, were there. Meantime more nfl news to keep you abreast of. Jerry jones, the Dallas Cowboys owner is having a runin with the league and League Running back at him. Connell mcshane with more on that. Reporter this gotten ugly, neil, the whole jerry jones saga. He is one ever most powerful owners. A letter sent from the League Office to mr. Jones attorney, the famous david boies, that he is acting in a way detrimental to the leagues best interests. That is interesting for couple reasons. Theyre accusing jones trying to sabotage contract negotiations with commissioner Roger Goodell that he doesnt want to resign. Supposedly all the negotiations going on he signs for ridiculous amount of money. Neil president coming out of capitol hill meeting. Sarah Huckabee Sanders and others there. The president refueled the whole National Anthem thing. They made this a front issue. Do we know where he stands on the pileon with jerry jones, nfl, back and forth . Reporter heard it from the National Anthem controversy. Part of these actions detrimental to the league lead you to think it is about the National Anthem. Jones is out there saying our players should stand or else. That is his point of view. Neil president liked that. They found a middle ground to settle president and fellow owners. Reporter there is more to it as well. Jones has a star player ezekiel elliot, one of the best Young Players in the league who goodell suspended. He tried to suspend him in august. For Domestic Violence and he is anticipate peeled and appealed. Neil he might say something. Lets see. I lied. President wrapped up the meetings. Dont mind if i switch very quickly with the meeting what is going on, connell, the idea house is one thing. They wouldnt schedule a vote unless they thought they had the votes but senate is looking dicey. Reporter 100 . We talked about this a number of times. Skeptical from day one because of that. Today seems like a nonevent in terms of you would be shocked if you didnt get votes after whipping them up, allowing likes of pete king from new york and others to vote against this and save themselves and politically. On the senate side of it, weve seen all the names thrown around cant disregard or throw out the personal side of this. You look at senator john mccain, you look at senator corker. Look at senator flake. We may never know the reasons why someone is opposed to something because you could always look, say, it raises the deficit. Im a deficit hawk. So im opposed to it. Neil there is no wiggle room in the senate particularly if they lose the alabama seat. Reporter johnson is no and doesnt come back. Then alabama is up. Takes one of those guys who dont have good personal relationship with the president , and whether they come to stick it to him with this, i dont know. I dont think it is out of the question. They wouldnt have to do it overtly for personal reasons. There are other reasons that a senator that is not running for reelections, one of those names, could come out to say, im opposed to it for x, y and z. There are people who will vote for it, right, who dont love the bill. People on republican side would be a yes, because they think they must pass this that is the argument over and over again. They dont love certain portions of this bill. For someone else who does not have the political ramifications, not up for reelection, i dont think it is farfetched at all. They have a lot of work to do here. Neil im wondering if the senate tries to rush it to get a vote before december 12th, before the alabama election, a moot point, it doesnt mean they have got a better chance, doesnt mean if you lose johnson, cant win him back, got some of these others, sues can collins concern abouted revisiting third rail of health care could be a problem. Reporter look at first term you used there, if they tried to rush this, that is trigger word for john mccain and all arguments. Neil exactly. Have to go through the process and hearings what he said in health care that could be a reason someone is like that. Neil i see the president will not take uber back to the white house. He is heading back to the white house, having met with Republican Leadership there. Were keeping you abreast what is happening with al franken. These vote foes photos a dozen ears ago. Chuck schumer says sexual harrassment is never tolerated. I hope the Ethics Committee will investigate this troubling incident as they should with any allegation of sexual harrassment. Senator franken welcomed that. First came from Mitch Mcconnell. He said investigate away. Well have more after this. Whoooo. I enjoy the fresher things in life. Fresh towels. Fresh soaps. And of course, tripadvisors freshest, lowest. Prices. So if youre anything like me. Youll want to check tripadvisor. We now instantly compare prices. From over 200 booking sites. To find you the lowest price. On the hotel you want. Go on, try something fresh. Tripadvisor. The latest reviews. The lowest prices. Traders theyre always looking for advantages. The smart ones look to fidelity to find them. We give you research and datavisualization tools to help identify potential opportunities. So, you can do it this way. Or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity for just 4. 95 per online u. S. Equity trade. Fidelity. Open an account today. Trained to okay, this could be quick right now if youre looking on the Florida House of representatives here where they are going to work on their tax measure, very different. Depending on what is make or break for you on the senate matter, which we are taking up with senator john thune in the leadership, gop conference chairman. Senator, i guess it is a given in the senate that this goes through, the house goes through. Not a guarantee with you guys. How do you think things look . We think it looks good today as you pointed out in the senate as always we have procedures very different from the house that sometimes complicated the way we have to get things from the senate line. We continue the issues they care about what the tax reform bill that all our members agree we need to lower taxes in this country and redo that a number of ways doubling standard lowering rates and that is to a lot of people across this country who need a bigger paycheck. Neil did it surprise you that out of the blue, senator john said no wisconsin was a no vote as things stand, but not for any of the reasons you said wouldve been an issue come are revisiting the health care thing, the Corporate Taxes versus individual rate, his was within the Corporate Tax itself, more beneficially thought to Big Companies and small companies. Have companies. Have you in the back . We will work with senator johnson. He indicated last night that he wants to get to yes. He would like to see as make some tweets in the bill and he has his own ideas about how you treat past their income and businesses and granted they struggled this as they put the approach together, but we came up with an approach that makes sense, that provides incentives for businesses that invest in lower rates and a faster cost recovery. Those are two features in the house and senate bill that will go a long way towards expanding businesses in this country in seeing more jobs created, faster Economic Growth that we needed in our economy and that leads to higher wages. Everybody in this country realizes we have to do something about peoples paychecks. Most americans have another pay raise in the last 10 years and getting faster growth in the economy would accomplish that. We think pastors and see corpse in this legislation are treated fairly. Obviously people differ about that. Senator johnson will continue to work with them and hopefully we will get to where we can support the bill. Trade to roy moore isnt going anywhere. Hes indicated he wants to run from alabama. Jeff sessions is not interested at being a writein candidate. It looks as things stand now that he could lose that seat. Is it your hope that the senate moves well before that election december 12th . I hope we can move before that time. If we stay on schedule today come in the house is going to vote out their version the tax bill today on the floor. Well take it up in the finance committee today in the senate and take it up on the floor of the senate the week after thanksgiving, which enables us if we stay on schedule and conference quickly with the house to get a bill that ultimately can be voted on by both the house and senate. If we stay on schedule, we look at there, but obviously we want to make sure we are moving in a way that enables members to digest what we are doing, have an opportunity to debate issues and amendments, but ultimately to get to a bill that we can send to the president that will do the things we talked about in that is less than the tax for American Families and allow businesses to grow and invest and create better paying jobs. Tree into what you make of the offering can stuff . The Ethics Committee will look into that, both democrats and republicans have said this is unacceptable behavior and we cant tolerate this sort of thing. So they will follow the facts and process them and move forward. Tree into one of the things they will do is go into this and investigate Chuck Schumer supports that, but im stepping back through the whole delay it will through the tax issue. We should multitask in a low be helpful. Not going we have to do with way too much around this lately. We are very focused on tax reform. The finance Committee Like i said is focused like a laser on getting this through the committee before the end of the week and on the floor the week after thanksgiving where will have a full debate in this spirited debate and sure but in the end reform something that will get to the president. Even though there is a lot of stuff going on in the atmosphere around here, the focus clearly is on tax reform and getting it to the president. Neil do think the individual man they should be in there . Art of the you for your 330 billion over 10 years you can use for a variety of things that would help you, but you revisit a third rail. It would complicate things. Weve had these conversations with others to have dialogue with whether that makes sense. Weve gotten most people to a point where they realize this enables us to do a lot of things they want to see done. To expand dramatically the size of the Child Tax Credit come able to lower rates 11 further soul of those savings have been plowed back into middle incomes. In the end that will be compelling enough for senators who might not like having not in looted to be able to vote for this. Remember the individual mandate is unworkable, in effect if, really has failed and its a very unpopular provision in obamacare. Its a rifle shot that takes out the least popular provision in the entire aca, doesnt touch anything else contrary to what democrats are saying in an enables us to bring some meaningful tax relief to middle income families. That was the rationale behind it. I hope that our members eventually will get on board with that because it will make or build out much better. Neil i know im hitting you with a lot in the middle of all this breaking news. We are getting word another that the menendez problem was declared a mistrial for the second time in many weeks was unable to break a deadlock and that has been declared a mistrial. We have no indication as to whether they are going to attempt this again. Your quick. Well, you trust our legal process. I dont know what the next steps are. I understand they have a hard time coming to a conclusion. Of these would have everybody on the same page and so we will see where it goes from here. At this point like you said, you have to trust that our judicial system works and will figure out what the next steps are. Tranter again, i apologize for hitting you with all of that. Thank you very much. John thune. My next guess to look at the market. Democrat senator bob menendez. It has ended in a mistrial when the jury was unable to come with his verdict on any of the socalled doesnt count that involve the gift and the lights that they could not unanimously come to a conclusion on any of those. To advance this. So that is it. Its a mistrial. The next step is what will the prosecution do, what will the government do . Will it regroup . If we hear from senator menendez, stocks are up a lot. The nasdaq set a record in the towel, a lot of it destroyed by better than expected earnings for barney cotton and we are a retail news the likes of which we got from walmart which is better than expected showing that people are inclined to buy, maybe even spending some of those taxcut that have not come to fruition yet. Gary b. Smith, gerri willis and scott shellady. When you make of this that the markets have been priced in for these tax cuts and when they are, what do you think . That probably could be a little bit of the case, but the market as the volatility kicked out of it. The Central Banks around the world, europe and asia on the market with cash. Nuclear war on our doorstep hasnt really taken the market any lower. Every time we fail at being volatile, the market kind of stance in there and people richer return again and buy stocks on any slight good news. I think if we dont pay taxes through and i dont think were going to this year, if the market traded higher. You could do the argument be careful what you wish for, you might get it because once americans assuming this is past start looking at their paycheck in a game that had presumably from the tax cuts, many would be disappointed and i might comeback to by republicans. What do you think . I agree with you completely. I believe there are some big surprises awaiting people. I want to address that report because its so interesting that the tax cuts for corporations will result in super high stock prices and especially in sectors that havent been big gains like telecom, price of transportation, retailing. When you pull back the covers on some of this, im just not sure the promise of the report can really come through. For example, at t, the leap stock and the sector is down dramatically for this year so far. 20 as a sector that is desperately looking to diversify. They have a ton of debt and as Interest Rates go up next year which they probably will, the stocks will get hammered. I dont think its as easy as people think that the whole market is going to go through the roof yet again with tax cuts. Theres a lot of doubles and a detail. Neil yeah, there certainly are. One of the things that is interesting is stocks always climb the long wall and you could argue its going for nine years now, what would stop that . Well, im i supposed to scott who is saying that the market would just go sideways, maybe drift up if we dont get any tax reform and i do agree with him on that. I dont include any tax reform. I think it goes down. This is the last bit in the market and the reason they keep buying is there always seems to be a glimmer of hope. You have to remember, neil, this is the congress that continually seems to defeat from the jaws of the array. Just when it looked like a simple tax cut, cut corporate rates, trim around the edges and throwing the wool cut the Obamacare Mandate, which seems to have mucked up things. I dont trust the congress to get things done. If we dont get the tax reform, we could see a pretty good selloff. Neil you know, scott, weve been kind of leading the world through much of this bull rally. Youre in london there and im wondering, is it your sense that this doesnt go through that we can continue to do that, whether we go sideways or not, we are setting the market here or is it more what weve seen of labor may be other markets take their turn . Well, the market comes unraveled when they start to see some volatility come back under the market. Light, we beat in out of the market. But i also think is best, the corporations have been driving stock prices. Every time i flood the market with more money or provisions to help boost the economy, the money doesnt go in a cap ex or making your widgets better. The money goes in the stock buybacks. Look at charts of whos really buy any stocks in its corporations. If things continue the way they are, corporations will come via badly until that starts to come along and they also have consumers that think theyll always have a job and they start spending recklessly because they feel very comfortable. We are in a dangerous time and we need to see something volatile and nobody knows what that black swan is going to be. Thats what unravels the market i dont think it tax reform. Neil guys come at thank you berry much. A little more detail on how everything fell apart for the prosecution and the senator Robert Menendez case that we can tell you is the trial has ended in a mistrial and the jurors who were hopelessly deadlocked. This is the second time in many weeks they could break the deadlock. The judges said albright, that day. So the bribery charges so that they pay for play charges centered on the senator and whether he was doing favors for just a constituent and friend or whether he was returning the favor by giving him sort of a front row seat and special favors. It is a moot point because the prosecution failed to make its case with the jury deadlocked in the judge said that they appear great to hear for the prosecution whether they will try this. They oftentimes dont decide immediately to start a suit up again and take this to the courts yet again. But a very, very big defeat for the prosecution in a very big win for menendez who would always argue there was nothing untoward going on here, that these exchanges gifts and special flights on private jets and all the rest were just the thing that friends do and apparently this jury was unable to conclude unanimously that that was not the case. So he remains a United States senator. We will have more after this. 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Com for a store near you. Neil Speaker Paul Ryan is addressing the house right now setting up the vote on tax cuts. Instead of thinking ahead, families are struggling to get by. Think about all the moms and dads and republican taxpayers worried about what comes next week. This is not how it should be. This is not how it is in this country traditionally. We need to restore growth. We need to restore opportunity. We need to restore this butyl thing we affectionately call the american idea. Passing this bill is the single biggest thing we can do to grow the economy to mercer opportunity and help middle and time families who are struggling. People always ask whats in it for me . Hanoi benefit . Im a chart guide. Why is this important . What this shows you under this plan, the average family at every income level get the tax cut. A tax cut at every average level. And this chart shows you the people here who are struggling, the people here in middle income brackets, low income trying to become middle income get the biggest tax cut. The plan is good for people of all walks of life all across the country and the big relief goes to those who need it most. Lets put it in the numbers. A typical household of four people make 59,000 in this country. That family of 41,182 tax cut first year alone, the median family income, mom, dad, two kids in America Today is 87,000. That family would get a 1941 tax cut right away here one. [applause] if youre one of the city 7 of americans who say you dont have 500 to go to an emergency, this really helps you. Lets talk about those people who live in high tax states. Lets talk about a couple making 115,000, living in a high tax state. 8400 in mortgage Interest Payment and 6900 in property taxes for the year. They will still see a tax cut of 1130. If they have kids, and even larger tax cut. Not only do people get more of their own money in their own pocket, but we dramatically simplify the tax system. We make it more fair. Today, seven out of 10 americans dont itemize their deductions to 70 of americans take what we call the standard deduction for taxes. It is straightforward. You are not taxed on the income. But over the years, washington has piled on special interest loopholes after specialinterest loophole after specialinterest loophole in the first few to the people who are wealthy, did, who can afford to navigate so they can get a good deal. But if youre not in that group, if you dont have lawyers and accountants and youre just scraping away in her middle income, you dont get those deals. So what we want to do is take those loopholes away come and make it fair for everybody, lower tax rate and make it easy. Heres how we do this get. We are going to make it so we see that by doubling the standard deduction, 90 of americans, nine out of 10 americans would sell their farms out the size of a postcard. And what this means is for a Single Person you dont pay taxes in your first 12,000 of income. For a married couple you dont pay taxes on your first 24,000 of income. [cheers and applause] and heres the basic philosophy. Instead of jumping through all the hoops the irs puts in front of you, and that of doing it the specialinterest groups say you need to do in order to get some of your money back, we basically say, keep your money in the first place. Its your money. Do what you want with it. [applause] all of this is about tax relief. Its about fairness. Its about simplicity. Its about using the stress and anxiety that in this country. What we really need to do is we need tighter jobs, more jobs, faster Economic Growth, higher wages. And this brings us to the way we tax ourselves as businesses. This brings us to what do we do to make america the most competitive place in the world. Here is the real problem with cow when it comes to the way we tax their businesses. We are the worst in the world added. We right now tax their businesses at the highest Corporate Tax rate in the industrialized world. What does that do . Let me give an example where i come from. And wisconsin example is Johnson Controls could a company with a history dating back to date to the 1880s. The Biggest Company we have headquartered in wisconsin. Not any more because Johnson Controls is an Irish Company and their irish tax rate is 12 by 5 . This is happening all over the country. Companies just to stay competitive are becoming Foreign Companies and then the headquarters of the Company Leaves your hometown come when the headquarters of the business and employer leaves yours date and goes to another country, there goes the united way campaign. There goes the whitecollar jobs are there goes the manufacturing. There goes research and development. There goes america is competitiveness. What is worse the Foreign Companies because its cheaper because of taxes. Here is what we do. Instead of the worst in the pack, we leapfrog ourselves by bringing the tax rate down to 20 . Guess what, when you tax their businesses at much higher tax rate, they win and we lose. Weve got to stop losing. Weve got to start winning. Thats what this does. What is even more impressive about this is that lowers taxes for the Small Businesses those mom and pops even more. Weve got to make sure that our businesses come and job creators of america have every incentive to stay here, to build here, every incentive to hire here and what is more, by doing this, we are going to get faster Economic Growth. We are going to get more jobs, higher wages, better takehome pay. Let me break it down in simple numbers. Tax foundation. They ran the numbers. With this bill, faster growth about 3. 5 faster Economic Growth. 890,000 new jobs. The estimated new york state alone 50,834 new jobs. 17,999 new jobs. California 11400 new jobs. And you get these new jobs when you grow this economy. [applause] why do we do all this . Its about giving people more takehome pay is about raising wages and helping families struggling to get ahead. Getting washington out of picking winners and losers and giving the American People the kind of economy they deserve then we can have. Across every income scale, across the board, wages will go up because we grow the economy. People in the middle, and people struggling. That is why we are here. My colleagues right now, we are in the middle of a long day where people are working to send mail in their jobs. We are right here for americas workers try to figure out how they will make ends meet, trying to keep up everything. Those people, Hardworking Taxpayers of this country, that is why we are here. This is why we are doing this. They are the foundation of this country. We are here today for them. The special interests are trying to protect their piece of the pie. All the negativity you see out there are probably a specialinterest group trying to keep their special mix of the tax code. It is high time we root. Out. We dont settle for the status quo and give the tax code we need and deserve. 31 years since we last did this and its finally time to get the interest of this country to prevail in washington. [applause] [applause] we know this brings more fairness in the increased takehome pay in weaker paychecks and this grows the economy and creates more opportunities. It will not fix every problem america has. It will help us solve every problem america has. I ask you today to do something bold, to see the force, to think about the people we are there to represent. And probably not see because theyre worried about whats going happen tomorrow. That is what this is. This is one of the most historic and the biggest things we will ever do. In their reason is because this is one of the biggest things we can do to improve peoples lives, to revitalize the beautiful american idea coming to spread and refresh our confidence in ourselves and confidence in each other. Enough said alain, enough giving in. Lets start to reclaim our future right here in this moment, lets pass this bill. Thank you and i yield back the balance of my time. [applause] neil speaker paul ran an aggressive defense on what argues substantially different that the Senate Measure and he has indicated that lets see through the trees here and they are expected to do just that in a matter of minutes. Republican congressman from florida, House Budget Committee member matt gaetz. Good to have you. How do you think this is going to go today . Weve had a great day. President trump let a pep rally a few hours ago and what was even more encouraging than strong support for tax reform was believe we are going to use momentum from passing the bill to get to welfare reform and cutting spending because when i put more money in the pockets of Small Businesses and corporations in america we want to make sure they have a work force. Neil at the meeting you said you get this in the next thing is welfare reform. Yes, typical trump fashion there were no notes. He was speaking off the cuff about the desire to use momentum from tax reform to aggressively tackle welfare reform ready to really jumpstart the American Economy. A really encouraging tight, especially for fiscal hawks like me who dont like to see tax reform and spending cuts. Its nice to know the president is committed to spending cut. Neil . B. The next stage. As the vote ensues, the next question is what will happen. They will have a provision presently to include the individual mandate, the requirement part, the Affordable Care act and some republican senators get a little bit antsy about that. How would you feel about that . It frees up a lot of money to pay for things to reconcile differences between your plan and the senates plan. Have you feel about that . In the house and designed to give as. It would appeal any portion of obamacare theyve been unable to do so. Attacks are farm turns out to be the vehicle that can give us some liberty for an individual mandate is costing money and hurting our economy, i say all the better. Neil did the president addressed this issue with you folks today . No. The president was focused on the real highstakes bet your last panel is actually discussing on the show, the fact the stakes for the Republican Party couldnt be higher for the American Economy in the United States will continue to lead this bull rush in the economy. We have to get this done and the president was pushing for a really high vote tally. By sending this out with a whole lot of votes from the house to get a little momentum for friends in the senate. You like the provisions in the Senate Measure more than your own it was the height of message thing. The president did say you have to be for or against it without the opportunity to make changes along the way and the president was really complementary as speaker ryan, later mccarthy in the ways they have approached the issue. This bill is Getting Better each step along the way. This isnt the last stop but its an absolutely critical step to get the conference ironed out some of these details and deliver the American People that we have seen a generation. Neil and i have to go and vote in a scene that will be a vote. Thanks for taking the time. Neil a couple things concurrently monitoring here. For the time being im a little more urgent, we are not losing sight of all of these developments. Nor are we losing sight of our worry more who honestly didnt waste time talking about the offering can developments treating the following. Ill drink admits guilt after photographing evidence of his abuse services. Referring to Mitch Mcconnell. Lets investigate in alabama. Your evidence allegations. Again referring to the Senate Majority leader Must Immediately quit or be expelled. Fox news contributor jonah goldberg, clinical analyst gianna caldwell. I think i know what hes trying to say here. Innocent until proven guilty. None of this has been verified. Why am i getting separate treatment here you say . If you go back to 2004, there is a young man who is a state senator at the time who ascended to power because he was running against a guy by the name of jack ryan who was a very wealthy financier to replace another guy, Patrick Fitzgerald who is a republican senator and this guy come in the democrat, which you know very well, barack obama, state senator at the time ended up winning after the scandal. When you look at this, if you look at the fact that jack ryan stepped aside after the scandal, forcing his way to go to sex clubs, he did the right thing. They put another candidate, who lost. Neil he set the stage for that. Even then after putting alan keyes in there, there was still appeared in the situation come even if you step aside, i think it does not look too good for us as republicans because if they wanted to step back in, hes not testing well at this point. This is very, very troubling and were more needs to do a right thing and step aside. Neil a double standard here and not in a rush now looking at the house vote to get their tax cut measure through and that is not supposed to be that difficult. The data will be for the senate and they will get back to the special election in alabama in the think its all doable now . Attacks being done before the special election. Thats really tough. Ron johnson is taken negotiating position and he will remain on board. Neil we are surprised . Hes the reason for it. I was a little surprised by it. Everyone on the hill seems to think its more of a negotiating position rather than a lockin position. There are no good scenarios with worry more. He was being repudiated before any of these allegations so i dont really see afterwards. Its really not i understand what hes doing. But its not like is zero evidence against roy moore. There is an enormous long and growing list of women whove gone on the record with their list of names according to write more, i write in with sessions would work in republican states in illinois is. But its a mess. Neil alaska, she rode in in the primary. I dont think with their strange could win it. Jeff sessions could. Neil after watching, to bring people up to date, this is the house tax cut measure. We say that southern republicans so far have voted against it are probably the ones coming from the high tax state that peter king in new york who are concerned that their constituents will benefit from that. Not expecting a democratic vote in the house that we are getting from the senate. Right now 161 votes from the measured thus far, virtually all republicans. But again, still early and expected depending on how many are present. 218 is the magic number. The question then becomes the senate and whether they can iron out these differences and get it done there. What do you think . This whole fiasco is a very tough one. What the considerations that the new york delegation obviously our folks in the house and senate. They are concerned about not being able to ride off if they are issues and if the senate really takes a position where they will get it done. And the entire bill passed. Neil this is sleeping to the possibility of 200 points. All this craziness. The markets have been as much as theyve been fact or dan, those tax cuts, so a lot of big things to come. I would flip that around if they dont materialize, then what . What do you think . As ive heard you argue about before, cut the Corporate Tax rate and changes the basic math about that and take it away, you definitely would, you would see a correction because of that. But he also think longterm there is a big consensus around fixing the Corporate Tax cut. Even if it hits a roadblock early on. I also think the senate is more likely than it was to get because of the Obamacare Mandate for the simple reason that it gives republicans to major accomplishments to go home with. Tax reform neil they saw some republicans that dont want to revisit that. I dont think they want to go home and have to tell their corporate donors that they blew taxes and they blew obamacare repeat a until sort of the trump days that they ruin trumps one chance of legislative accomplishment in their first year. An enormous amount of pressure to get something done. Neil onto thank you both very much. 182 votes if we had perfect attendance today. Im told three representatives are not present. I was a changes a little bit with 216 marathon event. But im doing my math backwards which is always dangerous. Not a single democratic vote thus far, but you never know. A lot of this is preplanned. In other words, the speaker knows who the no votes are coming so far a republicans have done just that. More after this. Did yon the National Debt . Ssman get elected by talking tough will they stay true to their words . Or did they promise you one thing. Only to do another . Right now, congress is talking about tax cuts neil you are at bob menendez. Now in this trial jury was deadlocked for the second week running. I quit. Its a mistrial. I brought my lovely granddaughter come evangeline at tuma jersey that i could remember what i had to fight on for. My son, rob, who testified on my behalf and then joined his sister in court, who kept me company and blessed to have two Great Children and i love you so much. I want to thank my sister and her husband, pete. Their presence in the bible passages they would send me every morning were an incredible strength for me. I want to thank the melvin family, for their Constant Friendship and their faith in our innocence and for their success in their continuing search for justice. As ellis dr. Melvins attorneys, ill be low, the nations premier defense attorney who methodically tore apart the government case, partner danny kramer, former prosecutor turned advocate for justice. Ray brown whose insights are invaluable and associates and justin golden schlag who gave their total commitment to our cause. And to dr. Malkins defense team, john hogan and sam stern for their invaluable roles. I want to thank the jury, 12 new jersey and who saw through the governments false claims and used their jersey common sense to reject it. Neil you are looking on the floor of the houses are listening to senator as he dodged a legal bullet here and dealing with deadlocks here, but the tax cut was approved in as expected get some applause in the house before the house and the Senate Continues to debate what is a very different passage they also have a lot of provisions there. 14 votes from republicans, all democrats voting against doesnt mean quite everybody out. Across the 218 threshold that wouldve been required for a simple majority in the house moves on to the senate where they are a long way from done and they do approve it in the senate. So far no vote out of ron johnson, republican of wisconsin. They could have others or they can afford to lose more than two. That would have to be reconciled, assuming the Senate Approves them with very big differences. Could the implementation of the tax cut, whether we have a provision for the mandate or any of that. I just want to go back to senator menendez. He might appreciate the Political Capital used as a republican to come and testify on behalf of the colleague and that is rare indeed in todays politics. I want to thank the clergy of all different denominations who stood with me, to me, the strength in me and yes, prayed with me. So painful. So thankful for spiritual comfort and support. What do you think youre a macro, later in the artistic community, bishop jackson, my dear friend praveen character witnesses. I want to thank like to think hundreds of new jersey and two i encountered along the last 10 weeks who overwhelmingly expressed their support and more importantly their prayers. I want to thank my staff both in d. C. And new jersey for their loyalty and above all dedication to the people of new jersey, especially fred turner, my chief of staff for mike solomon, my political director and mike ortega, special assistant. Let me say a few things. The way this case started was wrong. The way it was investigated was wrong. The way was prosecuted was wrong. And the way it was tried was wrong as well. Certain elements of the fbi and of our state cannot understand or even worse, except that the latino kids from union city and Hudson County can grow up to be a United States senator and be honest. I cant even begin to tell you how many people have come to tell that the fbi went to them and asked what can you give us on menendez. That is not what the fbi and the department of justice is supposed to be doing. And they are not supposed to be leaking to the press during the early stages of their investigation. Neil lets lay this and go to the house were a tax cut has been approved. Again, the house voting. Small business reaction with group ceo alfredo ortiz. To you first. This was the easier lived, the one in the senate could be more problematic. Of the package you see at the start of the house, would you think . Both packages are great overall. They do an amazing thing for Small Business owners. For 31 years theyve been overtaxed in its due time we see this. Its amazing to see the history made out of the house, for example giving the Small Business owners i know on the senate side is probably a little bit of a heavier lifters under johnson gave us a little bit of a surprise last night, but one thing i want to point out, if you look at the Tax Foundation in the senate bill for a second, 97 of Small Businesses out there come the 29 million Small Businesses out there, 97 of business incomes of less than half a million dollars. And so, you cover 28 out of the 29 million Small Businesses out of the bill down. Neil you know, you look at this, one of the reasons why in the senate you have a no vote so far from rod johnson, the republican of wisconsin is that it didnt benefit businesses like yours and that the big guys get all the goodies and you hit the crumbs. What you think . Its true. We hit the crumbs because theyre in the middle of everything. We are not the small ones are the big ones. To get any kind of good tax credit, to income tax and business tax. It doesnt seem to catch both at the same time. Im more concerned with staff taxes because they cant seem to take the deduction take the deduction so they have less income on going out to dinner. Im a little mixed on this whole thing. If i could go for a second there because im not quite sure i follow because when you look at the both of the bills and the amendments were example that just pass right now from brady come youre able to get 9 , 12 , 25 under half a million in the senate bill has a big opportunity as well. We are covering most of the Small Businesses here. Wed love to see the deductions in the senate bill and we would like to see a professional Services Covered not only after a certain amount. Some opportunity here and we are looking forward to working with senator johnson in getting them to a yes vote. He will come around. Guys, thank you very much. North Carolina Republican congressman ahmed, Republican Leadership getting ready to address the true. Were you a sub to vote on this . 100 , yes. Neil did you have any worries these businessmen race . No, we dont. I will say unfounded, the different report will categorize in different ways. Genuinely a major tax cut not just for individual, the something progress in North Carolina when the numbers on three different occasions. Tax relief for the average family will produce another 30,000 new jobs over the next two years. You have comparatively low tax state, so your high tax state counterpart in california, illinois, massachusetts, new jersey, they are not happy and look at the short end of the state. Anything continuing to be done for them . They will have less shortage of the senate, and what they produce have no consideration. That is why we have 13 members that did vote against it. 227 today for a piece of legislation this day, thats a huge win for us. Neil how much pressure do you feel your colleagues were under to vote yea . And never got to that point. They were counting votes in the hallways. There is. There was a calm and sweet after running the numbers, when you have the evidence of the values and on every single district in the country, when you have the data it makes a easier to get to a yes. Neil you had approval with you guys in the house and the senate and the famous novo, are you worried that could happen again . Probably one of the reasons youre not seeing a lot of cake parties today. Knowing part of our job, the house has delivered on major promises. Repeal of the aca obamacare, but also put together a tax reform package. The senate has ruled up what they have so far as is typically repealing the individual mandate which is the Central Nervous system to obamacare. If care. It would take it that in conference over the next couple weeks, a lot of house members would be exuberant. Neil confirming what you suspected the no votes, virtually all republican from these high tax state that maybe something the speaker is going to address. Is that something the senate should be aware. We want to make sure the republicans are not left behind, but another message is their responsibility to bail out the legislators in no way nevertheless that falls on ears with private citizens. The backandforth debate of who pays from washington. They are getting it. I know the speaker that said we are not going to lock those guys off the plane. We will try to work out something for those people. Not all work from the states. They sometimes within no button rather than the yes button. Neil you are part of the meeting with the president. They would be to pay. No threats. Even jokingly, transparent tedious kind of talk soft the cost there. Total time of the conference this morning, anything interjected would come across as many red. Trained to do you think theres any wiggle room right now for an acrosstheboard cut, even the upper income. The senate plan house plan does not. How do you feel about that . There is some movement on that. The president first signaled that maybe the higher income taxed it. This is not done yet. They iron out with the sun and then its possible they will see where the numbers but the 1. 5 trillion number. Everything still on the table. Neil would you be okay with a measure that the requirement purchased and how does that in his plan right now. You think thats a good thing to keep . We are more than okay with it. It comes back to conference. Thats so important to us to have an opportunity. To remove a single piece of federal legislation that literally forces to defend you purchase something from an industry. Nothing in the history of congress has ever been offered. They repeal the horrible mandate on the American People. Neil congressman, i want to thank you very, very much. You mightve noticed steve scalise, the house with entered the room. Now the entire Republican Leadership is there in the house no doubt sending a message. We did our job. Time for you to do yours are both listening. The economic recovery for years but have never asked her today is a great dame for them. [speaking spanish] now i want to introduce [cheering] you know how to say ways and means in spanish. [speaking spanish] ways and means, kevin brady. [cheering] thank you, buddy. [applause] this is an incredibly exciting day for the American People t would not be here for them without incredible leadership from speaker ryan and our leadership team. Our members in the house and especially, i want to thank the 24 members of the house ways and means committee, republicans, amazing job there. [applause] think about it, for the first time in three decades the house just voted to pass sweeping tax reform bills. We just passed a bill that will bring relief, simplicity and fairness to americans, to every corner of this country. We just took a major step toward delivering more jobs, bigger paychecks and stronger economy, to hardworking people and job creators along main street all throughout our communities. Think about what this means. For a typical middle income family in my district, that means they save over 2,000. For that Small Business along main street who, they worked their tail off weekend, evenings, for their family, that entrepreneur, who is right on the cusp of finally