Transcripts For FBC Varney Company 20170718

However, there is no guarantee that a simple repeal bill will pass. For now obamacare lives and we have to live with it and we have to pay for it. So now, what about tax cuts . Will a divided g. O. P. Fail on that, too . The president growth agenda is threatened and given the house and senate and the white house to the republicans, what will the voters do in the next election . All good questions with no immediate answers. The with the fail, a low to the u. S. Dollar. And the stocks supported by netflix and a hope for Strong Companies this week. Throughout the health care debate, we said something is better than nothing. Well, this Tuesday Morning, weve got nothing. Varney company is about to begin. You know, why dont we start with netflix . Why not . [laughter] shares will open at an alltime high. Netflix posted blowout numbers, the big deal, the number of new subscribers. All right, ash, how many. Ashley yeah, 5. 2 total million, that is not 5. 2 people. 5. 2 million total subscribers, 4. 1 of those, by the way, international. 1. 1 here in the United States. The international is important. It blew away the estimates, which is good for netflix. About you, theyre still losing money on this international spending. They only lost, i say only lost, 13 million in the Second Quarter and i know you hate expectations, but that was better than expected. Theyre hitting in the right direction. It appears that investors dont mind netflix spending money as long as it leads to new users. This morning its up 8 00, 9 00. A couple of analysts raising price targets helps. Now, the big tech stocks, yesterday, they were on the rise. What now, emack . Theyre under slight pressure right now, but theyre still moving solidly. You see them tipping into the red right now, but fractionally. As you pointed out, 40 gains this year, year to date and added the equivalent of south africa and hong kong. And theyre considered a safe haven trade almost like bonds and utilities, because they seem impervious to u. S. And geopoliticals. Stuart if you look at those on the screen. All are close or at alltime record highs. A slight pullback. Got it. Back to politics, President Trump tweeting this morning after Mitch Mcconnell pulled the Health Care Bill. Here we go. We were all let down by all the democrats and a few republicans. Most republicans were terrific and worked really hard. We will return. All right, come on in, katie. If the republicans cant agree on health care, what is the chance that well get any kind of tax cut . What do you say . Well, tax reform is going to be just as difficult as Health Care Reform, in the sense that were talking about getting rid of a bunch of reductions. We saw the administration introduce some things that they want to do, fewer tax brackets, getting rid of some deductions, but overall, giving people a lower tax rate across the board, and, of course, lowering the Corporate Tax rate in an effort to keep american jobs here rather than them going overseas. When it comes to the details, as the president said yesterday, during his remarks at the made in america showcase, some states need this, some states need that. Some people in those states like certain deductions and others maybe dont need them that much. Its difficult when people have their own interests in mind. Stuart the only they think we can hope for is a very much slimmed down version of tax cuts where we pretty cut the Corporate Tax rates and fiddle with a couple of other fates and thats it. The idea that well get overall tax reform i think just went out the window. I think in general when the federal government tries to do comprehensive bills, a, when they pass, they become problems because theyre so big. Obamacare is a good example of that. B, if you can focus on small things at a time, you really can work on that and fine tune them before they pass so they actually work once theyre implemented. The reason why obamacare is so difficult to repeal, first of all, is because its an entitlement. One of the big lessons here, once you get something out, its hard to take it back. The biggest problem the states say we like all of this medicaid funding, please dont take it away. Thats one issue. Look, you have to take into account the things that people dont want to give up because they already have them in their pocket. Tax reform is very similar. Stuart thanks very much indeed. You mentioned the idea that its extremely difficult to take away something that the government is given. Ill bring in that theme and judge andrew napolitano, once you give something, any kind of entitlement, any kind of give cannot be taken back. President obama whatever you think of him succeeded as establishing as a premise, a baseline, somehow from some source, its the obligation of the federal government to provide Health Insurance for every person in the United States of america and that premise has been accepted by hardened, small government republicans who had a chance against obamacare and now must muster the courage to undo it. Stuart were on the european road and theres no way to retreat from the republican road. When the public treasury becomes a public trough and the public knows that, theyll send to washington anybody who promises to bring back a part of the pie. And it wont mean a wit if Public Opinion forcefully wants that cash. Stuart as soon as you politicize Something Like health care, and its politicized entirely so, voters will vote for politicians who gives them the most. Precisely. President trump told the irs do not collect the tax on those who have not complied with the individual mandate because by the time that tax is due, there will be no individual mandate. Guess what . That tax was due four months ago, and there still is an individual mandate. That executive order restraining the irs is still there, even though it is a legal and valid tax. Stuart its called a mess, is it not . Yes, i could not agree with you more. Im sorry to say republicans have shown they cannot govern. Stuart thats what i was going to ask. A lot of these people are our friends, but i have to say it. You control the white house, you control both houses of congress and you simply cant govern. Stuart would you take senator rand paul to task on this . I know hes a friend, and i know that youre both libertarians. I personally would take him to task and say, look, give me something, because something is better than nothing. And look what youve done. Were now stuck with it. You are so smart, mr. Varney. Stuart no, im not. After five minutes of agreeing, what we will not agree on. Rand paul is a hero because he believes the constitution means what it says and sticks to his guns no matter the political fallout. Stuart the interview is over . [laughter] were stuck weve got to you pointed it out. The republicans in the congress failed to govern and for all of his strong personality, the president of the United States failed to lead on this. What did he say to them at dinner last night by the time dessert was served two of them said forget about it. Stuart not two at the dinner. They were two who had not been invited. I guess he invited the wrong people to dinner. [laughter]. Stuart he was totally blindsided. Probably blindsided and probably embarrassed. Stuart absolutely hes embarrassed. Judge, look, come back at the 11 00 hour, all is forgiven. [laughter] and lets lighten up the mood a little, shall we . In oregon, the greenies are now going to tax bicycle sales, lightning things up. Ashley cannot make this up. The First Time Ever the antitax conservatives and the greenies agree on something, this tax is very, very, creating a massive blowback. What is it . Its a 15 excise tax on all bicycles sold on the value of 200 or more, a wheel diameter of 26 inches or bigger. Its a big biking community, the third bike friendliest community. Theyre doing this to improve the roads. Last year the legislature in oregon passed a 10 cent a gallon tax to pay for road improvement. So for the next four years. So, the motorists said, wait a minute, what about the bicyclists, why arent they paying their fair share . This is where this comes from. Stuart mike the bicyclists sounds like a colombian revolutionary group. Paying for the roads. Liz how many symbols were in what you just said. Youre something. The London School of economics word . [laughter]. Stuart weve lightened the mood, however, lets bring it back down to earth now, because venezuela, that story, not on the verge of collapse. In many ways Venezuelan Society has collapsed. Theres a call for a nationwide strike. The white house is not sitting idle. Theyre promising strong, swift action, well deal with that in a moment. And its made in america week. Up next, a Business Owner at the white house yesterday. Im going to ask him, dont you want a tax cut . Does it look difficult now . Roll tape. We want to build, grow, create more products in our country, using american land, American Goods and american grit, and american labor. When we purchased products in the usa, the profit stays here, the revenue stays here and the jobs, maybe most importantly of all, they stay right here in the usa. Oh, look at this. Goldman sachs reported a 40 drop in bond trading revenue. That stock is down a buck and thats Goldman Sachs a down stock and its hurting the dow industrials overall. Lets get to venezuela. Calling for a nationwide strike against president mow maduro threatening sanctions. Stuart its not a military response. Its economic sanctions. Liz and possible payback for the oil companies. Stuart the president is not rattling the sabers . Not doing that . No, the possible sanctions on politicians there and now they are he a going after the sector. Venezuela is second biggest importer to the u. S. In terms of oil and thats tricky there. The president is saying, listen, it if maduro steps up and seizes control rewriting the constitution, that he will act. Here is his direct quote. The u. S. Basically will not stand by if venezuela crumbles if the regime imposes that on july 30th. The u. S. Will take strong and swift economic action. Strong and swift economic action. I think its important to say that, lizzie, thank you very much indeed. Youre on that story. President trump rolling out the administrations made in america week. Its a campaign that promotes products made in the United States. Now, theres a Company Called turvis, turvis, a thermos, keeps your drink cold. And the Third Generation to lead that company. As i saw it, one biggest thing you guys need from our president is a tax cut. Do you agree with me. Well, well certainly take it, were happy to have the focus on the made in america products. Stuart yeah, look to successfully make things in america, you need a tax cut, need regulation reform. How do you feel this morning bearing in mind the Health Care Fail yesterday . Well, like i said, the focus on the made in america products, if we can get a tax break well be happy with that, were able to focus on 700 employees in america, manufacturing our products. Now, when i think about a thermos and a drink, or a cup warmer that keeps things warm or cold, you have to wonder, couldnt you make it cheaper overseas . It would certainly be cheaper, however, in america you get the focus on your quality and also the Rapid Response time so we have a lot of control when were made here in america versus overseas, absolutely, theres certainly a lot of costs that you could save outside the u. S. Now, youre displaying your products on the White House South Lawn yesterday. What was the mood . We were, yeah, people were very excited. It was an honor to be among other American Made companies and exciting to representing our company turvis and renewed focus on companies here. Stuart and ill try one more time. You have to provide health care for your employees with the obamacare mandate. Would you like obamacare to go away . I cant answer that. Happy for everything hes doing for us, with the focus on made in america. Stuart i am im sorry to put you on the spot. I know youre here with the good news youre making things in america, and thanks for joining us. Thank you for having us. Good luck, thank you. Former National Security advisor, susan rice, were told she will appear before congress this week, behind closed doors. What do you think . Dont we have a right to know what she did . Dont we have a right to know what congress knows, and a right to know what congress is going to do about it . Save it because youre next. I thought that was the beginning of my segment. Stuart no, that was a tease. You gave the whole thing away. Wait a second, lets lighten the mood again. And gary player, 81 years old. Look at this, a back flip off a boat. La of laugh that man is 81, and a golf legend. By the way, hes on the show this morning, 10 00 eastern time. Youve got to see this. Is not just something you can see or touch. Home. Is a feeling. Its the place where you feel safe to have those little moments that mean everything. At adt, we believe that feeling should always be there. Whether its at your house, or your business, we help keep you safe. So you can have those moments that make you feel at home. You are loved wherever you are. Thats why at comcast were continuing to make4 7. Our services more reliable than ever. Like technology that can update itself. An advanced fibernetwork infrustructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you connected to what matters most. Oh, look at futures, down more. Looking at a 50 point loss for the dow. A lot of that though, half of it is accounted for by Goldman Sachs, which is is dow stock which will be down. Back to the judge, susan rice will testify this week, questioned about unmasking, but this is your big deal, judge. She testified behind closed doors, whats with that . Does the government work for us or do we work for the government . How can the people we have hired to preserve our liberty and our prosperity and our safety and our constitution delve into things that attack all of them and not tell us about it . We have to rely on leaks, democratic leaks and republican leaks. How about letting us look at it. Whether you like james comey or not, or a good or got a got job. People put opinions on him based on what they saw, not on leaks. Stuart this is about betraying names of people caught up in nsa wire tapping. This is the use of raw intelligence data, if used by this woman or her colleagues is a grave one in our society. And tell us why you think tax cuts are not going to happen . Theres a cadre of republicans in and the house and senate that believe they should not mortgage the future. And wont do that unless its revenue neutral. I dont think that they can overcome that ideological and constitutional objection. Stuart which means you could be looking at the second monumental failure of the Republican Party to govern. Yes. Stuart are you happy about this . No, i wish they could get rid of obamacare and cut taxes. Stuart and cant get the votes for this. Cant you be pragmatic. When you dont get votes, you need leadership. Stuart from whom, the president and the Republican Party. Stuart weve got a Republican Party dangerously split which will give us nothing when we gave them everything. We gave them the power and you wouldnt bend your principles once, give us something on tax cuts and something on obamacare, no, no, principle rules everything, right . Do you want to mortgage your childrens future. Stuart theyre mortgaged already, for heavens sake. Im going to tell your daughter before you take her to daughter, you just raised your taxes. Stuart my kids are in the will. Theyre okay. [laughter] thank you, judge. Am i back at 11 00 or no . Yes, you are. A the futures so 50od points down. Well take you to the opening momentarily. Liberty mutual stood with me when this guy got a flat tire in the middle of the night. Hold on dad. Liberty did what . Yeah, Liberty Mutual 24hour roadside assistance helped him to fix his flat so he could get home safely. My dad says our insurance doesnt have that. Dont worry i know what a lug wrench is, dad. Is this a lug wrench . Maybe . You can leave worry behind when liberty stands with you™. Liberty stands with you™. Liberty mutual insurance. Plenty of stock i plenty of stock in the back drop of the opening of the market this morning. Health care fail. Big profit, big signup for netflix and the likelihood of good profits in the big buy Technology Companies. 9 30 on a Tuesday Morning. Were off and were running and down 44,unn5 points. 46 points down. A lot of that loss is accounted for, some of it at least, accountable by Goldman Sachs. Take Goldman Sachs out of the dow and what youve got is essentially a fairly flat to slightly lower openinrni i find that surpriig sng, bearig in mind the Health Care Fail. And the likelihood, the possibility of a tax cut fail as well. You said that . Whoa. Im sorry, but i said it. Were down 50 points on the dow industrials. And who is witealus . Ashley webster, Scott Shellady, mike murphy. Im starting on a bright note. Try it here, nenetlix, blowout numbers. So, mike, i think the stock is up, 13, 14. 13 higher. 8 higher, just have to squint to see that one. Would you bts it at 175. I would sell it at you 5 al day to you. I would not buy it here. The company is losing money and spending a lot of money. This is a huge move up on Strong Subscriber growth. Great quarteley but too expensive. You cant see them getting theyre going to be losing money for years they said in the statement. Stuart lets hear about their debt poig stion. Liz its 20 billion double whats shown on the balance sheet. They shoved a lot off the balance sheet. Severe cash burn and cash flow negative and basically a stock price gain, the growth of that, outpacing the sales gain. Stuart well, well. Ashley does that make them a great target for someone 0 to come in and bts them out. Liz apple. Disney. Ashley netflix is burning through money and the foundation is not very strong. Someone could come in and it would be very attractive for the content. Liz the only way to do that is to get that repay repatriation day holiday and they could bring that cash home. Amazon is in the space and that hasnt worked out well for companies. Stuart were at 21,562. Okay, its not a huge selloff,. I wt a pullback modestly. I want to broaden it out and look at the Big Technology stocks that we watch every day. Scott, theyve been Holding Around record high levels recenlighty. Any chance any of them will start a new leg up because its profifit week for the big five . I think the only reason youll see any of them really have a new leg up, weve got this problem or at least this symptom out there, where theres trying to find a nyou place fo money and thats not a good reason to go higher. Sum they could take another leg higher, but its not going to be for the right reasons. Theres too many things out there right now that are causing everybody to watch those yellow flashing caution lights. If we see a leg higher, id be wary of thnce. Stuart leave that on the screen for a second. Facebook at 159. On the verge of very crows to the alltime high. Amazon over 1,000. Microsoft around 73. Ive not seen that before. Alphabet, 974. Apple been up seven days in a row, only down 30 cenfit this morning. And theyre pretty much holding at a very, very strong level. As scott suggested, where else do you go for safety. And growth. Stuart and lets see how the. Stu profits look later this week. Im going to watch that one. Ushl says ama amn could spike and reach 1,600 in the next 12 months. Do you think thats likely, pinke mindhy . I dont. I think thats unlikely,. I wt i do believe the stock has more room to move from these levels. Could it move 10 or z . I think yes. 6going, youd have to have the stars aligned perfectly for it. Abuthing that ama amn is lookig to do and get into, theyre crushing the entire category and everybody is uig sng it, an scott, come on, weigh in, 1600 bucks on amazon within 12 months. What say you . I think weve given ubs a lot of free advertising. What thats about. The stars would have to do more than align and i would have to lose another 100 pounds. H 1idnt we just talk about an analyst on earlier this week saying hes shorting the stock because of worries about monopolistic things . Come on. Stuart youve got it right there, p onott. Got it right. Look at blue apron. They took a hit last sesig son d, wter word came in that amazo was going to start a rival meal service. Blue apron is down again this morning, okay, just three cents, but blue apron is at om. 56 per share, what was t ipo price . Connell . Came in at 10. Them gve lowered it. Stuart the chart all the way down at 6 bucks. Thats what ht. You wouldnt buy blue apron at 6 a share, mike mindxt . I wouldnt. Its a huge success story. A venture capitaok abacked com oany and a huge s 3cess or everybody. Now in the public market, amcouon comes in and see the stock almost cut in half. So i think theres a lot of people running these billion dollar venturebacked, what were recent Startup Companies and watching b we apron and say whats the point of going public . You dont own it or in the future . Love the com oany, but i wouldnt, because, again, if amazon comes in, it can hurt thre thats predatory pricing, isnt it, scott . You knock them flat with low prices, run them out of business and then take over the business. Well, in the old days, theyve raised prices, and now, amazon is doing s 3h a good job. Its effichynt to the consumer which we move. At the end of the day, theres a positive sign for b we apron is this. You can go all in at six b 3ks and all you can lose is sto th bucks, thats not bad. Stuart weve got to deal with politics. The senate healtealcare reform bill is dead. All right, mike, does that hurt the rest of the president s growth agenda . Im asking you a political qingsstioc . Have you got an am gvwer. Absolutely, it hurts the president s growth publenda, wirts the likelihood of a tax cut. When it happened a few months ago, qingsstioning whether the president would be able to get his agenda through, the market took a litlighte bit of a selloy im surprised its coming online. The dollar is a the a thayear low, if we donpen hear something positive out of the washington, i think you could see people taking some chips oll, the table. Liz mike is right. And this bill tried to be everything to everyone and with the way the republicans are fighting, better l 3k fin mng a lnicorn. It was a frankenstein bill. The republicans won three elections saying them gre going to repeal and replace and theyre going to the mid terms not having a victory here. Who gets the blame, with the care. Who gets the blame . I think and certainly theres a propinse of what can happen in washington, but weve seen the struggles go on and on and on. Liz i hear what youre saying, ash. Ashley the markefit decouple a litlighte. Liz the markets have gone up 3 trillion in stocks ig so we. Ash is posig sbly righ the e tha lot of stock value. Stuart over my shoulder i can see Scott Shellady still in london. Weigh in on this, please, scott, are we going to get the tax cuts that we were promised . I think theyre watered down. Im embarrassed im s 3ked in by this. Number two, i come from a background, if you shake a mans hand you can judge a mans character by the calluses on their hands. I think if i shook the. Stu hanali in washington, theyd be baby soft. Theyre not lea mng the veountry, them gre bleeding the country. And the rest of america is getting as mad as i am, these guys are going to blow it so much so, if they do finally get something through, its going to be watered down and disappointment anyway, theyve blown thre maybe the hope of good profifit amaom the microsofts and the others of the World Holding things up. Were down i, 21,574. A couple of individual stocks making a move. Harley daoalion, is cutting the p corecast for motorcyc in the future. Taking it on the chin, a 11 h 1rop. Less money coming in to bank of america because of lower interest paymenfit, no movnce e for that stock at all. And Goldman Sachs, they reported a 40 drop in bond trading reve sce. Down it goes, but not that much. Were down. 17 . Thats it. Thats not having a big influence on the dow. E thats game of tthatsones for. A look at arenin look at this, 6. 9 in the second quartegrow what are they doing righ the e e ofott shellady . Well, i tell you what, thats a bighuringsstion to am gvwegrow you know what . Im not quite sure. Stuart do you believe them . No, i do not belhyve thnce , thats the problem. Stuart and youre nocing, too. The nnk beat, look so good its tough to believe theres that type of gro 9h over there. Shiaart okay. Were ten minutes into the trading session on Tuesday Morning the day a grer the Health Care Bill failed in the United States senate and were h 1own i can hear Scott Shellady in london, oh, oh, hes frustrated. I donpen blame yond t its hard to think of anything else. Hard to think of anything else, shiaar the e im so dist. Were down on the dow industrials. Here is a direct quote for you from the head of the Border Patrol. Theres a vibe, an energy in the Border Patrol thats never been theremornin0 yeaat, that i been in the patrol. Well tell you what else he said coming up. And its bbelik to slook are on Health Reform. Next, the former congressman and fox nyous contri. I wtoapp you could say that he got out right in town. Veongressmannt ason chall,etz i next. All right. Were down 54 poinfit, the day after the senate failed to reform or repeal obamacare. Down che, ng. , che3. Ceeneral motors has eyou ornin0icole, come in, please, a tell me whats going on. Nicole you know what you never want to hear when youre making vears . Bulging inventory. Thats happening with the chefo bolt and sonic at the fbelitory in michigan. Theyre extending the shutdown and in fit,io, missofrui and ontario. Talking about the bolt in particular the First Electric car in the United States that goes more than 200 miles on a single charge, about 35,000 vehicle. Ornin0ow, gm says that the prob is not the bolt, in fact, theyre on point and them gre staying on track for the production of that, but its the sonic thats overwhelpinng. But i will note that one dealer in rhode island, east providence, rhode island says on the. Stu website, they have more than 200 bolts in inventory. Thats never a good les gn. Bulr rng i35entory so far, is that overall they have it at a 10anytar high and its s5 days of supply. If they didnt make neg for the next 100 days, them gve got plen he of cars for everybody. Why buy an electric car when you can buy gas at 2 a gallon. Preles dent tthatmp has certif iran on the iran deal, but new sanctions. Ashley on iranians groups and in moduals and networks over what they call nonnuclear antrivity. Supporting the Ballistic Missile program and other Missile Program and other programs railroade in t t t t t t t egang ing the military. And heightens this in the region and assesyourent of dros and other military elook ipment that again, the Trump Administration adds to the tem gvion and instyou kility of region. So, as you pointed out. Yesteng ay, they said, anyts, ty are technically in, you know, following the rules of the nuclear deal,. I wt not when it comes to the pinlitary. Stuart thanks, ash. Ashley sure. Stuart i want to get bbelik to the republican Health Care Fail. Joining us now, without b orng ltcetious or sarcastic, you got out just in time. This is the worst case sceaveorio, iclnow i got acare f my colleagues, former colleagues didnt get a chance to vote. The house did vote something out and there needs to be some credit there, but the United States senate for supposedly the most delibrative body on the planet. They didnt debate it. Im not critical of the debate in the senate. Im critical of the reps thilic par he. We were promised so much, and weve got nothing. This is a terrible day for the rerolblican party. Isnt it . I dont know how you dress it up and mafe itcare pthek anyg other than the failure that it is. I mean, i was told bbelik in ornin0ovembeapp dececoulder, th going to frontload these on the first few wo,ks of ja scary, so they would be on the president s disc the first day he was sworn in. To have it where went ust canpe get 50 to vote. You have to have 50 and you cant getit . 0 on one page . Thats a total ltilfrue. Where do you think this leaves tax rof thorm in the futfruyt if you canpen get agreement on health care after all of these yeaat, can you get agro,ment on veutting taxes . Well, look, health care is the f. Stust part of cutting tceces. What i would hope they would do with health care, they should comte every single dam c startg ornin0heat week, take each indil component on put it on the board and mafe a comte. There are a lot of people that would vote for things that woehd pass. Olles ng the major nual nealook,y a trillion dollar. Im rounding by a big scmber, but a huge, huge number. Again, there are acare ot of ba thin c1 h in there. We were going to cut the deficit and cut taxes, but thats not to be. There are other things that have to happen and get on the same pptheke and where is the evidence you can do that . I want to leave it with this and mafe sfrue im belicurate. If its anyts, repeal it, and that doesnt take effect for two anytars, which meam gv wev got two more yeaat, of obamacare next. Is that accurate . Anytah, anytge, you hth te bare g over to the house and actually pass, but try to get it to the president s desk, ajea hu thats what they should do. Congressman cha fetts, veongratehatiom gv, les r, got in tdse and glad to have you as a Fox News Contributor on varney. Thank yond t now this, home owners experiencing buyers remorse. Is that fiat,ttime home snany . Thats a common thing. It wasnt the cost they were olpset you kout. Most of them are upset that they did not buy a bigger home. In fact, the mll oority said, you kout 42 , we wish we spent, basically got a bigger home for what we paid. Sho snd t ienter home for the amount of money that we paid . Of cofruse, and the sfruvey shows that renteat, wish they could buy. If you hold onto it seven ajeaat, its cheaper to buy thn rent in all markets. Ashley seven years. Shiaart in all markefit cheors to bse. Than rent after seven years. Liz correct. Ashle bu thats interestin car shiaart thats pretty good. Sounds right. Thats my experience. All righsm to the mammets, to the markets, we are going to check the markets and scan for you as you can see. Theres an awful lot of red there, 20odd red blocks at the dow 30, only four in the gro,n. Germanys chancellor, Angela Merkel rules out limits how ma cr rof theheo,s can come into germa cr, that she simply wont accept a limit. Vean you believe that . Thats what she snd t approaching medicare eligibility . 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Come on, ash. I want to know secretary exactly what she said. The up limit on the number of refugees coming in. She says we have to fight the cause of migration and i believe we can achieve what we want without any cap. As many that want to come in, can come in. Stuart when she opened the door, i think in 2015, i think, shortly thereafter, liz, didnt she say, i made a mistake . After her party lost, she said the idea that well manage is a provocative phrase and was sorry for it. Election september 24th could hurt her. Stuart case closed. The bed rock off the trump Growth Program, tax cuts. Thats my opinion. So, do you think we are going to get them . Do you think well get tax cuts now . Thats my take the top of the hour. Here we go. Stuart the absolute bedrock, the foundation of the trump Growth Program was and is tax cuts. So are we going to get them in after the nail lure of the obamacare reform effort you really have to wonder. Can the republicans agree on cutting taxes on the well i think . That is not automatic yes. Moderates didnt like killing obamacare taxes. Why should they agree to cut federal tax rates to give gains to top earners. Midrots know they will be demagogued to death. What about the border adjustment tax. That is is tax on imports and likely to raise prices. That is not popular. In short the failure on Health Care Makes tax cuts less likely. I do have a couple of positives. There is widespread agreement that the Corporate Tax rate should be cut. He lower the rate from current 35 . Good chance a lot of money now parked overseas would come home. That is relatively painless stimulus. Therefore a tax cut the possible possibles could agree on. Second, President Trump will push hard for tax reform. In contrast toc his back seat preach for health care. He will barnstorm the country. Publicly demand a tax cut bill. That is his bully pulpit. He used it effective in the past. Sum it up. Slimmed down tax cut looks possible. Fullscale tax reform highly unlikely. It is not the president s revision, not the republicans Campaign Promise but it is something. As we so often said something is better than nothing. The second hour of Varney Company is about to begin. Stuart two things were watching for this hour on the program. A few minutes from now you Vice President pence will address the National Federation of retailers. We expect him to Say Something about the failure of Health Reform and we will listen in and bring it to you when he says that. House gop leadership hold a weekly news conference. Well bring you any news developments there as they happen. Right now well check the big board for you. We do politics and money on this program. This is the money side of things. Were down 70 points for the dow industrials. 21 five is the level. Netflix leading s p 500. They put up very big subscriber numbers they added five million. The stock es up nearly 9 . There is amazon. Ubs says amazons stock could spike to 1600 a share in 12 months. Our market guest last hour shall we say a little skeptical. Nonetheless amazon is up to 1012. Harleydavidson cut forecast for future motorcycle sales. Down 11 . Back to Health Reform President Trump tweeted this morning this, we were let down by all the democrats and a few republicans. Most republicans were loyal. Terrific and worked really hard. We will return. Joining us now Fox News Contributor steve cortes. All right, steve, what responsibility does President Trump have for this health care debacle. Stuart i think he has almost no responsibility. He largely delegated this task to Mitch Mcconnell. Mitch mcconnell and speaker ryan combined have 50 years on the hill, a half century of service and they couldnt get this through their houses. Stuart but he didnt lead, did he . I think he did lead. He did. Heres the thing he said from the getgo obamacare was a disaster. It is one of the reasons he became president. When it came to replacement, not just repeal, he delegated to the hill believing that with control of both chambers those leaders could effectively could get this through. They failed miss a hably on that score. My guess tax cuts will be incredibly different. He will take hands on leadership. Stuart that is my question. The president will take handson leadership of tax cuts. As we reported he will barnstorm the midwest middle of august, using it as bully pulpit. That is okay. Right. Stuart but you have to got tax cuts you through a divided Republican Party in the house and the senate. This failure on health care, tough think that tax cuts are less likely now than they were yesterday. Stuart, i will be the first to concede the task got harder. That hill got a bit steeper. But well still climb the hill. What were seeing here, excruciating for those on team trump, campaigned for trump. Stuart you were part of campaign. Watch hour by hour, the swamp is proving hard to kill. It is difficult. There are a lot of swamp creatures elected and lobbyists love the status quo. Theyre fighting hard. The Empire Strikes back, the swamp fights back. Stuart Mitch Mcconnell speaking on senate floor. What theyre celebrating. American people are hurting, they need relief and regretful our democratic colleagues decided recall on they did not want to engage with us seriously in the process to deliver that relief. This doesnt have to be the end of the story. Pass the repeal legislation will allows to accomplish what we need to do on behalf of our people. Our democratic friends spoken a lot recently about wanting bipartisan solutions, passing this legislation will provide the opportunity for senators of all parties to engage with a fresh start and a new beginning for the American People. Stuart that was the leader of the republicans in the United States senate appearing on the floor of the senate. 12 or 13 hours after pulling the plug on the repeal of obamacare. They didnt have the votes. They didnt even have 50 votes to keep talking about it. It is withdrawn. What they hope to do in the future is submit a repeal bill, and then pass it, and then not have repeal for two years. That is the proposal. Steve cortes, with me now. You listened to what Mitch Mcconnell had to say. Here is my question. Is Mitch Mcconnell and speaker ryan, leaders of the republicans in the senate and the house, are they gone . Stuart i think they well should be this is fox business, right . If this were a business on capitol hill the two of them would already be fired for lack of delivery on this. Mitch mcconnell was elected in 1985. I mean in 1985 i couldnt drive a car yet. He has been in office that long. He has control of the chamber and he can not get this through. This is the swamp at its worst. I think argument for term limits one thing donald trump proposing. Stuart paul ryan talking about, listen in please. House has to pass a bill. Weve done that. The senate has to pass a bill for us to move the process forward. That is the next step. Were hoping they achieve that next step so we can bring real relief. Here is the problem. Obamacare is in the middle of a tailspin. This law is collapsing. We have a promise to keep, also we need to it step ahead of the problem that this law is collapsing. More and more people dont even  left or even one choice. 41 of the counties in america have competition in Health Insurance. They have one Health Insure are left. Premiums have doubled. Options are disappearing. Many counties in america have no health ensurers left. That is the stark reality of the moment. So were hopeful that the senate can take the pause it needs to take and move forward on this issue to get something done. Are you worried that im worried obamacare will stand and law continues to collapse and people hurt in the process. [inaudible] republicans would look like dopes for failing did you air quote that like this . Okay. Do you agree republicans look like dopes [inaudible] this is legislative process. It is a hard process. We in the house are proud of the bill that we did. We passed a bill that we think is sufficient to addressing real problem to keeping our promise. The senate has a razorthin majority. It is 52 seat majority, reconciliation you need 50 votes. Theyre working through their process. Im not going to get ahead of the next steps because frankly we have to see what they can do and find out where it is we can go because we have a serious problem on our hands. [inaudible] yeah. President campaigned on [inaudible] yeah, i mean weve done this in the house. We passed our simultaneous repeal bill. We think that is is the best way to go. We hope our friends in the senate can figure out how to get a bill passed, get into conference and get something passed. Last question. Senator mcconnell a few weeks ago said he could possibly work with democrats and stablize the market. Do you think that is something that should be done quickly after repeal vote . Is there potential not going to foreclose any option, the challenge i see democrats are not interested in working on this. They dont want to get us off the obamacare train. They want to double down on failed system in middle of a collapse. Ultimately very clear theyre more interested in singlepay system, which means governmentrun health care. Governmentrun health care is not in our nations interest. If they want to get away from governmentrun health care. If they dont want to double down on failure of obamacare we have something to work with. The problem, we havent seen any evidence of that. Thank you. Stuart you heard it there first. First Mitch Mcconnell apologizing in many ways for the failure of the Obamacare Repeal last night. Then House Speaker paul ryan essentially, Lawrence Jones with me, host of the blaze. That looked to me like a bare knuckles fight within the Republican Party. There is a fight. There will continue to be a fight within the party because the legislators, the people we send to fight for us, dont do what we tell them to do. I was there in 2010 with the tea party and freedom works. Go look look at signs. Did you see replace on those signs . No. It was repeal, repeal. We gave them the house. We gave them the senate. They added this replace messaging which failed. We knew it would fail. We gave them what they wanted. Now they want to apologize . The apologies are over. We gave you what you wanted and you implemented the whole replace stuff. We never said replace. We said repeal. Stuart i can tell your frustration. I heard that from every single guest on this program . It is true, we were marching stuart, for years. We gave them what they wanted us. They said if you give us the house. Just give us the senate, give us a man in the White House Well get it done. Stuart liz, you posed this question in commercial break, what do you think is the soul of the Republican Party. It was free markets. Stuart yes. Youre right, this shows battle over the soul of the Republican Party. On one hand more medicaid spending. More money thrown at insurers. That is not free market stuff. That is Big Government spending. On the other hand you should have tort reform. Should true across state lines of selling insurance obamacare actually had. Five states took up on it, broaden it, Health Savings accounts. Stop medical malpractice. You didnt really see that. So what is the soul of the gop right now . Ashley theyre trying to figure that out. Stuart retreat from its high perform principle and do pragmatic policy. Youre a principled guy, lawrence. I know you are. You are addicted to principle. Youre a good man. Im telling you got to come off that high horse. You have to play politics. You have to be practicing mastic pragmatic. Get something done. Im totally with you on it. Stuart no, sir, youre not. Let me tell you what ticks me off. They had a bill when president obama was there, this is the politics i dont like. They had two bills they passed three times with complete repeal. Common sense would say, how about just do it right now . You have a president that will sign it. Why wont you do the same bill . Theyre playing politics. Stuart because you didnt have the votes. The votes are not in the house or or in the senate for the flatout repeal. Theyre not there. Liz republicans won three elections on what lawrence is saying. How many times was obamacare tweaked after the fact . How many times was obamacare fiddled after the fact . How many people got waivers and exemptions from obamacare. I dont see why republicans could have taken that playbook gotten something done. Exactly. Stuart here is my question, with all this turmoil and with those doubts about tax reform going forward, and there are doubts, why is the doj still at 21,575 . Only down because in middle of this mess . Ashley i dont think the market is hardly surprised whatc has been going on. It has been going on for months and months. Intangibles are important, what donald trump has done it, you wont know it from most new york newsrooms and most journalists in washington, what he has done unleashed optimism and belief and contagious. It only lasts so long. Once the American People will feel stuff. They will be ticked off and not show up to vote. They may not vote for a democrat. They wont show up. People believe in growth again. They have seen deregulation. We have had wins. Lets not get too negative. Border largely uncontrol already which is amazing. Gorsuch on the supreme court. There have been some serious wins. Once we get tax cuts i think a lot of this becomes noise. Stuart once we got tax cuts done, voice of authority and optimism. Hold on. This is a very interesting subject. Very much germane to health care debate. Former Vice President joe biden, writing a column in the Washington Post on health care. Here is a quote. Lets again make the commitment that in America Health care is a right for all, not a privilege for the wealthy. You see where were going with this, lawrence . You see where were going . Straight down the european road, socialized medicine, europe here we come. Its a smart strategy on the lefts part though. Stuart absolutely. This is what they did with obamacare. They changed the argument that requirement, it is your right to have health care. Now when you have the republicans trying to be pragmatic and get reform, they cant really do it because now you have the cbo reaching out scores saying essentially america will lose their health care. Stuart you cant take something away. Once the government provided a benefit of whatever, you cant take it away. Liz watch what the democrats play into the midterm with lawrences point. Elizabeth warren and Bernie Sanders talking about medicare for all. 3. 2 trillion a year. 32,000,000,000,010 years. That is what they will campaign on going midterm. Stuart its a form of singlepayer they want to expand. Those two figures liz pointed out correctly they have the pulse of the Democratic Party right now. They are the leaders of the resistance. I would not underestimate these guys. I know a lot of republicans want to celebrate. We have donald trump n we got border. Stuff with business. But what matters is what the American People feel at home. If they dont get tax reform. If they dont feel like their health care is changed, they wont go and vote. That is what matters. The people that show up. Stuart he is right. One more for you. Listen to this. There is a new poll, shows more than half of americans think the Democrat Party stands for nothing but opposing President Trump. Thats what that poll says. Thats true. Stuart that is view of the Democratic Party but they are going to win. Were not getting results we need. There are victories when it comes to the border, supreme court, but how does that affect the average day american daytoday . Were talking about people that are broke. I told you about this last week. A guy was calling into the radio show crying because he has to get two jobs he is still not making enough money to provide for his family and health care. That is what they care about, republicans not addressed concerns of those people. Stuart and democrats will not. The democrats are not in control. We have control of the entire government right now. Why arent we getting it done . That is what they care about. Stuart well take a break very briefly from the debate. Not taking a commercial break. No, no, well talk to you about money. Look the at netflix please, if you got that stock. Netflix is a star performer. It is up 10 , 1dollars rise. 177. Why is it going up so much . Ash, one number, five million new subscribers. Ashley 5. 2 million new subscribers for netflix. What is really interesting that 4. 1 of those are overseas in international markets. They only started going overseas in canada in 2010. They have massively expanded around the world, that said theyre still losing money on international operations. Not as much as wall street thought. But they are still losing money. Liz was talking about theyre burning through money. They have a massive amount of debt on their balance sheet. These numbers are better than expected. Stuart i told a lie. Liz what . Stuart we are taking a commercial break. We have to make money and pay the bills. Ashley capitalism. Stuart stay there please. This is how they do it. Stay there please. Dont touch that dial. Dont change the channel. Ladies and gentlemen, have we got a blockbuster for you coming up. Please. While we take a break and make some money. Stuart on Fox News Channel, peter doocy youre looking at podium right there. National retail federation, moments from now, Vice President pence will stride to the microphone and will address the National Retail federation. We hope, we believe he will Start Talking about Health Care Reform. When he does well take you there. You can hear what the Vice President has to say. Moon while, on the Fox News Channel peter doocy has gotten ahold of a couple of republican senators in the hallways of congress and asked them about last nights Health Care Failure. He got ahold of senator bill cassidy, who says were still playing through repeal. What that moons i have no idea whatsoever. Playing through repeal, meaningless, utterly meaningless. He got hold of senator round, republican from south dakota who honestly says looks, this makes repeal very difficult. That is hurting the country. So there is confusion in republican ranks. Indeed they are fighting each other, bearing in mind that last night, the repeal bill failed. The plan now is to submit a flatout, simple repeal bill soon. Pass it. And then not put that repeal into effect for two more years in other words, virtually no matter what happens were stuck with obamacare and a collapsing system. What does that mean to you . Lets bring in dr. Mark segal on this Health Care Reform failure. Let me spell this out again for the benefit of the viewers. Were stuck with obamacare no matter what for a couple of years and it is collapsing. If i am a person who is getting obamacare coverage, what happens to me . It is getting worse and worse, stuart. First of all, the big picture, 47 counties in the United States by 2018 will have no insurer to choose from. 1200 counties you will have one. That is called a monopoly. The price, premium you have to pay is exorbitant. The subsidy federal government giving a lot. Deductibles are higher and higher. Here is what that means in the doctors office. You walk in to see me. I say you need a thyroid scan. I havent met my deductible, i cant afford to pay for it. That is puts doctor in terrible position he wants somebody to get care he cant get. I look for specialist, no endocrinologist taking obamacare. Narrow networks. Doctors are bailing out. They are running away from it. Hospitals are running away from it. Stuart doesnt this shove everybody into medicaid be . Im poor, i cant afford it. Isnt that what it does . Certainly does do that up to 138 of poverty line in expansion states. You know what that does . Your favorite word. Job killer. You have medicaid, you know how many patients say i cant give up medicaid, i cant take the job because i lose my medicaid . Stuart be hon of the here. If i make more, im not qualifying for medicaid, ive got obamacare coverage, i am literally up the creek. I dont have coverage. There is nothing i can do, is there . Absolutely not. Absolutely not. There is a big doughnut hole there. Stuart a million, i dont know how many of people, hundreds of thousands of people are left high and dry, right . Hundreds of thousands of people are left high and dry. Only place to go to free clinics feds provide which cost a lot of money. If a patient has medicaid by the way, doesnt mean they can find a doctor who takes it. Doesnt mean they can provide a provider to provide test they want. They have a great entitlement with medicaid, but doesnt always give them care they need. That is what i said from beginning. Same thing is true with obamacare. You could be met high and dry with deductible you havent met, a premium you cant afford and a dr. No longer taking your insurance. Stuart i say this is flatout irresponsible. You say . I say the whole discussion is centered on issue of Health Insurance. It should center on issue of health care. How do you get taken care of . Where are the doctors to take care of you . Where are the treatments . As you and i talk on the show show a long time. Hightech medical Solutions Coming down the pike. Insurance will not cover those. Obamacare will definitely not cover those. You end up with treatment, terrible insurance you have wont cover even as it charges you a premium you cant afford. That is the future for the next two years. Stuart it is outrageous. They should have made a deal. I love this all along. I love the cruz amendment. There would be more catastrophic amendment. I wish they made a deal on medicaid. That might have brought moderates in. Stuart i wish, i wish. Dr. Segal, thank you on very poignant day. Were waiting for Vice President mike pence. He is addressing the National Retail federation. When he does we expect him to talk about the failure of Obamacare Repeal last night. Well bring him to you momentarily. Well be back. Today, were out here with some big news about type 2 diabetes. You have type 2 diabetes, right . Yes. So let me ask you this. How does diabetes affect your heart . It doesnt, does it . Actually, it does. Type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. And with Heart Disease, your risk is even higher. You didnt know that. No. Yeah. But, wait, theres good news for adults who have type 2 diabetes and Heart Disease. Jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. Jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and Heart Disease and lower your a1c. Jardiance can cause serious side effects including dehydration. This may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. Ketoacidosis is a serious side effect that may be fatal. Symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. Stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. Symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. Do not take jardiance if you are on dialysis or have severe kidney problems. Other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Tell your doctor about all the medicines you take and if you have any medical conditions. So now that you know all that, what do you think . That its time to think about jardiance. Ask your doctor about jardiance. And get to the heart of what matters. Stuart moments from now were going to hear from Vice President mike pence on the lefthand side of your screen. We hope he is going to address health care. Well bring him to you when he does address that subject. Meanwhile, weve been hearing from various republican senators. This is in the aftermath of the failure of the reform bill, obamacare reform bill last night. Its dead. It is not going anywhere at this point. Three republican senators have said essentially theyre not convinced that a next bill which is a straightforward simple repeal would pass. In other words, we have a state of absolute confusion as to where on earth the Republican Party is going on health care. Bottom line, obamacare is with us. Obamacare lives. Weve still got to pay for it. It is still around our necks and it is not going away for a long, long time. Thats the bottom line. Joining us now, congressman lee sellen. Thank you to the show. I have will not continue my exasperation with the Republican Party. I will ask you this question, on obamacare you failed, how about tax cuts, are we going to get them . First off failure is not an option as relates to this effort to repeal the aca. Stuart you failed. Senator mcconnell and Senate Republicans could go back to the debate in 2015 we put a bill that passed house and senate. It was a repeal bill on president obamas desk and he vetoed it. If they can take that draft stuart sorry to interrupt you, congressman. You know the story here. Lets suppose there is a repeal bill before the senate. Yes it passes and house passes it. Okay, you have repealed it, but you dont actually put that repeal into effect for two more years. In other words you have not won on obamacare. You have failed because it is still around our neck. Yeah. So i mean, so the house passed our version. The senate is trying to figure out how to get to 51 votes in their chamber. I cant stand here today and predict exactly what their bill looks like that gets to 51. I defer to our Senate Republicans to be able to answer that question. All i would say though, failure is just not an option. Even if the bill that they Just Announced they dont have votes to pass, they cant get that done, they need to come up with something that can get done. Theyre working hard at it without any help from democrats. Stuart im pushing hard on this. Let me go to the original question he. A few smiles, why not . Get back to the original he question. Tax reform, are you going to do it . I know youre going to say, politicians would say we need to do this, we must do this, we should do this are you going to do it . Yes. And we need to. We must, the economy needs it. We have american businesses there are Bernie Sanders democrats, there are conservative republicans in this country, all upset when we see american jobs, liquidity, American Companies moving overseas. We have to ask ourselves why are those jobs leaving in the first place . Why is gdp not higher . We need to have a more competitive tax code. Charles im sorry sir, i have to come back to it, if youre totally split on obamacare which is bedrock principle of the Republican Party, fix it, get it done. If youre split on that, why should we believe that you are united on tax cuts . Well i mean first off, again i point out on the house side were almost unanimous when we passed Health Care Repeal bill a few months ago. On taxes, i again have high confidence that on the house side we can get a majority of votes. We actually had a few special elections take place. Republicans filled all those vacant seats that were vacant when we passed the Health Care Bill. I believe that we can pass tax reform to make our tax code in this country more competitive, to be able to increase gdp, to help make the economy rip in 2018. Over on the senate side its a little bit more complicated on all of these eschews. Some of what we want to get done they require 60 votes. Some of what we want to get done only requires 51. Regardless they have to work their legislative will and magic. In many case, most cases without any help at all. So republicans, they say we have to get to a majority in the senate with budget being sill ages. The actually we need to get unanimity, when you dont have any democrats at all helping with the process. I dont see them eager to participate in tax reform. Stuart i think that is pretty difficult road to hoe, sir. I think you agree with me. Well keep trying. Stuart congressman zeldin, thank you very much for being with us. I want to regroup, say what we have coming up for you. Were told in 90 seconds vice the president pence will take to the podium at the National Retail federation and his comments will include comments about Health Care Reform. As you may no by now the Senate Reform bill failed in the senate. It was withdrawn. Health care reform in the senate is dead at this point. Mitch mcconnell said to resubmit a repeal bill. If they pass it, it wont take effect for two years. Bottom line we have obamacare for a long time to come. Strangely in my opinion the stock market has not reacted to this particularly negatively. Were down 70 odd points at this moment but were still at 21,555. Hanging over investors is the question, are we going to get tax cuts . If you cant agree on Health Care Reform, how can you agree on tax cuts, which is surely bedrock republican policy. It is he bedrock to the president s growth agenda. Lawrence jones is with me. He will take up a few seconds before we get to Vice President pence. Im exasperated and so most of our guests. Ashley yeah and audience. Stuart and audience. I dont want to scare away from elected officials coming on the show, what you saw in tv will see in 2018. The pure scrambling and blaming democrats. Democrats wont help us. Why would they . They dont believe in what we believe. Why cant you get your party in order . Then the house blames the senate. The Senate Blames the house. And then for him to come on national tv to talk about, well we really did it on the house side. No. You guys barely got it passed. Two more votes and that bill would have died in the house too. Not like you twice are unified. Stuart lawrence, ideal guest for this program. Expressing exasperation i feel. Vice president pence taken to the podium. Well listen. Very warm welcome to our nations capitol. Welcome to washington, d. C. It is an honor to be here today with so many Great American success stories, cornerstones of American Communities large and small. The members of the National Retail federation here at the 83rd annual retail advocates summit. Great to see you all. [applause] and i bring greetings this morning from a friend of mine who is a businessman and knows a little bit about retail. Who has been fighting every single day to unleash a new era of American Opportunity and prosperity. I bring greetings from the 45th president of the United States of america, president donald trump. [applause] from the very first day of this administration President Trump has been fighting to restore jobs and opportunity and prosperity all across this country. This president has seened more laws cutting through federal red tape than any president in american history, and it is already saved businesses and families up to 18 billion in red tape costs every year. In fact the president early in our administration ordered every agency in washington, d. C. , to find two regulations to get rid of before issuing any new federal regulations on american businesses large and small. [applause] with the support of our new secretary of labor, secretary alex acosta, President Trump is striking the right balance in labor relations, appointing two highlyqualified experts to the National Labor relations board. At we speak our administration is rolling back the joint employer rule. [applause] in case you didnt notice, the American People elected a builder to be president of the United States and President Trump has already started to rebuild america. And we wont stop until we have the best roads,s about bridges, best airports, best harbors and best future that weve ever had. Plants are underway at the administration for historic infrastructure bill and it is going to support a growing economy all across america. In fact this week, it is made in america book for our administration, and president s been fighting for american job creators and manufacturers and American Farmers every single day, so your businesses american businesses can sell more American Goods than ever before. And im here to report to you, since day one of this administration President Trump has been fighting tirelessly to repeal and replace obamacare. [applause] every day obamacare survives is another day the American Economy and American Families struggle. We all remember the broken promises that made it possible for obamacare to get passed. You remember them . They said if you like your doctor you can keep him. Not true. They said if you like your Health Insurance, you could keep it. Not true. We were told Health Insurance costs would go down. That one want true either. Our administration has actually shown the average premium on the individual market has more than doubled since obamacare went into effect less than four years ago, in some states it has more than tripled. When obamacare was passed we were promised families would save 2500 in premiums a year but the average obamacare plan costs 3,000 more than a plan did in 2013. While premiums are soaring, choices are plummeting. Next year nearly 40 of americas counties, including nine entire states will have only one choice of a Health Insurance provider, meaning they bill have essentially no choice at all. Even worse, dozens of counties will have no Health Insurance providers whatsoever on the Obamacare Exchange in 2018. Men and women behind these statistics are real people, facing a real crisis. Behind every number is a name, and behind every name is a story. I have heard them as i traveled across this country on our president s behalf. I heard firsthand from job creators, just like all of you in this room, working families about the burden that obamacare has placed upon them. The burden of higher costs, fewer choices and worse case for the most vulnerable. Obamacare has failed. And obamacare must go. [applause] President Trump and i are greatful for efforts of Senate Majority leader Mitch Mcconnell, and vast majority of republicans that worked so hard in the house and senate to keep their promise to repeal and replace obama care. As the president said just earlier today, most republicans were loyal, terrific, worked really hard. There are no truer words but last night we learned that the senate still doesnt have consensus on a bill to repeal and replace obamacare at the same time. President trump and i fully support the majority leaders decision to move forward with a bill that just repeals obamacare, and gives Congress Time as the president said, to work on a new Health Care Plan that will start with a clean slate. You know the senate actually passed the very same bill in 2015 and sent it to president obamas desk and they should do it again. But to be clear, the senate should vote to repeal now and replace later or return to the legislation carefully crafted in house and senate, but either way, inaction is not an option. Congress needs to step up. Congress needs to do their job, and Congress Needs to do their job now [applause] as the president said with his inexhaustible optimism and determination, stay tuned. We will return. We will rescue the American People from the disasterous consequences of obamacare, and restore a Health Care System based on personal responsiblity, free Market Competition and statebased reform. That is the american way to meet the Health Care Needs of the American People in the 21st century. Were not going to stop fighting until we get it done [applause] im here today on the president s behalf to say thank you. Thanks to the National Retail federation for all members what you do for america every single day. It is amazing to think for 106 years stuart couple points to be made as Vice President pence was addressing the issue of Health Care Reform. Number one, the applause that he received from the crowd was tepid at best. When i introduced President Trump, didnt introduce him, when he mentioned President Trump right at the start, that was a golf clap. That was not raucous applause and support for the president. Point number two, as soon as he started talking about the problems of obamacare, and how we have got to get rid of it but we havent so far, the market took a nosedive. We were down, about 70, 80 points when he started to speak. Were now down 150. That is a plunge. Lawrence jones, the whole team has been sitting with me watching this. First impressions, lawrence. All this what were going to do. Were going to do this. How about what you did . They dont even need to give anymore speeches. No more panels. No more going on the road, until you guys have something to bring to the American People say you did this stuart wellsaid. Stop the speeches. They have got to stop. Stuart the Vice President said we should be grateful to republican senators for their hard work. Ashley really . We pay them six figures and give them free health care. Stuart mr. Vice president , you just failed, that the Republican Senate failed last night. Liz reiterating what we already know. Speaking to the retail crowd that gets hit hard by Health Insurance charges. Then the majority of the u. S. Economy is Consumer Spending . Morgan stanley cleaves chief equity strategist said this Congress Needs to step up now. Animal spirits are need to keep the stock market and economy growing meaning tax cuts. Morgan stanley chief equity strategist mike wilson said tax legislation is most important political issue for the stock market later in the year. Ashley what the Vice President said could have been taken from the Campaign Speech last october. Same thing. No result. We know it is collapsing. We know it has to be repealed. Lets do it. Stuart lets back up just a little here. Last night Obamacare Repeal went down to defeat in the senate. They pulled it away. It is not going to happen. This morning several republican senators have been talked to by fox news, confusion all around. They dont know what is next. The plan is Mitch Mcconnell will introduce a repeal bill. They will vote on it. Even if they vote yes, it is repealed, goodbye obamacare, it stays for two years while they work out an alternative. Ashley right. Stuart then we have Vice President pence, who is still speaking by the way, to the National Retail federation, he got, i would say tepid applause at best, when he was promising that we will return, we will fix obamacare. He waited for the applause. It really wasnt there. It was almost an embarrassing lull. Ashley cringeworthy. There is a reason why thats happening. Because pence was supposed to lead the charge on capitol hill he is the one who had all the experience on capitol hill, being former congressman and in the senate. He had all the connections, and donald trump put him in charge of the efforts on capitol hill. Now these people, which they had confidence in him, we knew what we were getting from donald trump. Donald trump is not policy guy. Face of it, businessman. He let pence go to capitol hill. You have the market responding to that because they had faith in pence. Stuart they had faith in the trump agenda. Euphoria. Animal spirits. Business and Consumer Optimism up. And ash made the point the baton has been handed to the corporate sector. Corporations market is grinding higher on corporate earnings. Ashley yes. Liz the baton passed to congress, get the tax cut done. We have 3 trillion lifted in equity values since the president was elected. That is on euphoria and alation legislative agenda would be passed. Now it is stalled. All indices dipped into the red. Stuart they have. Well take you shortly back to senate floor where minority leader charles schumer. He is no doubt jubilant because Obamacare Repeal has failed. I dont know what he will say, maybe he is offering help on improving obamacare. Maybe, i dont know. You will hear from him when we hear from him. You will see him on the senate floor. Meanwhile the market has come back a little. Not much at all. Were down 140 points. We were down close to 160. Couple points need to be made here. It is not an across the board stock market selloff. Far from it. We still have netflix performing very, very well. That stock is up nicely. I should point out, that amazon is moving higher again of the it is now at 1012 a share. Facebook up again. What have we got there. We have netflix. We have amazon. Up two bucks but up in a very much down market, 1013 on amazon. Im looking at facebook i think at 160. 92. Very close to alltime high. Lizzie, what have you got . Liz mixed results on Goldman Sachs. Revenue down. Trading desks not doing well. Stuart look at Big Technology companies. You have across the board downside move for almost all sectors, exempt for the bigname Technology Companies. Facebook, amazon, both higher. Microsoft is holding at 73 a share. I own some of it. Never expected it to see it at 73. Alphabet google up three bucks in a down market. Liz i Wish Congress would get it. Here is what is at stake. When you do tax cuts, not just more money in peoples pocket. You unlock m a activity. You unlock Capital Spending. When the money takes more money out of the sector in the economy more government to do whatever. When you put it back there, all sorts activity happens. It is Capital Spending m a spending. Market is rich with the idea that the tax cuts would happen. They have already baked in. We were in triple digit market selloff mode. Retail sector gets hit hard by Health Insurance costs. Stuart let me update you on one item here. Republican senator, Susan Collins was one of the holdouts, she would say she would not vote for the repeal motion would be that was pulled last night. She was no vote. She was saying if you go with flatout repeal, as Mitch Mcconnell wants to, you will simply end up with turmoil. In other words, you do not necessarily have the votes for a straightforward repeal of obamacare bill. You dont have those, you dont have full support. Ashley Mitch Mcconnell leader of senate. Stuart now senator schumer is on the podium. Lets hear him. Republican Health Care Bill lacks enough support to on a reach the floor of the u. S. Senate. After numerous delays, false starts, false predictions and two pulled votes, it should be Crystal Clear to everyone on the other side of the aisle that the core of the bill is unworkable. It is time to move on. It is time to start over. Rather than repeating the same failed partisan process yet again, republicans should work with democrats on a bill that lowers premiums, provides longterm stability to the markets and improves our Health Care System. I heard the republican leader this morning say that democrats quote, decided early on that they did not want to engage seriously, unquote, on health care. In the same speech the republican leader also admitted that the very first thing the republican majority did this congress was to pass reconciliation so they could Pass Health Care on a partyline vote, 50 needed, no democrats needed. Early on the majority leader told them todays, we dont need you. We dont want you. Respectfully i take issue with the idea democrats didnt want to engage on health care. The majority leader admitted that he decided the matter for us when he locked democrats out of the process at the outset. At the very beginning of this congress President Trump and leader mcconnell said, dont come knocking at our door on health care. We dont need you. You now that their oneparty effort largely failed, we hope they will change their tune. It seems like Many Republicans are ready for a truly bipartisan effort on health care indeed. My friend senator mccain has urged quite strongly saying, quote, the Congress Must now return to regular order, hold hearings, and receive input from members of both parties. And he said that while recuperating in arizona. So that is how strongly he feels about it. Other republican senators made similar comments, but the Republican Leaders still plan to ignore their advice, plans on holding a proxy vote on a straight repeal of our Health Care Law first. Make no mistake about it, passing repeal without a replacement would be a disaster. Our Health Care System would implode. Millions would lose coverage. Coverage for millions more would be diminished. Our Health Care System would be in such a deep hole, that repair would be nearly impossible. In passing in fact, passing a repeal and having it go into effect two years later is in many ways worse than the republican Health Care Bill that was just rejected by my republican colleagues. It is like if our Health Care System was a patient who came in and needed some medicine. The republicans propose surgery. The operation was a failure. Now republicans are proposing a second surgery that will surely kill the patient. Medicine is needed, bipartisan medicine. Not a second surgery. We urge our republican colleagues to change their tune. Passing repeal now is not a door to bipartisan solutions, as the majority leader suggested this morning. Rather it is a disaster. The door to bipartisanship is is open right now, not with repeal, but with an effort to improve the existing system. The door is open right now. Republican leadership only needs to walk through it. As Many Republican members are urging. The door is to accept the progress weve made in our Health Care System, and work to improve it. The Affordable Care act isnt perfect but repealing all of the good things about the law will he create such chaos that there will hardly be anything left to repair. Republicans dont need to wreak havoc on our Health Care System first in order to get democrats to the table. Were ready to sit down right now, if republicans abandon cuts to medicaid, abandon huge tax breaks for the wealthy, and agree to go you there the regular order, through the committees, with hearings, on to the floor, with time for amendments. That is how we perfect legislation here. That is how it has been done for 200 years. Almost in thably, when you try to draft something behind closed doors, and not vet it with the public, it becomes a failure in this case, a disaster. So, again, our republican colleagues dont need to wreak havoc on our Health Care System first in order to get democrats to the table. Were ready to sit down right now. Stuart leader of the democrats in the senate, senator charles schumer. He started out by saying the core of the republican reform bill was unworkable. He wants to start over. He says, they want to work with the republicans to lower premiums and improve health care. Now, during this debacle, that is the withdrawal of the Health Care Reform bill by the senate we got frankly chaos and confusion. Virtually nobody knows what will happen next. The plan is that Mitch Mcconnell will introduce a bill in the senate for the flatout, straightforward repeal of obamacare, just like in 2015. Repeal it, thats it. If there is a yes vote on that, you wont actually impose a new system for another two years. That is what weve got. Anything to add on this, ash . Ashley looking at health care sector. United health down. 7. Theyre getting hit because there is no overhaul of a system really hurt them on the balance sheet. Also if you take goldman united health, 50 points in the dow, if they werent involved you would be back where we were before. Stuart Insurance Companies dont look like they will get big infusion of government money that democrats will give them. Liz first time couple months ago, majority of the House Democrats want medicare for all, want singlepayer. More Senate Democrats are signing up to Bernie Sanders, liz for universal health care coverage, medicare for all. We have not seen that in history of the country, that is the democrats answer to socalled trumpcare is even more government. Their thinking is obamacare did not have enough government spending. Stuart Health Insurers because of uncertainty about whether they get a cash inclusion or not, united health, all of them on the downside by more than 1 or 2 for all of them. The overall market has come back a little bit. As mike pence was speaking, getting only tepid applied from the National Retail federation, the market tanked, it went down 160 points at one stage commonalities down 109. The bigname Technology Companies amazon, up, facebook, up. Microsoft down only a fraction, apple only down a fraction. There is overall a selloff in stocks, bigname Technology Companies still right up there where were they were. We will be right back. Stuart snatching defeat from the jaws of victory. How true for the Republican Party. Here is how the defeat unfolded last night. The president said down to dinner with a group of republican senators. He pushed hard, get something done on health care. Two more senators would vote no. On that point, Republican Health plan was dead. The republicans were close to victory and threw it all away. Now what . Mitch mcconnell will prevent a simple Obamacare Repeal bill within days at work on a replacement. No guarantee will guarantee the repeal bill will pass. The democrats will now join the replacement debate, did anyone seriously believe they would help dismantle what they created . This is not a good day for republicans. Voters gave up control of the house, senate, white house, majority of governorships, and they have failed to fix any part of the mess from obamacare, today it is a disappointment is an understatement. The word betrayal is more apt. They promised the world, we got nothing. You cannot portray your cell that is the party capable of government, the gop has failed and we the people with our stock on the collapsing system crippling immune increases and the prospect of obamacare, government care forever. Next stop, tax cuts. Republicans, give us what you promised, give us something, a Little Something is better than a whole lot of nothing. The third hour of varney and company is about to begin. Tell me why. We are down 104 points, they are in the red. In action is not an option. Congress needs to step up, Congress Needs to do their job and Congress Needs to do their job now. Stuart that is what i call tepid applause. A golf clap by any other name. Senator John Barrasso from wyoming. Do you have the votes as of now for a flat out repeal obamacare . Im ready to vote for it again, the Vice President calls for that at the policy lunch in the next hour visiting with republican senators, obamacare see relief. Stuart even if you pass repeal and it goes even if you pass it, the repeal is not going to take affect for a long time as you work out an alternative. We are stuck with obamacare. We passed in 2015, and barack obama vetoed, provided a two your transition, dont want to pull the rug out from anyone but want to provide relief for the American People, finding themselves cut with higher copays. And the last votes got rid of the mandate, the regulation, was a giant step forward which is why i supported it. Stuart if you cant get an agreement on obamacare, you are a divided party. What chance of tax reform . It is even more critical that we do tax reform, lower the rates, make it simpler, that is what the American People are expecting, along with the obamacare changes we promised. And it is more imperative we accomplish that. Why should Republican Voters have faith that you can do it when you couldnt with obamacare . Im not giving up on obamacare, we need to repeal and replace the obama Health Care Law which raised cost for so Many Americans which i heard about this past weekend in wyoming. Is this a shock to the system . The failure and confusion we have now, and the Republican Party has a real problem. Is that sufficient impetus to get it done . I was ready to vote for the proposals that we had that eliminated the taxes and mandates, and and others are as well. There was some applause in the background, one of the chambers, applauding a big speech of some sort, we ran the audio through their. Do not be put off. Thank you for joining us. Our next guest has been saying since the beginning that Health Reform should come, before tax reform is a bad idea. Peter kiernan, is back with us this morning. Kudos to you. Are we going to get tax reform . There is no joy in being right on this one. What republicans failed to learn is it is a team sport. Team sports show clearly that it is. Tax reform is important. After the failure of the reform effort last night, the dollar plunged, it is now a 16 month low. I think that is because investors do not believe we will get tax reform to juice the economy. What do you say . The stock market values companies and the dollar values president s. What it is saying is the economy is not going to the point where the fed can boost interest rates. You are not performing organizationally like you get healthcare. You are not performing in a way that gives us any confidence on major tax reform. That is what the dollars say loud and clear. Stuart 16 month lower. It went straight up before the election on the hope that donald trump the dollar goes up some more and what they are saying is gentlemen and ladies of the Republican Party, now is the time to confront your self as a group and decide are we going to get anything accomplished . Telling you something just to say it, repealing obamacare as we did two years ago, declaring victory and going home on your summer break is a beltway victory. Outside that unrealistic bubble called washington, no one else sees that is a victory because they know it is not real. Stuart i want a judgment. In your judgment, are we going to get tax cuts of any kind . Are we going to get anything . Tax reform is unlikely, tax relief is a probability. You dont need to be heroic. From 35 to 15 . Stuart talking Corporate Tax. Go to 25 . I met a bunch of boards, tell me another way i could get a 10 improvement in my margins just like that . Every company in america is paying its taxes will benefit. You dont need to be heroic but the republican compromise, get something done. Stuart if i were to guess, i would say the one form of tax reform we will get is a cut in the Corporate Tax rate. Basically painless for a lot of people. We are getting carried away. Forget the 1 . Do something for the middle class. They are paying the most bills, paying the most taxes aside from that one present group who should probably pay plenty but give the middleclass a way out financially. Stuart you are with us for the hour and we value your services, thank you. Do you remember when bill clinton said this . Allamericans, not only in the states most of the affected but for every place in this country are rightly disturbed by the large numbers of illegal aliens entering our country. The jobs they hold might otherwise be held by citizens or legal immigrants, the Public Service they use impose burdens on our tax base. That is why our administration has moved aggressively to secure our borders more, hiring a Record Number of new border guards, deporting twice as many criminal aliens as ever before, by cracking down on illegal hiring, by barring Welfare Benefits to illegal aliens. Stuart that was 1995, president clinton at the state of the Union Address sounding very much like donald trump. Now with the failure of Health Reform, some say immigration may be Donald Trumps biggest victory this year. More on that in a moment. microphone feedback listen up, Heart Disease. You too, unnecessary er visits. And hey, unmanaged depression, dont get too comfortable. Were talking to you, cost inefficiencies and data without insights. And fragmented care stop getting in the way of patient recovery and pay attention. Every single one of you is on our list. For those who wont rest until the world is healthier, neither will we. Optum. How well gets done. Four month ago snap went public at 17 a share it quickly move to near 30. Alltime low, back to the dentist below 15 per share on snapper. Next guest says republican senators who said no to Obamacare Repeal hurt themselves, their party and their country. The executive director and Fox News Contributor, that is what you said and you are right. This is a complete disaster starting with the individuals who have emerged as the ones who have blocked obamacare from being a place that is repealed. That is a price to pay, a price to pay for them. Republicans, not democrats who say he voted to keep medicaid at high spending levels. A lot of them will abandon them. The 2018 election will be a disaster with republicans standing a good chance of losing the house and maybe the senate as well. Stuart could they turn this around by meaningful tax cuts . I think tax cuts are a good idea, they cut the Corporate Tax, perhaps on stuff they spent to do that. And and one thing is more important than anything else. And the worst piece of legislation, to do that. Stuart does donald trump have any blame assigned to him on this debacle . Not really. He wasnt involved in putting together these pieces of legislation. To be blamed at all it is for sins of omission because he didnt have a role. I dont think he knew enough about these bills to talk about them favorably, and try to push assemblies his role was minimal. Stuart the immigration situation mister trumps biggest win . After all the number of people coming across the border is significantly lower, apprehensions at the border cut more than half, is that his big win thus far into the presidency . I would say so far it is but it can be made bigger if you have Immigration Reform that passes, the president has won the argument on immigration, the public is with him. They want fewer immigrants coming and, certainly illegal ones but legal ones, a lot of them one day while bills but mainly everybody wants a secure border and the president has done a lot in that regard. He won that argument and what Margaret Thatcher said, first you win the argument, then you win the votes. Stuart i remember it well. Stuart my favorite quote is with trump socialism sooner or later you run out of other peoples money. Thanks for joining us. I am trying to say where is the success in the president s program must far . Seems to me immigration is a success. Lets look for relief, stock has hit bottom because we believe healthcare reform. Lets look for the way out of this. Immigration reform has stymied every president since reagan. We are making progress we have never seen. The wall is doa but some of the things we are doing will improve a broken system. Lets bring some intelligence and thought to a system that needs it. There is a chance, slim, of Bipartisan Health on that. Stuart looking for silverlining, we may have found in immigration and visas. When markets have gone south, looking for opportunity there are opportunities here on immigration, tax reform, we can work our way out of this. Stuart we were talking about the us dollar which has taken a slide to a 10 month low at this point. We believe that is a referendum on the failure of healthcare reform and the unlikelihood of tax cuts later. There is another element contributing to the markets declined, consumer confidence. Liz a 9month low, Consumer Sentiment at the october level before donald trump was elected, what is dragging on that . They outlook on personal finances especially below or two third income tax, worried about personal finance. Stuart the growth agenda just evaporated. The stock price of amazon please, it could spike to 1600, that is what ubs says, they will get there within 12 months. It is up 6 bucks at 1016 as we speak. How about nasa, releasing stunning new footage of plutos surface. You thought we changed the subject. Something on the bright side, you never know what youre going to get on varney and company, like opening a box of chocolates. Who said that . Forrest gump. We will be back in a moment. Hold my hand in other words kiss me fill my heart with song and let me you always pay your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Stuart good song, john lennon, woman is the name of the song, from his final album double fantasy. Mark chapman has a copy of the album signed 5 hours before he shot john lennon. 1. 5 million. Mountain ranges, craters, 80 caverns on the planets surface, it is not a planet, it is a dwarf planet. It was downgraded in august of 2006. The video was taken during nasas new horizons mission, marking the two Year Anniversary of the missions pluto flyby. That is pretty good video. Update on the auction for Neil Armstrongs base gear, you can get it on ebay, they have 170 the items a per option including space bag and spacesuit, kicks off thursday, the 48th anniversary of the landing of apollo 11. Collectively these items are estimated to be worth 5. 3 million. Now this. A diamond the size of a tennis ball, too big to sell. That is 1109 carats estimated to be 3 billion years old. They tried to auction it off last summer but the bidding stalled at 61 million short of the 71 million reserve price. It will have to be cut down to find a buyer. Listen to this. 40 of homeowners experience buyers remorse. We will tell you what the biggest regret is. Weve all felt buyers remorse about the price more than anything else. The battle on healthcare, republicans getting most of the blame but what about donald trump . We will be joined by the Deputy Director of the trump campaign, stay there please. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Hit could be the next big thing i should totally get that domain name. Get your great idea online too. Get your domain today, and get. A free trial of gocentral from godaddy. Is not just something you can see or touch. Home. Is a feeling. Its the place where you feel safe to have those little moments that mean everything. At adt, we believe that feeling should always be there. Whether its at your house, or your business, we help keep you safe. So you can have those moments that make you feel at home. You are loved wherever you are. Stuart the government of venezuela has responded to the Trump Administrations thread of economic sanctions. This is a tweet from reuters that cites the venezuelan government, venezuela condemns brutal imperial threat by donald trump against the government. What sanctions did we threaten them with . Economic sanctions on the oil sector having venezuela arrive, practically the entire economy pays the basis, going after the oil sector, the thirdlargest supplier to the us. It is classic dictator scapegoating, what cuba does, blaine the us for all its problems when they have suppressed all sorts of freedoms in that country. The collapse of socialism. Stuart famous last words. Check the big board, we were down 150, almost 160 points, it is down 95 points, plenty of red on the lefthand side of the screen and the problem is still do we get tax cuts in light of healthcare failure . That is the question. The market suggesting that they might be up in the air guest Deputy Director of the trump campaign, david bossy. Should donald trump get the blame for this failure on Health Reform . I think he has done his level best to work with congress to try to get healthcare through. He has not been a leader on it because for seven years republicans in congress have been quite frankly running every cycle on repeal and replace obamacare and lets talk about obamacare. Republican party, a harsh opinion from me, are in disgrace this morning. They have betrayed all of those people who voted for the Republican Party thinking they would get a growth agenda, repeal of obamacare and get tax cuts, we got none of the above. You are not wrong. Congress they tried to make the obamacare, and made everyone unhappy. The making of the sausage was very ugly, and doing it all over again. Not because it is too conservative but actual repeal bill, we need to repeal it and go ahead with replacing it down the road. Stuart the position of Mitch Mcconnell in danger or paul ryan in danger leading the Republican Senate and the house . I dont know if they are in danger. There leadership is in question. I think their strategy is in question. We as americans need to hold them up to the standards of running on Campaign Promises and delivering. What are we going to be doing about tax reform next . Are we going to get repeal obamacare done . That is what they were sent here to do and why they have huge majority in the house, why we have a majority in the senate, get is accomplished for the American People. Stuart this failure on obamacare and exasperation we are picking up from republican left, right and center, surely gives real impetus for the republicans in the senate to do tax reform. If they fail at this, say goodbye to the Republican Party next year. We need tax reform. The American People deserve tax reform, not just tax cuts but tax reform. Stuart sorry to interrupt, handicap it, what is the chance now of tax reform . I think it is excellent. I hope we get this done this fall but they have been working on tax reform, the white house and the house and senate have been working on tax reform over the last several months. Not just waiting for Obamacare Repeal and replace to be done to start the process, they are underway and i feel good about and optimistic about it. Stuart i think it will be a slimmeddown version of tax cuts, not tax reform, it will be slimmed down and limited to lowering the Corporate Tax rate so you get the money from overseas coming back and it is painless, it comes down to that, what say you . If that is the worst we do, that is unfortunately a benchmark we can live with but not what we want. We want personal and Corporate Tax reform, not just cuts. Simplification of the tax code, business taxes, we need to have a reform package that the American People can say they finally understand our pain and are going to stop wasting our money and leaving it in the pockets of the American People so they can educate their children, afford their healthcare and afford their retirement. That is what we need what we campaigned on and what donald trump won on. Stuart please refer our exasperation to all those republicans. Thanks for ending with a smile on a difficult day. Obliged to you. A new study shows 44 of homeowners experience some kind of buyers remorse. The top regret is not choosing a bigger home. Joining me is bob massy, host of the property man. What surprises me in this study is people get remorse because they didnt buy a bigger home. I thought was the trend toward smaller and smaller homes and we were happy with smaller and smaller homes, what is going on . We are happy with smaller homes because they are affordable and that is why people they recognize particularly young families there will be a growth crowd, have a family but because of the cost and the way the economy is, are people making enough money, they settle for something less, they are there for a year saying how my going to remodel . Convert the garage, the attic, convert that into something. People get into the cost of remodeling, saying i wish i had bought an extra 500 or 1000 ft. But they couldnt afford it. That is where part of the remorse comes from. Stuart when you real estate guys discuss the state of the market and where it is going and i know you do, that is what you do for a living, dont you get together and stay we really need tax cuts . Really need to get the economy going, really need growth . We really need the trump growth agenda, i bet that is what you say. I said before i came on i would love to be in that discussion. The answer to that is certainly. One of the things ladies and gentlemen i represent want Capital Gains to be cut. You get Capital Gains down use the property moving, tax cuts where you get more writeoffs going to fund money into Small Businesses and people grow, theres this philosophy out there by those on the left that it is just for the rich and they are going to keep it. That is not what history shows. People that are successful are able to get syntaxes they want to grow their business, another salary for employee, another investment to buy, that will spark the economy but the way it is now i am not optimistic at all about what i see every day. Stuart is that the review in the real estate industry, what you represent to investors, the general view his disappointment at this point . Here is the one thing, hang out with some nice people, one of the things we all say, regardless what you say about schumer and nancy pelosi you know where they stand, there is no gray area. What we are saying about those in the Republican Party as we believe, myself, they are the ones sabotaging donald trump, those people that are smiling are putting a knife in his back because deep down they dont like the guy because they know he is going to dress them down if he has to. It is just amazing and you heard it all over again. How many years they had to fix these problems and we are seven, eight months into it, the business women i know are saying for god say, why cant we get this tax thing going . It will move the economy. It is sabotaged at its best, smiling at the same there his friend and that is my problem with the republicans. Stuart the property man summed it up very well. I watch the show this weekend, appreciate it. He expressed it well, exasperation, disappointment. Thousand square feet, built in 1973, we have actually begun to think of ourselves in more expensive terms, we are buying a bigger. The markets, subprime auto, acting like bubble again, the Housing Market is holding its own, Mortgage Rates still pretty low but mortgage lending is pretty restricted. I feel like we are slowly growing. What im missing in this conversation is we are not focused on the middleclass. If you want to unlock key, small business, passthrough, small farms to the extent they still exist in the country, giving those people a chance do most of the buying and wearing and they are the ones we want to help. Consumer confidence, this will turn. Stuart you are right. Exasperation and confusion. That is the mood of the day. Got more for you. News on huber. The tipping system, they tested the feature, a preset amount, any amount they want, they make it easy for you. Former they introduced here he is, that is the judge, andrew napolitano, talking susan rice behind closed doors, back in a moment. I joined the army in july of 98. Our 18 year old was in an accident. When i call usaa it was that voice asking me, is your daughter ok . Thats where i felt relief. Were the rivera family, and we will be with usaa for life. Nicole i am nicole pedallides taking a look at a winning series, game of thrones, the First Episode of the new season, the seventh season premiere was sunday night and in fact matched the record, 50 gain year over year for game of thrones premiering with 16 million viewers, overall we have seen any nominations across the board, for example hbo and game of thrones. Netflix, 91, amazon, 16, taking a look at a comparative charge between time warner and netflix, the better performer yesterday. We see a great after the bill report. Right . Yes. So let me ask you this. How does diabetes affect your heart . It doesnt, does it . Actually, it does. Type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. And with Heart Disease, your risk is even higher. You didnt know that. No. Yeah. But, wait, theres good news for adults who have type 2 diabetes and Heart Disease. Jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. Jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and Heart Disease and lower your a1c. Jardiance can cause serious side effects including dehydration. This may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. Ketoacidosis is a serious side effect that may be fatal. Symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. Stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. Symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. Do not take jardiance if you are on dialysis or have severe kidney problems. Other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Tell your doctor about all the medicines you take and if you have any medical conditions. So now that you know all that, what do you think . That its time to think about jardiance. Ask your doctor about jardiance. And get to the heart of what matters. Stuart chipotle down 6 , new health concerns, closing a restaurant in sterling, virginia, reports of people getting sick, tabouli says narrow virus is suspected. Expect to open again in that restaurant but look at that stock, down 6 . They never fully recovered from the e. Coli outbreak of a couple years ago. Ashley anything associated with chipotle is going to hurt. 13 people were sickened at this one particular chip only in virginia, expecting to get the results of what it was later in the week. This is not good news. Stuart it is a problem down 6 . Vice President Joe Biden in a column in the Washington Post says healthcare is a right, not a privilege. His name is judge andrew napolitano. Judge napolitano in fairness to joe biden, he and his former boss barack obama succeeded in establishing the baseline for all this healthcare legislation debate, obligation of the federal government to provide an Insurance Source for every person, assuming obligations are political, and it is a moral claim, i have a right to develop my personality as i say fit, and say whatever i want free from government interference, not free from my colleagues or my biceps interference. These are natural human rights. Healthcare is like an iphone or broccoli your gym membership. It is good that you purchase, not some moral claim against the government. Stuart we are moving more towards a position where you have a right to health care and housing and a job and food and sustenance. Judge napolitano can these rights be created because there is a consensus in society that the government will pay for them . Does that make the right . They are still goods that are largess the government gives away. The problem is what the government starts giving the way it cant politically survive stopping. Stuart getting into that european mindset where this all these goodies are your right as a human being. Judge napolitano that is where joe biden and barack obama and a lot of week need republicans with no fidelity to the constitution have permitted us to go. Stuart you think taxation is theft. [laughter] stuart you are allowed to laugh out loud and break the eardrums of the audience. Last one, quickly. Susan rice testified behind closed doors about this unmasking. Judge napolitano i have ranted and raved why it shouldnt to be behind closed doors, democracy dies in darkness. She is not the only one testifying, dennis mcdonagh, former president obama chief of staff and former un ambassador name now escaping me, samantha powers, what right do they have to be in the unmasking, one of them is a glorified office manager, the other is the chief diplomat, the un ambassador, shes not involved in surveillance and buying and National Security. They are being called to testify the unmasking as well because congressional investigators have discovered their fingerprints on the unmasking. Will we learn about it . Know. We will only learn the democratic version when the democrats leak and the republican version when republicans leak because the government treats us like children, wont let us watch this interrogation ourselves so we can form our own conclusion. Stuart you said in the introduction to your rant we have the right to know. Wears that in the constitution . Do i have the right to know . Judge napolitano not all right articulated in the constitution which is why we have the ninth amendment which protects those they didnt articulate. Stuart that was good. We will see you tomorrow. Apples new emojis include a mind blown emoji, a woman wearing a head scarf and a whole lot more. You might start seeing them later this year, possibly when ios 11 launches in the fall around the time they expect to release the iphone 8 apple stock below 150 on that. I want to show you this video again from a great guy, golf legend gary player if you havent noticed him, he is 81 years old. I cant swim. We were supposed to talk to him last hour, we couldnt fit him in because of the Health Care Mess but he will be on the show tomorrow explaining the backflip in 81. He is at the british open commenting on that as well. We will be back, that a promise. It is our right to be back. Approaching medicare eligibility . 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Not through. We were told Health Insurance costs would go down. That one wasnt true either. Stuart then he said we are going to repeal this thing. Didnt get much applause. It was very tepid indeed. The Vice President talking about healthcare reform last hour. Peter, you were listening to what the Vice President had to say. He did not carry the audience. I wonder who wrote his speech, let your retailers where producing 17,000 jobs a month. This year they are losing 9000 jobs a month. Time for the Republican Party to swallow their frustration and move on to the things that matter. Tax cuts, helping the middle class, training, putting people back to work, that is where they should focus, that gets big applause. Stuart it would have gone big applause. Apologetic about we were right on obamacare, it is over, can you focus, get away from what you screwed up. Stuart a couple headlines for disney fans first off, disney releasing illustrations of the new toy story land on the world orlando. T walt disney it will feature two Main Attractions was a roller coaster called slinky dog theash and alien swirling sources. I like the teacup ride. Epcot getting a makeover. The park is nothing as many visitors as animal kingdom, disney is making some updates adding more character brands. Some of the new additions, roller coaster with guardians of the galaxy theme and another ride. Okay. More varney after this. You want to say no baby crying slow jazz music fly me to the moon and let me play bell ringing audience cheering pcountries thatk mewe traveled,t what is your nationality and i would always answer hispanic. So when i got my ancestry dna results it was a shocker. Im everything. Im from all nations. I would look at forms now and wonder at do i mark . Because im everything. And i marked other. Discover the story only your dna can tell. Order your kit now at ancestrydna. Com. It is interesting, that that when you dont have a whole lot of room here, it just take as few peeling off like we had here before you just see the whole thing explode. Take your point, neil. Make the judgment that