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Why rob portman is hopeful. Mick mulvaney is warning. And steny hoyer is fighting mad. Theyre all here and only here. We begin with blake burman with the latest. Blake . Its clear here in the halls of the capitol as House Republicans mark up their bill and the senate will release their bill later this week. Theres a host of issues to work through. Earlier today, the club for growth, an influential Republican Group put out a note saying they have issues with four Different Things on the individual side of this House Republican plan. Here they are. Top tax bracket for millionaires with the possibility that those that make in the low Million Dollar range can see the top end taxed north of 45 . They take issue with a portion of passthrough profits would be taxed 25 . Growth. You had big deficits. It wasnt tax cuts that did it. Cuts create growth and growth creates revenues neil but you left out Ronald Reagan. I know. Deficits didnt grow with him. The first two years were high because we phased in the tax cuts and had no growth whatsoever. Once we started getting the growth, the revenues increased dramatically. Neil what you and i im trying to egg you on. I can feel the poke. Neil one of the things i noticed, more revenue comes in, if you see that from tax cuts history bears that out, whether republicans or democrats, they will spend the revenue. Theres little opportunity and moments for republicans to address this. Even tepidly trying to get a hand on spending what did you make of that . I make it that republicans are just ashamed of being themselves and get over it a and kennedy being rich. Theres nothing wrong with being rich. Theres something wrong with being poor. We want to make the poor richer. Neil what would Ronald Reagan think of these provisos he in here, a real rate that balloons north of 45 he would gag. We cut the highest rate from 50 to 20 and cut the corporate rates. We raised the lowest rate. We went 14 brackets to two brackets. We got rid of the deductions. Just the things that these guys are putting back in. We had it and passed 97 to 3. Hello most of the democrats today like schumer voted for it. Harry reid voted for it. They all voted for it. Now theyre playing nothing but politics. Its sickening. Neil do you see the bipartisan support . No. What i tried to do is with a number of democrats that ive talked to is talking about complaining going on. People say im not getting a tax cut. Many people say with Mortgage Interest Capped come on. Neil im telling you what they said. In expensive states like new york, california, illinois, massachusetts where you cant deduct your state and local taxes. Will that be a provision as well . Youll like the senate bill. Its similar to the house bill neil including no deduction for state and local taxes. No deductions for the state and local taxes. Should the federal government subsidize neil i understand that. But senators from though states, theyre going to go ballistic. They need to look at the entirety of the package. It lowers tax rates and provides a tax relief, 1. 5 trillion in tax relief to a lot of individuals in their states. In every group of taxpayers, there will be tax relief. It goes to the top. The stop will city pay their fair share. It wont be a tax cut in that sense. It wont be a tax increase for folks. Looks, its very clear that we have a broken tax code. Everybody agrees with that. Needs to be simpler, which this is and fairer, which this is. Finally, The Business Side is totally broken. Neil, you and i talked about this so many times. Its crazy that congress has allowed this to happen. Theres a study out showing 4, 700 companies that should be american are now foreign just over the last 13 years because we didnt go to this kind of tax system. Neil do you have any proviso in the senate, senator, that would require companies that do get a tax holiday to bring this money back from overseas to hire workers, expand plants and equipment . What if they pour it into stocks . Thats not necessarily what were doing. Were not doing a holiday. What were saying is theres a repatriation. They have to pay to move neil i understand that. What if they dont take advantage of that on do what you think Going Forward then, its not a holiday. Its permanent repatriation. So the other countries say your taxed where the income is earned. So you can bring it back without penalty. I dont think we should say to companies, wed like you to invest here rather than there. They have to neil will yours be paid for . The rap and the house plan is it doesnt add up and worsens the deficits. Both will have the same approach, which is to say out of a roughly 44 trillion in taxes well have the next ten years, yeah a 1. 5 trillion tax cut but thats based on a very low projection of economic growth. 1. 9 , which is what cbo says despite two quarters with 3 growth a 25year average of 2. 5 growth. If its under 2. 5, 2. 4, youll so a reduction in the definite situation because more revenue will come in. Neil you know the rap around the house is they have squeezed all of this 5 trillion tax cut to to a 1. 5 trillion budget frame work and not making it happen. Its a good structure because it focuses on the pro Growth Elements we talked about and immediate expenses. I think well have more than adequate growth to take care of the relatively smart part, 1. 5 out of 44 trillion. Were assuming certain things like the current extenders of taxes wont happen. They always happen. That talks about 500 billion alone out. I feel confident. Youll like the senate bill. I think youll see as we go through this process, yeah, there will be some partisanship and so on. When you look at the facts, this is good for middle class families and good for small businesses and good to make our International Businesses competitive. Thats what we have to do. If we dont do that, we have neil and youre confident it will be yes. Neil all right. Virginia and new jersey. Two states with gubernatorial elections. Did any of you catch what was going on in new jersey with Chris Christie having a dustup with a voter just after voting . Only in jersey. If you have moderate to severe Plaque Psoriasis,. Isnt it time to let the real you shine through . Maybe its time for Otezla Apremilast . Otezla is not an injection or a cream. Its a pill that treats Plaque Psoriasis differently. With otezla, 75 clearer skin is achievable after just 4 months,. With reduced redness,. Thickness, and scaliness of plaques. And the otezla Prescribing Information has. 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Gone are the days that he would be pointing an Ice Cream Cone at people. Eight years are about up. His republican Lieutenant Governor is facing an uphill battle to continue Republican Leadership in trenton. Looks problematic. The gubernatorial contest not only in the garden state but what is happening in virginia where republicans think they might have a better chance there. No way to tell. I know aaron mcpike has a good idea. She follows this closer. Erin, how is it going here . What are the issues deciding this . How much is the president an issue in both of these states . By the way, two states he lost last year. What do you think . I dont think trump factors into the new jersey race at all. You can say that he maybe does. Chris christie is going out right now as the least popular governor in the entire country. This is just as much about him in new jersey neil by the way, polls bear that out. Youre right about that. But face it, this drama with voters, youre going to miss it. I know someone that follows this. Youre going to miss it. Four years ago on election day, i was there in that very parking lot covering Chris Christies reelection when he voted for himself. Neil in new jersey. We will all miss covering Chris Christie. He went in with a bang and going out with a bang. A democratic will likely win and it will be a huge shocker in the republican pulls that one out. Neil phil murphy, paid his way to play, very wealthy and he could have the trifecta running the legislature and the assembly as well. Thats where new jersey could possibly go. How about virginia . You know, neil, this race is very close. I think metrics show that Ralph Northam, the democrat, is likely to pull that out by a nose. It wouldnt surprise me at all the ed gillespie sneaks an upset. A small victory. Hes closing stronger than the democrat. The democrats are nervous. What i would point out, in virginia the statewide Office Holders dont run as a ticket. So the governor and the Lieutenant Governor run separately. I can easily see ed gillespie eeking out a small victory but the democrat, the Lieutenant Governor, this attorney, Justin Fairfax who is exciting a lot of democrats could win it. Could be a split State Office Slate there at the top in virginia. Neil well watch closely. Fastmoving times. Eric mcpike, thanks. What will happen for you and your money . Were covering this at 8 00 p. M. Tonight. As long as it takes, including president of the United States speaking from asia on north korea. A lot happening concurrently. Nobody gets better the intersection of wall street with your money and politics. We think that it matters to you. We all pay taxes more than get involved in the markets. We marry both. We will cover both. Well be there as late as it takes because water told that pizza will be on the company. All right. Plenty of pleasant tries back and forth in japan and south korea. China is a crucial player here. What is the president getting out of china in those talks . What potentially could he get . After this. I dont want to sound paranoid, but dya think our recent online sales success seems a little. Strange . Na. Ever since we switched to fedex ground business has been great. Theyre affordable and fast. Maybe too affordable and fast. What if. People arent buying these books online, but they are buying them to protect their secrets . . hi bill. If that is your real name. Its william actually. Hmph affordable, fast fedex ground. Show of hands. Lets get started. Who wants customizable Options Chains . Ones that make it fast and easy to analyze and take action . How about some of the lowest options fees . Are you raising your hand . Good then its time for power e trade the platform, price and service that gives you the edge you need. Alright one quick game of rock, paper, scissors. 1, 2, 3, go. E trade. The original place to invest online. I enjoy the fresher things in life. O. 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Stressing that china is in the best position to actually do something about kim. Remember, the 24th of october, Chinas Communist Party finished their tenday long meeting that only occurs every five years where they choose not only the next president , which is xi again but they discuss foreign policy. Hes in a better position to be doing this and china have the key to it. Neil china has agreed to the Bank Of Japan this is where they exert influence telling all banks to stop doing business with north korea. Not just one commercial institutions but all banks. You think the chinese have honored that, that their word is their bond and theyre doing that . Well, i think that they have a history of violating sanctions every time weve imposed sanctions. So i think we have to be going into this with a certain amount of skepticism with regards to china. Remember, trumps policy, you do business with north korea, you dont do business with us. That applies to china as well. They have some incentives here to make a difference in this situation with kim. Neil they talk to talk. The criticism, sir, is that they have not walked it. The president will push them to walk it. Its that complicated by the fact that the president there is now almost a diety that makes it very difficult to do so what do you think . I dont know that i buy that logic. The last thing that china needs or wants is war on the korean peninsula. Remember, north korea is a buffer between china and the west. Certainly south korea, japan and the americans. But i think that they dont want war there. They dont want refugees coming across their border. Ive heard analysts say they dont care. They do care. Its a huge problem for them. China has serious issues. So they have every reason to want to resolve this short of war. Neil let me ask you, general. When you and the president refer to north Korean Leader as rocketman, something that hes chosen not to do of late, what do you think of that . Its not a term that i would have used. But this is donald trump is. Hes unconventional. Hes a different guy. He has the chinese as well as the north koreans so confused about who he is, what he is, how far he can be pushed. On balance, its a positive. Its not what i would have said, not what most politicians would have said. Hes not a politician and thats why they dont know what to think of him. They dont know what he will do next. Neil there is that. General, thank you very much. Very good seeing you. Thank you, neil. Neil were getting sad confirmation of some news in the baseball world. Authorities are confirming that Major League Baseball pitcher roy halladay has died in a Small Plane Crash in the Gulf Of Mexico off of the coast of florida. The Sheriffs Office marine unit responding to a downed plane. No survivors. He retired in 2013 after 12 seasons with the Toronto Blue Jays followed by four with the philadelphia phillies. He was the only victim. So presumably the only one on the plane. Sounds almost like a Thurmond Munson type of situation. More after this. Delivers more of those purchases to homes than anyone else in the country. because we know, even the smallest things are sometimes the biggest. Sign it. So thats an easy answer for us to give here at the white house. Our principles remain the same. We want lower taxes in the middle class, simpler and fairer in the middle class and we want the low Corporate Tax rate. Neil so youd say if it passed the house and the senate and there were people that could make a case that its going to raise cases on some in the middle class, the president wouldnt and shouldnt sign it . Your caveat is some people say. Some people will always say that. Say the committee the numbers we believe and why look at. Were not going to sign something that we think raises taxes. Neil do you think the bubble rate of 45. 6 , the Wall Street Journal made a big deal about, i know this can get overly picked apart. Do you know if he was surprised by that and might say, you know, wait a minute. I have a problem with that . Surprise is not the right word. Neil stunned . Chagrinned . Disappointed . Yeah, this is going per plan. Keep in mind how this works. We laid out our two principles. Middle class gets treated like this, corporate class like that. Those are the principles. We left it to the house and later to the senate to fill in the details. We work with them every day and can operating with him. We didnt write the legislation. Thats congress ideal. They wanted that authority and got it. So well see what they come up with. Were helping where with can and pushing where we can. Im not going to sort of give an opinion on what the final bill look like. Were along way from being finished here. Neil youre right about that. The Senate Finance committee will have their own plan and reconcile the differences. Do you know at this point whether it will be a dramatic difference between what the House Ways And Means has come up with . I actually i get the gut, neil, theres not dramatic differences. Thats why that frame work that we put out about eight weeks ago is so critical. That was a list of major principles that everybody agreed on. The house leadership, the senate and the white house. The fact that we hammered out those big issues before that legislative process started really is what gives me the confidence to say look, theres disagreements between the house and the senate but not on the big stuff. The corporate rate is 20 . The big pieces are established. Youll have disagreements on the smaller stuff but the basic principles are set. Neil people have gone back and forth on this and the timing of votes and everything else. You were quoted as saying that you were not confident there would be democratic votes there despite all the overtures republicans made to democrats to make this less of a rich tax cut. They still argue its a benefit to the rich. So do you think that your colleagues, your old friends in the house, did a lot to win over and impressed democrats for nothing . Im not sure that that quote that you just gave for me sounds like it was partially correct. If they know it is going to pass, many may vote for it. I spent talking more time in the senate in the house but the same principal applies. Democrats are not in a place to give us the votes necessary to get it across the finish line. If we can convince them its going to pass without their support, theres a bunch of democrats that think that this is good policy. Neil so its more of a senate issue than a house issue . I think if we look at it because the margins are tighter in the senate than the house. Neil youre a big deficit hawk in your days in the house. Everything was fair game for you to go after and the wrath against this tax cut given the rules that are in place here going back to the 70s and the bird room and all of that and making the numbers add up and balance out, it limits what you can do period. In the end, everyone seems to be disappointed. Those that want big tax cuts, theyre disappointed. People that want control over the deficit like john mccain, theyre disappointed. Was it worth it . Oh, its absolutely worth it. I still am a big deficit hawk. Thats why im spending so much time on this bill and Encouraging Congress to pass it. The Deficit Equation is simple. Its revenues minus expenses. When you have revenues smaller than deficits neil youll have a deficit here. 1. 5 trillion more. I dont think that number is right. I think senator corker, another big deficit hawk that that 1. 5 trillion now is a smoke and mirrors number. The bottom line, two pieces. Spending and revenues. We tried hard to draw attention to spending. The house and the senate in their wisdom chose not to take most of our spending reductions. That leaves us on the revenue side. We have to grow the economy and make us richer so the government gets richer and drives up the revenues. Thats why im so focused on taxes. I need the growth to help reduce the deficit. Neil the timetable they have is to try to get this out of the house by thanksgiving. Out of the senate and signed by the president by christmas. Still doable . Yeah. I think i heard senator mcconnell is threatening to bring the senators back the saturday after thanksgiving. I will buy your turkey if that happens. I think were still on schedule. Go back a couple weeks to where the house accented the Senate Version of the budget without any amendments. That saved us between 10 and 12 days depending how you count. That helped a lot. I think were still on schedule to vote before thanksgiving. The senate to vote after that. Both houses passed their separate bills before december. That allowed the conference committees to work out the differences before christmas. Neil maybe they dont need a lobby to whine on their behalf. But the top 1 , the very rich are ticked off and they feel theyve been loyal supporters of the president , his policies and republicans in general. They feel they got the shift on this thing. What do you say . It depends. Heres what i tell folks. When i go on your network, folks accuse me of Raising Taxes on the rich or us as our proposal. I go to any other network and they accuse of Cutting Taxes on the rich. Sounds like were in the center. In fairness, more seriously, you cant give an opinion on a specific impact on a specific taxpayer until you see a final version of the bill. What is important for the president i hate to repeat myself the president s fundamental principles were middle class pays less and its simpler for them and fail and corporations get down to the 20 rate. Thats what we focus on. The rest is up to the house and the senate. Neil we shall see. Mick mulvaney, the budget director. If wall street had any worries about the back and forth, funny way of showing it. Fourth time in a row, a record for the dow. More after this. [vo] quickbooks introduces jeanette and her new mobile wedding business. At first, getting paid was tough. Until she got quickbooks. Now she sends invoices, sees when theyve been viewed andtadahpaid twice as fast for free. Visit quickbooksdotcom. Elusive. Shrewd. Cancer. Is. Smart. It pushes us. We push back. We even push each other. To challenge conventional thinking. Find smarter solutions. Thats what makes us one of the leaders in precision Cancer Treatment. 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Victoza® lowers my a1c and blood sugar better than the leading branded pill. avo and for people with type 2 diabetes treating cardiovascular disease, victoza® is now approved to lower the risk of major cardiovascular events such as heart attack, stroke, or death. And while it isnt for weight loss, victoza® may help you lose some weight. avo victoza® is not for people with Type 1 Diabetes or diabetic ketoacidosis. Do not take victoza® if you have a personal or Family History of medullary thyroid cancer, multiple Endocrine Neoplasia Syndrome type 2, or if you are allergic to victoza® or any of its ingredients. Stop taking victoza® and get medical help right away if you get symptoms of a serious allergic reaction such as rash, swelling, Difficulty Breathing or swallowing. Serious side effects may happen, including pancreatitis. So, stop taking victoza® and call your doctor right away if you have severe pain in your stomach area. Tell your doctor your medical history. Gallbladder problems have happened in some people. Tell your doctor right away if you get symptoms. Taking victoza® with a sulfonylurea or insulin may cause low blood sugar. Common side effects are nausea, diarrhea, vomiting, decreased appetite, indigestion, and constipation. Side effects can lead to dehydration, which may cause kidney problems. Ask your doctor about victoza®. Neil all right. Welcome back. You heard Mick Mulvaney will not sign a bill that raises taxes on the middle class. Steny hoyer joins us right now. The democrat from maryland. A big honcho in the democratic party. Congressman, very good to have you. Thanks for taking the time. Good to be with you, neil. Neil what do you make of that that Mick Mulvaney says its not going to happen. The president wont sign it. What do you think . I think its based upon the bill fake news. Clearly the analysis of the ball shows that some 41 million americans are going to get a tax hike of which 24 million are socalled middle class americans, middle income americans. So i dont know What Mulvaney is talking about. Neil what hes talking about, sir, to be clear, is that if five years a lot of these credits expire. Once those credits expire, then if theyre not replaced, then yeah, at that time youre paying high taxes. What do you think . The law were going to provide will analyze that. So what youre saying isnt true unless you change the bill. If they change the bill, if they change the projections or if someone legislation is passed in the future on which theyre relying, maybe they can try to sell that argument. Thats not the bill thats being considered today. Very frankly, it blows a hole in the debt. President trump said he was going to balance the budget two months after he was in the presidency said i cant do that. Defense is more important to me. Frankly, one of the reasons we have this big debt, theres something that is more important to everybody, every region, every voter. Neil and both parties. Democrats talking about the debt and deficits just as republicans prior. Both parties spend like drunken sailors. Neil, as you know, the budget was balanced four years in a row under bill clinton. The only president neil what happened the last eight years . Prior to trump . 88 increase in the debt under george bush, 87 increase. Neil im not casting political aspersions. Im just wondering where the middle ground might be found. On this tax cut, do you subscribe to the belief that republicans are saying tax cuts he sometime hate revenues and growth and that goes a long way to paying this . Youre in that camp that says no, not in this case . Im not a dynamic scorer person. The reason, neil, im not, i think Dynamic Scoring is a gamble. Do i think tax cuts or tax increases for that matter have an impact on spending and taxes . I do. So i dont think Dynamic Scoring is without a rationale. What i think it is a gamble. Alan greenspan said these tax cuts will pay for themselves. Five years later, he came back and testified before the ways and means committee, no, i was wrong, they dont pay for themselves. The conservative Tax Foundation has estimated that the increase in the debt under this bill this is the conservative think tank 989 billion. Neil youre right about that. What im curious about, sir, where we go from here. Because what i do notice regardless what you think of this republican plan and a lot of warts in it to your point, well still have about half the people in the country pay nothing federal income tax at all. They still pay payroll taxes. Theres fewer and fewer americans carrying the burden for this. Im wondering whether theres room for a plan that includes everybody, everybody paying something. Something into this. I tend to agree with that, neil, as you may know. Frankly you say where do we go from here. Where we ought to go from here is where we went under ronald reagan and tip oneal. We ought to go to a place where in a bipartisan way we can agree on a number of things. Number 1, i would not be for using Dynamic Scoring. If you get a bonus, if it has a positive result, then you have a bonus. You have extra money that you can apply to bringing down the dealt and investing in social security, healthcare, the national security. But you have a bonus. The problem is if youre not right and you lose, then you put a bigger hole in the debt. But we ought to come together in a bipartisan way. For instance, president obama three years ago said we needed to bring down the Corporate Tax. So essentially we have agreement that we ought to bring down the tax. There will be difference of agreement where you bring it down to, et cetera, how that works. So i think theres neil john boehner said the former speaker said some choice things. But he said that the president broke an agreement that was part of a budgetmaking deal. So i guess what im asking you because you brought it up, let me say that i was in a meeting with the president on the thursday night harry reid, dick durbin, nancy pelosi and myself. I was Majority Leader then. We talked to the president. He said, what do you think about this deal . We didnt think it was a big enough deal. We said big enough deal in terms of paying down the debt. If in fact this is what we can agree on, well take the deal and well sell it to our members. What frankly happened is john boehner came back to the Freedom Caucus and others and they would not buy any tax increase, no revenues as you know. Neil that was a missed opportunity then. Maybe hope springs eternal. Lets hope. I would be willing to sit down and discuss that and work towards that end. Neil steny hoyer, thanks very much. Sorry to jump on you there. Thank you. Thank you. Neil all right. Before the polls close in virginia and a big race there that could decide how things are going next year . After this. When i look in the mirror everyday. When i look in the mirror everyday. Everyday, i think how fortunate i am. I think is today going to be the day, that we find a cure . I think how much i can do to help change peoples lives. I may not benefit from those breakthroughs, but im sure going to. Im bringing forward a treatment for alzheimers disease, yes, in my lifetime, i will make sure. Eight hundred dollars when wet switched our auto and home insurance. With liberty, we could afford a real babysitter instead of your brother. Hey. Oh. Thats my robe. Is it . You could save Seven Hundred Eighty Two Dollars when liberty stands with you. Liberty mutual insurance. Fairfax county for the democrats, theyre reporting a 30. 6 turnout, not counting absentee ballots, and theyre begging people on social media not to stay home because of the rain. Right now, the democrat, Ralph Northam does lead in recent surveys. Theyre trying to defend this governorship, democrats are, held by terry mccullough. But ed gillespie says he thinks hes leading. And his campaign is getting a boost by president trump. The Republican Party of virginia is behind a call going out on the candidates behalf featuring president trumps voice saying ed gillespie can help make great again. Another thing that is making a difference, backlash from the ad that northam backers aired that showed a truck with a gillespie Bumper Sticker chasing down minorities with a backlash. Neil thanks, peter. An interesting foot note with the president. Again, this distant relationship might have been the perfect balance that could help gillespie. Too early to say. A better idea tonight. More after this. But i also knowt were gonna have usaa insurance for both my boys. Its something that theyre not even gonna have to think of. Its just gonna be in the family. Were the tenneys and were usaa members for life. The market. Redict but through good times and bad. At t. Rowe price. Weve helped our investors stay confident for over 75 years. Call us or your advisor. T. Rowe price. Invest with confidence. Neil two hours until polls close in virginia, three hours in new jersey. At 8 00, special coverage to take you through the results in both states

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