The committee will come to order. Good afternoon and thank you all for joining us today. Our committee is honored to welcome treasury secretary Steven Mnuchin to testify on President Trumps budget procedural for t proposal for the Treasury Department. Our annual hearing with the treasury secretary on the president s budget plays an incredibly Important Role in our work, setting the stage for collaboration between the white house and the Treasury Department. It will help us identify in advance efforts to grow our economy, create jobs, and increase american safety. Todays conversation will help encourage a constructive, open dialogue focused on challenges facing our businesses, workers, our communities, and our country as a whole. Reading through President Trumps fiscal year 2018 Budget Proposal, its a Welcome Change to see that this budget, unlike the obama budget of the past eight years, balances in the next decade. The president s proposals take muchneeded action, grow our economy, cr
Take a look at the currency drop, the yuan snapping a. 3 , and the yen trading at 111. 14. The yuan steady after the pboc said the daily fix slightly weaker. Asian bonds looking mixed as treasury yields tick slightly lower. As our mliv opines, the bearish turn is not enough to bring back global deflation. That could provide some and the test for stocks. Industrial metals in white outperforming. I want to pull up some market ,overs this morning, tencent rising over 1 after a drop on wednesday. As kate telecom gaining 3. 5 , the most in three months, after samsung security said the stock is undervalued given it is the biggest shareholder in sk hynix. Rishaad thank you very much indeed. Lets get over to paul allen in sydney for first word news headlines. Paul thanks. China has rejected President Trump should view that it has failed to rein in north korea. Trump told a rally that he still hopes for more from beijing. S behind the scenes moves have been indispensable. North korea says it mi
What is the debt limit . Why is it important . Guest its the part when authority of the federal government. We spend a lot more money than we take in. This year, the cbo just in todays society, we are more interested in tweets than actual math. This year, we will parts 693 billion we will borrow 693 billion. Congress over the years has cap saying you have authority to borrow up to this point. When you hear the term extraordinary measures, the asury is reaching into eventually, those funds are consumed. Host when will we not have any funds to dip into . Guest we keep doing different projections. Some is sensitive to tax revenues. Sensitive to certain dates. It is probably in early october, maybe even in september now. Tax revenues are a bit below where we projected. Some of that is the belief that some large taxpayers might be holding back with the hope of tax reform. Host if this needs to be addressed by midoctober, the treasury secretary has said congress should really raise the debt
What is the debt limit . Why is it important . Guest its the part when authority of the federal government. We spend a lot more money than we take in. This year, the cbo just in todays society, we are more interested in tweets than actual math. This year, we will parts 693 billion we will borrow 693 billion. Congress over the years has cap saying you have authority to borrow up to this point. When you hear the term extraordinary measures, the asury is reaching into eventually, those funds are consumed. Host when will we not have any funds to dip into . Guest we keep doing different projections. Some is sensitive to tax revenues. Sensitive to certain dates. It is probably in early october, maybe even in september now. Tax revenues are a bit below where we projected. Some of that is the belief that some large taxpayers might be holding back with the hope of tax reform. Host if this needs to be addressed by midoctober, the treasury secretary has said congress should really raise the debt
Exuberance lead to a flood of ipos. We will look at which companies go public. Very high profile names. Breaking this morning, Goldman Sachs executive has reportedly been offered a position in the Trump Administration. We have more on what that could mean not only for the Trump Administration but Goldman Sachs itself and the issues they may face. And president elect Donald Trumps team is starting to take shape. Larry kudlow will discuss whether the picks will bring that deregulation so many investors are now expecting. Speaking of which, lets start with the market new highs. Bertha coombs is in times square and bob pisani is behind us on the floor of the new york stock exchange. Ladies first today. Nasdaq all time highs stoked by small and mid caps since the election. Today it is really a big cap rally. We are seeing a little more love for the tech big caps like apple up nearly 2 . Alphabet is up more than 5 for the week. That is the best weekly gain it has seen since july of 2015. Not