Quickly provide aid to those hurt by harvey. It will avoid default and it will fund the government, avoiding a shutdown. And we all agree, we will Work Together in december, as well, to avoid a default. Mark the u. N. s syrian envoy says it is the moment of truth for syria, after two key towns are nearing defeat. He told reporters in geneva today, a day after Government Forces breached a nearly threeyear siege of the town by the islamic state. We actually move forward with the plan to have serious betweenions in october, the government and the opposition. Mark u. N. Mandated investigators said the syrian president air force conducted a sarin gas attack in the spring, that killed at least 83 avilians, and sparked retaliatory u. S. Strike. Germanys finance minister warns, there is no free lunch in brexit talks. Of the says, the reality divorce is sinking in among policymakers. He says the goal is to find solutions that will keep the damage to both sides, as limited as possible. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Julia live from bloomberg World Headquarters in new york, im julia chatterley. Scarlet im scarlet fu. Joe im joe weisenthal. Julia we are 30 minutes from the end of trading, with stocks pushing higher. Is, whatdstion you miss . Scarlet a vacancy at the reserve area device chairs daily fisher has resigned, effective october. Hurricane irma, sweeping over the caribbean and headed toward a florida. Why this could be the most expensive storm in u. S. History. Whatd you miss . President trump and congressional leaders passing harvey aid. Our bureau chief jason kelly is in houston. Jason. We are here in the Emergency Operations center of Harris County, with Harris County judge ed emmett. You have spent a lot of time here over the past 10 days. It is quiet here, but we are just steps from where you oversaw the reaction and rescue. Where are we in the recovery . Luis we have lots of debris and have to get the debris removed. Add i had a meeting this morning with secretary duke, the acting secretary, and fema folks. They are grateful we made it through the storm. Feelings. Warm, fuzzy those will go away real quick up we dont get the debris picked up and get people moving back to their houses. Do you feel you are getting what you need, so far, from the federal government. Absolutely. Our big concern is hurricane erma. That will draw resources away from us. And our hearts are with the people in florida, right now. What will happen over the next couple of days, as you start to engage with the Business Community . Ed we need to get back into our neighborhoods. School is about to start. That is what our focus is on right now. You mentioned housing. What happens next there . You have a lot of people that are displaced. This is so different from a normal hurricane but just at the coastal area. This hit our whole county. The numbers are staggering. You can to bring in fema trailers. There is no way to do that. So, we have to come up with a new, creative way. Maybe contractors come in and start work on peoples houses, so they can move back in, even if they are not completed yet come as long as they are safe. We have to get people back into their own houses, as much as possible. Looking for the rad on housing, this was an indiscriminate storm, and a lot of ways. It hit everyone. What does it tell you about planning, Going Forward . Are there neighborhoods that will come back . Ed there is no question, we are going to have a large scale by out of houses, in Harris County and in this entire region. We are on the gulf coast, we understand flooding, but houses that are flooded time after time, and there is no mitigation oject in line to help, we have no choice. We have to buy those houses out. And what is the timeline there, and the cost . Billions and billions of dollars. The timeline is as soon as possible, because theres no point in starting somebody rebuilding if theres going to be a buy out. So, we need to start those buyouts, sooner than later. And when you think about the growth of the houston area, Harris County is the third county andpulation the United States. Unincorporated Harris County is a massive population. If it were its own city, it would be one of the top five cities. It would be right behind houston, just ahead of philadelphia. And the problem with the cap to government set up in texas, we rely only on property tax. Taxes, thes property storm like this really hurts the tax base. It makes it that much harder for us to recover. We really need a whole new scheme, for an urban county like Harris County. One of the real standout elements of this area has been fast growth. Part of the reason it has been able to grow so fast is relatively loose regulations. A lack of zoning. Does that change, Going Forward . How do you balance that growth in the regulations . City of houston has ordinancemaking power, and they can debate that. Of thenty is an arm state. We can only do with the legislature allows us to do. We are not even allowed to regulate fireworks in unincorporated Harris County. So, to talk about anything major, hopefully this will be a wakeup call to the legislature will realize that urban counties like Harris County need to be treated differently. Are you getting what you need from the state, at this point . What is the most important thing you need from governor abbott, . Ed i talked to him this morning. The most important thing is his total support in getting funding from congress. We just have to have a coordinated effort, Going Forward, so that we can begin to rebuild. We did hear that the house , theassed, at least initial funding. Are you confident from what you hear in washington, that it will get through congress . The initial funding, for sure. I think we are concerned about the cr, the continuing resolution, and what is in that. Because we have major Flood Control projects that could take these folks out of the flood plane completely. Ed emmett, thank you. Thank you, jason kelly, our new york bureau chief in houston. Coming up, we speak with democratic congressman Luis Gutierrez of illinois, about the fate of the backup program, and n he makes about residents President Trumps deal with the democrats, on the debt ceiling. Whatd you miss . Bipartisan washington. Makes a dealmp with democrats to keep the debt ceiling going for three months. Lets get some insight now come democratic,s been Luis Gutierrez, who represents illinois. He is also a member of the hispanic congressional caucus. He joins us from capitol hill. Congressman, a significant break through today, even if it only lasts for three months. What do you make of todays events . Luis the democrats got nothing out of this deal. Yesterday, the president of the United States did a very evil, mean, ugly thing. Haveld 800,000 people who registered with the government, not once, not twice, but most of them, three times, that they had six months to back up and leave. He sent Jeff Sessions to hand out the news area and what was the democratic response . Lets sit down with the very men who did this mean, evil, dastardly thing to 800,000 of our most vulnerable youth, and lets give him a threemonth deal, and nothing for them. I think the democrats should have held out and said, if you want to raise the debt ceiling you almost give us 800,000 you also must give us 800,000 dreamers. If you want a cr, you must give us 800,000 dreamers. You must give us justice and fairness for our dreamers, if you want collaboration from the democratic party. Scarlet you are clearly taking a hardline here. You gave a rousing speech today, that now is the time for democrats to take a stance on daca. What do you want to attach daca to . Im not taking a hard line. Im taking a hardline . The ceo of microsoft said, you have to go through him if you want to get the dreamers. I think it is a very less of a hardline for me in the congress of the United States, when a corporate leader of this magnitude makes such a statement. Care aboutey dont the hundreds of millions of dollars that are contributed by the daca recipients, why should i sit down and negotiate with you . Their lives are in peril. In justnot in peril, three months. They are in peril today. Did anybody read the messages sent out by the white house yesterday, that said, if you meet one of our priorities for deportation, we will deport you, dreamer, today. Backup your bags, buy your tickets, and get ready to leave. And what is the response of the democrats . The democrats that created the program and protected the program, they left them out on a limb. Joe congressman gutierrez, nonetheless, and the next six months is get a be basket is going to be the priority of many in congress to have a permanent fixed for daca. How optimistic are you . I am more optimistic today about the court of public opinion. Everybody is interest, everybody is knowledgeable, everybody is sympathetic. You have done the Old Washington think, pushes down the road for three months, instead of standing up today. I dont know the political calculations that went into it. I have proud of the democrats, andwe act, function comport ourselves as democrats. But when you let an attorney general of the united date have a press conference and say, well , we really want a legislative fix, i would remind the bloomberg audience that in 2010, they dream act passed in the house of representatives, and he got 55 votes in 2010 in the senate. We could not overcome cloture, that is, we could not overcome 60 votes. Guess who led the fight against cloture . Sessions. Ff that is hypocrisy, duplicity. And democrats have to respond to it. We have to stop allowing donald trump to get away with these travesties. Congressman, should the democrats make any concessions on Border Security or law enforcement, in exchange for a daca deal . What is one thing have to do with the other . Once,daca recipient has twice, and most of them have registered with the government three times. There is no linkage. Teachers, doctors, engineers, architects, they are people who contribute to our economy. That is why dozens of ceos across this country have stood up for them. They understand, not only their economic value, but bear human value. Criminalizing young immigrant youths, and attaching criminality to their actions, when there is none. There is a link to broad immigration reform, and concerns about Border Security, concerns about those immigrants that are in the United States because they have overstayed their visa. And there is not enough done to control that. Can you argue that this should be part of a broader reform, like the dream act, as opposed to making daca a oneoff, and can they do that in six months . In 2016, 69 senators voted for comprehensive immigration reform. Border security . Dollars inlions of Border Security. And what happened . Four four years, they did not allow a vote in the house of representatives. The one thing that keeps , iscrats together unfortunate. When democrats sit down and dont stand up for immigrants, they fail the immigrant community. That is why i feel sadly about what is happened, today. Im going to continue to call upon the youth and the immigrant community, and ill our friends and allies, which are many, which are broader, and stronger than any before, to continue this fight. Obama did a commercial in 2012, when he was running for reelection, in which he said, vote for me because in the dreamers, i see the same characteristics that i have inculcated in my daughters. He saw his children in the dreamers. Myee my daughter, and i see sons in them, and im going to fight to protect them. Scarlet congressman, thank you so much. Julia time now for the biggest stories in the news right now. 92ler is leading an inlion investment round startup tur9o. Tmobile is offering free netflix to u. S. Customers tmobile subscribers. They must have two lines and an unlimited data plan to wallow five. Plan to qualify. That is your Bloomberg Business flash. Scarlet time now for our stock of the hour. We have shares of Consumer Product i knew will brands down. Abigail, these are the guys who make tupperware . They make rubbermaid. They make elmers glue. They make all kinds of household products. They cut their forecast because of hurricane rv. What is going on here, they cut the fullyear eps view by about 5 . Manufacturing industry down in louisiana and texas, deeply devastated by hurricane rv. The chemicals that go into all their products, they are having a hard time finding them. They are looking at other vendors, but investors are concerned. If we happen to the bloomberg, this stock has absolutely sliced its 200 day moving average. The flat moving average shows us that sellers have really stepped in. Was a 30 decline, at another time it was a 20 decline, and right now it is client, 14 decline. Perhaps hurricane or whether it for lloris soon. Was he another intact . Abigail its too early to know the impact of what are met will be. But we have seen orange juice futures spiked higher over the last few days. The reinsurers yesterday were down in a big way. Time will tell. But this could be the precursor for other companies, changing numbers and forecast. Abigail, thank you. Coming up, the recent upsurge in volatility has shown investors preferred haven assets are changing. From new york, this is bloomberg. Scarlet im scarlet fu. Whatd you miss . The president will be speaking on tax reform, but there is a skepticism in the market about the prospect of tax reform. What you are looking at here is u. S. Io of the most taxed listed companies, to the s p 500. If you go to the far right, you can see the line is lower than what it was before the election. That shows that perhaps Market Participants are skeptical of the republicansability to. Educe the tax burden or i was told yesterday that markets are pricing in very little action. Story in myhe world, though. From tax reform to regulatory the tax policy, after donald trump was elected, we saw the bank index rally, the white line that you can see, spiking higher. And this continued a pretty elevated levels, to add gains. At the same time, we also saw yields moving higher. Sweetened at that point. And what we have seen is the exact opposite of what is going on at the banks. The blue line shows you narrowing that 210 spread, the curve flattening to the point where we are at levels where we were 10 months ago. And yet, it seems the banks are not necessarily worried about that. Joe now we are seeing dispersion. Are banks going to reassess the prospects for reform . Joe we will see how the lines result. Volatilityened related to geopolitical tensions, there is renewed interest in safe havens. What do you buy when you are feeling nervous . From a currency perspective, the classic one is the japanese yen. But what if the source of anxiety as north korea, and they are flying missiles over japan . Is japan such a safe haven . Looks at dollaryen volatility in white, versus lar, frank volatility dollarfrank volatility. These bars down here so the spread area and there is basically no spread between them, anymore. So, as the yenspecific volatility and concerns hed up, it is not the safe haven as much as it used to be. Scarlet here are the major indexes before the close. Modest gains, here. This is bloomberg. Julia u. S. Stocks rising, treasuries falling on a debt ceiling deal despite unresolved matters on north korea and the federal reserve. Joe if you are tuning in live on twitter, welcome to our closing bell coverage. U. S. Stocks pushing higher, making a come back from yesterdays decline. The indexes came off their best levels of the session in the final 30 minutes of trade. President trump made a deal with the democrats to extend the debt limit three months and fund the government, so everything is ok until middecember. Yesterday selloff, good news. Scarlet kohls is teaming up with amazon to drive foot traffic. Home depot is teaming up with google express. Trivago down 16 . Company specific story for hasbro and mattel, both lower on a report their distributor toys r us hired a law from to restructure debt. Outcome,cerning one which is to file for bankruptcy. Not good timing for mattel and hasbro. Joe the Government Bond markets, twoyear and 10 year, rates up a bit. ,here was a move down yesterday so we are getting some of that back at the general optimistic tone of the days session, not surprising to see rates higher. I want to go into my terminal. We got that debt ceiling deal to kick the can down three months. It is interesting to see what happened with shortterm tbill rates. As see it dropping sharply the premium comes out of that shortterm spread. No concerns about the debt ceiling right now. The blue line is december 14. That shot straight up. So basically there was not a net reduction come essentially a transfer of risk from the middle of october to the middle of december. Julia the perfect chart. Love it. Dollar ho cut some losses. Significantly higher for dollaryen, tying into what joe was saying. At the dollar canadian, rate hike, trading at a twoyear high. Wells fargo currency strategists like to that and made their target 116 in 12 months. A quick look at other pairs. ,or the markets over all continued gains across the board for these currencies. Commodities, oil rallying again, up 1 , coming off a solid move yesterday, and that some of those moves in the immediate wake of harvey are unwinding. Gold futures down a little bit, fitting with the treasury is the oneange juice commodity people are focusing on ahead of a possible florida hit for her Hurricane Irma. Fourack a little bit Hurricane Irma. Coming back a little bit. Those of the market minutes. Scarlet facebook found 100,000 to fakeending connected accounts likely from