And this breaking news, promise, that promise President Trump made about 401 k s not issue touched in the tax reform battle. It seems your nest egg may about to be changed. We cant definitely say its at risk but may be changes. The president himself just said that. If he looks and does not necessarily see eyetoeye towards the key savings tools so many of us use, well sort it out. Weve got representatives from both sides of the aisle. Bipartisan reaction straight ahead from the men on the front lines, democratic congressman Brian Higgins of new york and republican congressman mike bishop of michigan. Twitter making a bold mef. One week ahead of a showdown with the Senate Intel Committee over russias meddling in the 2016 elections. What the social media giant is doing to help followers and get a spell out of the firestorm. Breaking news right now, lets start the countdown. Liz and then there were four or is it three or is it just one . President trump has just tossed at least one of them out of the resumes from the pile of candidates for the next fed chair out. Apparently, gary cohn, the National Economic adviser for President Trump is out of the running. This is the latest survey by the wall street journal. Reports most economists believe former fed governor kevin warsh is likely pick to lead the federal reserve. We are watching the lower righthand corner of the screen because the dow is starting to move lower once again but still not near the lows of the session on the news, down 190 points, were down 123. Charlie gasparino has been saying that it would not be gary cohn. Charlie, what are you hearing now . Well, this is interesting, because ive been saying for months now, following the charlotte remember gary cohn famously came out and backhandedly criticized the president over remarks during the charlottesville neonazi rally. He came out and said stuff that the president was seething about, that seemed to suggest that President Trump didnt strongly protest that rally enough. And since then, essentially out of running. Its semi official. Whats interesting here is this, liz, is that weve been reporting also that kevin warsh, in my view, was a very likely choice, for a lot of reasons, including the fact that hes been around government for a long time. Been a loyal republican. Some Economic Policy, not in the congress but Economic Policy experience with the bush administration. He is the soninlaw of one of Donald Trumps best friends. Longtime new york republican activist, i guess you could say, and billionaire, like trump himself. Journal came out today and said a lot of economists think he is in the running. I will say this. I dont know who is going to get this job. Ill give you the positive for warsh which i just did. A family connection, a friendship connection. Warsh is pretty much of a hard not a hardliner on Monetary Policy but clearly not a dove. Trump likes janet yellen, the current fed chairwoman. He likes the fact shes for easy money, and thats something that donald trump has said for a long time, i like easy money. He apparently likes the policies of Jerome Powell whos also for easy money, also for less regulation. Remember yellen likes doddfrank which trump vowed to dismember or reform dramatically. So the thinking was up until now, even the i mentioned warsh as a leading candidate a couple of days ago that trump has been saying nice things about yellen lately and nice things about powell and from a policy standpoint seems more simpatico. Heres the thing with donald trump. You dont know. The only thing i knew back for a while here is that it wasnt going to going to going to going to be cohn, wants to focus on tax reform. Once tax reform is done nor the done, does cohn stay with the administration . On wall street, most people think if hes not getting the fed chair job, hes out of there when tax reform is finished in a positive or negative way. Liz that could be his choice. I think it will be his choice, i dont think hes getting fired. Liz right, right, right. Listen, hes got a president thats still annoyed at him. Do you want to work for a boss that is annoyed at you and youre this rich and you want to be fed chair and not getting it . Liz annoyed at you for speaking your opinion . Im with you on that. Im giving you real politics here. Heres the fascinating thing. A couple of days ago, kevin warsh on the top of the list. Kevin warsh for unwinding the fed portfolio a little faster than how to and you could put Jerome Powell. Liz hes up there, too. Listen, i could see him picking any one of those three. Maybe you. Liz charlies got another story. More breaking news. Go to your office, right behind your head and come back when ready for that. On wall street, 23 hours after clocking 54th record high of the year, the dow is pulling a uy looking at biggest drop since september 5th. One loan index is moving in the opposite direction. Wall streets fear gauge, the vix, the volatility index jumping to the highest level in more than six weeks. You saw three months ago it was much higher, now we have it climbing back up, jumping about 8 today at 12. See when it gets below 10 and youre in the nine territory that is extremely complacent behavior. Were getting more nervous as we look at all kinds of question marks about policy. We have boeing, boeing is very much one of the stocks keeping the dow grounded at this hour. Bad weather over the aerospace giant, it did beat on earnings and revenue but investors are not loving full year forecast because its coming in slightly below expectations. The top flying stock in the dow. Its up 70 year to date. They have a little 329 million charge for the troubled kc 46 Aerial Refueling tanker. It happens. Could also be profit taking. And jetting along from the top performer to the biggest loser in the dow, yes, talking about it, general electric. Ge on track for its lowest close in 4 1 2 years after Morgan Stanley pulled the industrial giant off its dividend portfolio list. Because everybody thinks that ge is going to cut dividend, and therefore, why would it be on the Wealth Management dividend list of stocks to buy. Not all doom and gloom. Good news from goldman sachs, the banks economists boosted Third Quarter gdp forecast to 2. 6 , had been at 2. 3 . They cite an unexpectedly strong durable goods number and new home sales number from september that came out today. Durables looked much better, bigticket items that last three to five years and new home sales, i believe it was the biggest jump in 25 years, hitting the nearest level in ten years. Friday, the governments advanced gdp number, to capitol hill can we go there right now. The call for bipartisanship at alltime high. The administration racing to get tax reform across the finish line before 2018. Many people say you might need a few democratic votes for that. That deadline is more than in jeopardy as the house has the significant hurtle of passing a budget before it can get into the fine print or details of tax cut simplification. Representative Brian Higgins of new york serves on the house budget committee, and i believe he is also, sir, youre also on the ways and Means Committee, correct . I am. Liz okay, let usjust jump to the beginning what people want to know, that is, does this bill have your support once it begins to take form . Well, no, theres no detail to the bill. This is fraud perpetrated against the American People. Liz fraud is a very strong word are. Let me explain. Liz okay. The treasury secretary was very clear that any tax plan would not benefit the rich. Now if you make 730,000 a year or more, your aftertax increase next year, nim will increase by 8. 5 . If you make under 850,000, your aftertax income will increase by 1 , that is a direct violation of what the treasury secretary said. Additionally, this tax bill will add 4 trillion to the federal deficit over the next ten years, and will not impact in a positive way Economic Growth moving forward. Liz so you do not subscribe to the dynamic scoring of we believe that the tax cuts will pay for themselves, but ill play devils advocate here and do this the same with the republican representative coming up in just a few minutes. That is simply, what weve been doing for more than 8 years has not really seemed to work it juice this economy to above 3 for an entire year. Is it not time to put some money back into americans wallets, and also Corporate Tax cuts, bring down the corporate rate and maybe dont leave the United States and get rid of jobs . Well, firstly, lets go back to the treasury secretary. Hes saying that through dynamic scoring, this plan will produce 2 trillion in additional revenue. Thats not true. He also said the tax cuts will pay for themselves. Tax cuts never pay for themselves. They havent ever in human history. So all of this is fraud being perpetrated on the American People. I believe that tax cuts targeted for those under 150,000. If theyre aftertax income next year increased by 8. 5 , you would create demand in the economy. When there is demand in the economy, theres growth in the economy. Getting you to the 3, 3. 5 . That i agree with. Liz let me jump in. We actually had secretary mnuchin on our air with maria bartiromo. Let me have you what are you said and respond to that. We dont have it. Hes focused on Economic Growth and whats good for the middle class and whats good for business ends up being good for the country. Hes not being truthful because goldman economists themselves say that there will be no appreciable growth in the economy from this tax cut plan over the next several years. Additionally goldman economists said there will be 4 trillion of deficit added over the next ten years. The reason goldman is important here is because Steve Mnuchin is alumnus of goldman, as is gary cohn. And the organization flatly rejects the rosy projections, then i think the American People have a right to be very skeptical. Liz all right, i came from local news, im always skeptical. However, this makes me even more disillusioned. Because it was in 2015 when democratic senator Chuck Schumer pushed forth cosponsored bill with rob portman, the republican from ohio said that its important to reduce Corporate Taxes and that would be a good thing for the nation. Why is that not good now that theres a republican president from that party whos in charge, because president obama tried to cut Corporate Tax rates too . Im in support of a cut of the Corporate Tax rate. The current statutory rate is 35 . The proposed rate is 20 . Problem with that is about 150 corporations dont pay near liz true, theyll get to pay higher. Let me finish my thought and heres the proposal. I would support a cut of the Corporate Tax rate to 20 , providing its a minimum effective tax. That means essentially that everybody pays at least 20 . Have you 100 corporations in america that are profitable that pay less than 10 . Have you 40 corporations, including walmart, including others that have a negative tax liability. If everybody pays at least 20 , that will simplify, that will lower the rate and produce more revenue. Liz lets hope. Thats what the plan is. Congressman, thank you for joining us. Thanks for having me. Liz Brian Higgins, fair and balanced. Congressman mike bishop, republican from michigan sits on the house ways and Means Committee. Hes getting in front of the cameras in just a moment. Can he confirm what might be the details of this tax plan and is he convinced any democrat will come to the table . Volatile markets. Something we all think about as we head into retirement. Its why Brighthouse Financial is committed to help protect what youve earned and ensure it lasts. Introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. While maintaining a level of protection in down markets. So you can head into retirement with confidence. Talk with your advisor about shield annuities from Brighthouse Financial established by metlife. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Liz lets take a look, weve got a market alert. Oil prices are falling half a percent in part on this news, the interior department announcing it wants to make an area the size of the state of new mexico available for oil and gas drillers to purchase federal drilling leases. The largest sale ever. 77 million acres in the gulf of mexico. While Energy Dominance is the stated goal, be careful what you wish for is the question. With that much increased supply, believing that theyll strike oil, so to speak or strike gasoline, should the administration really be prepared for perhaps some bankruptcies or is this all good . Lets bring in the go to guys for capitol hill on how oil and coal policy will impact the markets. Kevin book. To it, kevin, what would be the most immediate effect if Companies Start to apply for the leases, they drill and they find pay dirt . Liz, a lot of lag time between the leasing and the drilling. The market effect is a ways off. Offshore is a difficult environment to produce oil. The wells were talking about. The ones folks want to drill and parts of the gulf where they want to drill are expensive enterprises. They are buying the options, the opportunities but not the obligations to produce. If they buy now they can exercise that option in a different price environment. Not obvious they would buy leases today and drill today. The sales in march 2018, talking about a 7 year average lee time that means 2025 before a market interact. So really not a Market Impact today. Liz arent we already seeing a Market Impact of much lower prices whether its natural gas, which is kind of pathetic . We used to be at 14 per million british thermal units, which is how they calculate this stuff. Natural gas, weve got it at 2. 93. Isnt that a function of so much supply, but i get the whole point if were going to import liquid natural gas where the price is much higher for the buyers, in Eastern Europe perhaps, is that the thinking . The Trump Administration correctly identified, the Energy Supply is growing here but the demand is growing over there. Our natural gas price at the henry hub is very cheap relative to the markets that could be served. There is incremental cost to get our gas to the markets. Some of the gas may not be competitive with some markets today. But over the long haul and lng plants, the only mitigating fact and one you dont want to overlook is that all of those destination markets are looking at their own gas resources, and some cases they have them. So the next five years, we have a bit of lng supply, the five years after could be exciting for producers. Natural gas producer from canada to china. Coal earnings are expected to come in more solid than they have in the past couple of year, much of that could be attributed to perhaps President Trump who says let them drill. Let them dig for coal, and we know we have a customer in china. Weve been exporting a lot of coal and china a big buyer of that. Xi jinping did the five year plan and he sounded much more bearish note about using coal because theyve got serious air problems. Air quality is horrible. What do you expect for the coal industry . The short term is good in the u. S. For a couple of factors. Coal market to the extent its global is 8 billion tons. The u. S. Is about 750 million tons of production, and consumption here in the u. S. Is going up a little bit in power sector. The reason is pollution controls on power plants that were put in for mercury rule have a seven year accelerated depreciation schedule, you could lose money on the differential and make it back on accounting basis because of the depreciation. There is also to some degree opportunity to tell u. S. Coal overseas, the best way to get coal to china is out the west coast. The last of the export facilities got local application permit denied. Not easy to access the chinese market. Liz i can see why capitol hill calls you. You know all the details, kevin. Please come back. Thank you so much. Thanks for having me. Liz dow industrials down 106 points. With the closing bell ringing in 37 minutes, visa leading the Dow Jones Industrials as more and more of you swiped your credit cards in the Fourth Quarter. In the Fourth Quarter . Were reporting the Third Quarter. Its their Fourth Quarter. Got it, their fiscal Fourth Quarter. We need to distinguish that. Shares touching a record high. 109. 79. And doubts about chipotle piling higher than a double order of guac, shares of the embattled mexican chain tumbling to the bottom of the s p 500 as multiple wall street broker