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tv   Bloomberg Markets The Trump Economy  Bloomberg  July 20, 2017 1:00pm-2:00pm EDT

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>> he has incredible array of very experienced prosecutors coming along with him during investigation. is certainly shows that the avenues of his reach are going broad. that is complicating for donald trump. >> people have no idea how is.essful this it's a great company. also in the course of that conversation with the "new york times." the president talked about attorney general jeff sessions. he said acknowledge to them he knew attorney general jeff sessions would recuse himself,
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he would not have appointed jeff sessions to that position. we learned today that jeff not intend to step aside. >> attorney general jeff earlier today. he plans to stay on board trump'spresident telling the "new york times" last evening, he does not -- he would not have offered the job to attorney general jeff sessions. if he would have known that then sessions would have recused himself from russia. all of this still suggesting the president will not be silent from russian medaling. this comes as jared kushner set to meet on monday with members of the senate committees investigating into all of this. the stage has been set for trump jr. and paul manafort. ton capitol hill next week. i would just note when we're talking about the exclusive news that are colleagues broke earlier today,
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we have to remember that bank also at the center of this. guardian reported earlier last morning, this investigators have been in with folks at deutsche bank about the potentially finances with president trump. the question now becomes for president trump fires special mueller. he didn't answer that question when he was asked in that "new york times" article. republicans on capitol hill beginning to pick up the donald murll talk to ran about this score we got a few minutes ago. unfoldhed that meeting yesterday.
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ror she's talked about healthcare extensively.
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we had cbo score in. no surprise 22 million people uninsured by 2026. he said about susan collins, these people should not classified as hold outs. a pathoesn't seem to be moving forward. on this bill.
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julia: they are standing. they are not moving very much today. as we see them stalling out record highs. remember yesterday all three major averages closed record high. we haven't seen that happen. take a look at the bloomberg for of that.ion out.have been spaced as we have these periods of stall that have characterized or lack ofaction action. we hit that record high.
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see if we see a stalling out once again. it's interesting that healthcare shares have been strong performers. not just lately but really all year long. watching especially pharmaceutical makers that have today's session. without specific catalyst, ofept for the case therapeutic. this company revenue coming in estimates outest there. the company seeing strong demand medication to treat dystrophy. forecast raised was too conservative. flip side, we're watching some of the transports today. there's been strength in recently. but they are falling back today. the dow jones transportation average down 1%. led by ch robinson. that company coming out with earnings prices.
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it's charging customers dwarfed the cost. cost are growing faster than company.r this >> coming congressional budget office is out with its newest the senateof healthcare bill. get analysis from former
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cbo.tying director of the this is bloomberg ♪.
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>> the drug economy, i am david gora. markup that has bloomberg first word news. counselpecial investigating ties between russia and the trump campaign, is expanding the probe. according to a person familiar with the matter, robert mueller ofexamining a broad range president trump's businesses. investigators are said to be looking at russian purchases of apartments in trump buildings. the white house says the president has declined an
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invitation to speak at the naacp's annual convention in baltimore. the nation's oldest civil rights organization responded by president'sthe commitment to his african-american constituents. it was called a quote historic departure. -- also didd also not speak to the group last year. isopean union president urging the president of poland to meet and discuss changes the ruling party is making to the nation's judiciary. polish lawmakers approved a law that gives the president, not judges, the power to remake the supreme court and appoint judges. critics say the bill puts judges under control. simpsonunderway, o.j. is asking for his freedom at a parole hearing. you are looking at that proceeding live from the
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lovelock correctional center in nevada. simpson is seeking an october release, after serving the minimum of nine years of a 33 year sentence. the former's football star was convicted of armed robbery involving sports memorabilia. trial, simpson was acquitted of murdering his ex-wife, nicole brown simpson, and her friend, ronald goldman. global news, 24 hours a day, powered by more than 2600 journalists and analysts in over 120 countries. i am mark crumpton. >> the congressional budget office has released a score on the latest version of republican health care and it would reduce the deficit by foreign to $20 billion and reduce the number of injured people by 32 billion -- 30 julian dollars over the next decade.
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to speak with you, once again. let me get your reaction to numbers we have seen today. this seems very much in line with line with the previous iteration. upit is getting hard to keep with all the scores coming out of the fine folks at cbo, but today's score of the senate bill looks similar to what we saw last week on a previous iteration. there have been some changes, the amendments and changes keep in old taxes that were part of the aca and use some of the money for opioids and some other things, but you end up in a similar place, 22 million folks losing coverage by 2026. >> there are stories coming out. you have seen how the process works. does it get easier to score these things as we get more iterations? as the groundwork been laid? is the work easier for the cbo? >> the work is easier for some of the things, like adding money for helping folks suffering from opioid problems, but you know, there's also this thing, the
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cruz amendment that would basically create stripped-down insurance plans, and that we have not seen a score from cbo on an rumor has it that would take some time, because it would be a fun mental change of what insurance markets look like, and it takes longer to -- >> the better care reconciliation act, and also the ill, what weeal b know about the effects of that on the marketplace, on americans that were to be passed? >> if you go to the bill that is called the repeal bill, it is not literally repeal every last bit of the aca, but repeals most of the prominent features, cbo had a score on that yesterday. it would reduce insurance coverage in 2026 by 32 million, so 10 million more than the senate bill being considered, and also would significantly reduce the deficit. when the aca was initially enacted, coverage expansions were paid for by a combination of taxes and spending reductions in medicare.
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folks would keep spending reductions in medicare until you end up with a deficit reduction if you repeal the rest. >> listening to the conversation in washington, which of these numbers is most important? the uninsured number and deficit number, which takes the greatest import in washington as the debate rages on? >> the coverage number is by far the most important, because it is incredibly difficult for folks to vote for something that would have the effect of reducing coverage for tens of millions of people. the importance of the deficit number is twofold. you have to reduce the deficit by a little more than $100 billion to qualify for the special senate procedures known as reconciliation that allow republicans to this on their own. the rest of it is a measure of how much mitch mcconnell has to get something enacted. so in essence, you have $300 billion to work with, and the question is whether he can buy enough votes. >> thanks as always. breaking news, former cbo director and fellow at the urban institute.
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diane black will join us to talk about the chance tax reform will get through congress this year. this is bloomberg. ♪
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>> some breaking news involving scripps. scripps interactive spiking to a session high. let's get to julie hyman for an update. >> remember, we talked earlier in the week about scripps being a takeover target. now bloomberg news is reporting the talks are advanced and deal could happen as soon as sometime this month. it would be a combination of cash and shares. both suitors we talked about, viacom and discovery, are in the running to acquire scripts -- scripps. the caveat is that the deal could fall apart. all of this is according to people familiar with the talks. shares spiking, up by a little le more than 1.5%.
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we are also seeing a slight pop in shares of viacom and discovery. >> thank you very much. house budget committee chairwoman diane black from tennessee says tax reform can --pen this year even as kevin cirilli caught up with the republican congresswoman a little earlier today. >> is not a normal budget because it has a lot of moving parts. first of all, we know the military has been decimated and we hope to rebuild the military, which is so important with all the conflicts around the world. make sure our men and women have what they need when they go to war or go out to protect our country, and that is really what our number one role is in congress. are budget also balances in 10 years, which is very important because we want to make sure we're thinking about future generations. we do some mandatory deficit reduction in there, which has
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not been done since the 1990's. we know we are $20 trillion in debt, and it is up to us to start winding that back in getting to a place where we can pay for our bills on a year-to-year basis. >> i want to ask about reconciliation. a lot of folks are looking at this, saying, this could set the stage for tax reform, this could set the stage for the regulatory, financial regulatory relief. what does it do? >> it sets the stage so tax reform can be done. we are not the tax-writing committee. ways and means is the tax-writing committee. but it sets the stage by which we are able to do that, 51 votes in the senate, which is very important. >> what exactly in terms of community relief for the financial services industry could be done through the reconciliation process? >> that will be up to ways and means as they do the tax reform. but i am on the committee as well.
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bringing rates down is so important. we need to be competitive around the world, but we also have to worry about individuals, and we are making sure that this is something that is fair and 96% of for them, for people to be able to do their tax return on a single postcard side. this will help to spur growth in our economy. 1.9% of growth, it does not keep pace with what we have done over the years in this country. >> people outside of washington have looked at what has gone on this week with health care in particular. they had seen signs of life, signs of death, and no one really knows what's going to happen. now folks are wondering, even if you don't address health care, can you get tax reform, can you get dodd-frank reform by the end of the year? >> yes, we can get to tax return -- reform. >> you can? >> we can. but i am not ready to give up. the senate needs to do their job. the american people are suffering.
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they need the opportunity to choose what they want in their health care plan, at a rate that is affordable for them. we can't give up on that, and i am not giving up on that. we are still asking the senate to do their job. but separate from that we can do tax reform. >> i have spoken with several folks in the industry. they say there are divisions within the republican party on several issues of tax reform, and they are nervous those issues will play out similar to what we saw on health care. like the border adjustment tax, revenue neutrality. is this going to be health care 2.0? >> no. >> why? >> the reason for that, the house, the senate, and the white house are all working together. when we have a plan that is finally revealed to the public, we will be in coordination. >> when are we going to get that plan? >> we would have loved to have that plan at this point in time, but i can tell you 85% of what has been worked on -- it is about 15% less, and we should be
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able to get that done sometime in the fall or at least by the end of the year. >> that was kevin cirilli, talking to house budget committee chairwoman diane black from the sixth district of tennessee. in a moment we will hear from a democratic member of that committee, joining me to talk about the budget and new legislation on autonomous vehicles. that is coming up. this is bloomberg. ♪ these days families want to be connected 24/7.
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that's why at comcast we're continuing to make our services more reliable than ever. like technology that can update itself. an advanced fiber-network 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. david: this is bloomberg markets. let's start with headlines on bloomberg first word news. the senate gop's better care reconciliation act would
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increase the number of americans without health coverage by 22 million over the next 10 years. that's according to the nonpartisan congressional budget office. the cbo finds the bill crafted by members of the gop caucus would raise costs for people with private coverage and reduce medicaid spending. the cbo says the bill cuts the deficit by $420 billion compared with the $321 billion in deficit reduction in earlier versions. dianne feinstein, the top democrat on the senate judiciary committee, says special counsel robert mueller has approved congressional testimony from president trump's former campaign chief paul manafort and others. today reporters asked feinstein if matt forte and donald trump jr. will except the committee request to appear. >> in my concerned? i am not concerned, because if they don't, they will be subpoenaed. the judiciary has been
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working with the special counsel to make sure there are not any conflicts between their investigation into russian meddling in the election and the department of justice's own probe. france has put a price tag on brexit. it wants the u.k. to pay as much as $115 billion to leave the european union. the french finance minister is taking a hard line on what the eu elites the u.k. owes. he says the amount can be debated, but the fact the u.k. must pay what it owes is nonnegotiable. supreme court chief justice john roberts says criticism from politicians will not dissuade judges from doing their job. in a question and answer session law schoolalian today roberts was asked about political criticisms of the courts. donald, then-candidate trump said roberts was disgraceful and a disappointment to conservatives, largely because the justice voted to
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uphold key provisions of president obama's 2010 health care law. 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. david: the house subcommittee unanimously approved a measure that would allow thousands of autonomous vehicles to hit the road while federal regulators create standards printing state rules. i spoke to jan schakowsky, and i asked her what concerns she has about the safety of autonomous vehicles. rep. schakowsky: the idea is, we want to make sure that these incredible ideas of economist vehicles that we can sell around the world, we want the united states to be a leader. but we want to make sure there is a framework that guarantees safety and accountability, so we want to make sure that the national highway transportation safety administration has some authority here. i think this has been expected
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by the auto industry, that there certainly would be some policies that make sure that their automobiles are safe. they want to do that as well. >> what are your greatest concerns when it comes to safety in autonomous vehicles? rep. schakowsky: we want to make sure that, one of the things that we don't have, we want the ability of nhtsa, that's the acronym, to be able to recall when there's an imminent hazard. if they see that there is during the experimental phase, the triad phase, that there is a problem -- try out phase, that there is a problem, to be able to recall the vehicles. we are still talking about that. that is not in the legislation right now. we also added some things that are for current cars, like the issue of hot cars, you know, since 1990 800 children have died of heat stroke left in cars. we want to do some things right now with auto safety, but we certainly want to look forward,
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and make sure at least we have a framework for guaranteeing safety on these autonomous vehicles. >> you have said this legislation out of subcommittee is not a final product, in your words. where do you see ground for compromise? how do you see this legislation changing before it gets to the full committee and the house floor if it gets there? >> the issues that really remain the most controversial are the issues of state preemption. we want to make sure that the states still have some control, particularly of things like the traffic laws, liability, and other things that they have traditionally had in the past. and exemptions. how many cars should be allowed on the road during this period of the testing? the original bill had sketched in 100,000 per manufacturer. is that too much, too little? we have yet to hammer that out. and i am afraid that while the
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subcommittee chair has said he wants a markup next week on the legislation, that we spend a to figuree time out exactly what those exemptions and preemptions ought to be. david: a final question about the budget. you sit on the house budget committee as well. there was a vote yesterday down party lines. what is the democratic party's plans going forward when it comes to the issue of tax reform in particular? rep. schakowsky: well, i want to tell you. i don't even think the full array of republicans who voted for it yesterday are willing to vote for this on the floor. likeassive cuts to things transportation, education, school lunch programs, are a serious, serious problem. and the huge tax breaks. the tax policies for billionaires and millionaires, and it looks like they are
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actually cutting the programs that help middle-class americans, that help our communities stay strong, like the community development block grant program, which i think every mayor, republican or democrat, is in favor of. those are cut from the budget, in order to create some money to get tax cuts to millionaires and billionaires. that's how the democrats feel. we will be fighting, and i think we will have some republican allies in that battle as well. david: my interview from earlier today with jan schakowsky, democrat of illinois. president trump open to raising the federal gas tax. 55% of americans seem to be on board according to a bloomberg national poll. the increase would be the first since 1993. for more on this i want to bring in bloomberg's infrastructure reporter from columbus, ohio. why has it been so long since the federal gas tax has been adjusted? mark: it is never easy to raise a tax, period, and the gas tax
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has been raised, or at least talked about in congress for a while. but a lot of the republican congressmen have signed and attacked pledges, pledging not to raise taxes. the thought is this is too much little capital to expand. we have seen proposals overtime to raise the gas tax to help replenish the funds that go to states for highways and bridge projects but it has not happened. david: i want to ask you about the political realities here. i read your piece and thought about the interview that margaret talev did with the president back in may. they raised the specter of raising the tax, and he said, i have had truckers coming to see me, and if we earmarked money to the highways they would not mind to some kind of tax. sounds a bit awkward as i'm reading it, but it sounds like he's open to it and would like it to be tied to highways. what does this say about the political conversation in washington today? mark: it is a little hard to
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know exactly how committed the administration is to this concept, because that same afternoon, after our interview in the oval office, trump's's secretary kind of walked back the president's support for this idea and said, he's not really expressing that he is for it, just that he would consider it. although when you ask the white house what the position is on raising the gas tax as far as the trillion dollar infrastructure plan, the answer has been no decisions have been made and everything's on the table. seems to be part of the mix of how we will pay for this big massive infrastructure plan the president wants. david: are we reaching a tipping point here? looking at how the poll breaks down, majorities of republicans, 51%, 67% of democrats backing the idea. so much conversation about infrastructure reform and improvement. are people now widely getting frustrated with the state of infrastructure in the country? are you sensing we are reaching a tipping point? mark: i think so, and the poll
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kind of indicates that while nobody wants to raise taxes, if in fact the proceeds are tied and can be shown to go directly to improving roads and bridges people drive on, they are willing to pay a little more if it means quality of life improves. what is unclear is how congress is going to look at this right now. you know, there seems to be a lot of talk about different ways we might pay for infrastructure, and there is some thought that the gas tax is regressive. one of the things he saw in our poll, sort of a split in support between rural and urban folks. folks in cities are much more likely to support the idea of a higher gas tax ban folks in rural areas, and these are people who overwhelmingly supported president trump in the election. if you live in a rural area, you tend to drive more, you pay more in gas tax. also the idea that a regressive tax hits lower income or working class folks harder because more household budget has to go to that. david: thanks as always.
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our infrastructure reporter joining us from ohio this afternoon. coming up, we talk about greg's it how much of a problem it is for american financial -- briggs it and how much of a problem it is for american financial firms. ♪
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david: this is bloomberg markets. i am david gura. let's turn our focus to president donald trump's approach to regulation. our guest chairs the european parliament committee on economic an affairs. >> in member of the european parliament's brexit committee. maybe we can get to that in a moment. i want to talk about the visit you just made to washington with other mp's speaking to u.s. financial regulators.
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there were concerns about the trump administration's approach to regulation, a fear that they would back out from regulations worked out since the financial crisis. now that you have been down there, are you reassured or more concerned? ini am partially reassured, the sense that we have been told there is no intention to disrupt, let's say, the set of new global financial rules that have been established after the u.s. issuest -- to focus specifically on u.s. issues. if on the one hand, we understand it would be difficult to make legitimate changes in this political environment, on the other hand, we know a lot will be done by way of regulatory action. soundongly support regulatory framework. for instance, i am a bit
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concerned about the possibility of deleting the provision of dodd-frank on liquidation authority, because that would negatively impact cross-border cooperation. in this sense, i am a bit more concerned, and i hope that they will be wise in the end. >> what did regulators tell you about capital standards? >> capital standards? u.s. banks are well capitalized, and there is now the discussion where weabout a floor, have some differences across the two sides of the atlantic, as you know. europe would like the floor not to be so high, to basically undermine a risk-based model european banks use. while we recognize the need to avoid excessive risk, there is negotiation on the way.
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we should also take into account differences between the european and american banking systems, like the effect of fannie mae and freddie mac on mortgages. but i also support that we will arrive with a deal. we need to have better capitalized banks, a fundamental component of financial stability. >> there has been concern on this side of the pond that europe might retaliate for the u.s. requiring european banks to here. holding companies there might be regulation that would raise the cost for u.s. banks in europe. do you see that on the horizon? >> first, i welcom the new report of the treasury about the more proportionate regime for foreign banks in the u.s. i think this is a positive development. what we are trying to do on our side, in our banking package, is to rationalize the way in which
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oversight the presence of foreign banks. this is an additional element, the consequence of brexit on financial stability. it is a very peculiar situation which has nothing to do with our relationship across the atlantic, but is something we have to take into account. so my general line, what i said to my interlocutors, we don't want market fragmentation. we want open markets, well-regulated, and we will try to adapt our regulatory framework to take into account the impact of brexit, without disrupting a well regulated but "will market. >> well, you brought it up. brexit. that throws another wrench into, as the brits would say, a spanner, into the works of regulation. how about that as far as being able to work with the u.s., being able to work with the u.k., and continuing to harmonize regulations?
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the u.k. has remained a fundamental player in this global regulatory process. we want that. of course, brexit has a strong impact on us, because currently the u.k. is part of a single market and is under the same set of rules, under the same mechanism of enforcement of rules. if they have decided they will leave the single market, that would be a radical change. and we have to make some adaptations. so the commission has made proposals, as you know, about the oversight of clearinghouses because of that, and we have to move in that direction. message i important want to give, and i told this to the regulators, we don't want to put in jeopardy the current excellent cooperation, for instance, with the ftc about equivalents for clearinghouses.
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but we have to take into account the fact that the u.k., unfortunately, has chosen to leave the single market. >> is it going to, ferry quickly, is it going to have a major impact on u.s. financial institutions headquartered in london as they moved to the continent? >> there will be an impact. one will have to see how long will be the transitional phase, what will be the future arrangements but for sure the u.k. leaving the union will have an impact. we want to be open. on the other hand, we also need to close loopholes. we cannot accept that our rules are bypassed. but this does not mean that we want to close our market. so we have a difficult task, but we are working. we wantis delegation, to do our homework in close dialogue and cooperation with the u.s. authorities. >> thank you very much for joining us today from the european parliament. david, back to you.
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david: bloomberg's international policy corresponded michael mckee with that. o.j. simpson addressing a nevada parole board, making his case for early release. he was sentenced in 2008 for armed robbery. that is his daughter speaking right now. more to come. this is bloomberg.
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david: this is bloomberg markets. i am david gura. let's go to julie hyman for a check on notable moves this afternoon. julie: i want to start with the news we got a little while ago, that scripps networks, discussions with discovery communications and viacom are advanced and a deal could be announced this month. a bloomberg news story citing people familiar with the matter. about funding with a mixture of shares and cash, but no final decisions have been made and the talks could still fall apart. none of the companies involved agreed to comment, declined to comment for the story.
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spike 3.5%.ps it already spike on talks that deal talks were in progress. discovery and viacom saw a movement upward, and right now each of them is higher, viacom almost 1%. elsewhere today, we are watching steelmakers. this is after we heard from nucor and steel dynamics. ebitda missed estimates. as for nucor, that company missed estimates. steel dynamics and nucor talking on their conference calls about optimism surrounding potential action from the administration on the steel industry. steel dynamics saying president trump will take very prudent and strong approaches to his recommendation for section 232 regarding steel tariffs. alsosteel and ak steel lower. a different manufacturing
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business -- paint. we are also seeing declines here. sorry, i thought we were looking at the chart in a different place. within-williams and ppg earnings, both missing estimates, selling less house paint to consumers in the second quarter. talking about continuing. sluggishness, ppg, and mixed demand at u.s. chain stores. pulling down axalta as well. david: let's wrap up all the news coming out of washington today, the bloomberg scoop. investingller is possible ties between the donald trump campaign and russia in last year's election, looking at a broad range of transactions involving trump's businesses. and the cbo score this afternoon . let's get back to kevin cirilli. i enjoyed your interview with congressman black. give us a sense of momentum on capitol hill in light of the interview and other conversations you have been
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having today, how is congress moving ahead despite or while all this goes on? kevin: they are trying, david, they are trying, but anyone's guess whether they will have enough votes to repeal the afford will care act based on the legislation. we heard from senator rand paul, earlier today, he said he doesn't even know what they are voting on, and i have heard that reiterated by several republican lawmakers i spoke with in the halls of congress today. that said, last night in a very late budget markup on the house side of things, e-house budget -- the house budget committee chairwoman ushered in the reconciliation process, laying the framework for them to take up tax reform and dodd-frank repeal, potentially together in the next couple of months. earlier today, has financial services committee chairman jeb hensarling talked to reporters. i asked him about just position of these two issues. >> the house has passed the financial choice act, which functionally repeals and replaces dodd-frank, and there
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are major provisions of that legislation that can go through the reconciliation process, as can tax reform. i continue to look for multiple vehicles in which to carry that policy, including the appropriations process, in large portions of the financial choice bill. the appropriations that is working its way through the system now. kevin: there you have it. busy couple of days, trying to lay the groundwork for dodd-frank repeal, tax reform, maybe get something done on health care, but all these russia hearings are beginning next week. david: you have to get through friday before you get to monday, when jared kushner testifies, and donald trump jr. and paul manafort. what do we expect the senators to ask those three witnesses next week? kevin: republicans are going to intel get this dossier, on why that was ushered by the democrats, and democrats are going to continue to press for answers.
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it is really centered around that bloomberg exclusive on the finances of president trump. david: appreciate it. kevin cirilli, chief washington correspondent joining us from capitol hill. coming up, bill gross on his latest note, curveball, and reaction to the boj and ecb decisions. his reactions, coming up on bloomberg markets. this is bloomberg. ♪
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>> it is 2:00 p.m. in new york, 11:00 a.m. in san francisco. >> i am scarlet fu. >> i am julia chatterley. welcome to bloomberg markets. ♪ ♪
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we are live in bloomberg world headquarters in new york. the top stories we're covering around the world and on the bloomberg. politics, the probe into potential collusion between donald trump's campaign and russia. our exclusive reporting details how a special counsel and the fbi are looking at everything from real estate to bank transactions. another obstacle to the president's agenda. the cbo projects the senate republican bill to repeal and replace obamacare would increase the number of uninsured americans by 22 million in a decade. and european central bank president mario draghi calling for patientce as he central bank holds on unwinding back stimulus. bill gross is sounding the alarm on the go slow policy of central banks. he will be joining us next. julia? julia:

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