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tv   After the Bell  FOX Business  June 1, 2017 4:00pm-5:01pm EDT

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liz: president trump wrapping up the speech where very clearly said he will keep the door open to reentering the paris climate accord but for now -- >> i'd like to ask scott pruitt most of you know and i respect as most of you do, to say a few words. scott, please. [applause] >> thank you, mr. president. your decision today to exit the paris accord reflects your unflinching commitment to put america first and by exiting, you're fulfilling yet one more campaign promise to the american people. please know that i am thankful for your fortitude, your courage, and your steadfastness as you serve and lead our country. america finally has a leader who answers only to the people, not to the special interests who have had their way for way too long and everything you do, mr. president, you're fighting
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for the forgotten men and women across this country. you're a champion for the hard-working sit all acrossland who wants a government that listens to them and represent their interests. you have promised to put america first in all that you do, and you have done that in any number of ways, from trade, to national security, to protecting our border, to right-sizing washington, d.c. and today you put america first with regard to international agreements and the environment. this is an historic restoration of american economic independence, one that will benefit the working class, working poor, working people of all stripes. when this action you he declared people are rulers of this country again. should be noted that we as a nation do better than anyone in the world, striking a balance between growing our economy, growing our jobs and being a good steward of our environment. we owe no apologies to other nations for our environmental
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stewardship. after all before the paris accord ever was signed the america reduced co2 footprint to levels in the 1990s. from years, 2000, to 2014, the united states reduced its carbon emissions by 18 plus percent. this was not accomplished through not through government mandate but through technology of the american private sector. for that, reason, mr. president, you corrected a view that paramount in paris, that somehow united states should penalize its own economy, be apologlead e rest of the world does little. other nations talk a good game, we lead with action, not words. [applause] our efforts, mr. president, as you know should be on exporting our technology, our innovation, to nations who seek to reduce their co2 footprint, to learn from us. that should be our focus, versus a agreeing to unachievable targets that harm our economy and the american people.
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mr. president, it takes courage, it takes commitment, to say no to the plaudits of men while doing what's right by the american people. you have that courage, and the american people can take comfort because you have their backs. thank you, mr. president. [applause] >> here we go, president trump and scott pruitt confirming what was already reported this afternoon, that the united states is withdrawing from the paris climate agreement. mr. trump saying that quote, we are either going to leave this or maybe get a better deal. this decision was made because businesses and american workers would face serious obstacles if the united states continued to stay in an agreement that was, we entered into by his predecessor, president barack obama. david: and no coincidence, if you look at bottom of your screen, the dow jones industrial average closing at a brand new record high. clearly there is an association
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with this. yes, a number of ceos have come out in favor of the paris accord but in general it is seen as a positive to pull out of this. be far less costly addition to our economy than it would be otherwise. by the way the president saying what this amounted to, the paris accord was a massive redistribution of america's wealth throughout the world. and that would not fit in with his agenda of america first. so, once again, it appears that this decision to pull out of the paris accord has been nothing but positive, cheryl, for the economy which is, or at least for the markets and the economy. the president outlined all of the various costs that were considered, that would have been a part of the paris accord, clearly, the economic costs were seen as far too weighty on the economy at this point in america's life. committing himself once again to fight pollution as we have done
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in the past decades, but to do so without the paris accord agenda and without the overhang of all those european bureaucrats hanging down our necks. cheryl: ambassador john bolton will be on later in the show talking about this. a lot of news to talk about of the i'm cheryl casone in for melissa francis. this is "after the bell." hello. david: i'm david asman. so happy you could join us. more what is driving new records. here is what we have for you in a very busy hour. putting american workers first, president trump keeping his campaign promise, announcing he will be pulling the united states out of the paris climate agreement just moments ago. it was in no uncertain terms and it was a big part of president obama's legacy. take a listen. >> we're getting out but we'll start to negotiate and we will see if we can make a deal that's fair. david: what this means for our economy, business from coast to coast and what it means for your
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wallet coming right up. cheryl: yeah. let's go right now to straight to blake burman. he is standing by at white house. you think he used the word soverignty, david and i believe 10 times during the announcement in the rose garden, blake. reporter: cheryl, this was very much a economic speech what you saw from the president. he started off first addressed what is going on abroad with the terrorist attack. when he got into the speech, first i want to take a moment to address what is going on with the economy. he talked about several highlights he and his administration see a few goods jobs reports off the bat. jobs that they say are coming back into the country. the stock market, running to an all-time high. he got into his decision to withdraw from the paris climate agreement and from that point on, it was still about the economic advantages that withdrawing would create, the president feels, and disadvantages he believes this paris climate agreement encumbers upon this country at this point.
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he says that it would lead to trillions of dollars of loss as it relates to the gdpt relates to thousands of dollars hitting americans in their pocketbook. the loss of hundreds of thousands of jobs. it was on and on and about the economy. with the president saying at one point, the reason why everybody wants the u.s. to stay in this deal he says, it is because it is economic advantage to them. listen here to the president a little while ago. >> the rest of the world applauded when we signed the paris agreement. they went wild. they were so happy. for the simple reason that it put our country, the united states of america, which we all love, at a very, very big economic disadvantage. reporter: at one point, cheryl and david, the president went off script here to talk about tax reform. as you know part of the administration's agenda they
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want to get to 3% growth, maybe even higher. the president referenced that during his speech, saying in order to get to 3 or 4% growth you need all forms of renewable energy, all forms of energy at your hand and that is part of why he is withdrawing from this agreement. the line that will stick no doubt, david and cheryl, is the president saying he was elected to represent pittsburgh and not paris. i would note his predecessor, the former president, barack obama, put out a statement in which in the first sentence he talked about needing to chart a low carbon course. david and cheryl, i do not believe we heard the president once mention the term low carbon. cheryl: no kidding, blake. sticking to a campaign promise. that is what president trump did today in that speech he in the rose garden. blake burman live from the white house. thank you so much. i want to bring in to react to all of this, guy benson, political editor, fox news contributor. talk about the agenda for the president now. obviously one of the things we
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like to see as investors is tax reform but we do want to mention here, guy, the dow hit a new record, all-time record today. investors seemed to like this. politicos, especially the dems are not going to like this. >> a lot of people aren't going to like it but clearly the president decided he was going to fulfill this campaign promise and i think that if you looked at the speech that he just gave, you sat back and listened, one of the themes he came to over and over again really reminded me of the campaign where he said we're mired in a lot of bad deals. whether the iran deal or trade deals. whether you agree or not, that was a theme of his campaign. he made the case here is why the paris accord is a bad deal for america. and why it is unfair for the u.s. compared to other countries. points others have made, the president referenced it as well, the u.s. under this deal would have to cut carbon emissions by 26 to 28% by 2025. where a huge economic competitor
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like china doesn't have to lift a finger whatsoever until 2030. how is that fair to us? who negotiated this? by the way it was never approved by congress. melissa: so, we've been debating obviously climate change or non-existence of climate change for decades now. but if you look at major oil companies, seeing drilling companies on our screen, these are companies more than any other sector said to the president, when the ceos were going to the white house we need clear direction. we need to know what regulations are going to be or not be. so we make business decisions. do you think we'll see manufacturing growth in this country based on what we heard from the president today? >> this is very clear direction, no question about that. i would point out at very beginning of that question you asked or at least questioned, do we debate climate change? is it real, is it not? where i come from i believe climate change is real and mankind contributes to it, but if you look at this agreement, even if every single box is
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checked in the paris accord the end result according to the people who support it is a lower, lowering of global temperatures by a fraction of one degree celsius. that is the best-case scenario. the question becomes politically is that tradeoff worth it? is harming of u.s. economy a lot of people point to and president laid out some of the reasons why, is it worth this end goal in the international community? is that the balance? which one wins and president trump today said the u.s. economy in his view wins. by the way. if the democrats and people who support the accord wanted to impose a different view or if they wanted to make their case heard, put this thing before the senate. ratify it as treaty and let our elected representatives not just one president at a time decide if this was in our best interests. so trump, bottom line, following through on what he promised he would do. this should not come as giant surprise to anyone. he said he would. cheryl: debatable science. many can agree it was a
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job-killer for wealth in pittsburgh as president brought up in the his comments from the rose garden. guy benson, a lot of breaking news. thank you for your time, sir. david: what will the economic impact be on the president's decision on the climate agreement? scott martin, kingsview asset management, veronica daguerre, "wall street journal" and kevin kelly recon capital partners. good to see you all. first of all, kevin, we had a tremendous reaction as soon as it happened, the market ended the day above a historic record. i would say it's a very positive reaction to this news? >> positive reaction because this president isn't going to subjugate companies publicly-traded and listed here to own are russ restrictions from bureaucrats not even close to us that are going to benefit as the president alluded to in his speech. market says we'll take our carbon emissions and reduce them, we'll do it on our own terms. you can see that happening with even exxonmobil.
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so it is starting to happen in the marketplace. government shouldn't tell companies what to do. they have a terrible track record in the green space, socially responsible space. remember solyndra? market is rewarding it. david: we have breaking news. president trump announcing that u.s. will withdraw from paris climate agreement. we're joined now by treasury secretary steve mnuchin. secretary, a lot of us were surprised at the unequivocal nature of the president's comments announcing the withdrawal. there was some indication at the last minute he was changing things, softening his resistance to the paris accord. i didn't hear much softening, did you? >> i think the president was willing to listen to all the arguments t was very clear. he stood by his original decision. this knit about the environment. people isn't be confused. this is about this is not a good deal for the united states. as the president said we've been
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one of the leaders in reducing carbon. we've been reducing our emissions. we're one of the best countries for the environment. the president is committed to renegotiating the deal but a deal fair to us. david: how would he renegotiate? would he bring the in the senate? president obama didn't involve the senate. some thought that is what president trump would do hand it over to the senate. but what will he do? >> i think he will make sure it's a negotiation and deal good for the american public. and as he said, this is a deal where china was able to continue to increase their emissions. germany continues to do various things. the united states, where we voluntary have reduced by over 16%, we were being penalized. so the first issue is, that the president will sit down and have people negotiate with other countries and make sure that he
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he is comfortable with a good deal. then he will decide whether he ratifies it or want to bring it to congress. david: secretary, a lot of us were very pleased to hear the president mention tax cuts. there has been sort of a discussion within the white house and congress whether those tax cuts could be passed by a simple majority which would mean changing the filibuster rule in the senate. senator mcconnell has said no, we will not change the filibuster rule. the president has said, that would be a great thing if you could do that. are you guys coming to loggerheads on that? >> not at all. first of all, let me say we've been very, very focused on tax reform since the president was elected. as a matter of fact i was working on this over a year during the campaign. the president is committed to simplifying personal taxes, giving a middle class tax cut and making business taxes competitive. we're working very closely with the house and senate.
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i would like to think this is bipartisan. these are issues good for the american public about creating jobs. good for small business. if we don't we're prepared to go forward with reconciliation. david: tax rates you increase economic activity and end up bringing in more revenue. why is it that son people insist on a static analysis that doesn't recognize that historic fact? >> i think it makes no sense. people who quote that, i think are living in the stone ages. we're about creating economic growth. we're about broadening the base and we're going to make sure this is tax reform, not just tax cuts. and they're paid for. david: even one of the members of your own, of the white house itself, omb director, said it should be a static analysis by which the tax cuts are judged? >> no.
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mick is on board and we've discussed, he wants to make sure it is paid for and we're all on the same team. we're moving forward together on this. cheryl: secretary mnuchin, cheryl casone. i want to ask you a couple questions. we're starting tomorrow. we're getting may unemployment report. expectations 185,000 jobs, 4.4% unemployment would be the rate if it comes in but tax reform and job creation as you know go hand in hand. you and gary cohn made that very clear when you spoke at the white house and you debuted to the nation your tax plan. if this number is not as rosy as it is goings to be tomorrow, are you worried about it jeopardizing the tax reform package and plan you have in place now? >> not at all. i always said i don't speculate what numbers are going to be. i don't speculate where the market will be in the short term. the market is reflecting confidence in the trump administration economic policies. this is about regulatory reform,
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tax reform, renegotiating trade deals. we're committed to creating 3% sustainable economic growth. cheryl: you're committed to the 3% growth number? i want to ask a little bit of business at treasury. jim donovan withdrawn his name to be deputy secretary of treasury. where are you filling out department, key positions at treasury. first i would like to ask you about that. quickly about the budget. first where are you with the deputy secretary position? >> let me say, we have a lot of great people in treasury now. we have some very important positions that are about to be confirmed. we have the international undersecretary. terrorist financing an intelligence undersecretary. we have assistant secretary for tax, economics. we have a lot of people coming in the system. cheryl: okay. >> we're very focused on moving forward with our economic plans. cheryl: secretary i know you need to leave but real quick, yes or no, do you think you can get congress to agree to
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increase the debt limit in august. i know you said it was an urgent matter, yes or no, how are you feeling? >> we'll get it increased. the credit of the united states is the utmost. i said to congress should do it as quickly as they can. we're very focused working with them. i'm confident we'll get there before there is an issue. david: we're very grateful to you for taking time out on this busy day to talk to us here, secretary mnuchin. thank you very much. really appreciate it. best of luck to you. >> thank you. david: cheryl: cheryl a lot of breaking news at top of the show on breaking news. veronica and kevin kelly are with us. the bilge he question for investors is the tax reformed package. were you encouraged what you heard the secretary say? >> i am encouraged. they do know and focused on this tax reform or cut should they do it will stimulate growth. i think they're very conscientious of that. especially because they promised it. they promised it by august.
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they weren't able to deliver. they need to save face and need to save face sooner rather than later. cheryl: scott, as we look again, we see market hit another record close for the dow in particular. so much is based on the president's policies. that has come down on the shoulders of gary cohn and steven mnuchin. are you confident as well we'll get meaningful tax reform by august which they're committed to? >> i'm losing mile faith to be honest with you, cheryl. market seems like they're holding on to hope. that is what is dangerous here. i agree with kevin, i like the rhetoric. there is good thatting in d.c. what needs to be done just is there cooperation in congress. i make a quick comment about the today was the war on coal. it was the end of the war on miners. it was the end on the war of manufacturers. it is the end of you didn't build that era last eight years why stocks are happy.
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cheryl: veronica, tomorrow we get may unemployment report. i'm looking at manufacturing. how many ceos have we seen at white house last five months. do you think we'll get meaningful numbers tomorrow? >> i hope so. probably not as good as april. we need continued wage growth. that has been missing piece of the puzzle. we need meaningful wage growth to get the economy further off the ground. we need tax reform which may be somewhat ambitious -- cheryl: if we had the secretary on air we would have to get the tax reform package. investors are looking for that. thanks to all of you. we appreciate you standing by. david: we didn't have to beg. he was going for it. back to the markets, no coincidence a new record high, ladies and gentlemen. nicole petroleum on floor of new york stock exchange. we saying on the floor of. ceo's were in favor of staying in the accord but in general
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investors and economy think it is better if we out right? >> remains to be seen. we're not see anything reaction. president trump actually quoted "the wall street journal" saying that the economy here in the united states wasn't going to falter, i'm paraphrasing based on us pulling out of the paris accord. don't seem to be grave worries. coal stocks were worried about backlash by foreign countries. big picture everything seems to be just the same at least for the moment. we had a record day, record close for the dow, nasdaq, s&p. last time the dow closed at record high was on march 1st when neil cavuto spoke with steven mnuchin about tax cuts. another day of records. people are loving it. the trend continues. they're not getting jitters here on wall street at all. back to you. david: happy steve mnuchin loves fox business. we wish him come back every hour. nicole petallides, great to see you. thank you very much. cheryl? cheryl: everybody should continue to watch fox business. we have everyone here.
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let's take a quick look at oil. end up on the session after getting initial boost from the government report 8th weekly loss for supplies but petered out in the close, likelihood that the president announced that u.s. would leave paris climate accord. another big story we followed, controversial dakota access pipeline carrying oil through north dakota and south dakota and up and running. that is jobs. david: absolutely. cheryl: president trump mentioned that. david: make america first in energy policy. that is what it is all about. we have to take a short breakings, when we come back, senator mike lee member of senate judiciary committee will be here to talk about other matters and tax cuts. every chip, and every putt, is data that can make the difference between winning and losing. the microsoft cloud helps
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>> as president i can put no other consideration before the well being of american citizens. the paris climate accord is simply the latest example of washington entering into a agreement that disadvantages the united states. david: republican senator mike lee applauding the president's decision. utah senator and author of the new book, "written out of history." i thought we had a graphic. there is the graphic by which we'll discuss in a moment. first on the paris accord. we saw the market go to a new high right on the edge of the president's announcement, right after the announcement. i think there is connection don't you? >> yes. brilliant move on policy and on messaging. pittsburgh before paris. that line will go town in history as one of the great ones. david: made america first slogan left some people nervous because they thought it would lead to isolationism. we saw with the trip overseas he
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is not a isolationist. he sought to do well with arab allies and kind of a resentful european lot and he got the point across as well. there is a way to put america above at least european bureaucrats and not isolationist. >> at first minimum do no harm to our own people. he want to make sure we're not harming our own interests even as we pursue some lofty international goal that might harm our own people. david: let me ask about taxes very quick lift he did speak about taxes. i spoke to treasury secretary steve mnuchin about it. i'm happy they are acknowledging when we cut tax rates in the united states, whether it's under a democrat like jfk or republican like reagan or like bill clinton, when you cut rates you generate more income for the government. you have more income activity. that goes against the static analysis our leader senator mcconnell says is necessary to pass the tax cut bill what do
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you think? >> look what happened under coolidge. coolidge wanted to lower taxes. people said you can't do it. chamber of congress said you couldn't do it. they lowered taxes. they had more money than they knew what to do with. david: why does senator mcconnell of not taking that policy -- >> i have a personal policy not speaking for colleagues. let colleagues speak for themselves. we have to take in static ramifications. tax code simplification and rate reduction, has positive dynamic effect, one we need to measure. david: secretary mnuchin appears to be going by the dynamic analysis, not the static analysis. are you okay with that. >> absolutely. that doesn't mean we're free to assume a can opener, assume everything under the planet will happen but that does need to be taken into account. charles: you are a judiciary committee member. and of course there is the whole question about the subpoenas
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going out with regard to the russian investigation, at large. with regard to individuals, can you talk about who is receiving a subpoena? some people thought former secretary of united nations samantha power is receiving one. can you talk at all about this. >> i heard she might be receiving one. i would be happy to talk about it. i just don't know who is receiving them. these subpoenas are going out. we'll have a lot of investigations goings-on. i look forward to seeing responses. david: the big question about samantha power, why would the u.n. ambassador need to unmask an individual in a foreign investigation by a fisa court? >> excellent question and begs question why we allow our people within our government to do that at all. why we allow people within our government to search databases known to take records of substance much communications going on with american people. that is the problem. david: is unmasking and leaking a bigger story than the question of collusion which so far no, no intelligence agency can confirm?
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>> in my mind as i see it, yes, absolutely yes. some of my democratic colleagues who have seen more classified information than i have so far, looked at this have seen no evidence of collusion so far. by contrast we see all kinds of evidence unmasking might have occurred. we know human nature as such, things happen unless we have procedures in place to protect them. david: nobody is better describing human nature and coming up with a system incorporating human nature as our founding father. >> indeed. david: that is what your book is about. do you think we have strayed too far from their original intent about the role of government in our lives? >> without question we have. that is why i wrote my book, "written out of history." tells the story of eight forgotten founders, stories are inconsistent with the historical modern narrative. the modern narrative says trust the federal government to do all kinds of things, be the health care provider of last resort and intrude into every aspect of
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human existence. founding generation had a whole lot to say about that, including people neither white nor male, including people whose stories don't fit within the historical narrative of what our government was supposed to be. david: may give up the political life for the historian's life. nice life, historian life. >> i'm a ma'am tour rather than a scholar, some start out as amateurs become ex-experts. historic day today. >> indeed. cheryl: president yes, pulling out of the paris agreement causing critics to panic. what will it mean for the president's international agenda. we're getting ambassador john bolton's take on that coming up next. i accept i take easier trails than i used to. i even accept i have a higher risk of stroke due to afib, a type of irregular heartbeat not caused by a heart valve problem. but no matter what path i take, i go for my best. so if there's something better than warfarin,
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when heartburn hits fight back fast with new tums chewy bites. fast relief in every bite. crunchy outside. chewy inside. tum tum tum tum new tums chewy bites. david: all three major averages closing at brand new record highs with gains accelerating in final minutes of trading just as the president was announcing that the united states would be leaving the paris climate agreement. cheryl? cheryl: we saw the president earlier. president trump again withdrawing from the paris climate agreement. critics are saying america risks losing credibility in the world. here to respond ambassador john bolton, former u.s. ambassador to the u.n. and now a fox news contributor. does this announcement hurt the u.s. internationally, ambassador? >> of course not.
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i think countries around the world will see it as an expression of american interests and only way you affect things to stay inside fundamentally flawed agreement is inherently not sound. other countries that want to do something about carbon emissions will have to deal with us on our own terms. countries like india and china got into the paris agreement and essential license to increase carbon emissions until 2030, are going to have to see that they don't have a free hand here either. the whole argument about this agreement is less one that utilitarian more about global governance. i think trump has just kicked a big hole in that. cheryl: ambassador bolton we're getting breaking news. i want your reaction. german chancellor angela merkel saying she regrets the move the united states has made saying that the germans will still continue to keep working to
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quote, save our earth. so german chancellor angela merkel coming out as i'm sure other leaders on earth are going to saying they're unhappy about the decision. >> sure they're unhappy about it. it is theology for them. they were unhappy with the bush administration when we got out of the international criminal court. i thought that was the happiest day of my entire professional life in the government. they were unhappy when the bush administration withdraw from the 1972 anti-la -- ballistic missile treaty. they're unhappy about other things. the american president doesn't have to worry about europe but the best interests of united states. cheryl: we have only a moment. president signing a waiver. delays move of u.s. embassy from tel aviv to jerusalem. a hotly, contested debated issue, what does that mean, ambassador. >> sorry about that, it reflects unfortunately the influence ofah thinks jerusalem jerusalem final
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status remains to be negotiated we can't put our embassy there. i think we can. white house statement made it clear this does not represent a final decision by the white house. this is my theory, when the united states has diplomatic relations with the country, we and that country get to decide where the embassy is. that is what should dictate our policy. cheryl: interesting move, one discussed ad nauseam since the president was there with benjamin netanyahu. ambassador bolton, thank you very much. a lot of breaking news. we thank you for being here sir. >> thank you. david: how hillary clinton lost the election according to hillary clinton. take a listen. >> the other side was using content that was just flat-out false. i have taken a tremendous hit after the comey letter. and then later i understood the role that wikileaks played in it.
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the use of my email account was, turned into you know the biggest scandal since lord knows when. this was the biggest nothing burger ever. i didn't break any rule. nobody said don't do this i was very responsible and not at all careless. david: nothing burger. that is neil cavuto's line. you may recall that former fbi director called clinton's email use, quote, extremely careless but details, details. fox news's jennifer griffin is in d.c. with the latest on clinton's blame game. she leaves a lot of stuff out, jennifer. reporter: david, hillary clinton's remarks yesterday stirred a backlash among some democrats. for the first time we heard clinton turn her sights on the dnc blaming it in part for her loss. she had a stark assessment for the state of the organization after she won the nomination. >> i inherit nothing from the democratic party. >> what do you mean nothing? >> i mean, it was bankrupt. it was on the verge of insolvency.
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its data was mediocre to poor, nonexistent, wrong. reporter: but monday was, money was not her campaign's problem. clinton raise nearly a billion dollars, had one of the deepest covers in american campaign history. she fails to mention her friend, florida congressman debbie wasserman schultz, had been running the dnc for several years. wasserman schultz was accused by the bernie sanders campaign of tilting the primary toward clinton. the former head of the dnc's data operations pushed back today, tweeting last night, some choice words for clinton. quote, dnc data folks, today's accusations a blank blank, i hope you understand the good you did despite that nonsense. his tweet has since been he deleted. i'm not willing to let my people be thrown under the bus without a fight. clinton went on to suggest that no one in the obama administration would listen to her campaign's concerns, that the russians were interfering in
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the election. >> i believe that what was happening to me was unprecedented and we were scrambling. we told everybody we could find in the middle of summer the russians were messing with the election and we were basically shoed away. reporter: cia chief john brennan said he called russians and told them to cut it out. fox news reported on october 31st, an interagency investigation with the fbi was investigating possible collusion between the russians. hillary clinton speaks to full audience at javits center where she hoped to give her glass ceiling speech. she begins her book tour which begins this fall. david: busy, busy, jennifer griffin thank you so much. appreciate it. cheryl: putting the gop on notice. new concerns that republicans will lose their majority next
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year and that the delay in tax reform could already be hurting the economy. coming up next grover norquist from americans for tax reform. he will sound off on this and i'm sure a lot more.
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cheryl: we've got more breaking news. speaker paul ryan just responding to president trump's decision to withdraw from the paris climate agreement. here is what he had to say, quote, the paris climate agreement was simply a raw deal for america. i commend president trump fulfilling his commitment to the american people and withdrawing from this bad deal, end quote, david. david: president trump talking a little bit about tax cuts while announcing the deal, pulling out of the deal. is tax cutting agenda hitting a major slowdown as establishment republicans in the united states
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senate reject the president's notion that tax cuts can pay for themselves. by increasing growth. so who is right. joining us, americans for tax reform president, grover norquist. i just had a chance to ask treasury secretary mnuchin about this. >> yeah. david: i specifically asked him what he thought about those people like senator mcconnell, who think they have to use the static analysis to judge whether or not to institute tax cuts. here is his response. take a listen. >> i think it makes no sense. people who quote that, i think are living in the stone ages. we're about treating economic growth. we're about broadening the base. we're going to make sure this is tax reform and not just tax cuts and they're paid for. david: living in the stone age. that is pretty harsh but do you agree? >> well, i hope mcconnell didn't quite say he doesn't want any dynamic scoring. he may take the position he has
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to live with the cramped dynamic scoring that cbo and joint tax sometimes do. if we get the corporate rate from 35 down to 15 or 20, and the house, the senate, all agree that is the target, if we go to full business expensing you will have 3 1/2 to 4% growth. that is what reagan had. david: right. >> reagan did both tax reform. tax cuts are tax reform. there are other kinds of tax reform like going to territorial tax system so we're not double taxing american companies. david: let's not complicate things though. talk about tax rate cuts. because we have corporate tax rate cuts that the president wants. we have individual tax rate cuts. >> yeah. david: we have a whole bunch of tax cuts. a lot of people in the republican side are again these cuts unless they can so-called be paid for. i don't agree with the nomenclature that they use. that's what they say. the president is the president.
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there is a republican congress now. both in the house and senate. they're not going to have a chance like this again in their lifetime. isn't it time to back the president? >> it is. and the house is clearly committed to radical reduction in tax rates. one way you can do both is, instead of looking at a 10-year window, right now we say it has to be revenue neutral after 10 years even with dynamic scoring that used to be a five-year window. the budget act of 1974 says the window has to be more than five years. it can be 100 years. legally. okay? it went from five to 10 under clinton. because he thought it was more accurate way to portray things. frankly, when you are looking moving depreciation schedules which are often 35, 25, years long, going to a 25 year period which allows you to have almost permanent tax cuts, even though they don't fit inside the box
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that some of the folks want, 25 year window, this is our friend, senator from pennsylvania, pat toomey has been pushing that. the white house is very supportive. david: we have breaking news. i have got to interrupt. got to say all sound like weeds to me. it is very simple proposition. the president wants to lower tax cuts. there are republicans who don't want to do it but they should back the president if they want to get it done because they won't have this chance again in their lifetime. leave it at that grover, thank you very much. cheryl. cheryl: as you mentioned, david, more breaking news. more statements coming out about president trump's decision to leave the paris climate accord. house minority leader nancy pelosi speaking out against president trump is abandoning the leadership positions in the fighting against climate crisis. to create energy solutions and create jobs elsewhere. we got this from the
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secretary-general of the united nations. quote, the decision by the u.s. to withdraw from the paris agreement on climate change is a major disappointment for global efforts to reduce greenhouse gas emissions and promote global security. i'm sure, david, we'll get a lot more reaction over the next few hours. david: not surprising from those sources. we'll keep you informed of reactions as they come in. a positive sign for the economy. how the trump agenda is boosting sales for one industry. jeff flock is on lake michigan. thatthat is a live shot by the . we'll take you there in moments. ♪ think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships
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to grow the businesses of tomorrow today. learn more at when they thought they should westart saving for retirement.le then we asked some older people when they actually did start saving. this gap between when we should start saving and when we actually do is one of the reasons why too many of us aren't prepared for retirement. just start as early as you can. it's going to pay off in the future. if we all start saving a little more today, we'll all be better prepared tomorrow. prudential. bring your challenges.
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you and i can't believe some the left response that is pouring in over the decision to pull out of the climate
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the responses are pouring in. it is a traitorous act of war. this is a complete disaster. he hates it. risk and reward starts now. the united states pays the cost and bears the burdens. the united states pays billions of dollars. present trumpet did fulfill a campaign promise.


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