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

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brand leader doing great at a great earnings report. it closed up four points although we are losing some steam here. thank you very much. we will send it over on the first day as we close out they were jittery today. it is ending up the day to slightly down. they look to be just slightly up. more on some of the big names. this is what else they are recovering entering the very basic us hour. in the highly anticipated face-to-face with vladimir
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putin more on what we can expect. the president also facing another test of the world stage. what to do about north korea and the launch of a ballistic missile. it claims it can reach the united states. they are holding an emergency meeting right now we will take either life. and raising taxes on the rich. why a key member of the trump team may be pushing this controversial proposal they are among our guest this hour. have another theory about this. look at the dow jones industrial average. the gain or loss is just a game. it is essentially waiting to see what happens with north korea the president in europe is meeting with andrea merkel. we get the jobs numbers so we are seeing some huge accident -- action in commodities.
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nicole peddling is on pedaling is on the floor of the new york stock exchange. but first to oil. this is the biggie today. they would not agree. just a month ago so it looked like there was a change in the air. the concern about the north korea slope situation. the added to the negativity. we also had this report that saudi arabia is concerned about losing market share so they cut prices and that was
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another concern. it looks like the opec deal might be falling apart. thank you so much. the wayne on the markets today. those energy like yours. certainly wade. it's down 6.8 percent. 6.3 percent. and that was all about those things. that they would not extend those cuts. oil dropped 4.3 percent. a big sellout. the one point move. it's down nearly 2%. we have some concerns of course. and now with the disney channel and also free-form that they are losing that.
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over the past three years. and then there was netflix. it was down over 10%. it is stalling the auto-parts companies. the advance auto parts. 11%. 90% lower. thank you for that. 1004 in the evening and that is not the president's play. it is not air force one that is a support complaint. but the support personnel is on that plane. the president is due to arrive any moment, 1015 warsaw time. of course they are expert at arriving just when they are planning to arrive. they will make that time particularly since they had landed.
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he is meeting with other world leaders at the g20 summit later this week. it was lashing out at china. it is making some of the worst trade deals in world history. why should we continue with these deals. in trade between china and north korea. so much for them working with us. and heather from sunamerica funds. they are waiting on a lot of people's minds. a lot of people wonder where they got their statistic. by 40%. that comes from china's own data. they don't put it at 40% they say it is 37.4 percent.
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despite the fact that they've cut back on coal. what's going on there. in the meantime it is going to hear trump putting more pressure on china. you are worried about the situation in north korea. if you are going to travel abroad. worried about what this could mean for your investments. there's a lot of uncertainty attached with north korea. what is our plan what is our strategy as a country and they are really looking to present trump for leadership on this. there was a huge increase in iron ore from north korea. that may have been a big part of it. as we wait the president the real focus right now is on europe. everybody was complaining about that europeans don't like him he got what he wanted
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from the nato deal. the increase in the military spending as he said they should now they are kind of worrying about the trade deals. if they say that they don't know that as well. it is about limiting to free trade. china has a history of suppressing their currency. there are some policies on certain commodities coming out of china to the u.s. and a way of punishing china for manipulating their currency and having these cheap exports to the u.s. they want to keep american jobs here at home.
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i don't think we are getting anywhere with the belt we have. it offends the conservative. right now this belt which is not a repeal has become the kitchen sink. it is being lit up like a christmas tree full of billion-dollar ornaments full of billion-dollar ornaments everybody at home is going you guys had seven years to get a belt together. and you still don't have anything to show for it. you are spending too little. which is it and is there actually something going to happen. they have the backdrop of midyear elections. that may tie their hands. not to mention the clock is ticking on tax reform.
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what are whatever we can see with that. it's called the deal. again with the obstruction of that. and not passing legislation. if you'd like to give them let's just give them a chance or a shot here. they don't think i can get it done the way it stands done. almost all of them except for one had agreed that they want to repeal obama care. it forces everyone to work together to come up with a replacement that is plan b for him. were about six minutes away from the president arriving. i want to switch for a moment. it is phasing out the traditional amendments.
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and this is on the day when we see a drop in oil. the timing just doesn't seem to be right here. they are our gas prices cheaper for the consumers. that's why you see them stacking up. sucking up. and these big suvs because there is not as much or as big of a demand for electric vehicles with gas prices so low. >> cracking down on handouts. they see the enrollment numbers plummet. they are forced to find a job or participate. veronica i was just looking at some stats here. 55 percent of american adults who are 18 to 64 had full-time jobs. they are still able bodied americans.
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what is going on. a lot of them are men. it is a sad part. they have required people to go back to work. this is not anything new. i think the goal here is to have people become financially empowered what is can make them independent. you just look at us and you see the labor force participation rate. abled bodies. to lose welfare. it is not meant to be permanent.
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veronica and heather. this is the myth of the left. it's because of the baby boom. as the math. they were working at during the clinton administration. it's not working right now. and we have to do something. it is there with present trump due to arrive. it is the start of a very important trip that includes the first sit down with vladimir putin. for national security. they're here on what we can expect. they are promising to turn hundreds of thousands of illegal immigrants into u.s. citizens is it possible.
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it is underweight right now. it is in response to the latest missile test. they are addressing the floor just moments ago. make no mistake north korea is a clear and sharp military escalation. their actions are quickly closing off the possibility of a diplomatic solution.
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david: it is extraordinary how they do this this is air force one we're told, exactly on time. due to you touch down at 10:15, warsaw time. that is exactly when wheels you touched the ground. despite the fact they left a little late. they made up some time and indeed they arrived. support vehicle, the other 747 came a little bit early.
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i assume that has things like the car that they're going to use on the trip. he will attempt to build a lot of ties with poland right now. poland has been a relatively big supporter for the europeans of president trump and his administration. so he is going to be spending time there, making a couple of speeches. this is ahead of friday's g20 summit, will have more difficult, shall we say talks, interviews, but we're going to keep that picture up of air force one. hopefully we see the president disembark. we want to go to adam shapiro at the white house for details what is president is expecting. adam. >> let's talk about poland because the president will be getting off of air force one momentarily. he is going to poland, one, he is going to enjoy a good relationship, not only with the polish president but also with the polish people but discuss energy independence. there is a summit taking place in poland. it is three b seas initiative.
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baltic, adriatic and countries on those different seas. they rely heavily on russian gas shipments as central europe. natural gas is a big player. president will meet with them during this summit not only ways poland can get energy independent, not be so dependent on russians and some of these other countries are members of nato. there is concern about russian aggression at some point in the future after what we've seen with russia and ukraine. that is why he is making the first stop in poland. there will be a great discussion with the three seas initiative leaders from those other countries about energy, david? david: we should mention, can't put up the map and have everything else going on, there is a bit of russian territory to the far east and north of poland, between poland and baltic countries. that is the deepwater port that the russians have for their navy which is strategically very
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important to the russians. kalingrad, a real bug in the shoes of the pols. there may be a way to stick a thumb in the eye of poland. >> the fact that president trump going to polland sending a message loud and clear to vladmir putin. you can't he see the map but i pulled up the map on my iphone. you won't see it too well. david: we can't. we'll take your word for it. we see the lights in the sky. it is a late night close to the white nights of the end of june in poland. it is about at the same longitude as london. even though 10:15 or 10:19 in the evening still a little light in the sky. melissa: stephen yates, keep
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scrolling, former deputy assistant to the white house for national security affairs and joins us now. why do you think going to poland first? why is that important? >> i think it is the perfect place for this president to to. poland as a country represents historically what the coalition of voters brought president trump into the white house in the united states. people remember labor came together with the likes of the pope and ronald reagan and margaret thatcher to stand up against communism and turn the hinges of history in the right direction. so you have got a working class, hard-working, sober country there. it is a signal to russia but it is a signal to old europe there are hard-working europeans that agree with the agenda of this president and are concerned about having a stronger policy to balance trade and security equities there. melissa: what do you think about his mission of the g-20? what is the most important thing that he needs to focus on? >> to be frank, i think any g organization with number larger
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than one is destined to have diluted again today. most important thing are bilateral meetings. he has very important bilateral meetings. meeting with polish leadership before president putin is a good move. interest will be important discussions about continuing defense preparations of nato. really a chance, now that we're past somewhat introductory phase of the trump presidency to talk about counter strategy against isis and iran and matters in north korea that are pressing. >> in terms of vladmir putin, what do you think is the most important thing to get across in that meeting? there are a lot of people out there saying boy, he has to start with the election. that is the most important thing. we're a sovereign nation. they can't interfere with our election. at same time this is something vladmir putin already denied. i don't know as you get together on that, what progress could you really make? is it smarter to start with syria, trying to find common ground to move forward or what
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do you think? >> well, my recommendation would be just like people said, let reagan be reagan, let trump be trump. i doubt very much he is going to be focused very much on trying to respond to what news cycle here says he needs to with regard to the election. he is the president of the united states. he is leader of the free world. he should go toe-to-toe with a significant counterpart. i think talking about the broader middle east, energy independence, the syria-isis challenge, and north korea with russia is a very appropriate agenda. so i think this is opportunity for him to be presidential and just basically set the terms of his own relationship with putin and others. melissa: yeah. there is, a lot has been made of this idea he said he respected putin as a strong leader. in a lot of ways they're both alpha males. they will be there to sort of look each other in the eye and size each other up but we won't
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know what most of goes on, right? >> no, we don't. we'll get readouts. lately washington leaks like a sieve so we should get a roodout of this meeting very quickly. it is important to remember reagan and his counterparts had several meetings before we got the measure of that strategic relationship is going. this is some ways a very important he relationship of continuing of new interaction of this president with russia's leader. >> he is the most imposing force around the world? i know everything we have going on with north korea right now, and kim jong-un, but in so many ways he seems beyond reason, reclusive, not somebody you meet with, try to strategize. maybe this is perhaps the most important face-to-face meeting he will do for some time? >> very, very important. i think leader of china competes somewhat in terms of the level of national interests we have stake and global interests we have at stake. clearly one that dominates the
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news. this is an important tone-setter. melissa: yeah. david: we want to bring in peter brookes, heritage foundation, senior fellow for national security affairs and retired naval commander. peter, there is the issue of ukraine. interesting, ukraine has been he actually doing pretty well economically over the past year. it went through a very tough time a couple years ago, particularly right after the invasion of the crimea by the russians during which of course the obama administration did essentially nothing. is that too sensitive a subject to bring up on this first faceface meeting with putin. >> no, i don't think so. obviously i think the president should be straightforward and bring up issues. you can't expect to resolve issues in one meeting, considering translation and everything else, it will be about half as long as it is scheduled for. so i think it is okay to bring this up. this is certainly something that is irritant in the relationship. the president ought to tell him, president putin what he thinks about it. then of course later on other
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senior officials will try to deal with these issues, if there is any possibility of progress. david: now the president can be more frank than most presidents have been in these kind of encounters. melissa: that's true. david: i wonder will he be frank about their real intentions in the ukraine? they have not intentions back out of the crimea. if anything, there is suggestion and real hard evidence that they're helping out a rebel force that supplied by russian hardware and even may have russians working within it? >> absolutely. i don't expect the russians will give up crimea which we don't buy into. they have their justification. i don't think they will be leaving there. it will be difficult for putin from public opinion standpoint to back out of crime crime. rest of ukraine, eastern ukraine is negotiation. i think putting pressure on government in kiev, make it collapse. that kiev doesn't move west
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towards europe or economically or -- david: peter, excuse me for interrupting. i want to alert our viewers that, did what we're saying that 747 arrived. i assume vehicles had something to do with it. 747 is loaded up with the hardware that the president uses to tool around while in europe. of course these vehicles are super secure against any kind of potential attacks. the president, our president is going to be meeting i understand by the foreign minister of poland and by the u.s. ambassador. i don't believe the president is going to be there. explain the significance of going to poland, peter. we heard peter talking a little bit about it. i kind of like the idea really focusing on an area of europe, if anything has been denigrated -- let me stop myself in my tracks, there is of course the president and first lady, melania trump.
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they look pretty chipper considering the long trip. melissa: it is quite a journey. at top of the stairs, coming down, getting ready for first leg of the tour where we see some things happen. this is the first stop in poland. then they go to the g20 meeting. they have a face-to-face, president does with vladmir putin at end of the week. the last trip you remember when they went abroad, when in the middle east heralded largely, even begrudgingly by some as a success. so we'll see how this one goes. david: interestingly, despite all of the rumors at the time president is there by mainstream media, that he was being poorly received, we saw snickering by leaders when he mentioned they should add up more money, pony up more money to nato, the president of france actually invited him to come to france for bastille day which i think is the 14th of july and he accepted. and he will be going apparently to france after this meeting. so for all -- peter you can chime in here too.
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for all the way in which these trips are interpreted by the mainstream media, very often stuff is going on far deeper than what we see in superficial presentation. >> absolutely. these are leaders of major leaders. take opportunity to take measure of the other. talk about important issues. a lot of things are said outside of the view of the media. you know, this is critical. the, relationships between senior leaders, presidents prime ministers, is critically important. we've seen that throughout history. despite interests, countries can come around on important issues, if there is some sort of a relationship, a positive relationship between the senior leaders. david: peter, we should really emphasize the accomplishments of that last trip the president took abroad. first of all starting in saudi arabia. putting together really workable coalition of arab partners against terrorism, likes of which i have never seen before. and then going on and making his point about nato, not just money
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in nato, how he had to retool nato to be something more than just an anti-soviet force, which is outmoded, outmoded way of looking at it? >> anti-soviet is certainly outmoded. you have to worry about russia these days. david: sure, focusing nato's resources on terror is what i meant. >> terror is important. there are a lot of challenges. nato and your european partners face that challenge and any alliance has to be upgraded. think about asia and north korea. we have to deal with an icbm threat that has gone beyond the regional threat. our allies have to be helpful to us, south korean, japanese allies have to be helpful to us that way. yeah, alliances have to be continually renewed and assured and the fact that the president is overseas again shows he is is engaged on foreign policy issues. melissa: so much is made in the past, body language of world leaders meeting.
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is that nonsense or is that meaningful? >> sometimes it has meaning and sometimes people try to add more to the story than probably necessary. i think you have to see, melissa, effects of these meetings, what comes out of these meetings. what happens, week, two weeks, three months, six months from now, based on these meetings. so you know the president has, mainstream media has been tough on his foreign policy. i'm very satisfied with his foreign policy i found it to be mainstream, very effective. i find it going after issues that are important, north korea, iran, china, russia, isis. so i think president hasn't got enhis due in terms of his engagement and success is. a lot is due to his staff on foreign policy issues. melissa: to your point, there was that snickering when he was together at the paris accord, talking about nato and the fact that nato members had to make bigger contributions. there was the mainstream media put up pictures what everyone else was doing at the time, how rude it was for him to bring this up.
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lo and behold the other nations stepped up and did what he said during the campaign. >> right. melissa: that he was going to demand everyone said he would never get. boom, there it is. you don't hear about it. >> you're right, melissa. many of them have decided since the president put an emphasis on this. i agree with him. you know what? so did president barack obama. this was agreed to under the obama administration at nato summit, they would spend 2% of gdp on defense spending. secretary bob gates was very strong about the issue. he was secretary of defense under two different presidents this is something longstanding, president was right to do this. the united states has to have partners that are willing to help defend themselves. i think he should be, i see no reason for him to apologize about asking them to do what they have already committed to do in a treaty. david: peter brookes, thank you very much for being here. appreciate it. >> thanks for having me.
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melissa: u.n. security council just wrapping up emergency meeting after north korea successful launched an intercontinental ballistic missile capable of hitting the u.s. fox news's rick leventhal live from u.n. headquarters in new york city with the latest. ric? >> that special session wrapped up with strong condemnation of every member of security council, blasting north korea blasting the icbm missile and direct violation of various u.n. security council resolutions. one of harshest critics first to speak, the u.n. secretary-general. >> the secretary-general strongly condemns the launch of a ballistic missile of intercontinental range conducted by the dprk. this action is yet another brazen violation of the relevant security council resolutions and constitutes a dangerous escalation of the situation.
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reporter: the u.s. ambassador to the u.n., nikki haley, who called for this open session, said that time is short, action is required, and world is on notice. she also said the u.s. will not accept another watered down resolution. >> yesterday's actions by north korea made the world a more dangerous place. there their illegal missile launch was not only dangerous but reckless and irresponsible. it shows north korea does not want to be part of a peaceful world. they have cast a dark shadow of conflict on all nations that strife for peace. -- stretch for peace. reporter: ambassador haley said u.n. will craft another resolution in next couple days to put pressure for any country to stop doing business with the rogue regime. they singled out china which accounts for 90% of imports. china called that missile is unacceptable.
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but said that all sides should exercise restraint. says that the issue should be resolved through dialogue and consultation. we also heard from the russian ambassador who said called upon north korea to declare moratorium on missile tests. cause for u.s. and south korea to suspend all military action in that region. appears unlikely, a key ally of north korea, would sign off on any resolution that the u.s. might craft in the next few days, since russia has veto power on the security council. melissa, we'll keep very close eye what happens next. melissa: wow a lot of news coming out of there, rick, thank you. david: clearly, we can still put up a picture of president going through streets of warsaw where he will spend the night. i believe at the u.s. residence. the fact that russia would dare to point a finger at the united states and our activities in south korea when north korea is experimenting with ballistic missiles and nukes. it is extraordinary.
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undoubtly president trump will bring that up with putin when he meets him. melissa: hard to keep track of who is on one side and shows you this passive policy we've seen past four to eight years brought so many crises to a head in so many different places. david: irony this president in particular was said to be naive about foreign policy. he seems to get more done in six months he has been president i dare say a lot of what was done in the full eight years of the obama administration at least in terms of what is happening with regard to north korea. meanwhile hitting back at the white house. the new promise from dozen of sanctuary cities. ♪
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♪ we hold these truths to be self-evident, that all men are created equal, that they are endowed by their creator with certain unalienable rights, that among these are life,
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liberty, and the pursuit of happiness. ♪ melissa: fighting back against president trump's immigration policies. 21 mostly sanctuary cities together to promise to make
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million immigrants u.s. citizens this year. as part of naturalized now campaign. here is noelle nikpour, gop fund-raiser, and robin biro former obama regional campaign director. thanks for being with us. noelle, what do you think about this? >> i question the legality of it. look who is promoting this. you have to realize, i'm not really sure this is going to go over so well. part of the reason that donald trump got elected was because of immigration and his stance on it. the people had had enough of it. and now, if you got an organization, who is funding it? how is it going to be funded? if associated associated with sy cities and federally fund, that is cut off, where is the funding coming from? i think very unpopular deal. i question the legality of it in the first place. melissa: yeah.
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robin, at same time, once it is done, hard to undue. if you make a citizen comes back and say they aren't legal, looks heartless to rip it away? >> i couldn't agree with you more. as far as legal, they have to be associated with a u.s. national. they either have to have residency for years, or lawful employment. so practically, for that case, i make the argument that they have already brought in half a million, million target. these people have been here for years. they have lawful jobs. let them now contribute to our tax base. i am all for having these people becoming lawful citizens like melania trump herself did. have them contribute to our -- melissa: relationship with a citizen, what does that mean? >> married engaged, something like that to naturalized u.s. citizen. got to meet those three tests. as far as legality bows, like we already have, why put taxpayer
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burden on first to deport these people donald trump said. then pay for them to go through the process of coming back? they're already here. if they meet these three requirements. these 21 states, atlanta is sanctuary city, i'm hailing to you from that. if they meet these tests go ahead and have them become citizens. if they meet those tests have them contribute to the tax base. melissa: reinventing the democratic party. linkedin founder, reed hoffman and zynga cofounder mark pincus are teaming up a new effort, win the future. wtf, is what they're calling it. to rethink the democratic party where users can vote on policy issues and help select a political denned today. noelle, what what is interesting about this, democrats are party of super well think. here are two billionaires working very hard to remake the democratic party. i mean, all about the super-rich
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and, maybe it serves kind of out of touch. what do you think? >> the funny thing about this is, melissa, i'm sure that the dnc is thinking wtf on the whole movement because you have got to look at this. if the democratic party was so successful getting their message out and winning elections which they lost five special elections, they wouldn't have a need for this wtf to emerge and get a message out that might resonate with voters. look, dnc, democratic party has mastered the art of losing elections. so you know, hence, we have wtf coming from two billionaires. even though they have always said down with the rich, it is taken these two billionaires to try to get a message, who knows, maybe this will resonate. melissa: robin, they want people to get on twitter to talk about politics. they say imagine voting for a politician that you really like, and then al looks lawson, executive director of social security work says, i'm not sure that creators of the
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lamest and most annoying social media experiences are the exact two people who should be rewiring the philosophical core of the democratic party like they want. hmmm. >> you know. i got to agree with you. alex lawson is friend of mine. i agree with what he said there. melissa: okay. >> i want to say these gentlemen, these are billionaires. so they put up half a million dollars of their own money. they put their money where their mouth is. if they think they have got what it takes to get new blood in, blood not career politicians in it for the right reasons, by all means. look at donald trump's cabinet. it full of billionaires. he has more, four billionaire right now who have more combined wealth than, 50 times the combined wealth of george w. bush's cabinet. so you know -- melissa: by those standards you can imagine what hillary clinton's would have been. she really has all the billionaires in her back pocket. thanks guys. >> you have a point. david: being a billionaire, you want successful people.
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melissa: they're all democrats. david: kathy griffin. it ain't over for her. reporter interviewed over an hour bit secret service. this following her gory poke at president trump last month, posing with a severed head of the commander-in-chief. she apologized. that is not good enough if you break the law. she is still under federal investigation for her actions. melissa: i'm sure she will find a way to be a victim about that. i am mir rats and turkish airways are from the laptop band for flights into the u.s. after both airlines implemented security measures on board their flights that satisfy american security concerns. the ban was put into effect by the trump administration back in march. both companies claim the measure was having an effect on business. david: sure did. without a plan, states all over the country are failing to get their fiscal house in order. what that means for you and your tax dollars. plus, if you have been betting on a tax cut, you might
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want to lower your expectations. how reforming the tax code may come at a cost for some of the wealthiest americans. next art laffer, former economic advisor for president reagan sounding off. whoooo.
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melissa: this is huge story. the nation's longest running state budget crisis since is the great depression will continue at least one more day. jeff flock with the latest from chicago. oh, jeff. reporter: as state of illinois building here, melissa. by this time we could indeed have the first budget going on three years. some debate whether there is a good idea or bad idea. governor thinks it is a bad idea.
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he thinks it is a bad budget. he had warning for republican legislators planning to override his veto. take a listen. >> i will veto tax hike. i will always veto tax hike without fundamental reform. tax hikes are not the answer. i'm calling on members of the general assembly, do not override my veto. do not vote to override my veto. reporter: that is about as strong as you can put it. sort of between the lines there, was, or i will run a primary opponent against you in the republican primary. you will be out of a job. that is what he didn't say. but maybe he did say. you now here is how it broke down when the house, they will vote by the way tomorrow, to potentially override. here is how it broke down when they passed the bill. this is the tax-and-spending bill. democrats 57 yeses.
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republicans 15 yeses, breaking with the governor to get to 72. they need 71 to override. perhaps democrat madigan has a couple democrats he could flip if a couple republicans fall off. if the republicans stick together, they block the override and illinois stays without a budget. that means probably the junk bond thing happens. you get downgraded. but the governor says, that is better than passing a a budget that has a huge tax increase without reform. melissa: yeah. >> we'll see tomorrow. melissa: painful or really, really painful? these are the choices. >> really painful. melissa: it is crazy. jeff flock, thank you. david: bring in former reagan economic policy advisory board member, art laffer. art, what kills me, the republican governor of the state of illinois is proposing to raise taxes. he wants to raise both individual income taxes and corporate income taxes as though that will solve the problem.
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the reason why businesses and individuals are voting with their feet and leaving illinois and going to texas or going to florida is because those latter states don't have income tax and illinois has a great bigger income tax. >> i thought bruce rauner said don't vote for the tax increase. when you look at it, illinois is in catastrophic shape. bruce rauner should get a veto of that tax increase. he should. david: art, he wants to raise the state income tax from 3.75%, to 4.59%. wants to raise corporate from 4.75, to 9.5. this is rauner proposing -- he doesn't want to raise as as democrats but wants to raise. republicans doing it just as much as democrats. >> it is great. if taxing an economy makes it turn into prosperous. when you look at states, three categories of state, david, dumb, dumber and dumbest. dumb is california which is starting the process.
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dumber is illinois and connecticut which are right in the midst of a total collapse. of course dumbest of all is michigan. they have already died and they're sitting there. west virginia, kentucky, those states are just the worst. they leave wide open paths for us in tennessee. we're the best ever. david: not only you in tennessee. you and i were at dinner for governor of florida. he loves it. they're getting 300,000 new entries into florida every year. >> rick scott is best ever. i told him, he is the best governor in the united states but we have the best state in the united states here in tennessee. david: texas isn't bad. >> that got under his skin a little bit, didn't it? david: indeed. texas is another one of zero income tax states. i want to turn to something else that has me ripping my hair out. federal tax reform questions, concerning one source story in axios news, that alleges that white house strategist steve bannon wants to raise taxes on americans making $418,000 or more.
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sean spicer says the report is not accurate. but, art laffer, just suggestion that somebody wants to raise taxes in the trump administration before we've got taxes kills me. >> it is wrong thing to do right now. but i'll tell you, president proposed dropping highest corporate rate from 35% to 15% which is the engine we need for economic growth. i wish they take that alone, put it right through with no pay fors or anything. that alone would create enormous jolt to the system and get it growing. but, i hope bannon didn't do that. david: let's hope not. the point we need growth. >> yes. david: if the president is, even if bannon is just thinking about the next presidential election, he should know that presidents that don't have growth usually don't get reelected, right? the only way to get growth is by tax cuts, not tax increase. >> you know you can lecture at them and lecture at them and lecture at them but you hope they some day get it. but it changes people.
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as soon as you educate one of them, they go out of the political process, new one comes in. requires education all over again. when you raise taxes on rich, you do not get more money. can you repeat that after me, david? when you raise taxes by 1% you get less revenue and get a bad economy. the one thing that provides revenues to an economy is economic growth. any tax cut that creates economic growth will more than pay for itself in total revenues all the way down through state and local. right now -- david: there is question, it is rhetorical question, where do you think the money would do the most good? bureaucrats working inside the swamp of the beltway or in the hands of the private sector who will put that money to work creating new businesses? >> don't you love him, melissa. melissa: it's a leading question. >> i know but i love it. i don't want -- what is it, the swamp strikes back is what we're
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getting today? isn't that the new "star wars" one? david: do you know, i know you know a lot of folks in the trump administration. do you know bannon? i met him couple times. i can't believe he is doing this because he is a real believer that raising taxes will help the economy. >> no, i can't, i don't think he would do that. david: i don't think so either. >> if he does that, perfectly fair game. allowed to say his own mind. hope trump doesn't listen if that is what he is saying. david: president trump has treasury secretary and assistants, gary cohn, whole lot of them who believe in the power of tax cuts. >> they are great by the way too. i spent a little bit of time, and they are wonderful people. they really are. i don't want you to lose faith, david. we are going to get a tax cut this year if they stay -- david: from your mouth to god's ears. let's hope. >> keep it simple. like james carville we'll get it through, then the clouds will open, the sun will shine forth,
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the fields are breen and trees will blossom and bear fruit. david: truest believer in supply side economics. good to see you. melissa: you know bannon is populist. bannon is populist. bannon is a populist. he is sticking it to the democrats because richest people in this country are democrats. totally switched places. working people are republicans. we'll tax 1% more because you all voted for hillary. david: this woman has been right nine times out of 10 with strategies. melissa: we'll move on. cracking down on wayward millenials in one u.s. city. in order to get your diploma you have to present your plans for the future.
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>> so a new requirement for graduates, chicago won't allow high school students to graduate without a plan for the future. i like that. >> to receive a diploma from a public school in the windy
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city, students have to show they secured job or apprenticeship, been accepted to college, a gap year program or military. the rule take effect in 2020. i had a fight with somebody like this. you can't force people what they don't want to do. "risk & reward" starts right now. liz: president trump heads overseas to g20 meeting in europe. he just touched down moments ago. he will meet with russia's putin as north korea tests a brand-new missile. the u.s. has not seen before, could hit the u.s. north korea's defiant dictator calls it a, quote, 4th of july gift to american bastards as the gop health care reform hangs in the balance. the markets closing mixed with the dow ending a point lower. while the nasdaq and s&p closing higher as tech stocks snappe

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