Skip to main content

tv   After the Bell  FOX Business  August 16, 2017 4:00pm-5:00pm EDT

4:00 pm
opportunity to buy more. because i think the business environment nationwide is better than in a while. liz: nothing like a good american business to invest in. mike murphy. dow tacks on 22, off the highs of the session. melissa and david. here it is "after the bell." big earnings coming up. melissa: stocks on a roll. the dow closing higher four straight days despite the news from trump tower. nasdaq also ending in the green. hello, i'm melissa francis. david: i'm david asman, glad you could join us. here are the big market movers and what else we're covering for you in a very busy hour. stocks taking a hit early on breaking news from president trump announcing he was disbanding both of his business councils amid more ceo defects. will all of this have any effect on getting tax reform and keeping business on the side of the president's agenda? meanwhile the white house going on the offense in the aftermath of the president's heated press conference yesterday. what they are saying now.
4:01 pm
and the attorney general slamming sanctuary cities this afternoon, just wrapping a big speech in miami. >> these policies do far broader damage to the country than many understand. at its root, at its root, it is a rejection of our immigration laws and a declaration of open borders. david: among our guests this hour, lawyer for the president, jay sekulow, former arkansas governor mike huckabee, americans for tax reform president grover norquist and former cia officer mike baker. melissa: but before we get to our top story let's get a quick check where markets are ending the day. nicole petallides on the floor of the new york stock exchange. nicole, we heard from the fed today. >> we sure did. we got those fed minutes and they certainly seemed to be split whether or not we're going to get a rate increase later this year in december. i had earlier it was 50% likelihood. it may have dropped to 47% likelihood. so that was a big topic overall.
4:02 pm
the markets, you can see what happened during the day, we were up over 85 points and started to wind down after trump said he would suspend two of his councils of manufacturing as well as other strategic. that put a little pressure on the markets. we still finished in the green no doubt and we're watching for some names after the bell. some retailers really were shining today. urban outfitters up 17 1/2%, and target up 3%. both came out with numbers, target story saw more store traffic and same-store sales on the rise and boosted the outlook going forward with hope for back to school. that was a real winner, two shining stars in the retail sector. we'll watch for viacom here tomorrow. let's see if it moves once again, today came under pressure, production of the next mission impossible film will go on hiatus after tom cruise's injury according to the studio. so they are on schedule to main
4:03 pm
their release, july 2018 release, but came under pressure today. we held on to gains. s to it back to you, dave and melissa. we were 50 points away from a record close. lost some of that. still finished the green fourth day in a row. back to you guys. melissa: we'll take it, nicole. thank you. the business president shutting down two of his ceo councils following a wave of defects from the manufacturing council and multiple reports that separate council top business leaders would disband. president trump pulling the plug, quote, rather than putting pressure on business people in the manufacturing council and strategy and policy forum i am ending both. thank you to you all. jamie dimon ceo of jpmorgan chase. member the president trump's strategy and policy forum. he was at least, sending a memo to employees saying quote, i strongly disagree with president trump's reaction to the events that took place in charlottesville over the past several days. racism, intolerance, violence
4:04 pm
are always wrong. let's bring in today's panel. kevin kelly from recon capital, and dan mitchell from the cato institute. kevin, i start with you. normally a big fan of jamie dimon. he saying he disagrees with the president saying that racism is wrong. did the president say racism is right? >> no he didn't, a shame to see a lot of identity politics going into corporate america right now and everything is becoming heavily politicized because we need the business leaders of this country to coalesce to push ahead of the president's agenda. if you look at jamie dimon he is pushing tax reform as head of the business roundtable that will benefit medium to small business. we need that. the tax code is convoluted and complex with over 75,000 pages and s&p 500 names don't have detriment. their net effective tax rate is 25%. they have overseas profits. so the problem is is that small business owners as well as consumers need relief and we need the business leaders there
4:05 pm
to help push this president's agenda through. melissa: dan, he said violence is always wrong, jamie dimon said that. i don't remember saying that the president was saying violence is right? >> trump probably could have said things in a much better way to avoid a media pack looking to portray whatever he said negatively. maybe for all we know trump doesn't have the right views, i have no idea, but the dark cloud of charlottesville, the silver lining of that dark cloud is, we're getting rid of a couple cronyist councils. i don't want business leaders in washington. i want them out in the private sector focusing solely on doing things that please consumers. i want there to be separation of business and government. melissa: okay. but these are ceos sort of expressing a point of view about their feelings, i don't know they should be doing what is right for shareholders all the time. isn't that their fiduciary duty, kevin? >> yeah. i think what they're taking a look at, they have a lot of
4:06 pm
stakeholders, whether communities, their suppliers it is a lot of stakeholders not only just shareholders that they're adhering to. once you have one who comes out and rebukes the president, a lot of them are starting to feel the other pressure especially when it comes from the media. so the issue we're having here, it is starting identity politics is creeping into corporate america right now. david: despite all this the dow hitting session lows following the announcement but still managing to end in the green for the fourth straight day. still. how will the fallout from charlottesville impact the trump agenda going forward? dan, has the president lost political capital to push tax reform? i know, i was fascinated what you said about cronyism and these big businesses. i think you're right on a lot of that, but still he needs lobbying power of some of those businesses to get things through, doesn't he? >> trump has one job, and one
4:07 pm
job only sign whatever bill house and senate send him. they can't agree on anything. in ideal room trump would have political capital to knock their heads together, to get a some sort of agreement much-needed tax relief especially lower tax rate for american competitiveness. it hurts for trump to be politically toxic. on other hand, all he has to do is sign the bill. it is really up to congress to get this done. david: kevin, that is not quite all he has to do. we saw what ronald reagan did pushing tax reform in the 1980s. he spoke directly to the american people. he used the presidency as bully pulpit and because people sent notes and phone calls, a lot of them to their congressmen. that is how the tax bill got passed. i don't know if the president has the political power at the moment to do that? >> no, he doesn't have that. he doesn't even understand he
4:08 pm
needs to exercise the bully pulpit. one of the reasons you can see that, he didn't do that with health care. that is why john mccain was able to vote it down in the depths of night, because president trump wasn't there taking his case to the american people. we saw that. president barack obama did it repeatedly over and over and over again. so he needs to do that and learn from it, especially on infrastructure, and tax reform. melissa: yeah. all right, taking another shot at amazon, president trump tweeting quote, amazon is doing great damage to tax-paying retailers, towns, cities, states throughout the u.s. are being hurt. many jobs being lost. dan, i don't know i'm not with him on this one. i love my amazon. >> trump is sort of standing in the way of progress here. maybe it has to do with amazon and bezos whether they're on the same side politically. melissa: i think so. >> the real story there is legislation in congress called the marketplace fairness act let state governments have the power to tax outside of their borders.
4:09 pm
the argument, amazon has an advantage of the only reason amazon has an advantage because some states have special tax exemptions for exports. that is where the loophole is. it is not the fact that the state of virginia where i live can't reach beyond its borders. this is issue of controlling the power of governments not to do things outside of their borders. >> interesting. kevin, what is your take? >> my take is that if we time travel back to the early '90s we would see that it would cost us $3 million to own an iphone. amazon is a place where you can buy $3 million worth of products actually for very cheap. look at echo, look at convenience. quality of life of american consumer has been elevated because of innovation led by the likes of amazon, microsoft, google. for him to attack these companies and try to tax them and try to regulate them, the american consumer and citizen is only one who will hurt from it. melissa: thank you. kevin, dans we have breaking news right now.
4:10 pm
cisco reporting fourth quarter results. let's go back to nicole. she has got the numbers. >> taking a look at cisco systems after the bell it is trading slightly downside. earnings per share in line at 61 cents versus the estimates. look at the revenue, the estimate there was 12.06 billion. the stock is trading to the downside right now. we are getting comments from the ceo, chuck robbins, the ceo saying they had a strong quarter. it was transr transformative year and they made tremendous progress in two years. transferring our business to more software and recurring revenue. the revenue came in at 12.1 billion. that was more than the 12.06 billion than had been anticipated. they also gave an outlook on restructuring plan. that wit be substantially completed by fiscal 2018 in the first quarter. back to you guys. melissa: nicole, thank you. david: quick check on oil, dropping more than 1 1/2% to
4:11 pm
46.78 a barrel. crude driven lower by a government report showing u.s. out put is now at a two-year high. gold reversing course after spending two days in the red, closing up a quarter of a percent to 1290 an ounce. it is up after hours much higher $8. good day for gold. melissa: are republicans still confident they can get it done this year? what house ways and means committee chair kevin brady is telling fox business right now. grover norquist, for americans for tax reform will weigh in as well. david: new details surfacing from a report claiming that the obama administration was warned years ago about russia's attempt to disrupt elections and they did nothing about it. we'll be speaking with former cia officer mike baker and attorney general jeff sessions. melissa: just wrapping up, a speech in miami, slamming sanctuary cities. the head of american center for law and justice, and president
4:12 pm
trump's attorney, jay sekulow, is next. >> we can not continue giving taxpayer money to cities that actively undermine the safety and efficacy of federal law enforcement, and actively frustrate efforts to reduce crime in their own cities. ♪ my a1c wasn't were it needed to be. so i liked when my doctor told me that i may reach my blood sugar and a1c goals by activating what's within me with once-weekly trulicity. trulicity is not insulin. it helps activate my body to do what it's suppose to do, release its own insulin. i take it once a week, and it works 24/7. it comes in an easy-to-use pen and i may even lose a little weight. trulicity is a once-weekly injectable prescription medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise.
4:13 pm
trulicity is not insulin. it should not be the first medicine to treat diabetes, or for people with type 1 diabetes or diabetic ketoacidosis. do not take trulicity if you or a family member has had medullary thyroid cancer, if you've had multiple endocrine neoplasia syndrome type 2, or if you are allergic to trulicity. stop trulicity and call your doctor right away if you have a lump or swelling in your neck, severe pain in your stomach, or symptoms such as itching, rash, or trouble breathing. serious side effects may include pancreatitis, which can be fatal. taking trulicity with a sulfonylurea or insulin, increases your risk for low blood sugar. common side effects include nausea, diarrhea, vomiting, decreased appetite and indigestion. some side effects can lead to dehydration, which may make existing kidney problems worse. once-weekly trulicity may help me reach my blood sugar goals. with trulicity, i click to activate what's within me. if you want help improving your a1c and blood sugar,
4:14 pm
activate your within. ask your doctor about once-weekly trulicity. the toothpaste that helps prevent bleeding gums. if you spit blood when you brush or floss you may have gum problems and could be on the journey to much worse. help stop the journey of gum disease. try parodontax toothpaste. ♪ the dinosaurs' extinction... got you outnumbered. don't listen to them. not appropriate. now i'm mashing these potatoes with my stick of butter... why don't you sit over here. find your awesome with the xfinity stream app. included with xfinity tv. more to stream to every screen.
4:15 pm
won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. with liberty mutual new car replacement™, you won't have to worry about replacing your car because you'll get the full value back including depreciation. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™. liberty mutual insurance. david: attorney general jeff sessions speaking out against sanctuary cities announcing that miami-dade is in compliance with federal immigration laws and is elgible to receive federal grant dollars. he had harsh words for city of chicago, particularly mayor rahm emanuel, who says he is putting his city at risk losing federal
4:16 pm
funding and increasing crime. >> for the sake of leaders chicago leaders need to recommit to policies that punish criminals instead of protecting them of the department of justice will not concede a single block or single street corner in this united states, to lawlessness, drugs an crime. melissa: so here now to react is jay sekulow. he is american center for law and justice chief counsel and president trump's attorney as well. he went on to make the comparison, talking about 4th of july weekend saying that the city of chicago had 100 shootings and 15 homicides. it is of course a sanctuary city. miami-dade, also had a record number, historic number which was zero. is that a fair comparison? they're very different cities? >> well they're different cities, look, what the attorney general is talking about a problem that really exists and that is, you're looking at cities almost become war zones. chicago unfortunately, i lived in chicago for a number of years
4:17 pm
growing up. what it has become is very, very difficult for the citizenry. what the attorney general said today which makes absolute sense that they're going to apply the federal law. for cities not complying with federal law, including sanctuary cities, they will not be eligible for funding. that is not a hard constitutional issue. it's a condition on funding. the supreme court recognized that time and time again as valid function of government. melissa: so people arguing against this move say what you're doing is really making it hard on police officers in that city because they're being denied the fund. they don't have any control over what their mayor decides or what their mayor's politics are, but by with holding fund as a result of what their mayor is doing you're hurting the police force and very people out there trying to protect citizens. how do you respond to that? >> it is the mayor that would be hurting the police department because all the mayor would have to do is come in compliance with federal law. if he comes into compliance with federal law, what happens? then the fund are released. these are federal funds.
4:18 pm
state funds and city fund are available subject to the city's own conditioning. but the idea the federal government has to acquiesce violation of a law by a city is ridiculous in my view and legally indefensible. so while i completely support the police and the efforts of the police, especially in any city, but especially those in subject to the situations like chicago, i think, you have got to utilize, the federal government has the right to utilize its authority to make sure cities are in compliance with federal law. that is all that general sessions is saying here. i know it's a big issue. but rather legally unremarkable. i don't mean to trivialize it. the police are being penalized, they're penalized base their own local government officials are violating federal law. melissa: moving on to another big topic, the fbi is opening your freedom of information request into the tarmac meeting between former attorney general loretta lynch and former
4:19 pm
president bill clinton. what can you tell us about this? >> it's a big development because the fbi told us they had no documents relative to the inquiry, meeting between attorney general lynch and president clinton. we sent to the same request to the department of justice of the they did not respond. we went to federal system and got a court order. we saw exchanges during, guess what who the department of justice and fbi. the fbi said they had no documents. we are going back into federal court to get additional documents but the fbi realizing they have created a quite a difficult situation for themselves, reopened the investigation, the foia inquiry for more information on the loretta lynch, bill clinton meeting. by the way we learned today as we're going through all the documents, voluminous, in fact there was, it wasn't just intergovernmental. doj to fbi but even "the washington post" to the fbi about this very issue with former attorney general lynch and former president clinton.
4:20 pm
so the reality is, the fbi is now going to have to come mean on this i suspect it is not something they wanted to have to do. obviously they denied the request from the beginning. now they're compelled to. melissa: as a layperson, explain what you're looking for. my perception, maybe he got on the plane, maybe they had a conversation where they shouldn't have, said whatever on the upcoming case. why would there be a document, would reveal, be a smoking gun about the conversation? seems like a conversation between two people? >> sure. the whatever is exactly that we have for instance, documentation that shows a lengthy email, what is called talking point for what they wanted to explain that took place. remember loretta lynch ended up giving one or two sentence statement we talked about golf and grandkids. yet there is a three-page email that is the final talking points that the justice department wanted to get out. now they were redacted those. in other words, they have blocked them out. we know the email exists because
4:21 pm
they gave us that we're going back into the federal court. that chronology exactly what happened on that aircraft. granted it was two people's conversation. one of the people happened to be the current attorney general of the united states. the other happened to be the former president of the united states whose wife was being interrogated or questioned by the fbi that very weekend. so i think the american people have the right to know. so far the courts have agreed with us. melissa: very interesting, jay sekulow thank you. >> thanks, sure. >> he has his hand filled. melissa: doesn't he? david: helping those who serve. this hour president trump is signing the forever g.i. bill into law. details from trump tower coming next. plus the aftermath of charlottesville is lingering across the nation. the growing debate to tear down confederate statues. some are even targeting our own founding fathers. coming up, former arkansas governor mike huckabee here to respond. >> i wonder, is it george washington next week? is it thomas jefferson the week
4:22 pm
after? you really do have to ask yourself where does it stop? ♪ you two had been through everything together. two boyfriends, three jobs... you're like nothing can replace brad. then liberty mutual calls... and you break into your happy dance. if you sign up for better car replacement™, we'll pay for a car that's a model year newer with 15,000 fewer miles than your old one. liberty stands with you™. liberty mutual insurance. potsc(in unison) drive russ, leland, gary: yes. gary: i have a ford f-150. michael: i've always been a ford guy. potsch: then i have a real treat for you today. michael: awesome. potsch: i'm going to show you a next generation pickup. michael: let's do this. potsch: this new truck now has a cornerstep built right into the bumper.
4:23 pm
gary: super cool. potsch: the bed is made of high-strength steel, which is less susceptible to punctures than aluminum. jim: aluminum is great for a lot of things, but maybe not the bed of a truck. potsch: and best of all, this new truck is actually- gary: (all laughing) oh my... potsch: the current chevy silverado. gary: i'm speechless. gary: this puts my ford truck to shame. james: i'll tell you, i might be a chevy guy now. (laughing) they call him the whisperer. the whisperer? why do they call him the whisperer? he talks to planes. he talks to planes. watch this. hey watson, what's avionics telling you? maintenance records and performance data suggest replacing capacitor c4. not bad. what's with the coffee maker? sorry. we are not on speaking terms. what's with the coffee maker? too many children in this neighborhood do not graduate from high school. the kids after school, they are alone and they have nowhere to go and we tried to solve that problem by having this wonderful
4:24 pm
place where they can be children. wtef is the washington tennis and education foundation. we help the kids with their academics, and we teach them tennis. we have retired teachers doing the tutoring and they're here every day. wtef is the sole beneficiary of the citi open® tournament. since citi® has become the sponsor of this tournament, citi® has helped us raise more funds. that means we are able to serve more children. i'm so proud of the fact that 100% of the students in wtef graduate from high school. these kids are keeping the ball inside the lines. inside the lines.
4:25 pm
melissa: helping our nation's heroes. this hour president trump signing a, the forever gi bill in bedminster, new jersey, as critics continue to slam his response to charlottesville. blake burman latest at the trump tower. blake. reporter: critics, fallout, really this day, melissa, centering on ceos, many who surrounded president trump back at white house for several high-profile meetings now said they will no longer be a part of this group, two of them, that will advise the president on important economic issues. one of then, a manufacturing council. another one, strategy and policy forum made up of some of the biggest names in all of business. many ceo's came out today, saying they are withdrawing their name from the manufacturing council. there were reports being
4:26 pm
circulated that the strategy and policy forum would be disbanded. all of that unfolding that the president sent out a tweet, essentially suggesting on this day he was providing them cover by saying he made the decision to pull both groups, even though the president had also said in recent days he could potentially fill their slots. nonetheless, both of these groups, these councils that had been advising the president, now done, wrapped up officially. of course all of this is response to the president's response to charlottesville. no doubt about it though, the white house is standing behind the president on this day. for example, the vice president, mike pence, who was in chile made these remarks earlier today. >> what happened in charlottesville was a tragedy. and the president has been clear on this tragedy and so have i. i spoke at length about this heart-breaking situation on sunday night in colombia, and i stand with the president and i
4:27 pm
stand by those words. reporter: at this hour the president is back at his club in new jersey. he left trump tower a little while ago. he is expected, soon to sign a law that would expand veterans benefits. as you know issues surrounding veterans not only was a major campaign promise but has been a couple of the campaign promises that the president has fulfilled in the opening months of his presidency. and for those of you who like to follow sort of the inside baseball on the administrative stuff and all the intrigue over at 1600 pennsylvania avenue, announcement was made on the white house this day as it involves hope hicks, who is now the interim communications director. miss hicks has long been by the president's side. she was with him since day one of his campaign. she was a medical per of the trump organization. now she takes more elevated, at least temporary role. when you follow the minutia of all this, one way or another, she was in the communications apparatus to begin with. now just elevated to a higher
4:28 pm
level. melissa, back to you. melissa: very interesting, blake, thank you. david: here is former arkansas governor mike huckabee, former republican presidential candidate and fox news contributor. governor, let us talk specifically about what the president said and how people are responding because there is a lot of revisionism going on in a very short period of time, just a matter of 24 hours exactly what the president said. melissa talked about it earlier with regard to jamie dimon's statement. here is what terry mcauliffe said yesterday, last night after the president's talk yesterday. he said neo-nazis, klansmen and white supremacists came to charlottesville heavily armed, spewing hatred looking for a fight. this was not both sides. but then you have charlottesville police chief al thomas, who was in a position to know saying the crowd size became increasingly violent with mutually-engaged combatants. doesn't mutually-engaged
4:29 pm
combatants mean both sides? >> it does, david, to everybody except democrats and people who hate donald trump. the obvious thing is this watch the videotape. where the white supremacists who i despise, and i think are absolutely evil, let me make that clear, were they fighting themselves? if they weren't, who were they fighting? were those other people fighting back? were both sides of this conflict swinging fists and clubs? if they were than what donald trump said is true. now once side standing there passively, that didn't happen. david: there are a couple elements i want to get to. the president said today it is confederate general statues being taken down. tomorrow george washington after all was slaveholder, so was thomas jefferson. does that happen tomorrow? sure enough a pastor in chicago demanding they rename washington park because george washington was a slave owner.
4:30 pm
so it is happening what he said. >> it is happening in even broader way. al sharpton on the charlie rose show said that the jefferson memorial should come down, it is offense to him. public money shouldn't be spent to maintain it. what donald trump said, it is not some hypothetical or rhetorical statement. it is being affirmed by people on the left and again i point to al sharpton, who is one of the heroes of the left. he already said let's get rid of the jefferson memorial, jefferson not only was a slave owner, but he had sexual relationships with slaves and children with slaves. so i mean if we're going to be consistent, then i don't know what monument we have left. i think pretty much all of mount rushmore goes down, quite frankly this, is not easily known, abraham lincoln in his writings said things that were pretty doggone racist. where do we stop? we don't. david: finally most troubling thing donald trump said that
4:31 pm
does seem to be hard to defend. the president said there were fine people, fine people, on both sides of the debate. now i went back and read the news articles of event preceding the march itself and i saw a lot of kkk, i saw a lot of white supremacists. i did see the aclu by the way defending their right to have, they took, they actually defended the kkk as they were going to get permission to have this demonstration but i didn't see many fine people marching with the kkk in that torch rally the night before. who was the president referring to when he said fine people on both sides? >> david, i can't answer that for the president. look, i'm going to be very honest and tell you, i didn't think the president's statement was very heartful. i didn't think it was helpful. i don't think he was well-prepared to go out there to engage the reporters. he did not comport himself well in some of the things that he said which appeared to be
4:32 pm
off-the-cuff. so i don't want to try to defend the indefensible. but i also want to make it very clear that donald trump was explicit, explicit in his absolute denunciation by name of white supremacy, the white supremacists who support it, of the kkk, and these radical right-wing groups that have nothing to do with those of us who are truly conservative republican. i couldn't ask him to be more clear than he was on monday. >> right. by the way the kkk used to be a democratic outfit, and the nazis are national socialists. >> it was. david: they go pretty far away from conservative principles. mike huckabee, good to see you. appreciate it. melissa: everyone is pointing fingers at president trump when it comes to russian meddling in the election but should we be looking more closely at former president obama? mike baker is weighing in on the shocking story coming up. david: when will the
4:33 pm
administration finally tackle tax reform. grover norquist is saying it might might be a lot easier and sooner than you think. >> president reagan would not recognize the tax code or many principles in it. our rates continue to be higher. our competitors gone far past us around the world. it is filled with lobbiest loopholes. it is just a mess.
4:34 pm
don't let dust and allergens get between you and life's beautiful moments. switch to flonase allergy relief. flonase outperforms the #1 non-drowsy allergy pill. when we breathe in allergens, our bodies react by overproducing 6 key inflammatory substances that cause our symptoms. flonase helps block 6. most allergy pills only block one and 6 is greater than 1. with more complete relief you can enjoy every beautiful moment to the fullest. flonase. 6 is greater than 1 changes everything.
4:35 pm
4:36 pm
4:37 pm
melissa: pushing forward on tax reform, lawmakers are still on recess but tax reform is at the top of the agenda for the house. our own adam shapiro sat down with house ways and means committee chairman, and he joins us live from the reagan ranch center in santa barbara with the latest on this one. adam. reporter: and, melissa, we're here because chairman kevin brady from house ways and means in about an hour will deliver a speech which is opening final push, selling point to the american people on why this historic opportunity for historic tax reform is so crucial. there are some different issues. they are being not specific on details yet. but we know the outline. for instance, the chairman and republicans on the hill want to lower corporate tax. now the president and administration are pushing very hard for a 15% corporate tax, as opposed to the 35% that is now in place. and the chairman is again, somewhere between 20, 25%. but here is what he said about
4:38 pm
lowering the corporate tax. >> the clear answer, as low as we can go and not just for corporations, for every business of every size in america. we're working to drive it as low as we can, and, also unlock that business investment that drives so much main street job growth as well. reporter: but the key, melissa, that you will hear in the speech that the chairman gives in about an hour, simplifying the u.s. tax code on behalf of millions of middle-class americans and american families, lowering the overall tax rate for middle-class americans and american families, raising the standard deduction, again. the single would go from 6,000 to 12,000. for a married couple filing jointly would go to $24,000. limit nating loop hose and deductions that people itemize taxes or business or individual, eliminating all of that to help balance the budget so to speak,
4:39 pm
make this revenue neutral. back to you. >> adam, thank you. david: here is grover norquist, americans for tax reform president. well, grover, congressman brady is a fine man, there is no question about it. he knows taxes, he knows how to write tax law but i'm wondering if his message can outshine, if you will the glare of charlottesville? >> well the good news is, that we can walk and chew gum. we have to get the economy going again. we have had almost a decade now of 2% growth. french rates of economic growth rather than reagan and american rates of economic growth. we should be at 4%. when we turn to go to the american people and say, you've been looking at shiny things right? how about focusing on a central issue of getting growth for all americans and turning the economy around? that's i think going to make it very easy for people in the house and senate to vote to take
4:40 pm
the corporate rate down as close to 15 as you can. david: people in the house and senate are moved by their constituents. they're moved by the desire to get reelected, let's face it. if the president comes out, make as forceful message, sells the message we want power away from the government, put it back in your pocket, that might move congress, but will the president do it? is he so preoccupied with this other stuff that he either won't have the time or inclination to do it? >> well, the house can pass the, the house, senate, and white house, meaning treasury department, and cohn of the economic advisors, they have been sitting down, they have 97% agreement what goes into this pie. there is question what gets made permanent, what will be temporary. do you get all the way to -- david: grover, i don't have much time. i have to force you on this one. the president, will the president do what ronald reagan did in 1981, get on the airwaves, prime time to make the
4:41 pm
sales pitch. >> i hope he will. but this is not necessary. this can pass the house and senate. we need the president's signature and support. there we have both. david: big business as you know, today, is more than ever shying away from the president. it may come back with his agenda, but will the lack of lobbying power by them for the president's agenda hurt that agenda, particularly with regard to taxes? >> again, this is the agenda of the house and senate republicans. the entire business community, small, nfib, large, business roundtable, chamber of commerce, desperately need this for their employees, their shareholders, their companies, they will behind this 100% and again, whoever was president this was going to be the republican package. david: final quick question, chairman brady wants to get the corporate tax rate as low as possible. if it is 25%, that's not low enough to bring companies back to the u.s., is it?
4:42 pm
>> no. you need to get to 15%. david: very good. that is simple answer. thank you, grover norquist, great to see you. i appreciate it. melissa? melissa: breaking now shares of l brands tumbling 9% after-hours. this is the parent company of victoria secret and bath & body works. they reported a slight beat on earnings and beat on revenue. saw a big decline of 8% in comparable store sales for second quarter. david: wow, 8% down. household debt soaring to new records. what is triggering debt spiraling out of control? that is coming up next. melissa: president trump vowing to get tough on trade as one of his biggest campaign promises is about to be tested. the question remains, can he deliver? yes. so let me ask you this... how does diabetes affect your heart? it doesn't, does it? actually, it does.
4:43 pm
type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. and with heart disease, your risk is even higher. you didn't know that. no. yeah. but, wait, there's good news for adults who have type 2 diabetes and heart disease. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease and lower your a1c. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe kidney problems. other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections,
4:44 pm
which may be serious. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. tell your doctor about all the medicines you take and if you have any medical conditions. so now that you know all that, what do you think? that it's time to think about jardiance. ask your doctor about jardiance. and get to the heart of what matters.
4:45 pm
♪ [vo] progress is seizing the moment. your summer moment awaits you now that the summer of audi sales event is here. audi will cover your first month's lease payment on select models during the summer of audi sales event. time's up, insufficient we're on prenatal and administrative paperwork... your days of drowning people are numbered. same goes for you, budget overruns. and rising costs, wipe that smile off your face. we're coming for you, too. for those who won't rest until the world is healthier, neither will we. optum. how well gets done. david: talks to renegotiate the north american trade agreement beginning between the united states, canada and mexico. president trump of course often
4:46 pm
criticizing the trade agreement as unfair. he is hoping for a better deal for american businesses. jeff flock is on a farm in illinois getting the farmers perspective because they grow a lot and sell a lot to our neighbors both north and south, right? reporter: they benefit greatly from nafta. i talked to one farmer, i support the president's agenda 100%, but i'm wondering if he can actually get this done after what i saw yesterday. as we said farmers really care about the issue because you look at exports, agriculture exports to mexico as a result of nafta, they have been dramatically increasing ever since the trade agreement took effect. in last 10 years, from $10.910 billion years ago, to almost $18 billion now, a 64% increase. that is one thing negotiators agree, at least on the agricultural side from mexico, canada and the u.s. that is please, don't screw this up.
4:47 pm
>> our stand is that we do no harm. this has been a good trade treaty for north america agriculture from mexico to canada and we want to make sure that we have our voice heard loud and clear we don't want to harm the gains with have had in it. >> mr. duvall's statement about do no harm, we have to insure that message is there loud and clear. reporter: now of course the issue is, trade deficits with mexico, and they're pretty hefty. the president pointed this out. over $64 billion last year. they have been increasing consistently since the implementation of nafta. but, when you break that down, where does that come from? it comes from the auto industry. break those numbers out. you look at auto industry trade deficits, $74 billion. if it wasn't for all the jobs and factories migrated south of
4:48 pm
the border we would have a trade surplus with mexico. that will be a heavy lift. that will be a tough one for them to work out. but they started today. we'll see where it goes. david: that is a terrific point, jeff, if it wasn't for autos we would have a surplus. jeff flock from the fields in illinois. thank you. melissa: u.s. household debt in america at a new record high, $12.8 trillion. there are multiple factors accounting for this, auto loans and mortgages and up tick in credit card balances but don't panic quite yet. analysts say they could be signs of confidence in the economy. we'll be following this story for you. don't worry. david: people are using their cash to buy things. i mean you saw what happened to retail sales this week. meanwhile, dismissing the warnings, unsettling new report that might prove the obama administration actually knew more about russian involvement than they let on. we'll talk to former cia officer mike baker next. ♪
4:49 pm
it's whooping cough. every family member, including those around new babies, should talk to their doctor or pharmacist about getting vaccinated.
4:50 pm
track your pack. set a curfew, or two. make dinner-time device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. introducing xfinity xfi. amazing speed, coverage and control. change the way you wifi. xfinity. the future of awesome.
4:51 pm
you're searching for something. whoooo. like the perfect deal... ...on the perfect hotel. so wouldn't it be perfect if... ....there was a single site... ...where you could find the... ...right hotel for you at the best price? there is. because tripadvisor now compares... ...prices from over 200 booking... ...sites save you up to 30%... ...on the hotel you want.
4:52 pm
trust this bird's words. tripadvisor. the latest reviews. the lowest prices. melissa: ignoring red flags. former president obama was reportedly warning multiple times about russia's attempt to interfere in the u.s. elections. according to new "politico" report. president trump slamming former administration on twitter, saying according to a report just out, president obama new about russian interference three years ago, but didn't want to anger russia. here is mike baker, former cia officer. mike, thanks for joining us. what do you make of this report? >> thank you. god story bid we should up -- god forbid we should upset russia, right? president trump has been slammed for that being too pals with them. this is interesting story. normal news cycle this would be top of time and right up front. melissa: we will have never a normal news cycle again, my
4:53 pm
friend. go ahead, story. >> no, absolutely true. but i think, what we're looking at here is a couple of things. one, it is very interesting that nobody from the former administration, from the obama administration is pushing back on the report that they had intelligence back in 2013, 2014, showing an increase in russian covert propaganda, disinformation, cyber meddling, whatever you want to call it. they're not pushing back on that. and they can't. it would be ridiculous for them to do. what they're saying is, what they're arguing, is that well, we were very proactive. we did everything that we could. we took it very seriously. that just doesn't appear to be the case. now, the idea that return that is increasing involvement in political activity, in places like ukraine, crimea, western
4:54 pm
europe, certainly u.s., they have been doing that for generations. so the agency, the cia, and the intel community in general, always has tasking, we always get priorities, what are you going to report on? what will you collect intelligence on? that changes based on current events or crises of the moment but there are certain constant and so for decade and decade and decade the cia has been, as a tasking element has been collecting on russian involvement, efforts to influence foreign elections, influence foreign politics. so the white house has been getting these reports. melissa: we don't know they didn't do anything though. we don't know actually how they responded to it, do we? >> we do to some degree, yes, because there was no significant pushback on the russians and certainly there seems to be indications from former administration personnel and from folks inside of the state department and elsewhere, if
4:55 pm
anything, the previous administration, the obama administration was not only not prioritizing this information but were somewhat dismissive of it and for their own reasons. whether they were not wanting to upset putin for whatever reason or that they were perhaps just not curious bit, felt it wasn't priority. melissa: no, before we run at of time, i want to ask you what do you think it is we're dismissing right now because they're not the only ones doing it certainly. we have our eyes focused on russia, we get obsessed with a certain target and forget about everything else going on. >> right. melissa: who is doing something similar, and what situation are we look back and say, boy we were ignoring that and focused on russia. >> you have a very good point. we're like raccoons focusing on shiny object. look with north korea now. russia will not stop the activity. there is no indication, should be no belief that russia will give up trying to influence
4:56 pm
outside event for their own agenda. so the russians, chinese government, certainly the iranians, any nation that doesn't have our best interests at heart, of course they will use every resource they have available. and cyberspace happens to be the new playground. melissa: no doubt. >> new theater of war. we need to be, we are, the good news, that up on capitol hill, we're pushing through more legislation. we're working harder to prevent these sort of things. melissa: i don't want to cut you off. we'll get cut off. >> understood. melissa: mike baker, appreciate your insight. good man. david: david: mike baker. hottest ticket in town. one of america's favorite snacks is going gourmet. melissa: i love it. david: getting a table won't be easy for anybody. melissa: i have got to go. ♪ help stop the journey of gum disease.
4:57 pm
try parodontax toothpaste. ♪ potsc(in unison) drive russ, leland, gary: yes. gary: i have a ford f-150. michael: i've always been a ford guy. potsch: then i have a real treat for you today. michael: awesome. potsch: i'm going to show you a next generation pickup. michael: let's do this. potsch: this new truck now has a cornerstep built right into the bumper. gary: super cool. potsch: the bed is made of high-strength steel, which is less susceptible to punctures than aluminum. jim: aluminum is great for a lot of things, but maybe not the bed of a truck. potsch: and best of all, this new truck is actually- gary: (all laughing) oh my... potsch: the current chevy silverado. gary: i'm speechless. gary: this puts my ford truck to shame. james: i'll tell you, i might be a chevy guy now. (laughing) when you clock out, i'll clock in... sensing and automatically adjusting to your every move. there. i can even warm these. does your bed do that? i'm the new sleep number 360 smart bed. let's meet at a sleep number store.
4:58 pm
4:59 pm
5:00 pm


info Stream Only

Uploaded by TV Archive on