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tv   Mornings With Maria Bartiromo  FOX Business  October 20, 2017 6:00am-9:00am EDT

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weekend with this weather that's going to be nice. cheryl: we send it over to maria bartiromo, she's live in the nation's capital. maria: thank you so much. happy friday, i'm maria bartiromo, we are coming to you live this morning from washington, d.c. happy friday to you, it is friday october 20th, your top stories right now 6:00 a.m. on the east coast. a late-night victory for president trump and his agenda last night, the senate approved a 4 trillion-dollar budget plan paving way for tax reform. senate majority leader mitch mcconnell applauding the republican effort. >> now with this budget, we are on a path to delivering much-needed relief to american individuals and families who have born the burden of unfair tax code for entirely too long. maria: we are taking a look at the next steps for tax overhaul this morning straight ahead. investors are waiting on earnings watch today, general electric, we have been talking about it all week, wave of news
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hitting the stock, cost-cutting, threat of dividend being cut. we have everything you need to go going into the report plus full coverage and also of the conference call, we will bring you that as soon as it hits the tape. coming up, plus broader markets this morning looked like this, futures indicating another rally higher after last night's budget vote, this market will not quit, up 100 points at the open is what we are expecting this morning. in europe gains across the board as well. take a look at major indices in europe, ftse up a third of a percent. in asia, overnight, markets taking a cue from the u.s., higher, shanghai in china up, hang seng up better than 1%. new concern for flyers to report, faa warning that laptops and checked bags can cause explosion and calling on airlines for ban of laptops and the ratings are in. consume ir report out with most reliable cars, only one brand cracking the top 10, that's buick, we will tell you who top
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it is list coming up. plus victory for the los angeles dodgers, what a night. >> and it is caught. the los angeles dodgers have won, they are heading to the world series for the first time in 29 years. maria: yeah, it's the dodgers heading to world series for the first time in nearly 30 years, yankees play tonight. we have all the highlights, all the stories coming up this morning and joining me to talk all about it fox business dagen mcdowell is back, she's in new york, fox news military analyst general jack keane is with us and global economics editor jon hilsenrath, good to see you. jon: great to be here. maria: great to have you here and dagen, great to have you back, welcome. dagen: i was taken by john kelly, i can't wait to talk about his schooling of the press yesterday and also the fact that
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we all need to spend time in arlington national cemetery. maria: you're right. incredible press conference yesterday for the first time hearing general kelly talk about his son who, of course, passed away in afghanistan. dagen: it was really incredible, it was a lesson in grief, it was a lesson in sacrifice and i wish more people heard what i think we heard from kelly yesterday. maria: yeah, we will talk about that this morning. coming up, we have a big interview coming up. ly sit down with president donald trump this morning, get his take on health care, a lot more, exclusive interview with commander in chief this sunday morning in sunday morning futures 10:00 a.m. eastern on fox news channel. more on monday morning here on fox business network right with us. so the president sitting down with me this morning. but first our top story this hour, one step closer to tax reform. senate republicans are now narrowly passing a budget
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blueprint, they did so last night by a vote of 51 to 49 with kentucky senator rand paul joining every democrat to vote against the bill which opens the bill to expanding federal deficit by 1 and a half trillion dollars over ten years, also paves the way for tax overhaul. >> tonight we have completed the first step toward replacing our broken tax code. we have a once-in-a-lifetime opportunity to replace a tax code that holds americans back with one that actually works for them. maria: the measure allowed senate republicans to pass tax bill with just 50 or more votes as opposed to the 60 votes needed for that major legislation, of course, that reconciliation was very important to pass in that budget for tax reform. president trump praised the budget's passage in very early morning tweet writing in, great news on 2018 budget at senate majority leader mcconnell first
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step toward delivering massive tax cuts for the american people. tax reform, joining us, the president of american action form, former congressional director and former adviser to john mccain's campaign, doug is with us. doug, good to see you. tell us your reaction to budget pass last night. >> great first step. it's just that, first step. you have to have the house and senate get together identical budgets and get to actual business of writing tax reform. maria: what about the critics saying that it's adding to the debt, 1 and a half trillion in tax cuts? >> that in and of itself is not good news, the question is can you get a really good progrowth tax reform as a result, if so it'll be worth it, the proof is in the pudding. maria: general, the president has been clear in building up military but where does the budget come from? >> they have an amendment in there so they don't have to go to conference.
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the house can vote on this bill. here is the challenge. if they don't remove the budget cap, so-called budget control act, f -- 640 billion, goes back to 549. at 9. at you cannot rebuild the military at all. we actually go into decline. that's the risk. that is something maybe you can discuss with the president. maria: when would they address the budget caps then? we have the vote last night, timeline. >> you're supposed to wrap this up by the end of the year, likely addressed by the appropriation committees, the one on defense has to address it. maria: jon, your thoughts? jon: people haven't been talking as much as military piece. tax piece, doug and i were talking in the green room beforehand of how important the corporate side, the business side of this taxry form is for the american economy. the individual tax side has
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gotten so much attention, democrats are saying they -- they are tax cuts for the wealthy, and the president is saying they want to tax cut ifs for middle class, what really matters the economy is getting the business out of tax reform, corporate rates down to 20-25%. >> common element between defense side and tax side is the status quo of america. we are seeing a complete lack of preparedness. awful accidents in the navy, in the pacific. that's got to change n. the tax front, the real income people work full year, full income, was zero, that's unacceptable. the most important thing for middle class to get tax reform and what's most important is not what's on the paper, if the stuff that jon is talking about, incentives to give businesses to hire in america, innovate in
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america and get productivity and real wages growing. maria: we have been waiting for senate to pass this, here we have it and looks like open road to tax reform but obviously this is a first step. dagen: very first step. only republican not to vote for this was senator rand paul. the vast majority of the republicans on board with this. that's a positive note. also, just listening to all the poppy cops from the left and democrats all week about the tax reform plan and they focus on the -- the cut in rates for pass-through entities and as we both know, those are entrepreneurs and those are mom and pop business that is will benefit from corporate tax cut but the democrats are messaging it as if it's -- the rich are going take advantage of that. we heard that time and again. i want to hear push back on the right from republicans on that
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note because, again, that's what has been promise today small business owners for literally decades and has never been delivered to them. john: maria, i was going to say, i think what the stock market is doing right now is really important. they are sending a signal that investors believe is a step in the direction of getting something done. maria: 5 and a third trillion dollars created since election day. jon: we were talking on tuesday, are we going get over 23,000, now we are well over 23,000 on the dow. a lot of skepticism in this town about whether republicans can get anything done over on capitol hill and what the market is saying, they think it's a step of getting tax reform finished. >> to dagen's point, half business is tasessed as pass-through income, if you don't do that reform, it's not tax reform. you leave that sitting over there, you have left half of it on the table and you're not going to get the growth that you need. you need to do both. maria: we knew that the left, it's all for the rich, that's
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the talking point. we knew it. once again the right is constantly is getting bullied over the talking points. if the highest earners are paying -- if top 10 percent are paying 80% of the tax, if you're not impacting the group, you're not cutting taxes. >> it's really simple. big argument for the status quo you want to vote for status quo, fine, no real income growth for middle class, all our offshore earnings parked in other countries, innovation parked in ireland, headquarters heading overseas, that's not the vote i want. maria: it's really important. general, we have been talking for a year now about the preparedness or lackedness of or military and the sequester obviously killed it and for a long time president trump has been saying president obama underfunded the defense system. >> yeah, he absolutely did. remember, so audience understands, a combination of presidential initiatives, obama's and republican congress that went along with it and it clearly has decimated the military and the accidents that
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we are seeing are direct result of lack of congressional funding, the military and you take a look at any service out there, we have just shrunk too small to meet everyday requirements we have. if you have less people to meet requirements an doing more, that's what produce it is accidents and mishaps that we have. maria: real quick, this is irry responsible, we are adding to the debt, what's the pushback, doug? >> the big problem is on spending side. the need for real entitlement reform that makes programs sustainable. i don't think he will do that. let's get the growth and take on the programs. maria: that conversation is gone, right, jon? you brought this conversation up and time again. i don't hear the conversation happening that much, where is the spending cuts and how do you draw in and take a look at the debt over the long term, how do you control spending? dagen: you control spending, doug, by fixing social security,
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fixing medicaid which the republicans actually tried to do, fixing medicare and controlling the interest on the debt. 80% of the growth in our federal spending in the next decade is going to be from social security, health care programs and interest on the debt. jon: you have to say, this is something you can challenge the president on, this is where the president has drawn line on the senate, he said he's not going to touch social security and medicare, it's tougher to hit those spending pieces, the other point i wanted to throw out to both you and doug ask so republicans get challenged on the wealthy versus middle-class issue, the area where they need to be challenged is on the growth issue, can this tax overhaul really get us from 2% growth rate to 3%, doug, i don't know if you have any views. >> half a percentage point. you get half a percentage point and better growth, this all adds up and we need to have half percentage point. maria: steven mnuchin has been saying that's how you pay for
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it. doug, it's always a pleasure, thank you. >> thanks for having me. maria: doug holtz there. luggage exploding on the airplane, faa urging airlines to ban laptop computers. third quarter earnings this morning, stock lost half of its value from the highs, we are breaking down what you need to know, back in a moment right here from washington. today, innovation in the finger lakes is helping build the new new york. once home to the world's image center, new york state is now a leader in optics, photonics and imaging. fueled by strong university partnerships, providing the world's best talent. and supported with workforce development to create even more opportunities.
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on some brilliant marketing! ha, clever. wow, look at all these new students! way to grow, rodney! know where you stand instantly. visit maria: welcome back, federal aviation is urging airlines to ban bags from luggage. cheryl: testing, showing that large electronic devices can cause catastrophic fires with lithium battery, can carry devices only in the cabin, safest way to to go. jet blue stopped selling tickets on a dozen travel websites, the company wants to reduce costs by driving customers to its own websites, travel websites, smart, several others,
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shares expected to be down. first quarter under new ceo john, shares of ge hire in the market, this stock is the worst performer in the dow this year, we are also going to hear from honeywell, higher results from that company. honeywell is up well is% so far for the year. honeywell looking pretty strong. proctor and gamble releasing results, shares were up 10% so far in 2017. there is p&g. chicago cubs will not be defending the world series title, instead los angeles dodgers heading to fall classic. la ending a 29-year drought for
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first time since 1988. what a night for kiki hernández. crushed grand slam giving comfortable 7-0 lead. three home run that is he hit, driving, runs in 11-1 bashing of the cubs. turner, most valuable player, big party in la, dodgers have to wait to see who they are going to face, game 6 between yankees and astros and american champion league series is tonight. yankees one win away from clinching it but the astros are throwing justin verlander, maria, they are playing in texas, it's going to be tough for yankees but we shall see. maria: it'll be great. thank you, cheryl. president trump's border wall prototypes are put to the test, why illegal immigrants are being arrested at the site, we will tell you about that coming up. how reliable is your car, find
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maria: breakings news this morning. president trump just tweeted this, he's talking about the budget. the budget passed late last night, we've got zero democrats votes with only rand paul, he will vote for tax cuts, voting against, this now allows for pass of large-scale tax reform which will be the biggest in the history of our country. this has been the topic that we have been talking about all year, it looks like it's
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happening. consumer report out with 2017 car reliability survey results, tracee carrasco with a look at how the ratings came out. she's in new york. good morning to you. tracee: consumer reports put out results for one of the biggest surveys, out of 27 automakers toyota taking the top spot for the fifth straight year followed by lexus, kia, audi and bmw. cars at the bottom, volvo, dodge ram, gmc and cadillac. cadillac dropped six places from a year ago coming in last place. the survey found that all of cadillac's models had below average reliability. gm's buick was the only u.s. brand to make the top 10 coming in at eighth place and the biggest movers chrysler rose 10 places, accura down 7 spots, rankings are owners involving 640,000 vehicles and carries a lot of weight amongst consumers
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who trust consumer reports for its analysis, maria. maria: all right, thank you so much. tracee, does that surprise you? volvo top of the list? jon: i'm surprise today see cadillac at the bottom of the list and kia in top 5, it's changing my buying decisions. maria: you're right. you're right. gm -- [laughter] dagen: i was going to say, maria, since women make all the car-buying decisions in this country -- maria: yes, yes. dagen: we want the ease of use with interface, a hot rod, we want a cool-driving car, reliability, ah. maria: it has to look good. jon: what about a kia, would you buy a kia knowing it's up there? dagen: of all those, it would definitely be german over japanese, just my preference, that's all. maria: well, great week this week on mornings with maria, we we wanted to show you what the week was, here are some of the
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week's top moments from the program. [cheers and applause] maria: a week on wall street, record week for stock prices, dow jones industrial average above 23,000 yesterday for the first time ever. >> it's hard to believe it's been 30 years and obviously the market is. >> resilient. we've had lots of pullback, not too many like that. maria: do you think democrats are going to be voting here or is this a republican tax plan? >> i don't know how a democrat can honestly vote against this bill and hold the face up high to the electorate. maria: yeah. >> democrats and republicans and a lot of behind the scenes activity and hopefully we can bring democrats and republicans together. maria: i don't know where we are here. we listen to some portions of government, they feel they are going get this done. >> absolutely not. i have listen today them all year long. they promised us by july 4th, august recess, by tend of the
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year and now next year. i don't know why anybody would believe these guys on anything they say. maria: secretary mnuchin says that the gains will be in jeopardy, absolute guaranty that tax overhaul will be signed into law by the end of this year. reasonable timetable? >> i think the guy is clueless. i think the notion that we are going to have a big, big tax cut is a dream. they can't pay for it and we are in a different environment than 1981. maria: 23 and change. up half a percent on general electric. the stock has been cut in half, what happened? >> they have to get growth, they have to get productivity, innovation. >> someone who you don't think would raise rates aggressively that would be janet yellen. she wanted to do all the policies to get the economy going. maria: illegal grounds here? >> well, he has a legal basis for this, the question is does he have a factual basis. if he could show that there was
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an agreement either expressed or unexpressed amongst owners to keep him off the field because of his political views, then the law is very much in his side. >> 99.9% of players stand each and every the national anthem comes on. we can't make into something that it's not. >> i actually want to give roger goodell some credit, he has resisted pressure from president trump and he has brought the players and the owners together and created the dialogue about how the league can be a positive actor in this place moving forward. maria: more than 100 cities in a bidding war for amazon headquarters. tell us how you fit this bill. >> we think we can hang with cities that are a whole lot bigger than us from a population standpoint because of the placement we happen to have and the culture of our city matches amazon's. maria: what do you think? >> we have plenty of space and room to do this. we have access to mass transit and all the things they are
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looking for. maria: people are willing to pay. they want streaming on netflix. >> people just love their netflix and they want more of it. you seen that raising prices for old customer. people just have to have more of it. maria: sharing your salary, millennials, most likely age group to tell how much they make. millennials don't care, they are breaking the tradition, they want to talk about it. >> yeah, we are seeing a lot of --
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maria: that, thanks for joining us this morning, it is friday, october 20th, top story is 6:30 on the east coast, another step toward tax reform, the senate has the $4 trillion budget blueprint blocking any potential democratic filibuster. moments ago the president tweeted about the deal they were budget path last night 51-49, 0 democrat votes with only rand paul voting against. he will vote for tax cuts. the passage of large scale tax-cut and reform which will be the biggest in the history of our country. we will breakdown what comes next to the tax code overhaul. earnings in focus, general
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electric missing expectations on earnings per share but beating expectations on revenue, stock out of the gate, down to and a quarter%. we will tell you what happened on a conference call. we are on that call. market look like this, record-setting performance all weekend last night's budget vote, markets moving into record territory, down the street is opening 100 points well above 23,000, gained across the board, look at the indices in the euro zone with the s&p up one 12:45% as is the dax index, in asia overnight, met markets higher, take a look across the board games with the things saying and hong kong the best performer up better than one person. laying down building blocks for the border wall. >> build that wall, build that wall, build that wall, build that wall, build that wall. [chanting]
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maria: first look at the border wall prototypes and how illegal immigrants are already putting them to the test. retail wars, walmart chording lord and taylor as target strategies from the brick and mortar giant as both fight to fend off competition from amazon. what can brown do for you? deliver the best facebook page you have seen all we, ups drivers are sharing pictures of the adorable dogs they come across on their roots. such pretty pictures. all that coming up this morning about top stories is half hour general electric earnings i just out the weaker than expected, stock is down. joining us is chris cordero, thanks for joining us. this stock is worsening, down
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32/3%. >> i was hoping for more disappointing earnings. this is the time to throw everything but the kitchen sink, anything that might be bad so leveling expectations. maria: earnings were expected to include charges and that is why we are looking at earnings, there is a discrepancy in terms of how bad the number is because there are charges here. what do you expect in terms of the dividend? >> given this earnings release, wasn't as bad as it could have been, looking to hold on to the dividend. if you want to dividend, you would put out a bad quarter of earnings, do as much dad you can to manage this to the downside but this way a lot of rationale for the dividend. this appears to be a pragmatic
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approach and looks like they are setting things up that they aren't as bad. revenues have been on the upside the past couple quarters and that is positive. when earnings, when revenues are positive yet earnings are disappointing to the downside that is management. i thought this was an opportunity to come back up. maria: john flannery, the new ceo of ge says it is a challenging quarter. >> back to the kitchen sink issue. how much bad news does he throw at investors? the big issue is not the report but on november 18th he is laying out his vision for new financial targets for the company and his strategy for the company going forward. that is where we see how he intends to direct general
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electric. what do you think ge needs to do to right the ship strategically? >> i have to stop timing the market, they made bad calls getting out of financials at the top, and they got into oil at the top. they need to keep a diverse business line to be the top one or two in that industry and when they do that and supply their great management that is what they do well, trying to figure out when to get in or out of these businesses and one of the strengths of ge was diversification. different business units were not going to do well at the same time but they were diverse enough to get a better result. maria: not anymore. they have changed this company selling ge capital, selling
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media, doubling down on energy, i know you will be on that conference call. what are you looking to hear? dagen: you will expect to hear from john flannery, his cost-cutting efforts. november 13th is when he will lay out strategic vision for the company. division in the short run is cutting company cars, canceling a fancy executive retreat, maybe cutting thousands of corporate jobs. in the short run we know that. secondly in this conference call i want to hear was ge says about the dividend. this is a company with deteriorating cash flow that ruled out cutting the dividend but not generating enough cash to pay for it as it stands. the baker hughes combination in july, oil and gas business, reporting results of the find entity. what future looks like for that
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arm of the business. maria: you agree with that? is that what you were focused on? >> great point on the expenses. this corporate jet nonsense sets the tone the wrong way. if you are not controlling it from the top run through the organization. i like tone of that, getting back to fiscal conservatism, getting away from the nonsense of big fluffy retreats. dagen: jeff immelt had a spare jet that used to follow him around the world. they use to park on the tarmac far apart so they wouldn't attract attention. that is going to be gone. maria: that story was mind blowing. i had no idea. >> i was a director two publicly traded successful
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companies, when is general dynamics, after 13 years even a guy like me in the military i learn some things as well as keep costs and expenses down, the ceo puts an emphasis on that even see. the other thing i learned is you got core businesses, stick to that, at times you drift outside of it but success is tied to staying with their core business and that made the company. maria: you are a director at different companies. where are the directors? you mentioned this jet the ceo used to use flying next to him with nobody in it and it was down low. where are the directors on the vatican the board was okay with that i guess. dagen: a terrific point. what i can't understand is the performance as a stock under jeff immelt wasn't good. it was awful. you can blame the financial crisis all you want but there
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should have been a lot more pushback from the board members in terms of what they were getting for what they were paying not just in compensation but he had a spare jet flying around the world. maria: $.29 versus $.49. >> that is where we get back to the kitchen sink issue, we need to get into these numbers and see what they threw out to get bad news out of the way a conference call november 13th where he lays out his vision for the company. the other point i went to make is ge used to be a bellwether for the broader market. we saw the market, what we are seeing now is how far it has strayed from being a bellwether not only for the market but the broader economy. ge isn't a bellwether for the market anymore, what is? is it apple? the tech companies? amazon? what do you look at to get a sense where the market is
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going? >> of those, apple is the best one but apple is a difficult bellwether because apple is a one product company, 65% is iphones so that they could difficult. i would rather see ge in the bellwether because it is diverse industrial give you a better indication but it has gone astray. it used to be only ge stock was owning a treasury, better management. those times are gone. >> they overexpose themselves on the financial sector and never recovered. maria: it was a bellwether because of different industries, didn't give you a bellwether look at what the global economy -- >> they became more exposed to finance and the whole economy became more exposed to finance
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and the financial sector collapsed. maria: is there anyway this is a by? >> they made the mistake of trying to tie the market getting in and out of the sectors at the wrong time. i don't think it is a by yet. if we see stock price below 20, probably a great buy but right now i hold on a little longer. maria: we will be watching, thanks so much. the chief investment officer at regent atlantic. walmart taking on amazon, the retail side's plans to make their website more competitive by courting lord and taylor. take a look at what paul ryan said at the house and if you. >> a lot of people ask me a guy from wisconsin what is it like to work with an abrasive new yorker with a loudmouth? once you get to know him, chuck schumer is not that bad. maria: more on those jokes
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markets on fire, down this road opening 100 points, nasdaq 121/2 after a victory last night. a couple names we are watching, shares of google getting behind lift which is raise $1 billion from g, the new round of funding raises the evaluation to $11 billion as it competes with huber. alphabet up 22% is microsoft a stock to watch, the market hitting $600 billion yesterday,
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first time since january 2000 as it becomes a leader in computing. microsoft stock is off 25%, had a very good year. donald trump's border wall being tested by illegal immigrants. cheryl: the washington examiner reports border patrol agents have cut unauthorized immigrant in the construction zone where eight portable prototypes are being built. the area just north of mexico where agents deal with a high volume of illegal foot traffic. customs and border protection agents awarded eight contract to six companies to build these prototypes. contractors have until thursday to complete the designs before testing begins. walmart is shopping for new ways to compete against amazon. wall street journal says they are close to striking a deal to add lord and taylor to its website, the move is aimed at bringing more upscale brands
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into shares of walmart up 25% this year. the state of vermont is getting its first target store 55 years after the company launched. the store will open in south burlington, pretty divided, residents have been pleading for one. others say they are opposed to any big-box stores in the state, shares down 17% here today. facebook signing up ten new publishers including the washington post to test a new subscription feature, giving mobile apps users access to a few articles everyone had the option to subscribe. there is a facebook page dedicated to dogs that ups drivers need. ups dogs is an online community for drivers to share their photos and videos of the dogs they meet every day out there
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across america delivering packages. facebook up 53% this year. i hate putting the chart up because i just want to look at the dog pictures. maria: the cutest story and the ups drivers came up with this. how do you like that? dagen: i love dogs. of all shapes and sizes. if i can't be with my own i will look at photos of them all day long. maria: can boone 2 scare about win at the theaters? we will bring you the next the next. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.
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maria: that was a clip from the latest medea movie, "boo 2". this horror film is scare away the competition, joining us is senior vice president of marketing at fox news -- >> where are you? >> do you think medea will scare up a finish? >> hallelujah, medea and uncle joe i back as projected to do great box office in the $20 million range. it was made for the low 20s. the original movie scored $28 million at the box office, hugely successful franchise for
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tyler perry, the 20 movie he has produced since 2003, something we will be seeing this weekend. maria: then only the brave is a tribute to the devastating 2017 fire that premieres today. you sat down with the stars of only the brave. tell us about that. >> if you see one movie this weekend it is always brave about the granite mountain firefighters, fantastic film, we talked about it. thank you for stepping into the fox light. only the brave was an incredible movie. >> only the brave, the beauty of it is it is a celebration of these lives and the tip of the hat to these first responders. >> never going to look out in the wilds and see the pure
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beauty again. >> do you have a chance to meet the families? >> i play chris mckenzie. to meet his father, 25 year fire | captain, sit down with you and hear these stories. if you ever lacked motivation, about mike mckenzie and the family and the brother. >> no one could be prouder of his boys and i am of you guys. if this isn't the greatest job in the world, i don't know what is. >> such an incredible career. i love the covenant by the way. totally underappreciated by the academy. >> thank you for coming. only brave, catch it, it is fantastic. >> no matter what you hear, no matter what is going on, stay together. look out for each other. you are a family.
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>> such a great movie, real wildcard, not projected to do big business. i think it could wind up surprising a lot of people in hollywood. it is a well told story. people have to find it, word has to get out. we went to the premier earlier this week, she was blown away how fantastic this movie is. maria: pictures look absolutely gorgeous, looks like it could be a surprise on the upside. you like it. >> loved it, hollywood at its best telling stories we haven't heard before, in a moving powerful way. fantastic cast, josh brolin with a song by dirk henley. maria: we will check it out, have a great weekend. still had, neiman marcus releasing its annual christmas book. wait until you see what is in it, and offer to party on a
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time square rooftop for $1.6 million. the other luxury items up for grabs next hour, "varney and company". we will be right back. six in the morning. she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day.
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happy friday, it is october 20th. 7:00 am on the east coast, earnings and focus on wall street, general electric missing expectations on earnings-per-share, beating a revenue, stock breaking down, down 5% right now. it is not hurting the broader markets because broader markets are celebrating the budget win last night but it did take some of the air out of it, dow industrials expect to open up 90 points, nasdaq up 12, s&p also higher after the budget vote by the senate. european indices gains across the board and we are seeing money moving into equities, the s&p and the dax index up a 12:45%. markets i are at the close, hang thing and hong kong top 1%. time to tackle tax reform, the senate approved a $4 trillion
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budget plan in a late-night vote paving the way for donald trump's ambitious overhaul. breaking down the next steps and the road to passage was a passionate plea from chief of staff john kelly. >> i hope as you write your stories, i appeal to america, let's not let this last thing that is held sacred in our society, young man, young woman going out and giving his or her life for our country, let's somehow keep that sacred. maria: his stirring defense of donald trump's message to a fallen soldier's widow. quite a press conference. in europe catalonia in crisis, spain is preparing to strip the region of its governing power, concerned that it could stir unrest like never before. sweeping away the signature, mastercard letting as customers leave their pen at home. coming up this morning i'm
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sitting down with donald trump, we will get his take on tax reform, healthcare and a lot more. watch my exclusive interview with the commander-in-chief on sunday morning futures at 10:00 eastern on the fox news channel and more monday morning on a "mornings with maria" at 6:00 eastern. we will get the president's reaction to such a busy moment in time. the trump administration clearing a critical hurdle for tax reform as senate republicans pass a budget for the 2018 fiscal year. they did the last night, the senate voting 51-49 primarily along party lines except republican senator rand paul, he voted against the proposal. senate majority leader mitch mcconnell took to the floor after the vote. >> with this budget we are on a path to delivering much-needed relief to american individuals and families who have borne the burdens of an unfair tax code for too long.
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middle-class families across america we have a very simple message. we want to take more money out of washington's pockets and put more in yours. maria: the president tweeted last night posting great news on the 2018 budget, senate majority leader mitch mcconnell's first step toward delivering massive tax cuts to the american people. the director of legislative affairs, good to see you. thanks for joining us. the administration at next step toward tax reform, tell us about getting tax reform done. >> it was a huge vote, the budget enables us to move forward on tax reform under budget reconciliation rules. we hope we can win democrats. we recognize how to get it done. the markup in the house, and
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ways and means committee and senate finance committee, through the end of november like the senate in december and in a year we have to deliver massive tax reform for the american people. maria: we haven't had that in 30 years. the hidden real estate lobbyists and states and local, and illuminated deductions for state and local income. >> it has been ongoing. they are subsidizing states that are poorly managed with tax burdens on the system. and make them subsidize high earners with the unfair system. maria: general jack keane is here, he has been talking about
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this for a wild. it is really questionable. these budget caps, are we going to see spending that is required to make this country have a ready military given the issues we face? >> the president's but it has an increase in military spending, he knows it needs more and that is what we aim to do. related, the reality is if we continue to have the 1.8% growth under the obama years we will not be able to afford to rebuild our military. we need growth in the economy to bring new growth into the economy for more funding to make sure america is safe and secure, and essential part of tax relief interlinked, not if you just have tax policy here international 30 policy here, they are interlinked because if we grow the economy we can spend more money making sure the military has the tools it
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needs. maria: you think we will see real growth as a result of the tax plan, for present anytime soon in terms of gdp? >> hard to predict that. i recognize what we are forecasting the next several years is a conservative estimate under 3%, 2.29%. under the obama years, 1% growth, the worst growth of any president since the great depression. we can do a lot better. if we allow americans to keep more of what they earn, invest in the economy we will see the economy take off. maria: a conversation that seems to have gone away, reining in spending. i'm talking on both sides of the aisle but adding $1.5 trillion to the national debt is serious money. under the obama administration it doubled from 10 to $20 trillion but how do you rein in spending? when does that become priority again? >> it has been a priority from day one.
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it balanced in ten years, the president is sincere, he ran on recognizing what happened in the last several years is we added $10 trillion to the death, doubled to $20 trillion. all the presidents in american history total $10 trillion, we doubled in the last eight years, the president knows that and that is why he submitted a balanced budget. not only are we allowing that because of the way it was scored but dynamic scoring, we will bring more revenue to the american economy if we get it going again. maria: we know the growth in spending is the entitlements, social security, healthcare, medicare, medicaid. went we make real reform on these entitlement programs? >> if you look at our efforts this past fall on repealing replace, that was the biggest entitlement reform this country has seen in generations. we fell just short of that because we lost by one vote. that was reform the president
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was putting forward and we look to reform the program as we turn the corner in 2018. maria: let's talk healthcare lose the president's support for healthcare hinges on ties to obamacare road blacks, rollbacks. according to the wall street journal lamar alexander, democratic senator patty murray released a bipartisan bill with the backing of 22 additional senators. the president said he was on board. donald trump seeking changes to the legislation which extends federal payments known as cost-sharing reductions, support angela relief from the affordable care act requirement that most people must have health coverage or pay a penalty. is that bipartisan bill the key to healthcare reform? how come the president soured on it? >> he is encouraged by that. we haven't seen it in the health care debate. he is encouraged by the process. the reality is cost-sharing reductions, has your cost gone down? any american -- maria: have all gone up.
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>> the cost-sharing reductions, and oxymoron. they have not had their cost go down. we have mandated everybody by insurance, who has benefited? health insurance companies. sickness insurance stock price of 40% since obamacare past, 470%. we have a problem with companies making profits but american taxpayer dollars subsidizing the plan. taxpayer dollars giving it to insurance companies to record huge profits. that is not a free market, that is not fair. maria: the money wasn't constitutional. >> the courts have ruled the payments are illegal. the president is encouraged by the process but we need more reforms, to reduce costs. maria: how do you do that? >> several ways th one way is a lemode the individual mandate anemployer mandate
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but also allow additional contributions to health savings accounts. that will allow people to spend dollars more freely of the premiums. maria: the president is expected to attend the weekly policy lunch next week giving the president the opportunity to meet with republican critics including senator bob corker, john mccain, i would like to be in that room. what does the president need to do to get the full support of the gop by knitted in the? >> he is excited about the invitation being with members on tuesday and will talk about what to do between now and the end of the year. we have a historic opportunity to get the economy going and provide tax relief and a historic opportunity on the budget and the president is key on many nominations tied up in the senate to make sure his administration is fully staffed. maria: he has been traveling with democratic senators taking senator donnelly with recently when he went to indiana, north dakota, heidi heitkamp, is he counting on those vote in the tax bill? >> in a vote last night in many ways the budget was proxy for
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the tax reform vote. we believe we will have the votes on the republican side but also that the plan will be better for the bipartisan, more encouraging for the american people, we want to earn their support and we hope they are with us, we don't believe corporate tax rate is something that is holding back the american economy. we can create more jobs particularly in midwest state. maria: do you find pushback on the corporate rate coming down 35 to 20%? >> absolutely. maria: no pushback? >> many democrats feel they don't want that but we the economy will get going. maria: we are the highest industrial in the world. >> in other countries continuing to lower further. what you are seeing is countries -- they realize, look what happened in ireland, many countries over there corporate tax rate, we need to bring companies back into our country and if we have a corporate tax rate that is competitive we know the american worker can
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compete. maria: are you expecting tax reform happens by year end? will be retroactive to 2017 or we are talking about 2018? >> we will get it done before the end of the year. maria: you wanted retroactive to 17. we believe it there. good to see you. thanks for joining us this morning. mark short. coming up, sick of signing a receipt? mastercard is making optional for customers. we have a reason why would a little christmas gift fit for a king. the $150,000 champagne making a trip to france being offered by neiman marcus for the holidays. we have book for you coming up. back in one minute. ♪ ♪ i just want to lay in my bed ♪ don't feel like picking up my phone ♪ today i swear i am not doing anything ♪
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and get two months free. maria: your credit card purchases just became a little
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faster. cheryl: this makes sense. mastercard is ending the need to sign when you make a purchase with the card. whether to sign or not won't be up to the merchants in the united states and canada. many stores have eliminated signatures from the process. mastercard says this helps speed up at the checkout line. catalonia's bid for independence causing financial fallout. tourism has fallen 15%. catalonia voted to break away from the spanish government following a violent clashes between protesters and police. bank customers in catalonia are pulling their money from financial institutions that relocated their headquarters elsewhere in spain. the cabinet expected to suspend catalonia's autonomy tomorrow. white house chief of staff john kelly speaking out about donald trump's phone call to the widow of one of the slain soldiers in niger. >> i was stunned when i came to work yesterday morning and
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brokenhearted at what i saw a member of congress doing, a member of congress who listened in on a phone call from the president of the united states to a young wife and in his way tried to express that opinion, a brave man, a fallen hero. he knew what he was getting into because he enlisted. there is no reason to enlist, he enlisted. he was where he wanted to be, exactly where he wanted to be with people he wanted to be with when his life was taken. that was the message. maria: emotional comments yesterday. all of this after there she is, democratic congresswoman frederica wilson said the president's remarks during the phone call were insensitive. kelly's own son died in combat in afghanistan. maria: general team is with us this morning, what did you
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think? >> that 17 minute message he gave the american people was quite extraordinary. the eloquence of his conviction, his sincerity, his emotion was such a powerful lesson to the american people, expecting those who serve, respecting those who have given up everything. maria: a heavy heart when he was talking and this woman, frederica wilson getting political, even last night she came out with a comment saying john kelly is just trying to keep his job. just disgusting. >> she is absolutely clueless. i totally agree with general kelly's crushing rebuke of congresswoman wilson, shameful, selfish, political grandstanding. she's a disgrace to the office she holds in my judgment and a disgrace to the congress at large. i have never seen anybody trample over something as
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sacred as the death of a fallen soldier and interfering with a president who is trying to express his feelings to that family. what general kelly said to the president was interesting. he was counseled by joe dunford, chairman of the joint chiefs of staff when his own son died and said to him the same thing that for 40 years families have said. i have my arms around mothers and fathers and wives and kids and cried with him over the loss of their loved ones and one thing that kept coming back from the families is the same message, the one comfort is my son, when my husband was doing what he wanted to do, he was where he wanted to be. and doing this. that was the comfort the president based on the advice of general kelly was trying to give this young wife. this woman tramples on that and
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called him out for being insensitive. that is horrific and shameful. maria: we will talk about this, an incredible story, love and support that fallen soldier's parents, we talk more about that. coming up next mandalay bay is deciding to no longer rent the sweet las vegas shooter stephen paddock used to kill 58 people, the hotel statement next, tension grows over north korea's missile capabilities. the warning from the cia director to report next, stay with us. alerts -- wouldn't you like one from the market
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maria: tensions rising between the united states and pyongyang, mike pompeo and hr mcmaster warning north korea is on the verge of being able to hit the united states with a nuclear missile. they say forces should be prepared for military confrontation with the rogue country. >> they are close enough now in their capabilities at from a us policy perspective, we ought to behave as if they are on the cusp of achieving that objective. >> we are on a race to resolve this sort of military action. what we need to achieve is an unprecedented level of international cooperation. the prospects for that are pretty good for that level of cooperation. maria: it has begun to arm its soldiers as the us steps up its patrols. joining us the cia officer, national security adviser to
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president obama's presidential campaign, marie hard, for joining the conversation. what do you make of this? >> we are in a serious situation. we heard serious warnings from hr mcmaster and mike pompeo and the american people need to pay attention because there are a couple ways to resolve this, diplomatically. what worried me is i haven't seen a lot about diplomatic options and that is behind the scenes and the president's upcoming trip to asia will be important in that regard. this will be the top of the agenda but we heard talk about possible military action. we may be getting closer to that every day. maria: what are the dramatic options? >> diplomatic options are the main effort. what has happened between administrations is president obama despite his rhetoric never had the military option on the table. north korea didn't believe it, secretary john kerry used to complain to me about the lack
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of the poetic effort and realism in trying to deal with russia and syria and the rest of it because we were never willing to strengthen the diplomatic effort because of the threat of military force. trump's team understand the threat of military force threatened the diplomatic option. the main effort is diplomacy and economic sanctions which we have 20 countries to cut off trading with north korea. we have china who cut off the major currency banks and doing business with -- maria: as a big deal. >> the only reason and the only reason that is happening is because trump but the military option on the trail and people believe him. he asked the syria mention. bashar al-assad used chemical weapons on his own people, he asked the chemical strike against -- was not going to accept wmd offending human
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civilization. he executed that on behalf of the united states and the world at large and the next day he goes one on one with trump and for the first time ever says to him i am willing to work with to denuclearize north korea. >> the challenge here is it is a balance, credible military option makes diplomacy better, but the north koreans, i am worried there looking at this and diplomacy isn't an option anymore. when he tweets sorry, rex tillerson, there is only one way to deal with that and he is winking and nodding towards military action a number of american journalists have gone to north korea and reported back there taking these threats very seriously so we have to make sure the north koreans know that diplomacy is an option and conflict is not inevitable because of faith, miscalculate risks go way up in
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my opinion. >> the idea the president and rex tillerson are playing good, bad cop, the president thank diplomacy isn't working and we have to rely on the military but tillerson still talking to these people. maria: do the north koreans believe tillerson speaks for the president to get it has been a question around the world with these public spats he had with donald trump. does secretary tillerson speak for the president? some of our allies and adversaries are asking that question and that is not a good place for any secretary of state. >> i believe tillerson and trump though they have disagreements on complicated issues, this agreement, once decisions are made the decision here is rather simple. we are executing diplomatic economic sanction based option strengthened by military force and the president is doing everything he can to reverse
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the calculation that kim jong un made when obama was president. he believed by holding the american people at risk which was a departure from his father and grandfather pointing weapons at the american people that we would accept that as previous administrations accept nuclear weapons that may develop, that is what he was banking on. the calculation he has now, trump is president and he is not going to accept that. trump is spending his time trying to get inside his head and make sure he understands he is serious. >> are we being tough enough with china? they are to diplomacy. some people are arguing we should be pushing more ,sanctions on chinese companies chinesbanks,hinese individus. maria:ome say china will pick it up after the chinese congressfter the president visits. >> this is a big trip to asia,
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he's going to a number of countries about north korea, the top of the agenda, this is a big trip for the president, a lot to get done. maria: when he came back from the middle east trip he had $400 billion deal. will he be doing deals in the far east? thank you very much. coming up two former presidents blasting donald trump without saying his name is what george w. bush and barack obama had to say next. paul ryan cracking jokes at the al smith dinner, his hilarious commentary. we are back in two minutes. rear. the 2018 audi q5 is here. .. .. six in the morning.
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maria: welcome back we are we're coming to you live from washington earnings and focus on wall street. take a look down 6% as is the company's missed earnings expectations. earnings matched expectations while actually revenue be estimates. in step with ge. reported earlier this hour as well. they topped expectations but there was a review --dash revenue mix there. the broader markets holding steady. and looking at a rally this morning on the heels of a big victory. the nasdaq expected to be up about 13. take a look at the european indices right now.
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in asia overnight markets were higher take a look at the close. the senate approved a 4 trillion-dollar budget plan paving the way for tax reform. we are taking a look at what comes next the overhaul a reality. general motors finally putting the deadly ignition switch scandal behind it. how much they will pay to settle the crisis across states. speaker paul ryan roast president trumpet during his keynote. the truth is. nobody is infallible. we all make mistakes. we all learn. i have learned so much in congress for example, i learned that tweeting after midnight is a really bad idea.
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with the you are present trump or anthony weiner. the best jokes here in new york. we got them. christmas is coming and hopefully your wallet is getting fat. wait to see the new christmas book. first our top stories this half hour. presidential put down. george w. bush in president obama were emerged into the political spotlight yesterday delivering separate speeches that come together with the common thread. they tucked veiled jabs at president trumpet. >> disconnect deepened and sharpened. our politics seems more vulnerable and outright
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fabrications. some had called this democratic deep consultation. it seems to be a combination of wariness frayed tempers in forgetfulness. we have seen our discourse. at a time when our politics seem so divided and angry whether we support and embrace somebody who wants to bring people together. yes we can. joining us this morning is hillary clinton campaign chief. let me kick it off for you.
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a code of silence among presidents not to denigrate presidents in office. >> i don't think there was anything new and what president obama said. our politics should get along. i think everybody agrees with that. the surprise that former president bush came out here. personally people like it. they like his cell. he remember he won reelection.
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i think that is something that actually bush did not accomplish. just looking. what you think mark. you have a style over substance. back in 2016 when they elected president trumpet. they were tired of seeing their jobs overseas. i will note that neither of the former presidents mentioned it by name. that was one of the reasons why the president trumpet was elected. he was gonna say what was on the american people's mind and that's what he took to the blue wall. it's okay to sit down and be
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quiet we will do anyway. what i would tell you is that when you look at the results that president trump is getting the president has a plan. tax reform is going to embolden that. look at where the country is. most people are unhappy with the democrats. the country is divided into camps. there is no uniter. politics out there is vicious to say the least and so both presidents are right in their observation the fact that everybody blamed it on trump.
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>> will president obama be able to have the magic that he have president clinton enjoyed getting there also. i find midterm electorates don't listen. that did not work in 2016. he have the power of the incumbency. obviously yesterday he went to the democratic style in new jersey something for a candidate who is really struggling right now.
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it was more like roaster of the house. they set the sites on commander in chief. watch this. you know what i find amazing about this is i don't think i have seen this many new york liberals since my last visit. they reset of prayer. there was just this one kind
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of awkward moment on the supreme being the president took up instead of took about. does it get in the way of the president's agenda. he is working to bring republicans together. it was humorous and funny. this is one of the areas that they have gone together. i think speaker ryan having some fun. is not just all partisan. maybe it can remind us in the areas that they are united. i think in the best traditions of it.
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remember when hillary and trump were there last night they really got angry at each other. really taken back by what happened. this was supposed to be good political fund i was there. they pay up over at ignition switch. what do you get the person who has everything. check out the catalog. we have the luxury goods up for grabs. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics,
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maria: hotel guests will never again be able to check into the room used by the las vegas shooter. cheryl with the story. >> the suite that he was holed up in during the massacre will be shut indefinitely. they said it has no plans to ever rent the 30 fact -- 32nd floor room. it's unclear what they played to do with the suite. right now they are still looking for additional evidence. a visit to florence italy hit a man killing him. the victim was on vacation from barcelona. it is a burial site. of michael angelo and gap galileo.
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general motors has reached a settlement. they will pay $120 million to settle consumer protection investigations with 49 states in washington dc. neiman marcus has released its annual christmas book. here are some of the more outrageous items even by. i new year's eve party on a time square rooftop. all of your guests get this. it's hundred $50,000. it is going for almost $20,000. get your christmas list ready. and just ramp up the wallet also.
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that book is always so extravagant. i think i will be sticking with amazon for now. we will take a break. as president trump meets with federal reserve chairman yesterday they were remain divided. who knew that phones would start doing everything?
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>> welcome back we are focused on the federal reserve chair.
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he nears a decision on whether to rate nominate her as chairman or replace her. replacer. some of the candidates have republicans wary. the term is up. what is your take on all of this. i think the president's advisers had staked out positions. the sacred -- that chair likes this. where does the president himself stand. he said he likes all of these five candidates. he really hasn't tipped his hand during the campaign. he wanted a republican in that job. but since becoming president he said he likes her. and you have to ask with the economy going pretty will and the unemployment rate very low. and the stock market hitting new highs. does he really want to change horses in the middle of the race. how committed is the president to having a republican in that position as opposed to a
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democrat. she has kept rates so low. does the president want rates low when he's coming out with new fiscal policy. this is one of the big questions for republicans as a look at the other candidates that are out there. who is going to work best with the economic policies that he is advancing. he wants the growth rate up from 2% to 3%. someone who comes in that raises interest rates a lot will potentially undermine the estimates that he's going at professor growth and could undermine the effects of tax cuts janet yellin has done it really gradually. she seconded to second to do something that really undermines this expansion. if you have an economy that is growing and as warranting
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higher interest rates as a good story. it all depends on why interest rates are going higher. they have a four and half a trillion dollar balance sheet that they have to unwind. we are seen this kind of balance sheet on want. when they actually smash the economic recovery that is actually gaining traction. she hasn't made a big mistake. a lot of people were worried that they were gonna push interest rates that would cause hyperinflation. then they were worried they were in to pull back too quickly. that hasn't happened. we could get a couple of quarters in a row of excess of two and half percent. if he's going to switch courses at this point. is the democrat and the fed
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different. i doubt that she would do that to her own legacy. we wanted to point out talking about activism. companies that should stand with activists. we want to get the stock up. it's a delicate balance. you want to change my business evil tell me what to do and how to sell it. one of the points of this piece in our editorial page is that the markets are supposed to help companies become more efficient and they're supposed to bring investor views in from all realms and there is so much passive investing right now. by arbitron and misallocation that are supposed to make them
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more efficient. you need them to help make the right directions. one of the companies i was the advisor to the ceo i read the article it was will thought out. when you have a very active and aggressive investor some of them are out for short-term gain. it's literally out of this world. take a look at the live feed. me? i'm the money you save for retirement. i help you get organized so your money could multiply. see? got it. who's he? he's green money for spending today.
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maria: welcome back. good friday morning tgif thanks for o joining us. i'm maria bartiromo. it is friday, october 20 your top stories right now 8:15 a.m. on the east coast, late night victory for president trump and his agenda, the senate approving a you four trillion-dollar would imagine plan pervasiviaving the way for reform. >> applauding the vote last hour right here. >> winning the budget enabled us to move forward on tax under budget reconciliation rules important means we can deliver tax reform under 50 votes as opposed to 60 votes we hope we win democrats we think it will be better right now we recognize that peef a path forward to get it done for at american people. maria: we are taking a look at that path forward to
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overhaul coming up earnings on wall street general electric getting worse down almost 7% company missed expectations with earnings report also is guth the 4 year guidance on earnings honeywell is actually trading up right now, it had been under pressure, because of really ge halo effect but honeywell, earnings matched expectations while revenue beat expectations, then procter & gamble p&g reporting earnings topped estimates that revenue missed stock down 1% right now, markets looking strong expecting a rally at start of trading on heels of the budget vote dow industrials to open up 90 appointing a thirds of a per kroent nasdaq up 16 1/2 s&p 500 he have a quarter foors pers in europe take a look at indices ft 100 cac quarante. dax index all up about a quarter of a percent in asia overnight markets higher hong kong ebb winner up better than
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1%, a passionate plea from white house chief of staff, john kelly yesterday, watch. >> i still hope as you write your stories i appeal to america, that let's not let this -- lasting -- held sacred in our society a young man young woman going out giving his or her life for our country let's try to somehow keep that sacred. maria: more of this is defense of president trump this morning, the president's record by wall prototype to test illegal immigrants arrested at sight we tell you about it los angeles dodgers clinching a trip to the world series first time dodgers will be in the classic in nearly 0 years what a night we've got highlights coming up new york yankees playing tonight, pigkin for seat nike honoring patriots with sneakers made out of game used football fox
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business network dagen mcdowell is back in new york, fox news military analyst general jack keen in d.c. with me "the wall street journal" global editor jon hilsenrath great to see everybody dagen we missed you all week. >> every day attracts way from you i miss you reminds me something i said that we say to each other privately but it is just such an honor and a gift that i get to work with you every day. maria: come on. >> being here but also particularly when i am away, one thing really quickly i am waiting for correct me if i'm wrong woman used a gold star widow as political pawn, who is still snickering, chuckleing giggling about night with president trump i am waiting for democrats to condemn that i haven't heard that yet. maria: by the way, an honor to work with you general what about that fredericka wilson
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you are talking about from florida. >> i totally agree with general kelly's rebuke of her it was shame full it was a self aboutish political grand indones -- grandizing i have never seen anything like that president trying to deliver someone that lost husband and son it is that is something we should never touch. >> that is what general kelly said. >> i totally agree. >> said this sacred i am talking about more i will sit down with president donald trump, today, we are getting his take on all the above we will talk health care tax reform a lot more, watch my interview sunday morning futures another part "mornings with maria" monday on fox business network don't miss my interview with president trump, on sunday, and monday, the president plan for tax reform clearing a key hurdle senate approved a budget
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resolution for 2018 fiscal year year paves way for republicans to procure tax reform blake burman at the white house with the very latest. >> good morning to you as well another step down for senate republicans last night but still a ways to go, for the president goal of tax reform, senate republicans last night,passing a budget resolution and the president is tweeting on this topic this morning, here is what he said a while ago, and i quote the budget passed late last night 51-49 zero democrat votes only rand paul he will vote for tax cuts, voting to the president says this allows for large scale tax cuts and reform will be the biggest in the history of our country, now this clears the way, for an up to 1.5 trillion-dollar tax reform package eventually potentially but also just as big as you heard marc short tell you this allows for republicans to get the tax reform to do it with only 50 votes, plus the vice president. mitch mcconnell was sell bra
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for on a the floor. >> across america we have a very simple message. we want to take more money out of washington's pockets, and put more in yours. >> a statement last night, the top democrat chuck schumer said the following, of the republican measure quote it shifts the burden from the wealth and pits it squarely on the back of the middle class, and blows a hole in the deficit to boot i think it will go down in history as one of the worst budgets congress has ever passed that is from democrats, bottom line here, there is still a ways to being on entire process, the senate and the house, still have to reconcile their budget differences then only then really after that do republicans get to the major lift of tax reform. back to you and i will see you at the white house. maria: i will see you soon blake thanks so much blake burman at the white house, joining me right now, is the chairman of the house ways and
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means committee chairman brady thanks for joining us. >> thanks. >> so congratulations, i mean talking about this all year, now you've got the opening to tax reform, your reaction to the s key crucial moment we couldn't proceed without this occurring, so one, great job, secondly, so this paves the way for us to the house, to reconcile the differences i am confident we can do that next week and then we move very soon, both on revealing and laying out, the most pro-growth tax reform in 31 years, but also the timetable for marking up beginning action in the house committee on ways and means as well historic day he appropriately sunday, is the ri that timetable.
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maria: that is right, sunday is the -- it would be a momentous day, mr. chairman you heard chuck schumer he said that it is a terribly budget, worst budget he has seen blows a hole in the deficit how do you push back on that what do you say to senator schumer saying this is again what we expected, and a cut for the rich blows up the deficit? . >> at the end of the day i think democrats have been saying those lines for so many years, they don't knowe
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pro-growth than the one we have today about tax reform is all about. >> markup begins caulk wake us through that making the sausage when does markup begin in house and senate when will a bill be introduced for president's desk for signage. >> permissivots off budget when signed sealed delivered we announce dates, of reform plan to table to begin markup in ways and means as well,ed se. >> are you willing to go
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forward with this tax bill without eliminating the deduction for state and local income taxes a lot of people on house side will not sign this if you eliminateyeah, so a day lawmakers ask will our taxpayers be better off after tax reform than before the answer yes when you are in low tax state or high tax state we are working with lawmakers to find a good way to do that, but while we're doing that we want to lower taxes across the board, cross-country as well, so look, i expect to have continued discussions next week that will be a key part of the ultimate as we lay out open tax reform plan you are going to see lawmakers play a key role. >> let me ask you this mr. chairman because so many large are korns so many years paid no taxes; right? when you look at a ge, some big globally companies they have to used all the loopholes
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available, to get their tax rate down to zero, so that tells me 20% corporate rate is a tax tax reform framework is exactly what we need to do. >> mr. chairman when are you going do release the brackets so we know what 12% covers 25%
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covers 35% in terms of income people want to understand am i 25% bracket or 35% bracket. >> exactly. that will be that would be part of the overall tax reform plan we lay out chairman's -- the aways and means committee a couple reasons those are not yet set will be part of that process we are driving middle class tax cut, secondly we want to address those issues, in those high tax states as well where we set brackets does address those issues we want more conversations with lawmaker we want to make sure this is really strong pro-growth no matter, and helpful to your pocketbook no matter where you live. >> does thibe.
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>> because the committee for responsible budget saying look you said yes to 1 1/2 trillion dollars of tax cuts on top of 20 trillion dollar debt. >> well, those that figure really represents both economic growth from tax reform we know occurs and also, really reflects a common sens fair this moves us toward a balanced budget. >> we will leave it there mr. chairman thanks so much for all your hard work on this good to talk with you with these again this morning. >> chairman kevin brady joining us there, houston we have a space wake, astronauts outside international space station for the third time this month a closer look at repairs under way right now live pictures and -- a goat? the special sneakers nike just
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station outside for the last space walk of october, cheryl casone withdales. cheryl: yeah, maria we all have to do maintenance on homes, no different when you are at your moem in outer
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space two astronauts have a number of xhoerz to do including more work on installed hand the end of robotic arm players of a fuse on a two armed robot installing hd camera outside of the station. >> blue origin tested rocket engine for the first time company backed by amazon founder bezos fired up b4 rocket engine for a brief test half power key development in commercial space travel reality carrying astronauts back to the moon as early as 2020s the plan. >> chicago cubs will not be defending their world series title it is los angeles dodgers, heading to the fall classic la ending 29 year drought winning national league pennant first time since 1988 what a night for ki kiki hernandez one of three
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home runs driving in record seven runs 11-1 game turner -- most valuable player dodgers wait to see who they are going to face in the series game six yankees astros american league championship series tonight yankees one win away from clinching it if they can do it tonight. >> a wild shoot-out in oakland raiders and chiefs notime left on the clock raiders quarterback david carr finds michael crabtree in corner of end zone touchdown giving stung 31-30 comeback win, if you are a football fan specifically a patriots fan check these out, nike has designed a one-of-a-kind shoe made out of two footballs used in super bowl li, donated -- stunned falcons this year air force one -- comeback show, is going to be auctioned off next
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year proceeds going to the boys' and girls' club of boston -- for one pair of shoes. i wondered how comfortable. >> i don't know. >> thanks, coming up stand upping to the nfl kneeling controversy president trump's proposal to get players back on their feet for the purpose national anthem then earnings in focus on wall street this morning, ge shares are falling, falling fast down 7% right now company cut full year gains after reporting earnings missing estimates, now the company is working to get zbak on track, back in a moment. at fidelity, trades are now just $4.95.
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and it is caught and the ball game is over, and the los angeles dodgers have won the pennant. the dodgers headed to the world series! for the first time in 49 years. maria: [laughter] l.a. dodgers world series bound after win against chicago cubs in american league game six between new york yankees houston astros kicks off tonight yanks one win away from world series as well "ironman" major league baseball hall of famer, cal ripken, jr., with us great to see you. thank you for joining us what did you think of last night's game first of all. >> dodgers have been good for a long time at which they haven't been able to get over the hump the last out line drive do shortstop i was in world series last out line
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driver brought back good memories dodgers are a great team. >> who is going to be world series. >> i don't think you can count on huven yet i think berlin has something to say seems toward dodger-yankees world series i think networks -- >> who wins that one? >> nobody can predict that. >> come on played baseball about 21 years, i am an american league guy even though yankees were rivals all those years i have to root for -- >> i don't know how friends in battle more feel but endorsing the yanks but we will take it. >> back to baltimore. rooting for baltimore, come on. >> this is loyalty. >> you were a baseball player. >> i was just a -- high school baseball player couldn't hit curve balls all the stuff these -- >> i told him, privately now that hardest thing professional sports for at abouters to hit -- nothing harder what he did is
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extraordinary, an honor to be sitting next to him. >> -- much different in high school for big allocatileagues, the same. >> dagen. >> talk about being tiron man you played such a high level for so long, this is a business channel what advice do you have for people about upcoming consistently at high level for long periods of time what goes into being able to do that. >> i have an attendance record, about issue you don't accomplish anything unless you get to work. i guess your definition what consistency is to me, we have new challenge each, every day sometimes you can't always have best stuff that day you got to find a way to contribute in other ways, that would be my advice, try to figure out how you can contribute each and every day, to move the ball forward or in our case to win a game. >> even on days not at best find some way to contribute. >> you got to figure out how to play hurt hurt meaning, something less than one hundred percent i think all big league players come in
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spring training mib one hundred percent then, there is a level down from there if you get the confidence to figure out how you can make contributions at less than your best you are more valuable employee. >> i like that swries dagen mcdowell in new york. >> it is dagen mcdowell do you think that professional athletes like a lot of men in this country have gotten soft? >>. maria: i have a lot of professional athletes have they gotten soft? >> he doesn't hear you -- >> i couldn't hear the question. >> anyway relaacting i don't want to be an old baseball, tougher and better than when i played it is different now different measures to quantify whether you need less or not i played all the time i figured that, whatever you took forward, the degree of you toughness i am not sure playing 162 is honor. >> you call a game or. >> what was worse condition you played under when most
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kids today wouldn't be playing the game. >> i applied through hern herniated disk in 1997 we are beating yankees from first day to last i had a herniated disk i have been through rebuilding processes i want to play now. >> that is a pro. >> asked dr. if i could play through that if i could do damage he said no, i said i will try it was painful. >> i want to ask about nfl match previous to spread to go other sports president trump vice president pence released a petition yesterday asking for signatures from supporters who believe in standing for the star-spangled banner. >> so we have a platform i use my platform certain way i never thought to use it in a way that is being used now but if you do there is a risk
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there is a consequences to those sort of actions if you don't care convectiosequences g ahead but i wouldn't do it. >> how you feel about it. >> i just think the national anthem a sacred thing brings whole country together, regardless of where what our backgrounds are, come together honor that flag honor the what it stands for in this country, i think there is plenty of opportunities for athletes are in any walk of life, to -- protest but not during those two half minutes. >> certainly not during america's support, thanks. >> cal your company ripken baseball generated gross revenue 30 million dollars you sold two franchises looking for partnerships in your home down maryland tell us about your experience as small business owner. >> i got into learning business getting into baseball that is not true passion we have three teams we sold off two going to focus on scaling
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up kids' business three complexes that work well different models looking to acquire and grow that side of the business because that is that is where my true passion is, giving them the experience, and the opportunities to move forward. >> how hard was it to transition, from the field to small business owner. >> it was different feels like you gave everybody else 20, 25 years head start you had to learn each day was a learning curve but now getting our feet underneath us a bit making business decisions, there is a lot about common sense, and gaining your knowledge whatever business you are in. >> when you look at baseball today what strikes you most in terms of change how is the game changing how does -- everything change. >> i keep thinking my dad used to say things go in cycles. but i think the biggest differs is probably -- faster bullmens more specialized throw harder throughout lineup, you have to be rad to adapt to it to many changes.
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>> i will bet greatest to have you on the program real honor cal ripken, jr., there thank you so much when we come back time to tackle tax reform the senate proved four trillion-dollar budget plan last night in late night vote paving the way for tax code overhaul we break down next steps, then all rise for the winner of the house. >> cardinal dolan gave the benediction at president trump's national there was one awkward moment when the cardinal talked about the infallible almighty supreme being the president stood up and took a bow. >> speaker of the house paul ryan roasted president trump during keynote speech at al smith charity dinner in new york we bring it to you stay with us.
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maria: welcome back. good friday morning everybody thanks o so much for joining us this morning. i'm maria bartiromo it is friday, october 20, your top stories right now, 8:30 a.m. on the east coast fence, in focus on wall street this morning, general electric shares plummeting down 6 3/4% company missed earnings expectation cut if you will year guidance honeywell earnings matched revenue beat procter & gamble down one 3/4 percent honeywell up a half percent the market good on
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budget victory futures gainer 80 points the missouri in ge has tan wind out of sails dow industrials expected up 80 points the open, nasdaq up about 12, in europe similar story a rally under way with european indices higher across the board up a quarter of a of a percent ft 100 redaction in germany in asia overnight market took a cue from u.s. higher cropping hang seng best performer up better than 1%, paving the road to tax reform senate tradition offed 4 trillion-dollar budget blueprint blocked any potential democratic filibuster. >> a plea if from white house chaef of staff john kelly watch. >> i was stunned when i came to work yesterday morning broken hearted at what i saw a member of congress doing, a member of congress who listened in on a phone call from the president of the united states to a young wife and in his way, tried to
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express that opinion is a brave man a fallen hero, he knew what he was getting the himself into because he enlisted there is no reason to enlist he enlisted. >> stirring defense of president trump's condolence call to a fallensold's widow our top story this half an hour the trump administration clearing a critical have you heard fellow tax reform senate republicans passed a budget for 2018 fiscal year, the senate voted 51 to 49, primarily party lines except republican senator rand paul rand paul voted against the proposal, senate majority leader mitch mcconnell to the floor after the vote watch this. >> after completed the first step toward replacing our broken tax code, we have a with these in a lifetime opportunity to replace a failing tax code that holds americans back with one that actually works for them. maria: in the president
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tweeted this this morning, he said this, the budget passed late last night 51-49 we got zero democrat votes, with only rand paul voting against this, he said he will vote for tax codes though tax cuts, this allows for passage of the large scale tax cuts and reform, when will be the biggest in this history of our country he says, this will happen, well, let's bring in author fox news contributor newt gingrich mr. house speaker good to see you thanks so much for being here what is the administration's next steps walk us through the process, after you did so it wonderfully in the 80s pretty straightforward next ways and means committee has to roll out a bill probably one or two hearings on the bill, they then have to mark the bill up get out of committee it has got to go through the house at that point the senate -- because all money bills about originate in the house the senate has to hold hearings the senate finance committee has to, mark up a bill get to
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senate they have go to concerns can when they come out of conference you got to have a bill that can both pass the house and pass the senate. >> that sounds like awful lot to do. >> i am very concerned as i saw your interview earlier today with -- talking about white house perspective. >> marc short. >> i have said they should have had goal for thanksgiving you and i talked about it before i am hearing start to slide towards christmas that is dangerous because it means you can slide into january. you slide into january, everybody goes home. you lose momentum, now you are sliding into february. it is a very simple proposition the republicans need a very large tax cut to ensure a big enough boom next year that they are running as party of prosperity take-home pay and jobs, if that happens, you are going to gain 5 or 6 seats in the senate they are going to do great in the house going to be fine if they go into not getting this thing done until easter look at
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legislative history how things work, you know, they really need i think to accelerate the current schedule, there is no question that i think they will eventually get a bill, but i think in terms of of the impact they need they need that bill sooner. >> what do you think this is going to look like, when they are done what are the key pieces that -- that our viewers can look forward to having in tax bill. >> sound like partisan republican great virtual passing reconciliation only way -- democrats -- you don't tax the rich you don't have to you don't have to punish corporations probably another 20% top rate for corporations, probably going to have 25% pass-through rate for small business, which is a huge tax cut, probably going to have doubling the class rooeks paul ryan campaigned on -- postcard so probably literally going to reduce most peoples taxes to
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postcard this is the paul ryan postcard. >> what about the soft deduction everybody fighting about state and local income tax. >> have i love it. >> you like it? >> i love -- you got chuck schumer apparently last year took 58,000 dollars deductions, for his state and local taxes, defending the right of the rich, to take the production off all the rest of us, and himself the people now defending the rich are the democrats want to fight for decrees for practical reason they love big state local government. >> so will democrats vote for it. >> won't be 50th vote the one that gets to 50 i think at least four will will get nor it i think ntd, indiana, probably missouri, probably west virginia as baseline may be more than about that probably at least -- >> will they get to 50? >> when they get to 50. >> will they get to 50. >> sure, 50. >> what is -- >> -- what is the probabilitiprobably doesn't get done. >> less than 10% very serious
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the president going to visit with the senate luncheon on tuesday. >> yes. >> i suspect his message i hope his message, is going to be, you got to get this done and get before christmas you cannot leave town if you have any doubt gotten don't go home for thanksgiving you've got to get this tone. >> we are talking earlier with the general about defense spending, and budget caps so what is your take on building up the military, given the threat -- >> we've got to get rid of caps you cannot defend america at the current rate and you are going to have to spend dramatically more on defense. >> so when do we start talking about you know, slowing down spending when do we start talking about the 20 trillion in debt. >> you need have to reform government. if you reform a variety of government things maine reform one of the programs for work able-bodied adult no xhirn 13,000 of 14,000 people in the program went to work got off the program, a lot of things you can do saves huge amounts.
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>> tax reform and particularly -- business he was enterprises. >> i think maria point is republican party isn't talking about that. >> 2 conversation has sort of gone away. >> i think the -- exhausted trying to deal with health care, now tax cuts. >> true great to see you newt thank you so much see you "sunday morning futures" morning futures fox news channel newt gingrich there a passionate plea white house staff of chaff of defending the president, hearetfelt speech coming up general electric down modern 7% missed earnings expectation, and cut guidance, we are on the conference call right now we will bring the highlights of the call right after this break back in a minute. ♪ any way you feel ♪
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certainly third quarter earnings driving the study for stock prices nicole petallides on floor of the new york stock exchange. >> good morning, downside this morning, sales in revenue miss you can see down 1.7% right now, the revenue did come up shy, they did have higher sales in the beauty segment, you remember that -- ceo banking on price increases rather than volume, to try and move this company forward, honeywell on the other hand is up sided they had higher sales one area of strengthen for honeywell up 3/4 of 1% the productivity gear products have moved honeywell higher ge down more than 7% this morning the big news cutting for being ceo talking about sweeping changes that need to be done, note happy with the latest quarter, down 7 1/2% and they are going to keep focus on the
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dividend about it obviously looking at major overhaul. i remember applying this at 60 bucks a long, long time ago, this morning -- >> yeah, i think that is about where i got my options, when i was working -- 59/ 3/4 thank you so much, dagen mcdowell in new york on conference call right now, i guess, something is being said that is worsening the situation dagen what did we learn. dagen: let's just talk about dividend get to cut to the case john flannery new ceo talking about this very thing we don't know anything concrete about the dividend payout, flannery saying, that the dividend is a priority in the expect a allocation they are in process of finalizing that capital allocation framework we will find out, essentially what happens to the dividend, on november 13th that is when you have this big meeting where flannery is going to lay out strategy but
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the strategy to try and turn this company around, let me just be blunt. the company that jeff immelt was running is a disaster some quotes major changes are needed results are unacceptable to say the alleviate, least the sweeping change focusing on culture of the company 20 billion dollars plus assets sold next year and one half in terms of dividend we must point out the cash flow forecast was cut about in half for this year maria seven billion dollars, that dividend cost 8 billion dollars, every year, so the cash flow forecast cut to 7 billion, from 12 to 14 billion, and you look at that stock, it is worsening as the call goes on. the only reason you are not seeing it show up more in the -- the overall dow that is cheapest in the dow
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industrials so because it is so cheap it has the least impact on the overall dow industrials. >> there you go dagen the stock is now down 8 1/3% while you were talking i think people wanted to hear flannery on call say we will not cut dividend what you told us not that they are still deciding on allocating capital. >> right he says a priority, they know it is a priority to the shareholders but if the money is not there then you have to focus on the growth and the dividend. and, again, this is a business that is struggling to the worse part of the business is the power business, that is why you are seeing the pullback in cash flow, pullback disappointing and this was they were about 16 cents of the -- of the earnings miss in this in this report, result of impairments restructuring charges so it was kind of a kitchen sink if you will that was 16 cent hit to earnings. >> ge is the only remaining
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company in the dow jones industrial average from when the dow started 30 companies within there dagen thanks great information dagen on conference call still we will bring headlines that she hears to tax reform last night republican senators passed the a four trillion-dollar budget blueprint paving the way to overhaul tax code the host of "varney & company" stuart varney weighing in final happening. >> 80 may be 90% chance yes, we get that tax cut deal going through, the budget has passed, they passed it in a way which means only got to go through one committee in the house. we will get the tax plan next week, and i think a vote on it very soon, this year, probably, in the senate. got a strong chance of passing one very simple only on need 50 votes in senate to as the this tax cut plan if they can't get 50 republicans to say yes to tax cuts there is something wrong with republican party everybody knows it, the idea, that very last minute, the republicans
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would stumble, can't cut taxes i just can't believe in wildest demonstrators that would actually happen so i say yes, you are will you will get a tax cut yes why market goes up again this morning. >> that is right i think that is the sentiment all around everything you said we will see you 10 minutes you have a lot more varney & company begins after "mornings with maria," 9:00 a.m. eastern, stay with stuart first we will be right back with more, right here. "volatile markets." something we all think about as we head into retirement.
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>> i was stunned when i came to work yesterday morning, and broken harted at what i saw a member of congress doing. member of congress who lynned in on a phone call from the president of the united states, to a young wife. and in his way tried to
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express that opinion is a brave man a fallen hero, he knew what he was getting himself into because he enlisted there is no reason to enlist he enlisted he was where he wanted to be exactly where he wanted to be with exactly the people he wanted to be with and his life was taken. >> that was the message. that was the message that was transmitted. it stuns me that a member of congress would have lessened in on that conversation absolutely stuns me and i thought at least that was sacred. maria: yeah, that was emotional white house chief of staff general june kelly defending the president condolence call to the widow of the you have thes soldier la david johnson killed in niger slamming a florida lawmakers for politicize siteing that call president trump tweeted this this morning democrat congresswoman totally fabricated that i said to wife of soldier who died in
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action i have proof, general keane with us this morning, your reaction. >> yeah. you know general kelly he gave the american people 17 minutes civic lesson on one of the most sacred processes we have in this country how we honor our fallen, it was quite remarkable most of us spent a lifetime in the military, we touched this process from wrapping our soldiers when killed getting off battle field consorting them home knocking on family door telling them loved one is day he had to staying with the familyi family weeks of a time all part of that process this man john kelly what makes this so different he is gold star parent he is on receiving end of that process that we participated in he got himself together, to come out there, and deliver that message to the american people, i am so proud of him, i tell you what. we all meet agreed americans in lives the american people have got exposed to a great american here, we're not going
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to here this is not end of john kelly quite a remarkable museum being. >> shared the story for the first time i think publicly about his own son losing his life in afghanistan i want to say that is why we stand for the american flag. >> absolutely. >> i want to ask you general what does this tell us about general kelly's leadership inside the white house what kind of white house helping the president reason i is this a moment where we get, a peek inside how the white house is run, and -- learn about one top deputy? >> i think it does we can speculate a little bit we have a very strong leader here obviously the president has enormous respect and regard for. i think he is -- kind of disciplining the information process that goes to the president, so not half hazard everybody doesn't have access when they want it i think also relies on general kelly's judgment making decisions even though they may be a subject
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matter expert in the room other than general kelly doing this, i think he also helps to validate the president i think did it over this whole issue never should have been in public domain this way it is -- what congresswoman did exposing this family unnecessarily. >> you are a great american thank you for that a short break when we come back we've got final thoughts from this all-star panel. stay with us. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. . . and we opened the next day.
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maria: what a show. thanks, everybody, my thanks to dagen mcdowell, general jack keane, jon hilsenrath, great to see you. we will see you soon. tune in sunday morning futures for my exclusive interview with the president and then more on monday in mornings with maria. i will sit down with president trump to talk tax reform, health care, a lot more. varney & company begins now. stuart, over to you. stuart: maria, thanks very much, indeed. we like to be direct, here it goes, the budget passes, tax cuts next, stocks straight up again. good friday morning, everyone. politics and money, yeah, they are joined at the hip. look at this. when trading begins it will be another triple-digit gain for the dow. certainly very close to it. hard to believe but people are now talking of 24,000 on the dow, we are just, what, 800 points away. all of this because tax cuts now look much more likely. last night the budget passed the senate 51-49, senator rand paul was the lone republican no


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