tv After the Bell FOX Business November 14, 2017 4:00pm-5:00pm EST
liz: meantime they're pushed into stocks. [closing bell rings] good to see you sir. thank you very much. brad mcmillan. there is the closing bell. ge closing around a six-low. major averages end the day lower. that will do it for the claman countdown. see you tomorrow. david: dow is down 30 points but way off the low of negative 168 earlier today. the s&p also down but way off their lows. hi, everybody, i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have more on big market movers. we're covering this in a very busy hour ahead. president trump ending the historic trip to asia, ending the way back to washington where he is expected to make a major announcement on trade. pushing hard for congress to reach a deal on tax reform. here is mike pence talking taxes with "wall street journal" ceo council meeting. we'll take you there live when he begins. david: good. melissa: as the senate continues
to mark up its bill this afternoon, we are now hearing a repeal of of the obamacare mandate will be included. more on this development just breaking in the past hour. attorney general jeff sessions grilled on capitol hill, what he is saying about a special prosecutor to investigate the clintons. judge andrew napolitano is here with his take. david: senators murkowski and collins are apparently going it vote for the bill. the dow recovering not quite enough to stay out of the red today. down about 30. go straight to nicole petallides on floor of nyse. ge used to be a megastock. it has shrunk so much the past years, only counts for seven points of the dow but hovering near a six-year low, right? >> the dow is weighted average, price goes down, value goes down, it will weigh less here on dow jones industrial average. it is number one biggest loser
in percentage terms. down 12% in just two trading days as company cut its dividend unexpectedly. everybody expect ad dividend cut but they didn't expect a dramatic overhaul. a lot of uncertainty surrounding. we'll see if it bounces back tomorrow. a lot of talk about apple long term that may be the behemoth that will take it over years ahead at the t. rowe conference. that is the talk today. some other movers, ge, i noteds closing in the 17.90 range. retailers were so big today. take a look at the move. tjx, parent of tj maxx, new low as home depot hits new highs. home depot up 1.6. advanced auto parts on quarterly numbers and outlook. dicks sporting goods down, a mixed bag. retailers, best buy, l brands, walmart, target, foot locker, abercrombie throughout the rest
of the week. we'll have plenty to talk about in the retail sector. david: indeed, nicole. thank you very much. melissa. melissa: senate republicans adding repeal of the obamacare individual mandate to their version of the tack bill. adam shapiro has breaking news on this story all day long. adam, what can you tell us? reporter: we'll get most likely tomorrow morning the chairman's mark which will include the provision to repeal the individual mandate from the affordable care act. one of the senators, pat toomey from pennsylvania, who has been pushing for this quite some time issued a statement which he said, i want to read this to you. the individual mandate is based on a flawed premise that the federal post should make americans buy overpriced health care plan even if they don't want it an can't afford it. this is part of the chairman's mark. it still has to get you there senate. republicans are telling us, sources say they have the necessary votes. people like senator susan collins has not committed to a yes or no at this point.
we're told from some sources that she might vote yes, if language from a previous bill she had put in to try to repeal the mandate were incorporated. senators like lisa murkowski from alaska who we are told will vote yes. at end of the day democrats are preparing to battle about this they are furious it will be included. here is what ron wyden, senate finance committee, ranking member, along with senator claire mccaskill had to say about changes which are coming. >> this redefines the scope of this markup. we didn't know anything about this. and that why it is so important that we get the time to address it. >> the the people this is going to hit, middle class people, that this bill was to be about helping. the way i get it, we'll make their insurance more expensive, create 13 million uninsured people, all to make sure that pass-throughs get a five or 6%
cut in taxes? reporter: so the bottom line is, that the chairman's mark, the senate finance committee chairman, orrin hatch will get a new mark tomorrow morning around 9:00 a.m. we will begin again with mark-up. essentially, they're moving to try to get this out of committee by the end of the week. then perhaps a vote on the floor of the senate. right after thanksgiving. of course what is happening in the house, we'll start debate on their version of tax reform. that is going to start tomorrow with a potential vote thursday or friday. so this is all in motion. it is all in play. the mandate, the individual mandate repeal will be a part of the chairman's mark. back to you. melissa: adam, thank you. good stuff. great reporting. david: terrific reporting. here is republican congressman trent franks from arizona. he is a member of the house freedom caucus. good to see you, congressman. the senate dropped the ball on health care reform but kind of making up for it by putting the individual mandate or taking the individual mandate in to the tax bill, their version of the tax
bill. would the house do the same? >> oh i think we would embrace that in a heartbeat. am glad to see that they have done this. i said obamacare is the policy equivalent of the hindenburg. we can't do it any damage. it is complete utter disaster. this is move in the right direction. this will make the tax bill a much better bill. i have to suggest to you, be very honest, i didn't think we might, i didn't think there was a real possibility of doing this. i'm very encouraged that we are. david: we're looking at some of the differences between the house bill and senate bill. frankly there are a lot of things about the senate bill are discouraging to those that wanted simpler tax bill, keeping seven tax brackets. if you have a simpler tax code you need to cut those tax brackets. you guys cut it down to four which frankly wasn't that much. but they put it back up to seven tax brackets. are you okay with that? >> no, i'm in total agreement
with you, sir. i think we need to simplify this the good news, because we're in reconciliation, because a tax bill fits through the byrd rule, we have the planets lining up, we might for once in a long time have a true conference committee between the two houses. that is how we teach fourth graders we do this in this country. we might actually do it. so i think there is a good chance we can rectify some of the senate shortcomings, embrace some things they have done to improve it. david: as we are speaking, president trump is flying back from asia. there is word that he is going to be meeting with house republicans on thursday after he gets back. can you confirm or deny this. >> is that a confident al thing? i'm just going to say as far as i know that is not confidential. yes, that is the plan. david: excellent. what do you think the president is going to do? will he say in fact he is not happy that the senate plan has too many complicating elements in it? >> well i think he will be more in line on that particular issue with the house than he will the
senate. but i'm just of a great hope, momentum here will carry us into conference committee where we will really, truly find the best of both worlds. that is is all about. there is wisdom in multitude of counselors. a guy named solomon said that a while ago. he is considered fairly bright in retrospect. i'm very hopeful, and i think that we do need to cut down the number of tax brackets. simplicity is wonderful thing. the idea that most americans fill out a tax return on a postcard is something long overdue. david: simplicity is one thing and so is money. if some of us paying a lot more than they were before, that is going to be a problem. are you worried about some of those elements of the tax plan that might end up costing people more, or might delay the tax cuts as senate plan does? >> of course i am. einstein said make things as simple as you can but no
simpler. maybe we have to in this case be especially careful. administration signaled where we keep the rates where they are, 20% for the corporate rate. i'm hopeful, and i think, that the repeal of the individual mandate of obamacare is going to be a tremendous addition, and also give us greater flexibility to being able to fix some of the other problems. david: by the way, you picked up votes in the senate. senator murkowski is now apparently going to vote in favor of tax reform. some people are looking at an issue that has been of great concern to her, the drilling, oil drilling in anwar in the reserve. that is apparently going to be reconciled now in the tax bill. was her vote bought by that addition? >> well i don't know. if we can drill in anwar, it's a very good thing for america, that has potential the sail kind of reserves for america -- same kind of reserves has oil we get
from saudi arabia. it's a big deal. incidentally, important to keep in mind. the part of anwar we would drill, if you consider it in comparison it the entire reserve, like size after postage stamp on a football field. david: i understand. it might have happened anyway because of the president's commitment to energy in this country, making it a major factor. however, the fact that it is going to be reconciled with the tax bill, it is on that news we find out she is voting for the tax bill, kind of sounds like a little horse-trading is going on. >> it may be. the way they got obamacare, louisiana purchase and "cornhusker kickback." those are positive things and make a stronger bill for america and pull as few senators on board i'm all for that. that is run of the things we run into trouble in the byrd rule in the senate. it takes away the lateral negotiating ability. that is first question i would ask, are they putting anwar in this deal will not be byrded out? because the senate rules are pretty much put in place to make
it impossible to do anything of consequence. david: that is way things done in the beltway. representative franks. thank you. >> thank you. melissa: president donald trump returning from the historic asia trip today, talking tough on trade and looking forward to a big week in tax reform. blake burman with the latest from the white house. blake? reporter: melissa, the white house has been so quiet last 10 days or so that will change later this evening as president trump is back here. he will be back at the white house after whirlwind tour, 12 different days, indo-pacific region and five different countries. the president teased what he said is a major announcement either tomorrow or thursday as it relates to trade which was quite possibly the single biggest issue along with north korea, the president's overseas trip. earlier on board air force one, on the way back here to the white house, the president summed up trade discussions with other world leaders this way. >> we'll be fair, we'll be
reciprocal, as i said in my remarks before. we'll be reciprocal, meaning if they're doing it, we're doing it and that's the way it is going to be. reporter: you never know what can occur on long foreign trips and unexpected this time around dealt with three university of ucla basketball players. those three student athletes arrested by chinese authorities accused stealing. they're on the way back home to the united states. president trump personally intervened in this matter asking president xi xinping for his cooperation. here is president earlier today on that matter. >> that is a very, very rough situation with what happened to them. i was with them, yes he is, he has been terrific. president xi is terrific on that subject. that was not a good subject that was not something that should have happened. reporter: once the president touches back here in the u.s., five hours from now, his attention will also once again turn right back around to tax
reform, as you heard from the previous guest there. the president is expected to go up to capitol hill on thursday, coinciding with house republicans and that vote there. david: take a quick check on oil, closing down nearly 2%. this is the biggest drop in six weeks. after the international energy agency said rising u.s. shale production could keep a lid on prices. that is good for us, both consumer and producer in the u.s. oil now stands at 55.70 a barrel. melissa. melissa: the white house pushing hard for tax reform. we're waiting comments from vice president pence at "the wall street journal" ceo council at any moment. we'll take you there live when it starts. david: attorney general jeff sessions getting grilled again on capitol hill, answering a lot more questions on allegations of ties between the trump campaign and russian officials during the 2016 election. melissa: sessions also getting pressed whether he will appoint a special counsel to investigate
the clinton foundation. we will play you his response. wait until you hear what judge andrew napolitano has to say about this. he will join us next. >> we know one fact. we know the clinton campaign, we know the democrat national committee paid for, through the law firm paid for the dossier. we know that happened. and it sure looks like the fbi was paying the author of that document. ♪ anything worth pursuing hard work and a plan. at baird, we approach your wealth management strategy the same way to create a financial plan built to last from generation to generation. we'll listen. we'll talk. we'll plan. baird.
make clear to him that he was not authorized to represent the campaign with the russian government or any other foreign government for that matter. >> after the meeting, did you take any further steps to prevent trump campaign officials, advisors or employees from further outreach to the russians, after you stopped it, or pushed back at that meeting? >> what i want to say to you, you alleged there was some further can'ts later the i don't believe i had any further can'ts and i was not in regular can't with mr. papadopoulos. david: there was a democrat congressman from california pressing the attorney general about whether president trump asked him the same thing he asked a former fbi director jim comey. take a listen. >> did donald trump ever ask you to pledge oath of loyalty to him? >> no. >> if donald trump were to ask you to pledge loyalty to him, would it take such an oath, would you do so? >> i don't know what a pledge of loyalty oath is. we all owe loyalty to our
supervisors. i always done that to my boss and supervisors. so, you know, people are expected to be loyal to their executive branch head. david: it was interesting, kind of footnote from the testimony. sessions admitted to pseudonym for his email address like loretta lynch did. he said common thing for cabinet officials. >> there you go. growing calls for special counsel. attorney general jeff sessions pushing back on a special prosecutor to investigate actions by hillary clinton and former fbi director james comey. >> doesn't that warrant in addition to all the things we know with james comey in 2016, doesn't that warrant naming a second special counsel as 20 members of this committee wrote you 3 1/2 months ago asking you to do. >> well, mr. comey is no longer director of fbi. >> thank goodness. >> we have excellent man of integrity and ability in chris wray. i think he will do an
outstanding job. >> he is not here today, attorney general sessions. you are i'm asking for a special counsel. >> time for gentleman section paired. >> there is not enough basis to appoint a special counsel. melissa: so what would it take to appoint a second special counsel? here is judge andrew napolitano, fox news senior judicial analyst. >> you have to love jim jordan. he gets right to the point. really sounded like they were in two opposite political parties, not the same political party. melissa: yeah. >> though i think they have the same goal. i don't think a special counsel is needed. what would it take to appoint one? inability of the justice department ethically to prosecute the case because of some conflict, some high-ranking person in the justice department that has to serve as witness, like jeff sessions might be a witness for bob mueller. might be a witness that would exonerate the president or a witness fill as couple little pieces of the puzzle. but i agree with jim jordan these things ought to be investigated. they ought to be investigated by the regular justice department.
melissa: yeah. >> independent counsels are dangerous. melissa: i know they're dangerous. of course the problem is you have people from one party in theory investigating the other. that immediately brings up, we don't punish our political enemies in this country. let me take to you a little part of the exchange after what we saw, he said, this was jim jordan, sure looks like the fbi was paying the author of that document, the dossier, and sure looks like a major political party was working with the federal government to then turn opposition research, the equivalent of some "national enquirer" story, into an intelligence document to take that to a fisa court to get a warrant to spy on president trump's campaign. >> that may very well be true. melissa: is that enough to investigate? >> yes, it is enough to investigate. melissa: maybe they already are. >> but i think they are, just reading, i have no knowledge of that, i have no source telling me this, but just reading between the lines, the way jeff sessions hesitated and paused, he doesn't want to reveal the existence of an investigation,
he is not supposed to. it is not a crime but he is not supposed to violate doj regulations if they are. what you read, and jim jordan articulated about the dossier, whether fbi paid for it or not. if the fbi paid for it, if it is true that the fbi paid christopher steele $50,000 for that dossier, that absolutely must be investigated but that can be done by the justice department. we don't need an independent counsel. melissa: along lines you say it might already be done, that was the direct question did the fbi pay for that ridiculous dossier filled with garbage? i don't think they asked quite like that. he said i can not respond to that i can not answer that question. that is what jeff sessions said. >> he probably has evidence to support some answer but they are continuing to investigate. until the investigation is concluded and they have looked under every rock, he doesn't want to give an answer. as frustrating as his answer was it is probably the right answer
to get. melissa: but jordan, do you feel like that was all show? he seemed legitimately mad at sessions. >> i agree with you. melissa: that sessions not doing his job, not answering enough what is your take? >> a couple of questions. i do not think jordan was putting on a show. i think that is personality, i think it manifested anger and collective anger about 20 members of the committee making requests of jeff sessions and haven't gotten answers. is jeff doing his job? a tough question for me to answer. i have a lot of respect rand affection for him. i've known for years. he is giving the impression to the legal, political and judicial community of reluctance and hesitation. that is not a good impression to give. guess who else gets that impression, the guy flying back in asia landing in washington tonight. melissa: interesting. fighting back against the so-called secret correspondence. donald trump, jr., exchanges with wikileaks released
following a report by "the atlantic" that the two were in direct contact with twitter during the 2016 campaign. here is the entire chain of messages, whopping three responses. which one of the congressional committees has chosen to selectively leak? how ironic. judge is there a crime in there any any side what you think? >> not a crime to email anybody. not a crime to email a foreign national or criminal or terrorist. the crime would be if there is agreement as a result of email to do something in the email. is somebody in the agreement takes a step in furtherance. that is called a conspiracy. if you look at donald, jr., i don't mean to disrespect him, calling that, just shorthand handle, look at donald, jr.'s responses to the anonymous wikileak emailer, they appear to be innocuous. they appear to be naive. if you look at part of continuing picture of regular,
systemic communications between the trump campaign and some foreign entities, usually russia, directly or indirectly, they may fill in a piece of the puzzle that bob mueller is being looking for. so i don't think he can wash his hands of quite the way he would like to. but again, bob mueller knows a lot more about this. he seize the rest of puzzle. only can he tell us if the pieces are adequately filled in for him to make a decision. melissa: interesting stuff. judge. appreciate your time. david: love the judge. are we on the verge of a new era of economic opportunity? vice president mike pence set to speak any moment on tax reform and the administration's actions to spur opportunity and growth. we'll take you there live as soon as it happens. growing calls from establishment republicans for senate candidate roy moore to step down from the alabama race. what this could mean for the future of the gop. that is coming next. >> he should step aside. number one, these allegations are credible. number two, if he cares about
the values and people he claims to care about, then he should step aside. ♪ how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online.
>> breaking news. series of shootings and multiple deaths in northern california leaving several people dead and others wounded. authorities say among the wounded were children at elementary school in the area. fox news confirming the suspect was killed by police at the scene. the tehama county sheriff's office says they are investigating at least five crime scenes between the suspect's home and the school. we're continuing to montor the story. we'll bring you updates. >> if he receives the most votes in that situation, considering that he either withdraws himself or that he is no longer backed by the republican party in a formal way, at that point, if he still receives the most votes,
our election would be declared null and void, and governor ivy would have to call another special election. we start the process all over again. david: that was alabama's secretary of state declaring even if judge roy moore wins special election december 12th, the election could be declared null and void. what happens then? here to sort all of this out is bob cusack, "the hill" editor-in-chief. so, bob, what happens if judge moore wins? >> well i think if moore does win, and recent polls suggest he is in the lead, but not, a humongous lead, then you will see legal battles. i think it's a fascinating legal case that hasn't been tested in recent memory of the will of the voters, versus what the senate can do. and they can expel or, as, secretary of state was saying, hey, we're not going to recognize that if he wins, we're not going to recognize him as a senator. so without a doubt, i think this will be decided by the courts, probably the supreme court. david: well, and a lot of it
will be decided by the leader of the senate, mitch mcconnell. here is what he had to say most recently about all of this. take a listen. >> obviously not fit to be in the united states senate. we hope to save the seat. that might require a write-in. all those things are under discussion. david: the next question would jeff sessions be the write-in vote. would he give up the his seat as attorney general and go back to alabama to be the write-if candidate? >> possibly. the attorney general possibly and the president publicly criticized him. if anyone can be roy moore, it will be sessions, not luther strange who lost in the primary. at same time, you could split the republican vote, then democrat doug jones is winning. mitch mcconnell is accused of helping elect a democrat statewide from alabama which is
unheard of. david: i can only think of stuff behind scenes, particularly with donors. brian schwartz, one of our producers here, talked with associates of adelson from las vegas, a big gop donor. apparently he is withdrawing his support for steve bannon specifically because of bannon's support for roy moore. they're having all these undercurrents of this story. >> i mean bannon versus mcconnell is something we'll be talking about for years. remember mcconnell is up in 2020. bannon will go after mcconnell in a primary. this is big deal for steve bannon. fighting the establishment is what he wants. it is fierce and ugly fight. david: right now as we're discussing all this with roy moore senator bob menendez is in a trial in newark, new jersey for bribery. these are more than he said/she said accusations. there was enough evidence to
bring this case to trial. menendez is voting member of the u.s. senate. yet they would try to strip that right of roy moore, if he is elected based on accusations 40 years ago. if you are going to kick roy moore out, why keep menendez in? >> that is interesting question. they want democrats on the record, okay if he is found guilty, then, he should withdraw. but at same time, democrats, privately, they know that there is incoming democratic governor. so as long as menendez makes it until he is sworn in, that will be a democratic replacement. if menendez is found guilty, that remains to be seen. menendez is up for re-election. he is not a popular figure. david: prosecution lawyers revived those accusations he was dealing with underage hookers in the dominican republic years ago. so that is now being raised.
and another accusation. they denied it. but now the lawyers are bringing it up again, prosecution lawyers. you have accusation of things untoward to minors. >> yes. remember, this, these charges and were not filed in under the trump administration. this was filed in the obama era. this is a problem for democrats who shouldn't have to worry about a seat in new jersey but they might have to if this thing is not settled by election time. david: bob cusack, from "the hill," thank you very much. good to see you. appreciate it. melissa: vice president mike pence is getting ready to take the stage to discuss overhauling our tax system. we're taking you there live in moments when it happens. treasury secretary steve mnuchin says one thing is for sure, president trump is not going to bend on the corporate tax rate. >> it is not going up. this is one of the things that the president feels very strongly about. 20%, when we came out and agreed to 20% we made it perfectly clear.
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crashed in the gulf of mexico. he was only who years old. melissa. melissa: any moment now, vice president mike pence will take the stage to talk tax reform, that is larry summers, with "the wall street journal." we'll take you there live as soon as it starts. here to discuss tax reform so you don't have to listen to larry summers, i'm just kidding. james freeman from "the wall street journal" he is a fox news contributor. scott hodge, from tax foundation. how excited are you about this bill. >> i'm excited. it got 20% bigger. melissa: really? >> looks like both house and senate on board getting rid of obamacare individual mandate which allows them to cut more. good news. melissa: that's true. scott, what is your take? >> will be interesting to see how they apply those savings on the mandate. melissa: savings, use air quotes, when you say savings. >> that's true. well it is 338 billion worth of
something. they will apply it somewhere and the key question is, will it be for pro-growth tax cuts or will it be just to pad child credits and other social policy that does not add to economic growth. melissa: yeah, i mean my problem with the overall thing is, that in order to put money in someone's pocket, they're picking someone else's pocket. these swamp creatures specifically written the rules so it is against the rules for them to trim their own spending in order to quote, pay for it. i mean, that drives me crazy, james. >> congressional budget rules, they should have rewritten them on day one of congress. melissa: it works for them. >> but here we are, they have adopted certain rules and they shouldn't have, but they're going to live by them. i think, what you want now is you hope, is, scott was saying that 300 plus billion, take maybe 100 billion, a little more, start the corporate tax rate cuts right away. you talked about that last week
at the show. that is big for growth in 2018. you can cut individual tax rates as well. melissa: scott, you said the child tax credit, do you hate children? what is your deal with that? >> mine are grown. so i don't care anymore. melissa: there you go. i'm teasing. >> but child tax credits are great for social policy but they're bad for economics. and so what we really want are tax policies that lift wages, productivity and ultimately living standards. and those don't come through child tax credits or even some of the individual tax breaks. you need to focus on cutting corporate tax rates as james mentioned, full expensing for and those are good for economic growth and ultimately benefit everybody more than simple child tax credit. melissa: james, i hate to say it, it hurts me to get rid of the state and local income tax deduction, that in of itself is a ridiculous policy, allow
democrat-run cities, throwing money in the street, wasting it to continue their ways, the people live there may be frustrated like myself, you get to deduct it, so you're not as mad as you should be. >> the deduction doesn't do anything for growth. moves in the opposite direction. face it the people of new jersey and city of new york voted overwhelmingly to raise taxes last few weeks. melissa: oh. >> if they're not for tax reform, why should people from other states be for it? melissa: i know. not supposed to cry but it is so hard. i don't know, scott, give you the last word. what do you think happens from here? what with the plans smushed together into one looks like? >> i think they will move very quickly. i think a lot of what we're seeing now is sort of a preconferencing between the senate and the house. they will come together i think very quickly. they're going to move right after thanks giving to get this through the senate. ultimately i think it will go through the house and to the president's desk before christmas. melissa: okay. we are still awaiting the
vice president. you see that down in the corner of your screen. we'll let you two go. thank you so much. >> thank you. david: "wall street journal" conference. that is larry summers, former treasury secretary. he is talking about tax reform. we're waiting for the biggie. that is the vice president who will speak in just a moment. it was supposed to be, remember, melissa, a once in a lifetime to change our tax code. melissa: now you make me cry again. david: vice president mike pence is set to speak on tax reform, where it stands now. maybe half a loaf is better than none, all right? melissa: okay, i'll take it. ♪ with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.
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allow you to take advantage of growth opportunities. with a level of protection in down markets. so you can head into retirement with confidence. brighthouse financial established by metlife. david: pushing message of opportunity and growth, not necessarily larry summers. but vice president mike pence will take the stage, talking tax reform with the "wall street journal." let's go back to adam shapiro on
capitol hill with the latest. adam, there is all kinds of deal-making going on in order to get the senate and the house on board this tax reform bill, right? >> that is correct. it is not a done deal, as far as delivering the bill. so it can be signed by the president. but they have moved forward in the sense that tomorrow, late tonight the chairman's mark will be released. 9:00 a.m., they will start up again with the markup in senate finance committee. this new version, amendment to the chairman's mark will include that provision to repeal the obamacare individual mandate. how do you get senators who voted in the past against these kinds of things to vote yes? for instance, susan come loins said she has not said whether she is yes or no? she introduced legislation earlier this year with senator cassidy, the patient care act, which, called for the repeal of the individual mandate. so, what we're being told, if you can get some of the language that she had wanted originally
back in february into this, she might switch to yes. people like lisa murkowski, not responding publicly. david: adam, forgive me for interrupts, we do have the vice president at ceo conference in washington. >> honor to be here today the at 10th annual ceo council of the the "wall street journal" i know this is invigorateing event for all of you and i am humbled and honored to speak with you today. this is gathering of leaders of consequence. amazing to think that companies gathered here today represent $2.5 trillion in annual revenue and millions of jobs across the united states of america. we thank you for your leadership, your investment in america and belief for america's future. we know communities large and small across this country, depend on the companies
represented here and decisions you make each and every day. business leaders, i'm grateful for the leadership you provide. i bring greetings from a businessman, turned president who is absolutely determined to make america's economy great again. i bring greetings from the 45th president of the united states. president donald trump. the president sent me here to today to say thank you, thank you for all your companies mean, to growing american economy. he also sent me here to give you an update, an update on the progress of our administration. as we speak, the president is winging his way back a 13-day journey across the pacific. he has been forging strong relationships with nations and key allies across the region. he has in every real sense been about the business of restoring american leadership on the world stage. economically, and diplomatically. restoring that leadership, strengthening our economy along
the way. last thursday president trump joined with president she to announce agreements with chinese companies that will result in more than $250 billion in deals that will benefit the american economy. as leaders in it room know well, strengthening america's economy starts here at home. president trump has taken decisive action, as you heard about from some of my counterparts who have been here earlier today to strengthen the american economy. i'm pleased to report on the progress we made. before we look forward, before we look what we accomplished, it is important that we look back. i don't need to tell you about all the failed economic policies of the recent past. it seems like over the last eight years, washington, d.c. was busy producing reams of red tape, restricting american energy, burdening american businesses and american families with more government, more taxes, more regulation, and less
freedom. we know the results. most powerful economy in the history of the world grew last eight years by 1.8%. one company after another, heartbreakingly not only laid off workers but, many tiles, announced plans to expand their operations, not here, but around the world. wages stagnated for hard-working american families. worst of all, we saw a decline in the number of americans who actually believed that the best days for america and best opportunities for their children lie ahead. make no mistake about it, under president donald trump, those days are over. since the very first day of this administration president trump has fought tirelessly to give american businesses and american families the economic opportunities and freedom they need to prosper. i'm pleased to report since the advent of this administration president donald trump has signed more laws rolling back federal red tape than any president in american history.
this year alone, federal agencies cans he would or delayed 860 planned regulations of the we kept new net regulatory costs at zero. next year we charged our cabinet to achieve something that has never been done before in modern american history. we have charged our cabinet to achieve a net reduction in federal regulatory costs. the era of overregulation is over in america. at the same time, our administration has been busy unleashing american energy. as you all well know. affordable and abundant energy is the lifeblood of american business. president trump is committed to putting into practice all of the above energy strategy that unlocks all of america's boundless natural resources. in one of his first acts in office, president trump approved keystone and dakota pipelines. we're expanding access to offshore drilling. last month we announced we'll repeal the clean power plan that put enormous burden on job creators and businesses and the
cost of energy in this country. when it comes to international trade president trump is announced to the world in the recent days, announced throughout this administration he will continue to put america first. last week in vietnam the president laid out with specificity his vision for trade in this administration. it would be both free and fair. as president said in his words, the united states will quote, no longer enter into large agreements that tie our hands, surrender our sovereignty, and make meaningful enforcement practically impossible. why earlier this year the president made the decision to withdraw from the trans-pacific partnership. instead as the president has said america will pursue bilateral trade agreements. in his word, rooted in the principles of fairness and reciprocity. as president made clear. we expect markets are will be open to equal degree on both sides and private industry, not government planners will direct
investment. in fact earlier this year the president directed me to work with my counterpart in japan, deputy prime minister aso, to initiate a japan-u.s. economic dialogue. that already resulted in the lessening of market access barriers between the united states and japan and it is laying the foundation for free-trade agreement between the united states and our great ally japan. lastly back here at home president trump has been busy, appointing strict constructionists at our courts at every level, men and women will uphold the constitution and faithfully apply laws as written and state stays in proper roles. newest justice of the supreme court, justice neil gorsuch. so it is about regulatory reform, it's about unleashing american energy, it's about bilateral trade, and it's about the rule of law. that is the leadership president trump has been providing so far
in early days of this administration, but, as i said, we're just getting started. what's really remarkable though is that for the progress that we have made since that day, january 20th, america's economy and confidence in america is rebounding in ways that are benefiting american workers and american growth. businesses from the outset of this administration like those represented in room, already created 1.5 million new jobs. including 261,000 jobs created by businesses large and small in the month of october. employer confidence is soaring all across america, especially in the vital area of manufacturing in the life of this country. of course, the stock market is setting new records nearly every week. since the outset of this administration, the dow jones industrial average is actually increased 28%, creating $5.5 trillion in new wealth benefiting pensions, retirement
and savings accounts for tens of millions of americans. as the president likes to say, it is all about growth. i'm pleased to report to you that the economy has grown by three percentage points for the past two quarters. the new york fed expects it to grow even faster before the year is out. in a word, the american economy has real momentum. as a result of the policies and leadership of president donald trump, but as i said before, we're just getting started. to keep this momentum going the president and i believe there is one thing more we must do before the end of this year. with president trump's leadership, strong support, in the congress of the united states, we're going to cut taxes across the board for working families and businesses large and small. now, i'm not here today to endorse any particular bill moving out of the house and the senate. you heard a lot of details from secretary mnuchin, secretary ross, gary cohn, i know they
have given you updated details. the house of representatives will vote on their bill later this week. the president will travel to capitol hill to speak to members of the house republican conference on this thursday and we may well expect a vote that day. the senate will vote on the bill in week after thanksgiving. we're making steady progress delivering historic tax relief from the american people. as you heard from leader mcconnell and leaders in our administration, we've been working hand in hand with leaders in both chambers of congress to move forward on the president's vision for tax reform. but let me take a step back for just a second and talk about tax cuts in the context of american leadership. you know, over the last year as vice president i have traveled all across this country. every place i visited i have talked to job creators and working families about the enormous burden that our tax code places on their success and on growth. the truth is, the tax code today takes too much of the american
people's hard-earned money. makes it harder for companies large and small to grow. the tax code is so complex, it seems mainly to benefit the lucky few, the well think, the well-connected who an afford to hire armies of lobbiests and lawyers in our nation's capital. the truth is tax code is a barrier to growth. as a result american families ed it today it is ar amazing, cs our economy $2 62 billion every year in compliance, that is more than $800 for every man, woman and child in america. it is burden of high taxes ta are imposed onure businesses, 30 years ago, amazing to think america had one of the lowest corporate tax rates in the developed world, today, america
has fallen behind our competitors when it comes to corporate taxes and business taxes. our corporate tax rate is now the highest in the developed world, our outdated system penalized businesses for being headquartered in america by taxes every dollar they earn overseas. i have no doubt all great americans in this room, want to expand your companies here in america first to create more jobs in the communities here. where you call home. raise wages for millions of the americans that you employee, but the truth is too many american businesses have found it easier in resent years to close factories and move jobs overseas, then find a way to figure out how to grow here. though days are over. too many companies in the last 10 to 15 years have faced that choice. that choice between corporate profits and country.
and working families have felt the pain in the form of hollowed out communities, lost jobs, lower wages and less hope. i know there is pain involved, just because you sit in the ceo suite does not mean you are a real person, who lives in a neighborhood, and knows people. i remember the day in indiana, owner of a third generation business announced he was moving all of his manufacturing to china to keep his business doors open. there were a lot of factors to that, but our high corporate taxes was a main culprit. those days of taxes, driving jobs out of america are about to end. as i said before, we have fallen behind in tact policy, it has impacted america. president trump is committed to advancing tax cuts and tax