tv Bloomberg Markets Balance of Power Bloomberg March 23, 2018 1:00pm-2:00pm EDT
now. there is going to be a daily press briefing, but according to the white house, donald trump says he will find the spending sign the spending bill. i want to go to the former republican governor of new hampshire and chair of the senate. you.me to both of governor, i want to start with you. -- $1.3 trillion, do we have the money? >> no. it represents more deficit over the next 10 years, and $1 trillion in interest costs in the next four or five years. if this bill had been brought forward by a democratic congress, every republican in the senate would have voted
against it. it is a spending bill that has no discipline. ifry: we are quite confused president trump will sign this spending bill. we have heard his complaints about the bill. tell us about that. he tweeted to everyone, including his staff, he might veto the bill over daca. there is no provision in the bill to protect those folks from deportation. trump says on twitter he supports such protection, but the white house keeps adding strings. instance, he wants considerable funding for the on the mexican border in conjunction with even temporary protections for these people. i suspect this will be more about the bill lacking much money for the border wall.
afternoon he this will actually sign the legislation, after causing a little consternation in washington this morning. we are told the press is being asked to move to the diplomatic room for a signing. that is why the press is leaving where the podium is for the briefing. governor, i want to come back to you. they have managed to reach a compromise. is there ever going to be a time of the american public hold them to account -- when the american public hold them to account? >> i expect it will be when we have a fiscal crisis, a definite possible -- a definite possibility in the future as our debt gets to the point where we are not sustainable. the chinese ambassador is talking about
stopping their purchase of federal debt. that will put tremendous pressure on the ability to sell debt, when we are running these high deficits. the potential for a crisis is there. my guess is the american people are not going to focus on this until that happens. if they were focused on this, congress would not be passing all these proposals, passing debt on to our children. it is totally irresponsible. , you talk to the chinese ambassador earlier today about the subject. china is looking at all options, including the purchases treasuries. one president trump talked about the relationship with china in a potential trade war, he is saying it will be easy to win. who has the bigger leverage? both sides will suffer dramatically. we are trading nations.
massive amounts of our economic prosperity depends on our ability to sell goods to each other. americans would buy things they couldn't afford if they weren't produced in china. who sell high-quality products to china, such as a new hampshire, where 40% are exports and a blood of them are going to china, benefit dramatically from the jobs that create. we are trading nations, and when you get into a trade war, you sometimes contract dramatically the ability to create economic activity. it is a huge mistake to participate and initiate a trade war. it is like riding a wildfire. you have no idea how you get it under control as it gets started. david: i understand by the trump
base is hostile on the subject the trump base is hostile on the subject of trade. but what about the deficit? used to really hate deficits. why are they not going after the president? >> there is no such thing as a deficit talk among the republican party in congress. i would be interested to hear from senator greg as to whether he counts the tax cuts from last year as part of the legislation he thinks is misguided. are canceled have to pay for the national debt in the future. i don't think the issue is tax policy. the issue is entitlement spending. we are to have deficit somewhere trillion dollars.
that will be judging by the fact we have entitlement programs we can't afford in their present structure. until congress is willing to step up and do something, you are not going to get destabilization in our debt situation. if they keep adding to it, they will not get that. een thenever seemed -- s taxable as the primary driver. spending problem and government has gotten far too big. david: is there anyone on the national scene willing to take up the entitlements? neither candidate from the presidential election a couple of years ago was willing to take it on. i think they perceived it to be political suicide. >> it is not. it is fiscal responsibility. the president took the issue of medicare and social security off the table. that was a political decision.
it was a terrible decision. are there any people willing to step up? coalition bipartisan in the senate that would be willing to make some substantial action. simpson-bowles commission not too long ago which got the deficit under control by addressing entitlements. that was bipartisan. the opportunity is there. but right now there is no leadership. the commentator is right when he says there is no deficit talks in the congress. have now shifted over to the diplomatic from. -- diplomatic room. we are expecting the president of the united states to come in shortly. is a big stack of papers,
2000 pages. julie: the bill that president trump is not very happy with. funding is staying essentially flat when they wanted a 30% cut. the president had proposed big cuts to agencies and programs across the government. congress essentially ignore them. congress does that to all presidents. long as i have been covering washington, presidents have proposed things in their budget that congress ignores. it will be entertaining if the president announces he is vetoing it. this president is wont to give a surprises. i want to come back on this approach to fiscal responsibility. if you were back in the senate,
what would you be advocating? has anyone come up with a plan to take on this issue since bowles-simpson? >> they came very close to an speakert between boehner and president obama that would have been substantial. it didn't go through at the last moment. that doesn't mean it can't be done. all it takes is leadership. i believe the way to do it is to reconstitute an approach where you put together a bipartisan group of folks who are entirely made up of congress with presidential press -- participation. you give them a charge and say, gets the debt and gdp ratio down to 70% and hold it there. that is a pretty high percentage, where we have historically been is 35%. take a number that is doable. said the debt
reduction could come from spending and one fourth should come from revenues. the size of the government ofuld be set at about 21% gdp. those are viable numbers and if you develop a program around those numbers, you can get something substantially done. it is sort of interesting. there is that famous ralph waldo emerson statement, consistency is the hobknock of small minds. the president has put that comment on steroids, because you don't have any idea where he is going on anything, especially with domestic policy. it would be nice if we could get some comment from leadership, specifically on the fiscal issue. shery: some would say the president has stuck very close to his campaign promises. people were thinking he was going to back off -- off once he
becomes president, but he hasn't. agreement on this bill, as i understand. he sends a tweet out this morning he may veto it. that is pretty inconsistent. this consistency has been fairly effective on a couple of big issues, certainly tax policy, judge neil gorsuch. he says he wants this wall. he did not get it in this bill. that is what he said he wants. some of his other policies on immigration and trade have been inconsistent and quite damaging. people don't know if they can put their shoulder to these policies because they don't know if it will be the same today as it was yesterday. one of the promises he made on the campaign trail was infrastructure.
does this $1.3 trillion bill say, we will not go anywhere with infrastructure anytime soon? >> there is a little bit of money and therefore infrastructure, -- in there for infrastructure, including the gateway project, which the president opposes. he wanted to that program completely left out of the bill and it is not. i want to add is a journalist -- democratsalist that would say our entitlements are affordable if we raise money from taxes. they have criticized the tax cuts last year pretty loudly, pretty vocally, for robbing the government of revenue that could help to pay for some of these programs, like social security and medicare and medicaid. avid: is that true, when you
look at medicare and medicaid and social security? the tax cuts would have had minimal effect on the deck -- deficit, which is being driven almost entirely by medicare, medicaid, and social security. we have an $80 trillion unfunded liability in those three sectors. today, wees were paid are still short $80 trillion. of cannot tax your way out this. you would have to have a hundred percent tax rate on the vast majority of middle income americans. what you have to do is try to stabilize those accounts. to deliver continue high quality safety nets to people who need a safety net. you can do both of those things and it is not impossible. it requires stepping up to the plate into making a bot of tough
decisions and having leadership plate and making a lot of tough decisions and having leadership. and a lot of other things like that. there are things that can and should and need to be done if -- to get this entitlement spending under control. the acts that you contact your way out of this is very socialist -- the idea that you can tax the way out of this is verythe acts that you contact yr way out of socialist, and i do't think there is any socialist policy that has accomplished that goal. david: both of our speakers will stay with us as we wait for the president to come in for we believe to be a bill signing. let's go to the markets. the markets are enjoying the clarity they have gotten in
the last 15 -- 15 minutes. we are fluctuating between gains and losses. the s&p 500 and the nasdaq are recovering. if we switch up the board on the see howscreen, you can we were covered a little bit. we are still off almost 3% over the last two days. today, the lows are helping the market with that clarity were mentioning. mentioning. the markets are still the worst sector in the s&p 500. bank of america is on pace for their worst wake in a year, as well as morgan stanley, on pace for their worst week in more than two years, going back to january 2016. 10-year yields are falling.
this has hurt the financials. i want to wrap it up with that risk we have been talking about as the equity markets have been selling off. gold is rallying. was actuallyyield lower, at 2.27%. we started the week at 2.31%. david: thank you. shery: breaking news. is saying itlytica is undertaking a third-party audit in order to verify it does not hold any of that controversial gsr data they have been accused of harvesting. they have been accused of harvesting millions of facebook users' information. without their consent. are undertaking a third-party audit to verify it does not still hold that gsr
for border wall funding being totally abandoned by the democrats. by thejoined again former republican governor of new hampshire and chairman of the senate budget committee. from still what this florida. thank you for staying with us. what do you believe will be the biggest victory, if any, for president trump, once he signs? government stays open and continues to operate. it is always very important. the government shutdown is counterproductive to everyone. that, i don't see any significant victory at all in this bill. with defense dollars being up as much as they are, it will be very significant to his belief that we can significantly strengthen our defense
capabilities. but they are not paid for. it is a financed increase. i don't see that as a great victory. david: in the past, social security, the bipartisan commission goes off in a corner, comes back with an answer, and boats. is there a prospect for that when it comes to things like entitlements or getting our arms around the deficit? >> that is the only way to do it. do it under a structure. this led to the simpson-bowles commission. if you give members the ability to offer amendments after an agreement has been reached by a bipartisan group, that represents the cross action of the congress, if you give people the opportunity to offer amendments, numeral offer and if they don't
get up and down, they will go to the final bill. had five or six different commissions and we got our military right-sized as a result of that. one,you take this one by people aren't able to get the votes to do it. toyou were going to get major reform, it has to be bipartisan. if you are going to reform programs that affect a lot of people like medicare and social you have to be fair, and fairness in our society is defined by bipartisanship. you will have to do it in a way that puts people in a room who understands the issue and to have skin in the game. you have to say, reach an come out ofr don't the room. and you have to have a president that says, i will step on the toes of my constituents, and leadership and the opposition party who will say, i will step on the toes of my constituents.
shery: how likely is it that this will get done in this election year? >> zero. it will only happen in crisis. david: -- >> the government functions very well in crisis. i was there the financial meltdown. when we are not in crisis, politics takes the front stage. it is not constructive to getting thoughtful things done. shery: it seems like the american government is in crisis very often. is the federal budget process essentially broken? >> entirely. we haven't had an appropriation structure for years. we get these omnibus bills,
which is over 2000 pages. read, and i finally suspect no one has read this other than the staff to put it together, you will find things in this bill that no one knew were there and are fairly outrageous. it is a huge bill. you used to have a process when all the amendments came to the floor and you had to vote every single one up and down. process needs to be fundamentally reformed. there is a good group of folks in the congress that are trying to reform the budget process. it has to be changed. we have our bloomberg news reporter with us. let's look at what is happening right now and what would be the biggest take away of the new cycle today? >> it looks like it is going to get signed. we are going to breed a sigh of relief.
even though republicans controlled congress and the white house, if they don't have enough agreement, the party is too divided to come together on a spending bill. they have had to reach out and put a lot of democratic measures in here. the president has really bristled at them. if we had a different kind of republican consensus, this would have been much easier to get fruition. havelicans and democrats come together to compromise. the president is not happy about that, but he cannot risk the chaos. david: will there be a chance that he will say, -- president trump is walking into the diplomatic room. : we have a lot of good news to report. some tremendous trade deals are being made with various countries. we are negotiating very long and very hard, but very quickly.
korea,l with south according to secretary ross and mr. lighthizer is close to being finished. we will have a wonderful deal with a wonderful ally. we are getting very close to it. it was a deal causing a lot of problems for our country in terms of employment and lots of other things. i might ask secretary ross to say a few words about that, and then we will get onto this ridiculous situation that has deflated over the last week. : thank you, mr. president. we believe the are relatively close to a pretty comprehensive resolution with the south korean government. it will encompass, if it goes and broaderh 232s
trade issues. tohope by sometime next week be able to have this resolved. pres. trump: thank you. the last time we negotiated something like this, it has always been a problem for our country. get together and create a series of documents no one has been able to read because it was just a diner. you tell me who can read that quickly? cuts havese undermined our national security. if you look at what is taken out, they had hallowed our readiness as a military unit and put america at grave risk. my highest duty is to keep america safe.
nothing more important. the omnibus bill reverses this dangerous defense. difficult as it has been, as much opposition to the military as we have had from the democrats -- it has been tremendous. opens --ary is former for republicans and democrats and everybody else, but we have tremendous opposition to creating what will be by far the strongest military we have ever had. we have had that from the democrats. if we take something for the military -- they want to somethings that in many cases are a wasted some of money. for ourt right and bad country. we are looking to do a final
fight in certain areas. we have gotten 100 or sent of our land back from crisis. we have troop increase is necessary to accomplish what we have to do and a pay increase for our troops. this will be the largest pay our incredible people in over a decade. it increases total defense spending by more than $60 billion from last year, and funds the addition of critically needed ships, planes, helicopters, and submarines. we have submarines being built like nothing of the world. our military equipment is the best in the world. one of the things you saw with it isarabia two days ago, buying hundreds of millions of dollars worth of our equipment. we are getting very fast approvals on that. of national
security, i have signed this omnibus budget bill. there are a lot of things i am unhappy about in this bill. there are a lot of things we should not have had in this bill, but we were forced, if we want to build our military, we were forced to have. there were some things we should've have had in the bill. will neverngress, i sign another bill like this again. no one read it. it is only hours old. the secondon, largest ever. president obama signed one that was larger, which i am sure he was not too happy with either. became so bigit because we need to take care of our military and because the thecrats don't believe in things they wanted in order to
get their votes. we have to get rid of the filibuster rule. to 51 votes in the senate, if we are going to have sustained, continued success. recipients have been treated extremely badly by the democrats. daca and to include have 800,000 people in this bill. it could even be more. inwanted to include daca this bill. the democrats would not do it. situation the omnibus from ever happening again, i am calling on congress to give me a line-item veto for all government is spending bills. thesenate must end filibuster rule. we have to get a lot of great
legislation approved. ithout the filibuster rule, will happen like magic. i want to address the situation allborder security, which i c national defense. i call it stopping drugs from pouring across our border and illegal immigration. it is all of those things. national defense our -- are impo rtant two words. by having a strong border system, including a ball, we are in a position -- including a a militarilyin ion.ntageous posit i would like to ask secretary talk about what has
been accomplished in terms of the military. military is very depleted, but it is rapidly getting better. in a short time, it will be stronger than it has ever been. mattis: thank you, mr. president. and george washington's first annual address to congress, he said to be prepared for war is one of the most effective means of preserving the peace. the president noted today that he received the largest military budget in history, reversing many years of decline and unpredictable funding. together, we are going to make our military stronger than ever. we and the military are humble and grateful to the american people for their sacrifices on behalf of this funding. it is our responsibility in the every dollarpend
wisely in order to keep the trust and confidence of the american people and congress. thank you. you. trump: thank the border we have worked very hard on. standard,lot by any we are going to make it go a long way. was funded, $1.6 billion. we are going to be starting work on monday, are not only -- on not only a new wall, but also fixing existing walls and acceptable fences. there are some areas you have to see through the other side in order to see what is coming. in many cases, it is not a
pretty picture. we have $1.6 billion for the wall. that will start immediately. this is a short-term funding, but it starts immediately. i would like to ask sec. neilsen nielsen to say a few words about what we have done for homeland security and what the bill does. sec. nielsen: good afternoon. we at the department of homeland security with -- work closely with the department of defense and we support the omnibus and the defense of our country. the president has stated under his leadership has delivered for the american people. this is a down payment for the border wall and a 10% increase on immigration-customs enforcement. this will improve aviation security with badly needed upgrades. we look forward -- look forward
to working with congress on additional needs. it is unfortunate that congress chose not to listen to the men and women of dhs and those on the front lines. we will continue to work with ism to make sure the wall where and how we need it, and to make sure it serves the american people into the security of this nation. we will continue to work with congress to close the dangerous loopholes be president has mentioned many times, and will continue to increase our overall security. we think congress should support the department of homeland security. i will continue to make myself available to them. i look forward to working with them, but we must give the the resources it needs to execute the mission the american people have asked. thank you. trump: we have many elements available that we wanted.
to look at a few of them, we are providing $654.6 billion in total discretionary funding for defense. there will be nobody that says our military is going to be depleted, like they have been -- longver the last period of time. frankly, beyond president obama. not be happening. we are spending a lot of money on nuclear systems, to upgrade ewd in some cases, brand-n nuclear submarines and others. the mostave by far powerful nuclear force on earth, and it will be absolutely in perfect shape and condition. god,opefully, praise be to
we don't ever have to use it. there will be nobody that is even close. this will give a substantial increase to people even outside of the military, military-related. some of the many things we are buying in the military, we have $23.8 billion to procure 34 navy ships. navyybe is at about -- our is at the lowest point in terms of ships it has been for almost 100 years. we are adding a significant number of extremely advanced vessels. 90 f-35llion for aircraft. that is the most sophisticated aircraft in the world, jet
fighters. see.are hard to find and beat a planeugh to when you cannot see it. we have $2.9 billion for 15 kc-4 6 tanker aircraft. tanker aircraft is very everything.ased on it allows our plans to travel anywhere in the world without landing. 24 super hornet aircraft fighter jets. 10 posideons.or for 56 blackhawk helicopters, the most advanced helicopter in the world, fighting machines.
upgrade ofn for the 85 abrams tanks. 05- $7- $5 million million dollars for various missile-defense systems. we have a lot of offense that has been recently installed. we are spending a lot of money on missile-defense. missile-defense is very important. our border patrol agents, and are ice -- our ice agents. are working long hours under tremendously dangerous conditions. we are adding large numbers of immigration judges, high quality judges. themnly are we adding
on the district court and federal level, but we are adding immigration judges at a very high level. in thee are disappointed $1.3 trillion, no one more disappointed than me, because hadnumber is so large, we no choice but to fund our military. far,ve to have, by distressed military in the world. -- the strongest military in the world. this will be the strongest military we have ever had. when you look at all these pages, a lot of that is devoted to the military. i want to thank members of congress for working so hard. wilhile we can be disappointed n know therewe have to
are a bunch of strings pulling everyone in different directions. congress, men and women, has been steadfast on andir fight for the border steadfast for their fight on the military. billion onding $6 of drug control, helping people that are addicted. it is a terrible problem. this will be a record. suing certain drug companies for what they have done with the opioids. we will be bringing this to a federal level, the level of ands being put out there the power of this addiction is hard to believe.
people go to the hospital for a week and they come out drug addicts. better way. be a doctors are weighed down with their orders of the opioids -- way down with their orders of the opioids. a great thing. for a medicine that can stop the pain without the addiction, so people are not going to become addicted to these incredible drugs. have $6 billion, having to do with opioids and other problems , and that others are in the world are having with drugs. we are extremely proud of what we have been able to do when it comes to our military. be farce to. than any military anywhere in the world -- it will be far superior to any military
anywhere in the world. we are very happy with what has happened with opoids, with certain elements of the border. with $1.6appy million, but it starts the wall. we will make that $1.6 million go very far. i can tell you this, and i say this to daca recipients. republicans are with you and they want to get your situation taken care of. the democrats fought every inch of the way. they did not want daca in this bill. daca is tied to the wall for the funding, the $25 billion for the wall and other things. i think that will be coming up very soon. i want to the hispanic community
and daca recipients to know -- want the hispanic community and daca recipients to note that republicans are much more on your side. democrats are using yield -- you for their own purposes. proud of the items we have been able to get. we are disappointed that in order to fund the military, we had to give up things where we consider them to be a waste of money. that is the way the system works. country and we are going to have ever had. lots of good things are happening. the trade situation we will be talking about next week, we have only thee deals, not
deal being made on south korea which looks like it is close to being finalized, but many other countries now negotiating fair trade deals with us. we will be rolling them out as you see them. part of the reason we are able to do that is because of the tariffs on steel and aluminum. it shows how unfair some of deals, that have been in existence for many years, how unfair they have been. it will be great for our country and other countries. it will be fair and reciprocal. think you all very much. -- thank you all very much. >> [indiscernible] trump: we will figure that out in 20 minutes. i was speaking about doing the veto, but the incredible games
we have made with the military overrode our thinking. >> can you talk about the impacts of the tariffs on the stock market? : it is way up. when i came into office, the stock market was a different planet. china does not have free reign anymore. we have great relationships with china. it is time. last year, we lost $500 billion on trade with china. we can't let that happen. thank you. david: we have been watching president trump as he has been giving remarks in need of medical remove the white house after signing the spending bill remarks in the diplomatic room of the white
house after signing the spending bill. he says he is disappointed overall. he says he is not going to sign such a bill again, but he is doing it because national security requires it. now, let's take a look at the stock market. the president was talking about the stock market on the way out. he said it is going to be just fine. it went down today amid all the reports -- all of the averages went down amid rumors about the veto, and abetted came up as it became clear the president would be signing -- and then it came up as it became clear the president would be signing. -- are maxo our reporter.
much of what the president said was all about the military. spent, and the democrats are keeping money away from the military. do we need to catch up on the military? >> yes. do better,would frankly, if he works with congress. makes money,hat not the president. the hold card is their constituents. democracy. if you want a better deal, he needs to work closely and cooperatively with congress. hery: lots of secretaries came out in support of the bill. law?did they get from this >> i think this shows the sway
of defense secretary mattis in this debate. this is a $7 billion increase for the pentagon, a huge increase. the president said at $10 billion was going to stealth fighters/he signed about $3 billion -- four stealth fighters. about $3 billion for tanker airplanes. you have to look at what happened if he vetoed the bill. members of congress have already hit the road back to their districts. the pentagon and all government agencies would have gone into a shutdown. that doesn't stop u.s. submarines and planes from being deployed, but it does stop a lot of critical operations. resolutioncontinuing that would have impaired the
a 70 billionhe way dollar increase does. the defense secretary had a talk with the president this morning after the tweet. i think he waited very heavily on the side of mr. president, let's find us now. david: if national security is the primary issue, you know the issues. it is good to have military hardware, but doesn't the deficit spending at some point undermine our national security? >> it clearly well over time. -- will over time. the tax at $1.3 trillion to the national deficit. add $1.3 trillion to the national deficit. it will come back to haunt us. over the sweep of history, countries have a stronger areign policy the more they
strong at home economically. that means investing in infrastructure and education, technology. the stronger we are at home economically, the more we don't have to worry as much about being strong militarily. clearly, you need both. if we are going to deal with china on all these trade matters, china is somewhat the culprit here, we have to have local domestic strength and work more cooperatively, not this bombast the president seems to be pursuing. it is not going to work. china is proud into smart. i served over there for three years. they are not going to go away. they are going to use their trade measures to follow their nationalistic tendencies. shery: i talked with the chinese
ambassador to the united states. i asked them if they were treasuryt curbing purchases. he said they were looking at all options. will be problems with china offset some of the gains in the national defense fund? >> i think americans made a huge tpp.ke with passing on the during the time i served in china, that was the most important geopolitical measure that crossed my desk. americans are less strong economically in southeast asia. it gives china an opportunity to fill the void. tpp would have enhanced america's military prowess in the pacific.
we need this. a commander can get better overflight.s and we have to work together with these countries and find a better way to deal with china. it is not going away. overflight. china served over there, said, we will take care of are part of the world, americans, you take care of your part of the world. now it is, we are trying to give china bloody -- a bloody nose. it is not going to work. china is a bad actor, but we have to approach it constructively. david: you said on bloomberg before there are real issues with the way china does trade and handles investment and taxes. something has to change.
point,e president have a to shake up the very basic that herade with china, has to take aggressive stance is like he is taking the 301? >> china likes to talk, and they will give just enough to keep it from going further. they are very good at it. they have been doing it for thousands of years. the president does have a point. they are going to be a better economic player. but ifgnosis is correct, you try to punch china with these tariffs, it is going to hurt american companies and consumers. china is not going to be hurt very much. they have lots of different actions they can take. they are going to keep pushing this as far as they can. they have to work with china. walk roosevelt said, softly and carry a big stick. you have to talk with china
cooperatively. do it in a constructive and respectful way. ambassador, thank you for your time. and a reporters for national security. david: join us at new new york 12 p.m. new york time every weekday starting on monday. you can catch all of our interviews on the bloomberg with charts, and related functionalities discussed on this program. live from new york, this is bloomberg. ♪ mom you called?
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♪ we are live and bloomberg world headquarters in new york over the next hour. here are the top stories we are covering on the bloomberg and from around the world. u.s. stocks swing between gains and losses as dramatic development out of washington keep investors on edge. facebook fallout. we speak exclusively with the former twitter ceo dick costolo as lawmakers turn up the heat on social media companies in the wake of facebook's crisis of trust. and one of the most dovish members of the fomc speaks out. neel kashkari tells bloomberg wanted the rate increase this week. andks have swung lower higher, and right now they are on the downswing. taylor: recovering from our whiplash, it is really incredible. an hour ago, the dow was off as much as 6/10 of 1%, now up about 6/10 of 1% as we got a need