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tv   After the Bell  FOX Business  June 21, 2018 4:00pm-5:00pm EDT

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mix that with a trade war. liz: perfect way to end that on an upbeat note. josh, good to see you. [closing bell rings] stocks off the low but the dow looking at the longest losing streak in 15 months that will do it for the "claman countdown." melissa: she said it, the longest losing streak in a year-and-a-half. the dow falling the eighth straight trading day. s&p and nasdaq also closing deep in the red. i'm melissa francis. melissa: i'm david asman. glad you could join us. this is "after the bell." the house wrangling over the bill for path for citizenship for dreamers and working out funding for the border wall. the houseworking out issues half
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an hour after delaying a key vote. tensions running high in the republican party. house freedom caucus chairman mark meadows, i'm sure you saw this, clashing on the floor with speaker paul ryan on immigration. what sparked the heated exchange? mark meadows joins us in a fox business exclusive coming up. we'll hear from one of the sponsors of compromise bill jeff denham, who is blaming the freedom caucus for obstruction. supreme court out with a major ruling on internet tax. how this affects amazon, and your wallet. government trying to merge the departments of labor and education. we have back with more. melissa: if the blue chip index falls tomorrow, it will mark its biggest losing streak in nearly 44 years? susan li on the floor of the new york stock exchange.
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susan, say it isn't so? >> it looked a lot uglier than this earlier on in the session. we finished off the lows. let's take some optimism out of this. we're down 195 points t goes back to china trade concerns. traders have been telling me if they were really concerned we were in a full-blown trade war we would be down a whole lot more. they think cash is sitting on the sidelines waiting to get back in as soon as they find some opportunities. look at the laggards, boeing, united tech, caterpillar, those are typical names you would see declining when there are trade concerns. i want to take you over to what is happening at the nasdaq. yesterday goldman sachs upgrading the tech sector. today those tech names are down. they say when goldman upgrades the tech sector after they run up so much is that a top in the market? you can decide on that. one name is intel. intel ceo resigning, brian
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krzanich after admitting to consensual relationship which was against company rules. that is a bit concerning. stock is down over 2%. i want to talk about "fang" stocks. fang was down despite a goldman up grade yesterday. i want to highlight amazon. yes, declining on the supreme court ruling on sales tax and what states can force online retailers can do in terms of sales taxes. there was a leak that amazon prime day will take place on july 16th, and 17th. that is 36 hours, because amazon in the uk accidentally put up a banner that told us when the dates would happen. talk about starbucks. worst week for the company in 10 years. you have to go back to 2008. yes, bad earning this week. they're closing more stores. there are concerns about frappuccino sales. so apparently they're too sugary, not healthy enough. that is the story from new york stock exchange. melissa: good. i like it. i don't know, i'm getting a
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little sick of starbucks myself. because, humbug. thank you, susan. david: too sweet, some of those things. we have kevin kelly and danielle dimartino booth a former fed advisor. kevin if we're down tomorrow, that will be the ninth loss in a row. we haven't had that since the 1970s, extraordinary. she said there is a lot of cash on the sidelines waiting for things to work out on trade. that could come back in, maybe now is the time to buy. what do you think? >> i think it is a really good time to buy especially one of the biggest buyers of market is companies themselves. they're using it especially for their buyback programs. so you're seeing an underlying bid there. i think a lot of this will be resolved in the upcoming months. you're starting to see the market is not necessarily unsettled by this. they're just worried whether it will be prolonged. you're not seeing big precipitous declines.
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you're seeing slow digestion of it. seems like the market is worried it will take longer to settle than it did before. david: danielle, if on the other hand you want a completely safe bet you don't have to stay long. one-month treasury bill, just one month now yields almost 2%. 1.84%. that is almost the same you get from dividend if you go with stocks. go with stock, that is a risk or go with a treasury, one-month treasury bill and you have almost 2%. >> that was all the buzz last week when i was in new york, people were preparing for this next rate hike obviously that we got. cash actually being a reasonable alternative for a very short period of time. david, if you look at different ages between the s&p 500 overall, broad index and those high dividend-paying stocks that were the darling of the market in 2016 and 2017, they have really, really underperformed the broader market. i think that is a reflection of
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the fact people feel like if they do have cash, they want to sit on the sidelines they will actually get paid for it. melissa: online shopping could get more expensive. supreme court ruling today that states can collect sales tax on out-of-state online purchases. fox business's hillary vaughn is live in los angeles with the latest on this. hillary. reporter: melissa, this is good news for brick-and-mortar stores like target, walmart, sears, but bad news for online only stores like etsy, overstock.com because the supreme court today voted 5-4 the current rules that prevent states from collecting tax to online shops that don't have a physical store in their state, they decided that those rules were unsound and incorrect. now the states can collect state tax from companies online only for people buying their stuff. states argued they are missing out on billions of dollars in tax rave knew. the government accountability, estimates with the internet
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sales tax, state and local government can make 8 billion, to $13 billion every year. brick-and-mortar stars like walmart and target championing the change because they say the current rules put them at a disadvantage pause they have to charge sales tax to their customers even when customers are ordering from their online store because they have a physical presence in that state. target saying in a statement, target long advocated for sales tax policies that level the playing field that treat all retailers the same, whether they have stores, operate online or both. we're pleased the court's ruling that will close a loophole that allowed online only retailers from collecting and remitting sales taxes while still requiring local businesses to do so. the case is going to hit online stores like etsy, overstock.com hard. etsy saying today congress needs to act. the supreme court acknowledged difference between big internet retailers and big entrepreneurs on our platform. this opens congress to act,
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create a simple, fair, federal solution for micro businesses this should go into effect fairly quickly. likely in the next several months south dakota should be the first to begin charging the sales tax. it's a big victory for state and local governments because they have a bigger tax base now. melissa. melissa: kevin and danielle are back to respond to this. he talked about the micro businesses. so many people have little businesses online whether they sell through amazon, etsy, wherever it is, how are they supposed to collect tax in all the different little areas? you put them out of business. and you know, more taxes is never a good thing, danielle, what do you think? >> you know i'm getting four kids ready for camp. i can't tell you how many things i bought on etsy that were mon grammed from little mom-and-pop businesses. you know that they're doing this in their garage. so there is something of a shame when you consider the small business community because paying a cpa to track taxes in
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all 50 states is very cumbersome, very expensive. you will see smaller businesses going into bankruptcy because of this. you know, it is interesting also the timing because the supreme court, this is like a day late and dollar short. melissa: yeah. >> think about the brick-and-mortar bloodshed we're seeing they're just now getting around to this? melissa: that's a great point. kevin, i personally know so many people who their jobs have disappeared wherever they are. or their brick-and-mortar store, bogeying today on on -- bodega s gone. they made a small business as an entrepreneur doing something online, to burden them with this, handicap them more, it just doesn't make a lot of sense to me. >> well yet to be seen if it would actually burden them. one of the reasons why if you look at amazon, amazon has third party distributors who sell on the platform and fulfill the orders.
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amazon could collect taxes on behalf of third party distributors. melissa: they will charge for that. >> exactly. they are paying taxes. why shouldn't they be charged in some circumstances. >> i understand the reasoning, you're adding on another cost. >> what you're doing -- melissa: that small business owner,. >> you're picking winners an losers. we awe online merchants and sellers were winning and physical store locations were losing. >> they're already dead. >> this was already, came out in the decision today, where it said listen, wayfair was promoting how you don't need to pay sales tax. wayfair is not going away. amazon.com will not go away. overstock.com will not go away. they have to pay their fair share. melissa: i don't like to feed the beast of my state government. they are wasting money right and left. why should they get anybody's money, big small, whatsoever. stop with our money. >> not the supreme court should decide this. this is congress. david: the voters. voters.
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vote them out of office. melissa: we got to go. david: one bill defeated. another delayed. house lawmakers failing to round up enough votes to pass the conservative immigration bill and now the vote for the second compromise bill is being delayed until tomorrow. mike emanuel on "the hill" with the break down. a lot of moving parts, mike. reporter: no doubt about it, dramatic day on capitol hill. leaders giving time to study gop compromise bill, hoping more time may get a few more yes votes, push it across the finish line tomorrow. after a plan from house judiciary --. >> it will quash any opportunity for mom and dad to bring in extended family members, citizen
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mom and dad, to bring in their family members. it ends, it ends legal immigration, what we have called values of america, family reunification. >> that put all pressure on house republican leadership bill. a compromise worked out between moderates and conservatives. it would provide a path to citizenship for the so-called dreamers. it also is based on president trump's four pillars for immigration reform. but many republicans still sound pessimistic. >> they have an uphill battle because you're dealing with this issue of, trying to be conservative enough to try to keep conservatives on and they're trying to be moderate enough to keep moderates on. when you start playing that fame, you will not get there because you're getting no democrat votes here. reporter: leadership sources say bottom line a lot of members have questions. they decided to delay it until tomorrow. this hour they will have a briefing where lawmakers can ask
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all the questions they have about that bill. david? david: we have one of the key players. mike emanuel, thank you very much. the fight over immigration is red hot. congressman mark meadows and speaker paul ryan feuding on the house floor over immigration legislation yesterday and now house republicans are set to meet in just moments as mike was saying but before that we have in a fox business exclusive mr. mark meadows. he is chairman of the house freedom caucus. great to have you here, congressman. >> great to be with you, thanks so much. david: i got to ask, what were you and paul ryan talking about there? melissa: we want to know? >> obviously i was passionately advocating on the house floor is the way that i like to put it, certainly what we've got, we're getting down to the final hours. we've been working with some of our more moderate colleagues. there were some things that were supposed to be in the bill that actually, when finished reading actual text, either was not working the way that i believed that they should, or, they
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weren't in there at all. that was a big surprise. that came literally in a whip briefing at the 11th hour yesterday afternoon. david: what's interesting, i mentioned that your measure failed to pass but, you did get 193 votes. chad pergram is one of the best whips we have at fox news. i am sure you know our producer. >> he is good. david: he only expected 160 votes. you got 193, which is not too far from 115, when it would take to fast. maybe if paul ryan had been pulling harder for you guys you would have won? >> i think we have to switch 19 votes. obviously the ag component is to my district and many districts. as we started looking at the original bill, theres has been a full-court press in the last 48 hours on the compromise bill. perhaps if we had done that to the first bill we would have gotten to the sweet spot of 218 votes. history is over with with that
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bill. we have to move on. have good discussions going forward. hopefully we will. david: meantime we have the president's executive order. let me ask you about that. now you have a situation where yes, the families will be together but they may be incarcerated together. there was original ruling years ago, that kids couldn't be incarcerated for more than 20 days if you want to keep them together. the reason was, we don't want kids incarcerated. you have two evils. you either separate the family or put kids in jail with the parents. which do you think is worse? >> it is not incarcerating in a jail sense the way we have. obviously some of these facilities were built specifically with that in mind. we tried to appropriate for families to be together. we have to address the issue. there is no doubt about it. yet the executive order is very temporary fix. david: it is. >> we have got to fix that. david: if i could, sir, rush limbaugh among others is saying the real objective of those who were opposed to what had been happening was not really about
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keeping families together t was what they really wanted to do was catch-and-release. they wanted to release everybody, both the kids and parents to which you say what? >> well, that is the motivation. i guess the other solution is, you can say whoever, whomever comes across the southern border can, once we apprehend you, if you have got a family you just get to come on in. i don't think that is what the american people want. even some of my more moderate members are not advocating for that. and so, we've got to make sure we address this issue, but do it quickly the next 10 days. we've got to do it before we break for 4th of july. david: before we go, i want to switch to the ig reports the horowitz report on the fbi. >> sure. david: it clearly showed more anti-trump bias not only with peter strzok and lisa page but with others who were mentioned as well. the big question whether the bias translated into policy, into action by fbi agents or higher-ups at the fbi.
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former attorney general of the united states, mike mukasey spoke to that point, suggesting that it did in fact mean there was change in policy let's play the sound bite, get your reaction to mike mukasey. >> when you say we have to close out the investigation, that is not expression of opinion, that is statement of what you have to do on your job. strzok was one of the super supervisors. she was counsel to the director of fbi. these are not street agents. david: shortly after donald trump was nominated, peter strzok said get rid of hillary email investigation. move on to trump russia. did bias translate into anti-trump policy for the fbi. >> without a doubt. the attorney, the good gentleman is exactly right, it actually translated into actions that they took. peter strzok had
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disproportionate amount of leadership, of decision making over this particular investigation. i can tell you based on documents i've seen, some not reported on, there is a real issue of bias as it relates to donald trump and the russia investigation. >> very quickly, only 10 seconds, it has to be yes or no. are you running for speaker of the house? >> i am not. i am not. david: really? that is definitive no? >> that is definitive no. you heard it here on fox business. david: congressman, thanks for giving it to us. best of luck to you sir. >> thank you. take care. melissa: got a lot out of that. david: we did, we did. melissa: can the nation's largest banks survive a economic hit? we'll find out when the federal reserve releases the annual report card later this hour. david: major reorganization of the federal government. the white house is looking to merge the labor and education departments. will it work. we'll tell you why or why not. melissa: big issue on
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immigration, driving a wedge through house republicans, you heard from mark meadows. we'll bring you the other side. california congressman jeff denham, he has been railing against the freedom caucus. first he will join us. . minor accident-no big deal, right? wrong. your insurance company is gonna raise your rate after the other car got a scratch so small you coulda fixed it with a pen. maybe you should take that pen and use it to sign up with a different insurance company. for drivers with accident forgiveness, liberty mutual won't raise their rates because of their first accident. liberty stands with you. liberty mutual insurance. stay at la quinta. where we're changing with stylish make-overs. then at your next meeting,
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i mwell, what are youe to take care odoing tomorrow -10am? staff meeting. noon? eating. 3:45? uh, compliance training. 6:30? sam's baseball practice. 8:30? tai chi. yeah, so sounds relaxing. alright, 9:53? i usually make their lunches then, and i have a little vegan so wow, you are busy. wouldn't it be great if you had investments that worked as hard as you do? yeah. introducing essential portfolios. the automated investing solution that lets you focus on your life. >> there has been a full-court press in the last 48 hours on the compromise bill. perhaps if we had done that on the first bill we would have gotten to the sweet spot of 218 votes. you know, history is over with with that bill. we've got to move on, have good discussions going forward. so hopefully we will. melissa: trying to find an immigration solution. republican lawmakers getting ready to meet moments from now after delaying the compromise
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immigration vote until tomorrow. here is republican congressman jeff denham from california. sir, thank you for joining us. let me get your reaction to what mark meadows said first of all. did you hear that? >> first of all i wouldn't say there is 48 hour press. over the last 48 hours there has been a lot of confusion, with late-night amendments, votes that continue to change. we now have a clear direction. the other bill failed today. now we have the opportunity to bring up, what i wouldn't consider compromise necessarily but what is the president's own bill, his language. one that we've taken the freedom caucus's amendments on. melissa: where was the confusion before? people said they thought there were things in there that weren't there, et cetera? you had to sort of call a timeout in order to regroup. was that about not understanding what was in it or about whipping more votes? >> i think it had more to do with confusion with the first bill already voted on, the
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amendments that came in very, very late on that, i think it caught everybody by surprise, that amendments were being allowed in the first mace. fundamentally they changed that bill. there was a question about goodlatte one, goodlatte 1 ha, goodlatte 2. ultimately we had to pull back to the bill we have at hand to find out exactly what is in it. melissa: what is in it? >> what the the president asked for, 25 billion on border security. that includes money for i.c.e. and border patrol as well as the funding that the president's asked for for physical border security as well as fixing asylum, fixing the visa system, getting rid of diversity lottery as well as amendment that i put in that stops this horrific challenge with dividing kids from their parents. but the biggest, biggest thing in here is protecting dreamers from day one. melissa: so, you put them back together with their parents.
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then what happens to them after that? because that is obviously the big question. they're back together. they're being held. then what happens? >> they're held for expedited due process. we want to make sure that these cases are handled immediately, rather than taking these kids away and treating them like unaccompanied minors, the same way the previous administration did. we want to keep kid with their parents. melissa: critics say this takes numbers from legal immigration down. do you agree with that? >> i do. it is certainly over time, over a 10-year period, it would be a decrease under the initial visa system. to allow daca students and employees to, allow these kids to apply for those visas. melissa: so is it true or not? that is kind of the question. some were saying net it is neutral because it accounts for these daca kids. is that true or not true? >> no, that is true. i would consider it neutral. melissa: do you think this has a chance, first of all will it
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pass the house tomorrow? >> you know, part of the reason for this pause is not only to clarify exactly what this bill is, and make sure members actually read the bill like i have, but secondly, to allow the president a chance to lean in. this is his four pillars. these are things he asked for. this is his opportunity to get it done as well as the speaker. the speaker doesn't bring a bill to the floor unless it has 218 votes. melissa: do you feel like the president is not pressing enough, that is what i take from that question, that answer? >> look, i felt he unequivocally answered it when he came to our conference. there was no question in my mind but i think other members heard what they wanted to hear. certainly with his tweet this morning it raised some concerns from some members as well. this is a chance to regroup, clarify for everybody, bring a bill to the floor. melissa: could it pass the senate and get to you guys? >> i think so. this is the closest bill they had to the four pillars over
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there. it had 54 votes last time. this also had a lot of issues, "gang of eight" bill had in 2013, that every democrat supported in the house and every democrat in the senate voted for. so this is not only a republican solution but one that democrats should be supporting as well. melissa: you guys better come up with a solution because the american public is getting fed up, sir. thanks for joining us. >> doing nothing is not an option. melissa: no, it is not. thanks, sir. david: we have to take a short break. we have breaking news coming right back. stay with us. family members, including your grandchildren babies too young to be vaccinated against whooping cough are the most at risk for severe illness. but you can help prevent this. talk to your doctor today about getting vaccinated against whooping cough. because dangers don't just exist in fairytales.
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hi.i just wanted to tell you thdependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado. oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award across cars, trucks and suvs-three years in a row. phew. third time's the charm...
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david: it's report card day for u.s. banks of the federal reserve releasing the first stress test report on the banking industry since the dodd-frank role back. fox business's jennifer schoenberger is live in d.c. with latest. >> hi, david, results from the federal reserve stress tests 35 the largest u.s. banks could continue lending to households and businesses during a severe
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recession, with plenty of capital to absorb losses on loans. the fed stress tests were mandated after financial crisis for banks with assets of $100 billion or more. they examine how banks would perform during a humidity call severe recession to prevent bank failures in a crisis. this year the severe scenario tougher than in years past envisions unemployment spiking to 10%, gdp contracting by 7 1/2%. the stock market plunging by 65% and home prices falling by 30%. under that scenario all 35 banks in aggregate would stand to lose nearly $580 billion, yet after covering losses, banks would still have capital left over equal to 7.9% of total assets weighted by risk that is well above the 4 1/2% that the fed requires. now the hardest hit area under the hypothetical scenario was credit cards, with losses of
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$113 billion. also want to note, changes in the corporate tax rate hurt some banks starts level of capital because of one-time accounting changes and elimination of the beneficial tax treatments. that is one of the reasons why capital overall was a bit lower than a last year. david, melissa, this is part one of the fed stress tests. in the second round of tests we'll learn whether the fed will block or approve banks plans for buybacks. david: talk about passing with flyer colors they did great on the first test. there is one coming. thanks. melissa: we have kevin kelly and danielle dimartino, former fed advisor is with us. i have the opposite reaction. makes me feel like the banks are overcapitalized. david: that's a point. melissa: that capital need to be deployed better to encourage economic growth. what do you think? >> there is certain amount of risk involved with hamstringing banks and not allowing them to
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lend out as much as they can. melissa: yeah. >> i was fairly intrigued that the fed put such emphasis on credit cards though, melissa. you may recall last year capital one financial was given a slap on the wrist warning because i think what the fed determined was their major line of businesses, were losses creeping up on the credit card side. there are two sides to every story and you know, the fed has to be vigilant in making sure that banks have enough set aside to cover losses, especially as households are back up in record levels of debt with interest rates rising as we know. melissa: kevin what is your take? >> my take, one of the reasons why after-hours goldman sachs is up the most, they were the one peering closest to the edge. they are the ones living a little. melissa: right. >> you mentioned that you were hoping that they just had too much capital on hand. well morgan stanley and goldman sachs are the ones -- my take on this you started to see
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the banks actually right size their ship should there be a cataclysmic failure in the system and before it would have to be 38 banks. we saw with the deregulation happening earlier this year, now it is only 35 banks. if you have 100 billion in assets or less you're not actually subject to this so i think everything is on the up and up with the fed and stress tests. >> all right. that's a great point. thanks to both of you. >> thank you. david: what it does show, as you were suggesting, playing on your point, there is so much cash on the sidelines, there is so much cash could be employed in the economy, make you think as rich as this market is, maybe it's a little undervalued? melissa: small businesses out there, that is their whole job is to, you know liquid, put liquid out there. >> use the cash. meanwhile working on a solution for the government. house republicans delaying a vote on the compromise immigration bill. what is at stake politically. where we currently stand. melissa: plus two government departments potentially merging. budget director mick mulvaney
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says this plan will help drain the swamp. we love it. congressman chris stuart is next. less government. >> this is the generational kind of stuff that i think you asked us to do when you came to office. when ronald reagan said that government wasn't the solution, it was the problem, okay, it took 15 years after that for bill clinton to go on tv to say the age of big government is dead. o ♪ you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. if his denture can cope with... a steak. luckily for him, he uses super poligrip. it helps give him 65% more chewing power. leaving brad to dig in and enjoy. super poligrip.
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>> everybody is in charge nobody is in charge. we're solving that but putting ed and labor together and making them responsible and accountable. david: one of other favorites omb director, mick mulvaney, selling a government reorganization plan to the president during a cabinet ming today, saying his plan would allow the president to stay true to the drain the swamp promise, making the government more efficient. here now to react utah congressman chris stewart. congressman, it's a great idea. we love it here but wondering how feasible it is whether any democrats would vote for that at all? what do you think? >> i love mick. i love what he is trying to do. if we can make the government more efficient, less bureaucratic, less enormous, that is a good thing. that is exactly what he is trying to do but to your question, i don't think, you could have a resolution that the sunrises in the east, the democrats will vote against it. if president trump or his administration is proposing it,
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democrats will vote against it. it leaves us in the house with frankly razor thin majority in some cases to do the heavy lifting. i suppose something we would have to do by ourselves, anticipate having to do by ourselves. david: i don't want to get too depressing, even a democrat, by some miracle we went back to the clinton administration, where they had reasonable, moderate proposals out there, there is such a army of bureaucrats and lobbyists in favor of the department of education, the budget is huge, by the way $68 billion a year, i can't think of many americans who would say education in the country is better off with that $68 billion a year. but it is lobbyists, education lobby, education industry sometimes called would try to prevent any cuts from being made. >> no doubt about it. think about what you said. we pune for the day of bill clinton when the world has not gone entirely crazy, right? david: but he did do some, in
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fairness to his administration, when you think of welfare reform he signed off on a lot of things. >> i was making that point. he was willing to work with republicans was rewarded for doing that. but we live in more divisive time. i don't like that. i'm certainly not proponent of it, but i recognize it as the reality so if you have any government program and any ideas to make them nor efficient, if you cut single dollar from any government program, democrats oppose it reflexively, any cuts at all, even if you show you will better serve the american people by doing that. david: meanwhile, congressman, you are on the house intel committee. some disturbing revelations about what the obama administration may have known about russia's election meddling. it was a special assistant to the former president. he was in charge of cybersecurity, telling members of the senate intel committee which you're a member, the senate intel committee. i don't know whether he told
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your committee, former national security advisor susan rice told him to quote, stand down on russian election meddling. >> yeah. david: what do you make of this? >> oh, my gosh. his reaction was, it was disbelief. you see my air force, i was air force pilot, telling a group of pilots to keep aircraft on the ground while they're under attack. it begs to be answered. what in the world was she thinking? under any circumstances, to tell them to stand down? i was in moscow in august before the election. when i came home i said 1000 times, they will mess with our elections. this wasn't a well-kept secret. everyone in the ic, everyone even outside intelligence community more broadly recognized they would mess with our elections. i can't imagine what miss rice was thinking, telling the president's special assistant, stand down, focus elsewhere. i wish i understood what was in her mind. david: i have to ask, although
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i'm afraid of the answer because we have some investigations, but does it deserve another investigation to look what she was doing, what motivated her to say that? >> i think more broadly the administration in its entirety, not just her. she was not the only one that had that type of an attitude. the president him seven was far too silent on this. he could have made a difference had he been willing to speak about this he could have made a difference among the manipulation of media for example, if he warned the american people. david: yeah. >> there was long list of things, i think it wasn't just susan rice. the administration more broadly really dropped the ball on this, ironically picked up the ball after the election and started talking collusion, collusion. david: congressman, very strange. we hope you get the answer to the question. chris stewart, appreciate you coming in. >> thank you. melissa: more breaking news for you right now. white house sources telling fox business, national economic council director larry kudlow is expected to return to work last week after suffering from a mild heart attack last month.
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david: we pray for larry. wish him the very best for larry kudlow and his family. meanwhile the trade war taking the first corporate victim. escalating tensions between the u.s. and china causing a major automaker to sound the alarm on tariffs. ♪ about your retirement savings. talk with your advisor about shield annuities from brighthouse financial- established by metlife. at crowne plaza, we know business travel isn't just business. there's this. a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly.
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melissa: daimler saying they were a decisive factor in their profit warning, talking about tariffs there. jeff flock joins us live from outside of a mercedes dealership in chicago. jeff, tell us the whole story. reporter: yes. storm clouds gathering perhaps as you can tell here over mercedes and perhaps the auto industry in the u.s., at least the ones populated by the foreign automakers. here is what mercedes said in a regulatory filing yesterday. it says, we expect fewer than expected suv sales and higher than expected costs to be assumed because of increased import tariffs for u.s. vehicles into the chinese market. you say well, why do we care
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about that? that's because mercedes make as whole lot of suvs and other vehicles it makes in the u.s. and ships to china, like the gle, that suv. in fact bmw makes a whole bunch of them too. if they go to china and china slap as tariff on them, that could be trouble. if the alabama plant where they make the mercedes and other suvss perhaps to the hit of $189 million. they celebrated their 3 millionth vehicle made at that plant in alabama. bmw makes more vehicles here and ships to china. germans do better job selling to china than we do, by the way. their spartanburg plant in south carolina is the largest bmw plant in the world. they made over 400,000 vehicles there, which 70% were exported overseas. many of those to china and employses 8,000 people. that is u.s. --
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>> i think, do you think he washed away there? rain got better of him, he was washed down the street. we got the point. david: meanwhile breaking news, president trump tweeting moments ago, quote, a big supreme court win on internet sales tax. about time. big victory for fairness and for our country. great victory for consumers and retailers. melissa: i don't know about that. david: a lot of consumers will be not happy with the more bigger tax hit on their internet sales. we'll wait to see how that washes out. melissa: yeah i disagree with that? tensions heating up on capitol hill. less taxes all the time on everything. david: what i think. melissa: meeting currently underway for house republican as the gop is planning to vote on a new immigration bill tomorrow. the latest on the state of play. one second. barely enough time for this man to take a bite of turkey.
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melissa: house republicans are meeting right now after delaying the vote for the compromise immigration bill until tomorrow. this comes after failed bill in the house on another immigration bill this afternoon. here to react, charlie hurt, "washington times" opinion editor and fox news contributor. i am so glad you're here. i'm feeling very cranky about these people. >> so much to feel crank by about, melissa. melissa: could we all show up for work and not do our jobs all the time and not get fired? please, will they pull it through or will i have to go there and smack each one individually? >> i think you have to come down here and knock some heads to get these people thinking straight. it is amazing. not something that has gone on for a couple weeks or a couple days the media has been focusing on stuff on the border. this has been going on for years. these people in congress have ignored this problem for
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decades. and it is coming to a head now in a fiercesome way. obviously right now much of the blame, we're directing most of the blame at republicans because republicans are in charge of everything and they can't seem to get together on a single fix for this but of course it is a pox on both people's houses. democrats are just as bad. democrats are just as bad right now because they're sitting around, they're sitting on their hand, refusing to go along with majority of the conservative republicans who want to stop the flow at the border. we can have all kind of debate what to do with children what that do with families, all that stuff, if you want to fix it and fix it completely the only with to do that is stop the flow of illegal aliens across the border. that fix this is entire problem. democrats and republicans have been completely unable to do that simple task for years. melissa: how do you do that? it is not just about the wall. it is idea of what brings people
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here, the economic opportunity. >> yes. melissa: how do you get people to stand in line for the economic opportunity in a fair way? how do you also have compassion for people who are really afraid for their lives? how do you tell who is telling the truth when they show up? how do you tackle the problem of human trafficking? that's real all these things. >> absolutely real. melissa: this is what these people are elected to do sort through a very difficult problem like this. is there any chance there is enough pressure right now that they will get something done? >> if you had told me a month ago, that they were this close to doing anything at all, i would have, i would have said, there, i would have bet any amount of money against it, for one simple reason, it is an election year. in an election year, these people run for the hills. they can not stand doing anything that is remotely, that could get them in any kind of trouble before an election. they are terrified. melissa: tell them if they don't do their job they're to the coming back. you have to do your job to come up with a solution, then you
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will get voted out of office. >> exactly. you know, to, you asked about what to do? i fell you the first thing you do you enforce the laws. insure the laws on the books right now are enforced. you don't attack people for enforcing the law. we have the law. we do have laws in place. they're pretty good laws about what you do with people that come to the border. the problem is over the past couple of years, even decades, administrations from both parties have ignored the laws. and they don't enforce the laws at the border. when you do that that message gets out to people in south america. they head for the border. melissa: charlie hurt, brilliant as always. we appreciate it. david: meanwhile, unexpected visitor at the border. the first lady's surprise visit to texas.
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a few problems actually. we've got aging roadways, aging power grids, ...aging everything. we also have the age-old problem of bias in the workplace. really... never heard of it. the question is... who's going to fix all of this? an actor? probably not. but you know who can solve it? business. because solving big problems is what business does best. so let's take on the wage gap, the opportunity gap, the achievement gap. whatever the problem, business can help. and i know who can help them do it. caring for his daughter as if she's his own is an act of mutuality. learn more or find an advisor at massmutual.com ♪ melissa: we're taking melania trump touching down in texas making a surprise visit to social services facility who houses minors who enter the
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country illegally. she had a lot of great questions about her wardrobe. david: well her visit comes one day after president trump signed an executive order to stop the practice of separating families at the border. well time well done first lady. president trump: unless the democrats are serious and they want to come along and they want to get immigration work done we can do something that's going to be historic. we can do something that will be historic and we can get it done. i am ready. i'm here. all of these people, these are very talented people, they're all ready. we're all here. we need votes from the democrats or something can pass thank you all very much. liz: immigration showdown, the house delaying a vote until tomorrow on a compromised bill to keep immigrant families together and here is the thing. will republicans get their act together and get it donald will democrats go for it? we're going to bring you the fiery debate coming up. and a

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