Rebounding after a few sessions of losses. Lets get the details from Abigail Doolittle. Abigail bitcoin is one of the bigger stories. It is up 30 , breaking five major levels, climbing above 16,000 briefly. Around 15,000. Pretty extraordinary. The futures for bitcoin will itrt trading on the cme, will be interesting considering it will allow investors to shore bitcoin. It is up more than 45 on the week. Lets take a look at equities. On the nasdaqs 100, russell 2000, the biotech and stocks and chip indices. Biotech, up 1. 6 . We have seen some recent selling for stocks. Today, between bitcoin and some of these other indexes, true growth and momentum. A rebound, suggesting may be the tech selloff we have seen recently was a very shortterm phenomenon. Time will tell. Dig beneath the surface here, take a look at some of the movers we are going to see. Nvidia nicely,tocks up probably being helped by bitcoin, considering some of its chips are used by the cryptocurrency. Facebook and alphabet trading higher. Tax reform could drive earnings up for internet companies. The 10 year yield lower, the yen is lower relative to the dollar. Ix isix is down 6 v down 6 . Government iseral facing the threat of a Government Shutdown. President trump will meet with congressional leaders of both parties. Do we expect another lastminute deal with democrats . Not likely. Could happen. The democrats are looking at something that is very dangerous for the country. They are looking at shutting down they want to have illegal immigrants. Pouring into the country. N we have our Bloomberg White house reporter with li ve. Will be aink there Government Shutdown this week, but walk me through september 20 december 22. They are trying to kick the can down the road to get government funding for two weeks. They have to figure out whether to have another shortterm funding situation or whether to hammer out spending deals. The democrats are far apart on whether we should have more in defense spending and protect with more domestic spending or whether we should try to cut back domestic spending to pay for the defense spending. Republicans are about to pass a 1. 5 trillion deficit are now looking at ways to try and cut back at not have as much spending, so the deficit wont continue to grow. Theyrats want to make sure protect the programs they fought for in the past. Democrats in republicans need to come together to pass the tax bill the funding bill, which makes it more difficult that we will be able to keep the government open and have the bipartisanship we need. Senator Susan Collins wants some sort of Health Care Legislation attached to the budget deal. How will that play out . She says she has a services from mitch mcconnell. Assurances from mitch mcconnell. The house do not have those assurances. They do not agree with the idea of providing with they would feel is a bailout for the obamacare insurance companies. It is not clear how that is going to be worked out. Right now, it seems that the senate may be on board with passing that phil. Bill. H passing that we also have news of senator franken announcing his resignation. Coming up, House Speaker brian is looking to make peace to reverse a partial Government Shutdown. We will talk with one of the members of the freedom caucus. This is bloomberg. Kevin this is Bloomberg Markets balance of power. Lets get a check on the bloomberg first word news with mark crumpton. Mark senator al franken has announced he will resign in the coming weeks. Senator has heeded calls from his colleagues, including several female senators to step down in the wake of allegations of sexual misconduct. Anken i am aware there is some irony in the fact that i am leaving. While a man who has bragged on tape about his history of Sexual Assault sits in the oval office. And a man who has repeatedly pr eyed on young girls campaigns for the senate with the full support of his party. senator franken disputed the specific allegations against him. Wrqay will wray was asked to respond to President Trump continued attacks on the agency today. He said, there is no finer institutions than the fbi. Withdent trump will meet congressional leaders from both parties to negotiate a longterm budget deal. Congress is preparing a vote that will avert a Government Shutdown on saturday. Lawmakers are hoping to reach a twoyear deal on defense and nondefense spending. Nancy pelosi already said democrats will not support the bill. Cron is insident ma qatar to solidify his countrys business interests. France will provide qatar with transportation provisions. The two countries signed a series of contracts which macron said are worth more than 14 billion combined. Global news 24 hours a day, powered by more than 2,700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Time, why the of house when he is a stopgap spending bill, what nancy pelosi called the stopgap spending bill. There is nothing about the opioid epidemic, veteran funding, Childrens Health insurance. Shery speaker ryan will have to put the votes of the House Freedom caucus court the votes of the House Freedom caucus. We are joined by Louie Gohmert jr. , republican of texas. What will it take to get your vote and what are your red lines . We then lets bill conference tax cut floor, wereo the hoping it will be out in the next two weeks. But if you set a spending bill to come to the same time as a tax cut bill for nearly all americans accept the wealthiest except the wealthiest, senators will say, you have the spending bill coming up and you get to me this or that and i will vote for your taxcut bill. We end up having things like the louisiana purchase, efforts to buy the votes of senators that sometimes goes on. Aboutd be very concerned those two coming together at the same time because of the greed when it happens. Pelosi had no problem having a spending bill that continued to cut the level of spending that this was proposing Republican Leadership would be thrilled if she said, if you make this modest change to ensure this or that is fixed, democrats will vote, love to hear that. But we dont very often. Kevin its out there is some it soundsfinan like there is some political finangling going on. The market hasnt really moved in response. Anticipating there to be a tax package by the end of the year. Is there any way at all that the december 22 at line, the threat of a deadline, will impact lawmakers ability to pass tax reform by the end of the year . Possible we will see senators merging and want to take advantage. Is there ise cr impacts tax reform by the end of the year. Used tould if the cr is buy votes. We saw the stock market do very , but americans did very poorly. Of americas income went to the top 1 . That never happened before. We have to get this taxcut bill done. It will be a huge cut on what is the largest tariffs in the industrialized nation that it puts on its own goods. Thats what a Corporate Taxes. Tax is. You have been against the sunset provision when it comes to individual tax cuts. If it goes into the final bill, will you be able to vote yes . Individual tax cuts need to be there. That will help americans immediately. I would rather do a straight flat tax, you make less, you pay less. To house version gets down four brackets, but the senate has more. We dont need to delay the dramatic cut the in the tariff we put on her own goods. On our own goods. The individual cuts need to be there so we can immediately help americans. Kevin congressman Louie Gohmert jr. , thank you. Etf industry has something for those who lean red. We highlight the first ever politically themed etf. The gop stock tracker etf maga is highly supportive of republican candidates. It has names such as deere and Charles Schwab attached. But Tech Companies are not. It has modestly outperformed the s p 500, but the cost is not cheap at 65 basis points. Trading politics. It shows you how adaptive and narrow etf investing has become. Kevin crossing the aisle. Jerseyressman from new are making a bipartisan push to keep state and local Tax Deductions. This is bloomberg. Kevin this is Bloomberg Markets balance of power. Shery room for compromise. Thismitch mcconnell said yestey he is open to tweaking the final republican tax bill to include state and local Tax Deductions. This has been one of the biggest sticking points. Will it be enough to appease lawmakers . We are joined by two outspoken defenders of the deductions. Republican congressman Leonard Lance, and democratic congressman josh gottheimer. Seeing bipartisanship in any issue is rare these days. Lance, you have been against deduction repeal. The revenue this would bring about . 100 billion just for this year. Lance we have made a proposal, josh and i, to say that it will continue in its current form and we pay for it. We have provided the money for it in our proposal. We are aware of the question and i think we have resulted. Kevin i think when you take a look at the tax reduction in the Tax Deduction in the district, there would be districts on the coast that would be negatively impacted. Diving to the bloomberg terminal and you can see new jersey would be impacted should there be an elimination of this in particular. Congressman, can you get this done . Are the votes on your side . All the momentum is behind Republican Leadership to get this done by the end of this year. We have heardr from our proposal, there is a desire to address this. Are going to go up and stayed in Property Values are going to go down. We can propose something where you consult this without actually raising the Corporate Tax rate. We have a proposal. You can look at it. There is no reason watch why we should be paying for this bill. And what of the very important states of the economy. Shery congressman got heimer, ttheimer,got go cant get more lawmakers on board . You get more lawmakers on board . Rep. Gottheimer you consider back in and complain or gets more people on board. I know people are getting nervous. They are hearing from constituents back home. Wait a minute, you are raising my taxes . People are realizing this thing better then and the opportunity to get them on board. Kevin the leaders in your party stood up the president. They didnt even go to the white house to put forward an alternative, to try and negotiate with President Trump on tax reform. Was that the right decision for leader pelosi and leader schumer to stand up President Trump and not even go to negotiate . I wasntheimer consulted. I would have gone. I would have brought this plan and said, you have to sit at the table and work across the aisle and solve problems. This has been a purely partisan bill. Now we are trying to bring both sides of the table to this. New jersey already pay some of the highest taxes. Back . 67 on the dollar be sent to the federal government. Mississippi sends four dollars and . 38. We pay the tax bills of other states. Shery kevin brady is signaling allowing state income Tax Deductions. That is the only thing you can get, would you vote yes even if it is not a full deal . I want state income and local property taxes to be fully deductible. My leadership knows my position. We represent our districts and states and it will be in the best interest of deduct in itsto entirety the income taxes and property taxes. Not one or the other. Lance, youressman think all this back and forth impacte cr will monikers ability to get this done by the end of the gear . Ability to get this done by the end of the year . I do not want a Government Shutdown. I encourage leadership on both sides of the aisle to negotiate. It is too important to shut down the government. Shery republican congressman Leonard Lance and democratic congressman josh gottheimer, thanks. Kevin President Trumps decision to recognize jerusalem as israels capital is pumped and calls for an uprising. This is bloomberg. Kevin Bloomberg Markets balance of power. Im kevin cirilli. Shery and i am shery ahn. Let us get the first word news with mark crumpton. Mark palestinians protested against President Trumps decision to declare jerusalem israels capital. Ahead of the Palestinian Group called for a third uprising against israel. Thousands of palestinians and israelis died in the previous two uprisings. A man holding a palestinian flag smashed the windows of a kosher restaurant in amsterdam before being detained by two police officers. In a video statement posted on spokesman saidce the suspect was a 29yearold amsterdam resident with a temporary residency permit. The police did not provide the suspects nationality. A judge in argentina has called for the arrest of the former president. She is accused of trying to cover up iranian involvement in a deadly 1994 bombing and when osiris in exchange for favorable trade deals. Fernandez has immunity from prosecution after being sworn in as a senator last week. She is expected to hold a press conference today. The british Prime Minister theresa may has not given up on meeting eu deadlines for coming proposals. Xit she is preparing another plan on what the border between ireland and Northern Ireland would look like after brexit. May has run into opposition from her own and political backers in Northern Ireland. Donald tusk will reportedly make an address tomorrow morning. Global news 24 hours a day. Powered by more than 2,700 journalists and analysts in more than 120 countries. Crumpton, this is bloomberg. Shery . Thank you. Virtually no World Leaders agreeing with President Trumps decision to declare jerusalem the capital of israel. The president says his move is in the best interest of peace between israel and palestine. Hamas has called for a new uprising and declared the middle east process peace is dead. But the latest from our middle east politics reporter. Thank you for joining us. This was obviously a big win for Prime Minister netanyahu, but weird starting to see the fallout. Our israelis concerned to all with the protests . Jonathan theres certainly concerned, but so far things you cann unexpected, say. There have been demonstrations, riots across the west bank and in gaza. Safely no deaths so far. Rockthrowing, tear gas from the Israeli Security forces, a couple of pictures of donald trump went up into flames. So far, shery what happens after friday prayers . Jonathan friday prayers are volatile. The palestinians going to the mosque, there are usually speeches by the religious leaders, and that kind of fires people up. On the other hand, and east site m, this is the it is going to be encircled by security forces. Numberll also limit the of people who will be in there. There will be thousands of people. They are keeping a pretty tight cap on things. Kevin full string of security. There is no question israel remains the most of britain u. S. Ally in the middle east. I think there are a lot of democrats who have been critical of this decision but still undermining that point, but let me take it a step further and put it in the geopolitical lens. We have seen the criticism coming from europe but also from saudi arabia. They called this move extremely dangerous. Has israel been acting to reacting to saudi arabia in particular in terms of the backandforth . We noticed the evolution with this administration compared to the last one with foreign policy. Jonathan it is extraordinary what has been happening with the saudis. This is mostly under the surface, the saudis do not big knowledge there are commercial relations and political insecurity ties with israel, and yet it has Prime Minister netanyahu constantly dropping hints. Almost explicitly. He has not mentioned the name, he says arab nations. It used to be israels enemies are now essentially allies. Criticism of the , i think theyion take it with a grain of salt. Kevin me get a quick followup. Do you think there will be pressure on the saudis in terms of perhaps looking at some support in different factions for support for iran . Jonathan there is so much pressure on saudi arabia. There the islamic world, is criticism, certainly from are, that the saudis allying themselves with israels enemy. Take or also very between the Trump Administration and saudi arabia right now. It is unclear what is going to happen, but right now, it does look like all these steps between israel and the white house and saudi arabia have been quarter needed. Coordinated. Shery especially when you take into consideration what happened with qatars isolation. Let me ask you about the stocks because the israelipalestinian stock market has seen little change. Why is in the market reacting . Jonathan so there you go. In israel, the really they are not dancing in the streets. There pretty much taking it in facto because the facde every day, to islam is the jerusalem as the capital of israel. To say jerusalem is the capital, it breaks traditional u. S. Policy for 70 years, but here it is not that big of a deal. Shery thank you so much for joining us all the way from tel aviv. Nasa talks. G up, i will talk to a canadian basset or to the United States and a key member of the governments inner circle who has an appointment on th this is bloom