Anticipated to be a senate trial once lawmakers in the house vote to likely impeach President Trump. Should the democrats not be able to find opportunities to work the rules, that would mean it would be a partyline bill package, and anywhere from six to eight weeks for there to be a senate trial. Behind the scenes, all of the chatter is about the timetable of that. We are hearing this will spill over well into the First Quarter of next calendar year. David not good for anybody running a primary. Any sliver of bipartisan support even for rules might be encouraging. On the house side it looks like it is going straight down party lines. With ayesterday i spoke senior aide to a republican member of the senate who told me partyline, partyline, partyline. Could hear some republicans criticize rudy giuliani, but they will not break with the president. David thank you so much for the reporting from washington. Now lets go to london. We have got past the nato summit. What did you take away . Roz it is reminiscent of having family over for thanksgiving or christmas. Not everybody gets on, there are few arguments, but in the end your family, and that is what we got to at the end of the nato summit despite the disagreement and the tiff we saw between the leaders of canada and the u. S. , the nato statement itself was committed to the value of the alliance for all of the members. A couple of brief mentions of things like russia and china, which are a nod to the french president who has been urging a serious rethink of natos agreement, but nothing like the discord we have seen come from the meeting. David may be no news is good news. We had tips. Did we make we had tiffs. Maybe they did not blow up the alliance, but did they get anything done . Roz it was interesting to see the u. S. President who came to the meeting as a critic of nato and came to be one of its biggest supporters. He has decided it success is good for him at home. The u. S. Is a significant part of nato and has been a linchpin, not just financially but also from boots on the ground in several locations since the end of world war ii. When you look at states in Eastern Europe that are close to russia and concerned about russias interference and russias role, having the feeling the u. S. Is actively involved in their security is quite a comfort. Even though there may not of been tangibles in terms of the statement, it is a reaffirmation, but countries is quite a big deal. Rozd that is bloombergs matheson reporting from london. Now we go back to capitol hill. Laura davidson is there. We talk about a new report from the former Vice President about taxes. What does joe biden want to do . Laura the key is been among tax. He is saying that corporations will be paying at least some level of taxation. He is calling for overseas profits to be taxed at 21 and for a higher corporate rate in the u. S. He has a provision that appears to be aimed at Companies Like amazon and netflix that have paid no tax in the past couple of years so they use legal tax breaks to whittle their tax bill down. Even if youre able to do that you have to pay 10 . He is looking at corporations as a way to raise revenue. If you look at the size of his plan compared to Bernie Sanders or Elizabeth Warren, his plan will raise about 3 trillion. Sanders and warren are talking about raising 30 billion to 40 billion. David that is an income tax from joe biden. Senator warren proposing a wealth tax. A lot of lawyers think that is not constitutional. Youve a piece out that says maybe they have a way of arguing that does not require a constitutional amendment. Laura their legal minds on the left looking at how do we make sure the wealth tax is airtight. It could receive legal challenges. Up in the air on whether the Supreme Court could rule in favor. They are looking at ways of changing the Technical Details about when and how the taxes collected or doing Something Like the dutch have done where they assume you are making a certain amount of return and tax that. There a lot of options. Not clear any of them will work but you can bet people will be thinking through that. David an interesting subject. Thanks to Laura Davidson from capitol hill. Coming up at 6 15 eastern time, Elizabeth Warren will be sitting down with bloombergs Joe Weisenthal on daybreak asia. Now for a check on how the markets are reacting to todays top stories. You said it is like the flip side of yesterday. Abigial another day, a new trade headline. Markets react. Weve been seeing this all year since there was the thought of the phase i trade deal between the u. S. And china would going to place. One day there is a good headline, the next day there is a bad headline. The cynic in me cannot help but wonder if President Trump was doing some sort of negotiating tactic in terms of talking down the possibility of a trade deal, saying he does not see it happening any time this year. If something does come out, we will have an extra pop in sentiment and i do not know how much he is thinking about markets, by giving a lower base for a deal to come off of and be wellreceived. David there are does go different camps in the white house but they are spinning different ways. Are using disproportionate lift when we have good news on the tech side . Abigial that is an interesting question. Tied tos in particular the trade, a good proxy for it. Overall the chips are up in a big way, more than 30 . There are a number of dips. In may, a big dip, and then in ,ugust a depth, a smaller september into october, even smaller. It seems to be as investors are getting more used to it, it will be interesting to see if the current dip has more to go. Do your point, the nasdaq and the chips in particular are a good proxy in terms of what the Market Sentiment is around trade because the markets receive so much revenue around china and the supply side is so embedded. David if you do not like the answers, wait for tomorrow. We turn now to Mark Crumpton with bloombergs first word news. Cirilli told us, the House Judiciary Committee is holding its first hearing on whether to draw articles of impeachment against President Trump. Speaking at a meeting with italian Prime Minister giuseppe conte, mr. Trump called the inquiry a joke and unpatriotic. President trump it is a disgrace. Schiff, a loser, adam and then you have nancy pelosi who agreed with what he said which puts her into jeopardy. These people, youll miss question whether or not they love our country and that is a serious thing. Mark mr. Trump insisted he had done nothing wrong, saying his conduct did not rise to the level of high crimes and misdemeanors the constitution says merits impeachment. Rudy giuliani is explaining numerous calls he had with the white house and its Budget Office during ukraine dealings. Thewitter, giuliani said calls do not establish any topic and remember, i am the president s attorney. The House Intelligence Committee released a report tuesday showing calls between giuliani and the white house as well as the office of an attachment and get during key moments and the office of management and budget during key moments in the cane in the ukraine. Afghanistan sanctions have targeted Iranian Oil Exports and targeted the countrys Supreme Leader good there has been plenty of heated rhetoric. Still, the u. S. And china are moving closer to xray deal. Bloomberg gets closer to a trade deal. Bloomberg says of phase i one deals expected to be computed before december 15. There are outstanding issues, which tariffs to roll back, and how to guarantee chinas purchases of American Farm products. Global news 24 hours a day, on air and on quick take by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Crumpton. This is bloomberg. David thanks very much. Coming up, we speak to democratic michigan congresswoman Debbie Dingell fresh off of a delegation to the u. N. Climate conference in madrid. This is balance of power on Bloomberg Television and radio. David this is balance of power on bluebird television and radio. We have breaking news from pg e. Utility has reached a deal with wildfire victims. It will pay them 13. 5 billion. It will be a half stock and half cash for the wildfire victims. That is just breaking across the wire and pgn stock and pg e stock is up about 10 . We want to turn to climate. While nato members gathered in london, another group of World Leaders are gathering in madrid. The Climate Change conference is underway with representatives from more than 200 countries. Nancy pelosi led the u. S. Delegation, with which our next guest attended as a member of the House Committee on energy. We welcome Debbie Dingell coming to us from capitol hill. Thank you for joining us fresh off the trip. Lets talk about what is going on with climate. You have a proposal with other people from michigan about what we could do about the climate. Tell us about the bill. Rep. Dingell i have several bills. The one we introduced before thanksgiving is called 100 by 50. It would require 100 net carbon in the United States by 2050. You could offset carbon by purchasing a carbon offset. It is Technology Neutral but it is a goal we have to have in this country. I think a lot of industries are trying to get there. I am a mission girl. The Auto Industry im a michigan girl. The Auto Industry knows the electric industry is the industry of the future. When we were there, it reinforced we have to Work Together to get this done. David your a michigan native and you come from a family affiliated with the Auto Industry. There are a lot of michigan people joining this. You wrote in the Detroit Free Press that this could be an opportunity. 30 of Greenhouse Gas comes from the Auto Industry. Rep. Dingell transportation sector. David sorry. But we can be a leader in the world. Rep. Dingell i have been looking at it for a long time. I knew it when i was working at General Motors a number of years ago. I talked to the Auto Companies all of the time. There is a recognition of how much internal combustion engines, fossil fuels are contributing to the crisis we have and we need to get to a newer technology. The United States needs to lead. We need to stay the forefront of innovation and technology. Instead of doing circular firing squads, Everybody Needs to get at the table. Use American Ingenuity and develop the technology of the future that will make sure we still have mobility, we still have many other things that we are used to having. It is protecting our environment. Nobody can deny we have a problem when you see the wildfires, you hear a case of tornadoes, glaciers melting. In michigan we have once every 100 year floods every year. We have a crisis that has defined solutions. David talk to us about how that plays in your home state of michigan. The Auto Industry has gone through tough times. Do people hear what youre proposing as an opportunity for new jobs or to they regarded as a threat to lose what they have . Everybody knows we have a crisis and we have to do something about it. The Auto Industry themselves is now becoming competitive good who will offer more electric vehicles into the market, what are those going to be . Vehiclesother hydrogen that will replace the vehicle as we know it right now . One has recovered from 2008. Then anxiety of what happened in 2008 remains in the hearts and souls of everybody in a state like michigan or ohio. They also know there is an opportunity for new fields, for green jobs. They are trying to make sure they have the skills they will need for that. I think we have to be at the table. We have to have the environmentalists, the young people advocating, but labor and business have to be at the same table talking about it. How will we make sure it is a just transition, that communities that are poor are not hit disproportionately with cost that cannot afford. It is a tough challenge. It is a tough conversation. If we quit having a circular firing squad and start working together, we can be at the forefront. David we are talking with congresswoman Debbie Dingell, democrat from michigan. Give us a sense of the politics of michigan. Michigan went narrowly for President Trump in the last election, in part because of his direct pitch saying weve lost manufacturing jobs, people have not treated you with respect, i will treat you with respect. To the people of michigan believe the president is delivering what he promised . Rep. Dingell i think michigan is a very competitive state. It changes. Four months ago i did not think this. Right now, i think it is very competitive. Not sure who the president ial candidate will be. He could potentially win. It is a lifetime between now and next november. Anybody who takes for granted what could happen, three years ago i said he could win and many people do not believe me. A lot of people are very unhappy with the tone of the rhetoric and conversation in this country , but they see the economy as being ok. Is that economy going to stay that way . I think there are a lot of factors and a lifetime between now and next november. David talk to us about one other piece of legislation important for the people of michigan, and that is the usmca, the successor to nafta. Being held up. We heard may be progress being made. Some compromises that might get it through. Do you know about the compromises . Will it work . Will we get it done this year . Rep. Dingell i am somebody who has strongly believed we need a new nafta to point out, because nafta 1. 0 shipped jobs overseas and i still have closed factories that have not been repurposed. They are a symbol of what nafta 1. 0 did to our economy. Ive been with the speaker for the last few days. I know how hard she is working to get the new deal. It is my hope, ive said to people you cannot settle for anything. You have to make sure it is going to help our economy, it will help keep jobs in this country. I am one of the people that is very optimistic we can get a new deal. I would like to see it this year. Alls not the beall or end if it goes into next year. We need a new nafta. We need a good nafta that protects jobs and the economy in this country. Are allinally, we conscious of the fact that the House Judiciary Committee is meeting on impeachment. Go back to your constituents in southeast michigan. Is there appetite for removing the president from office . Rep. Dingell i have one of the most diverse districts in the country. I have had people i will tell you theres a great deal of passion about this issue by number of people, and other of people who are like wire are we only talking about this, we have to get other things done. We are. Just the issues we have been talking about you can see we are focused on other issues. In the ann arbor part of my district, this should have happened months ago. If youre in the downriver part of my district, people are concerned. Most people are not happy about the tone of conversation and rhetoric of division in this country, but there are people with strong feelings on both sides and i think my state, like the rest of the country is very divided on this issue, which worries me, because russia is trying to divide us and put us against each other and theyre trying to destabilize democracies around the world. We need to know. That is part what we are witnessing and have to protect against. David a powerful point. Congresswoman Debbie Dingell coming to us from capitol hill. Still ahead, expedia shares flying high after barry diller pushes out the company ceo and cfo. More in stock of the hour. That is coming up next. This is balance of power on Bloomberg Television and radio. It is time now for the stock of the hour. Expedia is the best performer in the s p 500 today, surging 6 after the company ceo and cfo resigned. Kailey leinz is here with more. Barry diller asserting his authority. Kailey asserting his authority and the market is be happy. A bit of a slap in the face if you are ceo when you step down and the stock shoots up. But expedia has been underperforming. The stock has been down 30 since the new seo took over. The new ceo took over. Sales growth in the Fourth Quarter will be less than 8 , which was down more than 14 at the start of 2018. That is what led to them stepping down. The board disagrees with the outlook. They disagreed on strategy and barry diller essentially pushing them out. David disagreed on strategy. Does barry diller have a better plan . Kailey it is the focus. The focus was on building the hotel presence internationally, but that is not where the growth is. Trying toheyre compete with the likes of airbnb. Because they were trying to compete with hotels the growth and flatline. Growth virgo revenue drop. The vice, diller and chairman will be overseeing the executives and driving strategy until they find a new longterm ceo. They will be focusing on the alternative accommodation. David can they really go toe to toe w