Smarter, faster on the topics that matter and would follow the same format with our event, bringing smart brevity to bring you into the worlds of business, tech, media politics. I would like to thank the bank of america for making these conversations possible. We appreciate it especially this great doubleheader we have had and what you think, axios colleagues who are here. We are honored to have this morning somebody who has been my governor and has been my senator here i have a constituent and we have this bring the vice chairman of the Senate Intelligence committee, and senator from virginia, senator mark warner. Senator. [applause] thank you. We are down to smart and brevity. Im not sure i meet any of those categories. And you are a morning person, so thank you. Not the case. Not the case. Wear down to four days of christmas. This is not speedy my normal shtick in any event that account in december is that i am well known for leading groups in 12 days of christmas, but i guess thats not going to be on the agenda this morning. Senator, we have tax cut, the biggest since 1986. What business have lived with less . The corporate rates have been to 21 . We did it in possible to get business to support something less . This is by the most single most disappointing legislation i been involved in eight years ive been in the senate. And i have been desperate interested in doing appropriate tax reform. I was found of the socalled gang of six who said the simpsonbowles plan made some sense. At that moment the bid and ask about simpsonbowles was in that 27, 28 rate on the corporate rate. That wouldve been done in a fiscally responsible way. I think businesses wouldve been a static at a 25 rate. How much money would that assayed . That wouldve saved for every point you save about roughly 100 billion. The differential between 21, 25 is about 400 million savings. We take a minute if i can and say what my critiques of the tip of the maybe some of the other Traditional Democratic critiques of this bill beyond all the fact that this was done in the dark, that there was no bipartisan effort, that frankly tax reform is done best with transparency because if you dont have it, youre going to screw it up. And if we look back historically to the 86 act that ended up having 80 votes at the end of the time and stood the test of time for 30 plus years. This legislation absolutely will not. So wait, you think part of this will be undone . I think it would be, there are so many mistakes that have been made in the legislation, not consciously but because tax policy is in almost a complex the First Six Months of this coming year there would be a fixit bill that will come about. Let me go through what my critiques would be. One, we could of done this in a fiscally responsible way. The estimates are this will add 1 trillion to what i would argue is over 2. 2 trillion to the debt and we are already 23 23 trin in debt. That is not a good circumstance in terms of future investment. Thats because youre the existing debt hole which also have the additional interest off of that deficit, that debt. And, frankly, presumption many other personal tax cuts would be extended, point number one. Number two, our colleagues said this will be more simple. Our tax code will be exponentially more complicated, particularly around passthroughs. Third, clearly ive got concerns that disproportionate benefits went to the folks at the top. Fourth, this is one very think would be an area huge amount of focus Going Forward. I think they, while well intentioned, got lot of the International Tax component, just the setup of it, wrinkly, wrong and what may see the reverse of what is expected take place with this will actually and sent more and more businesses to move more jobs offshore because of, theyve got a minnow tax, the international average and they could still game where you put your factor versus where you put your intellectual in lecture property in a way that could be intrusive. So disturbing to me was an of lots of conversation with both businesses and republican colleagues about this, the said nice support, i support repatriation. They couldve said hey, we will allow you to this money back to a very favorable rate but why dont we have some level of exchange . Why dont you, basis, guarantee you put a meaningful try to program a play threat but that makes less and 80,000 a year . Or why not say not only for your business but your supply chain, if youve lost a lot of jobs and a con international, why dont you agree to bring some of those supply chain jobs and put those in communities that have been hurt by trade . There was a real willingness from the Business Community i felt to engage in a dialogue but this is done in such a rush to provide a tax cut, not reform, a tax cut by this arbitrary day of christmas that i think unfortunately this is a huge missed opportunity that will come back and bite my republican colleagues. When you look ahead to november do you think they will regret it politically . Absolutely. Absolutely. Show me a time in any western democracy where when have an economy thats running at relatively holstein and relatively well on point, that you do a massive tax cut thats not well targeted that is entirely borrowed money, you will not see the growth assumptions that are been built in and, frankly, to the republican plan, no economist has predicted, i think youll see actual job loss and i think particularly it the president and his allies move to what they people call welfare reform, which is just code are taken on medicare, medicaid and Social Security so they sank oh, my gosh we dont have enough money now we have to cut the social safety net. I think that will come back and do you think this bill will cost seven republicans the majority . I think there is a list of challenges, one being this focus on tax cuts. I dont see how what ive heard that could be a real effort to do meaningful infrastructure can pick what aspects that could have come out of a a taxable effort wouldve been using president s Economic Advisor gary cohn go ahead and finish. Theres that other looming problem out there about the Russian Investigations i think theres a variety of factors that at this moment in time dont bode well. We will turn to the Russian Investigation very shortly but excuse me for that i wanted to interject that yesterday on the stage the president Economic Advisor tolls on january 3 they are turning to infrastructure and what they call welfare reform. You called entitlement reform. What are the chances take them one by one, what are the chances of getting democratic votes on it infrastructure package . Mike, i think somebody who prides myself that every piece of legislation ive worked on ipad a republican partner. Ive been, this tax bill has left me and i think a number of others bitterly disappointed. Because i think we couldve added value to this process. As we moved to infrastructure, i dont know how theyre going to have a meaningful infrastructure plan when the president s own budget cuts funding to the highway trust fund. I mean, my fear is there going to come up with a plan that focuses on additional Tax Advantages, more equity without real money. All the Tax Advantages in the world and all the polling in the world doesnt pay back certain rural bridge repair anything still not pay for. Reading between the lines it sounds like if they played their cards right it would be possible. I think wouldve been a much greater chance if he had not approached the textile as they had. What i dont think is a chance come i dont think theres a chance, mike, is that a flurry of taxadvantaged financing, theres plenty of equity out there for infrastructure. There could be some additional debt. I have a bipartisan ten member, five days call the bridge act with roy blunt this as we ought to have a vehicle where the only International Country in the world that doesnt have a major Debt Financing tool but you only need on infrastructure new money. Im not sure where theyre going to get it. For those of you tweeting at hashtag axios 360, senator warner singer with with the tax bill is handled makes you less likely they can get democratic votes on infrastructure is the same true of welfare reform . I think it becomes virtually impossible to take on entitlement reform. They would need 60 votes . And back in the simpsonbowles days, we had a recognition that an aging population, there are ways that you can prove the longevity of medicare and Social Security. In ways that helps protect the most vulnerable and maybe make some would like me who has been successful pay a little more. But when we did that plan we started with those reforms were key as well to a trillion dollars increase in revenue, not what were looking at now, a 2 trillion decrease in revenues over the next decade. I i mentioned at the top amog the hat you were, your question of Senate Intelligence committee so youre helping run one of the key hill investigations in the russian editor yesterday on the senate floor you gave a redline speech we talked about your red lines warning the president not to fire the special counsel bob mueller, and not to pardon witnesses. Why did you feel the need to give this speech at this moment . Mike, i dont go down to the floor and give long speeches a lot of times. I know how much Additional Information that we are receiving on the intel in our investigation we have not reached any conclusions, but the importance of what we are doing, i study ago this is most important thing i will ever work on, i feel that more strongly today and even a year ago. And we dont even have near the tools that Robert Mueller has in his investigation where he has already had two indictments and to guilty pleas, and i believe more to come. So over the last number of months that started with some really fringe voices around the august recess saying, you know, maybe bob mueller, we got to indict molars integrity, question this. At that moment i was proud because at least in his Senate Democrats republicans alike all said no know no, no we need tot the special prosecutor remember how we end up with a special prosecutor because nobody ever wouldve presumed that the president would fire a city fbi director. And then go out and basically trash the fbi director in a white house meeting with the Russian Foreign minister. That took place. So there was chaos and Rod Rosenstein did the the right thing and picked the men with the right credentials. Those voices ever seen what was an effort to curtail that because democrats republicans alike said we need to protect the special prosecutor and allow him to finish his job. But if anything is happened as weve seen some of these plea bargains come forward. One news network, one of their commentators called this effort investigation a coup. Youve got a president ial spokesman who said quoteunquote the fix was always in on donald trump. You have i have seen no story yesterday but my understanding the president son having some new conspiracy theory. Then you have some comments to my mind seen beyond bizarre coming from certain members of the house. It appears that bob mueller gets closer, the coordinated drumbeat was increasing. And i felt with what i know and how i think this would put us into the realm of a a constitutional crisis should act and with congress potentially leading down for a few weeks, i wanted to go down and hopefully lay a marker down with the white house. But equally importantly, call on my colleagues that this is a moment, god forbid that what will happen, i want to take the president and his lawyers at his word that he has no intention of firing the prosecutor that i would also add hopefully not issuing pardons or get rid of Rod Rosenstein. But help this libya moment that would have to act upon but i think the real character of how this congress and the senate will be judged will be how we react if we work to take account of action. 2027488201 with music we have suddenly like dark rumbling music based on what you said just didnt get what you think will happen while congress is away for the holidays . I i hope that we have a Great Holiday season and nothing goes on. That would be but do you have intelligence otherwise or what do you fear or what are you trying to suggest . Im not suggesting anything other than the fact that the tone and tenor of the comments coming out of certain of the president allies, both elected and otherwise, should send a chill through all of us. That rule of law dont any individual, person, and our country. We have division of power. There is not executive action without restraint. And again, my hope is that come back from the recess and you can say well, you know, nothing happened. You talked about the growing, a growing seemingly coordinated effort to undermine the Mueller Investigation coordinated by whom . I think that is a fair question. I dont know who it is cord needed by but i would say this, that when yesterday morning the association of fbi agents, and if you ever to make a broad sweep of the symptoms of the fbi agents that i know, the vast majority of them are republicans. But the Fbi Agents Association came out with a harsh comment directed at the white house and the president saying, you know, he does not serve Law Enforcement writ large well when his comments undermined basically not only mueller but in effect the whole integrity of the fbi. And i would say i would be astounded at this, but for the fact that early on in his tenure, this same president refused to accept the unanimous conclusions of our whole Intelligence Community in terms of russian active measures and inventions in our elections. So when a president or allies go out and undermine Law Enforcement or undermine the Intelligence Community, the damage that that is done, the damage thats done longerterm to kind of our institutions validity, lord knows we know what he says about you folks in the press, but usually doesnt matter democrats or republicans, things like the integrity of the Intelligence Community and a Law Enforcement in this country have generally been kind of question. I think were getting into again uncharted territory. Senator, if you look at your tv interviews, you been pretty candid about what you have done it in your investigation what you dont know and no. The review of how much is a bear has waxed and waned over the years. Where are you at the moment . We continue to both that interviews and we continue to receive more documents and information. I will repeat what i said earlier. A year ago this investigation was the most important item i will work on my public life, i feel that more strongly today that i did a year ago. I feel it is absolutely critical that full truth come out. Now, i also want to take a moment and step back and say im really proud of our committee. Ive got a great working relationship with richard burr. Archimedes maintain bipartisan approach. Weve had some bumps that we are proceeding at. Revenue group witnesses scheduled for january. I would say, not shy, but we will put some points on the board already. One, there is complete conclusion from everyone in government, the judge with the exception of the president , that russians massively interfered in our elections in a coordinated way that was unprecedented. And that conclusion has frankly helped now as weve seen the french are much more attuned to some of this then we were. Britain has gone back and reexamine brexit. From an International Stamp with that announcement is a point from a study point. Secondly, the russians attempted to tap into not change notes but tap into 21 states electoral systems. At first dhs was very slow at acknowledging that foretelling the state election officials. They had this answer that we couldnt of the states to get his estate cleared. Chairman and i and other said no, thats ludicrous. Youve got to tell the folks. There is a much better working relationship between dhs and the state electoral boards. Theres a Bipartisan Group out of harvard working on electoral security. In our state in virginia, i pushed the state board i would change us some of our Voting Machines that were potentially vulnerable. Most important, the most important piece is, is, where i think we made the most progress, and that is exposing the underbelly of social media. I have been the in tech busines longer than ive been a politics. Facebook and twitter and others are quite iconic American Companies but these companies basically blew off my concerns and others concerned to hear go. Over the last few months that is just. Will come back on the investigation. Based on your comments about your documents of witnesses it sounds like you are in a wax phase. I wouldnt say this child was most important challenge i will take on if i didnt believe it was serious that would allow this investigation to finish, and obviously mr. Moores investigation was much more extensive powers than ours does to run its course as well. Does your investigation of weeks to go or months to go . I will say what chairman burr said. Our investigation will take as long as it takes to talk to all the appropriate people. You mentioned witness it. Jared kushner is, and talk to step what you call it back . I think we have different processes than house and the others. Its the chairman skull and the right one, first for the most part the first round of the interviews would be done by our staff investigatory team. It was a very good team. It wouldnt be one politician trying to outdo the other. That was done with the presumption that some of the key witnesses would need to come back. Debate whether they the come bn public or private. I would lean more towards public. And i think most members, democrat and republican