Back to about roughly a year ago. Just looking at that, from that point on, we have had 1000 point climbs seems every few months. Would be in this case a little more than a month since crossing 23,000. If we cross 24,000, it would be the fifth 1000 point climb in the dow, since this year. Since the president was elected a little over year ago, sixth time weve seen that happen. Appreciable advance, that at this point has a lot to do with tax cuts and optimism they are going to happen. But there is aggressive timeline here that is, has to follow exactly. Chad pergram following that very, very closely. Chad, what can you tell us . Sometime 2 00 this afternoon is when the United States senate will have a vote to proceed to the tax cut bill. They have to vote to get on to the bill. At that point as you said it triggers a 20hour clock of debate. This is under the special process of budget reconciliation. Why is that important . Well, budget reconciliation turns off filibusters. In other words they only need 51 votes to pass a bill t limits amount of time. We could have amendment votes later today, presuming they get on to the bill this afternoon. Then they would have what they call the vote rama, this is another category term, this is they vote, take amendment vote after amendment vote after amendment vote. Sometimes goes on five, six, maybe 14 hours t culminates in a final vote at the end of the process, presumably late thursday not, maybe wee hours of friday, maybe even saturday. They just need 51 votes. We believe this vote is right on the edge right now. There are a couple of wild cards out there. Jeff flake, republican arizona, also john mccain, republican of arizona, if they get to 50 votes, they need Vice President mike pence to potentially break the tie. Neil how do you see that going . They seemed to rush it out of committee, all republicans voting to do so. Does that mean ail yea votes, meaning senator johnson in the final measure . Senator johnson indicated on your program said President Trump would try to fix this later on. Bob corker a member of the Budget Committee, said some triggers, backstops might raise taxes later if they go into deficit spending that could get him to yes. But that will be something to see where the fix comes. Does it come in set of amendments they do on thursday or friday . Does it come in Conference Committee. Here is another vocabulary term for you. Do they get assurances from speaker of house they will fix this in the Conference Committee . The Senate Passed a bill. The house already passed its version of legislation. They put them together in congressional blender and get one final bill. Do those senators on the edge have enough assurances from the house, enough confidence in the process they get it through . Neil, ive talked to a lot of people in the past 24 hours. They think this can go through the senate but theyre very leery of the conference report, because you pass something not in the original bill. Getting that through the house and senate again is very troublesome. I look back to energy bill they had in in the mid 2000s, wewhere they produced conference report, the final version out of Conference Committee. They had a bear of a time to get it through the house and senate. They finally did but took a look time, neil. Neil i imagine the house would be less likely to simply are upper stamp what the senate approves, if it does, simply to get this to the president s desk fast . Look at the senate mandate repeal of obamacare presumably will be in the piece of legislation in the senate. If you put that in house bill, there is a reason it wasnt in the house bill, you start to lose all the moderate republicans, socalled tuesday group. Charlie dent of pennsylvania, some of whom they had trouble with on the Health Care Bill in may. Neil buddy, youre a genius. You know that already. I appreciate it anytime, thank you, very, very much. Anytime, neil. Neil how will this go . We have politico reporter rachel bade. I want to start with john mckin what kind of a role he would have. Some tax cuts he opposed including president bushs two tax cuts. I went even further, 1994, at time of the pub puck takeover, and republican takeover, i said i think we take make a terrible mistake go back to the 1980s, we cut taxes and got a debt and pay on annual basis bigger than the amount we spend on defense. Back then worrying allowed about our payments on the debt exceeding what we were forking over to defense. If he was a no over that issue then, he has got to be a no over this issue now, right . Chad talked about wild cards were watching in the senate right now. There is no greater question mark i dont think than senator john mccain. A lot of my white house sources are watching him very closely. He has been pretty mum how he feels about this bill saying he wants to see what the final product looks like before weighs n he has history of opposing tax cuts, right . Bushera tax cuts, going back to the 80s. Listen, he, a lot of people are really cautious about him because he voted against the Health Care Bill. Which shows he is not afraid to go against President Trump and his own party leadership. So he will be someone they definitely got to get on board. They can only lose two votes. Right now theyre probably going to lose collins fset next one, where does this go from here. Neil you think they will lose Susan Collins over the individual mandate thing, senator from maine . Collins is another one watching closely. She wants a commitment obviously the president will continue making obamacare subsidy payments. The president real did i doesnt want to do that. How is that going to shake out will be determined. Another thing on mccain the reason he opposed tax cuts in the past he said they benefited the wealthy. In the senate theyre looking to making tweaks from the bill that will actually skew some of the benefits further toward the wealthy right now. For instance, talking about making changes for tax cuts for small business. 70 of Small Businesses affect top 1 . If they make those changes to make tax cuts for smaller businesses greater, that will further skew who is benefiting toward the wealthier side of the scale. So that will be an issue for mccain. Neil i will take the leap, somehow with all those problems that you outline very well, they still end up approving this, but then the next Freight Train is the budget. And thats something, we mentioned john mccain at the outset. As you reported in the past he is very concerned about military spending, rachel. He said he wants to increase that spending, democrats and some moderate republicans would counter, well, then we have to increase nondefense spending that budget thing could prove even bigger mess, right . Oh, my gosh, throw this all together, everybodys heads spinning out of control right now. So the latest on this. I posted a story on this. Sources are telling me that republicans are trying to kick this budget fight into january. They know it will be a total mess because democrats, youre right, they want to increase nondefense spending as much as they want, as much as republicans want to increase defense spending. There will that be wild card there. They want a fix on daca for dreamers, a solution there. This will get really, really ugly. It could totally complicate tax reform especially having trouble getting everybody on board in the senate. Republicans will try to push this to january, however they will need democratic votes in order to do that. They need at least eight Senate Democrats. Right now the big question is, can they find those democrats . Neil do you mean to say they would need even those temporary extension to keep government lights on a few weeks into january . Thats right. That is exactly right. They need to pick off eight Senate Democrats to get it through. They think they can pass it through the house. But the senate has 60 vote threshold. They need eight senate dems. Im not sure they can do that well see. Neil youve been right on a lot of this stuff. Thank you very much rachel. Politico capitol hill reporter. A lot of things to rachels point have to go just perfectly right now. One of the big issues, really perplexing republicans how to pay for all of this. Remember the senate plan builds in 1 1 2 trillion dollars in tax cut revenues would be lost over the next decade, the idea being that Economic Growth though will address a lot of that. In fact a lot of top economists, number crunchers, former top economic honchos in variety of administrations penned a letter on this very issue, saying essentially such that, that we will see growth from the tax cuts much more so than anticipated in the past. Among those glenn hubbard, former bush 43 Economic AdvisorEconomic Council chair. Glenn, very good to have you. Its a pleasure. Neil talk a little bit about that. Many republicans are concerned, i dont want to bust deficit. I dont want to dramatically increase the debt, a lot of geeky colleagues of all came to the conclusion theyre worrying a bit too much. Explain. Theyre worrying about the right thing but we also need the economy to grow. The question is if you do the right kind of tax reform, particularly Corporate Tax reform what is being complicated you do get higher gdp because of higher investment. So a lot of this will come back to the government. I think the goal ought to be progrowth policy. Why the corporate piece of this is actually pretty good. Neil douglas holtzeakin signed on to this, george shultz, larry lindsey, john taylor, whos who, argued this could boost gdp. That alone could go a long way to providing additional revenues. What i notice in the past with surges in gdp getting them to last longer than a quarter or two or three at a time. Do you think that the average you see for 10 years would be consistently 3 or better versus 2 as been the average roughly over a last decade . There is no question gdp will grow. Getting steady 3 growth, requires a lot more than the tax code. Would require regulatory changes. Neil glenn, this alone does not do that right . I think it will raise growth. I dont think it will get all the way to 3 forever. What we agreed in the letter you will raise the level of gdp to 3 . Neil there has to be revisitting all of this, the fear republicans have, even if they pass this, get it done, the impact, feeling impact could be months, years away. I dont agree. Neil good, that is what i was going to ask. The fear if that happens, they will lose the midterms. Go ahead. Here is the way i think about it. I cant opine on the politics but on the economics, if the corporate rate cut is delayed a bit, which is in the bills, and you have exexpensing of investment, you have a lot of investment in anticipation of a future rate cut. If anything, activity will be frontloaded, not backloaded. There will be longterm very positive effects because over time as Capital Stock grows that is higher out put and higher wages for all americans. Neil even though were better than what used to be called full employment right now, even though corporate Balance Sheets look pretty robust, even though the market has been on fire right now it, could be, even more so with these tax cuts in effect . Well the market of course has already been pricing some probability of tax cuts. Neil right. But in terms of the real variables you mentioned, output and wages investment, absolutely yes. Neil okay. Very good. Glenn, thank you very, very much. Pleasure. Neil former bush 43 Economic Advisor, Economic Council chairman. Dow is up 53 points. Mitch mcconnell said the senate voted on wednesday, whether to start the debate on tax bill. In other words, yea or nay on that. That is when the 20hour clock starts running and they start yapping. After that they hope to start a vote which could take us probably to maybe a friday vote, possibly a this weekend vote, you dont know. They are moving full throttle. Chuck schumer not a fan of that speed or why they are racing away like this, but keep in mind, democrats did that as well with the health care act. So theyre pointing fingers at each other, each repeating what other said was sins of the other. It is just a mess. They hope to have it all resolved in a matter of hours after this. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Neil by now you know is out. Matt lauer fired by nbc news and they didnt give a lot of folks there much warning. Fbn am cohost, Lauren Simonetti on how it went down so quickly. Lauren . So quickly. After twodecade run as fixture on the today show,nbc news firing matt lauer, after police filed a complaint monday night lauer fired monday night. Nbc news chairman, andy lack out with a memo to staff, while the first complaint about his behavior in over 20 years he has been working at nbc news, we were present with reason to believe this may not be a isolated incident. The New York Post is reporting that lauer allegedly assaulted an nbc female staffer during the Winter Olympics in sochi in 2014. That is reported by the post. Apparently his behavior was wellknown. Parent company, campus cast behind me, is rallying on the oust sister of matt lauer. Neil lauren, thank you very, very much. President tweeting about matt lauer today. Wow, matt lauer was fired by nbc for inappropriate sexual behavior in the work place but when will executives at nbc news and comcast be fired for putting out so much fake news. Check out andy lacks past. President trump tweets on big things and when they happen whether they relate to his white house or not. The leftleaning media laps it up and allows President Trump to control the agenda. Putting them off balance. You have two news networks, cnn, and msnbc, and i watch them closely, along with fox business being my favorite but they constantly lament how terrible it is President Trump is doing. That is what they spend almost all their time on. Frankly that plays right into the president s strategy. It is part of that. Nbc news, comcast is a great company. The head of nbc, steve burke is one of the best executives in all of media, but unfortunately the nbc News Division is decidedly leftleaning. For President Trump to take a shot at andy lack and phil griffin, is not a shock. Frankly not totally out of line, given their history. Neil nothing to do with these charges and developments at all. So you might be right about that, lee, but my only point on this he would have been better saying nothing at all, would he . You know what . I would trust his instincts on that and not that, by any means like a lot of stuff that President Trump tweets but in terms of working for what he is trying to accomplish, he has been pretty successful. Neil he got himself elected president of the United States. He knows about this stuff. Neil given this, i will argue that you make a very good point how this sort of takes away some of the firepower in the investigations over his moral propriety and all of that, given fact some of the people most zealous going after him are caught up in webs of their own so there is something to that. I wonder whether commenting on this stuff feeds the beast . Around he is in battle of his life getting tax cuts through and he might and just focus on that. What do you think . I think he is calling attention to the establishment media avow he hadly, egregiously antiPresident Trump bias. He takes every opportunity to do that. He points out these guys are not pure as driven snow. In terms of what you mentioned before that. Roy moore, whatever his failings, down in alabama, the guy running in the u. S. Senate special election, has been blessed by god because in the wake of his scandal, we now have this cascade of accusations against leftleaning politicians and media celebrities and movie stars. So now, it is wrong attitude, but a lot of voters are thinking, hey, they all do it. That is one reason that roy moore has retaken in the lead in the polls in that Alabama Senate race. Neil there might be, youre right. There are some distinguishing differences here. In roy moores case, if they are true, they involve underaged women. Sure. Neil i am curious as to whether it has reverberated in a way that a lot of roy moores critics could not have foreseen . People in alabama are more angry at critics of roy moore, those outside of alabama trying to decide this election and even republican establishment players like Mitch Mcconnell trying to even have a new election, and that that is actually helping moore . It is. It is the two together, the establishment and Republican Party and leftleaning establishment media, trying to demonize and get rid of roy moore, hey a lot of accusations and criticisms of him i agree with, but you know what . Alabamaians dont want to be told how to vote. Neil no one does. No one does. I think youre right. Were seeing all over the country. Hey, democrats didnt want to be told they had to vote for Hillary Clinton. That is why Bernie Sanders had won the nomination if not for superdelegates and horrific manipulation that Donna Brazile and others were involved with, and entire party was manipulated by the Hillary Clinton campaign.