The gop tax plan. But they are still in a Holding Pattern right now. You see people on capitol hill speaking at the moment. But guess what . They have not begun that procedural vote or debate over getting to the procedural vote, which would then allow the debate to actually start overall. We are going to let you know the minute that happens. Supposed to have begun at 2 00 p. M. Eastern. Didnt happen. Were now at 3 01 eastern. We have our cameras trained on that situation. But guess what . We havent gotten to the trickiest part of this tax reform yet. Getting the house and the senate to agree on the same bill. Congressman kevin brady is the godfather of the house tax bill. The chairman of the house and means committee. May have to turn into king compromiser to get it done. He is going to be with us live since the Senate Passed the bill yesterday. Im about to ask him what his battle plan will be to make this merger meld. All of this happening as the Dow Jones Industrial closes in on 24,000. Financials gaining as the nasdaq cries out in pain at the moment. But the dow is up 81 points. We do have a bunch of big banks in the dow. So were watching those financials pull it much higher. Were at 23,918. So even though the dow is in record territory, we got a bit of a tech wreck here. Down 93 points follow the nasdaq composite. The index is actually tumbling most in three and a half months, and its not that theres something so worrisome or nefarious here. Investors are simply racing to catch in on the years shining star and that, of course, would be the tech sector. But among the subsectors within that. Youre looked at the philosophy Semiconductor Index or sauce index. It is tanking by 59 points or nearly 4. 5 at the moment. Every one of its constituents, all those chip makers and chip equipment makers are sitting in the red. Wall street darling and, boy, nvidia has been the bestperforming stock on the s p. Micron pretty remarkable stocks. It is down 8 and twothirds percent. Lamb research down 9 taking quite the beating. But wait, these stocks are still making a killing for investors year to date. We like to stretch it out and make perspective here. Annual gains youre up 99 if you went into lamb technology at the beginning of the year of the year. Can we check in on the dow transports . Do you know where do i want to do that . Well, theyre just hitting it out of the ballpark on track for the biggest gain in more than a year. It is not often you see a 2, nearly 3 gain for transporters, which has everything from airlines and railroads and fedex and ups in them. Were up 277 points. Its really the airlines that are boosting today. Jetblue, alaska air all making investors quite a pretty penny today, and you do have southwest leading the charge up 5. 33 for luv. As we await President Trump to make remarks in Saint Charles, he still hasnt gotten in the limousine yet. He is greeting people, and really, he has one main mission, at least thats the guidance we have got an from the white house. It is to really beat the drum for gop tax reform. Get that part of the agenda that he promised well before the election would happen. One part of trumps speech has him appealing to the American Worker. Quote this is our chance to free our economy from the workers from the terrible tax burden in washington. Now comes the moment of truth. So we know hes going to focus in on that issue. But, jeff flock, there are lots of questions of whether it does help the American Worker more or equally with the corporations that are getting quite the tax cut. There at the Convention Center. Whats the chatter . Or its even with the economy doing as well as its apparently doing with record markets as well as record low unemployment. Youve got 13 states that have never had lower unemployment than they have right now. Some questions of whether we need any jet fuel poured into it. The president s about three or four miles away from the airport of the Convention Center here in Saint Charles. And i tell you, hes really got some sales to do. Maybe not inside this. About 1,000 people, theyre all invited guests, so i assume theyre already on board. But heres what the white house released just a short time ago. Prepared remarks from the president. He says, and i have to put my glasses on for this. We have a onceinalifetime opportunity to restore american prosperity. But in order to achieve the bright and glowing future, the Senate Must Pass tax cuts and bring main street rolling back to life. Answering those critics to say maybe the economys doing okay, its not enough for the middle class to keep getting by. We want them to start getting ahead. But as you point out, liz, theres question about oh, the president is en route. Did you hear that . Maybe you did. Liz oh, no, we heard it. How could we not hear that . You never know. I leave you with this, though. And that is in terms of a public and, you know, Popular Support for them, quinnipiac poll, been a couple of polls out there. People broadly support the notion of tax reform. But when it comes to this specific bill, may not so much. 61 of those surveyed say this bill is going to help the wealthy. Only 24 think its actually going to help the middle class. Thats some sales to do not only among the senators, but among the populous as well. Liz how about the house . Were about to hear how they plan to put the marketing effort together as we wait on President Trump to, of course, take the stage behind jeff. The tax bill debate in the senate is it underway yet . Okay. We are still waiting for it to get underway. Lets assume just for conversations purposes, lets assume that the senate manages to pass it. What happens then . Well, the answer is not adds clear as you might think. In his first interview since the Senate Budget committee passed its bill and now you see it live going to the full senate, let me bring in the key figure on the house side, congressman kevin brady, chairman of the house ways and means committee. Chairman brady, thank you for joining us. Its a crucial moment here, isnt it . Yeah. Thank you, liz. Theres a lot of good news on the tax front. Were making assumptions hero. But if it does pass in the senate, procedurally, what is the plan . And im asking you to reveal something here. Have you other gop house or Senate Members considered or even discussed the idea that perhaps in the best interest of speed and getting this done, Republican House members would have to be forced to pass the senate bill as is. Yes. And, no, we will not do that. So step back a minute. When i think there is, as you have pointed out, a lot of momentum in the senate on tax reform, what i appreciate is like the house, theyre working to prove every step of the way, and we expect them throughout the week to continue to make a good tax reform plan better. But, no, we are going to act immediately to move to a Conference Committee so we can continue to improve the tax reform bill. The house and senate both do very good things, but we also in our discussions believe we can do even better on the tax reform front. So we look forward to working off the differences in a Conference Committee with the senate. Liz to be clear, you plan to have that debate and merge, versus simply saying quick before all of these other issues, and i would be remised if i didnt bring up the election in alabama with roy moore for senate candidate. He, of course, being embattled and theres concerns even on the gop side that that could slow things up if he does get elected. Nonetheless, you will sit there and battle it out and work it and massage it with the senate. Yeah. And battle it out wont be the case. It will be picking the best of both approaches or if theres a third option in a pro growth middle class way, well adopt that as well. I just met with chairman hatch. You know, hes doing terrific work in the senate on this bill. Every member in the Senate Republican seems to be engaged and contributing. I think those are all good signs. So i really am very excited about getting down, working out the final details on this tax reform plan. It has been too long for america, and weve fallen too far behind. Liz let me just give you an update here, sir. According to the senate, our fox News Reporter whos right there and watching every single moment of this says that the senate will get underway with that vote. The procedural vote in the next hour. Next hour. Okay. So let me get back to because im dying to know your specific procedure. The committee numbers. Can you tell me have you decided whos going to be on the committee and how many the house will get . How many the senate will get . So the answer is the speaker of the house makes those decisions. And that will as the Senate Starts to finish this up, the house will start this process almost immediately to move to conference. Were already preparing, frankly, since the morning after the house passed the bill, you know . Weve taken our improvements, were really anxious. Again, the senates doing good work. So we see an awful lot of Common Ground in this Conference Committee. But we believe we need to deliver this by the end of the year. So and so were going to get straight at it. Liz in what order do you think that you will tackle some of the tax bill issues that are different . And when i say that, we could tick through a whole bunch of them, beginning with the Corporate Tax cut. The house says 20 . Senate says 20 . But with a oneyear delay. So we start, obviously, with the most pro growth and important provisions, making sure for families weve delivered very strong middle class tax cuts, regardless of where you live. On the international side. We want to make sure our local companies can compete and win anywhere in the world, especially here at home. So we have work to do there as well. And then, of course, how we address our Small Businesses, we are devoting hundreds of billions of dollars of tax relief. This never occurred before in history, so we want to make sure were really hitting those targets in a good way. So those are some of the big issues. But there as you said, liz, and weve talked on set before. Theres a number of other pro growth provisions. We want to make sure we get it right. Liz well, let me just bring up one that some people think will be antigrowth, and that is the elimination of the state and local and Tax Deduction. The senate says get rid of it because they dont have a lot of senators or any, really, that are in the very high tax states of new york, new jersey, california. You in the house have a trickier situation here. You have more of the congressman like peter king and lee who, by the way, protested outside the long island irs Office Yesterday and then, you know, weve spoken to darrell of california. He doesnt like the elimination of this deduction either. And this is what jumped out at me. Larry kudlow today who is an economic outside adviser to the president , larry kudlow is in essence saying that this is not something that he really felt was the right way to go. Simply on the individual side. He likes the corporate side. But he feels that the state and local Tax Deduction will hurt all kinds of people, different people were his words. Not just the higher, wealthier people, but also, chairman brady, it would hurt some middle class people, for example, on long island. So, look, what i know is this. For too long our tax code has favored some over many in massively working class americans that construction worker in the street is being taxed twice to make sure some get help with state and local deduction. We think we can do better. Having said that, im committed to working with congressman king and others to make sure their constituents see tax relief, regardless of where they live. And so that is a big challenge. Im continuing to work with our members in that regard. I think at the end of the day we show tax relief across income levels, across states as well. I think thats really important. Liz it sure seems like theres more wiggle room for the house side as well. The state and local Tax Deduction. Congressman, its great to have you here. I need to see you back here soon because you really one of the top guys that really matters here in this discussion. Thank you very much for taking time out of your busy day. Congressman kevin brady. Chairman of the house ways and means committee. He has to run, but theyre not exactly running as fast as they can in the senate. Theyre still having the discussion on the floor at the moment. In Saint Charles, missouri, the president is only waiting long enough to get there. Hes in his limousine apparently and now heading toward the conventional center where he will give what some are expecting to be a barn burner of a speech about getting tax reform done. We will take that speech the second it happens because fox means business. Were on it. Dow jones industrials up 79 points on a big market day. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. From godaddy in fact, 68 of people who have built their. Website using gocentral, did it in under an hour, and you can too. Build a better website in under an hour. With gocentral from godaddy. Our recent online sales success seems a little. Strange . Nk na. Ever since we switched to fedex ground business has been great. Theyre affordable and fast. Maybe too affordable and fast. What if. People arent buying these books online, but they are buying them to protect their secrets . . hi bill. If that is your real name. Its william actually. Hmph affordable, fast fedex ground. Liz breaking news. The traders at the New York Stock Exchange always have these little sayings like sell in may go away. Well, they were saying 24 by 25. Meaning dow 24,000 by december 25, and it could be that the big milestone is just around the corner. We may hit it well sooner than december 25th. It was around this time last year that we were at 19,000. Then we hit 20,000 and 21,000 in march. Very quick turn around there. 22,000 took a little bit longer in the summer than 23,000 on october 17th. And now at this hour, we are very, very close. We are less than what would you say . 29 points. About 29 points away. Oh, less than 100. 90. I didnt do so well in math on the sats. Were less than 100 or about 90 points away from dow 24,000. The dow once again racing to what will be, if we close anywhere higher than where we started, 62nd record close of the year. So if you listened to all the bears out there who were screaming to get out now after we hit 19,000 a year ago, you would have missed out on a huge, massive rally. So if youre still sitting on the sidelines, now it gets a little trickier. Do you jump in on the dow 25,000 train . Forget about 24,000. Were almost there. The New York Stock Exchange and cme group. 24 before 25 . I dont know, liz, but you can have a job at seaport. You guys are number three in digging tunnels. I dont know. Its you know, weve got its really interesting day, you know . The financials are doing great. The transports are doing great. Insurance stocks are doing great. Even some of the insurance stocks. We have a tech wreck which weve seen this before. You just pull the plug on them. Everybody gets scared. They run to the sidelines and two days later theyll be trading right back where they were. But bottom line is that the lines of least residence continue to be up and the focus clearly is the tax. Liz its amazing. You never really know whats going to be the start. Im not sure anybody called that yesterday. Oh, watch the transports today because they are just doing unbelievably well. And maybe tomorrow, larry, the narrative will be crude and crude oil because opec is having that meeting with both opec members and nonopec members about whether to officially extend last years cuts well into 2018. Yeah. I cant wait for this to be over with. Theres so much anxiety. So fearful when you figure saudis want to extend the cuts, russia wants to have a caveat, and whatever happens, i think we want the market to return on the mentales. So tomorrows going to be very, very interesting. The consensus is really expecting a full extension, and you hate to break the bad news. I think its going to be a ninemonth or sixmonth caveat to that. Liz well watch that as we are watching the markets inch closer, at least for the dow, to 24,000. Were at 23,916. Watch that level while the president speaks. We often do that, and you see the dow and the nasdaq and, of course, the s p sometimes make a move on certain remarks. He is fully expected to speak on tax reform. Here he is. I told you that you would be saying Merry Christmas again; right . [applause] and its great to be back in missouri. Sign of a lot of good things because youre doing really well, and i want to thank governor and attorney general holly who, by the way, joshua. Josh, our next senator. Where is he . [applause] its going to be a great senator. And he wants to see a major tax cut. I think i can speak for him; right . And your current senator does not want to see a tax cut. Thats not good. Thats not good. She wants your taxes to go up. Secretary mnuchin, whos doing such a fantastic job. Thank you. [applause] and linda mcmahon, Everybody Knows administrator Small Business became a big business under linda. Shes helping a lot of people. Thank you very much, linda. [applause] i especially want to thank missouris incredible delegation. Sam. Wheres sam . Are you a