Come before the congress. This is armageddon. This is a very big deal. Trish end of the world . Really . When you have an opportunity to grow wealth via the stock market, via lower taxes . Republican congressman brian babin is here. He says the left has it all wrong on this one. Breaking oh night, according to reports Robert Mueller subpoenaed Deutsche Bank on russian probe. President trump has done business with Deutsche Bank. Does this have anything to do with russia or some other legal witchhunt . Gregg jarrett is here. We want to go to capitol hill with latest on tax reform fight. Where are we . Reporter were waiting on the senate to vote to go to conference. Then they will release a list of republicans and democrats that will take part in that lets look at video from the lunch took place between President Trump and republican leaders, jeff flake is Lamar Alexander there, talking with the president about moving the agenda forward. Here is what the president had to say first about the tax bill and getting to conference and then essentially getting it to his desk to sign by christmas. Taxes were so thrilled about, so popular, something will be coming out of conference pretty quickly as opposed to long term. I think it will go pretty quickly. Were all on the same page. There is great spirit in the Republican Party like i have never seen before. Like a lot of people said they never seen before. They have never seen anything like this, the unity. Reporter but there are still issues, trish that have to be settled, for instance, the state and local tax deduction. The republicans in the house pushing for higher property tax cap. Maybe 12, 15,000. At end of the day they vote for tax reform. Darrell issa said no way. Peter king said no way, if you repeal salt. You have members in the house, reinstating, keeping the alternative minimum tax, that is a nonstarter for them in the house. This has to be worked out. Here is what mr. Cornyn had to say about the conference committee. I hope our friend across the capitol understand, that the senate bill was a very fragile compromise, and that one or two, two or more senators who would not support that bill could jeopardize the housesenate conference. So we have got to be very careful. We have to continue to mine kate to Work Together with each other and we cant undermine our own victory. Reporter he was talking about the president s statement over the weekend, trish, maybe a 22 Corporate Tax rate would be okay. He was doing a bag gaggle with reporters, he said we have to be careful not to undermine what we achieved here. Well throw it back to you. Were awaiting for senate to schedule their vote to go to conference and give a list of who will be working all that out. Trish adam, thank you very much. Joining me republican congressman from texas, brian babin. Good to have you here, congressman. Great to be with you, trish. Trish getting to the finish line here. How much confidence do you have in this whole thing happening . I just heard my texas colleague, senator cornyn, he certainly, saying a truism. You know it is a fragile bill that they passed. There are some differences between the two, but i feel very confident well be able to get this thing worked out and give badlyneeded tax reform and relief to the American People and job creators. Trish congressman there, is definitely differences between the two. You think about the number of tax brackets for example. The difference in property tax deductions. And on and on. What are the biggest sticking points for you . In other words, when you look at these two bills, side by side, nice little graphic for our viewers to see, highlight some of the distinctions between the two, what does it that you see on the senate side that you really want fixed . I think certainly the tax break for job creators who are corporations. You know, and in the Senate Version it doesnt take place until 2019. I would certainly like to see that take place in 2018. I think this is something badlyneeded. We need to create jobs. We need to raise paychecks and give benefit, give the American People the benefit of our job creators on the conference side, the advantage would likely happen when they get this in 2018 rather than 2019. Trish congressman, i agree with you. I think it is actually not good, not healthy for the economy to delay the tax cuts because my fear, congressman, that no one will do anything until 2019 because that is when they get their tax cut and i worry about the effect of our overall economy if businesses sit on their hands and say we wait until 2019 . I couldnt agree more. Certainly the advantage, it has been so long, 1986 since we had really true, tax reform. The tax code gotten so convoluted. Twice as long as the bible and none of the good news and we certainly have to have tax reform. We have to give the American People something they see advantage to in 2018. And im not here saying it is a political advantage or anything like that, we want people to see it next year. Those are the midterm elections. Let them see the house control, the republican controlled house and senate are doing the job they were elected to do. That is, give tax relief, badlyneeded tax relief to the American People. Trish one of the things you guys keep talking about, i hear you, tax relief to the American People. That said, i look at this bill, and i think. There is nothing wrong with this, by the way, im all for Corporate Tax relief because corporations and Small Businesses are ones that employ us all. So you need them to do well. It certainly helps the stock market as well but congressman, everyone is out there trying to sell it as a middle class tax relief package. Reality, sir, middle class doesnt pay for most of the taxes. On top of that we have to have growth. Were trying to say with his pen and telephone and bully pulpit, the president has caught this economy on fire again. We have million 1 2 people employed now, more than we were when taking office. We have high after high in the stock market. A lot of optimism out there. Housing is doing, much, much better. If we get real tax reform and relief, well see true growth, 3 to 4 , who knows more than than. 20 million plus dollar national debt. Actually maybe since the Great Depression or more than that that. We have to grow our way out of spending. Trish maybe we cut spending right any hear youre way growing your way out of this thing because we need better Economic Growth. Weve certainly seen last eight years. Starting to get it. Congressman, wishing you a lot of luck. Good to have you here today. Thank you, trish. God bless you and merry christmas. Trish thank you, sir. Joining me Manhattan Institute senior fellow. Steve, you like this too . Generally i do absolutely. First of all, look, the whole idea, 2 growth in the economy is the new normal is a dangerous idea. Accumulated over like 10 or 15 years, it lowers standard of living of americans. Biggest priority has to be jolt this economy back to three and 4 . Trish weve actually seen kind of Something Like that. I dont know if People Living standard are necessarily lowered, there hasnt been ton ever inflation in the overall economy. People have not made anymore money. Right. Trish youre looking at wages that havent budged in three decades. But accumulated effect over another 10 years or 15 years will be even more devastating. So growth is absolutely number one and on this side, look, all you have to look what is happening to the stock market, you think to yourself, obviously a whole bunch of people who think, what is happening on the corporate side on tax reform especially is very important. Trish steve, how do you ensure, because i think part of americans frustration that corporations have done very well despite rather anemic economy and done cost cutting and sinner in fist. They have seen their stock prices increase and while most americans have not seen wages increase. The fear, this is what the left is presenting, somehow this is giveaway to corporations and it will come at americans expense. What do you say . One of the things about that, when you talk about cutting Corporate Tax rates, one thing you increase profits. Where do you think the profits go . Do you think they go under somebodys mattress or something . They get reinvested. There is already talk, looking at the major investment houses what they anticipate would be done with this extra money. Trish let me stop you there. I spoke to the ceo of l 3 at the Reagan Defense forum, what he was concerned about, i will take all the extra profit and i will do stock buybacks and issue dividends. Not necessarily anything wrong with that because everybody benefits from that, if you are invested in the market. And there is certainly plenty of pension fans, pension funds, union members, et cetera would benefit from that too, given their investments but you see how this starts to, they worry, okay, it will all go back to the companies. It will not go into new factories and new jobs . First of all, i would say that doesnt necessarily go back to the companies, it goes back to the owners of the companies who in many cases people that are ordinary people, they are pension funds. We have a pension crisis in america. One of the things happening right now, state and local governments complain about losing state and local tax deduction, they are putting hundreds of billions of dollars into their pension fund. This stock market is helping to ameliorate that. Trish you dont worry if the money gets used for buyer backs an dividends because it trickles into the rest of the economy. Initially some of it will. I think, first of all, look, the eu recently said theyre concerned about this corporate american tax cut because for years they have been lowering their Corporate Tax, right . Ours state ad 35 . Now theyre worried. Trish europe is lowering taxes while theyre all lower, france is substantially lower than ours, right . Trish right. They are saying we have to look very carefully and analyze this, because for years they had advantage over the United States, that our Corporate Taxes have been substantially higher than theirs. Now theyre actually worried. Trish what do you think it will mean . What will it mean for gdp . Were 3. 3, pretty darn good if we get to five . I dont know about five. Conservative estimates like. 8,. 9 , which would get us to around three. Trish okay. Even three is not the new normal anymore. I think those conservative estimates, tend not to be very dynamic. When you do dynamic scoring of this, you can get above three, 3 1 2. I think like above three, basically you dont grow the deficit at all. You start shrinking the deficit because of Economic Growth and extra taxes come from that growth. Trish i like the sound of that. Steve malanga, thank you very much. Markets today a little bit mixed. Ill tell you, theyre staying in good shape here. You have s p trading pretty much to the flat line,down down 27. Nasdaq, techheavy composite index down 26. They are grappling for tax reform what it means for stocks prices. Latest for the mueller probe. Wall street Journal Editorial Board calling on him, or calling out i should say his whole credibility issue. Our own Gregg Jarrett is here with the latest on that. I will see you back here on the other side. 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. Trish source telling fox, contrary to reports, Deutsche Bank, germanys largest bank has not received a subpoena from special counsel Robert Mueller in order to gather information on President Trump and his familys bank accounts. This as the wall street journal editorial page calls into question Robert Muellers credibility. Joining me now, with more, fox news anchor, former defense attorney Gregg Jarrett. This is what were hearing through actually john roberts reporting. That apparently Deutsche Bank has not gotten the subpoena though, i would say a lot of media, including a lot of Business Media out this morning saying they had been subpoenaed. Well see what happens. Just so the viewer understands why is Deutsche Bank critical in all of this. Because theyre the main lender for for donald trump. He owes them 300 million bucks which is a lot of money, given his empire of Business Holdings not terribly ununusual. Trish gdp ratio. To you and me that is incredible amount. Trish we have trillions of dollars. They refinanced major loan for jared kushner, the soninlaw of the president as well. I was skeptical when i heard the reports that there was a subpoena to Deutsche Bank. They have serious privacy laws, the president has said, if you seek my financial records, that crosses a record line. I know what he means by that. As a lawyer, would mean that his counsel would go to court and object to it in front of a federal judge because it is going far afield from any of the assignment given to Robert Mueller, the special counsel. That would be a legal battle. Look, it would be an interesting development, if in fact this were true and that is what is at question. Were just getting news right now that Deutsche Bank in fact has not been subpoenaed. Right. Trish as was earlier reported. This is according to a fox source. So, maybe this investigation is not quite as far along as perhaps some in the media like it to be . I think that is a fair assessment. I think, you know, there is some fake news out there and false reporting. Not all of it is accurate. We really need to wait and see. Trish we certainly saw that with brian ross the other day. Oh, yeah. Who has no business being anywhere near a newsroom anywhere in america. My guess is, abc will use the four weeks of his suspension to figure out how to show him the door permanently. Trish Kellyanne Conway said that just yesterday here on fox business. She said, look, if i were abc news, i wouldnt give him four weeks. When his report came out, i think it was last friday, i immediately called a producer said, dont go with a report like that. She said why . I said because brian ross gets wrong all the time. Trish you know what . I had the same conversation. I had the same conversation. If you were watching the show on friday, you definitely heard how cautious we are, more than in in a moment. Let me get back to the wall street journal, with you today, gregg, theyre basically making a point that mueller is not someone you can entirely trust. Why . Look, he stacked the deck against President Trump in his investigation, hiring, mostly democratic donors, certainly no republican donors. And now we know, through this guy, peter strzok, a pivotal player in all of this, the fbi agent, this is a guy who is sending out all of these antitrump, prohillary tweets. At the time, that he was also leading the investigation into Hillary Clintons email scandal and appears to change the language to clear hillary clinton, under the espionage act. So, if you have ever wondered how hillary clinton, notwithstanding incriminating evidence, managed to skate, and why donald trump notwithstanding no evidence of collusion, is now the subject of a criminal investigation, it all seems to come down, perhaps to one guy, peter strzok, who has corrupted both investigations. Trish wow. All right. More to come im sure. Gregg jarrett. I in fact am about to come out with a column stating that very fact with some other interesting details. Should be posted in about an hour. Trish we have preview here first. You do. Trish thank you very much, Gregg Jarrett. Good stuff. We were talking about the fallout from the abc reporter brian ross who reports today he is no longer covering stories involving President Trump. That is probably a wise move, right . After that disasterous report came out friday which he said candidate trump. Now that is significant, right . Candidate trump Michael Flynn to make contacts with the russians and, gregg and i were talking about how that didnt make a ton of sense to us. But the markets got worried, sent the markets plummeting off 350, then it came out the instructions came when trump was president elect, get it . There is big difference between being president elect and candidate, something brian ross failed to acknowledge. I point i was making on friday. Were hearing through reports over at abc that apparently Michael Flynn will basically tell them that donald trump directed him to have contact with the russians. It is expected that that was in part tied to concerns over isis and how to deal with isis and, that is partly why those connections were made. I guess a lot of this may be, david will come down to timing. Sure. Did he do that as candidate trump or did he do it as president elect trump . Time something somewhat suspect because the question was during his candidacy or was it when he was president elect. Maybe im