The far left, over green adding his voice to the hysteria. He said deregulation of tax cuts gave us the last crash and we can afford to let it happen again. Hes the guy whos spending millions on his hopedfor impeachment for President Trump. Here comes the day of rage in the middle east because President Trump wants to recognize jerusalem as the capital of israel. Jordan, saudi arabia, turkey, they dont like this. The pope doesnt like it either. He favors the status quo to avoid violence. Here he comes, another big day, jampacked show. Varney company is about to begin. Suchs look at this. Developing stories. Posing a major threat. 2000 homes curfews in place. Interesting stat database. I have a number here. Think about that. By some estimates that would burn through new yorks central park in 15 minutes. You know how big central park is from bottom to top. That goes through 15 minutes. I down the mountains. No moisture in the air. Battle in again today. Stuart thank you, ashley. House majority whip Steve Scalise was on with maria early this morning and he said this. Roll tape geared each step of the way we work harder to make sure folks in high income states like york, new jersey, california and others will get income tax relief as well. If you look at the work being done in the Conference Committee to lower the top rate, that will help everybody across the country. Stuart well, well, well, movement on the deduction of state and local taxes. Joining us, congresswoman diane black on the tax writing committee. California republicans looking for a little leeway on deducting state and local taxes. Steve scalise says maybe you can accommodate them to some degree. Why are you smiling . Some of us here in the high tax states we see a ray of light there that maybe we will get some relief. What says diane black . Maybe im giving you an indication that is one of the things we will look at in the Conference Committee. Stuart i know youve got to look at it. You are from tennessee. Low tax states. You dont want to give any relief to new jersey, new york and california. You maybe had to take a look at tennessee and were doing so well, because of our tax burden with the lowest in the nation, though we recognize that this is something that if we want to eventually get the states to lower the taxes and to be lawyer equitable across the entire country about what people give back on the tax burden from the state, that the way that will put it in place to give a bigger deduction for them. We recognize this is an issue and will be on the table. I think its interesting you started out with that. Stuart may i suggest that an incremental removal of the deduction would go a long way to helping those poor people in new jersey and new york. Stuart he writes in the wall street journal today about tax reform. Heres what hes got to say. Despite what you may believe, the tax plan taking place. More pain, less prosperity. A moral obligation and a personal interest opposing the bill. Larry summers told us that 10,000 people a year will die because of the tax bill. You are laughing again. Pretty strong stuff. What do you say . The liberal way of trying to put ichabod shon said ichabod shon scenting that they didnt think of and they didnt do, but its good for the American People. Other times in the history of this country were tax reform did make a difference. It grew the economy. For 10 years it has potential. In anticipation we feel a whole new mood because people recognize that we are going to do something and that is to reform a very complicated tax code, do what we said we were going to do with giving people in the middle income a relief and all the way across every one of the segments, ashley in the middle income and get this economy moving. Get more money in peoples pockets. When a company gets more money in their pocket, they reinvest because they want to see money across the board. Stuart theres still money to move in tennessee because youre going to get a flood right at you. I can see it coming. I know you live. Were not joking. Diane black, everyone. Thanks for joining us as always. Trained to look at this. An hour ago we were down 60. Now we are down four points. We are going to open flat. Just a few minutes time. Ill leave it at. Ill be that bad. Investors not impressed with Financial Results coming out of restoration h. R. Stocks down just 1 . Rh. There we go. What did i say . s trade three h. R. Trade for that thought ray. Shed stuart i didnt mean that. United health by eating into kidney dialysis. For. 9 billion on cashmore and the Onestop Health care deal. Very similar to that night and cvs. What did you call it . Very good expression. Fox News Justice Department in the House Intelligence CommitteeText Messages. Shes an fbi lawyer involvement. The judges here. Of course you heard it before. When we get to see these messages, what this stuff really is. I guess so. Weve heard them characterized. The crime is lying to the fbi. Its not brian to mother teresa. Its an fbi agent. There is imperfect as the rest of us. It doesnt diminish their ability to do their job. If it does come a transfer them to another case. Stuart thats not the point. Delays general slid. General flinders pleading guilty to that. One of the agents who interrogated and if this person. His own personal amoral behavior does not affect the prosecution of the person who lied to him. Stuart it doesnt read what started this investigation, what made him into a deep state prohillary antitrump bureaucrats embedded in all the federal. Stuart all make this even sharper if i could. They have the transcripts of conversations between general flynn and ambassador kgb general kissling i. Why did they interview general flynn unless it was to achieve what they achieved, a track in which they lie to him and why did flynn agreed to speak with them because the last job he had before they work from which president obama fired him was the head of the Defense Intelligence agency. He had 10,000 military spies that worked for him and one of the people they spied on was ambassador kislyak. He ought to have known that the conversations and fbi agents were asking about already saw the transcript says. What was the line for . It is a crazy affairs. Stuart he was threatened with total lack of reputation. If they already knew what it passed between kislyak in the general, they did know that. So they could say it is one word different. Now, and the statute is materialized. They said the light was red and it was really green. Materials are the conversation. He made profound mistakes to talk to them and to lie to them. They targeted him by asking him questions. A politically motivated expedition from the get go motivated by antitrump people in the dave state bureaucracy of america. You sound like rand paul. We havent seen these tags. But if we get into the business of examining the personal lives of other prosecutors, no crime will be prosecuted. Stuart okay. I sound like a defense lawyer. This nevermind my client was innocent or guilty. What about the prosecutor. Who did he sleep with last night . [laughter] i happen to agree with that. If done according to. Stuart we run over time. Because you mentioned his royal highness. Trade do listen to this one. If you brewing between the biggest tech titans in the world. Amazon reviewing to sell google mark speaker youtube from amazon devices. This one is going to get ugly because these giants are overlapping and they are really competing. Two former Campaign Officials will talk about the campaign ill tell you. Obsession with junk food. Really. Thats what theyre talking about. Corey lewandowski coming up next hour. Senator jeff flake, republican of arizona breaking with his party. Donating to the democrats is running against way more in alabama. Click is putting country before party. In hamore varney after this. 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. Stuart President Trump to recognize jerusalem as israels capital and move our embassy there. Joining us, republican from pennsylvania. Mr. Senator, the reaction to this in the arab world is one of extraordinary hostility. Days of rage planned on friday with muslims around jerusalem and the pope says dont do it a brother of the status quo. That kind of hostility bleed over into our domestic policy . Will it affect President Trumps domestic growth agenda . I very much doubt it. Most people on the hill understand every single country in the world gets to choose its own capital except one and that is israel end its long overdue for israel to be a would have the rest of the world recognize the Capital Cities around the world. This may create some controversy in the arab world. I certainly hope it doesnt become an excuse for any violence. But its the right and to do and im glad President Trump is doing it. Stuart can ask you about tax reform, specifically the state and local Tax Deduction. At the moment, its supposed to be no deduction whatsoever except maybe 10,000 property taxes. I hear movement from republicans than Steve Scalise, with about then maybe you could implement this on a rolling basis. They dont get rid of the entire deduction immediately. You get rid of it over a period of years. Is that possible . Stuart, its likely there will be some changes, but it would be premature for me to suggest exactly what form the change takes. You are correct, what weve done in both house and senate bill is to disallow the deduction of state and local taxes with the exception of up to 10,000 in property taxes. We will probably have to tweet that in order to hold the votes we need in the house. But it could be tweaked in a number ways and has not yet been determined which way. Stuart that would be quite a change because the most profound impact from this tax deal is the removal of the state and local Tax Deduction or theyll have enormous impact on new jersey, new york, california. A lot of people will leave. This will have a big impact. It could. Its an important source of the revenue that allows us to lower marginal rates for everybody and make our code of better code. Deduction for state and local taxes amounts to a subsidy by low tax state for high tax states and even within a stated means lower Tax Jurisdictions within a state end up subsidizing high Tax Jurisdictions. To the extent we disallow that jurisdiction allows us to the tradeoff that is good policy. I hope we will preserve as much as the disallowance of the deduction is possible but ive recognize therell have to be some give. Stuart yesterday there was a scene with President Trump sitting down to lunch. Jeff flake right next to him could within our senator flake had written a check for 100 bucks to the democrats right next to the president. He wrote a check for 100 bucks to the democrat in the alabama race. Woodys database . Of a little surprised but what is much more important is jeff flake voted in favor of our tax reform bill and when we come out of conference with the modifications we will need, and i am very out to mistake by senator flake will vote for that as well. That is what counts. Stuart signed by Christmas Eve . I hope so in a real good shot at it. Stuart senator to me, may i apologize yet again for all the hard times ive given you in the last few months whether you get it done or not. Youve been skeptical, but we are getting it done. Stuart it looks like it. Senator, thank you. You will not see any russian flags. Team russia officially banned from the games. More varney after this. I just finished months of chemo. But i dont want to talk about months. I want to talk about years. Treatments have gotten better, so. Im hoping for good years ahead. Thats thanks to Research Funded by the American Cancer Society. The same folks giving me free rides to treatments, insurance advice,and a place to stay during chemo. I need that stuff like you dont know. And now that you do, please give. Call 18004164357 today. Your contributions to the American Cancer Society fund valuable research but thats just the beginning. A cancer diagnosis can kick off years of challenge. And thats where your donation truly shines. You help us fund free rides to treatment. A live 24 7 help line, free lodging near treatment centers, and even efforts to expand access to insurance. So, please donate today at cancer. Org and help attack cancer from every angle. Stuart s russias olympic team has been barred from the winter games in south korea. This is punishment for systemic doping. Live speak is here, she writes in a variety of things. Not just money. I think its high time. We have known for decades. Now we have proof because of a russian that came forward an outline not only the scope of the russian in the 2012 olympics, but the specifics of how they passed samples through the wall. I mean there was ridiculous how many of their athletes were involved in the. The ioc had to do something. Now we are looking right into the teeth of the next olympics. It seems to me that should have come out earlier. Nonetheless come a time they did something severe. A 15 million fine. They also barred 25,000 russian athletes in the neutral way they are barring. Ashley no flag, no russian anthem. There is a belief that he may boycott, so no russian athletes. Hideaway, toured turn out to be a massive embarrassment if they participate in no one wins a medal because they are doping. Trading for we dont know how many years, how far back it goes. East germany and russia rumored to be doing this for a very long time. Ashley am a frequent critic of the time. Bleeding over to it times that exposed this entire story. The times did this. Kudos to them. Were we going to open . We were going to be down 60, 70 points. When i get up this morning, down about 100 points. 15point loss. Stay with us because well take you there. Stuart all right, half a minute to go before we ring the opening bell and start trading on this wednesday morning. Yesterday we close down with 20,100 a. D. Quite a long way from 25,000. Talking about getting there by christmas. Some of us losing hope. We still could. In four seconds, then well find out where where the market goes in the early going. We are going down. He points, 26 points, 21 points down. 21 points down. Read on the lefthand side of your screen. It is a mixed opening with those downside that. 04 down. Wheres the s p 500 . Downed. 15 . How about the nasdaq . Im a third of 1 . I could conclude from that that the selloff in technology continues not at such a rapid pace as we saw in monday, but down again. 4 on the not that composite. Google says to amazon, you can put youtube on your fancy outgo show device because amazon is selling google products. There is a battle for you. Though stocks down. United health with the kidney Dialysis Group for . 9 billion all cash deal reminds me of cvs and at night. Ups expects delivery delays because theres been an unprecedented surge in online sales. More on that in a moment. Ups is down. Wednesday morning. Ashley webster. Looking busy. Live speak is with us. Elizabeth peake is with us and you are the guy who said 25,000 by Christmas Eve. You still think you not . Highly possible. Leadership stocks down 5 up to 5 thats a bit worrisome. Not time to panic. Make sure you have your stocks in place. Cautious to you is telling me with microsoft. I am microsoft at 82. Caution to you is put a stop in at 79. And then if it jumps back up come or if come or if you get in at 81, 80 to you last. We have all the time it doesnt matter. Youd be happy to be a 79. Thats all we do is consider. We turned around. Now we are up six, up four. Her and she worried about the mystery meat and the sausage making. If they delay the Corporate Tax cut to 2019 and starts raising rates, is not an issue . I dont think the fed will raise rates. Probably a greater chance of raising rates four times. Doing just fine, is in the rate increase justified . Absolutely. It will be steady, slow. Thats why i think we can get to 25,000. Liz and waiting on the buzzer. This is unprecedented. 4000 points. Another one would be unbelievable. Under the budget process and how about all works through. I agree with liz, all of a sudden the last minute tax deal is making investors nervous. I think its going to happen, but its not good sailing. Trade for we were saying about 25. Talk to you. Can i get a word in edgewise . Stuart Holiday Shopping season, ups expect delays because they see an unprecedented commend their work, unprecedented surge in online sales. I see that as an economic indicator. Cybermonday was the biggest shopping day ever in this country up 17 read how can ups not have anticipated like running out of roses on day. Ashley online surge had he been kidding me . Of course this is going to happen. Either way, fedex is running fine. Its not an impossible thing to get right. Trade to google says amazon can put youtube on it that could show device. Why . Amazon refuses to sell google smarter. This is a battle of two big tax giant. Amazon has done youtube they want their stuff because its close to that channel. Eventually google will capitulate and allow them to have been on there. Now we have these two titans blocking each other and using their leverage. I think google is not being able to sell their product on the platform. Google home products. Stuart island of irony and varney company. Nobody has noticed that i had my first time on television and more in a nonwhite shirt. Its i notice i walked in. Check the big board. 15 points. We are at 24,164. Long, long way from 20 5k. The unit, whole foods, prices going up. Amazon made a big public show. Now the prices are going down a little bit. Investors not impressed with the results from restoration hardware. The stock is down 6 . Strong profits at dave and busters up 5 . They get help from the tax cut. Lower profit, american eagle, another retail