New record. So theres hope. Sentiment mixed as Congress Faces a crucial week, folks. It needs to pass a spending bill to avoid a Government Shutdown on friday as well as billions and billions in coronavirus stimulus package to help struggling businesses and americans. Weve got up to the minute details. We are about to take you live to the white house. Meanwhile, college kids now protesting tuition costs, refusing to pay after being forced to learn online during the pandemic. The ceo of Online Education company and online textbook rental giant chegg is here on how this is all coming together when it comes to the actual focus that this company was created upon. Parents and students reducing the cost of higher education. As the year of the spac continuing, this video gamings goto payments processor is going public with the backing of billionaire bill foley. He joins us along with the ceo of pay safe coming live on to the Public Markets today. All right. Lets get to the senate floor, where at any moment Majority Leader Mitch Mcconnell is expected to speak about how close or far, perhaps, congress is from agreeing upon that covid relief bill. Folks, timing, we cannot stress this enough, is crucial here. It is crunch time on capitol hill. Two weeks to go until congress departs for the holidays and the clock is ticking on not just stimulus but other key issues at hand. Jobless benefits, about to expire. And so is the Eviction Moratorium thats keeping landlords from throwing out tenants who cannot pay their rent because they lost their jobs during the pandemic. Not to mention funding the government to avoid a shutdown friday night. To blake burman at the white house, who has been hitting up his sources on breaking developments on any of these situations, blake. Reporter the fate of a potential covid relief deal should crystallize if not in the yum coming minutes, certainly in upcoming days. One of the things we are looking forward to is the Bipartisan Group up on the hill that is putting forth this 908 billion package, their idea, they are going to be releasing their legislative text tomorrow. The president s top economic adviser larry kudlow was talking earlier today in an interview with the washington post, robert costa, and was asked if that legislation ever makes it to the president s desk, would the president sign it. This was kudlows response. Listen. Its not the aggregate number so much as it is the specific policies that would be discussed and proposed. So i would say theres a likelihood he would sign it. He has indicated he has not endorsed that. He has indicated as i said before, before election and now, hes indicated willingness to provide additional assistance. Reporter kudlow says the key priorities right now for the white house are another round of ppp Small Business loans, money for schools and money for Vaccine Distribution along with added unemployment insurance. Keep in mind, though, that nancy pelosi and Mitch Mcconnell are also negotiating right now. They are trying to marry a covid relief deal with a Government Spending deal. Government funding runs out, oh, by the way, theres this, government funding runs out by friday at midnight so the thinking here in washington at this point, liz, is that they will eventually do a oneweek stopgap measure on the government funding bill. That buys them another weeks time to try to hash out and negotiate a covid relief bill. The size and even kudlow said today he was cautiously optimistic, its one of those so close but yet so far and theres really not a lot of time left, liz, to get this all done before the end of the year. Liz yeah. A continuing resolution. As we do understand, Chuck Grassley of iowa has just finished speaking on the senate floor. Again, we are waiting for Mitch Mcconnell to come speak. You can see that there doesnt appear to be a lot of activity there. We do have this live picture. Im going to punch it up the second that Mitch Mcconnell takes the podium here because this is extraordinarily important to so many of you watching. Now, even if a covid relief plan appears to be gelling and morphing into an actual bill, are we witnessing when it comes to the market kind of a living, breathing example of sell on the news, or is it something way more insidious . The daily number of new covid cases in the u. S. Has now hit an average of 200,000, overwhelming hospitals which, by the way, in the case of new mexico, now have zero icu beds to offer even the sickest patients. In just the last two hours, new York Governor Andrew Cuomo said new york city will be forced to shutter Indoor Dining if the new york state hospitalization rates dont stabilize. As other states follow, what will that do to Economic Activity which is already dragging through this new quicksand . We posed that question right now to jpmorgan chief global strategist david kelley. David, we just talked about new mexico. We talk about new york. California, of course, has implemented different forms of lockdowns again. Indiana, south dakota are almost out of icu beds. Describe what connection this might have to swamping the economy and maybe pulling down the markets as you see it, or not. Well, i think it does propel the shortterm slowdown. Its frustrating everybody wont do the basics of what we need to do in terms of public health, social distancing and wear masks. I think we will see Economic Growth barely positive, if positive at all, in the First Quarter. But i dont know that that brings the market down, because the truth is, we know the vaccine, we know there are multiple vaccines. We know we will be out of this by the end of next year and markets are forwardlooking. So i think markets are pricing in a lot of good news here but we think that good news is coming. Its just a lot of human pain, unnecessary pain, between now and then. Liz well, we saw a little bit of pain certainly on friday with the november jobs report. Can you give me a sense of how you see that . We do have the november jobs report showing about the fact that 56 of the 22 plus Million People who lost their jobs at the height of the pandemic have come back, but we saw a considerable slowdown this time around for november. It was a miss, with a gain of 245,000, and of course, way worse than what we had seen in october. Well, thats right. We still need to get another ten million jobs back and its going to take a long time if we do that 250,000 jobs per month. The problem is we have a v interrupted recovery. This economy is injured. It is injured by the pandemic. Its not really in need of stimulus because its out of energy. Its in need of support because its injured. I hope when they do come together with a package, its something that helps support businesses and unemployed workers through this while trying to push them back into restaurants and thoehotels. You have to deal with the pandemic before you fix the economy. Yes, i think the report on friday really underscores the fact that this economy is only half healed and the rest will require fixing the pandemic. Liz yes or no, will this 908 billion stimulus plan that is supposedly bipartisan do the trick, or does it need to be more . How do you view it as somebody who is, you know, obviously somebody who looks at the marke markets . It will do the trick for the next two months. While incredibly frustrating is the political backandforth about this. Stopgap for a week. People dont have a stopgap on paying the bills. They have to pay the bills. Why not just pass 900 billion right now . Its about right in terms of its size. We can come back in january or february with a new congress, new administration, and look at where we are then. Its enough money to get us through to the end of january. I think they should pass something now to help people out at the end of the year. Liz last week, this kind of caught our attention, the s p 500 index fund over at vanguard, it is huge, saw not necessarily suspicious, but a pretty large chunk pulled out. Just as we were hitting record highs, 7 billion. When you look at Something Like that, do you say you know, we have been hitting record highs, on friday we had five major indices hitting alltime records, time to start really considering taking money off the table or time to keep putting it in . Well, time to move it to different parts of the table. The overall s p 500 is selling at 22. 2 times forward earnings. Thats about 1. 7 standard deviation, to get a little statistical on this, above its average. It means its expensive. Large Cap Companies are expensive. But smaller Cap Companies arent as expensive. Value stocks arent as expensive. Particularly International Stocks arent as expensive. I think its time to take money off the table but look at where youve got that money, spread it around, put it in value stocks and International Stocks instead of large cap u. S. Stocks. Liz large cap u. S. , now expensive, says david kelly of jpmorgan. Thank you so much for joining us, david. Good to see you. Any time. Liz up next, its revenge of the college kids as students around the nation sign petitions now demanding their colleges drop the price of admission. The ceo of the company that has always helped students save cash as they learn online, cheggs c ceo. The gang that created the Online Rental textbook which saved millions of dollars for students and parents around the nation is here to assess that new trend. Closing bell ringing in 50 minutes. The dow down 209. Well be right back. A must in your medicine cabinet less sick days cold coming on . Zicam® is clinically proven to shorten colds highly recommend it zifans love zicams unique zinc formula. It shortens colds zicam zinc that cold it shortens colds new projects means you need to hire. Gers. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. Your journey requires greeliberty mutual. They customize your Car Insurance so you only pay for what you need. Liberty power wow. That will save me lots of money. Youre insured this games boring. Lets get tacos. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Se liz aliz mucs of th of thf tht dutn d agai ag ttistiss laicpu schpulchysllls actuallyreopin datoy. Isthmothininle entleyntnt ad ad dsn newn nor ycity bcityancianan lainceacinc aer aft a a bef paususe. S of unif ursnif uyy llhayswaai r daik dskkol cgele ds hav heee tnd tdd p yr y y ittuionioutta sta somend sdy s nelili sde stus atolbiol biol iversity asitysi tea tnieateeat ld sprin s t sti t s unlesnlnl inistranitors crs crs cos c of at tending the ivyeaeeaeaeay 10 . Prcen, georgetoorwnor a jns hopkins hinseinlready iuedueue 10 decree fordera n. Ittun. N. Th dont want to taitairoundu til students start screaming at them. But this is a development that chegg, the Online College textbook rental hub, is watching very closely because well before the pandemic, chegg saw prohibitive College Costs as its reason for being. Cheggs ceo Dan Rosensweig is coming off a stunningly successful Third Quarter. He joins us live. Dan, welcome. You know, does anything about these college kids fighting back and signing petitions surprise you . Only that it just took this long. Frankly, you know, the kids who go to columbia, good for them. But they are paying 60,000, 65,000 a year. The people that this really hits are the people that are paying 5,000 or 10,000 a year. You know, most of the people who didnt go back to college now are the people that work fulltime and have to go to school fulltime and when their jobs were eliminated, they couldnt go to school. Im just surprised it took this long but i get it. Look, theres the benefit to being on campus but if were not on campus, why do we have to pay for it . I think students are stepping up for what they believe in and i think this is good. I think its healthy and i think we finally have to lower the cost of college education. We have to make the content more relevant and we have to be able to figure out ways to engage more people through technology. And good for the students. Liz well, part of what you guys have been doing, aside from cutting costs of textbooks which in some cases run hundreds and hundreds of dollars, and by renting them and doing it online and enabling them to highlight digitally, i have covered your company, as you know, for a decade. Its just so disruptive and i love it. You have also now offered this online tutoring and what we found during the pandemic is that a lot of these kids, even if they are studying online, have no access to their professors. Its just not coming together. What are you seeing when it comes to your tutoring business . Well, i mean, truly, we were growing at about 32 a year anyway even though we have been public for over seven years. We have high growth and we have 80 or higher Gross Margins and we have 50 free cash flow. The ebidta has exploded since we went public. But what happened postcovid, we are now in 190 countries. When we first started talking, we didnt even know if we would ever get outside the u. S. Now we are in 190 countries. We saw 64 growth year over year last quarter. Its because of everything you just acknowledged which is students have always had limited help on campus anyway. Its difficult to get in the class you want, teachers hours are whenever they schochoose toe them, they generally push you down to tas, you cant get in, they dont scale. We do everything on demand, low cost, super high quality, incredibly comprehensive. We have over 47 million frequently asked questions that have been answered. We can answer any new question which we are likely to answer about 17 million new ones this year from around the world within four hours, with incredible high quality, so you can actually understand what it is you are trying to learn. Imagine people who are trying to balance life, trying to balance family. We are the only opportunity for them to really master the subject. Liz 40 million plus questions answered . Does it answer whats the meaning of life . Dan, let me [ speaking simultaneously ] liz okay. So your subscriber growth, this really jumped out at me, you had a boffo Third Quarter but sub growth grew 69 . Can you kind of give me the genetics of the new subscribers who are coming on . Can you detail who they are who hadnt been joining before . Yeah. So two big groups, in the United States, two big groups have discovered us now which is Community College students and a lot of people dont know 10 of all students actually go to one singular Community College system which is the one in the state of california which has over two million students, and the other one is where the world is going, places like Southern New Hampshire university or Arizona State university, which is not for profit online schools. These are people that are older, that have jobs, have families, they never get to a campus and need online support. That exploded for us in the United States and then outside the United States, when the world closed down, people it wasnt just the United States. Everybody closed down. First time students around the world went to the internet and said how can i get help and they discovered chegg. Unlike the United States, they have able to find smart, safe ways to get people back into school. They are back on campus, yet our growth has not slowed at all around the world. So we expect to be a super High Growth Company with incredibly high margins for years to come because fact of the matter is, just ask yourself these questions. Are there going to be more students or less in the next couple years . More. Are they going to need more help . More. Are they going to be paying for it themselves, likely. Are they going to need to do it at scale and affordably, yes. Will they need to do it across every subject they take . Of course. Thats what chegg was built for. This is our time. Liz dan, your stock is up 100 over the past year, year to date. Really nice to see the company doing well and doing good. Thank you so much. Good luck to you. Thanks, liz. You were one of the first to support us. I really appreciate it. Liz hey, thats what we do. Dan rosensweig of chegg. We have this breaking news. The number two democrat in the house, congressman steny hoyer of maryland, is now saying the house will vote on wednesday on a oneweek temporary government funding bill while negotiations continue. Okay. This is what blake burman was saying, that you would probably see a vote on the continuing resolution to buy about a week so that they could figure out how to come together on a spending plan so that they could keep the government running. With everything going on, get this stuff done, congress. We are still waiting to hear from senate Majority Leader Mitch Mcconnell on the current state of stimulus talks. But as you heard david kelly say, we really should be calling this relief talks, not stimulus. Its the relief that you need. Weve got our eye on the cameras. Stay tuned. I have a question for you guys. Real or fake . Get your mind out of the gutter. Im talking about the shocking reality americans are facing as they head to buy their Christmas Trees, real or fake. We are about to show