Before we get started, we have breaknews. Lets get to Steve Liesman back at hq. Steve . From a Trump Press Conference to liesman on big numbers on debt, huge numbers. The new york fed saying Household Debt rising by 226 billion in the Fourth Quarter of 2016. That is the biggest jump in Household Debt since the Fourth Quarter of 2013. It is now at 12. 58 trillion, the biggest number since the Fourth Quarter of 08, which youll remember is right around when it started to decline with the financial crisis. What led the way . Mortgages at auto loans were behind this rise in Household Debt. But interestingly, bankruptcies and foreclosures reached an 18year low, which is the history of this particular survey. So, those rates are really well down. Youre not seeing a rise in bankruptcies and foreclosures, even while youre seeing the rise in debt. Credit cards and student loan balances were also part of the increase. Carl, we dont know if this is part of the trump phenomenon, the post confidence or something toward the Fourth Quarter that was more tied to the prior economic regime. Carl, back to you. Yeah, that feisty debate going on right now. Yeah, right. Thanks, steve. Thanks. By the way, along with this News Conference at noon, we are expecting the president to announce a new nominee for labor secretary, so well be seeing that in about an hour. Meantime, our top story snapchats parent company, snap, releasing its amended ipo filing, between 19 and 22 billion. Expected to meet with investors and underwriters in new york. Leslie picard is in midtown with the latest. Reporter hey, carl. Were here at jpmorgan now, which is the second stop for the snap executives. Theyre meeting with the sales forces at the banks today. They were at Morgan Stanley first thing this morning. We saw their two cadillacs pull in. They spent about an hour and a half there talking with the sales team. Im told that their presentation and video explaining how they intend to pitch this ipo will be available later online today. As you mentioned, earlier today they posted their amended filing. We learned a few thing 19. 5 billion to 22. 2 billion. We did some backoftheenvelope calculations on that, looking at how that compares to the Sales Numbers they put up for 2016 48 times, carl, 48 times Sales Numbers for 2016. That compares to about 14 times at facebook, which is particularly interesting because this is the first time weve ever seen an ipo being offered and conversations with people who were in these meetings will be ever more interesting to see exactly how they plan to pitch that valuation to investors, how they get investors to buy into this. After this, of course, theyre headed to goldman sachs, so well be on the ground following it from here. Leslie, thank you for that. Our leslie picker. Speaking of social media, well talk with anthony noto. Jims going to have that at one market in a few moments, but valuing social media is tricky business right now. Heres my question for you, john, the amount of money theyre raising, the valuation for snap, would that be lower than it was valued at in private . Wasnt it a 25 billion company . Does this make that a down round, so to speak . Im not sure, thats a good question. Id have to look back at the numbers. Its unusual for the time in that its a relatively large float and you get no votes if you buy into it, and as you mentioned last hour, theyre marketing themselves as a camera company. I think thats actually sort of smart, because if they talk about themselves as just social media and raw numbers, then youve got to compare with facebook, which is the largest of them all. I think they want to avoid that, but you dont want the gopro comparison either, and trying to talk about yourself as something youre maybe not. Yes. Lets get to the aforementioned jim cramer with anthony noto out at one market. Hey, jim. Thank you so much, carl. So much to talk about with anthony noto, the coo of twitter. Lets get right to it. I want to talk about the real donald j. Trump. Are you surprised that twitter did so much to elect a president , anthony . What id say is the American People elected the president. We love that hes using the platform. Hes built greater awareness of the platform and the power of the platform. When he tweets, it drives discussion, it sparks debate, and thats great for us being able to show whats happening in the world better than anyone else. Okay, my screen ive been around for as long as you have, okay . This is my screen. My column is the real donald j. Trump. I have to watch it the moment i get up, the moment i sleep, everything. I want to know why its free . I think tweet deck represents one of the opportunities we have to really grow the business in a number of different ways. Its great that our audience has been accelerating for three consecutive quarters. We grew 3 in the first quarter, 5 in the second quarter, 7 in the third, and we just posted 11 growth in the Fourth Quarter, and we said that our growth remains strong as we go into q1, so were encouraged by that. That should drive a return, advertising revenue, as dollars follow eyeballs and tweet deck represents ways we can make money. As we know, theres been a disremediation of the media by trump but also the odd ball to revenue relationship because of the plethora of content. It really broke down in q4 for everybody, not for you. A lot of people think its just for twitter. We always see twitter, facebook, alphabet, but the truth, is as you know, youre an old analyst from wall street, that somehow, eyeballs stop producing the amount of revenue because of the glut of content, and thats been affecting twitter as well as everybody else. Well, for us, what id say is we havent been able to leverage the more attractive roi were driving through this bigger audience and also doubledigit engagement over the past three quarters and prices down over 60 . Most of the budgets allocated to w twitter have been allocated six months ago when we had lower roi. Were delivering that positive message that we have accelerating Audience Growth, our engagement is up double digits three quarters in a row. They have long lead times, it takes 6 to 12 months, but were delivering that message and were starting to hear i know you didnt give revenue guidance. Why not just say look, we know revenue will be down until we refigure the model, but 2018s going to be a big year for us . I think the Investment Community got a pretty good take on what the trends are from the advertising business you were pretty negative on that call. We do face challenges and we think revenue will lag Audience Growth in addition to the fact we have to prove our rois better, which it is. We also have to make sure we put the right products in front of customers and deemphasizing is also having an impact. The president came out and said the stock market hits new highs. Is there a fire drill on twitter . Lets get bank of america on the phone, sponsor that tweet . There is not. Why not, man, theres a fire burning . We have an auction platform that allows advertisers to advertise in the moment in realtime without having to reach out allow you also to advertise against that organic activity in a unique way. Jack dorsey said our greatest superpower is we break news faster than anybody on the planet. Why wont people pay for that . Should be part of a cable bundle . No. Why . They may a lot of money . We have significant opportunities in advertising business, as you mentioned tweet deck. We also have a super large audience in syndicated, 1. 5 liv we can monetize the audiences with a product that is exactly the same as it is on twitter. Im hearing so much good and i keep thinking there should be an explosion of revenues, not unlike from facebook. 24 alphabet. But i am not getting those numbers from you. What is wrong at twitter . The biggest factor that we face is that advertisers are using our audience and audience size from 6 to 12 months ago. Were now seeing accelerating growth and we have to get allocations in their future budgets and they allocate 6 to 12 months ahead of time. But with cbs last night, we hear they can take advantage of the fact that there could be a good second half of a super bowl. We can in our capturing dollars from the scatter markt, but thats a small percentage of the overall budgets. I want to know how much you communicate with the president of the United States . I dont. How about jack dorsey . I cant comment on who he communicates hes doing it seven times a day. Seven times a day is perhaps more than youll get if youre from say cnn. So why not capture the mindshare for the dollars . There are a lot of products on twitter that allows us to capture all of these highprofile use cases of the platform. Two years ago if President Trump tweeted at 3 00 a. M. And you woke up on 6 00 a. M. , that would be at the bottom of your timeline. Today thats injected to the top based on your profile and interests and our machine learning, so you can see that tweet today. You can also then let me pay. I have to pay. Why is that for free . Here is something that is im pointing to my user it is more valuable than almost anything else i get, and yet its free its like oxygen i mean, its oxygen were monetizing the platform through advertising. There are alternative ways to monetize it and were evaluating those. Dorsey spoke yesterday about the iranian green revolution, arab spring. Could you overthrow a government . I think the platform is powerful and well let people decide how to use it and the impact it has. Will you advertise against it snurz an old brand guy. West point, you were kraft. Do the advertisers want that demographic . Trump is an overdemographic. Maybe they want snap more. Id say that we have tens of billions of tweet impressions every day and those tweet impressions span categories across sports, entertainment, music, health and wellness, and finance and many other areas, so advertisers can advertise in the context of those impressions and be able to point their messages to the targeted audiences that matter most to them and they dont have to be around content theyre not interested in. Do you have the right reps . Im looking at numbers about the turnover. Are there people just not out there selling, anthony . Because errs telling me, alphabet may have this, but weve got 10x alphabet. I would say three things about our sales force. First of all, their clients love them. Ive met with dozens of advertisers since early december. They think if they allocated dollars based on service, wed be number one. Number two is the advertisers love the fact that were seeing accelerating growth again and theyre adjusting their budgets. It just takes time. Well go back to President Trump holding a congressional session. Go ahead, carl, take over. Jim, thank you very much. Lets get to the president. [ applause ] hello, everybody. What a nice group. Thank you all for being here. I had a lot of good discussions this morning. Im negotiating a lot of contracts that are saving billions and billions of dollars for the American People and for all of us, and im very proud of it. You know the 835 fighter jet, the air force one program, which was totally out of control. And now its back, very much in control, and many other things. In addition, i had a very good phone call this morning about a major plant thats moving back into the United States. Well be talking about it soon. And what i do have is a little free time at about 12 00, so i dont think the press will want to show up, but i think i have a press conference probably at 12 00 in the east room. We had a little time in between things. So, if the press would like to show up. Will anybody show up to that press conference . [ laughter ] historically, they didnt care about these things, but me, they show up. So, i think 12 00 in the east room of the white house, well have a press conference. I just want to thank you folks for coming today. This was great. This was scheduled a long time ago. Some of my very, very early supporters, and ive been your supporter also. Were doing really well. The Fake News Media doesnt like talking about the economy. I never see anything about the stock market, sets new records every day, chris. I never see that. But i think the people understand it. Were giving a speech in melbour melbourne, florida, on saturday. I think its going to be around 4 00, and i hear the tickets, you cant get them. Thats okay. Thats better than you have too many, right . So, its going to be great. I look forward to that. So, that will be melbourne at 4 00. I really appreciate you folks. You folks have been so great, and right from the beginning. And tom, right at the beginning, just about every one of you right at the beginning. Some were a little after the beginning, but we forgive. But we forgive. Lets go around just for the media and youll introduce yourselves and then well Start Talking and ill see the media back at 12 00. Chris . Well, mr. President , were all honored to be here. This is really our trump caucus reconvening for the first time in a little bit, but our first meeting was the first part of march. Duncan hunter and i both endorsed you on february 24th, a week from tomorrow. So, its the oneyear anniversary. But this is the trump caucus reconvening, and were just so honored youre taking time out of your busy schedule to be with us. These are real friends, thanks. Western new york. Duncan hunter, mr. President. From california. Kevin cramer from north dakota. Bill schuster, western pennsylvania, chairman of the transportation committee. Give you some money for transportation. Thats good. [ inaudible ] pennsylvania. Mr. President , tom reed. Pleasure to travel with you to florida. Congratulations. Thank you. President , tom. [ inaudible ] from williamsport, pennsylvania, and please, for 30 seconds uhoh. Uhoh. Got something for you to sign. [ inaudible ] 60some years old, never voted. Never registered. He registered for you and voted for you and asked to give this to you. Theres a nice letter there. Im sorry, mr. Vice president , but thats that. Ill set this over here. Thats beautiful. Thank you. Hes a talented guy. I can see it. And i have the chairman and ceo of world series baseball right here. Right. And mr. Vice president , i kind of figured that you would be here as well, so, this is from the new york Team Last Year that was in the world series. Thats for you. And this is a jersey, an original jersey of the new york team in the world series last year and this is for you as well. Well, thank you very much. [ applause ] thank them for me. I will do that. Thank them for me. Mr. President rick, we know who you are. From tennessee and i just want you to know that tennessee is fully behind you. Were excited about the work youre doing. We know that health care and tax reform has to be done this year and we like the work youre doing. We need you to help us continue right, were going to get it done. And the health cares going really well. Now that we finally have tom, tom price, dr. Tom price, its a big thing. We are going to be announcing i guess ill do it at 12 00, a new secretary of labor who is really phenomenal. So, that will be at 12 00. And were getting i mean, this is the slowest in history the approval of a cabinet, and these people are outstanding people. The man ill be announcing for labor is a star, great person, great person. And so, i look forward to that. But i appreciate everything youve done. Youve been fantastic, and i appreciate it. Thank you. Mr. President , good to see you, mike kelly. I know mike. Pittsburgh, erie. Thank you so much. What an exciting summer we had together. We did okay. We did better than okay. We took an area that wasnt typically republican and swamped them. 30 years erie finally voted for a republican, thanks to you. Thank you. Billy long, and im cochair of the Congressional Study group on japan. Im going to be leading the delegation to japan saturday, meeting with Prime Minister abe on monday. Who is a great guy. So, if you will tell me how many golf balls he lost in florida, ill know how many house of representatives golf balls to take. He played well, i will tell you. And we played with ernie els. I called out billy, said see if you can get me somebody good to play with. The Prime Minister of japan wants to play golf. So we get there and ernie els is waiting for us. We had a very good time. He played very nicely and hes a great guy. Youre going to like him. Oh, yeah, i met with him the last three or four years, hes a great guy. I knew you all would hit it off because youre both people persons and great personality. So i knew you guys would get along good. Well, i always said about president obama, its great to play golf, but play golf with heads of countries, and by the way, people like yourself, when youre looking for votes, dont play with your friends that you play with every week. Does that make sense . Yeah, it does. I hit it off with the Prime Minister. He is a fabulous guy. He loves his country, and we spoke all day long and well into the night. As you know, they launched a missile, north korea. We were discussing that. So, it was really something. But have a good time over there. I will. And give him my regards. The ambassador was in my district for two full days and he mentioned he was with you down there in florida also. He was. He is another great guy. And Fran Drescher from the nanny, said you were on the nanny one time. She has a request that their battle for cancer, that you have a cancer board that has one non medical person, so she wanted me to put her name in the hat for that. Shes fought hard. Shes fought hard. Yeah. You know, if you would, why dont you give me that request and lets see if we can do that. We will. Okay . Im Marsha Blackburn from tennessee. I chair the telecommunications and Technology Subcommittee at energy and commerce, and we are looking forward to broadband expansion. Okay. Rural broadband. Youre going to get it. Thank you