Agenda. After the failed Health Care Bill the white house is moving on to the first tax code overhaul in three decades. Will they get enough support behind the plan. Attorney general Jeff Sessions, he just issued a warning to sanctuary cities and states announcing that new actions this afternoon will withdraw federal funding from areas that refuse to comply with federal immigration laws. New developments in the fight against isis. The pentagon sending 200 more u. S. Troops to the region. Among our guests this hour, wow, look at this, Grover Norquist, senator john kennedy, Texas Attorney general ken paxton, Lieutenant Colonel oliver north and radio talk show host larry elder. Melissa stocks rebounding after a sharp selloff in todays market open. The dow closing only about 45 points now to the downside. Lets go straight to lori rothman on the floor of the new york stock exchange. Lori, there was great concern we would see a huge selloff after the Health Care Bill failed. Not really the case though. What are traders telling you . Theyre calling it crisis fatigue, melissa. Been there, done that sort of attitude. The market came way back. Weve seen the dips with other disappointments and other uncertainty, right . There is no followthrough. Yes were about the 600 points off the top of the Dow Jones Industrial average but no signs of panic selling. Now, if you unpack this a little bit, look at specific sectors you do see a tiein into disappointment here on wall street that the president S Health Care plan did not pass, especially in the financials. So the financials which had been benefiting tremendously, the leaders since trump won the election and replay trade as we call it, trump rally, they were not down by a whole lot. Wells fargo, Morgan Stanley may be the exceptions. Considering how far they have come not dramatic or painful turn around there. On the other side of the coin the Health Care Bill failure lifted some hospital and medicaid insurers. They will continue to benefit as obamacare remains in place. Significant goops higher. Hca holdings up better than 5 . Back to you. Melissa lori, thank you very much. David Teddy Weisberg in the background agreeing with everything lori said. We dont look at gold enough. It closed at a onemonth high today. Dollar fell in all of this is because investor concerns about Economic Growth in light of the Health Care Reform failure and concerns that tax cuts may undergo the same fate. Melissa. Melissa stocks trying to battle back from pessimism from capitol hill to wall street with the dow seeing the 8th day in a road as we said not all bad news. Investors start a longawaited search for stocks. Kevin kelly, recon capital partners. Former banker carol roth. Carol, let me start with you. There is a lot on the agenda now. Now we have folks on capitol hill looking at all kinds of things from immigration to tax cuts. A lot ahead. How does it make you feel about the market . Melissa, investors always like to pay more for possibilities than realities. Melissa thats you true. We always knew as we were getting data in that would probably have an effect on the market. Certainly if we get towards tax reform and that doesnt step out anywhere near the Market Expectations that could be a big issue but i do think we need to look at the big picture to see how much the market is up yeartodate. Annualize four to 5 return depending on which indices youre looking at were doing really, really well. Obviously weve been down a bit but i think in the grand scheme of things, looking at valuations certainly nothing to panic about. Melissa but, kevin, when i see all and put different forecasters how much the economy will grow i still think theyre low if trump adminstation succeeds in anything they want to do. For example, the average this year is 2. 3 . Next year, 2. 5 . If we get any part of those tax cuts i think that is at the low end, what do you think . It could be at the lowened, but that goes back to the actual policies well have to see. That is why the market sold off. They couldnt even rally the troops behind thiS Health Care reform. So one of the big issues you need to focus on is financials let us up in this market an financials are expected to increase their earnings 15 this year but there hasnt been one single policy passed to juice those earnings. So we do need to get the tax reform. We do need to get deregulation to get that 15 in growth. Otherwise it will fall off and take the whole market and weve seen that in the regionals and their action since last week. Theyre off over 10 . David we do have a pipeline but have some deregulation. Turning to another key agenda item, President Trump looking towards tax reform, following replacement of the tax plan for obamacare. Peter barnes is latest in the white house after this. Peter. Reporter the president is trying to hit the reset button after the failure of the Health Care Bill on friday. In fact on the deregulation front he signed four bills today that Congress Approved under the Congressional Review Act which as you recall, allows congress to go back and cancel regulations within the last six months or so from anything. In this case these were Obama Administration regulations, not big once. Nonetheless white house Shows Progress here getting right on the horse. Obviously big one, next big lift for the white house is tax reform. White House Press Secretary sean spicer told reporters today they are not going, they are not going to let that get away from them the way they let it get away with Health Care Reform away from them. Listen. Were driving the train on this so i dont want i mean well work with congress on this but i think the president as you heard through multiple, multiple times the president will be very clear, this is a huge priority for him. Something he feels very passionately about. Report t senate docrati leader Chuck Schumer sayinover the weekend, yes, the democrats will work with the white house and republicans on tax reform but he said i, i think they will repeat the same mistake they made on trumpcare with tax reform. Not sounding like he will jump into the fray to help him out, right, david. David his good friend, president donald trump. Well see if anything comes of that. Peter. Thank you very much. With dems smelling blood in the water after what happened last week can the white house get any democrats on board for tax cuts . Joining me americans for tax reform president Grover Norquist. I dont think Chuck Schumer would ever go with the president on anything these days but there are certain democrats who have been calling for tax cuts for a while. Art laffer, your friend and mine, grover, spoke to this point earlier today. I want to get his comment and get you to respond. Play the tape. I know a number of democrats there, and it is a large group, stuart, maybe 45, 50 of them who really think the Corporate Tax rate is way, way way, too high. I know a number of the democrats would be willing to trade a carbon tax for cutting personal income tax rates, static revenue neutral. I would do that deal every day of the week and twice on sunday myself. David grover, there are two points there i want time pact. Corporate tax cuts, do you know of 40 democrats in congress that would join the president to cut the Corporate Tax rate . No. Thats, thats absurd. In private conversation with Business Leaders democrat senators and congressman to raise money have been telling the Business Community they agree the rate needs to come down for 15 years but in power they never do it. And always they wanted, if they even talked about a teeny cut in the corporate rate, they wanted a 1. 4 trillion net tax hike. David oh. That is what obama and democrats always asked for during his eight years. That is fantasy world. David they would have to do it without any democrats. They would have to cut tax, correct . Yes. David okay. What about the tradeoff . You heard art laffer he would be willing to trade off i hate the idea of a carbon tax. Even nancy pelosi couldnt pull that one out when she had a full congress and democratic president. Is there any talk about trading a carbon tax increase or new carbon tax plan with some kind of cuts in individual rates . In the bowels of the most farleft environmental groups they talk about that but not among civilized society. David oh, gee. Art laffer is a very civilized guy but go ahead. I think you must have a different guy than art laffer. Art laffer would never say anything that foolish. David we played the tape. Look we have the votes for significant tax reduction and reform. To take that opportunity and marry it with a massivetax increase on energy that would kill jobs is one, not something that trump is interested in doing. He ran against the people who wanted to destroy whole sectors of economy with the a carbon tax on energy. Two, look there was a real challenge, two dozen republicans for reasons that baffle me decided to doublecross the president and not to vote for a trillion dollars in tax cuts. David talking about the obamacare bill. In spending reform. Why anybody would look in the mirror that theyre a reagan republican david after that, grover, after we saw what happened is it still conceivable by august the president could get all republicans on board with a tax cut . Yes, yes. Largely because that was such a mistake, i dont think the people who pulled that stunt had any idea, they thought they were spitting at the president. I dont think they understood they were making it much more difficult to do tax reform. What will probably end up with is temporary tax reform because we needed the lower taxes and less spending of repealing obamacare in order to make the tax plan that the republicanspre permanent. It may only last 10 years now like bushs. David okay. That is the cost of what those guys did. Vid no new carbon tax. It is not necessy . Never, never, never. That is not happening. David Grover Norquist not leaving any room for doubt. Grover norquist. Good to see you. Melissa. Melissa we have breaking news for you right now. Authorities responding to a possible bomb threat at a va hospital in dallas forcing precautionary evacuations. Youre looking at the scene right there. Well bring you more news about this as it comes in. In the meantime, fulfilling key Campaign Promises running the government like a business. Senior advisor to President Trump jared kushner, heading up the new American Office for innovation, staffed by Corporate Executives that will report directly to commanderinchief. Kevin and carol are back. This is the holy grail, the everevasive government will be more efficient. Well find a way. It will be less ludicrous and make more sense. I dont know, do you have any hope for this one . I actually do have hope for this despite all the bureaucrats are trying to protect their jobs. One reason why the gao came out with a report, that the Defense Department is using computers from the 70s as well as floppy disk for our nuclear arsenal. Melissa right. This post will focus on technology and data. We could use it to the Defense Department to upgrade the systems. Use it for the va as well to reduce waiting lines. This is great. Bring a lot of technology leaders. That is where we start making the government more efficient. I would like us to focus on those type of things. Mark ben ioff will be there. Melissa carol, it is allstars. Stephen schwartzman to everyone out of silicon valley. On one hand imagine President Trump in there looking at these things, being like how in the world have we been doing things this way . On the other hand there is a reason it is hard to get entrenched government out of the way. There are a lot of people very invested in things staying the way we are. Who wins this battle . Its a really good question, melissa, and i think there is so much riding on this for people like you and like me who have been advocating for more entrepreneurial approach and more Business Solutions to government. My concern isnt so much the ideas and the allstars but it is the execution. Melissa right. Weve seen this on private Company Boards before, when you get a bunch of allstars around look very sparkly but necessarily get their hands dirty, roll up their sleeves to make something happen. At this point in time im cautiously optimistic. I really hope theyre the right people in place not to look good but execute on this if they dont execute on this, well have a hard time getting another Business Leader in place again. Melissa youre so smart. That is so right. It is always about the execution. A lot of people have ideas but the execution that really gets it done. Guys, thank you. Thanks to both of you. David but they still look good. New developments emerging how or more importantly where House Intel Committee chairman devin nunes received information related to u. S. Intel surveillance. More on this and what is expected at a closeddoor hearings tomorrow. Melissa the defeat of isis in iraq. The way the iraqi Prime Minister making this bold prediion while slamming former president obamas failure to handle the terror group. We have Lieutenant Colonel oliver north he weighing in coming up. David and attorney general Jeff Sessions issuing a warning to sanctuary cities and states all over the country announcing new actions this afternoon that could force these areas to comply with federal laws. Such policies can not continue. They make our nation less safe by putting dangerous criminals back on the streets. At t. Rowe price. Weve helped our investors stay confident for over 75 years. Call us or your advisor. T. Rowe price. Invest with confidence. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. 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How is this anything different from what president obama said . He said basically it is the same. Well actually enforce it. What are your thoughts . Yeah i think thats right. A lot of what you heard from the Trump Administration prioritizing of deportation of folks that already committed crimes, that is stuff the Obama Administration talked about, the trump adminiration is talking about it and talking about really doing it this is right in line with what President Trump said he would do all along. It is kind of a popular move. In fact of all the executive actions President Trump has taken or talked about taking. Polls find this is consistently at or near the top of things he wants to do as president. Melissa joe, the response from dnc chair tom perez, we put it up at the green. Local law Law Enforcement know R Communities best. Trump administration is undermining their role taking away critical funds that make our community safe. If they are in Law Enforcement, shouldnt they enforce the laws . The point chairman per rest that local Law Enforcement has better idea to put resources to lower crime or take on crime. The fact is, sanctuary counties have lower crime rates than nonsanctuary county. So, look, the Obama Administration did talk very similarly. By the way there are a lot of progress serves that called him the deporterinchief because of how many deportations occurred during his term. So a lot of this is similar rhetoric. But it is definitely, you know, well