Our nations capitol without a bill on his desk. His pen is ready to sign. Were breaking down the next steps for health care. This hour were joined by republican congressman buddy carter. Barry loudermilk, former president ial bam economic advisor, Austan Goolsbee and media anist howard kurtz. Melissa fueled by rising fuel prices corporate profits we got the record. Brand new record. Settling out there. Very nice. Phil flynn with the price futures group. He is a fox business contributor watching all the action in gold and oil from the cme. Nicole petallides at floor of the new york stock exchange. Were start with you because you have the record. Trifecta, dow, nasdaq, s p, all at record close. No one can complain with that with 401 k s and iras. Nasdaq, zap, second day in a row of record closes there. Move on to tech titans. Everybody loves these names, right . Netflix, amazon, facebook, microsoft, all alltime highs today. Alibaba as well. Amazon though, how about this one, liz, melissa and dave, this one, the treasure truck, have you seen the treasure truck on your street lately . Apparently they will be putting out deals on amazon. You order it on your amazon account, go to the nearest treasure truck to pick it up. Another big mover is vortex. Vertex pharma jumping 20 . This stock is up 80 this year. They have treatments for sis sick fibrosis. Their data, seeded estimates. Big move. Last but not least, a 4. 2 billion deal mccormack 4. 2 billion. Now the put frenchs mustard with loweries sauces and spices put it all together. Melissa you make me hungry. Im starving. Nicole thank you. David dow edging up, 66. 02, three points above the previous record. So it is historic day for all three indexes. Phil, oil having a good day, whats up there . Basically we had sixway tie, dave, really about inventories was main story today. We had another big drawdown in inventory that blew away expectations. If you look at one of the key drivers in the market was the fact we saw supplies from saudi arabia we normally import at the lowest level since 2015. So were seeing impact of those opec production cuts finally show up but there is drama around saudi arabia. The story of ascendency of Crown Prince Mohammed Bin Salman may not have been as seamless as lot of people think. There was a lot of pressure to get the mohammed bin to step down as crown prince. There may be more uncertainty in saudi arabia than we expect that uncertainty could blow up prices. David thank you very much, phil. Melissa President Trump leading a made in america roundtable as other republican senators are repealing obamacare earlier today, or talking about it at least. Our own blake burman live at the white house with the latest on that one. Blake, i think that lead was a little destroyed there but help me straighten it out. Reporter so much going on at the white house. Just throw it all out there that is kind of the day at white house every day. This afternoon the president participating in made in nerc roundtable event. Part of manufacturing push to keep manufacturing jobs here in the country, jobs here in america, products made in america. The headline no doubt about it, was this public dressing down by President Trump of the Republican Senate caucus here at the white house this afternoon in which he invited Senate Caucus over for lunch. 49 of 52 republican senators were here. The president brought the cameras into that lunchroom. Gave a 10 minute or so speech which he said the following, telling these senators told them, look you have to sell this Health Care Reform bill. You have to pass this Health Care Reform bill. If you dont, the president said, dont go on the august recess. I have pen in hand. You never had that before. You know for seven years you had an easy route. Well repeal, well replace and he is is never going to sign it. But im signing it. So its a little bit different. Any senator who votes against starting debate is really telling america that youre fine with obamacare. Reporter now senator Mitch Mcconnell emerged from the meeting, spoke to us outside here on the north lawn and implored republican senators to take up the vote next week which goes as follows. Repeal obamacare, add on amendments and then let whatever happens come into effect in two years. The problem is for mcconnell right now he doesnt have the numbers to even get that the vote on to the floor but his message was for republicans to indeed allow that vote to happen. It will be fully amendable on the senate floor. If were to pass without any amendment at all, there is twoyear delay before it kicks in. So the takeaway from what im telling you is, no harm is done by getting on the bill. Reporter melissa, a little bit of news here at offcamara White House Press briefing from Sarah Huckabee sanders a little while ago, at what point because everything is stuck in neutral in this Health Care Bill might they walk to move on to tax reform . At what point you know what . Fully transition on to tax reform . At that point does it happen . Sanders said to me, and i quote, i dont believe it has to wait but that is certainly the preference. Weve been hearing for a while that it has to go tax reform, Health Care Reform first, tax reform second. In there it appears a little bit of wiggle room as things remain in neutral. Melissa. Melissa they seem to be changing the rules all the time on whats going on here. We want them to get something done, blake, right . Get to work. Yeah. The schedule for months on this thing has been changed. Remember it was tax reform in august. Here we are midjuly, still trying to get health care. Melissa they better get things done, people will be very mad. Blake, thank you. David blake talked about this. President trump made powerful pitch on health care, getting to the heart of what he and most other republicans want to do. Take a listen. I like the federal government focus on the middle east, to focus on north korea, to focus on things where we have very big problems. The states can do a better job than the federal government when it comes to health care. And that is what were letting you do. David here is congressman buddy carter, republican congressman of georgia. I think he put it in a nutshell, congressman, and my question is, why is it that some republicans dont want the federal government out of health care . Well, i can not answer that question. It baffles me. Listen, for those republican senators now saying they dont want to repeal it, theyre essentially saying what we got now better than what we could have without it. I dont understand that at all. David it is even worse than that, congressman, some senators like rob portman who was saying years ago we needless federal government, is now saying we need federal government in the form of medicaid as we have in the past couple of years. So i mean hes all for maintaining the level of the federal government in health care which, i think, and i think the president and a lot of other people think is making matters worse. No question about it. Respectfully i have to disagree with the senator. I think that medicaid reform is one of the things that we need most. What obamacare did to the medicaid system i think was one of the worst things. I think two worst things it did expand medicaid and take the free market, choices, out of health care. Those were the two worst things that this failed experiment has done. David what about repealing obamacare now . There are plenty of senators like murkowski and others who vote ad year ago to repeal obamacare when it didnt matter because they knew the president would veto it. Now that it matters, theyre not doing it, what is up with that . I have no idea. I will tell you im very happy, i just applaud the president for coming down on them and for really making the point look, you have an opportunity now to vote on something, send a message to the white house, an to actually get something signed. You did it two years ago. Why cant you do it now . David congressman, i dont want to focus on the senate. Your house leader, speaker paul ryan, famously came out and said we have to do health care before we do tax cuts. A lot of people are saying he was wrong, what do you say . Whether he was right or wrong is beside the point now. We need to get health care done. We need to get over this we need to get past this we need to repeal this law, start from scratch. It is failing. 16 of 17 counties i represent in coastal georgia will see increases of 25 to 40 in premiums. That is not sustainable. David is it fair to say, i want to press you on this. Is it fair to say that we could do tax reform before we get Health Care Reform, yes or no . It is fair to say that but it will be a lot tougher. It would be much easier if we had Health Care Reform done. David congressman, buddy carter, you have a long road ahead of you, my friend. Appreciate you taking the time. Breaking news on american express. Theyre reporting Second Quarter results. Lets go to Nicole Petallides on floor of the nyse. Nicole . David, this is beat on top and bottom line for earnings per share and for revenue. The stock is up one 1 4 . Ultimately this could move stocks to new high. Chairman and chief executive noting multiple areas of strength, saying that revenue grew. What we saw was consumer spending. Consumer spending was up about 8 . That accounts for 40 of revenue. He also noted the affluent consumer, particularly in that area seeing strength. Last but not least, just the lending business, that broadened as well. Consumer businesses here and abodied well for american express, a win across the board. Back to you. David amex up a percent afterhours. Melissa. Melissa banking on tax reform. Investor hope for tax cuts despite the recent struggles on health care. What happens if tax reform suffers the same fate . We have john layfield, and lindsey piegza. Thanks to both of you for joining us. Lindsey, what happens if we dont get that tax reform . This is going to be a significant problem because right now were still seeing that political carrot dangled out there for the market. The market does seem convinced we will see at least some sort of a version light of what was promised along the campaign trail. Now obviously Health Care Reform a bit uncertain in terms of timeline. Regulatory reform is hanging out there. Tax reform was the key component of that political carrot. Melissa yeah. If republicans fail to get that through i think it will be very difficult for the market to look past the failure. If you take away political reform you have a economy struggling to meet 2 at this point. Melissa without question. John, she is talking about on the campaign trail, even more recent than that Steve Mnuchin is out there telling people he will get it done and it will take effect this year. What happens if it doesnt . Look, need repeal and replace the gop and maybe Steve Mnuchin too. I think Steve Mnuchin is trying to do a good job, i dont think they will get it done. They all said they would get obamacare done, said would get tax reform done. They lied about every single one of those dates. I think what will get done what lindsey said, some parts get done. There are bipartisan agreements between the Corporate Tax and repatriation of money that would do wonders for this economy if you get that done. I dont think tax reform overall can get done. Melissa stand by for one second. We have earnings alert. Alcoa reporting Second Quarter results. Nicole break those down for us real quick. Check it out. Earnings per share 62 cents. That beats estimate of 60 cents. Revenue a win there. Not seeing Movement Just yet for alcoa ultimately giving outlook and increasing forecast for demand growth going forward. Alcoa on the move yeartodate up 30 . Back to you guys. Melissa nicole, thank you. Attack the rich revolt. Republicans in washington are calling for civil disobedience. They are encouraging seattle residents to refuse to pay a newlypassed income tax that critics claim is illegal. John, what do you think about this . I think this asking people to do this is ignorant. I dont agree with the speed limit. I understand if i speed i get caught get a ticket. I dont care if i think it is unconstitutional. This is the law. You go through the court system. That is what they do in developing countries around the world. It doesnt work there. Were a people of laws. Melissa lindsey, isnt the best thing to do, move, get the heck out, or vote those politicians out of office . Absolutely, absolutely. These residents if theyre opposed to with the tax, they need to vote with their feet. Several states around the country, taxes continue to rise, businesses, residents, voting with their feet an moving to more favorable states with a economic situation. I dont encourage students not to obey the laws, not paying their taxes. David Maggie Thatcher he, free marketeer, from britain, the reason we are lower tax rate we need rule of law. Tax rates were so high and out of control it was causing a lot of people to break the law. I think same thing may be happening here. Melissa you are an encylopedia of information. David im just old. I was there. How to reform the tax code. House republicans turning to the next issue on the trump agenda as the part scrambles to fix health care. Austan goolsbee, former advisor to president obama whether Democrats Join on this reform. Melissa. Melissa possible revolt against republicans. Could a new kind of tea party boot Establishment Republicans right out of congress . David despite an obama era ban on porkbarrel spending in d. C. , earmarks are up in their nations capitol. They remember this little guy. Now he has a few friends. Wait until you hear this. It will make you mad. Today, were out here with some big news about type 2 diabetes. You have type 2 diabetes, right . Yes. So let me ask you this. How does diabetes affect your heart . It doesnt, does it . Actually, it does. Type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. And with Heart Disease, your risk is even higher. You didnt know that. No. Yeah. But, wait, theres good news for adults who have type 2 diabetes and Heart Disease. Jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. Jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and Heart Disease and lower your a1c. Jardiance can cause serious side effects including dehydration. This may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. Ketoacidosis is a serious side effect that may be fatal. Symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. Stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. Symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. Do not take jardiance if you are on dialysis or have severe kidney problems. Other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Tell your doctor about all the medicines you take and if you have any medical conditions. So now that you know all that, what do you think . That its time to think about jardiance. Ask your doctor about jardiance. And get to the heart of what matters. Thats why at comcast were continuing to make4 7. Our services more reliable than ever. Like technology that can update itself. An advanced fibernetwork infrustructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you connected to what matters most. David right now the house ways and means tax subcommittee is holding a hearing on need for tax reform. Just as the president and his advisors are still working on a plan to cut taxes with all the nonsense on health care but will tax reform just as difficult to extract from congress as Health Care Bill . Austan goolsbee, former obama economic advisor. You and i have been friends for a while. You and i dont agree on certain things about taxes. Lets find a point of agreement. Would you agree the Corporate Tax rate is too high . If you broaden the base, lower the rate we agreed many times that would be good idea. David bingo. That is what simpsonbowles said back in 2010. Simpsonbowles, if those that dont remember, Bipartisan Committee by a guy you used to work for, president obama. Simpson is republican, bowles is democrat. They came to certain agreements. Get rid of all those special deals that the big corporations get that lead them to paying nothing in Corporate Taxes. Bring everybodys tax rate down, and you may even end up with more revenue, right . Well, theirs was not attacks cut. I think david it was a tax rate cut. It was a tax rate cut. They wanted to he lower to 28 . Go ahead. They wanted to lower the statutory rate to 28 , correct. But on net this, was a big revenue increase. So the, there were going to be some winners and losers but more losers than winners. David but that is okay. The winner would be, there would be more Economic Activity as a result, instead of Companies Companies cant get deductions going to ireland or something where they have 12 corporate rate, they would stay here. That part is attractive, sure is. But they did not make a laffer curve type argument like the one sounds like youre making lower rates it would generate more revenue. That isnt what they said. David lets deal wi