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Cut bill and the latest funding plan will push the deficit to $804 billion this year. the predicts the trillion dollar deficit by 2020. the budget chairman, a republican, says it is particularly so boring that mandatory spending continues to grow, as such an unsustainable pace, making it even more difficult to achieve balance. senate minority leader chuck schumer said this. "the cbo's latest report exposes this game behind their rosy rhetoric from republicans that their tax bill would pay for itself." we are waiting for the next move. we'll go inside the pentagon for military options on syria....

>> jon: a fox news alert. we're going to keep a close eye on the dow after a 700-plus point drop yesterday. right now it's a little less than 10% of that back. about 47 points up. meantime, fears of a possible trade war between the u.s. and china continue to spread across the globe. this comes after president trump announced tariffs on chinese imports yesterday. >> we're losing $375 billion with china. it could be $504 billion depending on the way you count. no matter how you count, it's bad. we're doing something that will be the start of making trade with china more fair. we're so far down a...

Calculate, of $504 billion. some people would say it's really $375 billion. many different ways of looking at it. but any way you look at it, it is the largest deficit of any country in the history of our world. it's out of control. we have a tremendous intellectual property theft situation going on which, likewise, is hundreds of billions of dollars, and that's on a yearly basis. i've spoken to the president, i've spoken to representatives of china. we've been dealing with it very seriously. as you know, we're renegotiating nafta. we'll see how that turns out. many countries are calling to ne...

He's add the generation next panel discussion. we're told he would be jumping in this panel. he was asked a question on tariffs. let's listen in for a minute. >> it's the highest number of jobs we've ever had in our country. it's coming back. we're losing $375 billion with china. it could be $504 billion depending on the way you count. a lot of different ways to count. no matter how you count, it's bad. we're doing something that will be the start of making trade with china more fair. we're so far down. our past presidents shouldn't have allowed this to happen. this has been many, many years. ...

We've lost over a fairly short period of time 60,000 factories in our countries. closed. shuttered. gone. 6 million jobs, at least, gone. and now they're starting to come back. you see what's happening with chrysler, with so many other companies wanting to come back into the united states. but we have one particular problem, and i view them as a friend. i have tremendous respect for president xi. we have a great relationship. they're helping us a lot in north korea. and that's china. but we have a trade deficit, depending on the way you calculate, of $504 billion. now some people would say it'...