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Point, a proposal. congress has the power of the purse. it does give us a pretty good look at the president's priorities now and in the upcoming years. for example, the white house says now is the time to spend. that is the argument that they're making. they're citing in part low interest rates. but others are worried about massive deficit projections. to scott hodge of the tax foundation. >> the long-term implications to these plans are serious. what we have seen is that these tax increases will ultimately fall on other people in order to pay for this large expansion of government. you cannot...

>> i'm julia chatterley. we are 30 minutes past the hour right now and it is hard to recall a wilder two-week period for the markets and the economy than what we've just seen. cracks are beginning to form, some of them self-inflicted admittedly by the white house. in just the last two weeks the yield curve inverted, investors demanding higher rates in the short term, harsh new deficit projections, job estimates were revised down. the president then repeatedly flip-flopped over fresh tax cuts. this ongoing trade uncertainty and then yesterday we learned the manufacturing sector is shrinking for...

Money that the president is trying to divert from military construction projects that are as a result of the national emergency day he declared after he failed initially to get this approved through congress. that's a total of $12.2 billion. now, how is he going to pay for this all? through domestic spending cuts. $2.7 trillion in spending cuts. that's everything from student loan programs, environmental protection, transportation and welfare assistance, foreign aid, a range of programs as the president is also seeking to increase defense spending as well. that's not going to do much to deal w...

Chairman brady is saying he wants taxes 2.0, 3.0, 4.0, he wants to legislate taxes every year. i think president trump is on the trail describing what he wants to be in the tax bill that moves next year. basically remember that's how we did it during the tax debate. the lines in the sand and you guys work out the details, but this is my line in the sands. >> two weeks before the election, let's be clear, there's not going to be a tax cut before the election? >> i'm not a political guy but as far as i know they're not in session. they would have to come back if they're going to do something. >>...

Of this plan. the other big issue is what president trump told me two weeks ago. we are considering lowering the corporate from 21% to 20%. we know what the corporate cut did to the economy. it was very positive. >> sandra: he originally targeted a lower corporate. he settled on 21%. interesting to see it come down. you talk about the impact the 21%, the drop to 21% had. what does it do to american businesses if we see it drop even further? >> i don't think it's a material difference, 21 to 20%. it's the number they wanted initially and couldn't get there. at the end of the day the big issue, ...