the expected impact of hurricane irma. flashorm could bring flooding, mudslides and storm surges, while travel and other services will be disrupted. the state department has authorized voluntary departure of american citizens and their employees from three countries affected by their again. -- eight for hurricane harvey has been tied to an extension of the debt limit and funds to keep the government running, through december 15. the house passed a $7.4 billion federal disaster relief plan. the funding comes to days before it was set to pass. is designed to provide relief for tens of thousands of homeowners, from flooding caused by harvey. senator chuck schumer applauded the deal. >> this is a really positive step forward, and the work to

quickly provide aid to those hurt by harvey. it will avoid default and it will fund the government, avoiding a shutdown. and we all agree, we will work together in december, as well, to avoid a default. mark: the u.n.'s syrian envoy says it is the moment of truth for syria, after two key towns are nearing defeat. he told reporters in geneva today, a day after government forces breached a nearly three-year siege of the town by the islamic state. >> we actually move forward with the plan to have serious betweenions in october, the government and the opposition. mark: u.n. mandated investigators said the syrian president air force conducted a sarin gas attack in the spring,

that killed at least 83 avilians, and sparked retaliatory u.s. strike. germany's finance minister warns, there is no free lunch in brexit talks. of the says, the reality divorce is sinking in among policymakers. he says the goal is to find solutions that will keep the damage to both sides, as limited as possible. global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪ julia: live from bloomberg world headquarters in new york, i'm julia chatterley. scarlet: i'm scarlet fu. joe: i'm joe weisenthal. julia: we are 30 minutes from

the end of trading, with stocks pushing higher. is, "what'dstion you miss?" scarlet: a vacancy at the reserve area device chairs daily fisher has resigned, effective october. hurricane irma, sweeping over the caribbean and headed toward a florida. why this could be the most expensive storm in u.s. history. "what'd you miss?" president trump and congressional leaders passing harvey aid. our bureau chief jason kelly is in houston. jason. we are here in the emergency operations center of harris county, with harris county judge ed emmett. you have spent a lot of time here over the past 10 days.

it is quiet here, but we are just steps from where you oversaw the reaction and rescue. where are we in the recovery? luis: we have lots of debris and have to get the debris removed. add: i had a meeting this morning with secretary duke, the acting secretary, and fema folks. they are grateful we made it through the storm. feelings.warm, fuzzy those will go away real quick up we don't get the debris picked up and get people moving back to their houses. >> do you feel you are getting what you need, so far, from the federal government. >> absolutely. our big concern is hurricane

erma. that will draw resources away from us. and our hearts are with the people in florida, right now. what will happen over the next couple of days, as you start to engage with the business community? ed: we need to get back into our neighborhoods. school is about to start. that is what our focus is on right now. >> you mentioned housing. what happens next there? you have a lot of people that are displaced. this is so different from a normal hurricane but just at the coastal area. this hit our whole county. the numbers are staggering. you can to bring in fema trailers. there is no way to do that. so, we have to come up with a new, creative way. maybe contractors come in and start work on people's houses, so they can move back in, even if they are not completed yet come as long as they are safe. we have to get people back into

their own houses, as much as possible. looking for the rad on housing, this was an indiscriminate storm, and a lot of ways. it hit everyone. what does it tell you about planning, going forward? are there neighborhoods that will come back? ed: there is no question, we are going to have a large scale by out of houses, in harris county and in this entire region. we are on the gulf coast, we understand flooding, but houses that are flooded time after time, and there is no mitigation oject in line to help, we have no choice. we have to buy those houses out. >> and what is the timeline there, and the cost? >> billions and billions of dollars. the timeline is as soon as possible, because there's no point in starting somebody rebuilding if there's going to be a buy out. so, we need to start those buyouts, sooner than later.

>> and when you think about the growth of the houston area, harris county is the third county andpulation- the united states. unincorporated harris county is a massive population. if it were its own city, it would be one of the top five cities. >> it would be right behind houston, just ahead of philadelphia. and the problem with the cap to government set up in texas, we rely only on property tax. taxes, thes property storm like this really hurts the tax base. it makes it that much harder for us to recover. we really need a whole new scheme, for an urban county like harris county. >> one of the real standout elements of this area has been fast growth. part of the reason it has been able to grow so fast is relatively loose regulations. a lack of zoning. does that change, going forward? how do you balance that growth in the regulations?

city of houston has ordinance-making power, and they can debate that. of thenty is an arm state. we can only do with the legislature allows us to do. we are not even allowed to regulate fireworks in unincorporated harris county. so, to talk about anything major, hopefully this will be a wake-up call to the legislature will realize that urban counties like harris county need to be treated differently. >> are you getting what you need from the state, at this point? what is the most important thing you need from governor abbott,? ed: i talked to him this morning. the most important thing is his total support in getting funding from congress. we just have to have a coordinated effort, going forward, so that we can begin to rebuild. >> we did hear that the house , theassed, at least

initial funding. are you confident from what you hear in washington, that it will get through congress? the initial funding, for sure. i think we are concerned about the cr, the continuing resolution, and what is in that. because we have major flood control projects that could take these folks out of the flood plane completely. ed emmett, thank you. thank you, jason kelly, our new york bureau chief in houston. coming up, we speak with democratic congressman luis gutierrez of illinois, about the fate of the backup program, and --n he makes about residents president trump's deal with the democrats, on the debt ceiling.

♪ "what'd you miss?" bipartisan washington. makes a dealmp with democrats to keep the debt ceiling going for three months. let's get some insight now come democratic,'s been luis gutierrez, who represents illinois. he is also a member of the hispanic congressional caucus. he joins us from capitol hill. congressman, a significant break through today, even if it only lasts for three months. what do you make of today's events? luis: the democrats got nothing out of this deal. yesterday, the president of the united states did a very evil,

mean, ugly thing. haveld 800,000 people who registered with the government, not once, not twice, but most of them, three times, that they had six months to back up and leave. he sent jeff sessions to hand out the news area and what was the democratic response? let's sit down with the very men who did this mean, evil, dastardly thing to 800,000 of our most vulnerable youth, and let's give him a three-month deal, and nothing for them. i think the democrats should have held out and said, if you want to raise the debt ceiling you almost give us 800,000 -- you also must give us 800,000 dreamers. if you want a cr, you must give us 800,000 dreamers. you must give us justice and fairness for our dreamers, if you want collaboration from the democratic party. scarlet: you are clearly taking a hard-line here. you gave a rousing speech today, that now is the time for

democrats to take a stance on daca. what do you want to attach daca to? i'm not taking a hard line. i'm taking a hard-line? the ceo of microsoft said, you have to go through him if you want to get the dreamers. i think it is a very less of a hard-line for me in the congress of the united states, when a corporate leader of this magnitude makes such a statement . care aboutey don't the hundreds of millions of dollars that are contributed by the daca recipients, why should i sit down and negotiate with you? their lives are in peril. in justnot in peril, three months. they are in peril today. did anybody read the messages sent out by the white house yesterday, that said, if you

meet one of our priorities for deportation, we will deport you, dreamer, today. backup your bags, buy your tickets, and get ready to leave. and what is the response of the democrats? the democrats that created the program and protected the program, they left them out on a limb. joe: congressman gutierrez, nonetheless, and the next six months is get a be basket is going to be the priority of many in congress to have a permanent fixed for daca. how optimistic are you? i am more optimistic today about the court of public opinion. everybody is interest, everybody is knowledgeable, everybody is sympathetic. you have done the old washington think, pushes down the road for three months, instead of standing up today. i don't know the political

calculations that went into it. i have proud of the democrats, , andwe act, function comport ourselves as democrats. but when you let an attorney general of the united date have a press conference and say, well , we really want a legislative fix, i would remind the bloomberg audience that in 2010, they dream act passed in the house of representatives, and he got 55 votes in 2010 in the senate. we could not overcome cloture, that is, we could not overcome 60 votes. guess who led the fight against cloture? sessions.ff that is hypocrisy, duplicity. and democrats have to respond to it. we have to stop allowing donald trump to get away with these travesties. congressman, should the democrats make any concessions

on border security or law enforcement, in exchange for a daca deal? what is one thing have to do with the other? once,daca recipient has twice, and most of them have registered with the government three times. there is no linkage. teachers, doctors, engineers, architects, they are people who contribute to our economy. that is why dozens of ceo's across this country have stood up for them. they understand, not only their economic value, but bear human value. criminalizing young immigrant youths, and attaching criminality to their actions, when there is none. there is a link to broad immigration reform, and concerns about border security, concerns about those immigrants that are in the united states because they have overstayed their visa. and there is not enough done to control that.

can you argue that this should be part of a broader reform, like the dream act, as opposed to making daca a one-off, and can they do that in six months? in 2016, 69 senators voted for comprehensive immigration reform. border security? dollars inlions of border security. and what happened? four four years, they did not allow a vote in the house of representatives. the one thing that keeps , iscrats together unfortunate. when democrats sit down and don't stand up for immigrants, they fail the immigrant community. that is why i feel sadly about what is happened, today. i'm going to continue to call upon the youth and the immigrant community, and i'll our friends

and allies, which are many, which are broader, and stronger than any before, to continue this fight. obama did a commercial in 2012, when he was running for reelection, in which he said, vote for me because in the dreamers, i see the same characteristics that i have inculcated in my daughters. he saw his children in the dreamers. myee my daughter, and i see sons in them, and i'm going to fight to protect them. scarlet: congressman, thank you so much. julia: time now for the biggest stories in the news right now. $92ler is leading an inlion investment round startup tur9o.

t-mobile is offering free netflix to u.s. customers t-mobile subscribers. they must have two lines and an unlimited data plan to wallow five. -- plan to qualify. that is your bloomberg business flash. scarlet: time now for our stock of the hour. we have shares of consumer product i knew will brands down. abigail, these are the guys who make tupperware? they make rubbermaid. they make elmer's glue. they make all kinds of household products. they cut their forecast because of hurricane rv. what is going on here, they cut the full-year eps view by about 5%. manufacturing industry down in louisiana and texas, deeply devastated by

hurricane rv. the chemicals that go into all their products, they are having a hard time finding them. they are looking at other vendors, but investors are concerned. if we happen to the bloomberg, this stock has absolutely sliced its 200 day moving average. the flat moving average shows us that sellers have really stepped in. was a 30% decline, at another time it was a 20% decline, and right now it is client, -- 14% decline. perhaps hurricane or whether it for lloris soon. was he another intact? abigail: its too early to know the impact of what are met will be. but we have seen orange juice futures spiked higher over the last few days. the reinsurers yesterday were

down in a big way. time will tell. but this could be the precursor for other companies, changing numbers and forecast. abigail, thank you. coming up, the recent upsurge in volatility has shown investors' preferred haven assets are changing. from new york, this is bloomberg. ♪

♪ scarlet: i'm scarlet fu. "what'd you miss?" the president will be speaking on tax reform, but there is a skepticism in the market about the prospect of tax reform. what you are looking at here is u.s.io of the most taxed listed companies, to the s&p 500. if you go to the far right, you can see the line is lower than what it was before the election. that shows that perhaps market participants are skeptical of the republicans'ability to .educe the tax burden or

i was told yesterday that markets are pricing in very little action. story in myhe world, though. from tax reform to regulatory the tax policy, after donald trump was elected, we saw the bank index rally, the white line that you can see, spiking higher. and this continued a pretty elevated levels, to add gains. at the same time, we also saw yields moving higher. sweetened at that point. and what we have seen is the exact opposite of what is going on at the banks. the blue line shows you narrowing that 210 spread, the curve flattening to the point where we are at levels where we were 10 months ago.

and yet, it seems the banks are not necessarily worried about that. joe: now we are seeing dispersion. are banks going to reassess the prospects for reform? joe: we will see how the lines result. volatilityened related to geopolitical tensions, there is renewed interest in safe havens. what do you buy when you are feeling nervous? from a currency perspective, the classic one is the japanese yen. but what if the source of anxiety as north korea, and they are flying missiles over japan? is japan such a safe haven? looks at dollar-yen volatility in white, versus --lar, frank volatility dollar-frank volatility. these bars down here so the spread area and there is

basically no spread between them, anymore. so, as the yen-specific volatility and concerns he'd up, it is not the safe haven as much as it used to be. scarlet: here are the major indexes before the close. modest gains, here. this is bloomberg. ♪

♪ julia: u.s. stocks rising,

treasuries falling on a debt ceiling deal despite unresolved matters on north korea and the federal reserve. joe: if you are tuning in live on twitter, welcome to our closing bell coverage. u.s. stocks pushing higher, making a come back from yesterday's decline. the indexes came off their best levels of the session in the final 30 minutes of trade. president trump made a deal with the democrats to extend the debt limit three months and fund the government, so everything is ok until mid-december. yesterday selloff, good news. scarlet: kohl's is teaming up

with amazon to drive foot traffic. home depot is teaming up with google express. trivago down 16%. company specific story for hasbro and mattel, both lower on a report their distributor toys "r" us hired a law from to restructure debt. outcome,cerning one which is to file for bankruptcy. not good timing for mattel and hasbro. joe: the government bond markets, two-year and 10 year, rates up a bit. ,here was a move down yesterday so we are getting some of that back at the general optimistic

tone of the day's session, not surprising to see rates higher. i want to go into my terminal. we got that debt ceiling deal to kick the can down three months. it is interesting to see what happened with short-term t-bill rates. as see it dropping sharply the premium comes out of that short-term spread. no concerns about the debt ceiling right now. the blue line is december 14. that shot straight up. so basically there was not a net reduction come essentially a transfer of risk from the middle of october to the middle of december. julia: the perfect chart. love it. dollar ho cut some losses.

significantly higher for dollar-yen, tying into what joe was saying. at the dollar canadian, rate hike, trading at a two-year high. wells fargo currency strategists like to that and made their target 116 in 12 months. a quick look at other pairs. ,or the markets over all continued gains across the board for these currencies. commodities, oil rallying again, up 1%, coming off a solid move yesterday, and

that some of those moves in the immediate wake of harvey are unwinding. gold futures down a little bit, fitting with the treasury is the oneange juice commodity people are focusing on ahead of a possible florida hit for her hurricane irma. -- fourack a little bit hurricane irma. coming back a little bit. those of the market minutes. scarlet: facebook found $100,000 to fakeending connected accounts likely from russia. let's go to sarah frier who got the scoop. she is with us from san francisco. tell us what facebook has learned. this is evidence that there was some russian money that was

involved in political influence ahead of the u.s. election. what facebook found is not so much direct references to candidates or voting, but posts aiming to divide and influence people on the ideological spectrum in a way that causes them to read fake reports and become concerned about the tubular issues. -- about particular issues. they wanted to stir controversy. joe: is this associated with the russian government or is it private individuals out of russian trolling u.s. voters? >> facebook does not say, but says it is related to information campaigns, coordinated campaigns to misinform the public that have a central operator. vague.e intentionally they look across all the ad pinpointed funding

that came from russia or ip addresses and found these paid accounts were linked in some way and affiliated with russia. they are not making strong claims, but they are sharing it with the u.s. authorities looking into russia's influence in the u.s. election. julia: "what'd you miss?" washington being productive. president trump and leaders agreed to an emergency aid package for rv victims and a short-term debt ceiling deal. hisident trump will pitch tax plan to energy workers in north dakota. debt limit on that deal. what are people saying about this, both democrats and republicans.

what about the gop, paul ryan, mitch mcconnell, what are people saying about their involvement in this deal? ,> the more i talk to people the more i realize republicans were blindsided by this deal. they did not expect president trump to agree with democrats. a lot of people are mockingly quoting the art of the deal. democrats are pretty happy about that. they wanted the deadline to be pushed to december so they will have leverage over the government funding battle. the theory is no one will want to play games with that, so they will be able to shape what the government is spending over the next year and beat down initiatives like a border wall or planned parenthood funding. this is a big victory for democrats. leadership is happy.

is trump sending a message to republican leaders? what is going on here? >> i think he's trying to be a popular president. he wants people to like him and think he is a great leader, so he decided he will make a deal for the benefit of the country and he liked the deal he heard from the democrats, so he just took it. scarlet: i was reading something , talking about how the president sounded and acted like a democrat today. will all end by the time he gives the speech on tax reform. >> he will talk about his tax plan. it is not much of a planned. it is an outline of principles. we have yet to see a tax plan advance. i think donald trump does care about his public image. he wants to be seen as a uniter

after all the criticism about charlottesville and everything else, and i think he took this opportunity. his relationship with paul ryan greatconnell was not before, so we saw a little downside. it will be interesting to watch how that plays out and trying to work with congress. taken a lot of fire over the last 24 hours with the daca program. interesting, critical perhaps, for president trump or his own perception of his image. what about tax reform? the suggestion from trump's speech is that this is an outreach to democrats to promote the fact that north dakota has a history of agreeing tax deals. behind the scenes there an outreach going on? >> there does not seem to be much of one. reaching a consensus

on tax reform, the democrats have been very clear. they do not want a tax cut for the highest income earners, and most of the details that have come out would do just that, so i don't think there is a bipartisan deal to be had on tax reform without some significant changes in the details that have emerged. joe: you talked about how flabbergasted everybody is that president just agreed with the democrats. there thinking and democratic orders that there is perhaps a bigger opening to get more of their priorities into the white house agenda? >> i asked a senior democratic aide this exact question. the answer was, who knows? nobody can predict his behavior in the future. one action by president trump does not for boat how he will deal with them in the future. democrats will want to have their hands in all this stuff, a although, tax reform,

there is not any outreach going on. pressure fromt red state democrats. we saw that last week in democrats up state for election. republicans are still planning to use a partisan procedure that allows them to pass a tax bill on a partisan vote. senator mcconnell has been clear he does not expect him a credit votes, so i would not hold my breath for that. they have until the super 15 once this bill passes. is that enough time? it is extremely doubtful. taxes will not be any easier than that, so they have a very short window. nationalr bloomberg political reporter and the senior editor for politics and

government. stay with us. we are waiting for president trump's comments on tax reform in bismarck, north dakota. the day continues. stay with us. this is "what'd you miss?" this is bloomberg. ♪

♪ we are waiting for president trump's comments on tax reform. those of the images you can see there. let's get to first word news with mark crumpton. swept overcane irma the caribbean and barreled towards puerto rico with florida in its sights as a category five hurricane, threatening to become

the most expensive storm in u.s. history. powerful winds and heavy rain as irma nears puerto rico today. the u.s. national hurricane center's says the potential landfall in florida is possible this weekend. insured has estimated losses at $130 billion. president trump and congressional leaders today agreed to enact emergency aid for hurricane harvey together with an extension of the u.s. debt limit and funds to keep the government running through december 15. the house passed $7.4 billion for federal disaster relief. by 419-three and is designed to provide relief to tens of thousands of homeowners from flooding caused by harvey. french authorities say a tip from a handyman led police to a possible explosives lab south of paris.

france's interior ministry said in a statement that the workman was doing a job in a building and informed authorities after noticing suspicious products in an apartment. kenya's electoral commission is changing the team overseeing next month's presidential election. six officials have been after it nullified the president's reelection. it appeared to be in response to an opposition leaders the man's for reforms to the commission. campaigning officially got underway today. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. julia: president trump will be making his case for tax reform in bismarck, north dakota. we are showing you live pictures there.

let's talk about what this reform could look like. the tax policyf center joins us from washington. in light of the decisions made today on the extension of the debt ceiling and spending bill, how does that change the prospects for the administration achieving tax reform in 2017? bigax reform is still a reach for the administration and congress. said thatous speaker the administration has only put out a one-page outline of ideas. paul ryan, kevin brady, and the house have spent more time on ax reform, but are having hard time coming up with numbers that want massively increase the debt. tax reform is always hard, and is usually now given how much is on the right of congress and the administration. joe: you talked about making the numbers work and the need to not

raise the debt. just askedhey could a big tax cut and don't need to offset it, right? >> they could. it would be a bad time to do it in my view, and in the view of congressional leadership. $10 trillion in the next decade of debt under the current and the tax cuts are an additional $3 trillion in revenue losses. that would not be good for the economy, and would put us in a big hole in the future, trying to manage the debt. the possibility of a debt crisis would be disastrous for us in the whole world. scarlet: there is a big question what the offsets would the. told the financial times that the white house wants

to protect reductions, charitable donations, minoriti e interest, and ira deductions. -- retirement savings. when ronald reagan made the call for tax reform, he did not put many preconditions on it, but one was to preserve the tax break for homeownership and tax charitable giving. raising significant revenue taking on a lot of sacred cows, otherwise they can't cut rates without increasing the deficit. joe: the challenges that everybody likes to keep their 401(k) deductibility, nobody wants to have to pay taxes on the interest they pay for their homes. the flipside is the theoretical corporate tax reform. this does not resonate with

voters. i don't imagine there are a lot of corporate tax reform voters out there. julia: president trump is taking to the stage to begin his speech on tax reform. we will wait to see what he has to say. we are just watching donald trump basking in the applause. scarlet: especially after he made a deal with the democrats. this is what he was brought to washington to do, to make deals. pres. trump: 25 times the number of people, but for policy speeches, they like to keep them like this. this is tremendous. this is a tremendous state. we appreciate you being here. thank you. [applause] the policy we are about is cutting your taxes. do you like that policy?

[applause] pres. trump: you are the hard-working people who provide the energy that makes this run and we are finally getting the government out of the ways you can finally do your jobs. prior to leaving the white house, i had a great bipartisan meeting with democrat and republican leaders in congress, and i am committed to working with both parties to deliver for our wonderful citizens. it is about time. we had a great meeting with chuck schumer and the whole republican leadership group. ,e walked out of there, mitch paul, everybody, kevin, and we walked out and everybody was happy. not too happy because you can never be too happy, but happy enough, and it was nice to see that happen for a change. that hasn't happened for a very long time in this country. to sendo take a moment our thoughts and prayers to the people of texas and louisiana

who have truly suffered through a catastrophic hurricane. [applause] one of the worst hurricanes in our country's history, and guess what? we have another one coming. our hearts are heavy with sadness for those who have lost everything. filled us with hope because you watched and witness the unyielding strength and resilience of the american spirit. you looked at that and taxes, you looked at louisiana and you solve the spirit of so many of the people coming from all over. it was a great thing. i was there twice, and the people were absolutely incredible, what they have gone through. you would not believe this could have happened. i know you have a little bit of a drought. they have the opposite, believe me, you are better off. they have the absolute opposite. our citizensn of

and courage of our first responders makes us all very proud to be an american. [applause] i can tell you that i was deeply inspired by the faith and perseverance of those who i'm met and by all of the people who were there, so many people, and unfortunately now we are getting ready to respond to and theseirma incredible people we have that fema and the other groups, they thought they would get a night of sleep, one night, just one night. they are not getting anything. florida,going to puerto rico, and the virgin islands, and they are already there and being hit with some very strong and powerful winds. the they are saying is largest one in recorded history in the atlantic ocean, which just want to, so i

thank everybody and all of the people going down there. they are now again in harms way. we will work together to save lives, protect families, and support those in need. together we will recover and we will rebuild. i also want to tell the people of north dakota and the western states who are dealing the pain --the debt is dating drought pain of the devastating drought, we are with you 100%, 100%. [applause] ins. trump: i have been close touch numerous times with our secretary of agriculture. job, whong a fantastic has been working with your governor and your delegation to help provide relief, and we are doing everything we can come of it have a pretty serious drought. i just said to the governor, i didn't know you have droughts this far north, but guess what? you have them.

we willou to know that always stand strong and unified with our farmers and ranchers, the backbone of america, that i can tell you 100% [applause] -- 100%. [applause] pres. trump: we are here to talk about our new plan of american prosperity by reducing taxes on our companies and our workers. highests are crazy, the taxed nation in the world. we are going to turn that around very quickly. [applause] is a once in ais generation opportunity. i mean that. i think this is the one far as -- this is the one time you are going to get that. senator, stand up. a fantastic job.

, on upcoming senator. fantastic job. thank you. -- doing a fantastic job. come on up, senator. fantastic job. thank you. [applause] pres. trump: lieutenant governor sanford. [applause] the governor told me he is the best lieutenant governor and the country, so i don't know. we will check it out. [applause] pres. trump: congressman cramer. [applause] pres. trump: senator heitkamp. senator, come on up. [applause] pres. trump: and i have to say you are all in favor of tax cuts come on chu? , senator. these are great people. they work hard. they are for you 100%, and we just want their support because

we need support. you see that with what is happening in congress. nobody can get anything through congress. we need support. thank you senator, senator heitkamp. everybody saying, what are you doing of p a? what are will have -- you doing up here? i hope we will have your support. senator, thank you. thank you. [applause] pres. trump: they are all in good company together. working together, we will restore america's competitive edge by passing tax cuts and root form that will make america the best place in the world to hire, invest, and to grow. we love our country. , and we wanteople to create more jobs for americans.

welcome a great friend and true american visionary who has created thousands of jobs in north the coda and all around the country and he has -- north dakota and all around the country and has been a friend of mine since the beginning. he said i should do this. a great american success story, harold hamm. where is harold? come on, harold. [applause] pres. trump: thousands and thousands of jobs. you know berry switzer was up at my office, and i never heard this. you have probably heard this, but harold, berry was talking to me. i think he won a super bowl and college number one, right? we are talking about harold, who is a great friend of his. he said, you know that guy come mr. trump, that guy, these companies then manes of dollars

and they are looking for oil and don't find anything. harold hamm puts a straw in the ground and oil flies out. that is why he is rich, i guess? harold, thank you very much. do you want to say something? go ahead. [applause] dakota is annorth inspiring example of the amazing things possible when we unleash the genius of american , unite the red tape, and we have to unite everything, and all that red tape becomes beautiful when you get rid of it. are we getting rid of a lot of red tape? [applause] pres. trump: and we unlock the extraordinary potential of our great american workers. north america chose to embrace north american industry and the

north american worker when washington wanted to tax and regulate your industries totally out of existence, and you knew that. you have seen what is happened over the last number of eight months, big difference. today, families have new jobs and new hope is the vast energy wealth that you brought to life right here. that washington has no right to shut down energy production because america's energy wealth does not belong to the government. it belongs to the people. [applause] it belongs to hard-working patriots like you because of the north dakota energy miracle, and i call it a miracle. today this state has the lowest unemployment state of any state in america, nearly half the national average. [applause] i want all of

america to be inspired by what has happened in north dakota and the north dakota example. this state is a reminder of what can happen when we promote american jobs instead of obstructing american jobs, which has been happening, believe me. [applause] way, trump: and by the ivanka trump -- [applause] pres. trump: everybody loves her. [applause] come up, honey. should i bring ivanka up? [applause] pres. trump: sometimes i will say, he can't be that had of a guy. look at ivanka. come on up, honey. she is so good. she said, dad, can i go with you? jackie said, daddy, can i go

with you? she action he, daddy, can i go with you? i said of course you can. >> hi, north dakota. [applause] >> we love this state and it is always a pleasure to be back here. very, very well in november and have continued to. we like showing the love back. thank you. pres. trump: thanks, honey, thanks. [applause] pres. trump: and she means it, believe me. since my very first day in office, i moved at a record pace and we have gone at a record pace to eliminate the barriers that have been holding back our economy. jobs,ve seen it, so many the stock market and new highs. of one jobing rid killing regulation after another.

we have lifted the restrictions on shale oil. we have lifted those restrictions on energy of all types. backe putting our miners to work. we have canceled restrictions on oil and natural gas. the epa intrusion into your jobs and your lives. [applause] and we are: refocusing the epa on its core mission, clean air and clean water. [applause] pres. trump: that's what i want, clean air. think of it. air andeautiful, clean crystal, clean water. that is what we want, right? in order protect industry and workers we with drew the job killer paris climate accord, job killer. many people have no idea how bad that was. dakota, then north

north dakota axis pipeline is finally open for business. [applause] pipeline is finally open for business. [applause] what other: politician if elected president would have done that one? stayed so fare away, and i did it immediately. i did it because it was the right thing to do, and that is now flowing beautifully. that was the right thing to do. [applause] pres. trump: despite so many people on the other side, calling and asking for this night to happen -- not to happen. please, don't let this happen. isaac, why? they did not know. so i did that. i also did keystone. -- i asked, why? they did not know. so i did that. i also did keystone.

48,000 jobs. tremendous. i think environmentally better, really believe that, environmentally that are. -- environmentally that are. -- better. julia: that was president trump speaking. let's go back to our national political reporter on capitol hill. i'm not sure we were expecting the president to give us more details on the tax reform plan at this point anyway, but one of is promises he has made that he will improve the situation for the middle class, but the blueprints we have seen don't benefit the middle class. they benefit the top 1%. the democrats have said they simply won't support it. how does he get around that and fulfill the promises he continues to make on these

roadshows? >> it's true that the big proposals to include rate cuts for the top. independent analysts expect the highest earners will get a significant tax cut. i don't think we were expecting more details from the president, but one thing the president has floated that would help the middle class is the standard deduction, one of the most popular features of his proposal. he is leaving the details to congress. he is not likely to reveal details in this speech. you say, not much detail with regard to tax reform, but in the beginning really touting the bipartisan deal to extend the debt limit, name checking chuck schumer and nancy pelosi. he also brought heidi heitkamp

on stage with him. part of a theme you a sense where he is trying to show he is the deal maker claims to be? i think he wants to show he is making some effort to get high partisan support on the tax bill. congressional republican officials know it is unlikely because democrats have drawn a red line against tax cuts for the highest income earners, and that's not an area republicans want to cave on. scarlet: have there ever been meaningful tax overhauls passed on a purely partisan basis without the opposing party? >> not that i am aware of. 1986 was done with democrats controlling the house and ronald reagan was president. republicans,by

both chambers of congress, and president bush in the white house. tax cutse temporary come not quite like 1986. it just squeaked by. it lost some republicans. it was certainly unique. republicans have warned democrats not to do that with health care and it turned out to for democrats to pass obamacare on a partisan vote. a good reminder there. our bloomberg national political reporter joining us from capitol hill. let's get you to first word news with mark crumpton. mark: as hurricane irma makes its way over islands in the caribbean, florida is bracing for landfall. two of the state nuclear facilities are in the category lives storms path. south of miami and st. lucie north of jupiter, both on the atlantic coast.

a spokesman told bloomberg that longwill shut the plants before the onset of hurricane force winds. president trump says he envisions congress passing legislation that would strengthen u.s. border security and provide legal status for on undocumented immigrants brought to the united states by their parents. he headed to north dakota after suspending a program to protect young immigrants brought into the u.s. illegally. pres. trump: good border security and a great daca transition where everybody is happy and they don't have to worry about it anymore. as you know, it was not illegal deal. it was a deal that would not have held up. president added there

was wide consensus on capitol hill to address the issue. u.k. prime minister theresa ay's office has distributed letter to major british companies for senior executives herign, praising governments brexit strategy. according to a drab seen by bloomberg, the letter said the government's repeal will would initiate a program of legislation to prepare for life outside the european union. may is trying to win support for her brexit program as talks with brussels remained deadlocked. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. i am mark crumpton. this is bloomberg. scarlet: some headlines crossing the bloomberg. is strengthening and has officially become a hurricane according to the national hurricane center. jose is approaching the united states. this is irma.

it is slated to make landfall in florida over the next couple of days. we will keep you updated on any other developments. from new york, this is bloomberg. ♪

♪ trump honing in on the prospects of tax reform in north dakota. pres. trump: 241 pages of instructions to file a basic tax form. this anybody know that? 241 pages. 94% of families need professional help to do their taxes. that is why the tax-preparation industry generated $10 billion in revenues last year.

that is one business i want to drive down. sorry. h&r block will not be supporting donald trump, i can tell you. [laughter] spend 6ump: taxpayers billion hours each year complying with the tax code. that is why we are proposing dramatic tax implication. 95% of americans will be able to fill out their tax returns and file their tax returns on a single page without having to keep receipts, fill out schedules, or track endless paperwork. we are giving hard-working americans their time back, and we are giving them their money back. [applause] pres. trump: thank you. fornd, we will cut taxes middle-class families.

this is a major, major tax cut, the biggest since ronald reagan. [applause] the hike fitters, plumbers, nurses, and police officers, all the people like you who poured their hearts into every penny they aren't in the offices and oil fields of america. you are the ones who carry this nation on your back, and it is time for you to get the relief that you deserve. it is enough here at it is enough. -- it is enough. it is enough. [applause] tax. trump: that is why our plan will reduce taxes for the middle-class and allow them to keep more of their own money, keep that hard earned money where you can spend it the way you want to spend it, or guess what? you can also say that. nothing wrong with that. it is your money, not the government's money. [applause] provideump: so we will

tax relief to middle income families through a combination of benefits such as raising the standard deduction, increasing the child tax credit, and lowering tax breaks substantially. [applause] third, we need a tax code that restores our competitive edge so we can create more jobs and higher wages for american workers. our plan will provide tax relief to businesses of all sizes and we will cut the business tax rate as much is possible, ideally we would like to bring our business tax rate down to around 15%. that is a tremendous drop. [applause] told it will be the greatest tax reduction in the history of our country, greater than ever before, so that will be something. you will see a rocket ship. you will see something happen like you have never seen. that taxlso reduce

rate for america's small businesses which is greater more than 60% of the new jobs in the recent past. forrelief is on the way sole proprietors, llcs, and sole proprietorship's who report their income and put it on their personal tax returns. as ae think of it business, but it is on their personal tax returns. those people with those businesses will be tremendous beneficiaries. [applause] pres. trump: sounds like many of you have those. tax reform will also benefit midsized businesses like north dakota guarantee and title company. you know that company come anybody? [applause] ckes. trump: president ni hacker. how are you? how is business?

getting better all the time. onsays he spends a fortune accountants to navigate a complicated tax system. we know the feeling. other americanf businesses, he would much rather spend that money on higher wages for his 140 employees. workers in the energy sector -- thank you. you have a lot of friends here. [laughter] pres. trump: the workers in the energy sector will benefit enormously as well. ,orth dakota state senator where is jessica? where is jessica? hello, jessica. congratulations. doing a good job. that's what i hear. is also an environmental specialist and says low business taxes will be a catalyst for energy companies to hire countless new american workers, so important. we will also protect small businesses and family farmers

here in north dakota and across the country by ending the death tax. [applause] pres. trump: tremendous burden for the family farmer, tremendous burden. thank you. appreciate it. a tremendous burden for small businesses and businesses that are necessarily illiquid, but great businesses, forced to sell and terrible things happen. with us today is a fourth-generation cattle rancher and mother of five from bismarck . where is julie? hello, julie. [applause] pres. trump: like many family ranchers, julie worries about the death tax shining down her family business and keeping her from passing it on to her children. it is a devastating tax.

julie, we will not allow the death tax or the inheritance tax , or whatever you want to call it, to crush the american dream. i am not going to let it happen, so. we will leave president trump speaking about the tax policy. he reiterated he wants to bring that corporate tax rate down to 15%. reiterating he wants simplification in the tax code, a nice quip there. he said h&r block will not be a fan of this administration, so they want to simplify the tax code. he also credited the regulatory cuts and optimism. when we get further headlines on tax policy, we will bring those to you. battering the is caribbean with winds up to 185 miles per hour and is headed to florida, threatening to become the most expensive storm in u.s.

history. bloombergogist for joining us now. great to have you on the show. give us a sense of where this hurricane is headed. we were just mentioning that hurricane jose is also in focus. is that also a risk here? >> jose is expected to go out to sea. it will have some additional effects on the leeward islands, but otherwise, it will be veering out could we should be focusing on irma. is tohe temptation compare this to harvey. with harvey, the real damage came from the extraordinary amount of rainfall in such a short time. wind.ne is about the what kind of damage could we see two structures if it hits major population centers in florida with the wind speed we are seeing? >> we are looking at two possibilities.

it makes landfall around miami, and the other around palm beach or so. regardless of that, the wind speeds are in excess of 120 miles per hour. this will be the classic atlantic hurricane that makes its grand entrance and moves its way up as aggressively as it can up florida. harvey was a very slow-moving storm with a lot of rain, so the winds are what will be making the headlines. scarlet: we will see irma hit land this weekend. hurricane season ends in late november, so we are smack in the middle. it unusual to have such a ramp-up in the middle of the season? >> it is something we have not seen in a few years now. as of this evening, we could have three active hurricanes at once in the atlantic basin. the third one being hurricane

katia gulf of mexico. scarlet: why are we getting storm after storm like this? >> warm ocean, high surface temperatures, so that is a lot of energy for the storms. joe: brian sullivan writes for bloomberg news pointed out today -- is stillre still a 225-mile margin for area. thismakes it so that at late point it is hard to know where it is going? noah and other federal research agencies do a phenomenal job, but the physics of the atmosphere is such an incredible thing to handle. just like 2012 with hurricane sandy, that left turn was caught late by the computer models with the exception of the european

model. here with the right turn we will see at the last minute, models are struggling to time that. that is why we are still do verging between the eastward track versus heading straight into central florida. scarlet: fantastic perspective there. thank you so much. some breaking news. according to the wall street journal, president trump is unlikely to nominate terry coh as chairman of the federal reserve. according to the journal, the president is unlikely to cohn as fedy chair. of sam fisher, michael mckee is here with us. how big of a surprise was this that stanley fischer step down? in june, sos up

everyone thought he would stay on, and because it was likely janet yellen would not be reappointed, he would be the new bridge to the new chairman. julia: talk to me about cohn. you did not expect them to be nominated. according to the wall street journal, they are saying trump is not likely to nominate him. >> apparently the story is based on his interview with the financial times in which he complained about the president's behavior after charlottesville, and that disappointed donald trump. we know donald trump's material could easily change his mind. cohn may not be the favorite because he is from wall street, ich makes them somewhat toxic to the trump administration and the left-wingers on the banking committee. he is also a democrat.

if republicans are out to get janet yellen because she is a democrat from they might not be receptive to another democrat being nominated. julia: it is the bipartisan era, isn't it? scarlet: i thought the opposition to janet was her stance in regulation? >> that's part of it. the speech he gave at the same n gave an interview to the financial times might have pushed her to the background because she was basically telling donald trump i'm not going to support the idea of rolling back much of dodd-frank. sympathetic, but in terms of what is possible, the fed rule-making capability is not that strong given the legislative parameters of dodd-frank. they can't do a whole lot. joe: we don't know a time about

trump's views on monetary policy come up that we know little bit. he says he is a low interest rate guy. he campaigned about the strong dollar -- complained about the strong dollar. janet yellen has a reputation for being dovish. have we written not janet yellen forgetting another term with gary cohn unlikely to replace her? does her stock rise? >> it might rise a little bit, but it has been so low that it will be a low shot. donald trumpt what is going to do into the standard model of a president, and he is not a standard model president, so he could go in any direction. before we get too far down the road, you want to look at some of the other mainstream republican candidates, voices we hear all the time. julia: do you think she wants it? she may notard that

be interesting. she is 71. her husband is 76-77. they may want to go into retirement. joe: the story got more interesting. julia: thank you for that. that is just about it. scarlet: that does it for "what'd you miss?" joe: what a day. i am joe weisenthal. "what'd you miss?" bloomberg technology is up next. this is bloomberg. ♪

♪ are watching bloomberg technology. it lets start with a check in

your first word news. president trump plans to overhaul the first -- the text went in north dakota. you are looking live as he was joined with heidi heitkamp who traveled with them. the president is hoping for bipartisan support on his tax lamprey will have much more later in bloomberg technology. congressionald republicans to cut a deal with democrats that will fund the government and raise the federal borrowing limit for three months. calls from aide gop lawmakers looking for a longer extension. 50 states have filed a lawsuit challenging the president's plan to end daca. he was approached right bob ferguson. the program will end in six months, that will give congress a window to provide a solution. officials planning to shut down to nuclear power plants that may be and the path of hurricane irma. the storm could make landfall late on