good night from new york. >> i am not going to support any cuts to people who are on the program and need -- >> there it is. reclaiming my -- >> i have to acknowledge this. >> we need this program for the next generation. >> furry on the floor, the senate getting ready to possible vote, republicans working around the clock to win over key holdouts. lauren: you're looking at the dow, a mccain relief rally. soaring over 370 points yesterday after the maverick arizona senator said he would support the tax bill. we saw 24,000 close for the very first time. cheryl: dow futures now, though, under pressure, change of story

after that senate delay, the tax vote right now as you can see got red arrows across the board. the dow pointing lower by 27. lauren: investors paying attention to tax cut drama in washington. cheryl: falling after the senate delayed the vote until this morning the nikkei did gain .4%. lauren: stunning verdict in san francisco in the murder of kate steinle that has renewed the debate of sanctuary cities. fbn:am starts right now. cheryl: 5:01 a.m. in new york. good morning, i'm cheryl casone. lauren: good morning, happy friday. cheryl: we have the kate shrinely verdict on top of what happened in washington. a lot of troubling news.

of course, we are watching all of it. lauren: we begin with what's going on in capitol hill. senators working to bring tax reform bill to a vote 11:00 o'clock this morning. they are trying to reach a deal after a report showed that the tax cuts would not pay for themselves. several senators concerned about a projected jump in the budget deficit well ted cruz supporting bob corker that supports a trigger that would protect taxpayers in case tax reform doesn't boost income by improving taxes at later. corker is trying to raise taxes, that's not right. cheryl: but the tax reform bill now has critically needed support from senator john mccain. he issued a statement, after careful consideration, i decided to support the tax reform bill, they're not perfect. grow the economy and provide long overdue tax relief for american families. and, again, the dow jumping when

that statement came out. but no surprise to all of you senator chuck schumer criticizing the legislative process. the american people are clambering for us to work together. they believe our politics is broken. think think our politics starved of common sense and compromise, and it is, the way the tax bill is being rammed through is why the american people believe our politics is so broken. cheryl: even if senate bill passes, it must reconcile with the house's version. lauren: clock is ticking. will republicans be able to push this bill over the finish line. let's discuss mark, president and ceo of the american council for capital as well as kentucky state senator reggie tomas, gentlemen, good morning. >> good morning to you. lauren: i'm thinking about this trigger and seems like has been

thrown out, what senator corker wanted, this doesn't produce necessary economic growth to pay for the tax cuts, let's raise taxes at a later date. i thought that was thrown out but then you have the tweet from senator cornyn saying ore trigger ideas are being vetted. so, mark, can you explain to me how tax hikes are needed for tax cuts? >> you certainly don't want to increase taxes in the middle of a recession but let's put this in a broader context. there's a wiser man by the name of auto van bismarck. all you're seeing is factory and things will work out fine. lauren: i get it mark. reggie, you don't raise taxes in recession, 3% economic growth,

basically saying that the senate version of the bill cost a trillion dollars over a decade and doesn't produce big economic growth, do you buy that? >> i absolutely buy that, but let's be honest, this bill was never about producing revenue, this bill has always been about giving away money to your wealthy 1% and to your big corporations. and while this bill is bad for americans, i have to point out it's e specially bad for the people in kentucky, one to have provisions in the bill ha eliminates state and local tax deduction, here in kentucky we have a state income tax and the brookings institute has reported that kentuckians on average, hardest-hit hates with the passage of the tax bill. will hit average kentuckian with 1500 and $2,000. that's the rate of the tax

increase we will see here in kentucky if this bill passes. lauren: reggie, i hear what you're saying, trust me it affects folks in new jersey, california, illinois, we get that, not everyone is going to be happy. what about the positives, expanding child tax credit even more according to ted cruz, repealing the individual mandate, you can't make everybody happy with this, mark, so what do yo see the future, do you think they will get this through and when? >> i was secretary of president reagan's transition group and i feel good about it today as being done then. let's stand with the fine lady of kentucky and let's stand with the fine lady of new york, i had a piece in the wall street journal which i talked about salt, state and local tax deduction and i talked about economic growth and remember this is like making sausage, there's a very, very simple amendment that could be made. let's -- let's not do salt,

let's keep the state and local deductions but as i said in op-ed, let's reduce capital gains tax, if you look at the numbers there, you would have tremendous and greater investments and keep your salt and you can -- you can find better ways to increase the economy. now one thing in terms of the gentleman of kentucky that needs to be said, obama we wanted to reduce the corporate tax rate, why don't we be bipartisan and help obama and reduce the corporate tax rate, our corporate taxes, you know, the highest in the world. if it goes to 22% it would be in the middle of the pack, so let's go ahead and do it. lauren: i wish we had more time, gentlemen, there's talk about stair-stepping, that's what they call it, you start at 20% and go up from there. we will talk about that at another time. mark, senator thomas, thank you, have a wonderful weekend. cheryl: we will talk more about that later on in the show how the corporate tax rate and potential changes could affect

businesses large and small. so stay tune for that. well, it seems that matt lauer might not be leafing nbc empty handed. lauren: tracee carrasco joins on this. tracee: the latest development, the new york post reporting that matt lauer's are reportedly hoping to get the remainder of $20 million a year contract which still has a year and a half to run. that would be a 30 million-dollar payout in 2016lauer renegotiated a deal with nbc but the question now whether or not a morality clause in the contract allow it is network to withhold the remainder of salary, morality clauses are included in tv contracts and specified that could be fired without pay if they bring the company into any scandal. lauer's lawyer did not respond for comment. lauren: wow. toys"r"us getting blasted.

tracee: yes. lauren: bankrupt but top executives are getting nice bonuses. tracee: toys"r"us filed papers to paying 16 to $32 million in bonuses to senior leadership, a justice department bankruptcy watchdog is slamming the proposal and says the company, quote, has no plan of reorganization in the horizon, toys"r"us which filed for chapter 11 bankruptcy in september with heavy debt says it needs to pay incentive bonuses to senior executives as it prepares for holiday season which generates 40% of net sales. lauren: in the face of amazon they have a comp tiff landscape for holidays. we are talking about this morning actually whiskey maker jim bean hopping on the device train. tracee: if you can get one of this is great, ever wonder to ask amazon echo to order a

drink, well, move order, alexa, jim is here. >> hey, jim, pour me a drink. >> time to make history. >> hey, jim, thanks. >> the pleasure is mine. >> a smart whiskey decantur. it will pour you a shot of whiskey on demand. topping off the experience with a kentucky accent. so if you know someone who loves whiskey, you can get jim on the jim alabama website for $35, make a great christmas gift, but i heard that they launched this on wednesday, already sold out so they are relaunching some today, if you can get your hands on one. cheryl: i love that he has kentucky accent. tracee: it's after one to have distillers. that's a very good question.

[laughter] lauren: i think i'm going to buy one is great. cheryl: tracee, thank you so mu. lauren: coming up. stunning verdict and illegal immigrant found not guilty for murdering kate steinle. john conyers remains defiant after house minority leader nancy pelosi called for him to resign overallses of sexual misconduct. we will have the latest of the democrats in disarray. you're watching fbn:am.

narrator: eva-marie smoked 12,000 packs of cigarettes over 15 years.

she quit and now there's a new lung cancer screening that could save her life. you stopped smoking. now start screening. no matter how much you smoked, early detection could save you. talk to your doctor or learn more at savedbythescan.org lauren: tgif, house minority leader nancy pelosi saying it's time for him to go. >> the brave women who came forward are owed justice. i pray for the family and wish them well, however, congressman conyers should resign. lauren: to update you on his health, conyers does remain in the hospital this morning for a stress-related illness. president trump declining to put

to rest rex tillerson departing as secretary of state. new york times reporting that the former oil executive could be pushed out within weeks. all the white house would say is that there are no personnel announcements at this time. and this, explosive new revelations about the secret tarmac meeting, you know the one between bill clinton and then attorney general loretta lynch, judicial watch releasing 29 new pages of fbi documents revealing that the feds were more concerned about the meeting leaking to the public rather than the actual meeting itself. the meeting last year took place days before fbi director at the time james comey cleared hillary clinton over her private e-mail server, cheryl. cheryl: lauren, we have got going on, but out in the west coast stunning news overnight. a controversial verdict in the kate steinle murder trial setting shock waves across the country. a jr. late yesterday finding an undocumented mexican immigrant not guilty in the killing of a

young woman of a san francisco pier back in 2015, the shooting kicked off fierce immigration debate then candidate trump used tragedy to push for wall along the mexican border, the president called the verdict, quote, disgraceful adding no wonder the people of our country are so angry with illegal immigration. the suspect's lawyer said that client's immigration status was unfairly exploited for political purposes and had nothing to do with the case. let's bring in to discuss criminal defense attorney david bruno and in washington eric, gentlemen, good morning. >> good morning, cheryl. >> zarate was found not guilty of involuntary manslaughter. you said justice was served, why in. >> certainly, i caution anyone that questions this verdict or any verdict where 12 unanimous people hear evidence who were instructed on the law and come to a conclusion.

interesting enough in this case the ballistics expert was critical in this defense because what it showed was that at the time that this weapon was discharged the individual was in a seated position leaning forward and he had just found a stolen weapon underneath his chair, there was no evidence that he was intentional shooting at this individual and the weapon was discharged into the cement, bounced off of the cement and into the alleged -- the victim here which is certainly a tragedy. cheryl: so it was an accident. that's what zarate. eric, the political debate was big. he was deported five times. he was found guilty of possessing and illegal firearm and he eventually will be deported after whatever prison sentence he's going to get. but, eric, this is emboldening republicans to say we need the border wall, we don't need to make a deal with democrats when it comes to dreamers, do you think that debate is going to

start now? >> i mean, the verdict is definitely very disappointing and it really show it is need for not only kate's law to give law enforcement and prosecutors more tools to be able to deal with criminal illegal aliens in the country. i actually wrote an op-ed in the past summer where the committee talking about this and essentially the fact is those who will have been -- who are in the country illegally who have committed crimes already, they are more likely to commit crimes in the future and it's a big public safety issue for americans of all backgrounds and i think certainly it's going to raise a lot of awareness and concern about the problems of illegal immigration follow the country right now. cheryl: it will. also, david, brings up the issue of sanctuary cities which san francisco is one, where there was no communication between -- or there could be but there's legally, doesn't have to be communication between immigration officials and local officials, does this change your

view of where we are at with sanctuary cities, maybe we need to revisit these? >> yes, certainly, this was the case to bring this issue to the forefront. actually, there's a recent decision last week by a federal judge which halted president trump's executive order which could withhold federal funding to city that is did not honor deportation proceedings, this is at the forefront. it's this case that brought it to the forefront and hopefully there's some law passed because what the president has passed to do is executive orders to accuse this but until the federal laws change, certainly we need something else. cheryl: that's a legal question, erich, do we build a wall or there's going to be talk about that, the budget is next week. >> definitely. i mean, i think just really

shows a prevalent problem illegal immigration is and polling has repeatedly showed that large majority of americans oppose sanctuary cities and oppose measures of securing the borders. more americans want to see a more secure border, immigration reform and immigration enforcement and that's what we really need at you feel it? >> the house shake, okay, like a train or freight truck went by or something that shaked the house. lauren: the earthquake that was felt from baltimore up to new york city and what's the weekend weather looking like, fox

meteorologist janice dean has a hint. you might want to put the lights outside on the trees. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage.

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and at $4.95, you can trade with a clear advantage. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. lauren: did you feel it 4.4 magnitude earthquake shaking the east coast. it hit at 4:45 in the afternoon. northeast of delaware, people on social media from baltimore to new york city posting about what the tremors felt like, right here in the northeast the quake described as a booming sound. >> i saw the fence right in

front of us shake but everyone else everything else was going normal. >> our neighbor came running out if we had felt it. i didn't feel it but i heard it. lauren: there have not been reports of damage or injury. i did not feel it i was in new jersey. we didn't feel it. cheryl: two of us that can't help with that one. let's bring in janice dean for weekend weather forecast. did you feel it? janice: i did not. our producer said that she woke up from it and she lives from new jersey. you need to talk to the staff. [laughter] janice: let's talk about temperatures. it does happen, the washington monument a few years ago was cracked because of earthquake. it can happen. current temperatures right now, okay, starting to feel cooler, 29 in minneapolis, 46 in new york, 34 in kansas city, still

above average. we are going to start to feel the temperatures start to drop next week, all right, because in some cases we saw top-five warmest falls of all-time in new york city. top four. past 24 hours, a front moves across the east coast here, quiet for much of the country, northwest still very active as we head into the weekend with rain and mountain snow in the forecast over the next couple of dais and that's going to be our next weather maker as it moves its way across the u.s., no huge storms on the horizon but the cold air is coming. let me show you if i can. there's the model forecast of the rain, the mountain snow as we head into saturday and sunday and next week, ladies, weekend looks good, as lauren mentioned, get the lights up here in the northeast as we head into wednesday and thursday, there's the colder air starting to move into the central u.s., so it's coming. this first day of december. lauren: ski season. janice: yes, you've got it. cheryl: furry on the floor as senators talk triggers and

growth, tax reform drama on capitol hill, voting in the senate starting at 11:00 a.m., do republicans have the vote to pass the tax bill? and general motors want to jump into the robot car business, they've got some aggressive plans, you're watching fbn:am [lance] monica, it is absolute chaos out here! gale force winds, accumulations up to 8 inches... ...don't know if you can hear me, but [monica] what's he doing? [lance] can we get a shot of this cold front, right here. winter has arrived. whooo! hahaha [vo] progress is an unstoppable force. brace yourself for the season of audi sales event. audi will cover your first month's lease payment on select models during the season of audi sales event.

>> i am not going to support any cuts to people who are on the program and need -- >> there it is. >> but i want this program -- >> reclaiming my -- >> we need the program for the next generation. lauren: fury on the floor, the senate getting ready for possible vote just hours from now on their version of tax bill, republicans working around the clock to working on key

holdouts. cheryl: call it the mccain relief rally, after senator senator said he would support bill. lauren: 30 days after 23,000, futures this morning under pressure because of the tax vote delay, dow down 38. cheryl: global markets paying close attention to tax cut drama in dcn europe stocks are actually pointing to the downside. lauren: in asia fell back a little bit. gaining almost half of 1%. cheryl: and tgif, we are going tell you what you can relax with 1 dollar long island and you may need it after taxes. fbn:am continues right now. lauren: friday the first of december, i'm lauren simonetti. cheryl: good morning, i'm cheryl

casone. i wonder how many lawmakers blood pressure is really high this morning? lauren: what are we thinking, we are talking about long island ice teas? cheryl: breaking this morning there was a lot of more drama on capitol hill, senators work to go bring tax reform bill to a vote. senators trying to reach a deal in the legislation to win support with those that are concerned about a projected jump in the budget deficit. ted cruz taking on bob corker, trigger measure to protect taxpayers in case reform doesn't boost the economy as expected. will, -- well, cruz, saying, 50% want tax cuts, one is trying to raise tack cuts, that's not right. lauren: tax reform bill has critically needed support and this is important, the move to the market in upside in a big yesterday support coming from john mccain. this is a statement that he issued after careful consideration, i have decided to

support the senate tax reform bill, though not pefect, this bill will deliver much needed, grow the economy and provide long overdue tax relief for american families, but senate minority leader chuck schumer criticizing the legislative process. >> the american people are clambering for us to work together. they believe our politician is -- politics is broken. it is, the way the tax bill is rammed through this is why american people believe politics is so broken. lauren: even if senate does pass bill today overnight tomorrow must be reconciled with the house version before donald trun sign it. cheryl: let's bring in josh who is president of julinsky

advisory group and lyle, gentlemen, good morning. >> good morning. >> josh, i want to start with you on this because obviously besides the big question of can they get this through, what does it mean if they get this through, josh, do you believe jct's assertion here that the economy is only going to to go .8% over the next decade and that this is not a revenue-neutral plan. >> no, i think if we have a 20% corporate tax rate, that'll send the markets soaring, companies like google, facebook, microsoft, oracle, companies that have parked billions of dollars overseas will bring it back to the u.s., i'm a little concerned about the small business pass-through deduction. i think it's not applying to majority of small businesses in the country, but i think overall it could be a good strong --

good thing for the markets. cheryl: okay, lyle, the question here of idea of small businessman or woman, ron johnson has been vocal to say it doesn't do enough for pass-through businesses which is half of business income in the country. >> no, i would agree. personally, i would have liked to have seen more for businesses, going back to josh said, the fact that you can get corporate tax rate down will help small businesses, there are no future facts. anybody that knows what we are going to do as far as saving on the budget and what that is going to look like, doesn't really know. by improving those earn that is the small businesses have for potential will help offset that. but, ideally, it doesn't do much for the small business. cheryl: many have said that. we will see what senator johnson says. if you look at the trigger idea

that's been floated about, it basically would say, okay, look, if our tax -- from senator corker, if the economy doesn't grow and it's not revenue neutral, we will increase taxes, what's the market perspective on that? >> it's absurd, it's absurd for the legacy of senator corker. if he wants to go down in history as one of the worst senators of all time, he should stick to that trigger. we should put a trigger on washington spending not on our pocketbooks. i'm a small business owner. this bill is very relief for me. but the point that i want to see, i don't have any problem with a 20 ter corporate code, we are encouraging some of our clients to reincorporate from an s code which many small businesses are to a c corporation because c corp.s are going to see a lot of benefit here, but i want to see a trigger on washington not on

businesses. cheryl: it's interesting too, lyle, if i was a business owner, i would be looking on what the joint committee said yesterday, one of the reasons that they only saw .8% gdp growth in the growth over ten years for this plan was the fact that interest rates will go up and that does affect businesses, that does affect entrepreneurs. >> it absolutely does. although we've had low rates for a long time, i'm not sure if a little bit of increase -- look at how flat the yield curve is getting. but, again, i really do think that ability to lower those rates and have that -- you are never going to have perfect, you have some tax reform and i think we need to have it and future -- future facts will bear out but we do need to keep working for more for the small business, there's no doubt.

cheryl: right. but when you get a reading of 3.3% and they are at .8%, a lot of republicans are very frustrated with that assessment. josh, lyle, a lot to watch, thanks for getting up early was, we appreciate it. >> thanks. >> good to be with you. lauren: we soon could see a shake-up in medical industry, major deal close the other getting inked. tracee carrasco with the headlines. tracee: cvs is getting close to buying aetna for $66 billion in cash in stock, the deal could be announced as early as monday and it would create a health care giant that would sell everything from drugs to insurance and, you know, the two are already in an agreement that they've had since 2010 that is to provide pharmacy benefit services to the insurer to aetna. this is a big one. ever since that deal was announced back in october, aetna shares have really gone up.

lauren: in the backdrop is amazon and what they plan to the with pharmacies. tracee: yeah. cheryl: something in the works for general motors? >> self-driving taxis and could come to several major cities as early as 2019. that's what they are planning on. this could become its biggest profit maker in a decade, more than core business right now of automotive and, you know, this is really the -- the race is heating up here between the self-driving taxis, ford said they would be doing the same thing in 2021 so gm beating them by two years there. cheryl: pretty interesting.let's talk food. lauren: i want to talk alcohol actually. what do you have. tracee: applebees offering long islands one dollar all day through the end of the year, there's the promotion, the

dollar lit, it's for customers who eat at the restaurant only and, yeah, all day every days dollar long island iced teas. cheryl: college memories are flooding to my mind right now. tracee: could be dangerous there but we all need it after this year. cheryl: they should incorporate in dc applebees today. lauren: right. open 24/7. cheryl: switching gears, with isis on the run in syria, 400 u.s. marines are going to be coming home from tour of duty in that country. a milestone for stock of dow power hit 24,000 mark, was this the john mccain relief rally? we have a guest coming up. you're watching fbn:am.

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cheryl: welcome back, let's get you caught up on what's happening now. argentina has given up hope to rescue 44 member that is disappeared days ago. the search for the vessel will continue. 7-day supply when it reported last position on november 15th, family members are criticizing the government for giving up.

well, more than 400 u.s. marines will be leaving syria ahead of schedule. decision coming as the islamic state loses ground in the region. u.s. military commanders are now reconsidering the size of the forces needed in both syria and in iraq. and back here at home president trump to nominate lydia, she will replace obama appointee who has pushed for strict rules on wall street bank, maybe that will be a boost for the market. lauren: we will see. i don't think they need a boost. did you see what happened on wall street yesterday? the dow closing 24,000 for the first time in history. this obviously on optimism about congress getting something done, getting tax reform passed. let's talk to anne, managing correct -- ot cornell capital, good morning, anne, happy friday. >> good morning, happy friday to you. lauren: i was crurchling some of the numbers, the dow is up 3%,

its biggest week of the year. we are looking at a chart, we have gone from 19,000 to 24,000, 5,000 positive points this year. what take this is market down? >> well, i think the market had priced priced in anticipation that a tax reform plan of some sort was going to get through. the question was always how much and when was it going to happen, what was the timing going to be, i think following the vote of confidence with senator mccain yesterday you've seen the pop. question is can it be sustained. are we going to see the growth that people are anticipating will help tax reform kick in and have impact in the economy. lauren: it's interesting because it's hard to argue against the market not responding to tax reform, futures are down, but as i speak at least from the top of the show, we have a delay in the tax vote. markets are into

this. do you think it's more psychological, though, the fact that congress can get something done over having a tax cut? >> i think it's a couple of factors, i think there's definitely the optimism about tax cuts happening and then the optimism around what that really means in terms of impacts, but this week i have seen some positive news on the economic front, jobless continues to be low, gdp continued to be above the 3% level and so if you look at underlying fundamentals of the market, a lot of positive events an that's been building for a while. the question is is there more that can really come. can the economy support even more growth than we have been seeing certainly in the last couple of years. the question for the market will be when tax reform comes, there's no doubt that there's going to be a positive kick for stock that is people are going to see, is that going to be

sustainable, at one point the train may stop. lauren: let's talk at levels here. s&p is at 26.48 as of close. what are tailgaters for the end of the year? >> nobody knows, if we see very much movement about where the dow is at the moment, the market is saying, another awe of something positive coming. lauren: we are not seeing sustained pullback, investors keep coming in and buying pullback. >> i think that's right. in europe strengthening, you are seen global positive momentum but the geopolitical environment is not as stable. the u.s. really look like the safe haven at the moment. lauren: i don't want to be positive but december is a historically a solid month, the christmas season and the likes, it's looking good and we should end it on that, anne, thank you for joining us.

first time on the show, good to see you. hope to see you again. cheryl: dallas cowboys crushing the redskins. we will have all the highlights for you in sports, that's coming up and saying good-bye to gomer. >> you have got to be kidding? is this a phone?

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>> you really mean that? i would be glad to. >> that's good. i want to tell you you'll be doing me a big favor. >> no, it's you, sergeant, doing me the favor.

there's nothing in the world i like little puppies. >> of course, that's you, sergeant, i just refer to animals. cheryl: comedian actor has died at the age of 87. found fame in the role of friendly gomer on two television hit shows back in 1960's and pursued a singing career with voice and was known to raising fans as as pumping occupy the growdz in indy 500 more more than a decade. back home again in indiana. jim died in his home in ho honolulu. lauren: dak prescott trying to pull his team out of three-game skid, the cowboys used the redskins to get back on track.

cheryl: great. lauren: watch the pass. hall of famer bob hayes with 72-year td. cowboys win, cheryl, 38-15h. cheryl: i like waking up to good news. lauren: tiger woods to return to links and yesterday he gave them a reason to be excited, first return to competitive golfing in ten months, a solid first round at the hero world challenge in the bahamas shooting 269, three shots behind the lead. cheryl: hottest name on the baseball trade market is miami marlins john carlos, representatives for the national league mvp met with the san francisco giants last night. the marlins under new ownership are looking to cut their payroll, would have to wave no trade clause for possible deal to go through. rick is not going away quietly. fired of head basketball coach

from university of louisville, former coach is asking for more than $35 million in breach of contract lawsuit filed against the school. well, the most embarrassing moment that can happen in prosports scoring on your own team. yeah, this happened last night north of the border to oilers defenseman. one minute left in the third and that's the goal that broke the tie and sealed the win for toronto maple leafs, that's a bummer. ouch. lauren: what's not a bummer surging 232 points. how are global markets reacting? live to london in a bit.

lauren: let's take a look at global stock markets, they are react to go latest development in washington, d.c. on tax reform bill. mike byrd joins us now. mike, it's like a game of ping-pong, right? >> good morning, it is. it is. you know, markets are acting to pretty much every development here. as you saw last night, small setbacks in the bill potentially, a couple of senate

republicans concerned about the impact on deficit. and you can see european stock markets up half a percent this morning mostly in reaction to that. cheryl: that's what's moving over in europe. we are seeing our futures obviously as well pointing lower as we get drama. oil prices, this has been interesting, oil prices a bit higher after opec extended production cuts, do you think opec is regaining influence in oil market and what does russia mean to all of this? >> it's been quite recently, you also saw some reaction in oil markets to the saudi political developments last month and so you are seeing maybe a little bit more reaction, the swing producers, important things happening there. the thing i keep hearing from investors and analysts once it passes a certain level, 60-dollar level, the number of shell producers in the u.s. that becomes profitable level to continue drilling it.

it's going to be difficult for opec to push prices much higher than they are now. lauren: aside from the selloff that we are seeing, if you look at u.s. markets, we have gone from 19,000 to 24,000 this year alone. it's a 5,000-point unprecedented run-up for the market, but even if you look at the smaller stocks, russell 2,000, that's in all-time high. it seems to be affecting so many parts of the market. >> i think the thing with tax reform is a nice extra for investors and that's why they are particularly interested in it, it is going to give the boost to u.s. companies particularly but what's really going to be happening this year that's been amazing is earnings run up. analysts have been expecting improvement pretty much every year globally for the last five or six. this is year where it's really come through and you have seen pick up in global trade and global manufacturing, not just the u.s. where the rally has

been impressive but around the world as well. lauren: mike byrd, thank you so much. have a good weekend. >> you too. cheryl: thank you for joining us on fbn:am, let's send it over the maria bartiromo, mornings with maria starts right now. maria: happy friday, good morning to you, i'm maria bartiromo, it is friday december 1st, your top stories right now 6:00 a.m. on the east coast. tax reform hitting a snag, now delaying, the senate fail to go get a vote late last night. republicans are trying to pass largest overhaul in nation's history. one of the key snags the bill's impact on federal deficit. prior to delay, the white house expressed the need for a deal to get done. >> what i can tell you is what i have said every single day that we have been part of this process, the president layed out his priorities, we feel like the plan as of right now from the house and senate meet those priorities of cutting taxes for the middle class, simplifying the tax code, bringing business back home,