town. don't want any of that? stuart: the royal choir singing criminal mass carols. can i get it? can i get it. >> all i want for christmas is you. stuart: say yes. all yours. out of time. neil, it's yours. neil: do you ever think maybe your staff is looking out for you, that ma music sounds a lot like funeral music? stuart: what? neil: not all the time. stuart: wait, wait, wait. neil: choir in a church singing? that is how that will all go down. maybe they don't want to tempt fate. i'm giving them ben it if the doubt. stuart: this is your show. get on with it. neil: all right. we've got a lot going on here, stuart. waiting to find out what the house is going to do with the tax plan. a vote is expected next hour 1/2. they have this whole procedure they go through. it is beyond me, how these guys get anything done. because they're giving the senate run for their money.

after that vote it does go to the senate. that could be very, very late tonight before the senate ultimately does get to vote on it but we hear from mitch mcconnell, the senate leader, he expects that to happen. could be in the wee hours of the morning, might not be. so much hinges on this, once signed, sealed and done right to the president's desk we are told maybe by the end of the week he writes off on this hard to say. this much is not, we're watching it very closely as the dow kind of sort of pauses and takes assessment of all this stuff. charlie gasparino with us, market watcher paul deet trick, gop fund raider extraordinaire knoll nikpour. a lot of your did is -- buddies are hoping this is done deal. >> jeff flake is not running again. the will not want to go on as only person to pull a john mccain with thumbs down.

not good for fund-raising, not good for morale. at end of the day he is republican. neil: he voted yes last time. corker voted no last time is yes this time. do you think it will go that way? >> i think there is a lot of moving pieces. i don't look for anybody who to hold this up. there is lot riding on it, there is a lot riding on it we all know it, this could be the end of gop with midterm elections and a lot of things coming out of the bag. this would be a horrible stab in the back if somebody prohibited this going down. everybody would be upset about it. you would -- neil: market was be stunned, right? if that happened, paul, the market was be stunned. you hear this great run-up in anticipation and then a selloff after the fact. what are you looking for? >> i think the untold story here is what happens after this happens. this is going to pass. this tax bill does not affect every company equally.

what analysts are doing down on wall street now are frantically looking through the tax bill and to see how it will affect each individual company. there are some companies like microsoft, they pay eight to 13% effective tax rates. neil: technology companies, you can making a argument they will pay more. >> they are, they are. but companies that have all their profits in the united states like verizon, home depot, cvs, things like that these people pay the full 35% tax rate. and they're going to get a massive earnings increase. neil: then the question what are they going to do with that? what are they going to do with that? you don't know. >> that is up for debate. >> it doesn't really matter. there are only certain things you can do with money. you can pay dividend. do mergers and acquisitions. buy stocks, it is good for the market. >> it is good for the market but i think where it becomes an issue for the republicans. is this tax plan so skewed --

listen, i'm for a low corporate tax rate. i don't know how you literally compete in the world having it up there with uganda who has 35% with us. we have the third highest of 35%. neil: isn't prevailing rate high 20s. >> 27%. that is why you have me on air. my point is though that, i don't think it will be the panacea of job creation that the republicans say. i think the first order of business -- neil: we had a lot of job creation already. >> for a lot of good reasons. by the way that is a trump job creation as far as i'm concerned, based on lower regulation. this will be first, a big boon to stockholders. they will do buybacks and stock prices go up. there may be a pause, but net-net this is really good for the markets. here is one other thing. the markets go up average people do benefit. they have pension funds and things of that nature. you know, there is a supply side job creation aspect because more

money gets put into the economist. i will tell you this one more time, i keep saying this, three or four states successful people in three or four states are paying for this thing, meaning successful people in new york, in california, in new jersey, to some extent maryland be maybe illinois, maybe five states are paying for this because they're getting screwed -- neil: with the top rate lowered it will not make up. >> not enough. >> when market goes up, the average voter even if they don't understand the workings of the market, they feel better, they feel better when they see a wall of green. >> if you're a home owner long island, dual income, you make 200,000, 250,000, you will pay a lot more in taxes because they got rid of your salt deduction and didn't take down the top rate like reagan would have taken it down you will be really pissed the at republican party. neil: you said there was idea it could change the multiples on this market. explain that. >> it will certainly change the

multiples for a lot of companies because the s&p 500 is a cap-weighted index. neil: right. >> you have a lot of technology stocks are part of that thing but you start going down the s&p 500 and a lot of those companies pay very high rates. interestingly amazon's probably going to do well. it does not have a lot of earnings. when it does have earnings because most of its money is in the u.s. they will get a major benefit out of that. neil: -- with everything else, when the tax cuts go into effect that will change the multiples and the math on the valuation in the markets, s&p, and dow, you buy that? >> and the earnings. so you will not be able to look at past earnings anymore. neil: you don't think the market is ahead of itself. you don't -- >> he is saying it might be. >> yes. >> i think what we're saying this, this is market discussion as opposed to the economy, you're saying because the tech firms, right, pay an effective rate of 13%, because now they

close some loopholes will pay much higher effective rate -- >> they will bring their money back. neil: you hope they bring their money back. >> they will. they will. the tech stocks leading this rally they may fizzle a little bit. >> they will. >> there you have a selloff in the market. >> buying opportunity. >> maybe. neil: noelle, ronald reagan's taxes, first wave in '81 and '82, a lot of provisions were delayed until later. republicans lost a lot of seats in the midterm. could that happen here if there is delayed effect. >> in my opinion, bill clinton, did so well of the economy, he reaped benefits of reaganomics. a lot of his tax policies took effect when bill clinton took office. my opinion on it. one of the things, heart laugher had said -- art laffer said one of the things about the tax bill it, will be effective immediately, implications happen

immediately, january 1st, 2018. there are going to be people, there are people rejoining the workforce off the record by record numbers. neil: to take a look at republicans and -- >> they may be. neil: one second. you have your doubts? >> i think, starting in january people are going to see a little bit more money in each one of their paychecks because -- neil: actually will be february. >> but that's fast. neil: that is fast. >> seeing money. neil: not going to be a lot of money you know. the average about 40 buck as paycheck. >> it is still a higher number,. >> i remember 1986. i was a lawyer at that time. people hated the reagan tax bill. neil: you're absolutely right. you're absolutely right. everybody major, every major tax cut was loathed. by democrats or republican. >> everybody getting a tax cut here? >> the thing is from a political

standpoint it doesn't matter whether new york and california, they will go democratic anyway. >> they will go to florida. >> how many house members, gop house members are in new york, california? >> 30. neil: charlie could go to florida. other people suggested hotter place. >> could flip the house. >> look at people running for governor in connecticut, looking at long-term deals to fix their broken state. they want to do away with the state tax. make it more popular. >> i agree with that i'm not positive. i'm not saying new york should continue its insane ways. >> that is the reason why they change it. >> let me ask you this. if peter kings and darrell issas, start losing house races because their average constituent, which is $250,000 a year is getting screwed on this, where's the republican party going to be? >> maybe their governor needs to -- >> politically, where is -- >> that is what i'm saying. >> if the republican party loses blue state republicans can you

hoed the majority? you don't answer my question. >> we won blue states. >> really did. >> not a big fan of trump but he won in pennsylvania. >> you're not answering my question. >> i am. >> let me ask it -- >> if you think they're going democrat you're crazy. >> really? those -- [all talking at once] >> they will get the 10,000, all of -- they are not going to vote democratic. neil: bring in grover norquist into this discussion. grover, one of the things that come up in this off and on debate when people see the impact. a lot will be delayed because of tax tables and soonest a lot of people see in the checks is february, still not bad, if it comes to fruition, a but a lot of people to charlie's point in high-taxed states come to a rude awaken and they might be angry. is there enough of them to put

kibosh on republican rally? >> you have to look at both winners and losers but also anybody with enough money to have million dollar house in new york city, is also not stock market. they will be seeing their life savings increase because of the tax cuts on corporations and the faster depreciation and lower rates. you're also looking at 28 million pass-through companies in the united states who employ more than half of the american people. they're getting the first tax cut since about 1931 when we first started to saying we ought to do something for pass-theres. this is a huge step forward. we've politicized 28 million, these people are married. they have kids. they have employees. so it is more than 28 million people. democrats have been spitting at them for the last month. they will continue to next nine months. neil: why do democrats have upper hand, grover in pr battle? this happens, i was surprised all major tax cuts going back to jfk's, virulent sort of protest against them and concern about

whether they're going to do half the things they're promoted to do. in almost every case they did and they do, but come out of gate very unpopular. donald trump's tax package is more popular than some of those. still two out of three not inclined to -- >> we're not having debate with the democrats. the democrats took themselves out of the argument on taxes. neil: you're having a debate with those americans who feel this is not going to be helpful. >> we're having debate with three networks and "new york times" and "washington post" and they hate this and they have been lying about it and their problem everybody will get a paycheck every two weeks and every month they see their 401(k), their ira, their bank statements doing bert. you will see he have year -- neil: hard to top what we've seen though? do you think we can do that? we've had a great rally and great run-up. >> we have but --

>> especially if you're seeing a lot of pes going down -- neil: price to earnings multiples. >> make the market slightly less overvalued right now. neil: is everyone benefiting from the market run-up? i know what you say people directly in the investment markets or their bosses doing well because of that, but still the average person doesn't register with that. >> i know that. well they do. >> in their paycheck. >> maybe, maybe. i don't know it is necessarily going into the paychecks initially. we should point out that the cut on the pass-through side is pretty weak tea. club for growth pointed it out today. it is nothing compared to what is going on the corporate side. it is pretty mild. again i'm going to tell you defend, this somewhere this becomes interesting. you are getting a very small tax cuts for individuals. i mean that is are with the left is completely lying. average people will get a tax cut. it will not be that great. massive tax cut for corporations. you're getting a tax cut for pass-there yous for small businesses and -- neil: you, charlie gasparino, will pay more.

>> people like me if you live in new york, california and, new jersey, maryland are getting screwed here. no -- neil: can not have charlie gasparino and for this, personally? >> yeah. i think house members look at it this way. this is such a southern, who cares what happens in new york. they wake up, realize, 30 reps in new york and new jersey and they will lose them all. 10 of them lose in a bad year, you lost. >> america moves the needle, when they make more money, middle america swings elections. neil: grover, what were you saying? >> biggest winner in this whole tax debate already are high-income people in new jersey. >> why? >> because as soon as we announced salt was happening, state senate president and incoming democrat say we plan ad millionaire's tax. it is not happening now. all across the country. neil: new jersey, grover, the

governor-elect did not sign up to what senate president is doug sweeney. he is full -- >> sweeney will not let him do it, he will not be able to do it. there will be a series -- neil: are you from jersey? i'm from jersey. not happening. >> i think grover just said republicans, they haven't screwed that people just that bad with this plan. neil: we don't have to use -- >> this is the first of a tax cut every year. neil: well, but that requires republicans still running the show, right? >> april. april is the next budget. april is the next entitlement reform. and tax reduction. neil: you will see another tax wave reduction in april you think? >> absolutely, yes. there will be people, say look at this, we need to fix these and republicans good point. we'll do it taking rates down further. and there will be a lot of room for tax reduction. neil: i don't see that happening, do you? >> yes, absolutely. >> wondering where infrastructure is coming in? i talked to some congressman

over the weekend. that is kind of -- they have been waiting for tax reform but if they get infrastructure that is going to help. neil: new jersey, we know, roads and bridges working on decades. >> if we spend on infrastructure we'll not get tax cuts. neil: debbie downer. i wish we had more time. blessedly we do not. right now the guys taken a market down about 60 points. it is down 40 points. so not bad. i give the credit there, probably, to paul. i will give i am had the benefit there. we'll have a lot more after this. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step

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neil: all right, fbi director andrew mccabe is facing a grilling from the house intelligence committee. it is behind closed doors but could get very loud. blake burman with the very latest. reporter: republican ace cross capitol hill are eagerly await ing to speak to the deputy director andrew mccabe. at issue for some republicans up on the hill whether or not the fbi deputy director was involved in some sort of a conspiracy to try to derail the either the campaign or the presidency of president trump. their concerned stemmed over the last couple of weeks that peter strzok sent to another fbi

attorney and in which strzok wrote, i quote here in august of 2016, i want to believe the path you threw out for consideration in andy's office that there is no way he gets elected but i'm afraid we can't take that risk. one of the questions that republicans have is in that text, is andy referring to andrew mccabe. mccabe will be speaking to the house intelligence committee but jim jordan a congressman from ohio who sits on the judiciary committee is calling for subpoenas and not just for mccabe. >> now it is time for subpoenas and the chairman of the judiciary committee is going to subpoena lisa page, he is going to subpoena bruce orr and subpoena peter strzok and we'll get to andrew mccabe as well. we'll put them on the same stand that mr. sessions and mr. rosenstein stood in the past few weeks. reporter: you heard him mention bruce orr. he is headed to the hill sometime later this week as

well. this hearing or meeting mccabe will have with the house intelligence committee behind closed doors will not play out in front of open cameras. neil. neil: thank you, blake burman. a.b. stoddard is focusing on development that is interesting as gel out. you remember jill stein? she has been sort of moved into this. they want documentation and records from her to find out what she knew and when she knew it. who she was talking to. keep in mind a lot of trump surrogates were in russia around the same time she was. it is unfortunately over my head but fortunately not over ab stoddard's head. what are we looking at here? >> jill stein was at this event held by rt in russia that lieutenant-general michael flynn was at where michael minute was pictured next to russian president vladmir putin and jill stein has a lot of friendly connections to the russians and rt russian television. they're looking at whether or

not she was the recipient of some kind of either, you know, unwitting collusion benefited in her campaign support and ultimate vote total from perhaps social media messages that the russians might pushed to help her, or support her, and whether or not, again, a lot of this collusion which is not a crime, people need to know. it means you either showed an intent to want to receive help or you just, benefited from it and accepted it in ways that make you, sort of a an inactive colluder. there is a range of things that you can do or not do to be involved in the collusion. neil: i guess when i first heard the stein stuff i mean does it date to a speaking thing she did in russia at the time? was she already a declared presidential candidate any mean you could maybe with a stretch start saying if the russians really wanted to divide the liberal vote you boost stein's

chances and that takes votes away from hillary but it's a march, you know? >> i don't think that is much of a stretch actually, neil. i mean the russians were working in the midwest and president trump won this election by 77,000 votes and change in three states. his margin exceeded jill stein's only in pennsylvania. hers exceeded his in wisconsin and michigan. neil: so if you get a sense maybe their help, helped her, hurt her, i'm saying hillary clinton -- >> hurt clinton, yeah. neil: then where are you going with this? >> i don't know where the investigators are going but i just know if she has connections to the russians and spoke there for money and had the kind of connections that general flynn did with the russians and they're obviously not stupid, neil, and they could figure out that a spoiler vote would ultimately benefit donald trump and hinder hillary clinton's chances at election. if they were trying to collude, again, whether or not with the trump campaign's help to try to

benefit trump, benefiting jill stein in the right states would certainly help their efforts. neil: ab, i know you are asked this a lot, just step back from this, i know it is sort of like a gut call, do you think actions of the russians, deemed they were trying to push her or do something, anything to help him, that their role, tipped this election in his favor? >> you know? we just don't know what social media messaging, neil, actually does to final vote tallies, right? neil: right. >> it's a misinformation campaign. it can be effective. mitt romney only lost the 2012 election by fewer than 334,000 votes. it wasn't millions. it was in four states. the russians know exactly where to spend time and money trying to do this we know that they were. we can't make the leap of what actually tipped the math. we know they would be smart enough to know that spoiler votes and 30 party votes would help the -- third party votes would peel away from the

underdog or the assumed winner, that kind of thing. we'll never make the direct connection on math. it is question whether or not people in jill stein's campaign or people in donald trump's campaign accepted help or showed like donald, jr., an interest in help from the russians. neil: what a mess. thank you very much, ab stoddard. good to see you again. >> thank you. neil: they have moved to debating the tax bill itself. how this all goes is anyone's guess. remember democrats are not keen on this. it will be universally ripped apart by democrats. republicans maybe say a dozen, could be more, can't afford to lose more than 22 in the house, are expected to support it. kevin brady outlining what it is all about. we'll have more after this. the alerian mlp etf can diversify your equity portfolio

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neil: all right. they're running a teeny bit behind schedule in the house right now. this is the debate on the measure itself to cut taxes. that measure that came out of the conference committee here.

they debated seemingly ad nauseum. then they are going to vote on it. we're expecting this to pass the house but not all republicans are expected to pass it t could be like a dozen or 13 or so who voted no last time. my next guest was one of them. no vote republican congressman from new york, lee zeldin who might be a no vote jet again. congressman, good to have you. >> good to be here, neil. neil: are you a no-vote again. >> i'm a no vote again. there are good aspects of this bill. they're are problem aspects of this. i represent the first congressional district of new york, on eastern end of long island, for my constituents on personal income side there were issues needed to get addressed unfortunately correctly addressed. unfortunately i still have to be a no. neil: even double the deduction, more generous tax cut for the upper income, your district has a little bit of everybody, but, it is still a no? >> and, there are some, some good aspects going from the

house bill, version that passed previously to this new bill coming out of conference. you point out that that top rate does go down to 37 which is an improvement as it relates to state and local tax deduction. i will say for middle income itemizers, people who own homes, they are, when you have a $10,000 state and local tax deduction cap, that's a big difference than if you have a 20 or $25,000 cap that could be a difference between whether or not they're coming ahead as a winner with this bill versus a loser. i would, while i support maintaining state and local tax deduction, if you're going to make a change, a better policy would have been instead of having it kick in january 1st, 2018, the change to state and local taxes, that it would start two years or three years down the road where you will go to andrew como in albany or bill de blasio in city hall, to the local school districts that are taxing. tell them you need to fix the tax code by that point in the

future. maybe you're reducing it to a level fully protecting middle income itemizers but $10,000 cap unfortunately leaves behind too many constituents i promised i would vote for a tax cut for them. that is what i said i would be working on. that doesn't deliver that for too many people. neil: congressman, do you think this will cause republican seats in the house, to say nothing of the senate potentially in the midterms? >> depends where you are in the country. all across the entire country the economy is going better t should continue to go better. gdp hopefully, we see the obama year numbers to be crushed by great trump numbers. the market is doing well. people are happy about 401(k) accounts and unemployment goes down and wage growth, all the elements you get closer to november of 2018, when people vote based off of taxes, jobs, economy, more to do how it impacts them, maybe so than how

tim packs their neighbor. i would say across the entire country by next november, i hope the economy continues on the current path regardless. neil: they say they might revisit this next year. that would be in the middle of an election year, for more tax cuts. do you think that is even possible? >> absolutely. because. when i think of when a hurricane is coming a few days out the meteorologists they like to put spaghetti models up where the a hundred different paths where the storm might go and as it gets closer to the narrow it down. as you see q1, q2, q3 numbers annual numbers in years ahead you started a justing maybe the economy is growing faster than government is, deficits get close to surpluses, maybe we can tackle welfare to work and other spending that need to become more efficient.

that provides more of an opportunity to provide future tax cuts. neil: all right. we'll watch it very, very closely. thank you very, very much. good seeing you, congressman. >> you too. neil: we will know whether we'll have more than the 13 republican congressman who voted no last time for this when it left the house. that was then. could have a few more of them right now. the latest by the way also on that deadly train derailment in washington state. sounding a whole like the one we had back in 2015 in philadelphia. i will explain after this.

neil: all right. we're finding out a lot more about that train that derailed yesterday in washington state and speed apparently was potentially a very, very big issue. deirdre bolton has more. hey, deirdre. >> neil, there is an on going investigation into the accident that killed three and injured more than 70 others, some critically. a member the national transportation safety board said the amtrak train derailed in

washington state, was traveling at 80 miles per hour in a zone with a speed limit of 30 miles per hour. the accident occurred as the train was making its first trip on a new route between olympia and tacoma. the idea was to cut travel times, improve reliability, separate passenger trains and freight traffic as they were on a old line but it was a tragic maiden voyage and the cause is still unknown. >> any idea what caused this train not to slow down at this curve? >> we don't know at this point. i think it is too early to tell. that is why we want to carefully look attract and signals and human performance. so we'll be, we hope, interviewing the crew and to find out if they have more information. >> what we do know is the accident sent 12 train cars and an engine careening off the tracks. some of the cars dangled over interstate 5, a major highway south of seattle. last evening crews began the

difficult task disassembling the train cars. they are moving machinery to begin to remove the wreckage from the highway and tracks. part of the train is hanging over the edge of an overpass and on to the highway. later this afternoon we expect the crew and conductor to be interviewed. we'll share details when we have those results. longer term, ntsb officials say the on scene investigation will take between seven and 10 days. back to you, neil. neil: deirdre, thank you very much. speed a factor in that memorable amtrak crash in philadelphia. that crash killed eight. we have former ntsb chair, debra hersman. thank you for taking the time. >> happy to be with you. neil: how do this, especially after that philadelphia accident even encounter a situation where speed could be an issue yet again and substantially higher speed? >> we've seen unfortunately too many derailments that involved

high-speed and inattentive operators or distracted operators. we saw in spitan with metro-north and in 2015 on the philadelphia amtrak derailment. so this situation is really a result of delaying a mandate for positive train control on these passenger routes. that was required in 2008. neil: that was not adhered here on this locale? it was eventually supposed to be but it wasn't set up yet? the mechanism, means you can slow a train down? >> that's right. and so what we've heard is that amtrak said that it wasn't operational on this route yet. that positive train control system which is a gps-based system to slow or stop the train if it is going to be involved in a collision or if it is going too fast for conditions. it is overspeeding. that is an issue.

neil: yeah. when ntsb investigators are on the scene like this, much like on the scene of a plane crash of course, they have their own version in this case of a black box, something similar to what trains have? what do you want to get from that? >> they haven't been able to pull the data from the black box and it appears that is where they were able to confirm the speed. they can also get things like throttle position, braking, whether or not the horn or the whistle was blown. those could all be important putting those things together. they want it use that information to really kind of confirm what they're hearing in witness interviews and what they're saying in the on-scene evidence. neil: one of the things you hear, i think nearby local mayor was concerned about fatalities or problems or trains going too fast, they rerouted this so it wouldn't be necessarily parallel to puget sound. so the train would have more flexibility to be speedier. part of the attraction to entice people to climb on board was the fact that it could shorten their

commute. now, if people hear back, wait a minute this, option will now lengthen my commute, it's a catch 22 for the industry, isn't it? >> it certainly is. that infrastructure and that investment critically important but you also have to make sure that what you're doing it is safe. whether installing positive train control or insuring that you are straightening out some of these curves, if you really want to operate at higher speeds consistently, those are all important factors. neil: you know, i don't want to put my mind in the conductor, obviously he or she was trying to boogie if that is the case and get there fast, but is there something that would be a part from a ntsb investigation i guess, too much incentive to build in to get trains to be ahead of schedule, to push conductors or engineers to do things that might not savedwise

be wise? >> that has been a something that the ntsb has looked at in the past. what kind of culture does an organization have? does it say that safety is important but then they prioritize scheduled arrives over that? so they will look at things like that but going 80 miles per hour in a 30 mile-an-hour curve, that is not something that will end up saving you time. that is absolutely an unsafe situation. so no engineer, if they're aware of what is going on, wants to be in that position. neil: do we know whether the engineers are routinely tested for drugs or anything like that? >> there are mandatory preemployment and post-incident and random drug and alcohol testing requirements. after this event it's a requirement that they will test for drugs and alcohol after the derailment. neil: debra hersman, thank you very, very much.

the national safety council president and ceo. thank you very much. in the meantime we're getting a little bit more information on that hack attack. remember sometime back, i believe it started in the spring. we traced it right now to the north koreans. now we have no doubt they were behind it. but you do have to wonder about a government that has trouble feeding its own people. it can launch missiles and shut down computer networks around the world. even the uk's entire health and hospital system, how did they do that? after this.

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♪ neil: do you remember that "wannacry" malware attack? it was across the board, one of the most wicked and permeating attacks we have seen, certainly, across the board in our country. it affected britain as well. now we figure the north koreans for it. we suspected that. now we can confirm it. lauren simonetti with the latest. lauren? >> if you do not remember the "wannacry" virus that affected computers around the globe back in may, let me remind you. ransomware attack. it relied on a flaw in windows code to affect and paralyze 200,000 computers in 150 countries, including you're right, british hospitals,

potentially putting lives at risk and banks and homes across the globe. white house now believes that north korea was behind that hack, and has evidence to prove it. homeland security advisor tom bossert saying north korea has largely gone unchecked for over a decade. >> we don't have a lot of room left here to apply pressure to change their behavior. nevertheless to call them out, to let them know it is them and we know it's them. >> the administration also praising the work of the private sector to patch as well as stop the attacks. >> last week microsoft and facebook and other major tech companies act toddies able a number of north korean cyber exploits and disrupt their operations as north koreans were still infecting computers across the globe. they shut down accounts the north korean hackers used to launch attacks and patched system. >> this isn't the first time north korea has been accused of a cyberattack. you remember the u.s. blamed the regime of hacking sony pictures over the movie, "the interview"

that was a film about a plot to as nate korean leader kim jong-un. us they are using things like about it coin and that way they can get around sanctions imposed by the u.n. neil: thank you very much, lauren simonetti. i get worried when my staff pushes stories on retirement with me. just a knee-jerk reaction i have. apparently there's a study, despite the fact a lot of people want to retire sooner rather than later a lot of us can't afford to do so. even if we can't, you might think twice about the wisdom doing that. to financial expert, multiple best-selling author, retire inspired, chris hogan. good to see you. >> good to be back with you. neil: i forgot how great your voice is. i'm waiting to go through puberty and here you are. a lot of people jump, hey i'm

ready, go slow. >> i want people to understand what they're dealing with. the title of my book, retire inspire, it is not age but a number. people need to understand where they are and moving forward to retire with dignity. it helps them become more aware and take the right steps. neil: a lot of people want to retire, earlier, the better, push for 62, a lot of people are doing that, even younger in some cases but a lot of people live longer lives now. so they have to have money for a long haul, right? >> you really do. a lot of people think retirement could be a two or three or four year thing. we have to open up our ice, it could be 15, 20, to 30 year thing. we are living longer. if we start to be aware of that, make steps with the money. to make sure is our money growing? you and i know it is inflation. cost of living all these things will continue to rise. neil: you and i remember really bad inflation. a lot of young people i talk to don't. and that's going to be a shock when it hit. >> it really is and when we talk

about inflation what we're talking about the cost of things are going to go up. you think of gas, bread, whack down through, homes, cars, it will rise. if you're money is not investing properly if you're not growing it your money is not not game. your $100 will look $75 in 10 years. neil: people still near retirement should be invested or take all the money out because they need that money as they're retired? >> it will be depend on their nest egg, how much you put away. i think you want your money to be growing because of two factors, inflation, and cost of living. keep your money in the game, keep it growing. neil: a lot of people conservative with their investments, close to retirement would have missed whole market rally. >> i have talked to people that pulled money out, left it in a savings account or something, that is unwise. you have the opportunity to be plugged in. it is like a roller coaster, i talk about that in my book. investing is a roller coaster, you will have ups and you will

have downs. literally look at the track record of the market and what is going an, your money better plugged in growth stock mutual funds and retirement accounts to help grow your moneys isly over time. neil: what do you tell people over time, i want to park, stop working period? this is more kind of an emotional question, do you tell them you have to do something? >> i think its important when you stop working you don't sit. you can have time to relax. i think having activity plan. what do you want to do? mission trips? side business? travel and spend time with family? take a vacation. that activity plan will help you look out to know what you're doing next six to 12 months but you have the option, neil. you have the freedom to do more things you want to do, not things you have to do. neil: a lot of people feel compelled to leave something for their kid. how important is that? >> to me leaving a legacy is a big deal. neil: you like your kids? >> i actually love my kids most of the time. neil: your mother and i are

spending every last penny. >> i don't believe that, i don't believe that. >> really. >> when we step back, you want to leave something to your kids. if you do you want to be intentional what that is, also start to educate them to help them understand. this inheritance was intentional. it is not an accident. you want them to start to understand how to use it wisely. i teach my boys three categories of money. spend, save, give. they have their little envelopes. it empowers them at 12, is, 10 to do those things. neil: are you as cheap as dave ramsey is? >> you no better than that he is not. he is very generous man. you know that not at all. neil: trying to get you on a weak moment. chris hogan. he and dave ramsey geniuses all on this stuff, way ahead of the curve. planning ahead of time. making sense and leaving a little for your kids but not too much. building a website in under an hour is easy with gocentral...

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neil: all right. welcome back, everybody. the house is expected to vote on that tax bill very soon. the senate after that. a lot of people turn here to our capitol hill senior producer chad. but you know what says on this gets it right so often? the people working there in the house. they want to know what they're going to be doing next. chad tells them. chad with us right now. very good to have you. what's going on right now? what's next? >> well, we're in the final stages of this debate on the house floor right now on the tax bill. they should start this vote series about 1:30, 1:45. it may be a little bit later. sometimes the democratic

leaders, they use what's called the magic minute where each member is allowed just a minute to speak, and they stretch it out a little bit, so we could hear passionate speakers from nancy pelosi, also paul ryan. they tend to give them a little bit more leeway. that's why it's hard to judge. three votes in this series. it will be the second vote in that series and probably some time after 2:00 we will have a final result. this is expected to pass. they only lost 13 votes on this bill. a similar bill when they moved this through the house of representatives in november. they're expecting a similar vote coming up here this afternoon. and then it moves to the senate. vice president mike pence is here lunching with republican senators right now talking about the final stages of the tax bill. he will go over there late this afternoon. they will get ten hours of debate. but they shouldn't take all of that. vice president pence will reside over that final vote in his capacity of the senate. he's not expected to need to break a tie. again, you can

only break a tie if you have a even number of senators voting. we know they will have a maximum number of 99 senators voting with john mccain out. we're hearing maybe 9:00, 9:30, 10:00. it tends to skew a little bit later when we get into that time. so probably before midnight, neil. neil: chad, the one wild card in the senate seems to be jeff flake. we know how everybody else is going to go. flake was a "yes" vote last night. it was corker who was a "no" vote last time. he's a "yes" vote this time. do we know where we he's leaning? >> no, we don't. he's someone very concerned about deficit reduction. that wasn't enough to get him to vote "no" on the original bill a couple of weeks ago just before thanksgiving. the other issue -- and this was part of his contingency to vote for the bill is he would have them address daca, people coming here as minors with their parents. that's something that deals directly

with tax policy, and he wants an assurance. and he had another meeting about that. he hopes they'll address that in january. even if they vote "no" on this bill, it will pass if all the democrats vote "no," they would pass this with 99 senators casting ballots. neil: republicans are hoping this will turn their fortunes around where americans seem to favor democratic control in the house and the senate. but a lot depends if people are feeling the impact on those tax cuts by a year from now; right? >> well, that was something that kevin brady, the chair of the ways and means committee, the author of this tax bill said. he was asked friday night when they released the final version of this bill and said you went from four brackets in the house to seven. will people still be able to file their taxes on a postcard? that was one of the big things they promoted to say, hey, we're going to simplify this tax code. so going from four

brackets to seven, some people think, well, that does complicate it. there's a lot of people who say most people who file, won't be able to fill out that tax card, so most filings won't come in that way, and it's an issue with perception. remember a couple of years ago. i think this was in 2009 where there was actually a rebate of $800 that went to a lot of taxpayers. this was after, you know, the financial crisis in 2008. and guess what? most americans thought that their taxes actually went up. so sometimes it's an issue of feel good politics, you know? how do people perceive things. and most republicans will concede that a lot of these benefits probably won't be felt until some time down the road. that's also when you might be able to determine whether or not it's not working. you know, we say here on capitol hill a lot of times, neil, that legislating is not like making sausage, it's like making wine. you grow the grapes, put it in a bottle, and then you open it up several years later and you don't exactly know what that wine is going to taste like. legislation is very similar. they're going to put it in the bottle today and here in four

or five years we'll open up that tax reform wine and see if it's a very bouquet. neil: you're talking to one who understands the wine analogy. inside and out, let's get a vote from republican carlson. sir, very good to have you. how do you think it's looking? >> neil, i'm betting on a good wine a few years from now and i actually really like wine. so i appreciate that metaphor. i feel good, and i think today is going to be a good day but especially for those who have been felt out of the economic recovery who have heard about it and read about it but haven't experienced it. i really do think that this tax bill is going to go deeper into our society, expand

opportunity for everyone, especially young people. many of who struggle to find good jobs after college. a lot of immigrants who live down in south florida community who come to this country hungry to work and to contribute. this is going to mean more jobs, better jobs, higher paychecks, and more opportunities for them all. neil: well, maybe that would be the case in your state. big beneficiary because it's a low or no tax state. not so amongst some of your colleagues who are wrestling with losing that state and local tax write-off. so in new york, illinois, california, some of these other places, they're arguing that maybe not so good. and they're not going to vote for this. what do you say? >> i understand those concerns. and every member has to vote their district, no matter their party. that's the top priority. but what i would say, and i understand a lot of wealthier people who live in these high tax states are concerned. but this is actually going to provide an incentive for states and local governments to reduce tax burdens on their community. so i think in the long-term

this could actually be very good for those states, i understand that some of my colleagues are apprehensive about the short-term effect that it could have on some of their states. however, the big goal here with this bill, neil, is growth. and the greater growth we have in the economy, the better it is for evan. that's what we're going for. neil: do you ever worry that the markets, the economy acted on this ahead of time. once this passes, assuming that it will, that you might be disappointed. >> surely some of it has been baked in. we know markets are forward looking and the markets have certainly performed well here over the last year. however, neil, i think that when american companies start bringing back over $2 trillion in overseas profits, when american companies start investing more, when people's paychecks start rising, i think that's going to grow a confidence in the economy and the more confidence -- liz: but, congressman, what if

those companies plow it back into their stock? and that's all they do? at least in the near term? now, that's still very good for the markets, still very good for the shareholders with still very good for people who are infested through their retirement plans and what have you, but it's not a direct job investment right away. >> and some companies will certainly do that but others won't. neil, i can tell you almost any outcome is better than having $2 trillion worth of american profits parked in foreign bank accounts. when those funds come back, sure. some of it is going to go back into stock buy back. but like you said. that's good for the markets. we know teachers, firefighters, police officers all are invested in these pension funds that depend on a good return from the markets. so even that is going to help the average american, help american workers. but, of course, many other companies will invest in their employees, will build new

facilities, expand competition, and that's more number of workers because unemployment is low right now. neil: could be a long nightly there in the house, certainly in the united states senate. kevin mccarthy is echoing the points that congressman just made. but, again, a lot of this has to do with what your boss is going to do. remember, he or she is going to be presented with new irs tax tables early in the new year and by february, we are told, be ready to spit out what would be a net tax cut for you. the question is how much? but a lot of that has to do with redoing w4s. those things you fill out to write down the number of exemptions you have. you'll have to redo that and then file it with your boss and then await for that tax cut. so it's not sort of a one, two, three step process here. to the national taxpayer union. that alone could be an involved process, you know? >> yeah. neil, what you laid

out there is so important. the implementation of this bill needs to be immediate. you've already heard the president talk about taxpayers getting relief in their taxes starting in february. and that means treasury needs to move on this as soon as it is passed into law. so treasury issues guidance on the new withholding tables and then it's up to the payroll companies to implement those changes for that to start showing up in people's paychecks. and you mention too that employees really need to fill out their w4s. this is a good reminder for all of your viewers that if they've had a life event to make sure that that information is updated on their w4. but as well as moving into this next phase with a new tax system, the child tax credit is really important with the tax changes in this bill. taxpayers need to make sure that they're able to take advantage of that tax credit by making sure that the right information is on file with their employer. neil: that's a very good point too because a lot of people forget that the exemptions

that used to be allowed will not be allowed. we'll get into the fine details of this. keep in mind, it's better than 500 pages. so some of that might have to be started by scratch by every american worker submitting a new w4. maybe not. but if that were the case, that is potentially going to delay people seeing that tax cut; right? >> well, and, listen, i don't want anyone to get the wrong idea. this tax bill is going to massively increase simplification in the tax code. so filling out that w4 is going to be a lot easier than trying to figure out your tax liability by the end of the year. neil: that's a very good point. people hate it. like, oh, my gosh what do i have to do? some of these are on automatic. but i'm told -- i don't know whether or not this is true or not. but whatever w4 you have on file with your company now, you will have to resubmit one in the new year or at least work on one now for the new year. >> that may be something that depends on your hr department. but i certainly think all hr departments and companies should take a proactive approach here. making sure that their

employees know that they need to have an accurate w4 for these tax changes to take effect. and moving into the next year, i think it's really important that americans see this relief show up in their paychecks immediately. the opposition to the tax bill is not going to change. it might just get louder moving into the election year. so republicans need to be able to show the impact of this pro growth policy, which i believe will be huge. people are seeing it in their take-home pay every pay period, they'll have a right to be skeptical. so really make sense for republicans to make sure that their employers and districts aware that this is their responsibility to implement these new rules and to make sure that americans can see that tax relief that has been promised to them. neil: yeah, i think you're very right about that the. with the one thing we learned from ronald reagan certainly in the first tax cut is that it had delayed grabbing. and that cost republicans a lot of seats in the midterms. now, obviously, things quickly turned around, and he went on for reelection in a landslide,

but it could take a while; right? >> yeah. and the opposite is true in the bush tax cuts. if you immediately change withholding tables, people start to see dividends on the tax relief plan, which is really important. so i think that moving forward -- i mean, even as early as next week even though we're heading into the holiday season and there's going to be a lot going on in people's personal lives, employers really do need to take a look at this and make sure that they employees have the right information on file. neil: thank you very much. good seeing you. >> good to see you too. neil: in the meantime, there's not only a tax cut that presumably goes into effect next year, it's also time for the winter olympics in south korea. the russians may not be going, but what if i told you a lot of other countries might not either. the scare over those winter olympics. after this

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neil: well, they are not messing around here. u.s. and chinese soldiers in the mountains. the former secretary of state john joining us right now. sir, always good to have you. thank you for taking the time. you know, i'm increasingly wondering whether there will be an olympics. i guess it depends on the next missile test or what we do in

response or what the north koreans do after that. but what do you think? >> well, i think we -- this is not the time to flinch. i think we really need to go forward with these. i think the south koreans are very capable of taking effective security measures, and we give them our full support in that. we've been drilling with them and getting ready. and i think that we can count on a safe olympic games. and if there is some kind of effort to disturb the games, i'm sure they'll handle that situation very well. neil: what do we do in the event that the north koreans up the missile testing, especially right before the february start of these? >> well, i mean, this is a very serious situation. and hopefully some kind of result will come from the efforts to pressure north korea to abandon its program or at least come to the negotiating table. i know there's a lot of

diplomatic activity going on behind the scenes. i know there are efforts to enlist the support of the people's republic of china. i think this is -- there's no silver bullet here, no easy solutions. neil: you know, i wonder, though, yesterday when president trump had his america first national security speech laid out our strategy, one of the things he said of china was that it was a strategic competitor, ambassador. he said it's pursuing policies of economic congressing, the same that weakened the u.s. and by association, russia isn't much better. whatever your individual thoughts on that, are we surprised when china responds, the remarks are reckless and irrational? and probably there at least verbally less inclined to help us on this. what do you think? >> well, i think it's a bit of a dilemma on both sides. i think china has engaged in some behavior that is harmful to us, particularly in the economic realm. trade, protection of

intellectual property, and so forth. on the other hand, the question the korean peninsula is something the united states and china have consulted upon quite consistently for the last 25 years. and to the best of my understanding, that still continues. so i would hope not withstanding some of the rhetoric that is going on that this will be an area of continued cooperation. i believe it's certainly in our mutual interest to do that. neil: you know, ambassador, i would be curious what you think would be deemed an act of war. i don't want to sound simplistic here but a lot of people say we shoot down the next missile or take it to the next level, we shoot down the, you know, the bases from which these missiles are launched if that were to occur. now, i guess it depends on what your definition of an act of war is. but either would be deemed an act of war, would it not? >> well, i think the problem is that the more you contemplate a military approach to this matter, the more horrific or horrendous

the outcome would appear to be. because there's probably no way if it does come to blows of avoiding some kind of retaliation by north korea against south korea since the city of seoul is so vulnerable to even conventional artillery attacks from the north. so i think once you go down the road of a military approach to these things, the going to get very rough. neil: you know, the fear seems to be that anything economically we've tried, sir, has failed. any promises we've tried to exact out of the chinese have not come to fruition. maybe behind the scenes, that's just not true. but the constant cynicism expressed within the trump white house with the chinese or even approaching doing anything substantive to reign north korea in. do you believe that? >> well, ultimately i think we and the chinese have to come to some agreement about what kind of korean peninsula we want to see.

and then put it in some kind of context. i think the chinese have some concerns that if this is subjected to some kind of random currencies that we could end up with u.s. troops on the river or with north korean refugees flooding into china. those are the kinds of things they don't want to see. the only way i could see avoiding that is for us and them to engage in intense diplomacy about the outcome that we wanted on the peninsula and work together along with our allies in japan and south korea to achieving that. i think it can be done. but it's a tough road ahead. it's the toughest problem that has come along in a long time. neil: all right. ambassador, very good seeing you again. thank you. >> thank you. neil: all right. republicans right now are putting the full throttle on to get tax reform passed, at least in the house first. they're still debating that. and then, of course, it goes to the senate for a long debate.

possibly then tonight to the president's desk. and then it's on a new battle royale. because at 12:01 a.m., guess what? we all run out of money. yeah, take a look at your wallets. i mean it. after this

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>> welcome back to cavuto coast to coast. i'm nicole petallides. we're watching everything housing. we have our number for single family home buildings as well as building permits. and there's great news there. you can see surged to more than a ten-year high with home building 5.3% to a rate of 930,000 units. the highest since september of 2007. and those building permits are really an indication of what's happening going forward. so really a lot of optimism in the housing market. lgi homes up a quarter percent. and yesterday we heard from

the national association of homebuilders and their confidence level was at a 18-year high. a lot of people taking profits off the table. don't forgot technology has had an incredible year to help boost for the nasdaq and s&p. but netflix down 2%. apple down 1.55 at 184.87 after a downgrade and this was a downgrade of 175 to 185 from the iphone 10. neil. neil: thank you very much, nicole petallides. in the meantime just on the verge of voting on this massive tax cut. but like planes at laguardia, it has another big issue to deal with. a spending measure because technically, the government that would be us, runs out of money, 12:01 a.m. on saturday. got to do something to avoid that. adam shapiro with the latest on capitol hill. adam, how is it looking? >> well, neil, this is what's going on. we're being told -- take a look at the house floor right now. because they are debating getting ready to vote on the

tax bill. but members of the republican caucus are telling us that leadership has told them get ready for a cr vote, a funding vote wednesday. and that version that republicans in the house are going to propose includes the full funding for the department of defense through september 30th. democrats last week when this was all announced said that's dead on rival. so in the senate, the democrats are never going to go for that. and then they're also talking about billions of more dollars for hurricane relief, wildfire relief in california. when you add it all up with other measures that have already been approved, it's almost 130 billion in nonoffset spending. conservative republicans are going to have a problem with this. nonetheless, we do expect to vote tomorrow in the house on the continuing resolution. in the senate, we expect it to be stripped, go to maybe january 19th with the continuing resolution. send it back to the house and see if they would be willing to swallow that. so where does all of this stand? well, the president through sarah sanders and the white house is saying they'll get it

done before we run out of money. here's sarah sanders. >> we're going to keep working with both democrats and republicans to ideally make sure that doesn't happen. it had, we're focusing on making sure we get the tax cuts and tax reform package passed, and then we'll start working on that as soon as that wraps up. >> but, of course, working together is something that the democrats are saying, well, we want to raise some of the spending caps. and let's talk. here's what senator schumer said just moments ago on the senate floor. >> our republican friends cannot pick and choose what they want and do what they did on the tax bill. do what they did on the health care bill. say democrats, you're not welcome to be part of the deal. this one ain't under reconciliation. >> which means they need 60 votes. so if you're adding up all of this in the past, these continuing resolutions when they increase defense spending and domestic spending, this times what the republicans in the house are proposing deal with defense spending, we'll

deal with domestic later. the democrats are saying that containment going to flow according to senator schumer. neil: all right. thank you very, very much. nancy pelosi not a fan of this tax measure. we're monitoring what she's saying. i'm taking a leap here to say she's not going to vote for it. but lawmakers are also missing a chance, according to my next guest to take a longer term view of things beyond tax cuts, beyond spending, and more to a budget that's out of control. the woman who has been bemoaning that for some time. maya, whether or not weather it's tax cuts or spending, we do know the debt is piling on and on and on. democrats blaming republicans. republicans blaming democrats. but an uncanning habit of that going on with both parties. do you see anything in the works that would curtail that? >> oh, i think things are going to get much worse. what i think, unfortunately, is happening with this tax bill is that it is the breaking of the fiscal dam.

and now what we're going to hear over and over as democrats are brought in, and they have to be part of the process because you can't do things with just 50 votes in the senate for a lot of the up coming things. instead of saying, oh, well, we don't want to borrow more, which is what they were saying during the tax bill, they're going to say, well, you borrowed for your things for the tax cut and now we want to add a lot of borrowing for a lot of spending priorities and other spending priorities. and that old-fashioned notion that we should actually be paying for what we do, i'm afraid is going to be completely lost, and we are going to watch our budget numbers and our deficit numbers really climb in the next couple of years. neil: you know, i did notice there was an unordinant amount for the tax cuts 1.5 trillion planned over the next ten years were really paid for. but, you know, maya, what i did notice, everyone just seemed to ignore or accept the face value that spending itself would add another 10 trillion to the debt in the same period of time. why did no one make a big deal about that? >> well, i so agree with

that. i think the most stunning thing that happened this past year is that the first budget that was passed in the republican congress, which for years had been insisting our budget is going to reach balance over ten years. we're going to cut spending. we're going to reform entitlements. we're going to bring the debt down. that budget that was passed everybody from the freedom caucus on did not reach balance. did not cut spending by a penny. did not fix entitlements and brought the debt up. as you said by $10 trillion over a decade instead of down before the tax cuts. so it's really as though the kind of -- the concern about paying for things and controlling spending got completely lost in this frenzy of tax cuts. we want that so much. and, again, i worry that the precedent -- and we should not minimize the debt of a trillion dollars plus from this tax reform. yes, it will grow the economy but very troubling, it will grow the debt. but that precedent is going to make paying for things so much more difficult. and i'm not sure when we will once again start to realize this is so damaging to our

economy. >> each party, you know, launching its precedent with the health care measure that really wasn't remotely paid for and back and forth spending our tax cuts. i guess what i'm wondering -- and maybe it's just the nature of the beast and a lot of these guys in the house is two-year terms and already focused on the next election. they're already focused a year from now in the midterms. so who's going to be brave and touch any rails or entitlements in that environment? and there's just as much of an excuse right after the midterms to not upset the presidential election year. and on we go. >> so what i would agree with is that paying for things or being fiscally responsible is really hard. it is much, much different than the talking points. i do think that this tax cut because it's borrowed so much to talk about a trillion is kind of changing the terms of the game. and i guess i would disagree with you. i think the health care was problematic in that it created a new entitlement. but it was, in fact, offset, and we could probably go back and forth on that for a while. but i think now the whole notion that we're not paying

for anything is something that we will hear from both parties in the coming year. and i think democrats will say, well, republicans broke it with the tax bill and there will be a lot of finger pointing. again, i think the real key is if you want to fix this problem, you have to be willing to pay for everything you want to do. whether it's tax cuts or spending increases. neil: you don't distinguish between tax cuts and conventional spending? >> i do. i think that tax reform can help grow the economy and some spending increases are better than others in terms of economic growth. i think what you need to do is distinguish the effects of economy policy, not exaggerate it. and i think republicans and democrats will always fight about taxes and spending. that's one of the big differences between the parties. but i think a fair set of rules would say let's not make the debt worse. we'll continue to fight about the size of government. but let's agree that we shouldn't borrow just for the things we like and ignore the other side. let's put in a pay as you go

principle to make the not worse. neil: see, i would propose all the things that i like and whatever you like, i wouldn't push it at all. >> we could agree on some things. entitlement reform, i bet. neil: yeah, as long as my entitlements are protected. >> same with your tax breaks. neil: exactly. exactly. now you're getting it. seriously, great talking to you as always. very good read on things on both sides. the pot is on both sides of the aisle, as she says. the house of representatives where we're told they're not too far away from actually rolling up the vote here. it is expected to pass the house. the big sort of level at which how many republicans vote "no" last time in the house it was 13 voted "no." all democrats voted "no." they're expecting it could be a few more. but as long as it's not more than 22, it passes. we'll have more after this ♪ traders -- they're always looking for advantages. the smart ones look to fidelity to find them.

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neil: all right. more details coming in on that amtrak derailment in washington state. fox news with much more on that. what are you finding out? >> well, neil, a fierce winter storm is making a challenging situation here even more difficult as federal investigators try to figure out what caused yesterday morning's train derailment and highway officials working to get this stretch back in service. you know, a four-mile session of this very busy freeway has been closed for more than 24 hours because of all the wreckage. but crews have hauled several train cars away now on flatbed trucks. they still need to remove a few more and make sure the road is safe to open to traffic, and we're told that may not happen until tomorrow. meanwhile, speed is emerging as a possible cause or contributor to yesterday's derailment. that led to three people dead and dozens of others, some seriously. investigators say the amtrak train was going nearly triple the speed limit. >> the preliminary information shows it was going 80 miles

per hour. we don't know exactly why that's happening yet, and we don't know the speed profile for the whole territory, which is something we need to find out. >> the tracks, which had been used by freight trains for years had recently undergone a 181 million-dollar upgrade t enle high speed pasnger service beten seattle a portland. yesterday wit its inaugal n, though, positive tra stop a speedingrain was not in use and one local mayor pdied therwould be fatalits with the trains traveling so close to pedestrians. at this time we will not speculate about the cause, and we encourage others not to speculate as well. but people are going to want answers and soon as to why this amtrak train was going 50 miles, neil, over the speed limit. back to you. neil: incredible. thank you very, very much. in the meantime, we are

watching them on the floor of the house right now where each party gets a chance to yap about this before they vote on this. again, we're running a little bit behind schedule. but this is the house's chance to vote on that agreed conference committee compromise. and then, of course, assuming it passes there, it moves to the united states senate where they have presumably ten hours of debate after this vote on it presumably late tonight. charlie gasparino with more on that. you know, charlie, you and i were mentioning during the break. we take in what is it? two and a quarter trillion dollars to support our government. and i would think that would cover everything, you know? >> you would think. but we don't -- there's no entitlement reform in this. and the reason why -- listen, let's be real clear here. i think i might quit my job and become a private quit manager running it through an llc, a pass through because if you work, and you're moderately successful and particularly in new york, new jersey, or california, you

are paying for a massive corporate tax cut that's going to be really good for stocks. and so, you know, you're going to get hosed by them taking out the salt deduction, the state and local tax deduction. so you might as well quit your job, get an llc, and become a private equity manager because despite what president trump said, they kept the private equity -- neil: does it hurt your feelings that people were clapping when you mentioned you might quit? >> i'm going to be rich. the people here who are clapping are going to get hosed on salt. but i'm going to make out like a bandit. neil: i get e-mails on your appearances and put it on social media, which is a media -- >> team cavuto. neil: at team cavuto. and one thing that they're saying is charlie doesn't see anything good in this tax cut you say? >> no, i do see good. the corporate side is excellent. but let's be real clear how that's being paid for. it's being paid for by hosing certain people in certain

states. and i think noel -- she's my friend and known her for a long time. and she wouldn't answer this question. can -- neil: because she hates you. >> that or she just doesn't want to answer it. can the gop maintain its majority in the house if they have zero republicans from blue states that are getting hosed in this tax bill? because people will get mad. neil: well, they've obviously factored that all in and the 13 voted "no" last time and a similar note could vote "no" this time. but is it your sense that even the net tax cut that americans do receive will not be enough to make them feel good? you've heard the other approach. well, this is better than doing nothing you say. >> listen, i know what real tax reform was. i know that ronald reagan took down the top rate to 20%. neil: very different times. >> i agree but it's down to 28%. and i know that george w. bush took it down lower. 36, maybe? neil: so you don't like this

tax cut. >> listen, i don't mind getting rid of salt. but lower taxes. do it in the context. neil: in the beginning, the corporate tax, you cut that, that will do a lot of good. >> for the markets. neil: will that have any extended benefits that trillions come back home and what happens. >> i think it has to. neil: but it won't necessarily be immediate. >> it might be immediate. listen, i think trump by just cutting back regulations immediately helped gdp because companies know they're not goosed hosed with. neil: what do you think this market would be if hillary clinton had been elected? >> that's a good question. i just think that she -- if bill clinton were elected, i think it would probably be where it is because he knows -- he would be smart enough to lower the corporate tax rate. if hillary clinton -- neil: he lowered a lot of investment-related things. >> capital gains as well. i think if hillary clinton were elected, it would be -- it would be not at 25,000 for a lot of reasons, including she became a socialist. neil: she became a specialist

okay. let me look like into that. just when you think you're done, you're done. he is talking about this tax cut measure right now on the floor of the house. let's listen. . >> i want to personally thank one of my pre predecessor predecessors from the ways and means committee with and that is dave camp. helped us get to where we are. i want to most of all commend and express my profound admiration to the architect of this measure. chairman kevin brady. his endless patience and his persistence and his great demeanor have seen this through and gotten us to where we are today. my colleagues, this is the day i've been looking forward to for a long time. we are about to achieve some really big things.

things that the senate have scoffed at for years. decades, even. ideas that have been working on for so long to help hard-working americans who have been left behind for too long. today, we are giving the people of this country their money back. this is their money, after all. speaker of the house order. the. >> of law against the rules of the house, the sergeant-at-arms will identify the person or persons responsible and have them escorted from the house chamber before proceedings will resume. neil: all right. they cut off the audio here.

probably because this protester might be saying some not so nice words. this is the final selling pitch hearing from the speaker of the house paul ryan. let's listen back again. >> the chair will also remind all persons in the gallery that they are here as guests of the house and that any manifestation of approval or disapproval of the proceedings in the house are in violation of the rules of the house. the chair recognizes the gentleman from wisconsin, the speaker of the house. >> i would like to remind my colleagues that my minute can last for as long as i want it to last. i'm just saying. as i was saying, mr. speaker, today we are giving the people their money back. the bottom line here is the typical family making the median income in america will get a $2,059 tax cut next year

alone. [applause] what this is is real relief for families who are living out of their paycheck to paycheck. struggling to make ends meet. you know, they hear about the economy getting better. they turn on the tv, and they see the stock market going up. but now we need to make sure that these people in our communities and our country who are struggling see their own personal economy getting better. and that's what this is all about. we've got to understand that times are tough for a lot of people in this country right now. today, this is about how much better things can be. this is about more jobs. it is about bigger paychecks. it's about faster growth and upward mobility. it's about a strong economy that makes all of us stronger and healthier. those are the effects. those are the benefits of tax reform. here is the heart of it. and here is why this is so vital that we do this.

here is what it speaks to and what i truly believe is a generational-defining moment for this nation. our tax code is so broken that it undermines the very thing that makes our nation exceptional in the first place. it punishes hard work. it discourages our entrepreneurial spirit. it dims freedom and free enterprise. it limits our potential of our own people. when americans see good jobs going away, when americans wake up, and they see the companies that they grew up within their communities going away, they wonder if we have lost something bigger. the mission that drives us here today is to restore this beautiful american idea. what is that idea? that the condition of your birth does not determine the outcome of your life. you can work hard, play by the rules, get ahead, and make a better life for yourselves and abeven better one for your kids. it is that sense of

possibility. we want people to be free to strive to make the most of their lives. we want a country with the resilience to endure and tackle all of its challenges. mr. speaker, economic growth and job creation will not solve all of our problems. but it will help make all of our problems much easier to solve. this is the direction that we are choosing here today. because we know exactly where the status quo leads us. for years, the powers than have been in stonewall reform under an era of arrogance, consending and particularistic ideology. an ideology that seems to limit mobility, limit aspirations, to accept less in our lives. it's a view of the world that sees life in the economy as a zero sum game. your gain comes at my loss,

therefore, we can't do it. look at where this got us. the worst recovery since world war ii, flat wages, and the economy just limping along. stagnation is a breeding ground for a class-based society where elites predetermine the outcome of our lives. that is not the american idea. they will tell you this: just hand over more freedom to the unelected bureaucrats, and they'll figure it out. they know more. we'll all just be okay. hand oar more of your hard-earned dollars to the irs, and it will all be okay. there's your scam right there. we know given the opportunity there are no limits to what our people, our fellow citizens, our brothers and sisters can do. yet for years now, this tax code has been skewed to the well-concluded. full of special interest

carve-outs and loopholes. meanwhile, the hard-working family in america has got to jump through all the hoops that the irs can muster. reform means we bring rates down at every level. we clear out these loopholes so that people can keep more of what they earn in the first place because it's their money in the first place. [applause] no special favors. just basic fairness. reform means simple too. nearly nine out of every ten americans will still be able to do their taxes on the size of a postcard. that is amazing. and given the opportunity, there are no limits to what our workers can do. yet our world has changed and the world has become more competitive, closer, smaller, our tax code has not. instead of leading, we've been falling behind. to the point where we now are

the worst in the industrialized world at how we tax our businesses. we tax our businesses a whole lot more than our foreign competitors tax theirs. they win. we lose. that's not fair. it is basically open season for our competitors to come in and take our jobs overseas under the current tax code. reform means we go from back of the pack to the front of the pack. so instead of the slow growth that we've been vlogging through for years, we want to get back to real sustained economic growth. we want to build an opportunity economy where there's more demand for higher-paying jobs. that's the purpose of all of this. make sure people can grow up and reach their potential. make sure the jobs are there to give people the careers they want so that they can reach their potential so that their families can reach their potential. that's why we're doing this. this is without question the single-most important thing we can do to once again make america the best place to do

business. you know, there's more than just that in this bill. with this bill, we're finally restoring the freedom of make your own health care choices. by repealing the individual mandate at the heart of obamacare, we are giving back the freedom and the flexibility to buy the health care that's right for you and your family. and finally, we are doing something truly to put america in the lead. we are doing something historic to develop our own energy resources. some people have been working here since i was in the 2nd grade on this project. after decades and decades in this chamber, we are opening up a small nonwilderness area of the alaska national wildlife refugee for responsible development. that is the most ambitious step we have taken in years to secure our own energy future. this is one of those times to just take a step back. let's just take a minute, collect ourselves, and step

away from the noise. we talk a lot on these jobs about turning points. there is no doubt that we at one of those turning points right now. and this one will determine the kind of country we are going to have this century. but too often, we have seen before how doubt creeps in. how the tyranny of short-term thinking goes over and how history fails to turn. there is after a all reason that this has not been done in 31 years. this really is a generational-defining moment. and let's let this generalizingal-defining moment be defined by optimism, not by fear. by the rising aspirations of our people and not doom and gloom by what we've come too familiar with. this is our chance. this is our moment. let's turn at this turning point. let's reclaim the principles that have guided us for generations. let's recapture our destiny

for generations to come so this beautiful story of the american idea is repeated and passed on to the next generation. a nation more united, more prosperous, and, mr. speaker, more free. pass this bill i yield. [applause] neil: all right. that was speaker paul ryan's way of saying take that, charlie. with charlie, i have john. what did you think of what the speaker said? his final pitch to make this vote count. >> well, i think he has the right idea. of we had the 10-year treasury yield jump above 2.45%. that is not very high. but that is one of the reasons why i think markets are lower. so we have -- neil: they are not a lot lower. they have gone a lot higher. >> we've given up some financial

flexibility as far as fiscal policy in the future is concerned. neil: why are you worried about the cost of the tax cut but nine, 10 trillion in added spending is a problem? >> i think what i'm concerned about is you may have too much of a flight take place in the credit market. we may find that bond yields get ahead of themselves. neil: so we shouldn't get too happy? sound like you? >> i think he is right about some of that two things, quickly. >> paul ryan, disingenuous, big private equity loopholes still in there. best what, if they pass this bill, donald trump may actually be worth a couple billion dollars. neil: is there anything you like in it? >> yeah the corporate tax rate coming down. neil: you sound like hater, hater. >> this is perfect. donald trump doesn't have to bs worth $10 billion anymore. neil: john lonski, you think it helps the economy. >> i think it helps the economy. growth will be farcer by a quarter of a percentage point. neil: do you think gasparino are a hater? >> charlie on private equity

front overlooking the fact -- neil: i asked you whether he is a hater. i didn't want to go into a dissertation about it. john, you're brilliant. i wish we had more time. we do not. time to go to trish regan with the dow off its low. to you, trish. trish: thank you very much. there may be a few haters. nothing to the exextent of charlie gasparino around here. you're looking live look at the floor. do we have that? they just wrapped up speeches. they are voting as we speak on the republican tax bill. we heard from paul ryan. we do expect the bill to pass in the house with no democratic support, absolutely none. tonight the senate will vote on the bill. it is expected to pass there as well. we'll hear from the white house just in any minute, as far as what the president thinks about this, this is of course his very first legislative win, very big deal for the white house, very big deal for republicans. as for the market we're