say but they have a lower price demographic. they're expanding in rural areas and really worked out well for them. liz: well let's hope we see new things here, chief investment officer for renaissance. that will do it for the claman countdown. >> all right they're dubbing this tax cut tuesday. i was so close. massive tax reform bill just passing the house and moving on to the senate but after months of anticipation and record highs , stocks are actually ending the day in the red. the dow though off its lows all through the major averages closing lower we'll tell you why i'm melissa francis. tax cut day. tax cut tuesday. david: we thought it would never come. i'm david asman. we're so glad you could join us it is a historic day after the bell we got a very busy hour. let's get started. >> on this vote, the yays are 227 and 203 and the conference

report is adopted without objection to motion to reconsider and it's upon the table. >> [applause] david: is he happy or what? the house just passing historic tax reform this afternoon and now, the fate of the tax bill moves on to the u.s. senate where debate is underway and a vote is expected tonight if the bill passes the senate we are looking at the biggest tax overhaul in 30 years. we are covering it from d.c. to wall street and beyond. let's go first to adam shapiro for the very latest from capitol hill. adam the president's legislative agenda appears finally to be moving forward. >> yes, at least on the tax promises and the cuts for tax relief for the middle class but here is where we stand right now the senate has passed the motion to proceed because let's show you the video. they received the bill from the house as you showed video of paul ryan with the fact the house had passed the tax reform bill, so the tax cuts and jobs about was delivered to the

senate. they then had a vote on proceeding to get on to the bill we're now in the debate. we could have 10 hours of debate or they could actually see back time the republicans get five hours, the democrats get five hours if they were to seed back time we would then go to the vote and this is expected to pass. liz claman was pointing out earlier the simple majority would pass it all you need is 50 and it's a done deal because john mccain will be in arizona and he won't be able to vote. here is what paul ryan said about this historic moment. >> on january 1, americans are going to wake up with a new tax code. in february they're going to see withholdings go down so they see bigger paychecks and april 15 will be the ] day they have to comply with the old bad system. this is a good day for america. >> and one last thing david and melissa as i throw it back to you. there had been question whether thad cochran would be here. he is here he was at the republican lunch earlier today and he did vote yes for the motion to proceed so again, simple majority 50 and it passes

we expect that tonight. back to you. david: i almost don't want to say anything. i don't want to jinx it. we've come so close we're this far away from it adam shapiro thank you very much. melissa? melissa: president trump is inch ing closer to his first major legislative win of his presidency bringing the american people a huge tax cut. let's go to blake burman on what the president is saying today. blake? >> hi there melissa the president just weighed in on twitter a little while ago. he congratulated leadership within the house, paul ryan, kevin mccarthy, kevin brady and on down the line as you'll see there and "all great house republicans who voted in favor of cutting your taxes" that from president trump just a little while ago. here at the white house, especially during the briefing, they had to answer sarah sanders did to two specific issues. that dominated the briefing as it related to taxes. the first the carried interest loophole. the president said his tax plan would get rid of it. his top economic aid said the tax plan would get rid of it and this tax plan does not.

sanders though maintained the overall bill benefits the middle class that was part of her response. here was my exchange with her listen here. >> does the white house believe that somebody who makes 83,000 saying somebody whose hundreds of millions potentially do you guys believe that is fair? >> we feel like this plan fully addresses helping the middle class, giving the majority of middle class americans more of their money back and that's what we've been focused on. >> now the second issue was whether or not the president himself and his family would benefit from this tax plan. the president, a few weeks ago at the end of november, said that the tax plan would cost him a "fortune." the white house repeatedly asked about that today and sanders hedge a bit. >> in some ways, particularly on the personal side, the president will likely take a big hit but on the business side he could benefit. >> now once again melissa, they shutdown any possibility at least in the near future that the president would release his tax returns to once and for all

show if he would benefit or not. melissa? melissa: this is what we're debating at this hour with historic tax changes, you know, going on here. anyway interesting blake thank you so much. here now is republican congressman steve pierce. as you heard and maybe you hear all day there is always things people can pick out and attack and say why didn't you do this, why didn't you do that. overall how do you feel about the tax plan? >> i feel very strong. i think it's going to raise wages for middle class americans , most of the companies have said they reinvest in new equipment, new hires, but also immediate tax withholdings are going to decrease next year, so middle class family in new mexico that's pretty well us will see about $2059 back out of their taxes a huge amount in new mexico. we live towards the bottom end of the economic spectrum so i'm excited about it. melissa: yeah, i mean this is where the rubber really meets the road because you have one side saying this is only going

to benefit the wealthy and then the other side saying that the median family is going to pay 2000 fewer dollars in taxes next year and they're going to see it in february. it's either one thing or the other and one party or the other is going to look like liars. i mean you feel good about this bet that you're on the right side? >> i do. and you just haven't seen this kind of cohesion since i've been in congress 13 years, so i think there's a deep confidence that we're doing what we promised the american people, we're cutting your taxes, we're also going to start bringing back manufacturing jobs when we lower that corporate tax rate. that's where the manufacturing jobs come back for us small business tax cuts that's new mexico jobs. again we're making those small main street businesses more sound and steady. i just think people will be able to see that right off the bat. the further we get into this and people see that armageddon didn't happen, they see the sky didn't fall and i think the american people are going to love it. melissa: i don't know if it brings manufacturing jobs back.

it certainly brings a lot of companies back & companies in general could raise wages, they could lower prices, they could expand, they could invest in capital equipment. i mean with manufacturing sometimes that's about the cost of labor. what do you think? >> well, the cost of labor has been equalizing so really we've seen pressure to move back since 2010, when companies really began to assess their move overseas, wages overseas have been increasing. really the poverty rate has changed dramatically in the last 15 or 20 years. that means people around the world are making more, that income differential is equaliz ing out. i just think the manufacturing jobs are going to come back here they would rather work in our environment than the overseas environment. melissa: you hear ceo's say all the time if you have a factory somewhere elsewhere labor is cheaper there's a certain amount of your product you have to throw away because there's a cost to having cheaper input means the output is just more mistakes happen. let me ask you one knock is that they say the taxes are going to

go back up on people except for the very wealthy in 10 years when this expires? could you make these cuts permanent? >> yes that's the thing about our opponent's argument is that we need their votes. need 60 votes in the senate. we already have the 51. if we had 60, eight or nine of the democrats to vote with us we could make them permanent so they're the ones that keep it from being permanent and then they accuse us of raising taxes in 10 years. that's the sort of argument we're getting. i understand that the people of america have to understand it but i'll guarantee once they see that money back in their paychecks, eight years nine years from now there's tremendous pressure to go ahead and stabilize this anadem tend it into the future. melissa: congressman steve pierce thank you. thank you great talking to you. melissa: you too. david: of course democrats could always raise it themselves if they want but chances are nobody will raise it on middle class meanwhile back to the markets. it sell on the news today the dow closing down 37 points after historic gains leading up to the tax bill. let's go straight to nicole

petallides on the floor. nicole are traders waiting to see what the senate does tonight >> i mean they're perfectly fine with a pullback of just 37 points after back to back days of more than 140 points for the dow. they got what they wanted, what they expected now they do like what's happening with the tax overhaul, so they're feeling optimistic big picture. we've seen the evidence of one record after another, so slight pullback of a tenth of 1% is as they say not a big deal and also noting can't just go up every single day. a little back is a-okay so we watched the dow down 37, the s & p dropped eight and we saw the nasdac down about 30 points. tech titans they've done great this year and those came under pressure in particular we definitely saw profit ticking there apple got a down grade and so overall you do see this group came under pressure with one of the lagging groups today, so a lot of folks in this group but you had a great year. back to you. david: nicole petallides, thank

you very much. let's bring in today's panel, james freeman, from the wall street journal they're both fox news contributors. gerri markets do seem to be kind of on hold right now waiting to see what happens tonight if the senate votes for this tax bill, which means it's going to end up signed on the president's desk what happens to the markets tomorrow? >> i don't think that much actually we're heading into the end of the week pre-holiday so i think it's going to quiet down. it could be up or down keep in mind we're up 6,000 points since last november. that is enough for about three years, so i would not be surprised that in january, if we pulled back some even if we had a thousand point drop that would be a whopping 4% at this point and corrections are normal and frankly, i hope it happens. there's a lot of speculation out there right now that does not throw me for the long term so hopefully we get a little bit of backing and filling here. david: james let's get into details of what's going to

happen after this tax cut kicks in. you guys at the wall street journal have been critical in fact it doesn't do enough on the individual side but a lot on the corporate side. some critics say look, that's not going to meltdown into the average american's pocket at all to which you say what? >> well, the average american's pocket is being helped right away if you look even the liberals of the joint tax committee admit that every income bracket is getting a tax cut next year, so people will see that immediately. they will start seeing it in february with those paychecks, but look, i know the president likes to say everything is the biggest, the best, it's huge, all of that. this really is the biggest corporate rate cut we've ever had and so going from the highest in the industrialized world to now finally being competitive, i think that can't help but have a huge impact on companies choosing to invest in the united states. david: and gary some people like jamie diamond for example, says look if we have this extra cash we're investing it in expansion.

the way you expand a company you do buy equipment but you also hire more people and with unemployment down so low the only way you're going to be able to hire more people is by paying them more, no? >> absolutely. wages will be forced up that's the nature of the beast when you're at 4% unemployment. keep in mind there's hiring, there's expanding, there's buybacks, there's going to be dividend increases. all are good things. all create wealth going forward whether it's for stockholders or whether it's for people working. for me though, i just think it's a missed opportunity on the personal side. you've got to remember something over the next 10 years, we're going to send washington $45 trillion plus and this is only about 50 billion. david: thanks a lot you're depressing me, gary. >> this is only about 50 billion a year in tax cut on the personal side. i think they could have done a lot better. david: hold on a second let me give james a chance to get in here because steve forbes said

if some folks in the republican party came out and said look this is just a down payment we're going to do what reagan did. this is the first part of a two- part process. the next tax plan that we have which could be coming out in a couple of years will do more on the individual side. do you think it's possible to say that now? >> i think certainly they're not done and especially if this works as we expect it will and look, we're heading it looks like we're about to wrap up the third straight quarter more than 3% growth. we've been talking about this, this hasn't happened in over a decade. if we get to that new level of growth that i think we will, then they're going to have a lot of momentum to do a 2019 cut as well. david: looks like we're close to it already. gary and james good to see you friends thank you very much. appreciate it. melissa: another cut look at us. we're already talking about the next cut. why not. david: when it comes to tax cuts we're a little greedy. melissa: absolutely can the senate take this historic tax reform over the finish line? the bill is now being debated on

the senate floor. bill cassidy of louisiana joins us later in the hour with more on where things stand right now. david: one lawmaker now demanding an investigation into allegations of the obama administration undermined a task force aimed at cracking down on hezbollah's drug trafficking in the u.s. to secure the iran nuclear deal. retired lieutenant colonel oliver north sounding off on that. melissa: fbi director andrew mccabe testifying behind closed dooring the on capitol hill, those about anti-trump texts between fbi agent peter strzok and lawyer fueling accusations bias at the agency. florida congressman ron de and testify on the house judiciary committee. >> now it's time for subpoenas and the chairman of the committee is going to subpoena lisa page and subpoena bruce ohr and peter strzok and we'll also

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you have mccabe, you have peter strzok, you have bruce ohr whose wife was working with fusion and he was meeting with fusion. they were all kind of working together to keep trump out of the white house. is it too much to say that? >> well you have this text message which is really a bombshell from peter strzok recounting a meeting that they have and andrew mccabe during the election with lisa page who was strzok's friend. david: let me just read that so that our viewers can follow along to see where you're going. i'm sure a lot have already seen this but this is the peter strzok e-mail if we can put it up on the screen. he's writing i want to believe the path you threw out for consideration in andy's office and we assume that's andy mccabe , that there's no way he, donald trump, gets elected but i'm afraid we can't take that risk. it's like an insurance policy in the unlikely event you die before you're 40. now there's been a lot of speculation about what that insurance policy was and many people think since all these

guys were working on the trump dossier that that was the insurance policy. what do you think? >> well here is what i know. we've asked multiple officials in both departments, did the fbi pay for the dossier. oh, we can't answer that question. now, if you didn't pay for the dossier wouldn't you just say of course we didn't pay for the dossier. we've asked did you use any of the information gleaned from the dossier to secure surveillance over anybody associated with donald trump? oh, we can't talk about that. well if you didn't use the dossier you'd say of course why would we use a political opposition research document for that but they won't answer those questions. david: but congressman let me stop you right there. why isn't it possible for the president himself to release, can't the president declassify a lot of this? >> he could. i mean, i think that some of his advisors are saying because this pertains to the special counsel investigation if he does that, then he will get criticized as trying to shape that and i think

they view this as he should just stay out of it. they don't have the goods on collusion and let that come to its end so i understand that but here is the thing. there's no reason why rod rosenstein or christopher ray can't answer those questions for the congress. patience is wearing thin. there will be subpoenas if need be and there will be contempt citations if need be. david: andy money cake in addition to the stuff he did in regard to the election he was also promoting his wife who was running for the senate back in 2015 and he used personal e-mails in order to promote his wife. some people say that's a violation of the hatch act. what do you think? you know, i don't know. i'd have to look at some of the law but i would say this. she was ribbing in a lot of money from terry mccallough, whose basically a brother of the clintons almost. he's been with them his whole career and yet mccain was intimately involved in the hillary e-mail investigation. he recuses himself six days

before the election after almost all the key decisions had already been made and so it seem s like any time there's a politically charged case and mccabe is involved that the questionable behavior always goes in one direction. david: we had senator grassley here yesterday and he has said that he thinks mccabe should go. he also though said stipulated that the president should not be the person to fire him. what do you think? >> i'd like to see somebody else as the deputy director of the fbi. i think it was the right decision to move comey out and when you put in christopher ray that's the natural time to make a change in the deputy as well, so i would advice ray to make that change and obviously the president has the authority to do it. i understand why they're saying because of the investigation they don't want him to do it but bottom line is having a fresh slate i think would be good for the american people. david: but you would be against the president firing money cake? >> i would not be against it but i understand why people say let that be done by ray or somewhere

within the justice department, rather than be a presidential decision, but wouldn't it be good to have somebody that doesn't have all these questions swirling around them and this important law enforcement agency david: well there are a lot of questions about that line, you can always have your own personal opinions everybody has opinions but whether you use the power of your office the power of the government to subvert an election that is crossing a line we don't want any government official to cross. congressman thank you very much for being here appreciate it. >> thank you. melissa: breaking earnings right now fedex reporting second quarter results shares of the company up more than 2% after-hours, following a beat in both earnings and revenue fedex citing a stronger global economy for improved financial results. there you go. david: wait until the holidays are over. melissa: yeah right. david: meanwhile the white house pointing the finger at the attacker behind a massive cyber attack that hit countries all over the world. we'll tell you whose behind it. melissa: plus more details surfacing over yesterday's deadly train derailment in washington state.

we're bringing you a live update from the scene that's next. >> we're coming around the corner to take the bridge over i 5 and we went on the ground. >> okay, is everybody okay? >> i'm still figuring that out. we've got cars everywhere and down on to the highway.

. . . . melissa: former green party presidential candidate jill stein says he is cooperating with the senate's investigation whether she colluded with russia duke the 2016 election. she said she is handing over documents to the intelligence committee showing she had dinner with vladmir putin in 2015. david: bet the russians are happy about that. white house homeland security advisor tom boss earth blaming north korea for last may's global cyberattack which costs billions of dollars, affecting hundreds of thousand of computers and spanning across

150 countries. victims received ransom demand for their locked information but saw no relief once they paid the attackers. we'll take a look at the senate by the way. which is going to be getting -- let's take a live look what is happening with the senate. melissa: we're so excited about it. can't get enough of it. we're looking at orrin hatch making arguments of passing the tax bill just passed by the house. there are five hours of debate by republicans. five hours of debate by democrats. republicans may thing that number, they're allowed five hours, probably won't use all of it. likely the democrats will. this give as democrats a chance to five hours -- melissa: complaining. david: complaining about the bill. it just favors the rich an doesn't favor the middle class at all, which of course republicans dispute rather vehemently. we'll listening, let's listen in for a second to orrin hatch. >> the finance committee in spring of last year, at that hearing he stated that 37% of

stock ownership was held in retirement plan accounts. 37%. that was largest share of above overall stock ownership. that statistics syncs up with the distribution tables put out by the non-partisan -- david: what senator hatch is referring to are the complaints by democrats that the corporate tax cuts will only favor a few americans who hold stocks when in fact, millions and, literally hundreds of millions of americans do have it in one form or another. melissa: yes. david: as part of their retirement packages, et cetera. melissa: transportation investigators say they are planning to talk to the engineer of the amtrak train that derailed yesterday morning in washington state killing at least three people. dan springer is live in dupont, washington, and dan, what else can you tell us at this hour? >> well, melissa, the national transportation safety board investigators arrived on scene

late yesterday. the very first thing they did, they took the data event, the. the black box off the machinery, the rather engine. stunningly confirmed reports that train was in fact going 80 miles an hour, in what is supposed to be a 30 mile-an-hour zone. looking at the track, angle of the curve as they cross over interstate 5, it is obviously that speed was a major factor. the question seems to be, was it the only factor in why that train didn't slow down in the curve. we got a much closer look at the mangled train cars as crews worked through the night to remove them. the ntsb expects to be here at least a week. >> we don't know at this point. i think it is too early to tell. we want to carefully look attract, signals and human performance. so we'll be, we hope, interviewing the crew and to find out if they have more information that can help us figure this out.

reporter: officials did not say if the positive train control system which can automatically slow down trains could have prevented this tragedy. they certainly think it might have though. stories coming from survivors and good samaritans that helped remarkable. first-responders used whatever they could to get inside of the train cars. three people were killed. 70 sent to local hospitals. we don't know all conditions. some are critical. and, certainly everyone who survived is grateful. >> after getting myself upright, my legs unfolded, i look down and i shook one and i shook it back. i said, are you all right? i think so. >> there was this body lying there. he hardly had any clothes on. the clothes had been ripped off of him. he was obviously dead.

reporter: all lanes of interstate five continue to be closed. we're told they may be able to reopen by thursday night. melissa. melissa: wow. dan springer thank you. david: then there is this. letting hezbollah off the hook. details on a bombshell claim that the obama administration blocked a crackdown on the iranian-backed terror group in order to get the iran nuclear deal through. melissa: plus making good on his promises, president trump closing in on a tax reform victory as we await a senate vote tonight. senator bill cassidy, senate finance committee member, where the bill stands on the senate floor. that is next. we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity

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david: on the cusp of a major legislative victory. house republicans crossing the finish line on tax reform, pushing the vote to the senate floor. do senate republicans have enough support to pass the legislation? here is republican senator bill cassidy, member of the finance committee. senator cassidy vice president delayed a trip overseas, in order to be there tonight in case there is a tie and he has to pass the vote to push it over the finish line for republicans. will he be needed? >> he will not be needed. i think he is there to celebrate. he will celebrate because we're cutting taxes force middle income working families. we'll set the stage for more nick growth. we do many other good things.

we'll be celebrating. david: that is what you say. not surprising that people like nancy pelosi say something else. let me play a sound bite from nancy pelosi, get your reaction. >> this is the worst bill to ever come to the floor of the house. with stiff competition for some of the things they have tried to do. the worst bill in history. david: senator, your response? >> worst bill in history. >> i have got to laugh. it is worst bill for her, because she is afraid that the american people will discover in their paychecks early next year that republicans succeeded in cutting their taxes which we did. and all of sudden everything she has been saying will be proven a lie. the fact is, that american people will see in their paychecks early next year, lower with holding. they will understand really it is working for them. she didn't particularly care for that. i'm very pleased. david: it is impossible to please everybody. i'm glad your pleased. some people think the top rate

should have come down further and some people are displeased with this or that and i'm talking about just the republicans now. is this conceivable, i brought this up yesterday with other senators and congressman, this could be the down payment, if you will, on further tax reform we saw in the 1980 as, when reagan had one in '81 and quicked in in '83 and another in '86, what do you think? >> there certainly could be modifications going forward. there might be something a loosened if you will, on the other hand the framework is sound. we cut taxes for middle income families and working families. we set the stage for economic growth, so they have more money in the paycheck not just because taxes are lower, but businesses are competing for services paying more in wages and benefits. those are all good things. if we have to modify going forward. it is modification on something very good. david: top marginal rate as you well know, both with jfk and with ronald reagan, top marginal rate came down quite a bit. it hasn't in this bill.

it has come down a little bit but not a lot. ronald reagan had it down to 28% by the time he left office, do you think it could get that low or should it? >> i do not think that his marginal rate went down that low. i can't say that for sure but suffice it to say that the president was committed to a middle class tax cut and making sure that our companies are not incented to move overseas. so we've accomplished that. as regards those at the upper income, their rates have come down some but also, the lower rates, for example, the top marginal rate kicks in at a higher number. so, there is going to be a portion of their base which is taxed at lower amount, so your net margin is lower than what it seems at the very top. kind of a complicated response, but we think even those upper middle income families we're able to do something good for. david: i think i followed you. it did go down to 28% in the second tranche of the reagan tax

cuts. that is the eight at this bill. '86 bill. maybe it is a sumner but looking at details of the plan that first announced it would fit on postcard that is it out of the window, isn't it? >> no, david. 95% of families will not need to itemize. by doubling the standard deduction, 95% don't have to keep up with charitable contributions. they don't have to figure out what the pair of underwear i gave the salvation army i gave to my taxes. they don't need to. doubling standard deduction means they don't have to. david: senator, let me put a finer point on this. 95% of federal taxpayers will be able to put their tax returns on a single sheet of paper? >> i can't tell you what the form is going to look like. i know they won't need to itemize. typically the itemization is most complicated that eliminates that entirely. david: senator bill cassidy, good luck tonight.

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melissa: businesses could be receiving the greatest christmas gift of all, a tax cut. a businessman in the closed-door meeting with treasury secretary steve mnuchin and economic advisor gary cohn and was told some last-minute tax details. here is now herman cain, former presidential candidate, former godfather's pizza ceo. the he is also a fox news contributor. sir, welcome. what did you hear? what is the secret. we won't tell anyone. just between you and me what did you hear? >> you will only tell a few million people but i'm so excited about it, i don't mindshareing it. number one, most of the big provisions in the tax plan survived the conference committee. individual tax rates go down, as you indicated earlier. five out of seven of the

brackets, the rates went down. the expensing of capital equipment, that, for the first year, that was retained. and also, the fact that businesses were able to take the top corporate rate from 35, to 21%, that survived. but for the small businesses, they were able to keep in the plan 20% deduction for profits if the subchapter s or pass through-business made profits but here is two things i learned, melissa, that i did not know about and never heard about. melissa: oh, good. >> they had something called an ioa, investments in opportunities act. this was a provision that senator tim scott and others worked hard to put in there which would provide some advantage to economically-depressed areas with the help and the

identification by the government. i did not even know about that provision. all of the people in the audience were glad to hear about it. because -- melissa: that sounds like picking favorites and loopholes and like special interests and all those things that nobody likes. >> might sound that way. melissa: okay. >> but need to do something special for those economically-depressed areas that can't get off the bottom. and that is what this is supposed to do. and i think that everybody in the room applauded that. but here's one other big point, melissa. that a lot of people have not heard. we only need a gdp growth of 2.4% in order for this these tax cuts to not increase the national debt. you don't hear about that you hear a lot of people screaming about it is going to explode the debt. melissa: that it will balloon the deficit. >> yes. but that's a lie. now, remember, the couple of

quarters we had successive quarters of 3%s plus, so that was another big fact that i believe is it real huge in terms of making this tax plan a success, which i am very excited about. melissa: no, that is really interesting because with all the moving parts ahead of time, hard to quantify exactly where growth is break even in terms of revenue and in terms where the debt is right now. when we come back, they have to cut some spending, right, herman? >> that is phase two cutting the spending, not contingent upon this tax plan. that is why they use the reconciliation process that they use. melissa: yeah. >> they indicated that they would only have a plan that would cut a certain amount of taxes, $1.5 trillion. >> right. we have to run. 2.4%, growth, that will be a piece of cake, right, with this, 2.4% growth? >> piece of cake. melissa: piece of cake.

>> it's a piece of cake. that is why i'm very optimistic it will not add to the national debt. melissa: herman, i wish we had more time. thank you very much. see you next time. david: there you go. slice of pizza. that is mr. godfather's pizza, for goodness sakes. soft on terror. a scathing report that the obama administration may have failed to prosecute a global menace all in interests of the passing its iranian nuclear deal. lt. colonel oliver north, the fallout from this story. is this a phone?

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david: fallout now from the bringserring allegations in this week's "politico" report, entitled, the secret backstory how obama left hezbollah off the hook. the piece claims that the obama

derailed a crackdown on a billion dollar drug and gun-running operation by the iranian-backed hezbollah, in an effort to pass the iran nuclear deal. gop lawmakers are calling for an investigation while members of obama administration, specifically those a part of the deal say the article is false. take a listen. >> it is incendiary, it is worthy of investigation across several difficult committees across congress and if it's true, it's a pretty damning indictment of obama's search for a legacy and his willingness to do anything to get one. >> the "politico" story, this narrative in it is just false, and there is no evidence in this story to back up their allegations. david: here now to react is oliver north, retired lieutenant colonel and host of "war stories" on fox news. we're pleased to have it on fox business from time to time. colonel, you read the report. do you believe it? >> yes. in fact, forgive me to take on one of our fox news contributors

if she hasn't seen evidence, they are not looking at what actually happened. for benefit of our viewers, quickly go through this, this is about an entity or activity called project casandra. one of many multiagency operations conducted by the dea, cia, treasury, dod, state, and u.s. allies after 9/11 to counter what the dea accurately calls a "narco"-terror next sis. this is important because the dea is confirming since the 1980 as, every major terror organizations uses drug money to fund operations. cassandra targeted hezbollah, the organization responsible for blowing up the marine barracks in away route in 1983, kidnapping american hostages, murdering american hostages, blowing up the beirut embassy twice and attacking israel in 2006. delivering to the enemies, the exploding penetrator ieds, hezbollah was allowed to send in

to kill americans and soldiers and marines in places like afghanistan and iraq. hezbollah is the number one exporter of narcoterrorism today. that is what this is all about, the fact is, this task force that you talked about, they had hezbollah dead to rights. they had apparently all the information they needed for serious indictments. but somebody told them to step down, and the question is who it was, whether it came from the top from president obama, who wanted to play nice with the iranians, thinking that that would change them from their terrorist ways, or the cia director, john brennan. he features prominently in this article because he believed that hezbollah itself could be turned into nice guys if you treated them right, and that he himself, the cia director, may have ordered these other agencies to stand down? >> well, actually, and unfortunately i know a little bit too much about this i don't want to talk about the article. let me tell you what happens. the department of justice allows those task forces to be put together and the dea has been

magnificent being able to do this they targeted this particular activity called hezbollah because they knew it was involved not just in lebanon, which it was created to do, it was created by none other than than ayatollah khomeni in 1982. hezbollah was given the mandate to put together these enormous drug operations to take funding from it, do you will at things that the lebanese government couldn't do and do them in lebanon and send money back to tehran and they did. the bottom line of it is, when you have got multi-agency activities like this, any one of those can file a complaint of some kind or another. it eventually has to go back to the department of justice to shut it down. that is exactly what happened. david: colonel, i have to move you for war, we have got literally 20 seconds. is it possible to reverse course, pick up where the investigation was dropped by the obama administration an arrest these people and shut down this drug, gun-dealing operation? >> the fact is some have been

arrested. some are held by our allies. some are being held in other places but it is very difficult to restring the needle through all those different things years after they shut it down in 2014. david: colonel oliver north, great to see you, sir. have a happy holiday. merry christmas to you. >> merry christmas. melissa: new breaking details from capitol hill as the senate continues to debate we're hearing that the house will have to revote on the bill tomorrow? david: what? melissa: more after the break. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.

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melissa: breaking news on the gop tax vote. it is now looking like the house may have to revote on the tax bill tomorrow. this is coming after senate democrats said some provision notice legislation provided senate budget rules and will now need to be removed. david: changing the senate bill from what the house voted on earlier will now force the house to revote tomorrow on the new bill before it goes to the president's desk. these are important provisions that have to do what you can

deduct in earls of it educational expenses. so it ain't for nothing. it appears if the senate approves it tonight, it will be vote again and pass again tomorrow in the house. melissa: dragging their heels. there you go. "risk and reward" starts right now. >> the yeas are 227, the nays are 203. the conference report is adopted. without objection the motion to reconsider is laid upon the table! >> this is one of the most important pieces of legislation that congress has passed in decades to help the american worker, to help grow the american economy. this is profound change. this is change that is going to be put our country on the right path. for all those millions of american and women living in america paycheck to paycheck struggling to get ahead, help isthe way. for all the businesses tied with one hand behind their back in this global economy, having a hard time to