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tv   FBN AM  FOX Business  December 20, 2017 5:00am-6:00am EST

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i'm jamie colby. thanks so much for watching "strange inheritance." and remember -- you can't take it with you. [ whistle blows ] >> for tax cuts and jobs back his past. >> we pass one of the most important tax breaks in this country's history. >> we now have comprehensive tax reform, major minogue class tax relief in making our business, both large and small more competitive. lauren: breaking news overnight come in the senate passed a historic pass on trying tax bill 1:00 this morning. the house have to vote again and they still haven't figured out how to avoid a government shut down. train to stocks pausing after two days that the tax reform rally at the dow was down 37
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points. if they come the big open in all three indexes. lauren: stocks are trading in europe. a downmarket across-the-board at the cac in paris on the quarter 1%. gerri: in asia to stocks in japan managing nowhere. higher commissar repeat the nikkei higher, but all other lower. china hang seng in kospi. lauren: tax incentives at the big boost to profits that the stock is jumping. "fbn:am" is starting right now. gerri: 5:01 a.m. in new york. wednesday from december 20th. century wilson first cheryl casone. lauren: good to see you. christmas is creeping closer. are you prepared? let us begin with breaking news overnight. the senate has passed a tax
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bill. the vote 51-48 from all republicans voting in favor. senator john mccain battling brain cancer was absent from the vote. senate republican leaders celebrating their victory. >> the stock market is up, optimism is high, coupled with the tax reform, america is ready to start performing as it should have for a number of years. >> this is an historic moment. december 20, 2017, bringing really two americas across this nation. >> of nursing famous work together so much to look at so many numbers and make sure that they come out right as there has been in this effort and that's important for the american people. >> no doubt this process was about the american family, the american people. we have delivered on important opportunity. the opportunity is to see more money in your take-home pay.
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this is a good night. lauren: minority leader chuck schumer reporting their only the u.s. to get a thicker piece of the pie. train to the huskers of the earlier yesterday, but the chamber has to vote against today because of technical glitches. connell mcshane has the details. >> good morning, cheerio mooring. we thought passage of the tax bill last night would be enough to send it to president trump for signature, but this is washington and nothing is easy. the house will have to vote again this morning because some provisions were found to be in violation of the senate budget role. one of those provisions was the actual name of the bill itself. you can make it a. republican leaders continue to assure us a procedural hold up what not much in the end, but
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there are concerns in this town that extend beyond just taxes. for one thing, will there be a government shut down friday night. brett bair, republic of fox's effect to the majority leader. >> not going to happen. neither side wants to do that. >> what are you getting on? >> will work it out. we always do. senator schumer and i discussed it. we will not be doing doctor this week. that's a matter to be discussed next year. >> is talking about the dreamers come at immigrants came illegally as children had that discussion has apparently been put on hold. to sum it up, a lot of moving parts here. the house to revote on taxes later on this morning, which moves the republicans even closer to a major legislative jury. then all the focus turns to avoiding a government shut down so the legislative kerry is not
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overshadowed. back to you guys in new york. train to connell, thank you for that. in the meantime, president trump tweeting overnite committee united states senate just passed the biggest in history tax cut and reform bill pay terrible individual mandate, go to the house tomorrow morning for a final vote. if approved there'll be a news conference at the white house at about 1:00 p.m. so you want to be sure not to miss that. lauren: a lot is going on. john martyn and patrice reintegrate to discuss all of this. john is a former majority state senator. the independent women's forum. good morning. there is this poll i want to talk to you about a little start with patrice. 41% of americans say that this tax cut plan is a bad idea. that's up from 35% in tobler. i know it is tough to sell a to
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sell a tax reform right out of the gate in wednesday night in years and decades past. but most people, a lot of people will get a tax cut. why is this so unpopular? >> the media has done a great job in getting this is a bad deal. however, tax experts have come out with numbers say middle-class americans will benefit from tax increase -- tax decreases in 2018-29 team in 80% of american households will get a tax decrease. it's fantastic. you're talking about $2100 on average because of this. the more we get the message out common the more americans understand this is good for me in good right away. lauren: john, the irs says we can see the real changes from tax cuts as early as february, which is two months away. do you think that will help change sentiment when people out there say wow, i am richer.
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>> certainly appear to chuck schumer, a flaky at his talking points written before the bill was done. whatever happened he would say was a giveaway to the rich in the middle class is going to benefit. baloney. the first thing the thing was designed to do was cut corporate taxes to stimulate the economy. that's the best rate you can get is the next job with the greater income to small business. this is just crazy on their part. the consistency. the consistent party ugliness. they are trying to throw but think about the really happy occasion. baloney. lauren: on the politics of growth essentially. patrice, we talk about 2018 in the midterm elections come and the struggles we have seen but with the repeal of obama cared, even the tax reform legislation, are the struggles going to make it more difficult than 28 team? let's say we do of tax reform
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under her belt to do other things such as welfare reform for criminal justice reform? >> yeah, this is going to be a big win and it will lift spirits, particularly among the republican electorate who are saying that the republicans in the white house and congress. they've delivered tax reform which is great in that deliver tax cuts, so now i think that gives republicans a little bit more of a bargaining chip to say democrats if you want to come on board with something like infrastructure reform, this is a good time to do that. going into the 2018 elections will be a challenge but there's still a slightly stronger number than before. gerri: as we just discussed americans will feel more positive about getting a tax cut. they passed in the senate. it passed the tax-cut bill the house as well although they do have to revote today. you saw told republicans voting no, 11 of them, and john, are in
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blue states, right? would you say to folks in california, illinois, new jersey, new york, would you say to them because many will see their taxes go up because of state and local tax reduction change. >> one thing i say is you might follow my lead and leave. i left a august. living in florida and i really kind of don't like the idea still subsidizing jerry brown and his spending. i think it is time for people to look up their own space and say now that the federal government is subsidizing the responsible spending me to a picture of the legislature and make sure that they do some changes. transfer that is a scary thought. you are saying just leave? do you say jerry brown for cuomo saying we are cutting property taxes than they could make
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cheaper so you stay. do you see that happening? >> well, you can imagine jerry brown will wake up tomorrow and see the live. the general fairness of one state subsidizing the irresponsible spending of another is the problem and that is what is reflected in the bill. certainly for these members of congress that live in this state, that is tough to see them have the least to gain out of this. at the end of the day, everybody wins out of the corporate tax hike because only nancy pelosi through corporations pay taxes. they passed to the people. we all pay them. lauren: and the nancy pelosi world this is a tax gain. good to see both of you. very christmas and happy new year. >> merry christmas to you, too. trade to passage of the tax bill could help boost its earnings as much as 30%.
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stock rally nearly 2% in extended trading also raising the forecast for the year for the company adding issues of record holiday season after his latest quarterly earnings beat expectations. fred smith of the company is handling the crush of holiday deliveries while. they love that does the bricks and mortar. gerri: today is the last day that fedex and ups offer two day shipping if you want your items to arrive for christmas. for those who want to get a last-minute gift out there, today's also the united states postal service deadline for priority shipping. if you live on the edge, the postal service says it will get your package to the destination by christmas day as long as the ship by friday although you'll probably have to pay for that and amazon does the two-day shipping thing. actually, you can order at amazon this latest saturday
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morning. gerri: i love that. convenience is everything. news just breaking an hour ago. e.u. dealing a major setback to cooper. the company should be regulated after the company and not a digital service. they've been trying to use courts to reduce regulatory oversight claiming that uses a digital up to connect drivers or passengers. uber says the ruling should not have an impact on how it operates in europe. lauren: coming up, fbi director andrew mccabe gets grilled for about eight hours on capitol hill yesterday on the anti-tribe by s. at the fbi. and guess what? more testimony that day today from that guy on the left. facebook can now find even when you are not tagged in somebody's posts. you are watching transcendent.
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highway yesterday, killing at least 12 people, 20 others injured including seven americans bidwell cray band said passengers were on the best investigators now working to determine what caused the crash. south carolina capital city columbia beginning bump stocks. the new law beyond the attachment of devices to weapons in the city limits. semi automatic rifles fire hundreds of rounds a minute like a fully automatic machine gun. the bump stocks drew national scrutiny after that is not part the las vegas shooting refuge back in october. they stood using facial recognition technology to protect users from having to upload without their consent. on-site photos of yourself uploaded to other people. the feature can help you from being associated with embarrassing pictures or can protect you from having your picture used in advertising, but
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facebook has the artificial intelligence at their fingertips to note that his deal. stranger they know everything. you might as well resign yourself to it. capitol hill this morning the doj official expected to take the hot seat they do today to testify about links to the anti-tribe .ca. this after fbi director andrew mccabe was grilled for eight hours about bias in the agency now calls for his firing purity with the the details as fox news todd chi rho. >> good morning to you. that is almost a full work days worth of of testimony. house until members were tightlipped about what mccabe said of her allegations of conflicts of interest in antitrust political prejudice. the latest developments around exchange between peter strzok in mesa paid to work on the probe
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of those links between doj official bruce puzder infusion gps which created the anti-tribe .ca. republicans on the committee expected to press mccabe on whether he should recuse himself from hillary clinton e-mail investigation. the kids wife received money for her virginia state senate campaign from donors linked to clinton. >> i don't want this to appear behind bars. subpoenas before the judiciary committee in all the american people can get answers to these questions come expose the bias we know the bias for nonexistent sure we have a rule of allah can rely on again in this country. >> the american people need them to come in because the bias is so palpable, so rule on treadmill. nobody believes anybody will get a fair investigation in any level. >> the house is preparing a stand-alone vote for a controversial warrantless
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program the intel committee says is critical to stopping terror plot as republican senator rand paul and mike lee said they would vote against any government spending bill that includes authorization of that part of the fights alone. gerri: todd, thanks for that. lauren: all right, coming up, why was this abominable snowman handcuffed? what did he do wrong? santa actually handcuffed him. winter again in the northeast just in time for winter and freezing rain takes the midwest. fox senior meteorologist janice dean i'm back. we will be right back.
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gerri: welcome back. the abominable snowman will be spending christmas behind bars this year. police arrested the abominable snowman has started a campaign to crack down on drunk driving during the holiday season. the snowman as he is called admitted to driving home after drinking too much peppermint schnapps at the holiday party. check out this picture. the outcome of fingerprinting and waited for granted the county jail. the st. helens police said they hope to the prevent drivers from driving and drinking and getting behind the wheel drunk. it certainly felt like spring here in the east coast.
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very comfortable running errands outside in time for christmas. trade to janice dean with her wednesday forecast. >> yes, good morning, ladies heard what comes up will come down. 48 right now in new york city. the cold air is still way up in canada, but we will feel it is beginning to the weekend. form across the southeast with the potential for heavy rainfall as those flash flooding across the southern plains and towards the lower mississippi valley. and then we have her storm system across the north, bringing a lot of snow across the area including the great basin asset moves eastward and potential for showers and thunderstorms across the southeast and the mississippi river valley the next 48 hours through the weekend as the pattern continues. as we get into friday, the southern plains tennessee river valley towards the northeast
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where we had the system that could bring mainly rain could do one for snow and saturday of rain event for the northeast east coast. saturday is the busiest travel day. people need to be on alert or we could have travel delays across the east coast. let's look at kurt snow cover. will we have a white christmas? snows across the northern plains, great lakes in the northeast. let's look at christmas day. i mean, the potential is there for white christmas along the east coast depending how cold it is than if we get the moisture, but next week a better chance for more christmasy weather across the northeast. lauren: janus, white christmases are great except for one family has people over because they can't get home. lauren: that is true. you don't want your family to sleep over? lauren: not all of them.
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gerri: coming up, all eyes on the hill, the tax reform bill. they still haven't figured out how to avoid all the government shut down. live to washington. the ♪ here comes santa claus, here comes santa claus ♪ gerri: an explosion at the georgia dome. more after this. ♪ at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.
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and at $4.95, you can trade with a clear advantage. ...from godaddy! in fact, 68% of people who have built their... ...website using gocentral, did it in under an hour, and you can too. build a better website - in under an hour. with gocentral from godaddy. >> tax cuts and jobs that does pass. >> we are one of the most important tax breaks in this country's history. >> we now have comprehensive tax reform, nature middle-class tax relief in making a business both large and small more competitive. >> overnight, hours ago the senate passed an historic tax bill, but the house have to vote
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again today. we will explain. >> after two days of gains this morning, stock market futures have the dow jones up a third of a percent. >> a mixed up in stocks trading to the downside across the board. gerri: stocks in china fell slightly. the engineer of the train that derailed in washington state may not have been alone at the time of the crash. live to the scene as "fbn:am" continues right now. gerri: 5:30 a.m. in new york on wednesday, november 20th. nine men for cheryl casone this week via lauren: good to see you all week. i hope everyone is in the christmas spirit and the errands
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are getting done. and i'm totally stressed out. gerri: i've got more to do. the schedule makes it a little tougher. lauren: yes, but anyways we have a couple days left. breaking news overnight, and speaking of getting your christmas presents ready coming of extra money to do that because the senate passed a tax bill. the vote was 51-48 with all republicans in favor. gerri: kris jenkins in washington with the details. >> it's well on the way to the presidents desk, history was made early this morning before 1:00 a.m. the senate passing the bill straight down the party line 51-for da. all democrat against it is dynamic enough said and vice president panthers facing presiding was very passionate. here is senator cruz. >> would ask my friends on the democratic side of the outcome are you prepared to look in the
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eyes of a kid with disability next lane why you said you were cut out. you are standing raising that objection. 100 to nothing. all of us can agree on that. >> chuck schumer just blaming it to you >> the republican tax bill is like pouring gasoline on a raging fire. and now the republican propaganda may call it the passage of political trick during a year from now, republicans will be running away from this bill for voting yes. >> mitch mcconnell couldn't disagree more over the future of this legislation. >> eight straight years of slow growth and underperformance, america is ready to take off. the stock market is up, optimism is high. couple that the tax reform, america is ready to start performing as it should have for a number of years. >> we are not quite done. the senate had to make minor
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changes to the hospital to fit in their budget rules. the house will have to vote again sometime around noon today in the modified version and then straight to the presidents desk where it appears is anxiously awaiting it. praising the passage in announcing if approved there will be a news conference at the white house at approximately 1:00 p.m. we shall see what happens. gerri: thank you for that. closer look at the effects of the tax bill on the economy. peter marie g, professor at the university of maryland and sean o'hare. i want to start with you. let's talk about broad economic impacts. the president says this is the biggest tax reform in history. that's really not true. the reagan package is bigger. what you see happening to the economy going forward. >> it would give it an immediate boost because ordinary folks will have more money in their
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paychecks from changes in the withholding schedule right away. longer-term, does provide a lift to the investment in the united states in factories and new offices and things of that nature in r&d. as a consequence the economy should grow more rapidly and start to see product to be picked up again. it hasn't been applied because businesses facing such taxes simply didn't want to invest here. i should not want to change. gerri: big benefits corporate rate tax cut is not some other benefit that people don't talk that much about including expensive and ride off of stuff they purchase for their business. according to one expert i've seen on this, earnings are expected to rise 7.9% on the tax bill alone. in the wake of the house passing that legislation, would you see in the stocks going forward this
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year on the basis of the tax reform? >> the environment means healthy for equities. obviously at the higher end of the evaluation. a couple things will happen to valuations. as he said the tax bill helps corporations and companies and stocks if they pay less in taxes should go straight to the bottom line and increase earnings. the other thing is a lot of a lot of folks a lot of folks look like a smoother tenure ratio. 2000 eight will come off of that amount will have an effect in terms of lowering overall market and people are paying attention to that. as peter said, the economy for eight years gdp grew at 2% and everybody was convinced i was the new normal. in the first or the term presidency you saw some thing lower regulation and increased by the enthusiasm for the business environment and this is a major deal.
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that is all good for equities. gerri: all good for equities. what set is made in a fit. housing might be one that doesn't do so well. >> metaclass folks have to worry about housing. an effect on everybody's lips taxes. i'd take her deduction, which means they are not going to be so concerned of where they put their money as they have more money to spend. they will have more choices. i think that is a good thing. finally, millennial into the housing market. we will have the big surprise and housing. it will be a leading sector of the economy and 28:00 p.m. eight team. yes i do think so.
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your top sectors to 2018, where is the money going to flow? >> financials, health care, firmness and hospitals, consumer discretionary stocks and energy are the big winners. if you look at companies that would be called cash cows, we like to call companies cash cows without free capital yields. cisco has 37% of its market cap in cash outside the u.s. did those companies will repatriate a big chunk of the money. there are those that think they will pay a big dividends as a result of that. they'll do one of three things. by the company's documentary that evidence are invested in the u.s. which reminds. >> it's interesting we are not guaranteed that money will be spent the way we want to see it spread, hiring people come expanding companies might be given back to shareholders. tell me what your view is on
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this. >> is going to be a bit of each. certainly a stronger incentive to invest in the united states and we will see an increased investment of some increased investment is similar between 7.5% to 15% continuous year after year after year, which will boost growth 2% to 3%. sounds small, but over time it at that. that's the difference between growing at 3% and more like to .5. the democrats, chuck schumer have been talking about it like its study were bugs. you should be ashamed of themselves. more people in america own stock including people that live in new york will have more money to spend. what's wrong with giving grandma more dividends, which she's using to get along. i don't get it. gerri: i love it. thanks for helping us. thank you. lauren: they are a leaving town
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because of higher taxes. coming up, we now know the engineers of the derailed train in washington is not alone. it's actually with another engineer. >> uses a qualified conductor in the cab. lauren: 11 report from the scene and why you may want to think twice before you write a negative online review of your hotel. they can charge you for it. find out how much. a quick peek at stock market futures. dow futures 80 points after a few down days. ♪
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gerri: welcome back to "fbn:am." u.s. ambassador to the u.n. making haley says a new report arrived seven and that who the rebels report warns they may be defined a u.n. call to halt ballistic missile development even as it complies with the nuclear deal prompting haley to warn that the sanctions. the disgraced former archbishop has died following a long illness. he was 86. the archbishop in 2002 when the sex abuse scandal at voted.
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he was harshly criticized when it was learned he had moved guilty clergy from parish to parish without a learning parent or police. get this commie women in indiana said she was done after she posted a negative review about her experience at a hotel and promptly got an extra $350 charge in threat of legal action. she and her husband having nightmares day at the abby and then sleep about an hour south of indianapolis in march 2016. she said she removed the post after the hotel threat or she eventually contacted the indiana state attorney general's office which is now suing the hotel. unbelievable story. 350 backs. i wouldn't pay that. >> you should have the right to say it.
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>> that investigators looking into the derailment of an amtrak train in washington state. they want to know why the train was speeding on whether the engineer may have been distracted. three people died in the accident and dozens more have been injured. claudia cowan is live in dupont, washington. good morning to you. what do you know at this hour about the engineer of the train? >> well, we are learning more about the engineer driving the train goodies in the hospital at ntsb transportation safety board officials have yet to talk to him. another big question is why the new high-speed passenger service before activating the control technology that might have prevented the kind of derailment that we saw here on monday. the gps technology is called ptt, positive train control and
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this slows down a speeding train. amtrak president says it's critical to rail safety. >> we are your supporters of positive train control. we have all of our capital allocated to get it done and we've allocated that n. put all the resources on it. there is no one that wants positive train control more than amtrak. >> railroad surrender government to install the technology by the end of next year. on the 50-mile span where this train derailed until at least next spring. critics say constant deadline extension are costing lives. >> the safety board has been begging the railroad railroad industry to implement positive train control and every time it gets closer congress pushes it back. and it keeps doing that. realistically, thousands of lives we have lost because we don't have positive train
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control's. >> federal investigators say the engineer driving the train was not alone in the locomotive. he was trained as a connector to become familiar. they just opened on monday giving the train was going 50 miles over the speed limit, there is concern the engineer may have been distracted to him in the next girl that arrested a few days. the site of monday's derailment, federal investigators and state transportation officials complete their safety surveys. they are getting that done later today. lauren: thank you very much gerri: coming up, pittsburgh steelers have a tough loss on sunday but are still setting the most players to the pro bowl. buying an nfl franchise?
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billionaire businessmen says no way will tell you why. you are watching "fbn:am."
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gerri: you might not have been as big as an explosion of the first one, but the second job cotter done.
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the remaining pieces of it came tumbling down early this morning. you remember when it was first imploded last month. two of the sanctions didn't fall. the supplemental implosions and now we are pleased to tell you all done. gerri: finally, finally. mark cuban from the list of potential buyers from the nfl carolina panthers. "forbes" magazine lists cuba as a possible replacement to current owner jerry richard and commended cuban told the "dallas morning news" that he has no interest in any nfl franchise seen what the league was in decline. in fact, he repeated his prediction that the nfl will implode in 10 years because of the head injury problem. lauren: mark cuban wants to stay with us while not exactly what were going to do right now. jared max with the interesting news from the basketball hall of
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fame. >> good morning, ladies. no longer will they have to wait for full seasons after the retirement to become knowledgeable. guys like steve nash and ray allen who retired after the 23rd and-14 become eligible because the hall of fame in. has been reduced to three years. the president basketball hall of fame stadium by allowing players, coaches, referees to become eligible after three seasons they will be able to celebrate the best in the game. an opportune time throughout their career. congratulations to you. hall of famer gino arriola, the fastest coach ever to reach 1000 career wins. a twofer tuesday in this basketball milestone. sylvia hochschild won her 1000th game. we went from two college coaches
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to four. just like that. nfl pro ball tuesday going to be nfl all-star game in orlando then the pittsburgh steelers sending a players all including ben roethlisberger, antonio brown. the first team in 42 years to send two running backs to the pro bowl. six players and also let it. chief quarterback alex smith didn't make it nor did keith king about the likely get to go in because kirsten went to the eagles. now that the packers have been eliminated from the playoffs, aaron rodgers will not play the final two games of the regular season based on injured reserve of the collarbone industry. serenaded by this adorable little girl. ♪ jingle bells ♪ jingle all the way this not what fun it is to ride in a one horse open sleigh and
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♪ jingle bells jingle all the way of ♪ >> last night by as the cherry brandy chart boca raton ball played in the shadows of boca vista. in over 40 years they covered the spread by that bunch. they finished the best season ever. after the game announced to get a contract extension through the year 2027. cherry boca raton ball. >> who made that up? what happened to the bluebonnet? >> derek jeter, check this out last night he did at townhall is marlins season-ticket holders and he fielded some tough questions. by reselling optus teamed once again and he essentially said it's going to be different this
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time. give them some time. he got it right with the yankees as a player of course. gerri: i like those women coach stories. that was good good >> we are winning. i love it. lauren: can reach you at the little girl jingle ball singing again? thank you for that. you can always catch jared sports report on fox news headline 20 for seven serious xm channel 115. lauren: fund managers apparently not showing love when it comes to investing in the u.k. the ♪
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♪ ♪ power your apps with public services. ♪ ♪ without starting from scratch. ♪ ♪ the ibm cloud. the cloud for business. yours. [vo] progress is an unstoppable force. the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event.
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...from godaddy! in fact, 68% of people who have built their...
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...website using gocentral, did it in under an hour, and you can too. build a better website - in under an hour. with gocentral from godaddy. lauren: so there is a new server that finds fund managers don't like the united kingdom when it comes to make matters topics. riva gold from "the wall street journal" will explain to us what is wrong with the u.k. good morning. >> they need a longer segment for that one. a sickly, bank of america their alleged is a huge survey of fund managers around the world in the u.k. just remains very unloved by global fund managers and it's
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really kind of even on the flip the 100 has hit record highs, it is really underperformed relative to market that 5% this year. part of that has seen a big rebound of about 8% since the dollar, but a lot of it is global fund managers saying i'm not an expert on u.k. e.u. trade. i'm not an expert on british politics and i just don't want to take the risk at this point about the uncertainty ahead of the u.k. financial sector in future trade relationships. global investors take a step back from the u.k. for the time being and not spend going on for some months with some abating. gerri: every story is brexit at the end of the day pic will send it over for dagen mcdowell is sitting in for maria bartiromo. dagen: good morning. there is a little delay there because i was getting my hair
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sprayed. that is the way tv works. shiny and fly away his. lauren: i have had fly away as all morning. dagen: i think i can say this for the three of us. i can't believe a work in industries where we have to wear make up everyday and worry about flight delays. thank you, ladies. i am in for a bar to rome come december 20th. top stories at 6:00 a.m. eastern. the senate making history. her history. her public as to prevent the largest overhaul of our country's taxes done in about 30 years early this morning. >> of all the surprise that democrats all decided voted against middle-class tax relief in making american business more competitive as a smartphone and that is an argument we are more than happy to have. >> 83% of the middle-class will either pay more in taxest

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