your: chris collins of joining us to discuss the nra's latest statement on gun reform in the wake of vegas massacre. that is coming up. this is bloomberg. ♪ >> it's 1:00 in washington and 6:00 in hong kong. rty: welcome to bloomberg markets. is the balance of power with the focus on the intersection of politics and the economy. shery: here are the top stories. president trump is raising eyebrows during an event with military leaders at the white house yesterday. what he meant with his cryptic calm before the storm comment and what it could mean for a range of national security issues. in america.n's day as we see a tumble in payrolls for the first time since 2010, how much can we read into these numbers with hurricane devastation distorting the figures? plus, republican congressman chris collins from new york is joining us to discuss the nra statement on gun reform in the wake of the las vegas mass shooting. also tax reform and the congressional agenda and much more.

congressman, chris collins, thank you. >> nice to be with you.id: we want to bring in danny colson, former deputy assistant director at the fbi. danny, you have seen a lot of incidents around the country. we worked together covering some of them. >> right. david: it does seem early stages for this guy, if the reporting is correct, and rick leventhal is a great reporter, he doesn't miss a report, that he is reporting now that the perpetrator did yell "allahu akbar!" as soon as he was captured. >> yeah. david: it took two bullets to stop him. seems to be at the very least, this was an active perpetrator. this was no accident. >> lord no, it was no accident. we're seeing a changing face of evil. in my business now i have to be concerned about bombs and knives and guns and now trucks, and now snipers and soon, drones. and, you know, not too long ago the fbi, jttf in new york city stopped an attack much more serious than this one having intelligence. that is the key to this stuff, do we have intelligence? this case we did not. fortunately one of the f

congressman chris collins, thank you for joining us.ing up, attorney general jeff sessions issues a religious leeway inmo giving hiring. that story is next. this is bloomberg. ♪ marty: this is bloomberg markets, balance of power. shery: shares in department store nordstrom or falling, making it the stock of the hour. the nordstrom family group which owns over 30% of the company wants to take the company private. there are multiple reports that suggest they are struggling to put together the financing. emma chandra is a with more. what are we hearing? emma: there is a back context to the story. back in june, we heard the nordstrom family wanted to take the company private. back in september, we heard they were working with private equity firms in a $10 billion deal. we actually have a chart which shows you how that buyout plan would have worked. about safety 5% of that would have been debt. what we then heard this week was that they were struggling to finance that debt. today, we are hearing they are working on a new structure that would

take a listen to what representative chris collins from upstate new york told me about what will happenrepublicans if they do not get this done by christmas. >> i think all of us know we need this done by before christmas or it will be devastating because we will have disappointed our base. we disappointed them on health care. if we disappoint them on tax reform, they are quite likely in frustration to just not vote next november. kevin: the political drama unfolding earlier this week with jeff flake and bob corker seemingly having no impact on the house's ability to pass the budget with paul ryan saying in a press conference, joking that president trump will be on his overseas trip to asia when the republicans unveil their proposal. shery: a great interview with representative chris collins, but he comes from a state of high taxes like new york and that has been huge in terms of the salt deductions. we have heard from peter king that he does not see a prospect for a final tax bail -- bill by the end of the year so what is the feeling that this will get done? kevin: in terms of the coal

get done by the end of the year nonetheless we hear reports from congressman after congressman chris collins of new york who is a big supporter said i don't know what the brackets are i don't know what's in this i don't know what this could be for one k. reduction i don't know anything so i don't know how that's going to translate to unification or unity within the party and a package does that seem absurd to you that these people aren't going out the door of the morning with basic talking points what can a typical american now about their deductions for a four hundred one k. for a tyrant how can they not know this the tax framework has very few pages well i don't think they know yet to be honest or if they know it's the bradys in the hatch is the chairman of the committees brady and hatch have both said even though trump said is as recently as today no one's going to touch you for a one k. contributions nonetheless brady and pat have said that's not necessarily true even trump says he doesn't want to touch and what they're proposing is that what we've heard is that you could put in eighteen

shery: when it comes to the tax reform plan are presented of chris collins says it looks like there will compromise on state and local text inductions. well high tax states be accommodated? i don't know what will happen in that committee at this point in time. ofnow there are a number states who feel very strongly that there has to be some kind of maintenance within that plan and whether there is a limit of the amount that can be deductible i'm not sure. it is difficult when you have members in the republican who come-- conference from those states and are going to be concerned about that. if i could pivot towards hurricanes. there are people in congress who say there should not be any bailout that doesn't have corresponding cuts to keep a budget in balance. what is your personal view on whether you need offsets for hurricane aid? >> i believe we've got to do a better job. it is a conversation i have had with members of my own committee. we've got to do something to make sure that when these disasters come along we have money set aside in the budget. a rainy dayled that fund. we need to

on capitol hill to endorse donald trump's presidential bid, talking about new york congressman chris collins is under investigation by the house ethics committee. the committee is looking for possible violations of federal law and house rules regarding insider trading. the investigations centers around information collins may have shared concerning a drug maker whose board he serves on. there you have it. congressman collins there out of new york. i'm brooke baldwin, thank you so very much for being with me. we're going to washington, the lead with jake tapper starts right now. >>> thanks brooke. chief of staff kelly describing a president trump that you might not be familiar with. the lead starts right now. >>> it was a rare moment the white house chief of staff candid in front of the cameras, what he said about the charge that he was hired to control his boss. >>> after five years as terror hostages an american woman and husband and three kids they had in captivity are finally safe, but what really happened during the critical mission that gave them back their freedom? >>> plus, tax payer

shery: we have also heard from chris collins saying they could get some compromise.are also hearing from representative peter king saying there could be some limit to the deductions for people with income less than $400,000. could that idea gain traction at this point? >> there is a meeting going on among republican representatives from states that would be particularly affected. they are meeting with kevin brady and we can assume those kinds of modifications are being discussed. that you mentioned, peter king of long island has proposed a cap of $400,000. that is something were presented, garth there has said he is supportive of as well. david: what kind of groups are in favor of leaving that deduction in place? >> the national association of realtors are very protective of the state and local tax deduction. the realtors stand out as one of the main groups that would be heard. potentially if this were included in a tax bill. shery: around two dozen house republicans would be against getting rid of this deduction. can president trump afford to lose them? >> it's a go

for insight let's bring in new york congressman chris collins. >> nice to join you, liz.zabeth: i appreciate it. the house is passing a budget, resolution blueprint. there is going to be a difference between the senate version and the house version. i want your take as we leave the week on the budget resolution that was passed. >> the key is we need to get the budget so we can go into budget reconciliation and bypass the filibuste filibuster. and we all know the promise that we made and the president as well, we need to keep that promise. elizabeth: the plan was by november 13th and house was more aggressive, october. do you think that's feasible? . yes, we don't have a final version out of the senate, but there are going to be differences? >> we need to get it done and signed this year so it takes effect january 1st and we can see the job and economic growth leading into next november's election, and that's why our timetable is to get is out of the house in october and get it over to the senate. let them do what they're going to do and certainly there are going to be dif

joining is chris collins of new york to talk about this and so much more.ood morning, congressman. >> yes. good morning, alisyn. >> are you comfortable the president would exert his influence over the fbi to have a lifted gag order on this informant? >> well, certainly the president is allowed to do what he is going to do. and i know he certainly has been frustrated with much of the russia investigation. in doing this, he is trying to ensure that all aspects of the investigation. so, no, i don't have any problem with that. let the truth speak for itself. >> just to be clear, they are supposed to operate independently, particularly when it comes to the president or any president's political opponents. and here the president is trying to get some dirt on what happened with hillary clinton. >> well, i mean, if there was someone that is under a gag order and therefore his part of the story was not released, to have it released most would say we want to hear from as many possible individuals as you can. and if somebody has a gag order on them and could not speak

chris collins was focus on solidifying, telling bloomberg best. the republicans are committed. middle income earners and even upper middle income earners are not going to pay more in taxes whether you live in alabama, or whether you live in new york or new jersey. republicans -- we are joined by sahil kapur. he joins us from capitol hill. let me ask you what republicans are worried about. we can get into details in a moment. what the republicans are concerned about is specific provisions in this plan that would end attacks put brakes -- tax breaks. in blue states. like new york and new jersey and california. that debt -- there has been a limitation of exemptions worth about 4000 per child. if you are looking at a large statenthat lives in island or long island or a new jersey, that could be a significant tax increase for them. that is according to studies done by a nonpartisan group like the tax policy center which found most middle-class americans would see a tax cut under this framework. but the broader message that republicans have does not lea

. >> so chris collins and i have legislation called the main street revival act.efer your payroll taxes. i think opportunities like that we should explore especially so many places where they're seeing their economies change, automation is replacing jobs, trade deals are send willing workers overseas. we should try and get america working particularly in the heartland and communities that truly have been disconnected. why don't we start there? if it's just corporate income taxes coming down with no guarantee that wage increases will go to the backbone of the workforce. i'm not going to be for that and i don't think my colleagues will be either. >> there are no levers that would force these companies to get tax breaks and higher more people or pay them any more. it doesn't exactly make sense. i want to talk about obamacare which i know is so important to you. the president's executive order is cutting off critical payments to health insurance companies and i want to share what john kasich said on "meet the press." >> i'm very disappointed in the direction of the re

here's republican chris collins of new york state telling "bloomberg" today we don't know the brackets. we don't know where we are on the estate taxes and state and local deduction and the size of the child tax credit. we don't know. we don't know. we don't know. bruce, they are trying to do sol things in there things tried to do for generations, eliminate or limit the taxes. better legislators than them tried and failed with that. >> i think what we have is a replay of the obamacare repeal business. trump had absolutely -- >> do you think they're going to pass a bill? >> i think it could end up the same way. >> wow. >> because trump apparently thinks that all the stuff is thought through and that there's a bill pretty much ready to introduce and be passed by the house tomorrow. and he doesn't realize they've been working on this for years and not able to come up with anything on their own. and talking about ignorance, treasury secretary steve mnuchin seems to be as ignorant as trump on the issues. not giving them much in the way of guidance i can see and i think it's because he doesn'

. >> when it comes to the tax reform plan, chris collins of new york says it looks like there will bee kind of compromise on state and local tax deduction. will these states be accommodated? >> what will happen in that committee, i don't know at this point in time. i do know there are a number of states who feel strongly that there has to be some kind of maintenance within that fault plan and whether there is a to the amounte or that can be detected, i am not sure. it is difficult when you have a number of members, even in the republican caucus, come from those states. those are all negotiations that have to take place in the conference committee. >> if i can just talk about a separate issue on hurricanes and the impact on the budget. there are some people in congress who think there should not be any bailout that does not have a corresponding cut. what is your personal view on whether you need offset? >> i think we can do a better job. this is a conversation i have had with members of my own committee and other members in the house. when these disasters come along, we want to make su

when asked about the details of the republican bill, representative chris collins, a republican will be for their constituents. when from new york, said, we don't know. we don't know. we don't know. we don't know. we don't know. that's a republican member of congress who is saying he has no idea what this bill is. we do know based on a nonpartisan aal siffs their framework, it will -- analysis of their framework, it will raise taxes on 47 million americans. we know that 80% of the tax cut, 80% of the tax cuts will go to the top 1%. and we know as well that nearly half of all taxpayers with children, 44.5%, will see their taxes go up. those same children will not be on the hook. those same children will be on the hook for a $2.4 trillion cost. this is the biggest debt explosion of any bill that i have seen. republicans representative matt gates of florida summed up today's vote as being for a budget. hear this my friends, on both sides of the aisle, this is matt gates, republican -- gaetz, republican, florida, summed up today's vote as being for a budget that quote, nobody believes in

when asked about the details of the republican bill, representative chris collins, a republican will be for their constituents. when from new york, said, we don't know. we don't know. we don't know. we don't know. we don't know. that's a republican member of congress who is saying he has no idea what this bill is. we do know based on a nonpartisan aal siffs their framework, it will -- analysis of their framework, it will raise taxes on 47 million americans. we know that 80% of the tax cut, 80% of the tax cuts will go to the top 1%. and we know as well that nearly half of all taxpayers with children, 44.5%, will see their taxes go up. those same children will not be on the hook. those same children will be on the hook for a $2.4 trillion cost. this is the biggest debt explosion of any bill that i have seen. republicans representative matt gates of florida summed up today's vote as being for a budget. hear this my friends, on both sides of the aisle, this is matt gates, republican -- gaetz, republican, florida, summed up today's vote as being for a budget that quote, nobody believes in

collins, she'll also join us. plus as the president moves to address the opioid epidemic, has he done enough? we'll talk to business point man, chris christie. plus analysis on all the news and special look at music and politics. with the late show with stephen colbert's band leader jon batiste. it's all ahead on "face the nation." good morning and welcome to "face the nation" i'm john dickerson. late friday the news broke that special counsel robert mueller's investigation into russian attempts to influence our election has resulted in at least one sealed indictment. charges are unknown and so is the person or persons under indictment but that hasn't stopped the speculation about what mueller might have found. the suspense is probably only temporary as those charges could be made public as early as tomorrow. when a judge will likely unseal the indictment in order to make arrests. now to what we do know, one of the president's toughest critics, senator foreign relations bob cocker he joins froes chattanooga, tennessee. i want to start with the sealed indictments. things are volatile in washington these days what do you think this i

collins stays the course. steve bannon takes center change declaring war on mitch mcconnell. we'll hear from chriscdaniel, a conservative state from mississippi who came this close to beating an incumbent republican in 2014. will he try it again? we start with drama -- over the president's decision not to certify the iran deal. secretary of state rex tillerson has reportedly developed a tense relationship with nikki haley, the ambassador to the united nations. a white house official described the spat as, quote, world war iii proportions. the speculation, haley wants tillerson's job and has a better relationship with the president o. meet the press haley didn't encourage the feud but he didn't exactly deny it either. >> that is just so much drama. i mean, it's really -- it's all this palace inteagrigue. i am glad to be living in new york. i don't want to be near the drama and i don't want to be near the gossip. i'm going to continue to do a good job. >> encouraging. adding to tillerson's troubles, senator bob corker has president trump has undermined tillerson's effectiveness especially with china

includes some reliables you would expect to be on his side, chris christie, trey gowdy of the house intelligence committee, but also senator susan collinse. she came out strongly for trump. in a way he may be getting his republican coalition to rally around him a bit on this. haidi: he needed that solidarity. does that mean tax reform could be done by the end of the year or earlier? officials are suggesting that could be possible. they have an aggressive timetable and we are expecting the house tax writers to release their plan on wednesday, which should include many details we have not seen thus far. the senate plan which is being developed separately could still be a couple of weeks away, but in both chambers lawmakers really want to push forward with an aggressive schedule. there will be a a lot of lobbying. there are already some groups such as the home builders are very angry at what they think will be contained in the house plan about mortgage interest reduction and other treasured deductions that people can file on their personal income taxes. i think the lobbying will be fast and furious. whether they can slow down the momentum

chris, what, at least 15. i was just thinking of some of them off the top of my head. mccain, heller, sasse, flake, mcconnell, corker, paul, collinsmurkowski. that's not even all 15. i mean, how many -- and in the case of john mccain, how personal is it? tax reform. this is bread and butter for all these guys. the plan that's out there. do they vote for it because it's bread and butter republican fare or not vote for it because they can not stand this president? >> i don't think they vote against it because they don't like the president of the united states. like you said, this san issue that is fundamental to the republican party as currently conceived. to me the issue, erin, is, his capacity to convince, assuage, call in favors, because this will almost certainly be close. right? it will just be like health care. going to be close. the issue there at the end is do you have the trust, do you have the chips, can you sort of ask a favor? it's very hard to see how donald trump does that not only because he attacks these folks who aren't with him all the time. remember on health care after the house passed the health care bill, he we

susan collins, the senator from the great state of maine said yesterday, i see a lot of the stuff, there is no evidence of collusion. ainsley: chrisust had jonathan turley on 15 minutes ago. the fact we are talking about it on this muellermond knowing that an indictment is coming up. somebody leaked from the grand jury. and that can be a crime, but then again, sometimes it isn't. listen. >> washington floats on a roaring and rolling wave of leaks and this is not the first time that we have had grand jury information that's ended up in the press. there is a rule called rule 6 c that does make it a crime to release grand jury information. but there are exceptions. one of the biggest reasons have you information come out in a case like this is that prosecutors will normally let an attorney know if their client is the subject of an indictment, to give the person a chance to surrender. and so, the information post indictment does get out on some occasions. ainsley: if you are under investigation, you know it. brian: right. that's what chris christie's contention was yesterday. steve: and your lawyer might have blabbed. brian: the presi

if susan collins gets reelected and she says i am going to sit down with lisa murkowski and chris coonsdelaware and three or four others and we are going to coordinate and try to advance bipartisan legislation, deal of the opioid epidemic, deal with job retraining, obvious issues that are not that partisan. it would be an interesting thing. i think they would have a lot of public support. host: isn't there always a primary down the road for those folks? guest: that is what they have to stand up to. susan collins will been reelected. lisa murkowski was reelected fairly recently. at some point they have to say i'm going to take a primary challenge great -- take a primary challenge. the steve bannon announcement that he is going to challenge every republican senator except ted cruz. if you are senator from nebraska , you say i'm going to get a challenge anyway. the counter argument is you're more likely to beat back that challenge if you say i have stuck with president trump down the road, maybe he will even support me. strange and alabama and that did not do them much good. it might be th