finally i would just add the president's objective is creating economic growth and as we've said before we believe we can get back to 3% or higher gdp that is sustainable in this country. the overall economic plan consists of massive tax cuts and tax reform, regulatory relief and renegotiating trade deals and with that we will unlock the economic growth that has been held back for too long in this country. with that we'd be happy to take a few questions. in the back. >> reporter: thank you, mr. secretary, when you talk about the individual tax rates you're also talking about eliminating some of those tax breaks, are you talking about eliminating tax deductions? which ones are you talking about eliminating and which ones are you talking about keeping? >> we are going to eliminate on the personal side all tax deductions other than mortgage interest and charitable deductions. we think that will be sweeping reform. >> reporter: when you talk about lowering the dividend and capital gains taxes, how does that mesh with what you said this americaning about protecting the middle-class from the

we have been working hard on the president's executive orders and we are focused on creating economic growth. bob: and you said that growth will pay for the plan? secretary mnuchin: absolutely. bob: the strategy for passing this bill, as you know tax reform hasn't been done since 1986. that was a bipartisan bill. secretary mnuchin: 30 years. it's about time. bob: have you viewing that as the model or do you think there are things in the plan that democrats should like or do you think mostly republicans are going to have to unite and carry this across the finish line? secretary mnuchin: we don't start out with what the model is. we start out what we think should be passed. i'm hopeful that democrats will work with us on this. this is about tax cuts that are good for the american people and i hope they won't stand in the way of creating tax cuts for small business, for making business competitive for simplifying personal taxes so we're hopeful that it's bipartisan. but as you know, there's multiple ways of doing this, and the president is determined that we will have tax reform. as a matter of

it helps, i think, for families to stay together, it helps jobs and economic growth. ,rowth is a tremendous solution helping us to pay for, let's say, government necessities. i'm in favor of the social safety net. should strivet we for growth. and the reagan revolution," it was all about this idea that the best way to help folks is to grow and expand the economy and equal opportunity for everybody, ok? what wethat that is have to keep our eye on. you are not going to solve poverty, you're not going to solve stagnation by raising taxes or punishing successful people or railing on about how bad business is. my feeling is that growth solves many problems. if you can find that in the bible, so be it, but i'm more of a technical guy, i must say, but thank you for your thoughts. host: there was a recent op-ed by the american enterprise institute talking about corporate tax returns, who said to lower the rate to 15% and dividendssted that and capital shareholders of public companies would pay the same rates as they pan ordinary income as opposed to the current system's preferential rate. what you

finally, i would just add, the president's objective is creating economic growth. e said before, we believe we can get back to 3% or higher gdp that is sustainable in this country. the overall economic plan consists of massive tax cuts and tax reform, and renegotiating trade deals. with that, we will unlock the economic growth that has been held back for too long in this country. with that, we would both be happy to take a few questions. when you talk about the individual tax rates, you are talking about illuminating those tax rates, are you talking about eliminating tax deductions? sec. mnuchin: correct. we will eliminate on the personal side all taxed inductions other than mortgage interest and charitable deductions. we think that will be sweeping reform. you talk about lowering the dividends and capital gains tax. how does that measure what you said this morning about protecting the middle class from the very wealthy, who might be able to take advantage of the loophole, but that would give them a lower tax rate? sec. mnuchin: what we said is the business rate wil

finally, i would just add, the president's objective is creating economic growth. e've said before, we believe we can get back to 3% or higher gdp that is sustainable in this country. the overall economic plan consists of massive tax cuts and tax reform. regulatory relief and renegotiating trade deals. with that, we will unlock the economic growth that's been held back for too long in this country. with that, we'd be both happy to take a few questions. in the back. >> reporter: thank you, mr. secretary. when you talk about the individual tax rates, you're also talking about eliminating some of those tax breaks. are you talking about eliminating tax deductions and which ones are you talking about eliminating and which ones are you talking about keeping? >> we are going to eliminate on the personal side all tax deductions other than mortgage interest and charitable deductions. we think that will be sweeping reform. >> adam? >> thank you. when you talk about lowering the dividends and capital gains taxes, how does that mesh with what you said this morning about protect

the consistency is quite refreshing. >> there seems to be a lot of consensus around the economic growth, on the budget site are those highly contested? you have economic nationalists. when you have a room trying to settle on, for example, the skinny budget, health heart are you fighting against your colleagues. ? i may president and disagree from time to time on things. are you looking for a yes-man in positiontion where -- or some well reasoned dissent? i was told that dissent was encouraged. the president wants to surround himself with smart people who don't agree on everything and let us have should out. h it out. the skinny budget is certainly a budget where part of it reflects me. it not adding to the , you mightt year expect that from the freedom caucus. but the president ran on infrastructure. there is more money in the budget for the border. that is entirely the president. you have more money for school choice. those were a variety of folks from different backgrounds and different perspectives coming together. the end result i think is a really excellent articulation of the admi

as they have prospects for economic growth monetary policy and so much more. [applause] >> i have won 17 year-old and that is plenty thanks for joining us here today for the annual meetings also from bush 41 in a was a young staffer cost in mccue did it go back to president ford laugh laugh. >> we have a full day today with treasury secretary and was going to start with economic growth but let's just follow-up because we were in the back in the greenroom and oftentimes it is overlooked the importance of the regulation have oda george judge the approach to regulation with their philosophy for deregulation grex pdf spinet it is hard to get your hands around the moving parts and maybe the most important thing with economic growth with tax reform and budget the regulatory reform moves ahead there is a congressional review lacked that is removing regulations that will continue to do that is much as they can. over those agencies put their reports out. so we have some people including the president to saying allied to with some of the appointments as uh director hims

it was economic growth in the u.s. that did that. not just military. military is a great product of economic growth and doing that is wonderful. but never take your eye off the ball. we need tax cuts and economic growth now. liz: it's an important point. let's switch gears to neil gorsuch. he was sworn in today as supreme court justice. let's take a listen. i would like your reaction. >> i'm humbled by the trust placed in me today. i will never forget that to whom much is given, much will be expected. and i promise you that i will do all my powers to permit to be a faithful servant of the constitution and laws for this great nation. liz: you know, art, trump could fill four supreme court vacancies; right? kennedy, ginsberg, prior, and now scalia. i mean, do the dems really dust this one? they made a mistake lowering the "nuclear option" to just 51 votes; right? it looks like reagan. reagan filled four seats. >> yeah. just like -- i mean, i don't know why they went after gorsuch like they did. i mean, he seems to me and, again, i'm not a legal scholar,

his is driven for syphilis for economic growth.thing we do almost is looked out to that lens, that perspective. how can we get people back to work? advocate job participation in the workforce participation back up? advocate people paying back into tax system? how do we get people paying back into the social speedy system? that really drives about everything he talks about which is the consistency is quite refreshing. >> there seems to be concern into submission asi about the economic growth agenda but on the budget side. all those hotly contested? you have the fiscal hawks, moderates, self-described economic nationalists. when you get into them to settle on for example, the skinny budget, how hard are you fighting with your colleagues? >> when i was offered the job i asked the question. i said, look, the president and i may disagree from time to time on things. are you looking for a yes-man indisposition or any position? are you looking for some intellectual about recent dissent? i was told not only was to send welcome, it was enco

president is on infrastructure pending. >> there seems to be concern into submission asia about the economic growth agenda but on the budget side. all those hotly contested? you have the fiscal hawks, moderates, self-described economic nationalists. when you get into them to settle on for example, the skinny budget, how hard are you fighting with your colleagues? >> when i was offered the job i asked the question. i said, look, the president and i may disagree from time to time on things. are you looking for a yes-man indisposition or any position? are you looking for some intellectual about recent dissent? i was told not only was to send welcome, it was encouraged. the president wants to find itself with really, really smart people who don't agree on everything and sort of lettuce hash it out. i think as a result of a policy of been some of, look at the skinny budget for example. the skinny budget is certainly a budget that part of it reflects me. when you look at the fact it doesn't add to the deficit that you come that something might expect from a member of the freedom caucus. at the same time

finally, i would just add the president's objective is creating economic growth. d as we said before, we believe we can get back to 3% or higher gdp that is sustainable in this country. the overall economic plan consists of massive tax cuts and tax reform. regulatory relief, and renegotiating trade deals. and with that, we will unlock the economic growth that's been held paback for too long in thi country. with that, we would be happy to take a few questions. if the back. >> mr. secretary, when you talk about the individual tax rates, you're talking about eliminating some of those tax breaks. are you talking about eliminating tax deductions and which ones are you talking about eliminating and keeping? >> all tax deductions other than mortgage interest and charitable deductions. we think that will be sweeping reform. >> when you talk about lowering the capital gains taxes, how does that mesh with what you said this morning about protecting the middle class from the very, very wealthy who might be able to take advantage of loopholes that would give them a better tax

down the economic growth that would otherwise cause inflation. the fed sees silicon valley, says we are going to start selling bonds to silicon valley bank to decrease the supply of money there. such a scenario would fail between lunch and dinner, almost instantaneously, because we reside in a global economy. there are savers and investors around the world desperate for exposure to the most economically productive people on earth so the fed shrinks the supply of dollars in those banks that would be made up instantaneously by savers around the world. the broad point is that the fed quite simply cannot increase money and credit inflicting locales where there is not a lot of productivity and they are struggling economically as a result. much the same in productive locales there is no need for the fed. money and credit sources around the world are fighting to have exposure to them. the fed quite simply cannot do what its critics and its supporters say it can do which brings us -- my book is an explicit tribute to ludwig, the theory of money and credi

and it was an economic depressants, not driver of growth. at which point to believe that it stimulated the stock market boom, you have to believe the deepest markets in the world, that is the us markets, populated by the most sophisticated investor were -- to economic growth. i think the very idea that these guys could trick the smartest markets in the world, let's be serious. but i get all of the responses. one of my favorite ones came from an economist in austin texas. he said john, you are not an economist. you do not understand. the fed signaled to investors that we have your back. that if you buy equities we will protect you. we keep the markets propped up. and that is what caused the start market value. he added i learned this from the nobel economist. and i said great point but, if what you say is true can you explain to me japan? because there central bank has no less than 11 q is on its economy since the early 1990s. with no corresponding stock market rally or -- confident in ways that japan central bankers don't have a clue. and th

finally, i would just add, the president's objective is creating economic growth, and as we said beforewe believe we can get back to 3% or higher gdp that is sustainable in this country. the overall economic plan consists of massive tax cuts and tax reform, regulatory relief, and renegotiating trade deals. and with that, we will unlock the economic growth that has been held back for too long in this country. and with that, we would both be happy to take if you questions. >> reporter: when you talk about the individual tax rate, you're also talking about eliminating some of those tax breaks. are you talking about limiting tax deductions, which when are you talking about eliminating, which are you keeping? >> correct, we are going to eliminate on the personal side all tax deductions other than mortgage interest and charitable deductions. we think that will be sweeping reform. >> reporter: think you paid when you talk about lowering dividends and capital gains taxes, how does that mesh with what you said this morning about protecting the middle class from the very, very wealthy who might b

china's economic growth picked higher to 6.9% in the first quarter but slightly faster than the previouse second straight quarter of economic expansion. >> president trump also taking ahead of tomorrow's special congressional election. tried suggesting the media favoring the democratic candidate after doing the same thing in a special election last week. trump treating the recent kansas election was a really big media event. now they play the same game with georgia. god. republican ron estes was narrowly elected to an empty house in kansas last tuesday and voters in georgia will choose a candidate who trump chose to be his health and human services secretary. turkey's president won a narrow victory to post yesterday but the main main opposition party wants a recount. voters approved constitutional changes that would expand the powers of president erdogan. the margin of victory over 51% of the vote. instead of the president parliamentary system in president could remain in office until 2029. turkey's main opposition party would call for a recount in that 260% of the pope at the referendum

finally i would just add the president's objective is creating economic growth. believe we can get back to 3% or higher gdp that is sustainable in this country. the overall economic plan consists of massive tax cuts and reform, regulatory relief and renegotiating trade deals. and with that we will unlock the economic growth held back for too long in this country. with that we'd both be happy to take a few questions. >> thank you, mr. secretary. when you talked about the individual tax rates, you're also talking about eliminating some of the tax breaks. are you talking about eliminating tax deductions, and which ones are you talking about eli eliminating and keeping? >> other than mortgage interest and charitable deductions. we think that will be sweeping reform. adam? >> thank you. when you talk about lowering the dividends and capital-gains taxes how does that mesh with what you said this morning about protecting the middle class from the very, very wealthy who might be able to take advantage of -- i don't know a better word than loophole but that would give them

so basically there are two ways to create economic growth for the tax code. you can either make it easier for individuals to buy things that increases demand or you can make it easier for businesses to invest. so the problem with getting businesses to invest is this tax code that they're proposing right now is going to do something called lowering the cost of capital. you know what this means, it just means making it cheaper for businesses to buy physical plants, equipment, things that make workers more productive. here's the problem. capital could not possibly be any cheaper right now. it's easy for corporations to borrow money. they're sitting right now on $760 billion in cash, unspent cash. they're sitting on this wad of money and not spending it. so it's hard to say that we're going to make a change to the tax code that suddenly is going to get them to spend money that they could spend today. >> one second, though. in defense of the administration, one of the reasons we've seen corporate america not spend money is because of the uncertainty around the reg

treasury secretary that economic growth is the goal and the solution. >> we believe we can get back to 3% or higher gdp that is sustainable in this country. the overall economic plan consists of massive tax cuts and reform. regulatory relief, and deals.iating trade we will unlock the economic growth that has been held back for too long. tim: my colleague katty kay and christian fraser talked to the taxel-erian about plan. he was appearing on "100 days." tty: one reason that financial iddy is thee been getti promise of a cut of a corporate tax rate to 15%. do you think it is important the white house lays out how it will pay for the tax cut? important. is very there are 2 elements to the tax plan. wine is tax reform. some -- one is tax reform. simplifying the system, making it easier, more transparent, less captive by special interest. another element is aggressive tax cuts, the other element the trump administration is pursuing here, people need details. it is a race between economic growth and debt. if economic growth wins it is fine, but if debt wins, the economy will be worse off. p

there's an underlying tax philosophy that supports more economic growth.ose provisions, i think the key are the provisions associated with innovation and investment in the u.s. that's -- economic growth is in the end not very complicated, you know, capital, add labor, repeat. and -- [laughter] >> you want to accumulate capital and skills and labor and if you look at the kinds of provision that is are important, they start with low rates, that's a key. the next thing you probably want to recognize for the u.s. is you move toward a system that's about the u.s., it's a territorial system, we stopped trying to be the only country that taxes on the basis of worldwide income. you then focus on investment, things like expensing and making sure that comparable markets are given job without allocating investment, not the tax code. so you get neutrality across tangible and intangibles, not driven by the tax code and the former financing, debt versus equity, all things that you would like to have capital markets do. i think that you do need to take some particular co

>> economic growth. kind of the one thing about this job -- and there's, as i said, there's a huge operational component to this and i can see how you go through four years and you're doing a lot. but i'm very focused on what we're going to get done. to me the number one issue is economic growth, through tax reform, regulatory reform. i'm also very focused on we need housing reform. we have to fix. we have two entities fannie mae and freddie mac that are sitting under government control. have to figure out how to housing finance. so we don't put taxpayers at risk yet have liquidity. i'm also focused on cyber security. housing finance. o we don't put that is big issue across the government but from our standpoint in treasury, one, we maintain probably the largest data base in terms of taxpayer records, npii. we feed to make sure that's protected. we need to make sure that taxpayers can interact with us at is big safely and securely. from the standpoint of the financial system, i'm borking very closely wit

mnuchin and cohn saying that plan will pay for itself with results higher economic growth. >> this package is go growing the economy, creating jobs. president looks at that seriously, as a tax on capital spend to stimulate economy growth. we're tieing to get rid of that -- try be to get rid of that. capital back in to the economy creating more jobs. the economic plan under trump will grow the economy and will create massive amounts of revenues. lou: massive amounts of revenues, president working on economic growth issues more new executive orders, first one directioning entir interior secretary, designation of monuments to lands. >> i have spoken with many state and local leaders, a number here today who care about preserve our land. and who are gravely concerned about this massive federal land grab. it has gotten worse and worse and worse. and now we're going to free it up. which is what should have happened in the first place. this should never have happened. lou: before the president obama left office, he infuriated utah citizens by creating the bears ears national monument. taking more

we need more economic growth. this plan would actually hurt our economic growth.uld cost $7 trillion over the next decade. when you factor the impact on the economy, experts from university of pennsylvania wharton said it with lower the economic growth every the next two decades. it would end up hurting us. by the way, 51% of the benefits go to the top 1%. this plan is not about growing our economy. it would shrink our economy and give a larger share of the shrinking economy to the very we wealthy. >> stephen, it comes down to how you pay for the tax cut. you want to get health care done first within the trump administration and have savings to justify it. the idea of we will grow our way out of any of the definiaficit results in there. how do you justify? >> i want to refer all your viewers to the piece in the wall street journal this morning which points we are growing at 1.8% for the last ten years. the congressional budget office says we will grow 1.8% for the next decade or two. i think jason would agree. you will not make progress reducing that deficit when

mnuchin: economic growth. the one thing about this job, and there's -- you know, as i said, there's a huge operational component to this. i can see how you go through four years, and you do it a lot, what we'reused on going to get done. to me the number one issue is economic growth. be through tax reform, regulatory reform. i'm also very focused on we need housing reform. we have to fix -- we have two entities, fannie mae and freddie mac, sitting under government control. out how tofigure reform housing finance, so we don't put taxpayers at risk, and liquidity. i'm also very focused on cyber security. our standpoint -- and again, this is a big issue across the government, but from in treasury, one, you know, we maintain probably largest database in terms of records, and we need to make sure that's protected. we need to make sure that uspayers can interact with safely and securely. and then from the standpoint of the financial system, i'm working very closely with banks financialre that our infrastructure is pr

a plan that treasury secretary steve mnuchin said is all about economic growth. >> this is now about taking the president's principles and turning them into a bill that we can get past and the president can sign this year to create economic growth. we're going to work closely with congress to get this done. matt, yes, our principles are we want to pay for this with economic growth and with reducing a lot of special interesting deductions. lou: and our first guest tonight, to discuss how that proposed tax reform plan will boost the middle class and small business in particular, the treasury secretary assistant secretary for public affairs tony sayegh. good to have you with us mr. secretary, turning to i love the adroit way that treasury secretary managed to avoid revenue neutral. it is all, it is going to be paid for by economic growth, straight forward, absolutely true, that is e plan. can i it come true? >> absolutely, lou. that is what we're working on. there is a lot of alignment in washington on tax reform. we've been meeting with colleagues and partner on capitol hill, chairman

the fundamentals of economic growth. seen through this election and around the globe, it's not all about growth, it's about consistent participation in that growth. we have seen that broadly speaking that everyone is participating in the opportunities that they should be. and it's time for us to be spending very close attention to ensuring it is more equalized. as we look at the framework in those contexts, where other opportunities for what i see opportunity, this is not about rollback or shouldn't be about rollback and it shouldn't even be about talking about a specific rule. but really thinking about okay, how did all these rules come together? they were written simultaneously across jurisdictions, across multiple prudential regulators as well as market regulators. there's probably more overlap then we need to have. that doesn't enhance safety and soundness but certainly reduces the amount of capital that's available to be deployed, and equally reduces the amount of liquidity at sovereign into the marketplace, which w

critics say the plan will add trillions to the debt, but the white house is confident economic growth will make up for that lost revenue. >> i've been working with the president for over the last year on his economic plan in regards to creating growth. the president is very determined that we can get to 3% or higher for sustained economic growth. we're working on tax reform, regulatory reform, job creation, and this is something that on the tax side, i've been meeting weekly what the house and the senate on designing things, and will be coming out as the president said with more detail details. >> jenna: peter doocy is live on capitol hill. >> the treasury secretary was at the white house they are, but he's on capitol hill tonight to talk taxes with some of the republican leaders that need to be briefed on president trump's plan. "the wall street journal" reports it would dramatically cut the corporate tax rate from 35% to 15%. that's a move that could bring steam and oceans treasury department a lot less money. right now, the corporate tax rate is higher than france, belgium, austral

i do believe that we have to have fiscal discipline in addition to economic growth. you know me well. i think that means reforming our entitlement programs. i think passing this health care bill, which helps go at lowering the cost of health care, is extremely important if you're going to lower fiscal exposure. if you're going to help close the debt. one of the biggest drivers of our debt is the high cost of health care and inflation. we can have a patient health care system that is restored by reviving the individual market. that's one of the greatest things we can do to bring down high health care costs and close the debt and the deficit. so i do believe you have to have comprehensive entitlement reforms along with pro-growth legislation like tax reform to get the best of both worlds which is getting the debt under control, getting people back to work and getting faster economic growth that gives us better revenues. last one. ok. i got a -- it's my turn to ask a question. how many junior reporters do we have here today, including photographers? [laughter] ok. why d

it's about creating economic growth here. difference between 1.8% gdp and 3% gdp here is an enormous difference. critical for us. i think growth here is good for the world economies. a lot of our focus as it relates to international issues are around fair and balanced trade. around fair and balanced investment. we have one of if not the largest trading market and the freest trading market. it has been a big focus of discussions with our counterparts. that i think what is good for the u.s. economy is good for the global economy. >> that major focus will be in the short-term. the economic policy that the president has put forward, describe what you think is most important to get done short-term? what are you, principally, going to say day one and the rest of this year? our two main points for economic growth are tax reform and regulatory relief. those are the things that we have been working on every single day since i've been confirmed as it relates to tax. we have over 100 people in the tax department even though we hadn't got

system has to be a system of common sense applied that leads to economic growth sold there was .7 economic growth? said economic growth then you movement with lower taxes. >> so i think it is a balance. this is part of for those who were hurting went to trump but they are hurting. what people want to know does anybody care about me? i took up swimming after the olympics because that wanted to look like them. i was in the lessening pool and i dropped my phone into the cement pool. it was so flat flown ; horizon program went over they've made me wait hours. they give me the phone back and said we made you wait it is on us. there are 50 people and there. [laughter] i said banks and she said last week a woman came in with her smart phone we did something that made it not to work in the fix did we said it is on us and got very emotional almost starting to cry because nobody treats anybody like that anymore. so i called the sea of for rise in and said that woman and her assistant need to be held up as an example to know how to service customers. that is such a middle illustration people feel lik

it's been one of the main culprits to keeping economic growth low post the great recession. it's been regulatory environment which is a squelched investment and growth. this represents a significant accomplishment during the first two months of this new administration in this new congress. >> republicans in the senate headache we are i focus on jobs of the economy. what we as americans care most about. one of the reasons for that is during the past eight years and the obama in this recent growth has averaged 1.5% which is less than half the historic average going back to the end of world war ii. if you look at weight level, we've increased 2.5 or one quarter of 1% during the eight years of the obama administers. the american people haven't seen a pay raise, literally, in eight years. that's why we pointed out that our focus has been putting policies and faith in place that will create conditions that are favorable to economic growth and job creation. the congressional review act had been utilized only one time until this year and has now been utilized 13 separate times by th

. >> the tax plan will pay for itself with economic growth. >> arguing the cuts will pay thr themselves, a theory economics don't buy. meanwhile, the trump administration hitting five canadian companies on stiff tariffs. congress secretary saying it has been a bad week for u.s./canada trade relations, stoking fears about a future trade war with america's second largest trading partner. >> the administration continues to keep its eye on north korea. there was a big artillery drill there overnight. the entire united states senate expected here at the white house tomorrow for an unprecedented briefing on north kor yeah. >> thank you very much. let's bring in chris, reporter and editor at large for cnn politics and david druker and april ryan. so what are we seeing with this border wall? we had marsha blackburn on the show. she got all twisted up trying to keep it alive saying reasons why you need the wall and that congress will find a way to deal with it fiscally. nobody saying they want the wall and nobody saying they are going to find a way for mexico to pay for it. >> donald trump on th

finally i would just add the president's objective is creating economic growth, and as we have said beforewe believe we can get back to 3% or higher gdp that is sustainable in this country. the overall economic plan consists of massive tax cuts and tax reform. regulatory relief, and renegotiating trade deals. with that, we will unlock the economic growth that's been held back for too long in this country. with that, we would both be happy to take a few questions. in the back. reporter: thank you, mr. secretary. when you talk about the individual tax rates, you're also talking about eliminating some of those tax breaks. are you talking about eliminating tax deductions and which ones are you talking about eliminating and which ones you are talking about keeping? >> correct, we'll eliminate on the personal side all tax deductions other than mortgage interest and charitable deductions. we think that will be sweeping reform. adam. reporter: thank you, secretary, talk about lowering dividends and capital-gains taxes how does that mesh with what you said this morning about protecting the middle c

i do believe that we have to have fiscal discipline in addition to economic growth. you know me well. i think that means reforming our entitlement programs. i think passing this health care bill, which helps go at lowering the cost of health care, is extremely important if you're going to lower fiscal exposure. if you're going to help close the debt. one of the biggest drivers of our debt is the high cost of health care and inflation. we can have a patient health care system that is restored by reviving the individual market. that's one of the greatest things we can do to bring down high health care costs and close the debt and the deficit. so i do believe you have to have comprehensive entitlement reforms along with pro-growth legislation like tax reform to get the best of both worlds which is getting the debt under control, getting people back to work and getting faster economic growth that gives us better revenues. last one. ok. i got a -- it's my turn to ask a question. how many junior reporters do we have here today, including photographers? [laughter] ok. why d

you talked earlier about the pickup in chinese economic growth. taylor said a few minutes ago, growth is also accelerated. and that is the way the chinese have kept up growth. and if that comes to a halt for any reason, because of debt defaults are other issues, it will have an impact on the united states and on fed policy. into --t is he seems what are the themes into the three or four day weekend? better emerging markets. i believe that includes turkey. do you believe the theme that while the u.s. may struggle, we do get a better emerging market economy? komal: they are developing and two things are contributing. one, the fed is going to be slower in hiking rates than the market expects, which is always good for the emerging markets. and secondly, president trump has been talking down the dollar and that is something the emerging markets welcome as well. the real unknown is what will happen to oil prices. lower oil prices are not good for emerging markets. side, the issue that i have is that the turkish president has an issue in interfering and

i guess you're not buying 3% economic growth pays for all of it, huh?> i haven't seen any analysis. most presidential campaigns during the primaries when they put out a tax plan they put out more than one page and they put out some analysis and some model and some careful articulation of the proposal and estimate its effects. there is none of that coming from the administration, and yet there's this confident statement that it will pay for itself. i don't know how they could possibly know without having done any economic work and this is a subject that's been enormously studied by economists of both sides of the aisle. we've got lots of experience with broad based tax cuts. the bush tax cuts at the beginning of the last decade. reagan tax cuts in the 1980s. and you can argue about whether on balance they were good things or whether they were bad things, but there is no, no serious reading of the evidence that suggests that they came close to paying for themselves by stimulating economic growth. i just don't understand what could cause an administration

it will be significant and it will create a lot of economic growth. >> ok. this is a tough one to answer because i've been at levels below your su the treasury building. there is hope to get democrats on board or have to go through budget reconciliation. >> i hope it's bipartisan but if not we'll go throw the reconciliation process. there should be democratic support for, particularly making businesses competitive and simplifying personal taxes. so there's been an issue with trying to get the parties to work together, but we'll see. >> ok. not going to take that one directly on, see. ok. let's switch and move off of taxes. 120 day regulatory review. can you give us updatesdates and what you're focused on. >> couldn't be more excited how that is going, and the president came out with core principles. the core principles include many aspects of dodd-frank but go satisfaction substantially further than dodd-frank. so, again, our approach has first been to reach out. so, as opposed to just conducting an experiment within the treasury, we're reaching out. we have

what we are doing to stimulate economic growth. mnuchin says the stimulate growth. the administration appears to be slowing efforts to push congress for funding on the border wall. mexico's foreign minister slammed the proposal, calling get unfriendly and a hostile as he says mexico will not totribute a peso construction and will proceed it is precededf upon. of israelitical military actions in the west bank. that after benjamin netanyahu abruptly canceled plans on tuesday. germany says it must be possible to meet critical organizations in a democracy. netanyahu says he will not see diplomats who see groups who seek to try them as war criminals. the u.s. navy guided missile destroyer flight toward an vessel. the latest encounter happened monday as the iranian vessel came with an 1100 yards of the navy ship. global news, 24 hours a day, powered by more than 2600 journalists in more than 120 countries. i am mark crumpton. this is bloomberg. joe: "what'd you miss?" it was a busy day in washington as the white house unveiled its tax ref

think we can get to 3% sustained economic growth. that's very achievable. >> kate, that's important for a couple of reasons. you might remember the president himself when he was candidate donald trump kept talking about 4% growth and they're ratcheting it back a little bit and when you talk about growth and his plan specifically. the administration today will not be releasing pay fors or ways to pay for this plan. >> and that's huge! that's huge. >> absolutely huge. economic growth will be the driving force right now at least according to white house officials on how they plan to pay for some of this. how much will they have to pay for? well, just the corporate cut and the pass-through cut would equal $4 trillion. that is huge money and money that capitol hill are skeptical they can make up. the treasury secretary proposed naming the plan the 2017 tax reform for economic growth and jobs to make america great again plan. that is one hell of a hash tag. i'm not sure that's going to stick, but you get a sense of where the administration

one, economic growth and job creation. two is a simplification so that the american people can actually file their taxes. in a rather normal process that doesn't require a ton of money and time. and three, to do stuff that makes our -- create a better business climate, make sure manufacturing and job creation and people want to hire here. and that we help the middle class. those are the three guiding principles that the president has. as we do that, one of the things that you recognize through a lot of the models here is that you're going to achieve greater economic growth, something we saw following the tax cuts in the kennedy administration and the reagan administration. i think we can achieve greater growth, economic prosperity and job creation under the plans the president laid out. reporter: you may have seen the news about the office of the inspector general announcing that it's launched an investigation into the payments that the former national security advisor, michael flynn, received prior to becoming the nationa