i want to thank chairman greg walden, kevin brady, diane black, pete sessions and the members of their committees for all the hard work they put in to getting us to this point. [applause] speaker ryan: i want to thank all the other members who contributed to making this the best bill possible. it really was a collaborative, consensus-driven effort. i want to thank the team here at the white house. i want to thank tom price. i want to take mick mulvaney and reince priebus. we couldn't have done this without you, gentlemen. you guys are the best. [applause] speaker ryan: of course, this would not have been possible if it weren't for these two gentlemen behind me. this is the fourth presidency i have been part of. i have never seen any kind of engagement like this. i want to thank mike pence and i want to thank donald trump for their personal involvement in working with our members and working to get this right, for getting this done and getting us to where we are. thank you, gentlemen. [applause] speaker ryan: today was a big day, but it is just one step in this process, an important ste

i talked to kevin brady, the chairman of the ways and means committee. he doesn't seem concerned.ommunicate to the american people how it adds to higher costs. it's a paper-centered health system instead of patient-centered. republicans who campaigned on repealing obamacare, they have not done this expeditiously. lou: they can't seem to find a pen that works. byron: if you do the math, there are 238 republicans in the house. they will need 217 to pass it. so they could loss 21. they have at least 25, maybe more republicans who just don't want to do this. you have to ask yourself the question, can you really do it? democrats oppose it unanimously. if you don't have enough republicans, it's not going to get done. lou: byron york, gayle trotter thank you both.

i talked to kevin brady, the chairman of the ways and means committee. he doesn't seem concerned.o you think,. gaylegayle?gayle: they have note to communicate to the american people how it adds to higher costs. it's a paper-centered health system instead of patient-centered. republicans who campaigned on repealing obamacare, they have not done this expeditiously. lou: they can't seem to find a pen that works. byron: if you do the math, there are 238 republicans in the house. they will need 217 to pass it. so they could loss 21. they have at least 25, maybe more republicans who just don't want to do this. you have to ask yourself the question, can you really do it? democrats oppose it unanimously. if you don't have enough republicans, it's not going to get done. lou: byron york, gayle trotter thank you both.native to all out warfare. >> thank you. charles: good night, folks. lou: there will be no government shut down. congressional republicans and democrats have reached agreement on a trillion dollar spending bill funding the government through september. bill however oh oracle mit

joining me now texas congressman kevin brady, chairman of the house, ways and means committee, mr. the cbo score making a lot of negative headline, is this a setback in the case of healthcare reform? >> no, absolutely it not. headline always puzzles americans, it says, twice as many americans will lose their obamacare coverage. so it puzzled people, i think if you look at what it says the house plan continues to lower premium provide more immediate relief for people stuck in obamacare right now and started to return control health care out of washington to the state to local communities, at the end of the day, important thing that it allows house to bring the bill to senate, where we hope they will continue to make improvements. sandra: that does not seem to be the case, senate republicans seem to be going their own way, starting from scratch. there seems to be a lot of division and tension. what does this mean for what it goes? >> sandra, the connection to me, has fallen off. i could not hear you finish your question. sandra: okay mr. chairman, live tv is so fun on these morning,

chairman, thank you so much, congressman kevin brady .ray simon.and bill tax reform on bloomberg markets. alix: the other bloomberg terminal, tv . interact with us directly. you can click on representative brady talking about how tax and gete 80% in sync the details. this is bloomberg. ♪ david: this is bloomberg. all this week, bloomberg has given over to tax reform. we will have hearings on tax reform thursday in washington. we just had a discussion with congressman kevin brady. he said it is all about growth. >> do we want to tax code billed for growth? literally designed to grow jobs, wages in the u.s. economy and we want to leapfrog america from 31st in the world and tax competitiveness into that top three and keep us there. david: joining us now is joe parry --perry. welcome to the program. the congressman was surprisingly candid. as you look at the proposals a speaker ryans office as well as the white house, what are the most important factors for you? >> in order to have a progrowth plan, you need to make sure the rate is lower

we have kevin brady on that after this. >> neil: all right. a quick peek at the market today. up 56 points. we have the treasury secretary. he's optimistic that tax reform will happen. the guys shepparding this process before anybody else, the chairman of the house ways and means committee, kevin brady. mr. chairman, very good to have you. thanks for taking the time. >> thanks, neil. a good day on tax reform in my view. >> let's talk about that. everybody is thinking that you'll have a comey investigation, robert mueller distraction, all of that. that will push your priorities way back. >> i don't think that's the case. we're working every day, weekends, evening on this. secretary mnuchin, gary cohn, we're meeting on this. we're still focused on delivering this in 2017. i think secretary mnuchin's testimony confirmed that. the ways and means held major tax reform. the message from the job creators and some have 80 workers and some have 80,000, go bold. go permanent. go now. get this done this year. >> similar sentiment among your senate colleagues, the same thing, right? >> ye

now is the time that is what this is all about and means committee chaired by texas congressman kevin brady. [inaudible conversations] [inaudible conversations]

and house ways and means chair kevin brady is our guest on "squawk box."volatility investing ap. the power of smart b power your clie's portfolio with powershar. before investing, consider the fund's investment oectives, risks, chaes and expenses. call 800-983-090 for e prospectus containing thiinformation. read icarefull distbuted by invesco distributors inc. >>> welcome back. time for jason trener's final thoughts. >> i guess my final thoughts are generally around this idea that i truly believe that what's happened in washington presents an opportunity, especially after yesterday's selloff. i do think it's going to take the temperature down and i think that there's going to be a renewed focus, especially among republicans on the hill to get things done while they can. the independent counsel, it's hard to see that as good news but to the extent to which it might allow people to focus more on policy, it's good news. >> the dow is off 27 poin37 poi the open. even though we were down 370 points yesterday, it's hardly a blip after the run-ups we've seen. >>

david: that was kevin brady, congressman from the eighth district of texas. ray lahood, obama's transportation secretary, joins me to discuss the trillion presidency from the on u.s. infrastructure. this is bloomberg. ♪ ♪ david: this is "bloomberg andets," the trump economy, they want to lay the groundwork for the infrastructure package that president trump has proposed. the subcommittee holds a hearing tomorrow on federal funds that can be used to find innovative solutions. joining me now, ray lahood, transportation secretary under the obama administration. great to have you with us. let me start with the news of the day, if i could. friday we had this a grant somewhere attack -- ransomware attack worldwide. is cybersecurity an important part of infrastructure? ray: of course it is. and issue that all segments of america face. not the least of which is transportation. i think that what the folks at dot worry about is what could happen if there is a cyber attack against the faa for people controlling airplanes, people that are involved at our airports. back a

they and we g agreed kevin brady says for a businessman, we need to invest.en. perdue: this economy is really about to turn, but with the border adjustment tax does, the reason they are talking about that is the pay for these cuts. let's focus on what we are trying to do. they neediation tax, to be adjusted so we can compete with the rest of the world. -- allsident's agenda three of those are growth oriented. david: if you do not have a border adjusted tax, you said publicly you are against it, kenya paper the level of cuts going down to 50% at the corporate rate? sen. perdue: two things. the only reason you have to pay for it is because of the archaic rule we have in the senate and congress. what we have not talked about his potential spending cuts, tax expenditure revisions that nobody has talked about yet, and the ultimate long-term impact of growth in this economy. if you allow 10 years and look at it, the growth that will come from this is much more aligned than that. david: are you in favor of dynamics scorning? sen. perdue: of course. even that model m

kevin brady on your show saying his committee work continues to forge ahead. so that line continues to stay consistent. however, neil, as we've talked about for days here, there's the steady drift of negative headlines. many have to worry if that will stymie tax reform and the other big ticket items. in the last hour, two more stories have dropped minutes of air force one going airborne. one of them comes from "the washington post," which says that law enforcement looking into the investigation as to whether or not there was any coordination between the trump campaign and russia has identified a current unnamed white house official as a "significant person of interest" in that investigation. the white house press secretary aboard air force one, sean spicer, has pull out the following statement. he said "as the president has stated before, a thorough investigation will confirm there was no collusion between the campaign and any foreign entity." neil, as you just referred to, another story out from "the new york times" that said when there was this meeting betwe

eastern that mike pence is going to go to capitol hill, talk to kevin brady about tax reform.no? are we going to get tax reform done in 2017? >> we'll get it done. 2017 could be a stretch. a lot of big issues. the big one tomorrow is this border adjustment tax. i'm sure brady and pence will be talking about that. this is a glacial process. i think it will be another ten months before it's finally wrapped up. liz: okay. it does take a long time, and we'll be watching. thanks to both of you. chief strategist and democratic political analyst cathy. >> thank you. liz: gang, the closing bell is just 37 minutes away. lack at our dow 30 heat map? if you go up to the upper left, you see cisco systems. it's leading the dow 30. remember, boeing is in second place here after several firms reiterated outperform and overweight ratings with price target ranging from 33 bucks to 40 bucks. right now it's at 31.81. and an art world stunner. $110million after fees for this painting. that's the most ever for an american artist. what it says about the american economy. it's a first on fox busines

kevin brady is here to talk to us ahead of the hearing this morning.the cofounder of paypal and ceo is with us this morning on the president of the federal reserve in philadelphia patrick harper is here. falcons, the home depot cofounder arthur blank joins us as well. please stay with us. a lot to cover this morning. kick it off at the vatican where president reagan met with the apprentice for the first time this morning. lucas greeted one another warmly, posing for photos before holding a 30 minute meeting behind closed doors. the president and the pope exchange gifts with the visit after two exchanged sharp words of the key issues in the presidential campaign. remember this? >> a person who thinks only about domain walls wherever they may be in not building bridges is not christian. >> a religious leader to question a person's faith is disgraceful. i applied to be a christian if and when the vatican attack. i can promise you that the pope would have only wished and prayed that donald trump would've been president. >> winning us now on this historical

now we heard kevin brady how this has to be a bold plan. the mitch mcconnell, sort of watered down that version by saying it has to be revenue neutral which usually means you don't get the the bold tax cuts this economy needs. how do you square the two notions? >> you go through the process. i appreciate revenue neutrality. we have a national debt crisis on us, get good sound tax policy on the books for the american people i'm open for that next. david: do you believe in static accounting which apparently is what senator mcconnell was referring to, or do you believe that is tax cut has a supply side-effect where it creates more revenue and more people get into the economy? >> i don't know a elected official advocates for reduced tax burden on the american people. reducing taxes has a growth component to it, that should be taken into account with the bean counters in washington. david: will which have tax cuts before 2018? >> i firmly believe we are. david: really? >> this year is shaping up where we can thread this needle and get it to the

house ways and means chair kevin brady joining us and whether he and the white house are moving closern tax reform. >> looking forward to talking to the mr. chairman in a bit here. starting with the record day for stocks. joining our closing bell exchange today, rob frost, who, oddly, works for frost and frost wealth management, at post nine with it us as well as new york stock exchange trader, and rick santelli from chicago as well. kenny, this will be the sixth consecutive day the s&p record territory, the nasdaq record territory, utilities close to a record now. >> only one in negative territory is energy, buy the rumor, sell the news trade. look, volumes are low. the vix down below 10 again, signaling complacency, but breaking up through 2400 and clear the sells were not there, it was in overdrive, right? we made this exaggerated move. 12 pointins s&p, long weekend, w volume, moves exaggerated. feels real? it feels real, but not like it's got -- it's not going to hit some resistance next week. i think when people come back to this desk again realizing where stocks are, they'll take

i want to thank chairman greg walden, kevin brady, diane black, pete sessions, and the members of their committees for all the hard work they put into getting us to this point. [applause] i want to thank all the other members who contributed to making this the best bill possible. it really was a collaborative, consensus driven effort. i also want to thank the team here at the white house. i want to thank tom price. i want to thank mick mulvaney. i especially want to thank reince priebus. we could not have done this without you gentlemen. you guys are the best. [applause] of course, this would not have been possible if it weren't for these two gentlemen behind me. this is the fourth presidency i have served with. i have never, ever seen any kind of intimate like this -- kind of engagement like this. i want to thank mike pence and president donald trump for their personal involvement in getting us to where we are. thank you, gentlemen. [applause] day, but it is just one -- laura: some very satisfied republican senators and, of course, president donald trump there in washington, celebratin

we did have a meeting with kevin brady from texas as well as peter roskam. he's a republican member of the committee. it was laid out in terms of what their vision and goal was. or try to speak on behalf of the chairman of the committee, but as it was laid out, the goal was 20% for the corporate rate. they would use reconciliation, meaning they would try to use a reconciliation package, which would mean they are not looking for any support of democrats in the senate. of dynamic use scoring was also discussed. using the border -- host: border tax? guest: border tax as a means to pay for a portion of the bill. it was really not in line with what democrats have been talking about. we all recognize -- emma kratz and republicans both recognize that the corporate rate itself is not competitive right now -- democrats in the vulcans both mechanize with the corporate rate itself is not competitive right now. how far we can lower it is the real question. we can see it going to 20% without much difficulty. somewhere to pay the marginal rate of 35% and some would pay mu

congressman kevin brady and pete sessions chair the house rules committee, each raising $2.5 million. guest: specifically raising that money to help their party. that is money that they raised through their campaign and through their leadership pac. they then in turn transfer back to the nrcc or donate it to their fellow house republicans. we talk about the ways that they're trying to curry favor with fellow lawmakers and curry support from the party. if you want to be in one of those powerful positions. the party expecting you to be a prolific fundraiser in many case cases reaching out and trying to tap donors. they think you've got leverage over them. these are done nors of course -- donors who want to have access to powerful lawmakers. they might be trying to build relationship with these committee chairman. they might be trying to have policy meant towards a particular perspective. when members of congress are going through the ranks and leadership they're often doling out money through their leadership pac to fellow house republicans or democrats and they're steering that money b

the way and means committee kevin brady encouraging to pitch the adjustment tax into the made into americaax. ryan apparently has no shame. he worked against donald trump in p the campaign and refused to work for president trump and the agenda and failed the to get the votes and the second effort succeeded only because of the efforts of the president. and now the bill passed by the pass hasn't made it to the senate. with ryan waiting on the score from the cbo despite the agencies track record. he might use health care as leverage with the president to get his tax plan, you know, art of the deal and the speaker's way is neither better or smarter or anything than a mere delusion. and all he had to do from the beginning was to just keep upon grinning and remain quiet. but no. quotation of the evening from phillip k. dick. reality is that which you stop believing in it doesn't go away. president ump touts economic optimism and saudi arabia pledges 47 billion to build american infrastructure. >> we have created almost a million new job and added over 3 trillion in new value, lifted the burdens

i want to thank chairman greg walden, kevin brady, pete sessions and the members of their committees for all of the hard work they have put into getting us to this point. [applause] i want to thank all of the other members i contributed to making this the best bill possible. it was a collaborative, consensus driven effort. i want to thank the team here at the white house. i want to thank tom price, mick mulvaney, reince previous -- reince priebus. this would not have been possible if it weren't for these two gentlemen behind me. i have never seen any kind of engagement like this. fornt to thank donald trump the personal involvement. thank you gentlemen. today was a big day, it is just one step in this process. an important step. we still have all out of or do to get this signed into law. i know our friends over in the senate are eager to get to work. they are. we're going to see that works through. you know why? the issues are two important. the stakes are too high. the problems facing american families are real. the problems facing american families as a result of obamacare are just

lou: kevin brady chairing the powerful ways and means committee is going along with this speaker.e seeing the end of the speaker's run if he continues to buck the president. >> when they tell us the house and senate and the white house are going to get on the same page with principles, i think that means that's the death of vat. lou: be with you us tomorrow. senator david perdue joins us. ken report horrific attack on a concert full of children and their parents. we'll have the latest on the manchester bombing. with the busy memorial day weekend just days away. how can you protect yourself. tim carney crunches the numbers on who are the biggest winners and losers. freedom is sacred. there is no greater display of freedom than an american pop superstar singing at the top of her lungs to a crowd arena full of preteen

everyone but herself or her loss without having credit to the president of the united states and kevin bradyer appeal and refuse to vote this weekend look at the roster, tucker carlson, mick mulvaney at the press conference, rob o'neill and texas congressman talking about the compromise that wasn't really a compromise or was it? abby was on her parents floor watching late-night television, any furniture in your house? >> a blanket on the hard for. you like it. see you soon. we will be right back. stay with us. it's time for the can-am spring fever sales event. get a cash rebate of up to $2,000 on selected models. or get the outlander 450, starting at $5,499. visit your local dealer for details. can-am. the ride says it all. ♪ >> a little hillary duff to get your wednesday started. the city is going this morning, back with a scandal that will not go away, judicial watch releasing a dozen emails between hillary clinton and her aid hmmma aberdeen containing classified information using a private email address, clinton used an unsecured private email server during her tenure as secretary of stat

lou: kevin brady chairing the powerful ways and means committee is going along with this speaker.e may be seeing the end of the speaker's run if he continues to buck the president. >> when they tell us the house and senate and the white house are going to get on the same page with principles, i think that means that's the death of vat. lou: lauren: esident trumpeted first leg of his foreign trip meeting with folks i is at the vatican this morning. live coverage at his meetings with the italian president. good morning from everybody. i am lauren simonetti. nicole: good morning. i'm nicole petallides. the highest level as we learn more about the terry manchester. here at home come the attack is igniting fears ahead of igniting fears at it igniting fears ahead of the summer of season. we will have those details and latest on the investigation. lauren: u.s. features of 11 this morning. nice to features

the chairman of that committee, kevin brady, has eased off his earlier commitments to move it out ofhe says he wants republicans on the same page before moving forward in order to guarantee success. as for headquarter, the senate is going to be starting from scratch as far as we know writing its own headquarter bill. they are not going to take up the house-passed bill because there's not enough support for it in the senate. in the house speaker ryan could have lost 21 votes. he lost 20 of those votes. senator mcconnell, the republican leader in the senate, can only spare two votes on headquarter. so it's, again, a long and uncertain road. we don't know which way it's going to go. another complication, vonny the senate finance chairman, orrin hatch, is overseeing not only headquarter but taxes. it's very difficult to do both of those things at the same time. vonnie: that's for sure. all right. blarg national political reporter who's keeping his eyes on all of it, sahil kapur, thank you for that. mark. talking ela merkel about president macron's success yesterday. >> i already congratu

kevin: and i'm kevin brady. let's start with the bloomberg first word news. mark crumpton has more. president trump is taking his war with the media to a new level. threatening to cancel daily press briefings. in a series of tweets, defending those who speak for him, the president wrote, as a very active president with lots of things happening, it is not possible for any syrians to stand at podium with perfect accuracy. maybe the best thing to do would be to cancel all future press briefings and hand written responses for the sake of accuracy. the european union will hold a phone call with john kelly about expanding the top of ban on planes heading for america. that restriction is in place for travel from some middle eastern and african airports. now, the u.s. may expand to fight for europe. they are concerned that the laptops are used for hiding bombs. branch british hospitals are urging people with nonemergency conditionshen a cyber attack nationalthe u.k.'s health service. 16 organizations were hit in the u.k. by a large number -- and a large number of spanish companies were atta

now house ways and means committee chairman kevin brady supports the border adjustment tax concept andaims that it will drive up consumer prices are not actually accurate. brady says b.a.t., border adjustment tax says the nonpartisan tax foundation says that the house blueprint for tax reform would actually increase paychecks on average $5,000 for middle class american families. >> someone's got a better solution, bring it. we eliminate every tax incentive to move jobs overseas. if someone's got a better solution, bring it. i think the end of the day, everyone has to be open to how we solve those two major problems. i'm actually confident as we work through this process it can be done. >> reporter: treasury secretary steve mnuchin says the administration is willing to listen to arguments in favor of a border adjustment tax. in private, nope. the secretary told politicians the trump administration opposes it. so congressman like tom rice who had questions about all this, they're keeping alive the possibility of a border adjustment tax. >> as a tax lawyer, i had doubts when i got into it

what would you say to kevin brady now?nking member of that committee, o'neill, about how to pursue this? back in 1987? someplaceuld say go quiet, take the whole committee there. he put us in a room, a small room, by the way, over in greenbrier. we worked it out between us, between the two parties. we understood we had some differences and we spent a fair amount of time negotiating on this in camera. with the politics of the coverage of the social media not existing than, it was easier to do. i still think it's the best approach. you have got sincere people on both sides of the aisle who would participate. especially in the senate. i would take a hard run at that before i went on a purely partisan approach. david: republicans on the hill, democrats on the hill, don't like the budget. doesn't seem to have much support. what was your read from the white house last? was a hugeught it mistake. it was impractical. it was based on assumptions that had no viability and they claimed to reach balance when everyone knew that it didn'

kevin brady, chairman of ways house plansays the and the white house plan or about 80% in agreement ondetailss those 20%, the on what the rates will be for corporations, the controversial border adjustment tax, those other things they have to work out. isid: i did, -- megan, there ryan's about enthusiasm for tax reform how does the white house and the republican leadership keep reform from withering on the vine? tax reform is going to attached so much attention of that how do they see it through? megan: they will adopt many of the same strategies that the used in this fight having the devastating loss and what they learned and doing their homework and going member to member. donald trump now knows a lot more members than he ever knew before. the senate is a very different animal. you have people like rob portman and lisa murkowski and susan collins in maine thinking of running for governor who have different interests at stake than a lot of house members looking forward to 2018. there is a lot of different balances. the medicaid rolls are 60 million people. -- 16 million people. perry

we have kevin brady coming on. we will talk to him and all that. this is one of these spam calls.hese all the time? >> not at 5:40 in the morning. >> i get these every 15 minutes. it's crazy time. we will talk to wilbur ross, i might ask him about these spam calls. >> kelly, we look forward to that. i look forward to seeing you on closing bell later today. >> thank you. long day for everybody here. >> but a great day. busy day. great to be involved with the markets, lots of volatility yesterday. >>> still ahead on "worldwide exchange." the vix hitting a one-month high. we'll talk markets and the economy with paul donovan from ubs wealth. ♪ i love you, basement guest bathroom. your privacy makes you my number 1 place... ...to go number 2. i love you, but sometimes you stink. ♪ new febreze air effects with odorclear technology cleans... ...away odors like never before. because the things you love the most can stink. and try febreze small spaces to clean away odors for up... ...to 30 days. breathe happy with new febreze. >>> welcome back to "worldwide exchange." i'm sara eisen along

kevin brady on the hunt for health care votes that may still be coming this week. >> i think we are making progress. we ought to let consensus drive the timing. let's get people to the right place for the right reasons. members are taking this seriously. i have seen these announcements on the web counter. i don't think they are accurately or having the right discussions. let them continue. >> bret: "wall street journal." house republican leaders are on the brink of losing votes, overturning much of the affordable care act. dashing hopes from the white house for a big legislative won. 21 republicans have said they oppose the latest version to overall health care with almost equal number publicly undecided. >> last week white house officials felt confident they would be able to get a vote. yesterday and today, they sound like they are more skeptical. i talk to it senior white house official who thought they were about five votes short but they said it become zero or 15. they don't know what direction it's going to go. to our earlier discussion, this underscores the problem is not necessarily

. >> congress right four, there's the house ways and means chair kevin brady. >> for the first time in 30 years, the house, the white house and the senate are all now committed to leading on this issue. we're taking action on pro growth tax reform now. because it's-time to ends the special interest loophole, it's time to lower taxes for all americans on every income level. it's time to cut the sky high tax rate on businesses so american businesses and american jobs no longer move overseas to level the playing field. it's time for washington to move on this issue. and we encourage all americans to tune n, thank you. >> good morning, first i want to thank chairman brady and the members over at the ways and means committee. this hearing will be an opportunity to examine how a pro growth tax reform will create more jobs. i was talking to small business leaders, everywhere i went, they talked about how our tax code is a source of constant frustration and it's clearly time for a change. for us and for the trump administration this means lowering the tax rates for hard working americans. slas

supporters maybe don't love border adjustment but say paul ryan and kevin brady, this is the only game in town. that's why they are supportive of it. scarlet: we will be all over that and matt townsend will be as well. thank you so much. while most retailers have been adamant about the border adjusted tax, our next guest bucked that trend and is in favor of it. the former walmart ceo, bill simon. why are you in support of a border adjustment tax. the same as paul ryan has proposer would it be a modification of that? with the border adjusted it -- border adjustment is one and it is critical to the reestablishment of an industrial base for manufacturing base in the u.s. without it, there is no way we will have the revitalization of the middle class jobs for the manufacturing that will come without it and that is why i have become a strong advocate. you are in the minority because the head of pbh was talking to us and is strongly opposed to the vat. >> it is a hidden tax. there's not a lot of data out on yours a 20% increase goods coming in. the only alternative we have is the price on th

kevin brady coming from his home state of texas, about what this bill will look like. roar. what is your take with mr. brady? >> the first thing i'm going to say, where does the ryan plan differ from the white house plan? which one is going to prevail? their competing up on the hill. tom: thank you. >> and i will talk to you, afterwards. tom: on the radio as well. our single best chart. this is a different chart. i usually don't make it soupy buty with moving averages, i did here. here's the china consumption in 2006 and here is the tip point at the end of 2011 where china consumption rolls over to only 10% growth per year. this is the real question, windows chinese consumption -- when does chinese consumption bring us back? >> we're at a cyclical event in china, cycle around a very high trend line. tom: agreed. >> i think the chinese consumer is getting a break right now on food prices and they're going out to spend it. that is being a catalyst. we're seeing that in the retail sales numbers over the last few weeks. i know we are getting a new retail sales number out to

it is a gigantic step as i believe kevin brady said. it is not the last step, right congressman? >> not the last step. but part of the journey. a good step in the right direction for the american people. liz: well, listen, as we look at all of this, it has been quite a dramatic afternoon. a slim margin but it is definitely passed from the house. representative tom reed of new york, thank you so much. we want to, just bring in aaron gibbs of s&p global. lori rothman, on the floor of the new york stock exchange? tell us what the market reaction is? i saw for a second the dow making a run for the flat line. >> liz the house is optimistic the house passed a bill, trump's overall agenda, baby steps. going to the senate. but getting things done. funny, i talk to some of the guys. how do you feel about what is actually in this bill. they really didn't have a clear-cut answer. but the fact it did pass the house here was very encouraging. you saw the market really bounce between gains and losses all session long. small step up. still down, 11, 12 point here. overall picture it is not enga

i want to thank kevin brady, diane black, pete sessions and the members of their committees for all the hard work they put into getting us to this point. [applause] i want to thank all the other members that contributed to making this the best bill possible. it really was a collaborative consensus-driven effort. i also want to thank the team here at the white house. i want to thank tom price. i want to thank mick mulvaney and reince priebus. we couldn't have done it without you gentlemen. you're the best. [applause] of course, this would not have been possible if it wasn't for these two gentlemen behind me. the fourth presidency i served with. i have never ever seen any kind of engagement like this. i want to thank mike pence and president trump for their personal involvement with working with our members and working to get this done and getting to us where we are. thank you, gentlemen. [applause] today was a big day. but it is just one step in this process. an important step. we still have a lot of work to do to get this signed into law. i know our friends in the senate are eager to ge

what kevin brady are and speaker ryan have talked about is moving forward with a plan that is permanentrevenue neutral, does not add to the deficit, and this is the commitment they have yet to get out of the white house, despite his release of a one-page tax plan last month. recent interviews make pretty clear that he and the white house have not decided on the most basic questions about tax reform, including whether it is revenue neutral, and if so, how do you pay for it. scarlet: there is also a cascading effect. offset one, if you save costs on one come you have to worry about expenses on the other. let's bring it back to the tech sector. the assumption is the more important aspect is not the tax cut, because they have arrange their tax affairs and not -- enough, it is the ability to repatriate the cash they are currently holding a broad. how do you make sure that if indeed that does happen, they spend it right and don't push that cash out to shareholders, they investor do something to help the u.s. and their businesses internally? the reality is that it is almost impossible to do th