mnuchin mentioned tax reform and tax cuts are the president's highest focus. believe those of the words he used. that is not come across this month. the president seems weapon focused on everything but that. exactly, and he is all for spending controls but it's not about spending money, it's about what we spend and american credibility. how easy will it be to get to a clean passage of that legislation? >> it will not be easy. conservative lawmakers in the house and senate despise a government vote is to their constituents, it seems like congress authorizing more and more money to be borrowed. this is money that congress is already appropriated. by law, it has to spend it. the debt limit increase authorizes congress to spend money that it has already appropriated so it's a little bit redundant. politically, does not look at so will not be easy to do a clean increase. given the fact that repub senate, they will need at least eight democrats to break a filibuster. it's hard to imagine republicans attaching concessions to that the democrats will agree with. you th

steve mnuchin is a staunch defender.ty to the economic policy agenda is not something to be taken lightly. september is a very busy month. we have to have congress raise the debt ceiling limit to avoid a historic u.s. default on government debt. the trump administration is looking for a legislative when and they are hoping tax reform is that win. they have a lot of work to do to stick to their timeline. both houses of congress this year. steve mnuchin saying, yes, i am staying. ff of is no whi resignation. gary cohn is staying. there were rumors around candidates. fascinating. this event is taking place with mitch mcconnell, who trump blasted not more than a week ago on twitter. is this some kind of coming together of everyone but trump? that is what it appears to be but steve mnuchin is flying out to kentucky. senator mitch mcconnell's home state. it is a sign of friendship. to show they can work together to get that ceiling increase done in congress and tax reform and other legislative agenda items. it pushes trump to

steve mnuchin, gary cohn are very focused on tax reform. that is something they want to get done over the next few weeks. they are both unhappy with what the president said. they were both at the press conference standing next to the president. both of them say they will stick with their jobs and focus on pushing for the agenda of tax reform over the next few weeks. craig, it is ironic that the reason for the news conference was supposed to be infrastructure spending. that is why gary cohn was there, that is why steve mnuchin was there. they were not there in new york to talk about what happened in charlottesville, for goodness sakes. at this point what are the prospects for the president moving forward on the hill? what is the republican response to what the president has said? craig: absolute silence, essentially. you had tepid statements from global -- lower-level congressional lawmakers could all right in and mitch mcconnell put out what, to my eye, were -- paul ryan and mitch mcconnell put outcome what, to my eye were bland statements

it has been touch and go for mnuchin.arlier this summer, in may and june, we saw that mick mulvaney and gary cohn were contradicting mnuchin. it was a little unclear who was in charge. right now, we are seeing mnuchin firmly in charge. you so much. bloomberg's treasury reporter joining us on the phone from louisville, kentucky, where the treasury tech -- treasury secretary spoke earlier today. coming up tonight, live coverage of president trump's presidential address. look for that at 9:00 p.m. in new york, 2:00 a.m. in london. ♪ joe: you are looking at a tweet from goldman sachs ceo lloyd blankfein. he says, which the moon was not the only thing casting a shadow across the country. we got through one. we will get to the other. what is he talking about? he does not say. maybe he is talking about the fed rate hike. we don't know. you basically stunned us into speechlessness. it is pretty clear. it is time to get you caught up on the bloomberg business flash, a look at some of the biggest is the stories in the news. activis

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steve mnuchin in mitch mcconnell speaking in kentucky.re is going to be more cooperation between the senate and the white house when it comes to tax reform. republicans need to win here. let's be honest. >> republicans definitely need a win. i developed a meeting in kentucky is indicative of more cooperation or more heat to mitch mcconnell. mcconnell is not delivered the white house. mr. mnuchin going to kentucky is a dual thing. let's make this happen. but also looking over your shoulder and we expect some results for the american people. this is critical to the trump administration. they have to deliver. >> will quit before we let you go, we expect president trump to head out to phoenix tomorrow. it's expect he would get a chilling reception in phoenix. a lot of protests. is it a good idea to head to phoenix tomorrow? >> i think he should go and stand right there in the world and make his case for safe borders. but look, the message has to be this across the spectrum of our broad coalition. ben franklin said we either hang together wher

i mean, look, this administration mnuchin is clearly gary cohn's minion.reasury secretary is not the principal economic policy maker in the administration. the way i read cohn's remark is basically daring the president to fire him. i don't think the president can fire him. one thing trump knows is one of the principal reasons he maintains support is because the markets have relative confidence in the economic team that they put forward. >> f.t. talked about it last week. gary walks out, the market drops. how is eric trump going to defend his father, i, and i alone hold up the market if gary cohn walks and the market drops? >> that's the end of trump's support certainly among people that he listens to, the robert mercers of the world, and that's bad news for him. gary cohn is saying this is a take it or leave it proposition for me. he has the hand over the president. he was smart to make these comments. >> dr. lupica? >> i think he's through. we were disagreeing about this. >> you think gary's through. >> maybe not today or next week or next month but at so

what kind of stability does mnuchin land to the economic policy agenda?omberg's national political reporter has been covering this story and is with us from washington. the relief over gary cohn .taying do you think there is a belief out there that without both of these two men, the administration has euro probability of executing anything like economic reform? >> these are two men that the markets are looking at, figures that can deliver something. the promises president trump has made it and try to make something of them. the president's behavior the last few weeks, his conduct on a variety of issues. it may be more wishful thinking. these things that the president .ants, first, let our viewers listen to what steve mnuchin had to say about tax return in u.s. companies, specifically. >> we have one of the highest stated rates. to leaveages companies their money offshore and pay a lot less tax is. so we have the fix this. fixing it is going from what we refer to as a worldwide system to a territorial system. we will tax companies on the u.s. income and we

president trump's comments on charlottesville are serving to weigh on key economic advisers like steve mnuchinwill they look past it? the ecb minutes show the central bank is starting to worry about a stronger euro. how could the currency gains affect plans to unwind qe? chinese -- chinese e-commerce giant alibaba posted big gains across the board. we will look at how this recorder could fuel alibaba's content push. let's have a look at where european equities are trading, just under 30 minutes to the close of trading. the stoxx 600 snapping three days of gains, the longest run in a month for europe's equity benchmark. financials leading the losses. part of that driven by lower bond yields we were seeing earlier in the session. most industry groups in the red and in the green, you do have utilities outperforming. i will about metals in just a moment, but first, a great chart showing european docs. the price-to-book ratio compared to the s&p 500 price-to-book, european stocks are at their cheapest versus u.s. stocks on record by this measure at least. that is something to keep an eye on when we

mnuchin.nd yes steve bannon was gone, but there was kind of expected it wasn't in relation to shar . charlottesville response >> womell, wire se we're seeing president feeling isolated in the wake of the ceos departing his advisory councils. and steve bannon's thinks no longer tenable the carl icahn situation more of a one off, it has to do with whatever conversations he had with the president and his team about specific energy credits that would have affected mihis w businesses that is an isolated position and you're right, steven mnuchin firmly committing himself to the president saying he won't depart as treasury secretary and offering anexplanation as to why. there was so much speculation to your point about gary cohn and steve mnuchin how they would react. both seem too be holding fast though >> thank you very much and in terms of the markets, only down 0.6% for the s&p last week so it's thought been a massive market reaction as we always make clear >>> corporate news, berkshire hathaway

mnuchin's absence, should he decide to resign.ether one promotes the ideological basis of the trump administration that is most important. and i think anybody who is associated with that on the side of the political appointees, the higher offices of the trump administration, i think it's time to get out of there. >> do you -- it's my understanding neither of you have, you know, the secretary on speed dial. i don't think you're super close with him, but matthew, i mean, i imagine he holds yale near and dear to him, and you know, does anyone from your class of '85 talk to him regularly and how much sway do you think this letter might have on him? >> you know, i'm not sure sway is the issue. i think -- nor do i think his judaism is the issue. i think this is a question of basic moral principles, right? are you willing to participate in a administration that's giving license to political forces of racial hatred of our racial past that is, in fact, standing against the kind of efforts to build a multiracial, multiethnic, religiously di

. >> secretary mnuchin about the weak u.s.lar, what exactly -- it's always been a stance of the treasury secretary to say a strong u.s. dollar is great for america, et cetera here we are, and the dollar is extremely weak. >> i kind of thought his answer was very interesting rather than say that in a strong dollar makes the economy strong, he said the strong dollar reflects a strong economy, or investor sentiment about a strong economy and i'm not going to argue with the guy. he's spent a long time on wall street -- >> so the dollar that we have that is weak, a dollar index we have that is, what -- >> now, don't jump to conclusions. the treasury secretary said over the long term. >> oh, okay. >> you go through these ups and downs. we know currency traders are among the more excitable on the trading desks out there. we'll not make short-term economic conclusions to what's happening now. the treasury secretary over the long term, said it reflects investor sentiment about the underlying economics of a country. >> are you surprised

there has been calls for secretary mnuchin to resign. the calls continue following the charlottesville violence. the secretary said he is not going anywhere. he is standing by the president. he said quote, i believe there is great opportunity to simplify regulations reform taxes and create thousands of jobs through higher growth. the president does not believe that neo-nazi groups or those that incite violence are not equivalent to groups that demonstrate in peaceful and lawful wais -- ways. >> i prefaced i shouldn't have to say this that the media has gone bezerk on this entire topic. yes that this white house does not endorse naziism. kind of ridiculous in my view but that is i think a very important statement by mnuchin. by the way i would say, generally i think steve mnuchin has turned out to be one of the great picks in this cabinet. he has been stalwart focusing on issues, lighter regulation, on moving tax reform agenda forward, et cetera. now is his moment. i really hope he continues to power through to get things done and get thr

steve mnuchin is a wealthy former goldman sachs executive. he married recently in a lavish ceremony, attended by the president and first lady. online, the backlash was as fierce. glad we could pay for your little get away. she fired back, writing, have you given more to the economy than me or my husband? either as an ind in taxes or as a public servant to the country? pretty sure the amount we sacrifice per year is a lot more than you'd be willing to sacrifice. you're adorably out of touch. and she is now apologizing. and the treasury department says that the mnuchins are going to reimburse the government for her travel and that she receives no compensation for mentioning those products. mary bruce, abc news, washington. >>> when we come back, we're putting our pop knowledge to the test. >> forbes released their list of top-paid actors. we're going to see if we can guest the top five. play along with us, "the skinny's" next. top-paid actors. we're going to see if we can guest the top five. play along with us, "the skinny's" next. ♪ so baby, p

but for guys like steve mnuchin, gary cohn, h.r.aster for that matter, vice president mike pence, they've bet their careers on what they can do in this administration. and near not going to go anywhere until they've figured out if they can actually achieve those things. >> hey, jack w what's your assessment of what we read in the weekly standard from steve bannon on his way out that the presidency, speaking about the president's base, that they fought for and won is over? it will be something else, but that presidency is over? what's your take there? >> well, you know, victor, i think there's always disappointment anytime you win a race that you can't quite do everything you wanted to do and do it as fast because you meet the i am moouflk object called the status quo in washington, d.c. i understand some disappointment there. i'm not a 100% sure i know exactly what he meant because on the same hand he has plenld to fight trump's enemies from the outside. and as you know, he has been very, very effective on the outside. >> but some o

steve mnuchin and gary cohn are trying to catch up.h come with her wall street prospectus that they do not have a big tax background. mitch mcconnell is more of a technician here. his job is to get something over the goal line. he is probably willing to be a lot more flexible rather than ideological. it's an interesting mix of people to put together a tax reform plan and get it from start to finish. david: what have we learned from the way that the george w. bush tax cuts were implemented and then renewed? what does that teach us about how this process might unfold? scott: there again was a tax cut design really around the budget rules. they had a look at the heart of fast and say, if this increases the deficit beyond 10 years, we are going to have to sunset this. they were unwilling to do the kind of all sets -- offsets to make this budget neutral by closing loopholes, eliminating things like the state and local tax reduction, or even more controversial things like the border adjustment that was then proposed but then clear dead. -- d

relative to what i expect to happen, i agree with what steve mnuchin said secretary mnuchin.'m hoping for a win-wings, and i think we're going in there it's a 24-year-old agreement it needs to be renegotiated, but i see no reason why all three countries can't benefit from a renegotiation. >> mr. maclennan, is it true that agriculture has a lot of subsidies, u.s subsidies built into it, that we do away with it and then there's a free market price that's damaging on top of what we've already seen on the farm economy. >> all agricultural commodities have subsidies i don't think that's anything endemic to nafta it's for tariff-free trading amongst the countries. u.s., mexico and canada are number one and three and china happens to be number two looking at nafta per se as being good for the ag economy because of trade, it supports jocks and the numbers have shown how agricultural trade has grown since nafta was put in place >> are there particular products, you know, crops or other that you feel are essential to try and either improve the terms or to kind of defend when it comes t

linton bragged about the different types of jewelry she intended to wear, most gifts from mnuchin.ill reimburse linton for her visit to kentucky and she was not compensated for plugging those designers. >> so that was her on csi actually playing marie antoinette? >> i cannot lie, this was part of "let them eat cake" yesterday. she actually played her. >> we'll be back to discuss this and much more. one of the things i liked about the trump campaign was the fact he would talk about the forgotten man and the forgotten woman. that is not that. >> it's absolutely not that. everything we heard from then-candidate trump, people are not talking about what the president said what he sees for the path in afghanistan. they're not talking about this campaign rally he has in arizona tonight. they're talking about the woman who posted on instagram and an average woman who happened to comment on instagram. this is a self-controversy. i don't think it will necessarily go anywhere, but it's a little ridiculous. >> the president has defended hiring a very wealthy secretary, saying it's good to have

he was sitting along steven mnuchin and mnuchin said he wants a clean debt ceiling. we will see if that happens politically but sort giving off the image today that this is going to happen. whether or not and the timing, of course, remain two of the big questions going forward. they also made pretty interesting comments, lauren as it relates to tax reform and came from mitch mcconnell who want to look at deductions, loopholes. for example, they were asked about carried-interest loopholes and mcconnell said the preference will be looked at. mnuchin pointed out that it only affects a small percentage of people in the united states and once again that it might be something that goes away when they get to tax reform. the other question dealing with tax reform is whether or not this will be revenue neutral, meaning whether or not it's able to stay past ten years and this was the response from mcconnell and mnuchin. >> there's some internal debate about that, that we will have to sort out among ourselves but that's likely to end up where we end up. >> permanent is a lot be

ylon was there. >> reporter: treasury secretary mnuchi mnuchin, and mitch mcconnell, appeared here in louisville to talk about tax reform. perhaps more important than what wa the trump administration has been at odds with mitch mcconnell in recent weeks, but mitch mcconnell made clear here in louisville he has a strong, working relationship with mnuchin and one point calling the treasury secretary an extraordinary individu that relationship will be critically important for the two men as they get into the hard fwoe mnuchin said president trump still remains fully committed to >> we're 100% committed to get it done. i think to think it's bipartisan support, some bipartisan support. the issues we're focused on, tax reform, are good for the american worker. they're good for the middle class. this is about making business competitive. and making business competitive is about making jo >> reporter: before they can get toreform, they have to deal with the debt ceiling. mcconnell was adamant that lawmakers will raise it. >> there's zero chance, no chance we won't raise the debt ceiling. no c

secretary mnuchin is a wealthy former gold man sachs person. he attended a lavish ceremony. online the backlash to linton's post was as fierce as her fashion. glad we could pay for your little getaway. #deplorab #deplorable, but linton fired back, writing, have you given more to the economy than me and my husband? either as an individual earner, in taxes or a self-sacrifice to your country? pretty sure the amount we sacrifice per year is a lot more than you would be willing to sacrifice, adding, you're adorably out of touch. >> mary bruce with us live tonight, and louise linton is now apologizing? >> reporter: yeah. linton just released a statement saying her post was inappropriate and highly insensitive, and tonight the treasury department says the mnuchins will reimburse the government for her travel, and didn't mention those ukt prs. >> mary, thanks. >>> we spich to the powerball jackpot approaching $700 million for a jackpot. since the middle of june, and if it seems those winless streaks are lasting longer and longer, you're right. abc's gio benitez tonight explaining w

look, yes, i think if there were more people who would see mnuchin and linton -- i say mnuchin too because this guy was known as the foreclosure king. and under a more rigorous regime, a fairly rigorous regime in the country he would have been prosecuted for what he did at one west. that's just the bottom line. and i don't know if trump voters see that. deep into the administration a lot of people don't go around knowing the treasury secretary in any way. donald trump, part of his appeal has been that the republican party has said for a long time if you're rich, you are moral. if you're poor, there's something culturally wrong with you. when donald trump got up there and we would have these conversations wurg the primary, he had a certain righteousness because of his wealth. >> but that's true, right, but there's also the case that like if this was a clinton person -- >> right. >> who posted that, if an obama daughter posted that -- >> imagine in malia was wearing this scarf and posted something and responded to a mother of three from oregon in a really condescending way. >> of course, you

thank you, steve liesman our thanks to treasury secretary steve mnuchin as well.irst on taxes, still on track there say package, he says it is being socialized through we're focused on the energy sector gasoline and oil spike traders are zeroing in on several names. we'll share them with you. bite yoe tech breakout several key stocks jumping again today. how do you play that sector which just hit almost a two year high and the legislation that may soon hit activist investors like a ton of bricks. all that is on the halftime report at the top of the hour. we'll see you then >>> we're on a track to get this done by the end of the year. you're going to see the details come out later this movement it's going to go through a committee process. and we expect the house and senate will get this to the president to sign this year. we couldn't be more excited about prot grthe progress we've. >> stephen mnuchin joining steve liesman discussing the president's new tax reform plan saying we're going to get it done by the end of the year. though, he also admitted the original t

now mnuchin at least is on the record. neil?dy, thank you, speaking of treasury secretary, speaking about tax reform. let's listen in. >> yeah, just i hope i don't bore you with procedure a bit, procedurally is the way it will start. you have to have a starting place. that is the chairman's mark, and chairman brady will be here tomorrow but he will not tell you all about that yet. that will be the starting place off which we work. senator hatch, chairman of the finance committee will have the sail starting place, hearings will happen. all of you will get a chance to look at it. everybody will have a chance to weigh in. that is the way it works. and we'll work our way through the process. obviously the more preferences you take out, the more revenue you have to lower rates. every preference has some support or it wouldn't have gotten in the code in the first place. to the extent we're able to take on some more significant preferences, remove them, use the revenue produced by removing those preferences to buy down rates, we can ma

this marks the second time this week that mnuchin and his wife are taking heat for this very trip.in kentucky, his wife posted this photo on instagram, flaunting her wealth and tagging a series of luxury designers. that led to an instagram spat with an oregon mom who was offended by linton's post writing in response, "glad we could pay for your little getaway. #deplorable." >> just seemed ridiculous, and quite frankly, offended me as someone who paid for part of their trip. >> reporter: instead of letting it go, louise ripped into the mother of three calling her adorably out of touch, suggesting she go chill out and watch the new game of thrones. >> there's probably a better way for her to spend her money than make me feel bad about my cute, simple life. >> reporter: she once played maria antoinette on this party episode seen on "csi." she's since changed her instagram posting to private. she said, "i apologize for my post on social media yesterday as well as my response. it was inappropriate and highly insensitive." >> has the treasury department said anything to defend this trip

steve mnuchin said we will get the debt ceiling past. this is not a republican or democrat issue. we need to be able to pay our debts. are these the right things you are hearing from this administration? do you believe this administration is on the same page as the president? guest: i agree with the points of senator mcconnell and senator -- steve mnuchin articulated there. i think secretary mnuchin said something like we're ready spent -- we already spend the money so we should raise the debt limit to pay for it. we have to pay for it and that is what the debt limit is about. i entirely agree. whether the president is on the same page, i don't know. whether the president is on the same page, presumably, but i really do not know. i haven't heard him say anything about the debt limit. maybe he has and i missed it, but i am not sure. my guess is he is a businessman and he doesn't want to mess up financial markets. so i think you will figure out a way to sign a piece of legislation to avoid breaching the debt limit. we will have to see. host: rocky is in pennsylvania, line for democr

and now mnuchin himself on the record saying he is staying.teve bannon however is not. you saw friday that the presidential adviser has left pn unclear what role he will play outside the white house. he's gone back to breitbart will he will begin his career again as a right wing commentator. we'll see what role bannon plays outside the white house after several months inside. back over to you >> before you go, let's walk through the carl icahn situation a little bit more because the charges in the article to some degree are explosive we've known some of the issues before, a lot of it evolves around a refinery which he owns and whether he may have been helpful in terms of the things that he either directed or encouraged the administration to do there is a quote from a bush administration ethics lawyer who says that carl icahn is walking right into possible criminal charges. what is your take on all this? >> well, its dramatic stuff and it will have to be left to any investigators to figure out whether anything that icon oig did was in-preept. b

mnuchin calls their concerns misconceptions.sures them that he in no way believes neo-nazis are equivalents to those who protest in peaceful and lawful ways. mnuchin and economic adviser gary cohn face intense pressure to resign over the president's remarks. both are jewish. both were standing behind the president when he made the controversial remarks. while the white house denies rumors from last week that cohn will leave, mnuchin says he's staying put, writing that "highly talented men and women surrounding the president should be reassuring to all the american people." >>> north korea threatening a merciless strike if the u.s. and south korea hold joint military drills starting today. the trump administration says the drills are happening. live from seoul with the latest. pain used to shut me down during pick-up games. but with odor free blue-emu continuous pain relief spray, i can box out any muscle or joint pain immediately. blue-emu continuous pain relief spray. it works fast and you won't stink. megan's smile is getting

welcome secretary mnuchin. as secretary of the treasury, you have a wide range of responsibilities that are of great importance to our economy and the well being of the american people. these range from safeguarding our financial system to advancing u.s. values internationally. one bureau within the treasury responsible for safeguarding our financial system is the financial crimes enforcement network which as you know collects, analyzes and disseminates financial intelligence. in addition to suspicious activity reports, foreign bank and other reports. numerous information sharing arrangements with foreign financial intelligence units, making the bureau well positioned to identify and assist law enforcement in curtailing illicit activity. it is critical for the american public to learn the extent to which president trump, his immediate family and his associate associatescolluded with russia, questions have been raised about the involvement with russian government officials, oligarchs and organized crime leaders.

he said he often battles with steven mnuchin and gary cohn, taking a tougher position on china.ond to requests for comments on this. south korea's president said donald trump has agreed to ask for consent before taking military action against north korea, marking 100 days in office should moon jae-in that only his country could greenlight the state. he said they are closely approaching a red line. britain is considering allowing european union citizens to travel freely to the country even after brexit. e.u. nationals would be free to visit the u.k.,, but settling there would require more. plans have yet to be finalized and will be published within weeks. global news, 24 hours a day, powered by more than 2700 journalists and analysts in what than 120 countries. this is bloomberg. guy: thank you very much. donald trump's business forum has been disbanded after a growing number of ceo's quit in protest of his response to the violence in charlottesville. some tax there will be cutting, but i think the prospects for structural reform, which was the aspiration the president laid out,

both secretary treasury steven mnuchin and mitch mcconnell went out of their way to show they have aong working relationship mcconnell called mnuchin by his first name, steven, complimented his wife and called the treasury secretary an extraordinary individual back over to you guys. >> ylan, thank you very much what happens to the economy if tax reform and other key legislation stall? joining us is mark zandi, chief economist at moody's analytics good to see you. how important is all of this obviously things are more important than others but how important is this to the functioning of the economy >> you mean tax reform specifically >> yeah. >> well, tax reform doesn't mean anything for the economy, you know, next quarter or even next year, but it is very important to the economy's long-term growth prospect. the tax code is obviously -- it needs a lot of work and could use a reform of lower rates and that would be very good for the economy in the longer run. it's not a big issue but ten years from now it's a big deal >> so what do you expect let's talk about this quarter, next quarte

i think the departure of bannon means that an agendas from mnuchin -- an agenda from mnuchin and cohn street. >> hmm. >> intriguing. we shall see. greg vallier from horizon investments, thank you, sir. appreciate the insight. >>> time to look at what's coming up on "new day." chris cuomo joins us. good morning. >> an interesting conversation. especially the take that you guys have with greg on what it means that the president gave that sounds about sitting in the chair. >> surprising. >> the fundamental problem is he doesn't want to say he was wrong. >> right. >> about what he was saying before. it's not unusual for people to criticize things they don't understand. we're going to go through on the show a pattern of that with our president where what he used to say no longer holds. remember, in the speech last night, he did the thing that he said was the worst part of the afghanistan situation, which is its unending nature. it's being indefinite. last night he tried to make that into a virtue. we'll talk about the five main points of the plan last night and whether or not they get to t

. >> plus, treasury secretary steven mnuchin making a tax for tax reform tim pawlenty head of the financialces roundtable. what he wants to see in that plan coming up. >> and to our reporters covering the solar eclipse. contessa brewer is in columbia, south carolina and jane wells joins us as well but first to contessa. >> reporter: people are reacting now by leaving i can still see the sun partially occluded here. it's still a crescent as the moon moves out of its path and people are like, okay, been there, done that it's hot outside, feels like it's 15, 98 degrees with the humidity so there's been a lot of people taking a move on, but i'll tell you what people paid a premium to be here i talked to people who have driven down from new york and people who drove over from macon, j., ageorgia and all of were paying a higher price for hotels, airbnbs ten times what they were normally going for in august and we were wondering if the clouds were going to occlude, eclipse the eclipse and turns out we had the most beautiful clear shot and a wild cheer and gasps of awe in the crowd. it was a magica

the treasury department says the mnuchins are reimbursing the government for her travel. this one incident too. in town and country magazine, there's a whole spread from before she married steven mnuchin talking about all of her diamonds. a whole story about her diamonds. the point being here these are people who are in charge of america's economy. completely looking completely out of touch with the people this economy is supposed to help. >> just a tad tone deaf. >>> chelsea clinton has been there and the former first daughter is coming to the defense of the president's youngest son after an article attacked baron trump's casual attire. let him alone and have the private childhood he deserves. >> her comment coming after the daily caller website criticized the 11-year-old's fashion choice saying the least he could do is dress the part when he steps out in public. the story getting strong pushback from both sides of the aisle and parents everywhere who say leaf the kid alone. >> the kid dresses better than my kids on their best day. >> i have an 11-year-old. he is fine. >

guest: i agree with the points of senator mcconnell and senator manchin. -- steve mnuchin. mnuchin secretary sh said something like we're ready spent the money so we should raise the debt limit to pay for it. we have to pay for it and that is what the debt limit is about. i entirely agree. whether the president is on the same page, i don't know. presumably, but i really don't know. i haven't heard him say anything about the debt limit. maybe he has and i missed it, sure.am not my guess is he is a businessman and he doesn't want to mess up financial markets. i think you will know -- figure out a way to sign a piece of legislation to avoid breaching the debt limit. see.ll have to host: rocky is in pennsylvania, like for democrats. caller: regarding the war in afghanistan, what does that contribute to the national debt? second question. if we went bankrupt, what would be the effects of that? the cost of afghanistan, i don't know the precise numbers, i'm sorry. cost ofestimates of the the conflict in both afghanistan andiraq since after 9/11 the cost is quite significant. well

cohn, mnuchin, those guys are pro -- steve miller is there he's pro-growth.e of a team player the bannon resignation was in the making, it had been talked about. you saw the president really relegated that decision to general kelly, chief of staff, who didn't want to make it personal they're going to be on the phone a lot. one thing -- >> we've got to go >> he's the guy really who wants to, you know, get at the swamp, okay take down -- >> drain the swamp >> and the elites. and that's an important trump theme. growth, tax reform, get the infrastructure, don't let washington smother legislation that people need to grow this economy. i think bannon believed that and i think president trump will continue to believe that >> mr. kudlow, always a pleasure >> thank you >> thank you so much >>> ahead, stocks closing near the lows of the day, even after chief strategist steve bannon a gngown the door wereoi to look into the wild market ride today and this whole week, right after this >>> time now for a cnbc news update with sue herrera. >> hi, kelly, hi, everybody. her

from the cabinet.- president's steve mnuchin responded.ed argue by the men and women who surround the president at this point? sony: to begin with, what is very clear is that there is a steady exit of many of the key people that president trump started with. no matter who he has surrounded himself with today, it is simply not clear that they will be around for a long time. the second, in terms of the actual people surrounding him, it has essentially boiled down to generals, which is an expanding part of his troop, as well as x goldman sachs people. they may be competent in their own right. it is not clear that everybody is, but the biggest problem with this president has always been and remains himself. no matter if you bring in an ex -marine general kelly to put , butpline in the west wing he simply cannot stop president trump from self-damaging himself the timeline. the outright lies that came over the past few days have seriously, genuinely, and i think permanently undermined his ability to pass any economic reform. francine: james, if

you heard mnuchin say they are going to produce a plan. that's very risky because the chair persons, chair men in the senate and in the house, they jealously guard their turf and if the administration says we want you to get rid of the following deductions and loopholes, something, i think there's going to be serious blowback >> he didn't say exactly what the nonnegotiables are for the white house. and did say the house and senate are currently socializing the plan with their members. what do you take that to mean, exactly? >> i'm hearing something completely different out of washington we've heard the rhetoric regarding instead of reform go to tax cut frankly that's the only thing you can do quingly is tax cuts, not reform already the lobbyists are stacking up in washington. any time there's uncertainty they flood washington and tax reform is something they are already staking out because they don't know what's going on and there's a reason it took three years back in 1986 earn started ten years before that because it's hard. reform is ha

because that's treasury secretary steve mnuchin and his wife scottish actress louise linton returningm an official trip, and that's a government plane. linton posted the photo bragging about her head to toe designer outfit, great day trip to kentucky she wrote, #tomfordsunnies, hermes scarf, valentino. secretary mnuchin is a wealthy former goldman sachs executive. >> so help me god. >> so help me god. >> reporter: he married linton recently in a lavish ceremony attended by the president and first lady. online the backlash to linton's post was as fierce as her fashion. glad we could pay for your little getaway, #deplorable wrote jenny miller, a mother of three from portland, oregon. but linton fired back writing, have you given more to the economy than me and my husband? either as an individual earner in taxes or in self-sacrifice to your country? pretty sure the amount we sacrifice per year is a lot more than you'd be willing to sacrifice adding, you're adorably out of touch. mary bruce, abc news, washington. >> linton calls her comments highly insensitive. secretary mnuchin is reimbu

here's treasury secretary stephen mnuchin. lauren: sorry about that.iolent protests continue in venezuela. demonstrators battled government forces. 100 people more than that have died thus far. we've seen inflation soar, supplies and food and medicine continued to decline. this is a scary situation. cheryl: we should also read that stephen mnuchin, we don't have the soundbite, but they put sanctions on maduro himself, seizing all assets. again, allegations he is stolen billions of dollars from the venezuelan people. we've got some corporate news to tell you about. apple set to release its third order earnings report today. it's like christmas. we are expecting to hear more. lauren: it might come out in time for christmas. tracee carrasco with that in any other headlines making news. >> good morning, ladies. really going to be looking at iphone sales and whether there is any positive purchases cost by anticipation for the iphone made. most estimates suggest apple pulled about 40 million foes during the quarter. speaking of the iphone it, we are working

mnuchin. going to talk about infrastructure spending and maybe try to put the agenda back on the rails on that front. is still withkeir us. when you look at how you position yourself in the united states, do you put the president in one box over here and you put the economy and the fed and everything else in a different box over here? there is too much volatility in that box for me to worry about, so i'm going to focus on what is going on with the economy, on the retail sales numbers, what is happening with the fed trying to normalize policy -- is that how you play the united states? absolutely. focus on the fundamentals, and that will help you navigate the uncertainty, whether it is political or otherwise. clearly, the trump presidency is controversial globally and within the u.s.. the u.s. economy is doing exceptionally well. the federal reserve is talking about continuing the normalization -- albeit at a slow pace. earnings are very strong. it is a robust picture. there are challenges in in

but steve mnuchin defends his decision to stay in the white house. >>> a u.s. warship collides with a huge oil tanker near sink are pore ten sailors are missing in the second accident involving a navy destroyer in just over two months >>> we knew it would be a negative start to the trading day in europe after a weaker close on wall street and a sea of red on friday but we're picking up steam to the down side for a couple of the markets. the cac and xetra dax. as for the euro-dollar sitting at 1.1745. dollar jen is currently 15908.86 the dollar is losing even further ground pushing below that 1.09 mark the pound against the dollar at 1.2871 and the australian dollar is keeping its head above 79 u.s. cents. it did move above 79 once again after better than expected jobs numbers last week. but it is slightly on the back foot in early trade. as for thei u.s. futures, we ha a weaker close on wall street which was kind of interesting because the markets turned around, they were encouraged by the sign that steve bannon the close white house aide to on donald trump had

this foet whoa she and mnuchin landed from a kentucky day trip.a of hashtags touting designs she's wearing. tom ford, valentino to name a few. a critic blasted, glad we could pay your your little getaway, #deplorabl #deplorable. sending linton into a full-blown rage. what did louise have to say? >> reporter: really went off on this -- the comment on her instagram page, touting, well, questioning whether this woman paid as much in taxes as she and her husband do. whether she's made the personal sacrifices she and her husband have. donated, contributed to the economy, with emojis and hashtags, look like you have a cute life, cute kids. somewhat aggressive, considering linton herself opened herself up a bit for these comments. her instagram as of last night, when she posted this, was public. so when she posted the picture exiting a government plane, tagging designers like tom ford and hermes and her husband in that post, it came across as flaunting a wealthy lifestyle. cnn has heard from a spokesperson, a source of the treasury department saying the