patrick armstrong is with us.he conversation yesterday was not just about tax cuts, it was about tax reform. there was a significant difference between the two. tell me what is most important for you in the tax reform debate to reassess your equity exposure in the u.s.? patrick: you're talking about both sides of the equation. just tax cuts with the good news it will be great. you need something that provides a boost to the economy or does not create unsustainable debt and that is the difficulty. with a cult -- government multiplier on spending, spending your way to prosperity is a little more difficult, very height elevated levels of debt. any tax cuts are a boon for business and consumption but you may have an offsetting negative impact from a slowdown in confidence and spending because of higher government deficits. it is not an easy problem to fix. -- hisomething that campaign was delivering this. when you have both sides of the equation and focus it is difficult. matt: does this hurt his attempt at stimulus,

patrick armstrong will continue on digital radio. all of that is coming up.> european stocks held steady and chinese> shares regained ground. francel -- ahead in the pen is stepping down to camp is a free candidate. the u.s. president wants to/personal and private taxes. bloomberg surveillance in london. it pretty busy day for you and bring you the swiss earnings later on. firmly on the littlbiof