the jay powell and steve mnuchin hearing.et back to the conversation we are having with bilal. , as we look to what is happening on capitol hill. ,ou have the treasury secretary fiscal and you have the fed chair, monetary. if we don't see the fiscal side delivering because the republicans decide filling the vacant seat on the supreme court is more important then stimulus, what can monetary policy due in the near term to compensate? a very goodis question. interest rates are incredibly low and the fed has announced its new inflation program. there are some things it could do. they have already announced more guidance. what they could do was start to announce some type of yield control. that could be one thing they could do. could be morethey aggressive in the language around inflation overshooting which starts to impact expectations and thereby drive down real rates. those are the tools they could have. i think it is unlikely they will use them. it's only if we see a much larger correction in markets that we are likely to see

we have details about the sticking points in congress, as treasury secretary, steve mnuchin, appearspitol hill. >>> welcome back to mornings on 2. it's now 4:23, and present trump announced federal funding for the kenosha wisconsin police department during his visit to the city hit by a week of protests over the police shooting of jacob blake. >> we will provide $1 million to the kenosha law enforcement, so that you have some extra money to go out and do what you have to do -- it took, it was a rough week, to put it mildly, and they have done it in credibly well -- >> the president also said $4 million in federal funding would be provided to businesses in kenosha, damaged by the protests. president trump did not meet with blake's family, but members of blake's family spoke with the shooting took brakes our nephew was shot seven times in the back. nothing can justify that. we do have no words for the orange man. i will only ask he keep his foul language far away from our family. >> during the president's visits, there are competing protests by trump supporters and those supporting bla

>> sandra: treasure secretary steve mnuchin saying there is a deal to be had on the covid-19 stimulus and is ready and willing to negotiate with house speaker nancy pelosi. our next guest said they need to put fighting aside to fight for the american people. congressman max rose, what is your message? >> there is a deal to be had. in order for that to occur two things need to happen. first the democratic party has to stop thinking about the next election. they can't say oh look it's better if we don't get a deal because then the president looks worse off. that's fundamentally wrong and unamerican. the republican party particularly in the senate can no longer put their head in the sand and think that a skinny bill is okay. it's a good thing we didn't have a skinny plan for the apollo project or to beat the nazis. i have confidence there are members in congress on both

jay powell and steve mnuchin, calling on congress to help the american people just one more time. will the congress listen? mitt romney says he will vote almost guaranteeing new supreme court justice by election day. she blasts those using feminism to try to block president trump's pick. all that and much more on "making money". ♪. charles: well it is a tenuous start to the session today as vast improvement over monday's start. remember yesterday, right? so invest doors they continue to grapple with a whole lot of unknowns. what happens with aid or potential aid from the federal government. also the federal reserve. what happens with the election. what happens when covid-19 cases increase in the fall? meanwhile investors decided that growth names that have pulled back enough just now to become safe havens once again as tech sector was the only winner in yesterday's session. it is powering ahead along with communications services. so what happens next? i want to bring in bny mellon strategist, alicia levine. with blueprint advisor ceo, jacob walter. let me start with you. the thoug

. >>> treasure secretariy steve mnuchin is about to face house members about the economic reresponse to the coronavirus. this is the special coronavirus congressional task force. opening statements are set to begin shortly and we'll get to that as well. and this is all happening as the difference between the two presidential nominees on this issue of violence and unrest is becoming increasingly stark. biden, while accusing trump of fanning the flames of unrest in this country also condemned

reporter: very interesting hearing, democrats are peppering the steve mnuchin, the treasury secretary about the next relief package, that the economy may not be as rosy as he says it is. pushing federal reserve chairman jerome powell for for another stimulus package saying it is kneaded to boost the economic recovery. listen to this. >> the ppp, there is very strong bipartisan support both committees in the house and senate worked on revisions that are necessary revisions. we look forward to working with both parties. >> that could be passed today and signed into law today, is that correct? >> the president would very much support signing into law additional ppp money immediately. reporter: that is obviously the treasury secretary steve mnuchin, he is talking about how he would like to see targeted help for hotel industries, for the travel industry. also a second bite at the apple in the ppp program. they want to reallocate some money for that. federal reserve chairman jerome powell was making the point there needs to be more fiscal stimulus. they put that in. baked that in to their p

and on capitol hill treasury secretary steve mnuchin is in front of the house subcommittee on the coronavirus. it has been more than a month since the expanded unemployment benefits expired for millions of americans. the president's piecemeal solution through executive action is not helping the vast majority of them. house democrats want answers. the let us begin in wisconsin, where the president is going to be in just a few minutes, despite requests from both the governor and kenosha's mayor not to come. for days they feared the president's visit will on prolong the city's pain, not heal it, but before boarding air force one, hess call the trip necessary and then tried to shame the city's mayor with lies about thes mayor's responsible to the unrest. >> these pool foolish, very stupid mayor, how he can be mayor, i have no idea. all he has to do is call, and within ten minutes their problem will be over. only a fool would stick up for him like that. these are anarchists, agitators, rioters, looters, they are bad people. >> jacob blake remains paralyzed in a hospital bed. instead of meeting wit

. >>> steve mnuchin is on hill, telling lawmakers more economic relief is needed to help americans get through the coronavirus crisis. more on where the negotiation stands, coming up. >>> ahead, major backlash prompts a change of heart. usda's announcement to extend the free school meal program, after putting it on the cutting block. humira patients,... ...this one's for you. you inspired us to make your it has the same effectiveness you know and trust, but we removed the citrate buffers, there's less liquid, and a thinner needle... with less pain immediately following injection. ask your doctor about humira citrate-free. and you can use your co-pay card to pay as little as $5 a month. humira can lower your ability to fight infections. serious and sometimes fatal infections,... ...including tuberculosis, and cancers, including lymphoma, have happened,... ...as have blood, liver, and nervous system problems,... ...serious allergic reactions, and new or worsening heart failure. tell your doctor if you've been to areas where certain fungal infections are common... and if you've had tb, he

that is the heart of the senate banking committee with treasury secretary steve mnuchin. hin saying that pass what can be passed right now making the point he is willing to sit down with democrats and negotiate if they were willing to actually negotiate. then senator sherrod brown said this. >> you simply didn't step up for these workers. $600 a week, 600,000 people in my state lost their unemployment insurance and you essentially, you and senator mcconnell an president of the united states saying 600,000 ohioans are on their own. >> that is grows misstatement and exaggeration and again if the democrats are willing to sit down i'm willing to sit down anytime for bipartisan legislation in the senate. let's pass something quickly. reporter: mnuchin says he has spoken to house speaker nancy pelosi 15 to 20 times on continuing resolution, but agreed to talk at some point the stimulus package. house speaker nancy pelosi says she expects to sit down soon. >> we have not reduced, in fact some of the needs in terms of the coronavirus are increasing. we need more money related to t

connell: let's get to treasury secretary steve mnuchin now. fed chair jerome powell, they testified before the senate banking committee today on the administration's economic response to covid-19. edward lawrence was covering for that for us. join us from washington with the details. edward? reporter: connell, the stimulus, the next round of stimulus a big topic of discussion. no talks on the schedule right now for another covid relief package but it does appear the continuing resolution to fund the government will pass the senate next week. treasury secretary steve mnuchin on his way to that senate banking committee says that he hears or hopes that it will pass the senate promptly. inside of the hearing mnuchin testified that he spoke 15 oar 20 times to the house speaker about the cr. they also agreed to talk at some point about the next relief package. the house speaker responded like this. listen. >> we came down a trillion dollars in our $3.4 trillion bill. then we offered to meet the republicans halfway. we still have not heard back about

reporter: melissa, treasury secretary steve mnuchin blasted by house democrats on capitol hill saying that he should come up to where house speaker nancy pelosi is for the good of americans and the united states economy. now representative maxine waters says that the blame game just isn't working for the struggling americans. listen. >> we have $100 billion in the heroes act for rental assistance. please, please, get back to the negotiating table. forget all of this name blame mess! reporter: mnuchin reminded democrats actually house speaker nancy pelosi who doesn't want to break out those things that have already sort of been agreed upon. both sides agree should happen. work on harder stuff later. he believes that mnuchin, believes they should pass paycheck protection program further helping small businesses allowing $131 billion left over in the pot to be targeted to the hardest hit sectors like hotels, travel, entertainment. mnuchin says both sides agree on expanded unemployment benefits and direct checks to americans and money to schools. he said they would like to work out the re

reporter: earlier today, treasury secretary steve mnuchin steve mnuchin will sit down in the coming days to discuss the latest involving tiktok has bytedance named oracle as quote, unquote, trusted tech partner. mnuchin as it says as it relates to the possibility coming together of these companies that there is still a lot in play. >> but was we've said before, a condition of any deal is to make sure that we believe that the code is safe. that u.s. citizens personal data is safe. and that the phones are safe. and we have a lot of confidence in oracle so we'll be reviewing the technical issues with them. reporter: he talks about reviewing the technical issues with them there. there is cfius review underway. that is essentially a national security review from the treasury department. the commerce department as well, also expected to have its say. both of those at some point this week. back to you. melissa: blake, thank you for that. science always agrees with you. connell. connell: more, more tiktok talk now, adam lashinsky joins us. forbes business contributor. little-known fact, very big

do you agree with the two gentleman, jay powell, steve mnuchin, it is still needed? >> i think they made the case you need targeted relief in certain parts of the economy. certainly secretary mnuchin mentioned aid to schools, getting schools reopened. there is a lot of money that could be used for ppe, for testing, for modifications to schoolrooms. that would be helpful. some of the senate provisions included the same kind of assistance to businesses. if they had to modify their work spaces so employees come back safely and customers can shop safely. there are things that congress can do that can help boost the recovery even more. this is not a situation where simply writing a big check, 3 trillion-dollar heroes act is really the right thing to do. you have to figure out your strategy and execute on it. as you point out not much is looking like it will happen. connell: almost a foregone conclusion now, especially what we've seen the last few days, that we're not getting there. >> right. connell: please tell me though, at the very least they will be able so avoid shut

but i don't think that steve mnuchin is viewed as the problem by democrats. certainly i've had democrats tell mina frankly a lot have said that publicly, quite frankly, you know, congressman clyburn who has been leading this hearing was relatively generous in terms of the way that he approached steve mnuchin acknowledging that they did a big deal together back in march on this. but mark meadow has really changed the ten or of tor of th negotiations. he frustrated a lot of republicans when he was a tea party in congress. and that ideological perspective seems to have really changed the dynamics of these negotiations here. so in are a lot of americans who are really waiting on this. and obviously the president has a lot at stake too. the reality is that his campaign was hinged on the economy and frankly, putting another couple trillion into the economy right before the election is something that would not only help a lot of people, but potentially help his political prospects as well. for someone who we've covered for so long as being obviously focused on his o

a lot hangs on this meeting between steve mnuchin and nancy pelosi. how optimistic are we feeling?is the culmination of negotiations between the negotiators that seem to be coming to a head. -- nancy pelosi is exercising her right to pass another stimulus to put pressure on the administration, but they seem to be coming together on the overall cost. where they had differences seems to be closing up. everyone is hopeful that we can get rid of this impasse before congress leaves to campaign. vonnie: a development in the last half hour. the president's debate commission saying changes are coming after the debate last night. they say the format for the next debate will be coming up shortly and would provide a more orderly exchange of views. has this ever happened after he first debate before? debate rules these are set by the commission, but they are heavily negotiated by each campaign and the commission. it is a negotiated settlement between three parties, which is not easy. this debate last night was odd in that no opening statements, which is unusual. it usually sets a positive tone

nancy pelosi and steve mnuchin plan to speak today. if a bipartisan deal isn't reached, the house is aiming to vote on the latest relief bill this week. the head of debt capital markets at gulf investment corporation. the trillion dollars apart between the dems and the republicans, if there is a hybrid deal somewhere in the high 1's, that potentially averts a fiscal cliff. does that shake the bond market in any way? from what i would say is an artificially repressed vol state? >> good morning. i don't think so. i think the fiscal package is very important for the economy, very important especially for risky assets in general. think ineasury side, i order to move the 10 year from to current level, we need assume deterioration of the economic outlook. the fed has made very clear it is not going to high-grade anytime soon, but the fed didn't say what it is ready to do if the economy would deteriorate so that is the reason in my view, 10 year treasury yield has remained in this tight range, even with the serious selloff on the equity side.

we have jerome powell, treasury secretary steve mnuchin back on capitol hill today, and they're each arguing for more stimulus. treasury secretary mnuchin says some is better than none. i know you're following unique market, unique time, looking at some of these variables and other tools you can use to get a return on your investment, but are you of the opinion that if stimulus doesn't, doesn't pan out, or just doesn't come as people had hoped, the markets will take it on the chin? >> i think it will just add to the uncertainty hanging over the markets right now. you see that on really a day-to-day basis f i go back to like march and february where we saw the whipsawing action in the markets move we are just preparing ourselves to make sure we have the capacity, the resiliency to handle that. outside of having an opinion, how it is priced in, not priced in, it is not only factor. we should be clear the vaccine, job reports, trades everything into this, we take it all together we need to make sure the market can absorb it. there is still effective price discovery, markets feel they ar

speaker pelosi and treasury secretary steve mnuchin are trying to cut a deal. particular, they're bracing because tens of thousands of workers face furlough tomorrow without action. joining us now is the ceo of american airlines, doug parker, among the airlines that plans to let go thousands of people tomorrow. mr. parker, thanks so much for taking the time this morning. >> thank you for having me. >> so steve mnuchin said moments ago that he and speaker pelosi are meeting again. they're going to take one more serious try in his words that he's hopeful for a deal and that's going to speak to airline executives yourself included about the possibility of postponing those scheduled furloughs tomorrow. are you willing to postpone those furloughs? >> well, we're happy to hear they're making progress and that's the preferred path for all of us. the -- what's going on here is that the c.a.r.e.s. act the payroll support program to keep the critical infrastructure in place, keeps our airlines employs all of the team even though there's not enough work for them. so we're

they have been on the same page as steve mnuchin. he was talking about it on sunday on fox news. the senate republicans and white house are looking at this in democrats, nancy pelosi, chuck schumer, said it was going to be insufficient. you have the two parties on opposite sides of this issue and i expect we'll see a close to partyline vote when this bill comes before the senate. host: i suppose an underlying overalls total spending and what ultimately it does for issues of debt and deficit. are those real considerations? are those topics these days considering the previous spending congress approved? guest: it is remarkable we are talking about $300 billion relief package. that is a good fraction of what the government spends in an entire year. the coronavirus pandemic has unique needs and something that republicans and democrats recognizes necessary to bolster the economy during partial or complete economic shutdowns and bolster the health care response. as i said earlier, their concerns about the national debt at its highest point since world war ii. in the aftermath of the gr

nancy pelosi and steve mnuchin, charles, we know that they spoke on the phone today.also expected to speak on the phone tomorrow. a bit of news i have for you here, charles, just speaking spg with a white house official minutes ago i am told that the white house in the coming days we could potentially look out for a counteroffer of about 1.4, $1.5 trillion. so democrats, 2.2, white house potentially could come back with 1.4, 1.5. you can do the math a lot better than me in most cases, charles. that is lot of hundreds of billions of dollars stacked in between then. but the two sides are talking. charles? charles: although, you know what? it is like being from here to the moon, from here to mars. they were that far apart. we're moving in the right direction, blake. thank you, my friend. appreciate it. joining me now chief strategist for bellpointe asset management david nelson. david, there is no doubt that the stock market wants the economy to reopen. i want your thoughts on sort of binary choice, lockdown and stay open, and what it means for the economy and the stock

steve mnuchin is testifying today.he chairman of this special committee is jim clyburn and i believe he is speaking now. let's go to the start of that. >> -- chat function or email to facilitate formal verbal recognition? committee staff will make sure i'm made aware of the request and i will recognize you. we will begin the hearing in just a moment when they tell me they are ready to begin the live stre stream. >> we're -- >> good afternoon. >> kasie hunt on capitol hill. well -- all right. i'm going to give you -- give us a 30-second preview and we'll dip back in as soon as they start speaking. >> this, i think, is going to focus quite a bit on the loan program so many businesses have relied on because democrats really feel there were a lot of potential holes in it and possible problems. we saw a report this morning talking about instances they allege of fraud and other places where perhaps the treasury department didn't do the due diligence they would like. but, of course, mnuchin has also played a critical role as

trade representative's office and steve mnuchin.e were fortunate in convince -- and convincing two significant members of the ways and means committee to join us today for this discussion, some of the factors that led to approval of the usmca. these members of the committee are going to share their observations. means is by far and away the most important committee in the house. it is not only responsible for trade and tax and tariff policy, but also tax and social security, medicare, welfare, and related registration -- legislation. kevin going to start with brady, a republican from the eighth district of texas. he is a ranking republican number of the ways and means committee. he was an executive for the chamber of commerce and served in the texas house of representatives. he is a person of broad interest. health care, small business, chair of the house committee, he has been working hard over the years to try to improve american health care without increasing the cost and he has been a key participant in bilateral efforts over th

trade representative's office and steve mnuchin. we were fortunate in convince -- and convincing two significant members of the ways and means committee to join us today for this discussion, some of the factors that led to approval of the usmca. these members of the committee are going to share their observations. means is by far and away the most important committee in the house. it is not only responsible for trade and tax and tariff policy, but also tax and social security, medicare, welfare, and related registration -- legislation. kevin going to start with brady, a republican from the eighth district of texas. he is a ranking republican number of the ways and means committee. he was an executive for the chamber of commerce and served in the texas house of representatives. he is a person of broad interest. health care, small business, chair of the house committee, he has been working hard over the years to try to improve american health care without increasing the cost and he has been a key participant in bilateral efforts over

steve mnuchin works with the president. he runs an entity called cfius, the committee on foreign investment in the u.s., and what we are being told by congressional sources, these are congressional sources that are involved in some of the negotiations, is that cfius has alerted them there's going to be some sort of new guidelines that they are going to give tiktok and oracle, that's the other deal partner, the u.s. deal partner, so they can get through national security -- get national security clearance and possibly cfius approval. that doesn't mean it will get -- they will get through. a lot of this has to do with the chinese government again, they have to give up some of that -- they have to give up control of tiktok, it has to be a u.s. company, if you want to meet the trump administration guidelines, and you know, there's this debate over the algorithm, whether owning it matters. if you really believe there's a national security issue here, owning it does matter. if you don't, it's a whole other story, that's just poli

steve mnuchin as we were first to report basically signaled he was going to approve the deal through cfius. we reported that yesterday. he was poised to approve it. he just needed the president's sign-off. then this entire mess blew up as we first reported -- liz: so -- charlie: -- and excuse me, and pompeo getting involved and putting the brakes on it. that's where we are right now. liz: yeah. i'm holding up the two executive orders. i read them very carefully multiple times. they are signed by president trump. charlie, the president, one of the president's most trusted trade advisers and the biggest china hawk arguably, peter navarro, was on the show last week. he was supposed to be on today. his people canceled it, saying he had a meeting. we know that last week, he was very clear on what would be required. here's what he said. >> the problem we have with tiktok is just a massive tsunami of data that they pick up from the american people that allow them to surveil, monitor the american people, their personal information, their user names, their pass words that people likely use ac

steve mnuchin, the key white house negotiator or at least he was when they first passed trillions of were facing down the beginnings of this pandemic. mnuchin was able to make a deal with nancy pelosi but got that money out the door and it's kept many americans out of poverty, primarily through that $600 a week unemployment extension that expired at the end of july. this hearing is going to be oversight focused on some of the money that went to businesses. obviously a lot of small businesses relied on ppp loans to keep them afloat. members of congress have concerns about how the administration made decisions in that program, whether the money went to the kinds of businesses it was supposed to go to, how much fraud, whether or not the treasury department is being transparent in how they did all that. i would expect a lot of questions at this hearing to focus on those areas, hallie. now, as for negotiations on a coronavirus bill, the closer we get to the election, the harder and harder it gets to make a deal on this. you're seeing that partisanship continue to kind of expand. what we h

for a second, because we have been putting a lot of focus on the effort that nancy pelosi and steve mnuchin have been making, but there has been no signaling from o'connell or the rank-and-file gop members in congress that they are on board with this no matter what the price is. mnuchin when you talk to senate members, they are uncomfortable with a $1 trillion package. there really is a big difference, even among republicans, about what they are willing to accept. they've gotten a little bit closer, a couple hundred billion dollars closer, but we are still talking a trillion dollars apart. joe: if president trump wanted to put his energy behind pelosi and muchin, come to an on a question of stimulus, if that were a major priority for the president, would he have the impact to bring enough senators over the line if he pushed for it? mnuchin he certainly could, and particularly for some of the senators in danger of losing their seats, they want to see some stimulus come together. bill.ell had a vote on a it really some of the political impetus behind this, getting stimulus checks out, getting

secretary steve mnuchin is leading that charge.e have information, testing, additional assistance on the table for the airlines. jon: when will we hear about it? when will we start to hear about a publicly? when is the big unveiling, so to speak? larry kudlow: without a specific timetable i would say in matter of weeks. not right now. jon: they are down 2.5%. this isn't just big tech. i imagine there is nervousness about the read across. the labor market is doing ok. we raised this issue before. there are some cynical people among us, who believe that unless the market gaps lower, there will not be urgency in washington to cut a deal. is the fiscal approach independent of price action in financial markets? larry kudlow: the fiscal approach is not independent of the economy, but i do not see -- there is no special formula between the stock market and a possible, additional assistance plan. there's no direct link. i would not want to go there. for what it is worth, jonathan, and markets, nothing goes up in a straight line. we have ha

bridging the gap meantime treasury secretary steve mnuchin today and house speaker nancy pelosi meeting discussing the next covid relief package. of course we've been waiting for that for some time. let's get to blake burman live at the white house with the latest reporting on the back and forth between the white house and capitol hill. blake. reporter: probably have to wait for it certainly a little bit longer. the question, connell, will it ever come? we can tell you nancy pelosi, house speaker, steve mnuchin, treasury secretary spoke on the phone today. lasted about an hour. they are also expected to talk again tomorrow about a covid relief bill but both sides are still hundreds of billions of dollars apart. the democrats put forth a $2.2 trillion package. i'm told when the white house make as counteroffer here likely in the coming days it will be the in air of 1.4, or $1.5 trillion. despite that gap show pelosi described the conversation between herself and mnuchin a positive one. this was the read a little while ago from larry kudlow. >> but if the speaker is more optimistic, than

this just in steve mnuchin and jerome powell will testify on september 24th on coronavirus relief.e whether it's the treasure secretary or anyone else on both sides of the aisle they put the country first. >> sandra: that reminds me of what is happening across the country but particularly in new york. you shared your grievances with the mayor. final thoughts on mayor bill de blasio and his handling of this. >> plain and simple, he is the worst mayor in history of new york city. he has to do his job and stop link to twitter. >> sandra: congressman max rose, appreciate your time. thank you very much. and sally is a category two hurricane. that's it for us. thanks for joining us. >> ♪ >> i am jesse watters with greg gutfeld, dana perino, juan williams and dagan mcdowell. it's 5 o'clock in new york city and this is "the five." the race for the white house is on. the candidates clashing with just 50 days to go. president trump and joe biden chipping away at each other as a fox news poll shows it's just a 5 point race with trump closing the gap. both trump and biden campaigned today. pre

. >>> no agreement on a relief deal for the americans treasury secretary steve mnuchin and house speakerelosi met today, both saying they made progress but according to senate majority leader mitch mcconnell, they are very, very far apart. >>> disney laid off almost 30,000 employees, shell, dow and marathon petroleum shed thousands as well. tomorrow, the major airlines could announce more cuts to their workforces >>> on wall street, the dow closed up 329, s&p and nasdaq up less than 1% >>> it's 7:30 at cnbc global headquarters it's the bottom of the hour. time for the top of the news, and covid is surging again 26 states seeing a double-digit rise in new cases, 26 states that's from johns hopkins. more than a third of those states are in the midwest, new hot spot for hospitalizations. 22 icu beds are left in the entire state of north dakota and in wisconsin, more people died of covid-19 yesterday than on any day since the month of may the number of people hospitalized at an all-time high that's according to that state's department of health the governor calling the spread unprecedented a

. >> reporter: ahead of congress returning back to session this week, treasury secretary steve mnuchinnd nancy pelosi already informally agreed to a clean continuing resolution to provide funding for critical services and federal programs. t they're still at odds over coronavirus relief package. >> we have to ma sure the public knows how we can solve this and why the administration is standing in the way of crushing the virus. so whher it $1 trillion or $1.5 trillion, again, let's not get caught on .'s ree this.a nuer >> reporter: after spending mu of the last three days fending off reports he disparaged veterans, the president is now facing attacks from one of his former lawyers, michael cohen. the former trump insider plans to release a memoir about his work for the president tuesday. cohen makes several allegations in the book, obtained by cbs news, including that trump made overt and covert attempts to get russia to interfere in the 2016 election and calls trump a cheat, a liar, a fraud, a bully, a racist, a predator, a con man. in 2018, cohen pleaded guilty to financial and campai

jay powell and steve mnuchin on capitol hill. melissa. melissa: boy, rock and roll here. lot of breaking news in this hour. now texas and louisiana are bracing for landfall within hours. tropical storm beta threatening days of heavy rainfall in substantial storm surge as it approaches the u.s. we are on the ground in texas next. a veteran who honorably served and it's made for her she's serving now we also made usaa for military spouses and their kids become a member. get an insurance quote today. i'm a sustainability science researcher at amazon. climate change is the fight of our generation. the biggest obstacle right now is that we're running out of time. amazon now has a goal to be net zero carbon by 2040. we don't really know exactly how we are going to get there. it's going to be pretty hard. but one way or another we're going to reduce our carbon footprint to net zero. i want my son to know that i tried my hardest to make things better for his generation. since your ancestors served in i wanworld war two.ow that i tried my hardest many of their stories remain untol

about the recovery, but we saw on capitol hill this week your colleague, treasury is secretary steve mnuchin on the topic of whether or not more stimulus is needed, another package is needed. let's listen to what he said just very briefly. >> we continue to work with congress on a bipartisan basis to pass a phase four relief package. i believe a targeted package is still needed, and the administration is ready to reach a bipartisan agreement. gerry: you think, do you agree that a package, more stimulus is needed? >> well, look, i agree with secretary mnuchin about the targets. that's really, you know, we've had a smart, targeted package all along. just parenthetically, i don't think the v-shape recovery requires some massive new stimulus package. but, but congress could help us let's say extend aid to small businesses through the ppp program where there's, by the way, unused funds from the last round, putting money into schools, k-12, for example, with respect to covid alignments. we need education, they need it socially, the parents need it chick economically. the -- economically. the presi

steve mnuchin, treasury secretary, he is frustrated.n. >> unfortunately the speaker and senator schumer don't want to negotiate in good faith. they refused to meet. we reached an agreement on many, many issues but they said unless we come out with a top line, they won't give us details what they're interested. reporter: today's hearing comes as airlines are threatening to furlough tens of thousands of workers, plus state way way construction and transit jobs are set to be idle. because state coffers are bare. democrats want to send hundreds of billions of dollars to states. house speaker nancy pelosi says schools need money for spacing and ventilation in the classroom. >> this is appalling, yet again, another reason why if only they would pay attention to the scientists. instead the president just wants to have herd immunity, which is totally discredited by anyone who knows anything about epidemiology except his advisor who knows nothing about it. reporter: senate republicans they are pushing to have some sort of a vote next week on wha

we got word secretary pelosi and steve mnuchin wrapped up their meeting oppose stimulus.alks continue ylan has more for us. >> reporter: that's right. there is no agreement on another coronavirus relief package though progress has been made and more work needs to be done he said that after he met with majority leader mitch mcconnell and spent more than an hour in the office of house speaker nancy pelosi pelosi echoed that sentiment in a statement. she said, secretary and i had extensive conversation we found areas where we are seeking further clarification. our conversation will continue." however, she went on to say the house will move forward with democrats' own $2.2 trillion relief package that means that any hope for a breakthrough, an imminent breakthrough in the negotiations is on the back burner for now. guys. >> why are they going through with the vote in the house as a posturing to make a point to the republicans they are actually moving >> the way the democrats describe it, this is formalizing what they have offered to the white house during some of those privat

that is nancy pelosi working with steve mnuchin, a package that would include aid to the airlines.that, the airline pilots accepting this pandemic recovery agreement that could at least forestall at least immediate job cuts. we will keep you posted on that. airlines doing very well today. almost every sector is. we will get to that in a second. >>> back with my buddy charlie gasparino. i had to cut him off with this big story he has concerning the new york mayoral race and who is interested in that job. charlie: thanks for getting me back on. his name is ray maguire, a vice-chair at citigroup, the big new york bank. what sources are telling the fox business network is that as early as this week, he could announce his intentions to run for mayor of new york city. this will be a pretty interesting thing if he does get into it. he's a prom naminapromminant in banker in new york city. i always say if because at the last minute, these guys can often change and he has a very cushy job at citigroup. he makes a lot of money and he's going to go right into the maelstrom of new york city pol

>> l, arthel, i think it's important to mention that treasury secretary steve mnuchin, you just heardm, was in the tank meeting at the pentagon on july 20th, 2017, when the president berated the pentagon four-star generals, calling them "losers," "dopes," and "babies." "i would go to were many people " address in the room president trump, "you are a bunch of dopes and babies." when seam agent says he has never are the president speak that way of the military were to generals, that is patently false. i confirm with people who were present at the meeting, the president used those exact words in the pentagon. i also circle back with my sources and confirm the president did not want to go to the aisne-marne cemetery in france to honor the american war dead when he could no longer fly by helicopter, and that one of the president's favorite words when he uses when he's angry is "loser." my sources include former trump administration officials who were on the trip to france. my source did not hear the president called those buried in aisne-marne "losers" or "suckers." they did say when the p

steve mnuchin heads important agency inside the treasury department known as cfius, who must approve deal. cfius will approve it if they can but here is the rub. inside of the white house they're now is a debate. neil, this thing could be approved while i'm on the air. i'm not inside of those meetings. i know it has been delayed and here's why. attorney general barr, from what i understand, mike pompeo, secretary of state, steve mnuchin or peter navarro, sorry, i know the other two are pretty solid saying this is not what we wanted initially. this is not a complete break from the chinese. they will still own tiktok. thus they could estimate use the data for surveillance purposes. on the other end is steve mnuchin, treasury secretary, head of committee on foreign investments, cfius, which must approve the deal, signaled it will approve the deal. he is saying it will go through, this is not a political battle. with him is wilbur ross, the commerce secretary. this is where we are. it's a mexican standoff. i give it 60/40 gets approved. having barr and pompeo on the other side, you know

government shutdown house speaker nancy pelosi announced the agreement with treasury secretary steve mnuchin and republicans yesterday the legislation would keep every federal agency running through december 11th which will keep the government afloat past the election. now in exchange for democrats winning covid related food aid for the poor. pelosi restored money for farms that democrats argue gave bell up money to farmers and ranchers. the deal is expected to easily pass through the gop health senate before next week's wednesday's deadline. >>well we are now 41 days away from the november election president trump says that he is confident of winning his second term. >>joe donlon sat down with the president to talk about his key decisions ahead of the november election. >>you know who is right now i have a pretty good idea haven't made a final decision but pretty good idea starting with the supreme court opening the president said he will announce his nominee saturday as for the upcoming election. he said his strategy to get to a second term is to focus on his opponent. well number one i th

. >> reporter: ahead of congress returning back to session this week, treasury secretary steve mnuchinnd nancy pelosi already congn, ovide funding for critical services and federal programs.ss and the budget for the next coronavirus relief package. >> we have to make sure the public knows, how we can solve this and why the administration is standing in the way of crushing the virus. >> so whether it is one trillion or one and a half trillion, again let's not get caught on a number. let's agree on things. >> reporter: after spending much of the last three days fending off reports he disparage veterans, the president is now facing attacks from one of his former lawyers michael cohen. the former trump insider plans to release a memoir about his work for the president tuesday. cohen made several allegations in the book, obtained by cbs news, including that trump made overt and covert attempts to get russia to interfere in the 2016 election. and calls trump "a cheat, a liar, a fraud, a bully, a racist, a predator, a con man." in 2018 cohen pleaded guilty to financial and campaign finance cr

us treasury secretary steve mnuchin said the administration is studying the proposal i just had a deadline of september the twentieth to conclude a deal or be blacklisted in the u. s. any deal is unlikely to represent an outright sale of the popular chinese video platform. oracle aiming to service the quote trusted technology partner in the united states the trader reports. could oraclcle be ththe firm to help salvage tech talkss us operations. all day beating t of it for microsoft the calilifornian business software company might be able to partner with tech talks chinese ouout of bike downs. and prevent a leading shut down of the video sharing app and the usa set for next weekend. the us administration's take an increasingly dim view of chinese owned companies penetration into its territory faring beijing could force them to share u. s. user data with a ten n story on u. s. citizens. seeing a chinese companyny get this popular this fast really underscores how the dynamicics f thenternet a are changnging what do t that meaean when one o of their compmpanies. becomes a hue succccess here i

messing with trump, bigly, fastly thanks see ya now fed chairman jerome powell, steve mnuchin will testifyhouse financial committee this morning steve liesman joins us you're at home we are still at the -- we just never know, right? until you get back are we ever coming back, do you know that's a different story. >> i'm waiting for the call, joe. i'm just waiting for the call. i'm doing what i'm told. i'm staying home here i am. i'm going to talk about fed chair jay powell and treasury secretary steve mnuchin. they will take to the hill over growing pessimism that congress ask reach it both will tell the house financial services committee that the economy has improved but they're going to link it to aggressive government spending and trillions of assets from the federal reserve. powell will say, quote, household spending looks to have recovered 3/4 of its earlier decline likely owing in part to federal stimulus payments and expanded unemployment an his testimony says i believe a targeted package is still needed they're ready to meet a bipartisan agreement the hearing takes place a day afte

oracle has agreed to steve mnuchin's new terms that address these security concerns. we need the backing of president trump. we have heard from mike pompeo who said he is close to backing the deal, which is an indication the president will give a go-ahead. what is also interesting is that oracle ceo, larry ellison, is a known trump supporter. he held a fundraiser for the president in february. donated $130,000 to trump's reelection bid. piece on the bloomberg saying this is how business is done in russia, not the united states. he writes that he can scarcely imagine a situation that is in greater violation of american capitalism. annmarie: tencent is also in focus. protocols security involving tencent, the one that caught my eye, tencent owns a stake in epic, which has "fortnight" which a lot of people are obsessed with. what is the latest in this gaming saga? asking forhey are movement on how these gaining companies are dealing with the privacy of american data. owns the los angeles-based games, riot, which is the maker of "fortnight." says theyintelligence value the

w -- steve mnuchin. 4%.is down it did manage to stay above that $40 per barrel level but we do have concerns over the virus search. the dollar seeing its best week since april. haidi: we are seeing currencies in asia at this early part of the session holding pretty steady. we are seeing some downsides when it comes to trading already. isare looking like tech possibly following the lead in the korean and japanese markets. in asia, it is a muted first half of the week with no significant numbers out in the first couple of days. out ve the rbi decision chinese pmif numbers. theontinue to get improvement of the virus story in new south wales with no new cases reported for the first time since the middle of this year. the aussie dollar holding pretty steady. get back to our top story. tiktokck is ticking on in the u.s.. we are hours away from president trump deadline for the ban to take effect around benign eastern time. -- around midnight eastern time. what is the latest and were there any developments over the weekend? >> there are a couple of deadlines today. at noon today, just before midnigh

they do verged on whether to lower the minimum loan size for the lending program with steve mnuchin embracing. erik schatzker spoke with a professor of risk engineering about whether the fed is trying to provide catastrophe insurance. take a listen. people complaining , i shareinting money that concern. there is something few are seeing. is a crisis for? fire there like a forest to detect trends early that should not be there. two accelerate the evolutionary process. so it should go bust now. not be put on their owners and employees. start again. so you fail early. that is a process by which those who need to fail, they can fail early. what the fed has been doing is the reverse. firms that should not be around and delay that failure. eventually that will happen. that is not part of the discussion. rate of the highest bankruptcy. speaking about the united states. not lebanon. forgot i was in a 12th-century monastery here. , the tech states sector has the highest rate of bankruptcy. fine. know,her thing, i don't discussing the election years ago, ifr or five years i told you trump is going to b

the $2.2 trillion measure is aimed at breaking the -- steve mnuchin is still trying to come up with a compromise. senate democrats want supreme court nominee amy coney barrett to promise to recuse herself from cases related to the 2020 election after president trump said the court might decide the outcome, and he expects it to break a tie. supreme court justices decide themselves whether to step away from a case. prime minister boris johnson will try to remain -- retain control. his conservative colleagues have warned him he faces a damaging defeat on covid regulations today unless he gives parliament more authority to scrutinize the powers. johnson also had to apologize for wrongly explaining the government's new restrictions. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. tom: thanks. markets south today. -27 on xps. dow futures -244. yields, i want to focus on the two year yields. one point -- -.990 year inflation year, 45. that is a real reversal over the last 48 h