ylan: i was looking at some polling numbers coming back on recess. it was interesting to me and a low bit surprising that the polling and the recess experiences at the freedom caucus members are having is moderatean the more republicans who are willing to go along. on the health care bill , this base that bob was talking about that elected many of the kind of new members participating in the freedom caucus i think our kind of cheering them on, which is a little bit nerve-racking. when you want to get something done and you might want to compromise with whoever comes to aretable, i think they going to be coming back from recess with a lot of different opinions on how to move forward and paul ryan is going to have to figure that out. ylan: if you want to consider nervousness, look at the elections in kansas and georgia, which was much closer than anyone had necessarily anticipated. the other thing to think about is that we have spent so much time already talking about the forgotten man and the base that helped put trump in the white house and elected h

ylan: there's a math question. there's about a trillion dollars in obamacare in taxes that they would like to get off of the table before they address tax reform. no one's talk abouting about trying to pay for that trillion dollars. but they're very concerned at least republican leadership is concerned that they're insuring that that's revenue neutral. if you do healthcare first, it makes tax reform easier. the president has said today that they want to put out their tax reform plan on wednesday. robert: how can they do all this? ylan: next week is only four days. robert: but the revival of tax reform. >> it's part of the president's economic agenda that he ran on. at least for businesses, corporations, small businesss that have been so important to donald trump's support, that's what they want to see him tackle. there's been a lot of debate within the white house over whether or not they really did this this in the right order. they set out this plan doing healthcare, tax reform and infrastructure. they should hav

ylan: this is sort of an out there question. do republicans have to do anything an order to see success in 2018? meaning do basically have to avert disaster of a government shutdown, disaster of nuclear war with north korea, for simple? -- for example. basic things here in order to be successful. the economy is doing a lot better. we are seeing estimates for economic growth at 2% or perhaps even better. the trump administration will tell you it will be 3% even. perhaps if they get some small tax cut through, that could temporarily boost gdp. if americans were voting on the economy in november and sort of adding up all the angst that they had gone through during the great recession and the long and slow recovery, we are kind of back. if we are kind of back, is that enough in itself in order to hand republicans another victory in 2018? lisa: i would think it would be a huge disappointment if there was not a tax bill that was kind of transformational. it is a huge disappointment. 80 -- 1986 was a long time ago and that was the last

ylan, what's going on? >> bill, drtreasury secretary acknowledged for the first time tax reform would not get done by august. this came with app b interview with the "financial times" and said as recently a month ago he was committed to the august timeline. now he's telling us the financial times that that time line is,ha quote, highly aggressive to not realistic at this appointment andea acknowledged that the health care debate may have delayed the tax reform potential as well, but insisted on legislation in 2017. bring you more as we have it. >> thankyou. if the market doesn't listen -- >> factored in you think? let's ask art. >> good idea. with us, michael black, steve grasso at post nine, both of them, and rick santelli from chicago at the cme there. steve, what do you think? >> the w way the market does ha in there to kelly's point that the market is factored into that already. we heard the timeline was pushed back. president trump said, you know, let'su do health care first before tax poly resorms and

that's right, ylan and i are not far away from each other here on the north lawn of the white house,e's a little bit of a scramble going on in this building behind me. a lot of aids trying to figure out exactly which pieces of the puzzle are coming at which point next week. there's a lot of moving pieces here. the president surprised a number of folks saying the tax bill is going to be unveiled on wednesday. period, hard stop. some aides suggested wednesday or thereafter. here's what the president said. >> we'll be having a big anoupgsment on wednesday having to do with tax reform. the process has begun long ago, but it really formally begins wednesday. go to it. >> when you get the mixed message between aids and the president of the united states, my experience in the white house is go with the president of the united states. expect to unveil something on wednesday, meanwhile. the president conducted a signing ceremony at the treasury department. the first visit across the street here in washington in which he signed an executive order and two presidential men ren dumbs of interest

>> all right, thank you, ylan. visit, we are joined in a first cnbc interview by the snap-on ceo. welcome. thank you for joining us. >> glad to be here. >> what's it been like the last couple hours with the president in your factory, right? what did he say? >> well, not a factory, the design center and inno vags work where we turn out new tools, turning out thousands of new tools every year, but had is the first president in our 97 year history visit, so we are pumped bout it. >> we wonder was there a connection there? there's a lot of kenosha in the administration, right? >> there is. reince went to high school a mile from here, paul ryan, this is his district. we know them both well. we like the idea of buy american. making a statement that american forev manufacturing is essential to the future. snap-on, american steel, by our skilled workers and right into the hands of professionals, enabling them to do tasks most critical. we're a great example of american manufacturing. >> interesting, on that basis, the fact

ylan is on capitol hill with part of the story. ylan?t the president's tax plan here on capitol hill. ahead of the meeting this afternoon between republican leadership and treasury secretary steven mnuchin and gary cohen. kevin brady told reporters he wants to ensure tax reform is permanent. meanwhile mitch mcconnell says he has priority is ensuring all businesses, big and small, get equal treatment under the tax code. mcconnell conceded republicans may have to do this by themselves. >> regretfully, we don't expect to have any democratic involvement in that, so we'll have to reach an agreement among ourselves, requiring a reconciliation vehicle. >> reporter: cutting the corporate tax rate to 15% as the president suggested could violate congressional rules. we got a copy of the government report found lowering corporate rate to just 20% for three years would still add to the deficit in the long term. that would complicate republicans' plans to do this alone without democratic support. for his part, democratic senator schumerments to see a

ylan, kayla on the case. first to you, ylan. comments made on tax reform. very interesting. >> reporter: bill, gary cohn there promising a united and unified plan on tax reform from the white house coming soon. he outlined several principles for tax reform including simplifying the tax code for individuals and corporations, also reducing the overall headline business tax rate. these comments made by steven mnuchin here today at the same conference and what he said about the timeline of the plan. >> soon. very soon. very soon. and just to be clear, we hope this won't take until the enof the year. >> okay. >> we're very focused on it. big priority for the president. we'll get tax reform done, sweeping, significant, and creates a lot of economic growth. >> reporter: tax reform part of the agenda, also on the list is infrastructure. gary cohn said that the administration is considering using repatriating tax dollars to pay for funding, but government money must be a part of any infrastructure plan. he also talked about trade and need for what he called open, fr

thanks for the opportunity. >> ylan walked us through sort of the basics but tell me what you think thelus is and what will the impact be on business? >> well, will be, listen, at th the day it will be positive on our economy, which will be good for business, particularly american-based businesses. it will be good for american workers and our middle class. american made by american workers and also immigration executive order, which is part of this whole thing, you know, the tax dollars used to stimulate our economy, all right, are wasted, if they don't result in the huge multiplier effect that comes from jobs and economic growth that come from buy america, hire america. that's where obama screwed up with trillion-dollar stimulus package because most of the money went to foreign, by foreign goods and did not have a multiplier effect at creating jobs and economic growth. and this is even more important when you understand that the so-called procurement agreement that the countries have signed or not signed are like free trade agreements. they're not worth the paper they're written on. ok

ylan mui with the latest. us through it, ylan. >> reporter: the big sticking point are the negotiations to keep the government open has become the border wall. the white house is demanding any bill include money to pay for it. donald trump tweeting saying the border wall would keep drugs from pouring into the country and poisoning america's youth. but for their part democrats say there's no way they're funding a wall especially since mexico was supposed to be the one to pay for it. white house chief of staff reasons priebus did open up wiggle room. he suggested money for planning and perhaps border security more broadly might do the job. lawmakers are trickling back into town over the next few days after the easter recess and avoiding the shutdown is top priority. the trump administration is hoping for a win ahead of his 100th day in office. we're waiting, of course, for the major tax package to be revealed wednesday. and this will be a set of broad principles and priorities not a detailed policy document. as

thanks, ylan. this comes as the president prepares for a big meeting tomorrow with some of the nation's top ceos. let's bring in robert costa from the "washington post." recently famous because president trump called him to explain what they were doing with the health care reform bill. any calls lately? >> i'm hearing from my sources in the white house that it's moving forward, that speaker ryan, gary cohn are all trying to put their heads together here but a lot of open questions about whether they have the votes for anything else besides a corporate tax cut. >> does that mean exclude personal tax cuts for the moment? >> i'm suggesting they don't have the votes yet for a major tax reform package that includes personal tax cuts that includes different deductions. what they're trying to figure out is what is the political calculus. can they get any democrats to come in and work with them on a broader tax package. if not it will be hard to get republicans to sign on in a wholesale way. >> is there an

i'll be heading there as well and will keep you posted, guys. >> okay, thank you, ylan mui. let's head over to dominic chu. >> david, the last time we saw stocks, hedge fund manager said this chart behind me should be terrifying to central bankers around the world. cnbc has learned that jones told attendees of a closed door conference with goldman sachs asset management he's concerned where the markets are. the chart is a variation of what we're showing. it's the value of the stock market overall relative to economic activity. right now you can see the highest levels we've seen since the dot-com era. low global rates have caused sharp rises in valuations but he did stop short of saying that this market was ready to be shorted. still, though, this stock market value comparison is sometimes referred to as the buffett indicator because warren buffett has referred to this particular metric in the past. it's not the only thing in terms of caution flags being waved. concerns about the president's tax plan, first of all, the reform agenda front and center there also the fed and the

we are in washington with ylan and details on this one. >> hi, sara.iggest itemized deduction households take is a state and local tax deduction. the state foundation said it's worth $1.8 trillion over a decade, making it even bigger than the mortgage deduction. now, the blue states like california, new york, and new jersey, they enjoy the biggest benef benefit. the democratic stronghold with high property or income tax rates, red states like texas, alabama, tennessee, they get the smallest deductions, and the fight over whether or not to till the reduction has already begun. new jersey senator menendez called it doubled taxation, and it was brought up back in january at trump tower. >> it is a proposal that's been discussed that would end the deductability of state and local taxes, for example, which would be devastating on the state of new york, california, et cetera. >> reporter: guys, remember, 30 republicans, about 30 republicans in the house, come from those blue states and enjoy the biggest deductions, so, guys, remember that they are going to b

ylan, thank you very much. speaker ryan is making some comments and may have dragged the market lower as well. bob pisani on the floor of the exchange. we've been blaming the fed but there may be other reasons? >> there are. it may be both. there are two problems. beginning around 2:00, first is the fed minutes. there were three separate comments that were made in the fed minutes that have a lot of people down here talking. first one is the fed says they don't expect any fiscal stimulus until 2018. obviously a bit of a disappointment there. second point, some on the fed see the stock market valuation as high, and of course we debate it all the time but the fed rarely comments on the stock market valuations. third, they're considering reducing their balance sheet. of course, effectively reducing your balance sheet sort of can be viewed as additional rate hike. some people said, well, maybe effectively we will have another rate hike at this point. those are three things on the fed. shortly after the fed meeting,

. >> thank you very much, ylan.ere to break down the president's first 100 days and what we can expect for the next 100 or maybe even more let's bring in contributors ben white and sarah fagan. welcome to both of you. for a president who began in the period between the election and the inauguration, sarah, talking about all the things he was going to do and how important the first 100 days are, he seems to have turned a bit. now he's dismissing the idea of 100-day marker as artificial but, boy, he seems to care a lot about the grade he's going to get. how do you grade him? >> i would probably give him a b-minus at this point. it's higher than i think a lot of prognosticators are giving him. but i think it's fair because, look, at the end of the day a supreme court justice is one of the most enduring things a president does. and he has a great pick. a young man who will be on the court for a long time. he's done a lot for the business climate in this country. this is where i think president trump has shown real leade

ylan has more on that and the big week ahead in washington. >> we learned that mnuchin and gary cohen head to capitol hill tomorrow evening to talk tax reform with republican leadership. the house speaker, ways and means chairman, senate majority leader, and the finance chairman will be there. nbc reported that president trump wants to keep the 15% rate on corporate taxes, proposed the campaign trail, no word, though, yet on how he plans to pay for the cut, of course, expect the to make broad principals unveiled on wednesday. mnuchin said this afternoon tax reform is a critical part of the agen agenda. >> working with the president over the last year on the economic plan in regards to creating growth. the president is determined to get to sustained 3% growth or higher. y we are working on reform, and job creation. >> reporter: all of this comes amid intense negotiations to keep the government up and running. friday's the deadline for reaching a compromise. the big stickingborder wall. they insist money to pay for it, and democrats say, no way. back to you. >> do you sense -- is there

. >> all right, ylan, thank you. >> thank you. >> the recap of the day in washington.uch as it is. the day on wall street has been like recent days on wall street. the dow at one time up 94 points, down 41, in the middle now, up 44 as we head towards the close with about 49 minutes left. >>> 7:netwitter votes on a ideat could put ownership of the company in the hands of its users. >> sort of like a coopen, i guess? something like that. wells fargo's ceo, tim sloan, here talking about millions of dollars in clawbacks from former top executive responsible for the bank's sales scandal. with e*trade you see things your way. ♪ ♪ you have access to the right information at the right moment. ♪ ♪ and when you filter out the noise, it's easy to turn your vision into action. ♪ ♪ it's your trade. e*trade. start trading today at etrade.com >>> a look at markets broadly higher, dow 1 points, and the levels are not that much. the russells leading with a gain of a quarter percent. nasdaq up four to five points, s&p two, dow seven. we'll see if they hang on the gains. what about strai

good points, thank you, ylan. in washington now, turning back to the markets, blackrock ceo and chairman is on "squawk box" today giving thoughts on how possible delays in that policy reform impact the u.s. market. >> if you believe it will be longer phenomenon these to transpi transpire, and we have an economy that is slower because of the uncertainty, then i would say the market is -- the u.s. equity markets are probably higher than they should be. >> so are the u.s. equity markets too high right now? joining us now our "closing bell" exchange officially, john augustine, steve brasso, and rick santelli from the cme in chicago. john, i don't know, do you agree with larry, first of all, and, second, i mean, when you look anywhere, there's so much uncertainty, politically, militarily, economically, whatever's going on now, we don't know what happens next, right? >> true. headlines, earnings season, better economic reform. the feds put themselves back on the scene yesterday as well. so in our view, though, what's ru

ylan? be moving closer to the center of the republican party and away from the popular message that got him elected in the first place, so we took a look at this contract with the american voter that he put out in the campaign. we wanted to see how many goals have. met as we approach the first 100 days in office. some of the things the president can check off the list is the chance of a partnership, for example, that happened on day four, approve the keystone pipeline, signed the executive order march 24th to do just that. judge gorsuch sworn in on monday, but there are things he's not even started like imposing term limits on members of congress or proposing legislation on school choice, and there's a number of issues on reversing course in the past few days, telling wall street journal he's not labeling china a currency manipulation despite calling them the champion of manipulation weeks before. he even stated support for fed chair janet yellen. the first hundred days are an arbitrary ben

ylan mui and i are office mates. >> eamon -- >> we have to run. >> i want to understand, the comment that donald trump made about north korea, was that, in your mind, from what you know, intended to send a message or just so happened those reporters were in the room, asked him about it, this is what he said? >> i think the latter. just watching donald trump speak over the past four months, he says very much what is on his mind. he says bluntly the thing other people say in diplomatic turns. it's obvious there's the possibility for confrontation. donald trump speaks in blustery terms, when he talks about it he talks about it in a blustery way that catches peoples attention there. he says if we don't resolve this diplomatically there could be confrontation. >> the context of it, he did say we're trying diplomatic measures first. >> exactly. >> i agree with your assessment of that completely. >> yes. eye-catching because other presidents have not spoken this way. but he's saying what's on his mind and what people have known. >> thank you very much. >> you bet. >>> let's check the market