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tv   Cavuto Coast to Coast  FOX Business  February 12, 2018 12:00pm-2:00pm EST

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, the last hour of business. ashley: as always. stuart: watch out. liz: slippery rides. stuart: watch out, last hour of business. my time is up, neil, i have three seconds, left, two, one, it is yours. neil: you know it is amazing about this spending thing glad you're pouncing on it, not all the money you continue to throw away, markets don't seem to care. most in washington don't seem to care. most people polled don't seem to care. stuart: how you can have stimulus for the economy already growing at 3% and trillion dollar deficit in a year's time, when maybe you have 4% growth. i can't explain that one, neil. neil: i don't know. i don't know. what is absolutely stunning is the market okay with it, i guess for the time-being. stuart: so far. neil: that last hour as you pointed out, young man, like breaking business news. stuart: trying to get on my good
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side, son. you like the graphics? neil: that is phenomenal. i immediately shouted at my staff, what are you doing for me. they have an etch-a-sketch presentation. i was a little chagrined. thank you, my friend. great, great show. now i have to top that. that is not too easy. with interest, it is actually going to round out to 5 trillion at the rate we're going, why bother ourselves with details here. what is remarkable about all this, as we get details on that, an infrastructure plan and all of that, even though we don't have the money whether you're on the right or left, the markets are kind of okay, they're bouncing back from the lows where they were well into correction territory, 10% correction territory, not near 20%. and it is just weird. it is just weird. connell mcshane at the
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white house on all of the above. reporter: it is weird, neil, i guess we're okay until we're not. that is the bond market where we find out about it first. here at white house the $4.4 trillion budget plan is being unveiled. it includes $200 billion in federal spending for infrastructure. something the president is talking behind closed doors with the white house, group of local leaders, mayors, state legislators and the like. it's a meeting going on for some time. it is supposed to start about an hour ago and did. it has been going on now for about an hour. we didn't have the capability or weren't given the capability to bring that to you live. we expect that to be played back here whenever it is wrapped up. they are letting mayors and governors go around the table, to make their points about the infrastructure plan. $200 billion from the federal government. it is almost like seed money for local venture capitalist. now the direct are to have
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legislative affairs here at the white house, marc short, was on fox news earlier, making the case of putting this pressure, if you will on the local governments. here is what he said. >> i think we're given as states and local communities the opportunity to leverage federal dollars to invest in projects for the federal government have not been able to do for years. the reason the infrastructure is crumbling, because the bureaucracy doesn't enable us to move forward. we'll empower the states and localities to use some federal dollars to match it in reinvestment of their communities. reporter: that is the idea, to incentivize these local governments as he said to match it or invest. to the larger picture that 200 billion is only small portion. here are highlights. 23 billion for border security. 85 billion for veteran car.
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17 billion for the opioid epidemic. that is what the white house is talking about today. there will be briefing after president's event, after we have a chance to hear from sarah sanders what you brought up, longer term projections in terms of who pays for this. how do the markets react for this. that is what they're talking about so far, $4 trillion plus. neil: just amazing, connell, thank you very, very much, connell mcshane. i always like to hear going around washington what they're saying about this. the pithiest sort of summation had to come from representative mark meadows, of course the guy who heads the house freedom caucus. the swamp one. former cbo director douglas holtz-eakin whether that is the case. what do you think? >> think what we've seen is complete absence willingness to take on entitlement programs, neil, if you don't do that you will get budget outlook what you see. i listened carefully at the outset, the american public is
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unaware of the budget problems. the polling shows that. former president obama explained that there were no budget problem solved with higher taxes on rich people. that is not true. the president says we don't have to deal with entitlement programs that will turn out not to be true. until we deal with the spending side of the budget, we'll have budget pressures. neil: it is always the case. you experienced it in the political arena with john mccain talk about entitlement programs, people beneficiaries of the programs soon will be always argue, i can understand i paid into this, i did my part, who are you to say i should not get the benefits and all, why you call it an entitlement. the rate we're going, the math forcing the issue right now, whatever your views on the issue, you're getting that certainly, you know, in the numbers we're expecting with the approaching retirement of baby boomers and others after them. it is not sustainable. and yet, every time we talk about even slowing the growth of
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any one of these programs, it becomes the stuff of midcall fodder. i can understand why, you know, republicans are loathe to touch it because they have been badly burned addressing the but going the other way is not a solution. >> it shouldn't be changed because someone like me with green eye shade, says the numbers don't add up, these programs are not inserving intended beneficiaries. it is not serving the american senior to have social security program going broke in two decades. that is not a service. it is not a service to put them in the medicare, medicaid programs they're in. here is favor, i give you a ticket to the titanic. we need a programs a lot nicer than that more sustainable than that and serve the beneficiaries better. neil: you know, doug, we're not casting aspersions on either party, to your point both parties i like to remind people,
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both this crew in here get sick of hearing it, i'm not red or blue, on this issue i'm green. i'm adding up the numbers and they don't add up. what is disturbing about the latest budget proposal outline it brags about redoings the growth of the deficit bytrillion dollars in 10 years. very much like i saying if i gain 10-pound rather than five pounds, i have net lost five pound, no, no. i gained 10-pound. and yet in the perverted world of washington, that is accepted math. that is actually written in and bragged about math in a budget. >> yeah. giving up on balancing the budget in 10 years is actually an important thing because balancing the budget gives you a way to say no, a way to say look, only way to balance we can not do that spending. if your goal is to grow the deficit more slowly where do you say no? how slowly?
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and so, there is no actual hard decision point. i think that is going to prove to be difficulty for republicans defending this budget. hard to say this program, not that one, when pretty elastic definition of success. neil: i hope idea of those caps in the first place when they were instituted everyone would hold hand and jump off the cliff together and deal with the wrath together but obviously we forgot whatever moxie we had back then so we don't have it now, right? >> and i think those caps, however well-intentioned revealed the fundamental problem which is, that is not where the money is in the budget. that is 1/3 of the budget. you can't get to balance focusing on them. you can't hit your deficit targets focusing on them. in the end they didn't hold up. neil: no, they didn't. >> to repeat the strategy try to do it again is to miss the larger lesson, you can't balance the budget if you will not deal with the whole spending side. neil: thank you, my friend. always a pleasure, douglas
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holtz-eakin to be fair, he has been warning republicans and democrats a long, long time. go to former transportation secretary lahood, there is separate infrastructure plan the president will detail today, 1 1/2 trillion dollar plan, calls for upward $250 billion of tax money. how that will incentivise private enterprise and local cities and states to kick in is anybody's guess. what do you think of that, secretary, because some in the democratic party say it is not enough from uncle sam. >> i say they're probably accurate on that. when you look at the deterioration of our interstate. when you look at 60,000 structurally-deficient bridges. when you look at transit systems that are in a state of disrepair all over america our national government needs to step up to make a huge commitment -- neil: we don't have the money, ray, there is not a lot of money there. so i guess go deeper and deeper,
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but -- >> but the way to get the money is to raise the gas tax. neil: raise the federal gas tax? >> raise the gas tax which has not been raised in 25 years. everything in america has gone up. the gas tax hasn't. and if you want to develop a big pot of money, the gas tax which built the interstate system by the way oaf 50 years is the way to do it. use public/private partnerships. neil: there might be more appetite to that, ray, to your point than meets the eye. there are a lot of republicans and democrats want to know. will that go to just these types of projects? washington has a habit of taking money earmarked for one thing, i don't want to use a bad term there, it floats into something else? >> well, maybe you put it in a lockbox. that is a term and that's a, an idea that we talked about when we were talking about social security years ago. put the highway trust fund in a lockbox and it can only be used
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for projects of national significance, big projects, projects that cost a lot of money. neil: ray lahood, thank you very much. >> thank you. neil: the president will outline some. things ray lahood is talking about, meeting with governors and public officials. the president on this infrastructure plan and others. >> very exciting things to be talking about. things you've been waiting for a long time, for many, many years. and now, let's see how badly you want it if you want it badly you're going to get it but if you don't want it, that is okay with me. but we'll rebuild our infrastructure. i said this morning as of a couple months ago we have spent $7 trillion in the middle east. $7 trillion. what a mistake, and but it is what it is. this is what i took over. and we're trying to build roads and bridges and fix bridges falling down. and we have a hard time getting the money.
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it's crazy. think of that, as of a couple months ago, $7 trillion in the middle east and the middle east is far worse now than it was 17 years ago when they went in, not so intelligently i have to say, went in. i'm being nice. it is a very sad thing. the budget was recently passed, and the reason it was passed is because of our military. our military was totally depleted. we'll have a military not like ever before. that to me, number one it does mean jobs. number one it means safety and security because without the military, we may have very strong views on spending which i have, but without the military, it is possible that there is no reason for to us be meeting. main we wouldn't be here. we will have the strongest military we've had by far. we're increasing arsenals of
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every weapon. we're modernizing, creating a brand new nuclear force. frankly we have to do it because others are doing it. if they stop, we'll stop. but they're not stopping. so if they're not going to stop, we'll be so far ahead of everybody else in nuclear like you never seen before. i hope they stop. and if they do, we'll stop in two minutes and frankly i would like to get rid of a lot of them. if they want to do that we'll go along with them. we won't lead the way. we'll go along with them but we will have a nuclear force that will be absolutely modernized and brand new. and hopefully we'll never have to use it and hopefully we can reduce it in the years ahead. that depends on what other people are going to be doing. we'll always be number one in that category certainly as long as i am president. we'll be far in excess of everybody else. i'm honored to be here with governors and county executives
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and mayors from around the country. secretary chao, secretary seen key, secretary ross, secretary pruitt, i appreciate it. we're here to address the need of america's crumbling infrastructure and one understands and the people in this room really understand better than most, probably hopefully better than anybody, that the problem, the states have in local leaders have, with funding the infrastructure is horrendous and we will, we will build, we will maintain and the vast majority of americans want to see us take care of our infrastructure. trucking companies are complaining they used to take trucks from los angeles to new york and there was no damage. now they bring from los angeles to new york and there is tremendous damage to their trucks because our roads are in bad shape. we'll get the roads in great shape. and very important. we'll make our infrastructure
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modernized. we're way behind schedule. we're way behind other countries. we always led the way for many, many years. then a number of decades ago it slowed down. over the last eight years, and 15 years to be honest, it has come to a halt. this morning i submitted legislative principles to congress that will spur the biggest and boldest infrastructure investment in american history. the framework will generate an unprecedented 1.5 to $1.7 trillion investment in american infrastructure. we're going to have a lot of public/private, we'll be done on time and budget. it will speed the permit approval process from 10 years to two years. maybe even to one year. because when we give you as governors and mayors and people representing your great states. we give you money, you can't get your approvals. i guess we'll have to take the
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money back or you're not going to build. some of you are sitting around the table i know. some. governors, you will get the permits. i have no doubt. a couple others i see sitting around the table i don't think you will get your permit so fast. otherwise you have to get it or you will not be able to build. took 15 years to get a permit. one state, took 17 years for basic roadway to get a permit. the cost was many, many times when what it was supposed to be. we can't have this that we want to get going. you work on permitting process. from federal standpoint, environmentally and everything we have to do, i see scott is here, we'll get you permits very quickly. it provides $50 billion for rural infrastructure who have really been left out, the rural folks have been left out including broadband internet access which they don't have and they want it and the farmers want it. it will create thousands and thousands of jobs and increased training for our great american
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workers. and it returns power to the state and local governments who knows businesses what their people need. washington will not be a roadblock to progress. washington will now be a partner. a lot of money, 1.7 trillion, which is lot more than people thought. we'll have a lot of great people working. we'll have great companies investing and building and they will build for you because sometimes the states are not able to do it like we can do it or like other people can do it, like i used to do it when i did the wolman rink. for seven years they couldn't get it built. i did it in a few months at much smaller price. they had invests $12 million building a ice skating rink in middle of sell tran park. somebody told me, they have never forgotten it. it remain as big deal.
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took, many being many years and they were unable to open it. i would like to be able to have my daughter ivanka who is with us, i would like to be able to have her go ice skating sometimes before she doesn't want to ice skate. and i got involved and did it in few months, did it for a tiny fraction, tiny fraction of the cost. really no different with a roadway. no different with a bridge or tunnel or anything of the things we'll be fixing. the returns of money and investment to the states and local government will be incredible. and nobody knows better than you people where you want the money invested. that's the other thing. the federal government to say, gee, this is what we want you to do in wisconsin, scott, you know exactly where you want to do it, and you have done a great job, by the way, but you know exactly where that money is going. how is your new company opening up there doing by the way? are they doing okay? that was a big one.
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foxconn moving along, right? they make the apple iphone. i said for long time, i want those companies to be making their product here and they went to wisconsin. scott did a fantastic job of presentation. i actually saw a cit -- site i loved. that was old auto site. i was with the head of foxconn, great businessman. i said that is great site for you, right in wisconsin. i hear that is where they're going so you have done a fantastic job. this is common sense and bipartisan plan that every member of congress should support. i look forward to working with them and we're going to get the american people roads that are fixed and bridges that are fixed. if for any reason they don't want to support it, hey, that is going to be up to them. what was very important to me was the military. what was very important to me was the tax cuts. and what was very important to me was regulation. this is of great importance but it's not nearly in that category
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because the states will have to do it themselves if we don't do it. but i would like to help the states out and we're doing that with a very big investment. one of the other things i think so important to mention is that in the budget, we took care of the military like it has been never taken care of before. in fact general mattis called me, goes, wow, i can't believe i got everything we wanted. i said that's right, but we want no excuses. we want you to buy twice, twice what you thought for half the price. so maybe we'll get involved a little bit in the buying. we want twice as many planes for half the price. believe me we can do a lot because the procurement process is very outdated to put it nicely but we'll have something very special but one of the things that was very important to me with respect to the budget was daca. i did not want daca in the budget. i wanted daca separate so we could talk about it and make a deal and i hope to be able to make a deal. i hope the democrats are not going to use it just as a
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campaign. you know they have been talking about daca for many years and they haven't produced. we started talking about daca and i think we'll produce but if the democrats want to make a deal it is really up to them because we want really tremendous border security but we have to have democrat support for daca and they are starting that process today. we didn't want to have it in the big budget because if we have it in the big budget it will get mixed up with all of the other things. now we have our military taken care of. now we start very serious daca talks today and we are, i can tell you, saking for the republican party we would le to do daca. weou love to gettone. we want borde secity around the other elements that you know about. chain migration you know about. the visa lottery you know about but we think there is a good chance of getting daca done if the democrats are serious and they actually want to do it. they didn't want tax cuts. we didn't get one vote for massive tax cuts turned out to
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be unbelievably popular. and what came up, which was even surprise to us were the big companies stepped up and millions and millions of people have gotten tremendous bonuses. nobody knew that was going to happen. that was just the beginning point. so we didn't get one democrat vote, not one for the biggest tax cut and i think that is big political problem for them if you want to know the truth. they are going around saying they made a mistake because the tax cuts have now, you see what it is going on, it spurred the economy. unemployment is virtually record lows. black unemployment is at lowest level in history. hispanic unemployment is lowest level at recorded history which is something that is so great. we have very, very, it is amazing what has been going on with the economy. and i just want to end by saying it is an honor to have all of you with us. we'll have a few of you make statements. we'll all stay around. if you want, we can leave the press or have the press leave immediately.
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i leave that up to scott walker because you're going to be the first speaker. scott, do you want to say a few words? sure. thank you very much, everybody. >> first off, mr. president, i think on a behalf of all of us, state and local leaders, both republican and democrat alike, thank you and your administration hosting us all today. before you came in we were having a lively discussion about answering some. questions many of us had. you alluded a moment ago to foxconn, you were great to help us announce here as i mentioned to many of the folks assembled here today for first time ever lcd panels, the kind of panels here in the future will be even bigger, made by sharp in the united states. we're proud they are made in the state of wisconsin. about a $10 billion investment. we're hoping with $3 billion worth of incentives. when we think about infrastructure it ties into that as it does all over the state of wisconsin. in the last few years, through this recent budget we made
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24 million, billion dollar investment in our state in the transportation infrastructure. that is about $3 billion more than the previous eight years. so we understand what you're trying to do here. but one of those projects that will help there, about 1 1/2, almost $1.6 billion transportation project, interstate 94 from the state line through kenosha, racine counties up through our largest county, milwaukee county. we completed a big chunk. 1 of the 19 interchangeses have been completed. but half the miles have been done. they will have a interchange where there is 10 billion-dollar ecosystem. the state most recently put in our budget, a quarter of million dollars on top of all the money spent until now, we think with help from federal government, infrastructure through america funding we can finish off the rest. get this, the good part, the local roads we're helping with, additional money beyond that is being done in eight months time. we believe on the time schedule we're on the remainder of that can be done in less than two
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years. with ideal completion date before fall of 2020. date i'm sure you're interested in. that would be completed by that time and we're thrilled and we think it's a good example of a good partnership between the federal, the state and local governments. i would add, when you were coming in, my friend from iowa was talking about rural infrastructure and rural interests, because we have good portion of our state that is rural as well, not only thank you on the rural participation for broadband. fiber networks you name it, there is plenty opportunities for to us grow and expand our internet capacities all throughout the united states. >> it has been very unfair what happened with broadband in terms of the middle west and in terms of the rural areas as you know. you sort of were a victim of it too. now it will be taken care of. we're spending a great deal of money on that. it is only fair. they want it. they want it. they know how to use it. they want it and we're going to get it. how many jobs will be created
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because of foxconn's new plant? >> about 35,000 in total. 13,000 in direct, 20,000 indirect or induced. that is bigger than, just direct jobs alone, 13,000. talk about rural, is bigger than 96% of all the municipalities in the state of wisconsin. >> that is fantastic thing. everybody wanted foxconn. frankly they didn't want to come to this country. frankly i hate to say it if i had didn't elected they wouldn't come to country. i think you know that very well. just out of curiosity, 25,000, 35,000, jobs, one of the biggest economic development jobs in the country. how will you get training and getting all the people to work there. >> the first phase, up to 10,000 construction jobs. fits in what you're talking about today. we'll have people throughout our state and adjoining states. we made a major investment. part of the one of the visits, ivanka, you had made with one of our technical colleges. all the technical colleges in
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the state are stepping up their programs specifically to train. this is not only for construction but advanced high-tech manufacturing. that will be a whole new way for us. we hope people in state being trained and trying to recruit people from other states as well. >> the company will also train. neil: absolutely. >> that is exciting scott. congratulations. they told me the other day you were really great. the state, wisconsin, i'm not surprised. they did a great job. you did a great job. >> thank you very much, mr. president. >> as you know, adding to that, apple, i told tim cook during the campaign before i was elected, tim, i don't know if i make it or not, but if i do you have to build plants. you have to build big plants. i won't consider this a great success unless i see the big plants i see all over china and other places but in particular china. hopefully you will build them here. and he gave us a very big surprise two weeks ago. $350 billion, not million, 350 million would have been a
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nice plant too. but he is going to invest $350 billion of which he is taking $245 billion back. and that's the money we talked about coming back into this country. i think it is going to be about $4 trillion. it was 2 1/2 trillion. but i've been using that number for years. so i know the number has gotten larger. it could be more than that a lot of it is coming back. another company is announcing bringing billions of dollars back into the country. but apple is bringing about $240 billion back in. they're going to build a tremendous campus. they're going to build new plants and it is beyond anything that anybody thought even possible. so that is very exciting. and you add that on to foxconn, it's a whole different world out there. so, scott, thank you very much. governor martinez, i would like to have you talk about some of the great strides that you have made in new mexico and what we're doing in some of the
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things that are happening. that is very exciting state. what is going on. thank you. >> thank you, mr. president. i first would like it start by thanking you for all that you have done, including in our states, through our mayors and governors and commissioners to be a part of the conversation. certainly something that did not exist in the previous administration. because of that we're able to come to the table to give our different ideas and how they impact the state. so i'm very, very greatful for you and your willingness to allow us to participate. >> thank you. >> i also know that the tax reform that has taken place is bringing millions of dollars more into our state and with that comes the economic growth. and our economic growth, for example, we have just brought facebook to new mexico. keep in mind new mexico is 2.1 million population. to bring facebook and investment that they have brought with 1000 construction jobs and of course, have been preparing for those additional jobs with our community colleges and our
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two-year institutions and vocational schools. so making sure that the workforce was prepared to take on that number. also as you know, new mexico is a very big piece of our national security, as well as we have natural resources, energy resources in new mexico. so our infrastructure is super important because we have, what used to be two-lane highways with the amount of, what we were developing in our energy sector as well as our military bases and our national labs. now are requiring four lanes and possibly turning lanes because there is so much traffic. because the energy in the southeast, and northwest part of our state is so big and booming that we have private vehicles going and merging into those traffic, and unfortunately right now can be very dangerous and also our national, we have the waste infrastructure program down in the southeastern part of the state, bringing
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transatlantic waste from the northern part of the state to the southeastern part of the state. again those very large trucks that are traveling on very narrow roads along with the public. so again, thank you for including us, we can be a big part of that. our funding has certainly been private, public and national infrastructure dollars coming together. we've been insisting on that for the last seven years because we don't want a single source of funding taking care of our needs. so we're constantly asking when there is a project to be put together, what is the city putting in, county, putting in. private sector putting in, state putting in. so together we can begin the project and complete it. >> great job you've done. fabulous, people of new mexico have been terrific. thank you very much, susana. one of the things we're doing, separate from this meeting a reciprocal tax. we'll charge countries outside of our country that take
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advantage of the united states. some are so-called allies but they're not allies on trade. they will send in their product and we won't charge them anything, and we send them the same product they are sending us and they charge us 50 to 75% tax. that is unfair. one of the examples, scott, harley-davidson, they are treated unfairly in various countries. you know the countries i'm talking about. we'll do very much a reciprocal tax. you will hear about that during the week and coming months. not fair when we're taken advantage of. that is why we have big trade deficits. we have tremendous problems with trade. we're as you know renegotiating nafta. we'll either renegotiate it or terminate. we'll renegotiate it. bob lighthouser is doing a fantastic job on that. hopefully the renegotiation will be successful. if it is not, we'll be more successful. nafta has, we lose a tremendous amount of money, at least
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$71 billion a year with mexico. we lose a lot of money with canada. canada does not treat us right with farming or across the borders. either they treat us right or we'll do business a little differently. we can not be continued to be taken advantages of us. we can not have people coming into our country and rob us blind and charge us tremendous tariffs and taxes and we charge them nothing. we can not allow that to happen. we can not allow it to happen. we lose vast amounts of money with china and japan, south korea, some other countries. they understand where i'm coming from. i taubed to all of them. they understand it. it is a little tough for them because they have gotten away with murder for 25 years but we'll be changing policy. we have an incredible country but we can't let that happen. it is really affecting our workers. it is affecting everything. so that will be a very big part of what is happening over the
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next month. everything's related to this meeting. but, i wanted to mention that specifically. i would like to have a county commission bobo of miami-dade say a few words. a lot of progress being made there also. >> thank you, mr. president. you would appreciate knowing miami-dade the way you do, the gridlock we're experiencing. god lock could be one of the -- gridlock could be one of biggest detractors to infrastructure investment. mime day in miami smart plan, #miami smart plan for those that follow. we put skin in the game, he levy ad half penny. we created legislation that allows us to create transit oriented development. workforce housing issues. addresses resiliency issues. our biggest concern, mr. president, quite honestly the environmental regulatory process really delays our ability to deliver projects.
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i will tell you what i consider a horror story. many of the corridors that we're examining now that we would like to develop transit, expand our transit system have been studied since 1970. >> that's right. >> mr. president i was in elementary school at the time that this was talked about in my county. we have grave concern. i represent an area full of laborers. i wonder at times what does the gridlock do to them? that construction man, that plumber, that carpetter, who loses because he can't get to all five appointments. only gets to three. those two go to somebody else. >> we'll get you the federal permits, okay? we'll get you the environmental and transportation permits. we'll get them for you so fast your head will spin. the question will you get the local permits? that will be up to you? >> mr. president, our board of county commission, our mayor, our governor, in the state of florida of and every elected
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official bought into the fact we can not allow projects to be delayed four or five years. i said this earlier, when we were meeting, here as a group privately, it seems it me the pyramids in egypt were built faster than some of the projects we're contemplating. >> you wait 25 years and some. we have projects on the books, 25 years. look at pipelines, how long they would have been? i approved them in the first week. they are you in being built. one situation will be solved very soon but, 48,000 jobs, the two big pipelines were going to be dead for years. they were probably never going to happen. environmentally to have it underground, is better than using trains and trucks all over the place. so it is, we can do it. but they have people waiting for 25 years for permits and by the way, 25 years and 100 times the original cost, if you think about it. so we're going to get you the federal permits. we'll get you the environmental permits you need on a federal basis. it is very important that the
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local communities like miami-dade and all, i know miami-dade very well, and it is great, these are great people. you're right, it is very tied up. you will be able to produce them locally. if you can't then the money foes to somebody else. because if you can't get your permit, you have a certain area, phil bryant will get all of his permits, i have no doubt about that, right? you will have no problem, i know that. but if you can't get your permits and can't get them quickly the money will go to somebody else. we'll not sit around for eight years because you have a local dispute. i think that is good. i think that is good incentive. >> mr. president, today is my daughter's birthday, that is serious enough i'm here to get our end done. i will be -- >> i know you. you will get it done. okay? thank you very much. phil, do you have anything to say? >> absolutely, mr. president. you're sitting next to my favorite mayor, george flag of vicksburg, mississippi. i better talk about his intermodal port. about 30 miles away continental
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in not one of the most advanced plants in the united states. it is plant of the year in the united states. i could tell you more about that. 2500 employees will be there. ports are critically important. 155 miles away, from jackson, gulfport was totally destroyed by katrina in august of 2005. 28-foot surge completely destroyed the port. we're rebuilding it now. we have $300 million hud has been gained enough to put $300 million into it. it is remarkable, vibrant plant now, port, but we have to have that highway 49 which is unfortunately a farm road. it is a narrow, dangerous road with 69, like 59 red lights between jackson and most dynamic port i believe in the gulf. so we're going to widen that. make it a great big beautiful highway so people can get their goods and services to the port of the future.
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>> good. >> we have a $3.4 billion energy project planned in the future for that port. we'll put a broadband crescent around the port for new technologies for kessler air force base. manufacturing of 70% of the navy's warships. >> how are you doing with the permitting? how is that going? >> we have not had one problem. after katrina we were able to compress that permit time. thanks to the epa now, we had to live eight years of a pretty difficult time. >> you know under the other administration you would have been 20 years on the project. >> i understand. >> now you will be about two months. >> this past year with the great help of your team it has been remarkable what is happening. we've not fully recovered from katrina. then the spill came along but this new plant is going to be really, the catalyst that will change states like mississippi, move us to the new level.
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we're the mother of all rural states. so as we talk about rural investment, it is something this warms our heart. so i want to thank you, mr. president. this will be, i know the dynamic effort that you're going it put in it. your team and all of us working together will be generational. i hope 100 years from now they're thinking about the day we were in this room and what happened this day. >> well, phil, i just left mississippi and i was with phil recently at the african-american museum, and i want to tell you the job you've done is incredible. i hear it is doing record business. it is doing fantastically well. we were there for the ribbon-cutting and the opening. the job you're doing in mississippi is inspiring to a lot of people. >> thank you, mr. president. >> george, would you like to say a few words? >> thank you, mr. president. i'm just glad you allowed guy from vicksburg, mississippi, in a room representing 20,000 people. then we talk about a company
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going to this state with 35,000 people but, the governor's already spoke to our situation as about our port. the other thing we need relief on infrastructure as relates to the water treatment plants. our water plant, the court decree, draining us. so small town municipalities, i think i speak for most municipalities, this infrastructure, this money couldn't come at no better time to help us develop through economic development and creation of jobs. this is the thing i like about it. it is creating jobs. and hopefully in the next four or five months we can get unemployment below 4% and thank you. >> thank you very much, george. i appreciate it. you're doing a good job. elaine, what would you like to say? transportation? a lot of this money goes to
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transportation so you become the big power you already are. >> mr. president, your cabinet members have been working very diligently the last year. we have epa administrator pruitt here. we have secretary zinke. we have secretary ross and we have a plan that will fix the crumbling infrastructure and we look forward to getting to work. >> thank you, elaine. scott pruitt, could you talk about the environment and how we maintain a perfect, clean, better than ever environment at same time go quickly. >> mr. president, as the mayor just said from vicksburg, you said washington will now be a partner. i think he hit on an area that is very important. that is water infrastructure. when you think about safe drinking water in this country, small towns, counties across it country need investment with respect to their water treatment facilities this is major part of the package. i want to echo what governor bryant said earlier.
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we are looking at epa end of 2017 we will process every permit up and down in six months. that combined with changes we're making with the legislation to have outside time period of two years, racedally going to transperform how we see investment in this package. your leadership is extraordinary, mr. president and the cabinet is working develop to put this package together. >> thank you very much. i know when you're finished with this meeting, probably won't see it for some reason. you won't see it. they will talk about my remarks on daca which lasted about 10 seconds. we're serious about daca. this is so important for what we're doing. gary cohn, what would you like to say, gary? >> mr. president, we talked before you got here this is big team effort in the last year. the cabinet and white house is working together to put on a plan. we work with many mayors, commissioners, governors in the room, many legislators, we think
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they have a very robust plan that can get you everything they want with trillion 1/2 dollar investment. shorten approval process less than go years. we're excited to have you launch it here today. we're excited to get to work on it as secretary chao said. >> ralph, congratulate on your victory. the person was not a trump person. if he had done much better. doesn't mean you wouldn't have won. he was not a trump person. what would you like to say about infrastructure. >> thank you, mr. president. thank you for being in this meeting and obviously infrastructure is very important. i would like to thank you for what you're doing with our military. we build the largest warships in newport news and largest naval base in norfolk. infrastructure is so important to to us. you mentioned rural virginia and rural america and obviously broadband is very important to us. mr. president, what i would like all of your help with, our port of virginia. we are in a position to be the
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best port and we want to make sure we have the depth. >> that could be one of the best in the world if they invested not that much money relatively speaking. i agree with you. >> absolutely. we're in the process where we need to dredge our channels to 55 feet. widen our channels. >> that has been in the process many years, probably? how many years, ralph? >> i don't know, mr. president. but we're ready to get it done. >> i love it. put it on the list. high on the list. >> all about exporting. keeping the economy going. thank you, very much, mr. president. >> thank you very much, ralph. good luck with everything. very important what you said about the port. i've been hearing about your port for many years. i hear it could be one of the great ports of the world. location alley it would not be better. they could never get their dredging permits. scott you're working on that. i hope they get it quickly. all right? wilbur ross, please. >> we're looking forward to playing a big role in the
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transformative projects. that is what has been allocated mostly to commerce, to chair the committee, taking the big transformative projects. so we hope all of you will have a good deal of imagination transformation and determination at informative level. >> thank you, will b do you agree about the tax with countries coming in and taking advantage of our country? oh, would he be in trouble? can you imagine if he said no? [laughter]. reciprocal tax, wilbur, how do you feel about that? >> we gave away so much unilaterally we really have to claw it back. a lot of these trade things are self-inflicted wounds. it wasn't that other countries made us. we volunteered concessions that were mindless. might have been good public policy right after world war ii, after we rebuild europe and rebuild asia. that is a long time ago.
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and concessions appropriate then are then are singularly inappropriate now. >> i look at some of these trade deals, i look at how much could happen? the truth is laziness. after world war ii we helped germany and all countries, korean war, with he helped everybody. nothing changed. they were rebuilding from a war. the agreements basically stayed where they were. they became very wealthy. they could pay tremendous amount and could pay us back but nothing happened. the reason nothing happened is number one, no imagination. number two, the people that were in my office and other offices were lazy. they just let it go but we're not going to be letting it go. it is truly affected our country when we have $21 trillion in debt. we're not going to let that go. when people want to send their cars into our country but won't accept our cars, so many other products. cars are the least of it,
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although cars are a big category, we can't do that, we can't do that we will no longer do it, i will tell you that. i would like to ask bill to say a few words because you have been very, very, i would never use the word progressive but you have been very good what you have done. >> be careful. >> when i do use the word progressive i use it in much different sense, you understand. >> i think i will echo what you heard from other governors and mayors, there is a whole different attitude today when we talk with your departments, instead of here is what is best, how can we help, and what do you think we should do? i can't tell you how much all of us appreciate that. that is whole different mind set. >> thank you, bill. >> second thing, i think what you hear from everybody in here is, there is a lot of different perspective what the private sector should do and what government should do but transportation infrastructure is without question, fundamental responsibility of government. nobody can build their own
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interstate system, no matter who they are or their own network that the nation relies on. we're very encouraged. tennessee we combined largest tax cut in history with revenue towards transportation because our infrastructure was out of date, but getting our agriculture product to the market and making certain -- >> you made a big difference in tennessee. >> so we're with you. we want to encourage, encourage this to, to actually be fulfilled as quickly as you can because we're quickly getting behind the rest of the world. >> right. that's right. thank you very much, bill. actually, to me this is a very, very sexy subject. the media doesn't find it sexy. i find it sexy. because i was always a builder. i always knew how to build on time, on budget. that is what we want here. one of the reasons we like the public/private is we'll get some of that involved and getting these things done quickly, much more rapidly you would get them done as a government, as good as
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some of these governments are. i very much appreciate that, bill, but tennessee is really keeping up. they're doing a good job. i looked at some numbers yesterday, show you're doing a good job. would anybody like to something? yes, go ahead. >> thank you, mr. president. steve benjamin. columbia, south carolina. thank you for having us here. i look forward to the plan and d.j., everyone entire team have been helpful communicating over the last self months. we met in december 2016 right after your election. >> that's right. >> after that meeting you would support tax exemption on muni bond and you have done that thank you. that is the way we build vast majority of infrastructure across america. open 80% done by state and local. >> that helped out a lot, hasn't it? >> absolutely. thank you for the support of private activity bond and how that is reflected in your budget. i want to thank you for the support of the military. fort jackson, some may disagree
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finest army base in the world. victory starts in columbia, south carolina. we train over half the men and women in columbia, south carolina. we had the same tax rate we had 10 years ago. five of the last seven years we finished with a budget surplus. we create an environment where private sector capital is welcome, treated well it grows. we've increased our police department budget by 60%. i will tell you that what we need and, we'll spend some time raising the flag on some of our priority projects, you may remember in october 2015, you had massive flood, 1000 year event in columbia, south carolina. >> i do. >> it dead tremendous damage to our canal as we work with fema and ferc. we'll do that to raise it to the top of the priority pile as we're working with this. want to tell you again, america's mayors are happy to be around the table. we look forward to talking about the expedited nature of the
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plan. and working closely to make sure we're protecting the environment as you do that happy to be here. look forward to continue the dialogue. would i be remiss if i didn't talk about the public pensions are very interested in getting infrastructure business as well. if its possible to lever that $200 billion, would be interested in supporting that as well. thank you for having us. >> thank you, mr. mayor. the areas that have military will be greatly affected in a very positive way because the number we were able to get, 700 billion, that was the key to what i did. i hated to give away certain money and some of it i consider to be terrible but we needed 60 votes. we needed 60 votes. in order to get military taken care of, which to me is number one by far we did that but those areas that heavy on the military, you will see a tremendous difference. when i was in the private sector i used to get listings all the time for military forts,
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military installations that would be for sale. i used to say to myself this, is 10 years ago, five years ago, how can we be selling so much? now i bet they wish they didn't sell some of them. they sold them as surplus. i would say how many did we have? because we have a lot of listings. they close ad lot. we'll be expanding ones that we have. areas and towns and cities, states there will be tremendous impact. one of the other things will jobs. we'll be building this equipment. we don't go out to other countries to build our military equipment. when we have allies, especially people we help, give aide to we'll start looking at also, but they go out and order military equipment from other countries i say you know you're not, if you're not ordering it from us you will net get any aide. a lot of defense companies and jobs, it is all jobs but they're very happy because i mean we were giving out money and they would buy helicopters from different countries.
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i don't want to say which country, specifically one. so we're giving you money to buy military equipment and you're buying military equipment in another country? how does that work? i remember the president of a country laughed when i said it, he said, finally somebody gets it. and they were actually restricted from buying from us. so we could give them money but they were restricted for human rights issues and other issues. so, a lot of things are changing and they're changing very fast. yes, sir? >> mr. president, rob lockly, chairman of county commissioners bucks county, pennsylvania. i know where you know where bucs county is -- >> [inaudible]. >> suburb of philadelphia, off a big super bowl win. we won the super bowl with the philly special, and nick foles and doug pederson. i have a philly special for you when it comes to transportation projects. everyone is aware of the i-95 and the turn bike, one of the
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missing links in the high is connection of turnpike and i-95. after four years of planning and approves and permitting they're finally making connection. there is a picture on the slide. the problem they're making connection only on two of the eight ramps. if you're going north on 59. >> i know where those connections are? you want additional connection. >> all the permit something done. all the environmental review. >> that sounds good. you jumped ahead of the line. >> we have -- >> how much? >> 515 million. >> get the price down a little bit. get it down. >> we do that. we'll do that. >> sounds like a lot of money for connections right? what do you think, phil, you could do it for 550? >> [inaudible] >> we're ready to go. just the last thing i want to say about the permitting i think is so important, in bucks county which have 115 bridges, small, country bridge. >> right. >> we closed one seven years ago
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which is not far from my house. it used to be my quick shortcut to my daughter's soccer field practices. so my older daughters finished middle school, finished high school, graduating this year going to the united states naval academy, she finished both of those things and we haven't started bridge. >> were you going to build new bridge or renovate the bridge. >> we would replace the bridge, historical process, going through reviews -- >> is it permitted? >> it is not. we can't get -- >> you will not get a bridge. >> i'm saying permitting process you're talking about truncating that. >> we'll do it. you've been doing this for years as you say. it has been pretty unpleasant process but we'll do it quickly. if it is local historical you have to take care of that yourself. i would love to get it done for you. that is the kind of thing we want to get done. we have a lot of bridges amazing
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high number of bridges that are considered unsafe and being used. i don't want to see a tragedy. they need paint, a fixing, not even a lot of money. they have to be fixed or they will go down. those are the things, safety first. but you want to resurface your roads. i like fixing, rather than building new. i have seen some roads, they rip out a road, a highway, can tell you, 78 in new jersey, they ripped it out, went on for years, just the relationshipped hell out of it, then they started building new road exactly same location because they wanted surface a little bit higher. they could have stripped asphalt and put beautiful new as settle. after they built it settled all over the place. where as before, was there 100 years and settled, so you didn't have the problem. i would rather see resurfacing, would rather see, before we do the big new projects, like to fix what we have through
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resurfacing and other things and fix them. probably a lot better. start the new projects with another fund and maybe with this one. i would like to see proper resurfacing. new medians. i would really like to see a competitor to the one that makes the grates that are always, i talk to them all the time, whoever represents the company is greatest salesman of this, they put stuff in and two weeks it is all bent and corroded and terrible. i want salesman that represents that company to represent the united states of america. [laughter]. because that guy does some job. i wish they come up with alternative, looks like aluminum or probably cheap steel. but, when it gets hot, it bends. when it gets cold it bends. when somebody hits it ace mess. we put it in. within a year it looks terrible. i never understood why they
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didn't come up with a better system. those are kind of things i like you to look at. you can come up with a better system, probably for less money. somebody should come up with better system. thank you very much. work on the bridge. gary, what would you like to say? >> [inaudible]. go ahead. >> if i might. just press the button. >> just talk. >> as you were walking in i want to thank you very much, mr. president, recogonizing the importance of rural america and broadband in particular. that is critical for people working from home in our small communities. making sure they have access. we have 2.7% unemployment in the state of iowa. >> great. great. >> history low. we need everybody to have best
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skills we possibly could have. training next workforce is -- we need port expansion. modernization of locks and dams of the mississippi are and dams are critical for the midwest and the agricultural products around. >> we have that plan as you know. >> we really appreciate that. we do have one of those interchanges with about 200 deaths suffered on the ied, 380 interchange between iowa city -- >> 200 deaths? you have a lot of intersections where people die because they can't get a perm at and i would like you to make that first priority. there is one in particular and i heard about it in iowa. it's a particularly dangerous intersection in its accidents all the time and with a slight difference in design you could get that permit easily.
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we have to get it done. i would love that to be a priority possible. >> thank you, we appreciate it. what mitigation is a big deal in iowa. cedar rapids has terrible flood, and they've got a wonderful project. they have a lot of private dollars rather to be invested and so our new mayor of cedar rapids is here at the two-day and that's a priority for him. thank you, mr. president. >> thank you very much. on behalf of everyone here commute taking enormous infrastructure -- interest in infrastructure. i think we've got a great plan and everyone around the table can see how much interest you have. you have delivered your plan to congress this morning. they will be digesting it. it will not come as anything new to them. yours team has been working with the senate and the house last month or two so they know what is coming. we are up to a great start. thank you for a time and effort here. >> thank you very much. appreciate it.
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[applause] >> i would like to add one further thing. it's very important that you go back and speak to your congressman and senators and people that represent you to get the push you're going to need to get this done because they work on a lot of things in all fairness to them. this is one you'll have to get a little push and everybody in this room wants very much but you'll have to call your senator and congressman and women to get it done and it's something that can happen will get approval and create a lot of jobs with the great infrastructure once again. thank you very much appreciate it. [applause] [inaudible conversations] [applause] tree into a all right. you have been listening to something fairly assert whether you like this president, just like this president, like the idea of spending money on infrastructure, don't like the idea come we decided to stick
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with this the route and not -- in and out. we have not seen a commitment like this to a nations infrastructure sends dwight eisenhower since 1956 for some of you might recall when they started our national highway system and it began in earnest. ultimately trillions of dollars spent in the states and towns that had not been connected before. of course president eisenhower was getting a lot of criticism at the time saying this to be a boondoggle. but it did form the foundation of our infrastructure and roads and bridges in our interstate highway system and now was again in june of 1956, back then called the national interstate and defense highways act. a lot of that was poured into this beyond just that commitment , but in real terms it was the gigantic spending that this country had ever seen eclipse only briefly by the effort to rebuild europe after
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world war ii. as he was continually spent today as the most aggressive government undertaking. smaller amount over 10 years 200 to $300 billion that this would be a step in that direction and meeting with republican and democratic mayors. all of foam had a key role in financing has been wanting to see more of this. sort of on the line there and their interests on the line and we could use their spirit of course the argument is over whether we have the money to afford this. to that end, chuck schumer has come out against what the president would do very little to make it better.
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all over the country. i don't know how he would know these with start, but the popular criticism has been that 200 to $300 million up front is money that won't be enough, yet others who argue is too much. by the way, if you bemoan the amount of money put on messenger signed off under the $400 million is part of the latest budget deal just seemed a little weird, but again back from all of that. that is why were there for a long time. we owed it for you to understand the enormity of what the president wants, whether you're a fan of this sort of thing or not, but it is big. it's like apollo moon shots spending big. that is why we stayed with it and virtually no one else did. in the meantime, fox news white house correspondent john decker on what the president wants to do and he is already running into resistance.
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what he think of that? trinity is running resistance for minority leader chuck schumer and you'll see a lot of republicans that want to know how you are going to fund all of this. john corning before the state of the union address told that there would be a proposal put forward by the president, had that very question how do we pay for it and that is a problem with conservatives in congress. he gestured the point of view represented are liberals like chuck schumer in congress. tree into all right, john, thank you very much. what we don't know and maybe you're getting a better handle right now as was the president in any of these discussions open to a federal gas tax, something that hasn't been touched in the last 25 years or is that a line of the retreat? >> that's a great question. the federal gas tax has not been raised since 1993 and now stands at 18-point for cents per gallon. you have the business community lining behind the idea of a federal gas tax.
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the u.s. chamber of commerce not far from where i'm standing is 25 cents per gallon increase in the federal gas tax. the truckers, the american trucking association in favor of a 20% gallon, 20% gallon. as for the president come he's not rid the idea off entirely. i don't know if it's completely off the table. if you take into account the u.s. chamber of commerce hillary's $375 billion over the next decade. that is pretty significant. neil: john, thank you very much. whether this goes anywhere or not, the time you got budgetary constraints, the president saying this is kind of the hail mary pass to see something done on this front. the president is tinkered around with the idea that since dwight eisenhower. market watcher michael bloch who came decades after eisenhower, but easier to offer expertise.
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fox business charlie gasparino and deirdre i think i was born under the carter administration bolton. good to have all of you here, thank you very much. it's all about the issue of paying forward in all of that. does wall street now -- i'm sorry michael but i'm looking at john. do you think the gusts upon this will go anywhere will concede something on it, or not. the mac it's a real tightrope here but i don't think he has to concede anything. the markets care about these deficits. they matter a lot. short-term we learned over and over again. i've been hearing this for almost 10 years now. neil: you're exactly right. the stock market loves it with the bond market and a note earlier there was talk about reaching a tipping point in the bond market. there's too much pain going to be felt to take everything down.
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the indication lack speaks action, seems like this is able to go through from a political standpoint. and some of these gop conservatives need to watch pushing back on on the spending to hurt them of certain voters in november and they have to worry about that. neil: i do find it odd that democrats are going to pay for something, but leaving that aside, i wouldn't go there. but he is throwing it out there and if the markets are worried about yet another boondoggle or something that can't be paid for, and i really kind of think michael hit on it. they have a funny way of showing it. >> you have to remember the context out last week we were here a gazillion hours. the selloff is so widespread and there are worries in the bond market that eventually pressures -- neil: this will push interest rates back further. >> yeah, i also think it's a
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worry of how we pay for it is not a question i feel like we can ignore and when they sell diet, who is going to buy? we are the number one holder of our own data. china hollands a little less interested or do we face a downgrade. i think there's a point of reckoning where we just can't spend and spend, even though from a citizen's point of view every time i'm on a train, this really needs an upgrade by the question of who pays and how. train to the president and how much she's behind is certainly in his comfort zone. he's done a lot of this infrastructure work himself. but again, it's about the money. charlie: he likes to spend money. we should put a chart above the 10 year period tenure has been spiking and spiking again today. that is the deal going up. that means the prices are going down. if this thing keeps going like
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this, if the tax comes don't produce the gdp and the budget deficit doesn't widen out dramatically, this is bad for the market and what was happening last week, the debate was coming home. there are two sides to this story, some people think it's great tremendous stimulus great from the tax cut and spending. a lot of people say the budget deficit is going to widen dramatically and he has to start showing better than to .5% growth soon or that will be the narrative. look at the deficits. 2016 we have a $586 billion deficit. the little omen is there. 2018, 873 as the projection. 201994. even 2020 they are predicting of 987. neil: they submitted a 10 year plan that doesn't balance itself. do you think the fact that the
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stock market is up, bonds are budging today given the chart notwithstanding the last week or so, what is going on here? >> really what is going on as we see scary numbers. a 7 trillion handle and a deficit when we go out to 10 years based on what we thought today. does that mean i sell my stock in the closet and is sure to bond while i'm at it. i want to talk to the guy shooting the japanese bond market 20 years ago. that trait has never worked and is never going to work. neil: they're not worried about inflation? >> i am guarded on now. i see wages going highly to .9% year-over-year wages of more data coming wednesday. will see that the valentine's day massacre. what i am learning today -- wednesday morning the cpi tree into retail inflation. >> which ironically is a sequential dante.
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charlie: i don't think we'll get these existential market answers in the next three weeks. take a deep breath. i don't think it's armageddon now. i tell you if we don't get, if this thing really gets wider than 800, 900,000,000,028 team in the deficit, you really could have and we don't get decent growth. neil: that is crucial. we need growth. >> i do think state taxes have to go higher, local taxes have to be higher. when they talk about all these breaks for corporations have given people that matter. >> the way i look at this for stocks right now, what should we do at this, what you mentioned is important in the deduction in states like new york and new jersey. we could see consumer discretionary health care and housing hit a wall. i'm using the selloff as a gift. the big stimulus news great
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industrial stocks and transport stocks which were really overwhelmed have come in. that is a gift. >> i think there's going to be bumps and bruises along the way. there's a little more broken glass. >> a consumer, two thirds of u.s. gdp, if you are paying more in your state taxes than local taxes and not just new york new jersey. >> it is a blip. charlie: to say the corporate tax cut doesn't help growth, you are not getting about 3% gdp this year, we are in trouble. >> who wants to buy our debt is what i'm saying. >> we have to sell a lot more data, rates will spike here they are normalizing on top of that. the corporate tax cut doesn't produce the bang for the buck. do companies sit there and were the cash? >> even if it does produce, will it offset the higher rates?
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>> that is a tug-of-war. i'm in the camp that says the growth is going to win out. i am no-trump cheerleader here. you know that about me. >> there's concerns about the consumer. >> is 1.5 trillion on the corporate side. the individual tax cuts, neil: but they are paying it forward. they are getting more for less than ambition. >> individual tax cuts are giving to the people on the lower end. it isn't stimulative theoretically. neil: i too have had my run-ins with this white house. i am just saying, we could be under gauging how much of this tax cut. >> i hope. that would be great. if that's the case, you buy the market because gdp is going to grow to the extent it could pay for the tax cut.
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neil: interesting development. either way, the top from the president in the same remarks stating their day is coming. he's got a lot of things that would've rattled markets. they are not being rattled today. things could change very, very quickly. the reason we stand on this so long is attention spans are slightly more than a gnat like some of our business friends. but we also want to recognize the commitment the president seems to be making whether you agree or disagree, whether it's a wise move or not, whether it economically sound or not. but dwight eisenhower said you know what, i know many in my party don't like the idea. a lot of democrats don't know where exactly this goes. but i think we should have a top to bottom interstate highway system that should be the envy of the world. trillions of dollars later, this president is following up. where does it go? we will see.
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the dow was up 413 points.
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neil: the president wrapping up the infrastructure writeup in which he called her spending $1.5 trillion in the next 10 years won by the federal government to leverage off adding to a private individual states, counties, municipalities off to the races. chuck schumer saying that won't do it, mr. president, so was the doa on arrival? press secretary to the vice president of the united states mike at the 2020 visor he board member mike lowder. glad to have you with us. coming up to date as an infrastructure plan that has already been dismissed by the leading democrats. what do you make that? >> nothing unusual. democrats resist everything the president said even things they agree with and i spent most of my career prior to washington
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d.c. working for mayors and governors in the state of indiana and i can tell you they are concerned about infrastructure. roads, bridges, ports, airports and those are the things that make jobs in their community. to get a kick start with a little bit of money into state and local private sector funding that can make the infrastructure to the next level. neil: we are supposed to find out those chief of staff john calley and whether he should resign, but has he become a distraction in your eyes? >> i don't think so. you saw the president counselors talking about the president's continued support for general calley. i will tell you, and the leadership he brought to the white house from day one has been substantial. he served our country come he continues to do so. in this case the white house is
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not much different from what we see happening in countries across america as we learn how to adjust and adapt to information we receive in terms of allegations, whether inappropriate activities of the work ways or in this case some very disturbing allegations and evidence of domestic abuse. we as a society need to understand how to remake our processes that are so we get the information and take it when necessary. tree into what do you think the respondent who knew what and when in the way the white house, particularly the president initially came out aggressively defending porter and he can do that, but the appearance to a lot of groups was that he was insensitive on that subject and insensitive to women. what did you make of that? >> i know that the president wake-up everyday and wants to do better by all americans, male-female. he wants to improve their lives
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and improve our country around now. we can all look at every level of society to see how we can do better in this era with these types of allegations. what you'll see right now is the white house taking a critical look to see if the process broke down, how did they break down and how can we improve it moving forward. tree into again, and other events economically, but it does kind of stretch credulity here, how after an fbi thorough background check in which they talk to former wives, girlfriends, et cetera and this did come up people only suddenly found out about it or in the first place for knowing nod and at least one other aid. is it just a matter of carelessness or indifference? >> i think what she's seen publicly is that he denies those allegations and that was taken into consideration. obviously the photographic evidence we saw earlier this
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week was shocking. it was appalling in people who worked with myself would house the novel we could've seen from the way we interacted with him at work but it was appalling, shocking. the white house took action and now we need to look again at how we can make sure the allegations are dealt with properly in the future, where a person can still deny them, but if the evidence is there you've got to take the appropriate steps. neil: mark, thanks for indulging all of this breaking news. the press secretary relating to vice pens. we are getting disturbing news into us consuming -- concerning donald ann wife vanessa trump has been hospitalized after receiving a letter containing a white powder that came to their new york resident as jessica caution after this. hope she's okay, but again she's gone to a hospital after receiving this letter with some sort of a white powder. that is all we know. hope she is all right.
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a little more after this. e. she thinks she's the boss. she only had me by one grade. we bought our first home together in 2010. his family had used another insurance product but i was like well i've had usaa for a while, why don't we call and check the rates? it was an instant savings and i should've changed a long time ago. there's no point in looking elsewhere really. we're the tenneys and we're usaa members for life. usaa. get your insurance quote today.
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neil: we have a little more news to share about vanessa trump being taken to a local hospital here in the new york area after receiving a letter with the white powder substance. two other sent to the hospital as well. the letter containing the unidentified substance addressed to donald trump junior and his manhattan building that belongs to his wife that nasa, the president's daughter-in-law. multiple senior law enforcement officials are confident the letter was opened monday morning contained some sort of substance, although the exact nature of the substance was not clear. there was no indication they suffered any injuries beyond just a precautionary news. this is vanessa trump and at
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least two others not identified. we will keep you posted on that. also up to date on the markets which are soaring still up 426 points for a doll. this has spiked in part because of an aggressive spending plan on the part of the president to beef up our nation's infrastructure spending. by now you have heard the upfront federal government cost about $200 billion. that is not enough and former u.s. transportation secretary ray lahood telling me earlier there is a means by which we can get more money up front like a hike in the federal gasoline tax. take a look. there's just not a lot of money there. >> yeah, the way to get the money is to raise the gas tax. [inaudible] raise the gas tax, which has not been raised in 25 years. everything in america has gone up here the gas tax has been. if you want to develop a good
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pound of money, the gas tax which built the system is the way to do it. use public-private partnerships. neil: all right, senator, republican of alaska, would he think of that hike of the gas tax? >> i think we need to learn to prioritize the duties of the federal government. obviously national defenses first. i believe infrastructure is second. i have reservations about raising the gas tax. in fact, i have to build the u.s.a. act where we can look at making the highway trust fund whole again by redirecting funding that we currently have that the federal government level. i think that is what we need to be looking at, set those priorities, make those tough decisions that we would be able to take care of our infrastructure. neil: i apologize. vast swaths of land, the big states i imagine for your hike
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in the gas tax would be, to put it mildly, taxing. there is the argument you hear from some republicans can assert me democrats to work it hasn't been patched in 25 years, so maybe that can be part of a plan to provide the upfront funding that would address this. it's not bad, what would you be open to? >> you know, when you look everything the gas tax in the fuel tax invoice in another state do that. when i was in the nebraska legislature, we took a cortisone of the existing sales tax and started a fund called the build nebraska find for a 20 year period and we are seeing projects really move forward by doing that. we need to do that at the federal level as well. under my bill i have here in the united states senate, we are looking not taking the customs and border fees, a certain dollar amount they are. they receive about 46 alien dollars a year.
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they only use 2 billion, the rest goes into the general fund. i think that is a natural next is that we have to transportation. there's a fee on freight and it is something that we can use to make the highway trust fund whole again. in my bill, i take about 21 billion for the next five years after the fact and that makes the highway trust fund whole again. if you added them reform dealing with regulations, you are going to build a search that money a lot further. neil: all right, real quickly switching gears if you don't mind. the white house briefing is 90 minutes away. we are told they will maybe detail the state of the chief of of the chief of staff. u. think u. should step down with what he knew about violence against former wives, and he about? >> well, we can't tolerate domestic violence. that is an absolute. i would say john kelly in my
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experience of serving on the armed services committee when he was the southern combatant commander, i had the opportunity to work within any is a fine man. he served his country well and i think we need to consider that appeared neil: is a prominent female senator, and are you offended by the talent from the white house on this issue for not even good knowledge in the pain these women suffered in the past. how do you feel about that as a woman? >> well, as a human being, i think we of course have to know what the pain anyone goes through, but especially that these women have experienced. neil: but he did not. for whatever reason. >> for whatever reason, the president has made his statement. i'm responsible for the statement that i make. neil: senator, thank you very much. a little more after this.
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the dow up 26 points.
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>> welcome back to cavuto coast to coast. i'm nicole petallides from the floor of the new york stock exchange. the dow jones industrial average up for under 50 points. the s&p 500 up 1.3%. the nasdaq gaining 1.5%. this is after two weeks of selling with the dow did lose over 9% more than 2400 points. we have had a volatile market. the downside commodities are gaining while the dollar is pulling back. certainly the infrastructure stocks are watching very closely as we heard from president donald trump talking about the infrastructure plans going forward. this is long-awaited $200 billion for the next decade to improve things right here at home. roads, ports, airports, highways and names like newport, a kcl, u.s. steel.
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you can see all these are between 1% and 5% roughly gaining on the heels of what the president is. back to you. neil: thank you very much, nicole. when you think of what the president has outlined in the fact that there doesn't seem to be a way of paying for it, the latest budget he has introduced, there doesn't seem to be anything imbalance in the best thing over the next 10 years the deficits would be $3 trillion less than they otherwise would be, which doesn't get away from the fact we still have nine joined dollars in spending, more debt if you well over the course of time. so it does seem like a weird environment in which stocks will continue dancing through the long run would be holding its own in a lot of people would be collectively shrugging. larry glazer, market watcher extraordinaire. that doesn't make sense and after everything we see it makes perfect sense. what do you think?
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>> this has been a behavioral story, emotional story went investors back from the lowest volatility blaster to this rapid spike in volatility is enough to give them a headache and rightly so. we know that investors have responded to that with the record equity inflows in the month of january, the best january in 20 years but the record equity how close last week. that's a tough recipe for most people in one of the reasons we think about strategies that work to minimize that volatility is the perfect strategy for today's environment. as we investors can put the crystal ball away, give back to investing in focusing on fundamentals. the fundamentals are really, really strong. we've got great wage growth, great gdp growth. although things are really positive, but they get caught up in this emotional turmoil as they had these weapons of mass distraction vehicles blowing up left and right and they took investors with them.
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stay focused here and watch the economy and earnings and they're all really good. that is what is encouraging to look at right now. >> when you talk about people who put the same amount of money every month, every quarter, they never changed up in the markets are beaten down by my share of stock. not so when the share prices rise, but the same dollar amount essentially protect itself from the wild swings in the market. >> that is right, neil. all about minimizing volatility. stocks goes up two thirds of the time. you typically have a 10% correction. put money in at a lower level. this is the opposite of what investors have been doing in the market. investors are piling in and pulling money out. we are trying to take the volatility out. it's why 401(k)s do better for investors in typical investors get a third of the return of the actual market. it's not because these are expensive in the product. let's help make better decisions collectively and capture the
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market growth because the economy overtime is growing between inflation and earnings. lots to participate in wealth creation if we can help investors make better decisions and that's a good advices all about. neil: interest rates today holding their own but is backed up a lot of over half a point since christmas time. what you think is going on? >> it's really a concern but a sign of normalization. when you have a $20 trillion national debt, it is a concern talking about $170,000 in debt per taxpayer. it's an issue that has to be on the table as one of those concerns. right now interest rates are so low. i've talked to older people, older investors can't believe how low rates still are. it's a big change, an economy in transition from the debt to equity finance economy. the normalization process will create volatility. the fed chair has to show the stamina and
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.. to guide with a slightly higher rates. they were all normal and nothing to be alarmed us. >> taxes have come crashing down. all of these companies in the past were trying to hide by investing overseas, taking advantage. what is the beneficial trade now in a very different environment back home? gerri willis with the latest on that. >> k., neil, and in the provision of tax reform, an additional $150 billion in tax collections with key provisions or deductions i should say for inversion are eliminated or you just mentioned them. dozens of u.s.-based companies like mylan, medtronic, they did in versions in recent years by pouring rivals and lower tax companies to lower their tax rates. but now that strategy is coming back to bite them.
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under tax to fund those companies will lose key deductions like the american subsidiaries as well as deductions for royalties. the first-quarter earnings report, which merged herein to any 16 had this to say as a certain amount of provisions of the new legislation that could affect to in 20 night team last year. the effective tax rate from 16% to 18% and they are not the only one similar impacts may be felt the burger king that merged with canada and a $13.3 billion deal and medtronic which tied up in a $53.5 billion deal. they don't next back then to relocate because the benefits they are are certainly not big enough. a 2% to 4% change for some of these companies who made that a conversion over the last few years. neil: thank you very much.
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we appreciate it. meanwhile, you remember that you unmask rocket launch last week. so nasa smashup, do we even need it? i'm the guy whose instrumental and make him sure we continue to push state funding and pursued the stars says yeah, we do. to read from an astronaut after this. ♪ take off for mexico with expedia. ♪ one click gives you access to discounts on thousands of hotels, cars and things to do. like the occidental at the xcaret destination for 32% off. ♪
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neil: the issue with the nasa trump, and donald trump junior's wife after opening up envelope with pattern it happen after 10:10 a.m. eastern time in new york city when officers responding to a 9-1-1 call from a female requesting an ambulance. we don't know who this e-mail was. this e-mail was singing later on she was exposed to a white powder after opening an envelope addressed donald trump junior. ems, secret service responded. they went to whatever they go through to make sure everyone is all right. at least three were taken to a hospital. all rok. the powder is contested right now and is deemed to be at least so far nonhazardous. i don't know how quickly they were able to surmise that, but
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it looks like everyone is okay. that is scary stuff. the president is looking to change the way they go about their state senators going forward. in large part they work with private enterprise a lot of people are getting angry at this in the least among them is ted cruz who was hoping in this report lets get to read from former nasa astronaut layton and their sin. very good to have you my friend. even revisiting the moon, none of that would occur in the president me, whether one term or two term. there isn't a lot of that money going to this. are you troubled?
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>> well, i don't know how troubled i can be. in the spread of tight budgets and deficits i believe the proposal is for a $19.9 billion for nasa, which is the standard number over the past years. we continue to plod along in the folks down at nasa are hugely dedicated to what they do regardless of the amount of money coming in. >> the one thing i remember when the late great astronaut james herndon, you can privatize nasa in their something that private enterprise simply cannot do when you need the half dozen nasa involved, i guess these days it could be an incarnation of that, but a government role, because private enterprise will not get you, for example to mars. what you think about? >> for elon musk musk's perspective i think you would disagree and there's a way for both to coexist and be
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successful in the partnership. the partnership still has to be defined, but having a government entity that is behind you if your shuttles explode and kill people and put out full force of the government behind you to figure out what went wrong, that is one way to look at it as opposed to i'm not sure what the commercial guys will do if they run into heavy issues like that. it remains to be seen for me. neil: i was noticing some of the pages in the budget that will cancel several spacecraft like plankton, other initiatives that go beyond what may be most people are familiar with. it is scininggack on some of those priorities, still keeping 19 to 20 billion in place. where would that other money go? as time goes on with inflation, it is actually less money. where do you think it does?
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>> you know, you have to prioritize in anything you do. one of the issues nasa has had at least the next year and whenever great idea came forward, we kept putting those ideas on the table and we never pushed anything off. the ability to prioritize is important especially given the budget constraints that we have. when you throw in all those economic factors, i'm not sure i'm smart enough to tell you, neil, but i know we keep finding to a study level in order for us to continue to move forward. whether that is in a partnership that gets developed, we will have to wait in the i think we can do it. neil: was startled me when i looked at all these other countries is that italy has now added its name to the list of countries eager to join us. so now everyone is. >> well, i think we need everyone. if i were the king, i would try to negotiate a figurative way to bring china and india in with us
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as well. if you work with people in space come you don't fight with them on the ground. neil: thank you foretell your service to our country. the former nasa astronaut here. better than 510 points on the dow, again not worried about these developments, funding, lack thereof. wall street could use the bounce after one of its worst weeks in two years. more after this. achoo! (snap) achoo! (snap) achoo! achoo! (snap) (snap) achoo! achoo! feel a cold coming on? zicam cold remedy nasal swabs
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neil: all right. let's look at the dow in and out of session highs right now at 24,715 after what was a pretty raucous week last week. a lot of unexpected news. general dynamics looking to buy a defense contractor. oil prices restablizing a lot going on. trish regan to take you all through that. trish: you bet i am. i love seeing this. up 521. neil, the dow at session highs as we speak. 24,718 is the level. all of this coming after president trump unveiled a very ambitious infrastructure plan all aimed at fixing our crumbling infrastructure building a more modernized america and the market likes it. i'm trish regan. welcome, everyone, to "the intelligence report." president trump outlining his $1.4 trillion infrastructure plan. he says will get rid of red tape and create thousands of americans jobs and put americans first. this is


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