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tv   After the Bell  FOX Business  June 22, 2017 4:00pm-5:01pm EDT

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versus the rest of the world relatively speaking. liz: george, thank you so much. [closing bell rings] s&p down for third straight session if numbers hold. looks like nasdaq will have a eke out a bit of a gain. we're looking for bank stress tests. david and melissa have them in the next hour. melissa: the dow losing steam heading into the close. in the red for the third straight day. s&p lower as well. nasdaq managing to hold on there and eke it out. i'm melissa francis. david: i'm david asman. this is "after the bell." thanks for joining us. we have a very busy hour for you. the next big step toward repealing and replacing obamacare. senate republicans unveiling their plan today. what's in. what's out. why four republican senators are no-goes as of now. mine while house minority leader nancy pelosi is under a lot of pressure right now. members of her own party
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suggesting it is time for new leadership. wait until you hear how she is responding to all of her critics. joining us this hour, charlie hurt, richard jordan, jon hilsenrath and andy biggs. melissa: the senate health care bill is giving market shot in arm but the stocks are beginning to slide. nicole petallides at new york stock exchange. nicole, what happened? >> there was 50-point turnaround. we got the news, market quickly went from red way into the green, 52 point from bottom to top. then sort of bounced around there, moved the health care stocks higher. in fact the s&p health care index hit a new high. then just fizzle out right to where it really was in the morning. we're not hearing any reason to have sold this market. in fact it seems to be more of what we saw this morning eliminates the pop in the middle of the day. oil came up off the lows, those multi-month lows.
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that helped the market a little bit throughout the day but then closed. look at some movers here. we talked about health care, johnson & johnson and merck were the best performers in the dow jones industrial average. you can see each up more than 3/4 of 1%. pfizer, unitedhealth, all winners there. also we saw biotech stocks doing well. you can see names such as gilead, that was up 4 1/2%. bristol-myers was a winner. another story is amazon. who will watch football thursday nights on amazon with the prime membership? turns out they want to charge for the national football league game for advertisers, maybe $2.8 million for a 30-second ad. amazon trying to figure out making money for viewers who want to you watch football on thursday night. melissa: interesting, nicole, thank you. david: health care in the senate, senate leadership unveiling their health care bill today in hopes of bringing an end to obamacare but will this
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bill finally bring affordable health care to americans, how different is it from obamacare? gerri willis has details what is in and what's out of the bill. hi, gerri. >> david, the senate proposal moves to the left of the house bill, no doubt about it, it is more moderate. here are the details. first off some things we expected, the individual and corporate coverage mandates are gone just as in the house bill but unlike the house bill the senate bill would roll away 20 of obamacare taxes. lone exception being the cadillac tax. med he care payroll tax, investment income tax, they go away. big changes though, for medicaid and how it works. watch for a phasing down of the medicaid expansion created by obamacare, though not as quickly as the house. funding for the expansion phases out between 2020 and 2024 while the house version cuts funding for new beneficiaries in 2020. the new bill gives more assistance to low income people to states that did not expand medicaid but reduce assistance
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to people with higher income. allowing people earning 400% of the poverty line to get subsidies called tax credits would reduce the sealing to 350%. tax credits are based on income and age rather than just age as in the house version. also medicaid spending overall will be cut. in the senate version of the bill block grants to states would grow more slowly after 2025 than under the house bill. one big concern, preexisting conditions. in the house bill insurers in waiver states can increase premiums based on preexisting conditions while the senate version simply prohibits insures from increasing premiums based on preexisting conditions. david? david: cuts inside of the beltway actually mean it will not increase as much. >> without a doubt. you got that right. david: thank you very much, gerri. melissa. melissa: joining me to he react is republican congressman jim jordan from ohio. sir, thank you for joining us. >> you bet. melissa: you heard senator
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rand paul's complaint about this, basically how do you pay for it? because like we said, you aren't really cutting medicaid. that is false. democrats are screaming that. you're slowing growth in increase in spending. all the taxes are going away. >> right. melissa: that is good news on one hand but on the other hand how you pay for what you're doing there. >> the focus all along, you're right, as conservatives in the house we want to get rid of obamacare, repeal obamacare. that is something we're not doing that. that is something we told voter and bothers us. that legislation was best we were able to pass. we became focused on working premiums and middle class families. that will be the focus, hope the senate bill what they send back does that. that is the key factor because premiums have been going up like crazy. insurers are leaving, whole exchange program. focus on that. if the senate bill does that, we'll look at it, see when it gets over here. melissa: you say if, that is really the challenge because
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when i look at a breakdown of this and try to figure out how the math works seems like you're acknowledging the fact that these young healthy people aren't buying these policies they're supposed to, the way to finance the system in obamacare did not work. instead you're laying off cost on big risk pools you're try to fund. >> right. melissa: hard to know if they're big enough, if that will be sufficient, if that will work. how confident are you in that? >> we'll see what they said. -- send back. we were fairly confident what we sent from the house, the amendment mr. meadows and mr. mcarthur put together gives states option of seeking waiver out from under regulations which we know drove up cost of premiums. cbo said premiums would come down under the house plan. we hope that continues in the
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senate plan. we'll have to look at it. one option senator cruz putting forward which makes a lot of sense, calls it a consumer freedom option. if insurance companies offer compliant plan, one with all the obamacare regulations in it, as long as they offer one plan compliant, it has all the regulations and those components in it, they should be able to offer any other plan that consumers actually want. so not all those regulations that drive up costs. that is freedom. that would help consumers, help families. we hope that amendment gets put in the bill in this discussion draft. we hope that gets added to it. melissa: can i ask you a quick question? if you send it back to the states, give them so much power, five or six things that do that. give states right to figure out what works for them, they bankrupt themselves with this, they make bad choices whatever, however they plan it didn't work out, who they go crying to? is it feds.
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>> who do they go crying with obamacare when they leave the markets? that kind of amendment. melissa: you're there. we're here. you're listening to the chatter of the does this pass? what's a the timeline? what is your bet on everything? >> i mean a couple key things. if it lowers premiums, keeps pro-life protections, planned parenthood defund language. that has to be in there for many of us conservatives. if it does that we have got a chance. look we'll have to go to conference. they're going to do something different than the house did. way this works. americans know this. how a bill comes to law. you go to conference to iron out the differences of the. we need to get this done. with he told the american people we were boeing to get it done.
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that is what they elected us to do. let's make sure we do that. melissa: congressman, thanks for joining us. >> you bet. david: we have scott martin, an kevin kelly, recon capital cio. scott the market was up first when this came up. it was up because of insurers, it was way up because of fact there was a $50 billion bailout in the new senate bill. once that started to sink in, the rest of the market sundown. >> yeah, sure did. nice safety net out there wasn't it, david. another thing in the plan was no, no taxes on medical device providers at end of the year. that is another thing, etf, ihi, i-shares medical device index, that was rocketing higher. there are things growing on underneath the surface as a result of hype coming through on this bill being passed. as you get more into the details, melissa hit on it with representative jordan there, you're putting so much on states
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to get their acts together. david: i don't mind that as much, kevin. i kind of like the fact that states are going to be more accountable because further away people get from actual accountability, the more they obfuscate and get rid of things. they will have to account directly to the constituents if it is brought back home. let me ask but the increased costs because the insurance subsidies is going up. taxes are going away which i think is a good idea, eventually somebody will have to pay for that 50 billion-dollar bailout of insurers. that will be the taxpayers somehow. >> yeah, that is the biggest issue we're facing because we're having higher incidence of chronic diseases and illnesses sapping insurers and rising health care costs because we have an aging population. we haven't really addressed is happening with the budget that will be burdening generations to come. this is big issue they need to
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solve around need to solve this now. we've seen the biggest winners are health care stocks themselves. they're up 18.25% alone. it is crazy to think back. going back watching democrats talk about this plan. they're saying it's mean, i don't understand how they say it is mean and promised better health care and lied about it. david: final political question to you, scott, republicans desperately need a win, a legislative win but at the cost of an insurer's bailout, is it worth it? >> you know, david, that's a tough call. they have to make progress here one way or another. but i'll tell you, just come meanting on rand paul, it is clear there is division in d.c., doesn't look like it will be cleared up with this bill. david: i don't think so, kevin, scott, thank you, appreciate it. deadly tropical storm slamming the gulf coast. we'll take you live to one of the hardest hit areas. melissa: president trump finally giving an answer whether or not
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he has tapes with his conversation with former fbi james comey how the white house is responding. david: wasn't absolute finality, nancy pelosi from her own party after democrats lost fourcution special elections in a low and d.c. fund-raising at all of it time low. charlie hurt on prospects of that coming soon. >> i hope they keep nancy 10 more years. i want her there for at least another decade. ♪ ♪
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your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. melissa: even members of her own party, are calling for minority leader nancy pelosi to step down. the president also weighing in today, tweeting, i certainly hope the democrats do not force nancy p out. that would be very bad for the
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republican party. please let cryin' chuck stay. so hard when you get one of those names it, kind of sticks. pelosi says she is standing her ground. >> any opinion that my members have but, my decision about how long i stay is not up to them. have your fun. i love, i thrive on competition. melissa: here now is charlie hurt, "washington times" opinion editor and fox news contributor. she does the royal wave. like she is royalty and people are sick of it. >> no, it is absolutely, let them eat cake. may as well be their mantra. melissa: amazing some democrats seem to be waking up to this idea that she could be a problem. are they or is that just like the day after, by tomorrow, gnaw, she is great, raise as ton of money. >> i can't imagine -- part of the problem for democrats she has so much power. she really has control over them. that is what happens when you
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have a party completely built on a coalition of special interest groups basically. that is what it is. she knows where all the bodies are buried. all these people owe her favors. it is like an old tammany hall sort of party structure unlike a far more open one. all the problems that we see in the republican party right now where members are able to walk off the reservation and -- melissa: really bites republicans in the tucus so to speak because they don't fall in line. >> exactly. melissa: a lot of times this is benefit to the democrats. right now, they're seeing her leadership, what does it take then? >> i think, there is all this focus on the special elections that democrats have lost. when you look back, over past, eight, 10 years, they have lost, given up 66 seats in the house? managed to win back one in three election cycles? melissa: right.
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>> those are devastating numbers. melissa: they have been going on but she is like the crypt keeper. you are not going to get her out of there? what will it take to get her -- she is so entrenched. getting money from california. so much money from california to go to the georgia race. seems like she is intractable. is there a way? >> honestly i don't think nancy pelosi leaves except when she decides to leave on her own, i really think, i think party is terrified of her. they don't want to confront her. they have never confronted her before. and, you know, hop necessarily, when you think about it, she has been in office for 30 years. she has been party leader for 2 1/2 decades, which is five lifetimes in politics. i just, i think that for as long as the democrats can feel like they can get along without having big ideas, they're not coalesced around any kind of idea, why they are losing all the special elections, they're
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not, they're never going to have that come to jesus. melissa: your bet she will be leader of party next mid term election? >> yes, yes, with one caveat. if she decides it is time for her to go, i could see that. melissa: charlie, thank you. david: a lot of people are deciding for her. getting tough on immigration. the president campaigned cracking down on immigration. now he is following through. we're getting arizona congressman andy biggs take coming up. were the conversations between president trump and james comey taped by someone? the president weighing in on what he does or doesn't have today. details coming next. way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced. our senses awake. our hearts racing as one. i know this is sudden, but they say...if you love something
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reporter: david, that the president left this out there, possibility of it maybe. he put it to rest earlier today with the following tweet in which the president said, i'm quoting here from his twitter feed, with all of the recently reported electronic surveillance intercepts, unmasking, illegal leaking of information, i have no idea whether there are tapes or recordings of my conversations with james comey, but i did not make and do not have any such recordings. that pro president trump earlier today. as you know he first brought up the possibility of this in a tweet last month that was may 12th, just a few days after he had fired the former fbi head comey.
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at the press briefing earlier today off-camara, sanders was asked whether or not the president regretted going down this road in the first place, and she said, quote, i do not think so. by the way, as it relates to the president's agenda on this day, he had a meeting with several tech leaders at white house, about two dozen or so. that included the heads, give you a few names of honwell, sprint, verizon, at&t and ge. they discussed a few different topics, david, including investments on emerging technologies. also how to buildout the internet relates to 5g and wi-fi, and many challenges dealing with drones. that was in the morning. that got all blown out with the president sent out tweet. david: silicon valley started out being so anti-trump. now you look at situations like amazon, amazon want to take over whole foods. the previous administration any kind of concentration of power such as amazon has would
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probably be seen as something terrible for the nation. but president trump seems to have no problem with it. they must be kind of warming up to the guy? reporter: they have this whole tech week buildout here at white house. we've seen ceo, after ceo roll in here. on this day you had two dozen or so. jeff bezos himself i believe was at the white house earlier this week as well. yes, tech has been embraced. we know the relationship he had with peter thiel has been and continues to be a close one and they're trying to use the intellect and insight of the tech folks out there in in silicon valley to solve solutions relates to i.t. and government, david. they're all throwing this under the umbrella of job creation saying these issues could create jobs. david: good stuff. blake burman. thanks very much. melissa. melissa: we have an earnings alert. bed, bath & beyond shares dropping 11% after first quarter
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miss on the top and bottom line. posting a same-store sales drop of approximately 2%. the street was looking for a slight increase in sales. the company citing higher shipping, coupon, advertising expenses during the quarter. charles: 10 1/2% down of a hours. the city of seattle imposed a tax on guns and ammo in an effort to lower rate of gun violence and shore up revenue but is it working? melissa: i wonder. we're moments away from the federal reserve stress tests reporting on the u.s. banking industry. we'll bring you the results from that report the second they come out and break them down with our all-star panel. that is after the break. ♪
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at your local mercedes-benz dealer. mercedes-benz. the best or nothing. melissa: federal reserve is out now with its report on banks. let's go to adam shapiro. reporter: going to walk you through this real quick. the parameters of the test, 34 firms taking part. they assume in the test parameters severe global recession over nine quarters and unemployment rising to 10%. with that scenario in place we would having a a gaat loss of 34 firms of $383 billion in loan losses -- aggregate. since 2009 by the way those 34 firms added 750 billion in capital. here is how the fed is viewing this, quote from jerome powell,
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federal reserve governor, this year's results even during severe recession our large banks would remain well-capitalized. this would allow them to loan during the economic cycle and lend to households and businesses when times are tough. look at breakdown of results of 34 firms. the firms with the highest buffer, buffer against loans they want to make sure is in place, should the economy go south. highest tier one capital after severe event, cit group, hsbc north america. you can see there, santander holds and td group u.s. holdings 11.3. the lowest tier 1 capital is ally financial. keycorp out of cleveland. 6.8. capital one financial. hundred tin tongue bank shares and suntrust bank 7.1. a big names a lot of people rely on park their money. bank of america, citigroup, jpmorgan chase, 9.1.
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morgan stanley 9.4. wells fargo 8.6. let me put this into english. the fed does not consider this pass or fail. that is next week. they don't use the word pass or fail. they use the word object to the bank's capital plan. what you can see as an investor how much of a buffer the bank has should there be a severe event like lehman brothers we lived through in 2008. this is the buffer ratio has against the outstanding loans. they won't give you a figure. a lot of analysts tell you above 4.5 is where you want to be. back to you. melissa: look at stress test, not if the economy goes out but in the planet's core implodes. reporter: the planet's core implode september 2008. we lived through. melissa: thank you, appreciate it. david: let's bring in the rafferty capital markets equity research analyst, the guy knows everything about banks, dick bove, "wall street journal" chief economics correspondent,
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who knows everything about the fed jon hilsenrath. and diana furchtgott-roth knows everything about everything. dick, give us clear indication why the stress test is important. >> what is most important the gives people confidence in the banking system and gives people confidence that the financial activities of the united states will go forward without difficulty. the stress test was first devised for that purpose. in other words, the fear was people had lost confidence in the banking system. there was a need to show in a very dramatic fashion that the banking system was not in trouble, and the stress test was the answer. the bottom line however, which you just heard the banking system in the united states is in very strong condition, from a balance sheet standpoint both from equity or from a liquidity standpoint, you couldn't wish for a better system than the one we have. david: jon, it is important for stockholders, right?
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if they pass the tests banks give out more in dividends? >> absolutely. that is really the bottom line for investors. what the fed does, it sets up a two-tier test. one we got today is quantitative. the one we get next week is qualitative. basically the federal government is telling these banks whether they could return more of their earnings to shareholders in the form of dividends or share buybacks. if they pass the test, then they get to go ahead to increase dividends or do more share buybacks. if they don't, they don't, that displeases investors. what we learned today is that they have all passed the quantitative part. they have enough capital to with stand a shock. where companies, where banks tripped up in the past what happens next week, the qualitative part. this is the part that really annoys the banks where the fed looks at their systems and operations they say, do you you have the processes in place to manage a crisis?
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and they have, they put an x through some of them in the past. we have to wait until next week to see if there are any xs. david: diana, bank something about trust. that is what we learned in 2008. we learned back with the s&l crisis in the '80s and '90s. the fact is no matter humidity tests you have there is always something that comes up that can destroy trust in folks that the fed doesn't always see, right? >> right. the stress tests are not clear. the criteria have to be made clearer. the process has to be made clearer. the data have to be better so the fed can look at operations of banks and look at it by mortgage servicing aspects and asset management aspects to see where the problem is. we do not have a good system in place for doing this the manhattan institute has just published a book by a professor of finance at columbia business school called, reforming financial regulation.
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i recommend it to all of your viewers. what it suggests there be clear capital requirements of about 20% of capital kept in cash at the federal reserve. david: let me take that one point, dick, is that conceivable? could banks do that? >> they could, but i mean i really don't like the stress test whole concept. i don't like the whole concept of the government telling shareholders what dividends they can have and what dividends they can't have. >> i agree, yes. >> it is such a huge move to socialism. it is anti-capitalist. i even think it is anti-democratic. the beauty is -- david: that is pretty clear stuff, dick. i like that. go ahead, finish your point. >> i think president trump has nominated three people to the fdic, the occ, and bank regulator at the fed and these stress tests are going to be way of all, what have you. i think they're bad. david: give jon a chance to come in here because you're pretty
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close to the fed. the fed must realize there is growing distrust of federal bureaucracies to control any system, whether it is our monetary system or tax policy, wheat ever it is. have they computed this, there is growing distrust of organizations like the fed? >> certainly they have computed it, they have computed it with respect to the stress tests as well. the treasury put out a paper a week or so ago, laying out some concerns with the stress test. this relates to what i mentioned earlier, the qualitative part. the fed, their lead regulator, dan tarullo has left. they're talking about going back and looking at some of these things, the way they do the qualitative part of the stress test. maybe they will lighten up some on that. but there are only so far they will go particularly as long as janet yellen is running the place.
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she believes the steps they put in place since the crisis helped shore up the financial system. david: diana, do you think that has happened? a lot of people say, look, financial system will figure out a way to survive one way or the other. it will not depend on what the fed does. >> the house financial services committee brought out its choice act which has real recommendations for just improving the whole system. we need clearer guidelines for these banks. we need to really reform these stress tests. we need something like a convertible debt that will convert to equity if the value of equity declines more than a certain amount. these things are be proposed. they're possible. we have to hope this congress and the next appointees put these into place. david: i think they are going to be put in place, or at least the people who could do that will be put in place. john, dick, diana, thank you very much. good stuff. appreciate it. melissa.
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melissa: seattle tax on guns and ammunition in10ed to raise tax revenue and improve gun violence but the move appears to accomplish neither. dan springer in sate tall with the latest. do tell? reporter: seattle passed a tax on every gun and bullet sold in the city, promise was defray gun violence and lead to further shootings. in first year, neither happened. just the opposite, by every measure gun violence is up. reports of shots fired, shooting injuries and gun related deaths. it appears far fewer guns and ammunition are sold in the city but police say criminals are having no trouble getting weapons. they blame the spike in violence, what plagues every big city, drugs, gang, people seeking revenge. gun tax opponents say another example of ineffective gun control run amok. >> how much more data do you need? the data it is there. it says the law failed to prevent what they promised it
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would prevent. of the. reporter: the tax is $25 on every gun and up to five cents on each round of ammunition. sales are way down as gun buyers go to dealers just outside of seattle. so apparently been no reduction in regional gun sales but city is losing out on sales tax revenue. also the tax was supposed to generate around $500,000 a year. but in it is first year seattle collected just over one $100,00. the problem with that, for taxpayers, cities spent half million dollars on gun violence study. that was supposed to be funded by the tax. since the revenue was so low it came out of the again fund. gun control advocates say give it more time. >> the causes of gun violence are very complex. to say that this one study is lacking because it hasn't solved the problem of gun violence in seattle is frankly laughable. reporter: that study is trying
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to find ways to reduce number of repeat gunshot victims. unfortunately there has been no shortage of people to follow. melissa. melissa: i wonder if anyone ever raised tax rates, gotten more revenue. i don't know. david: doesn't happen with cigarettes. doesn't happen with anything. the force is getting stronger. a new director is stepping in for the upcoming han solo movie. plus slamming into the gulf coast. we'll take you there live to mississippi for the latest on tropical storm cindy. that's next. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. liberty mutual insurance.
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ma'am, how is your parents house doing? >> it's fine, they're still sitting dry. reporter: what did you need in the house brought your eight-year-old? >> he has all-stars baseball tournament. we came back for his jersey he left over there. reporter: dedicated parent walking through four feet of water to get to the jersey. good luck tonight. the worst damage here is mississippi inland. where we got 12 to 15 inches of rain in some areas. people tried to pull their cars up to higher terrain. but we've seen the water rise steadily here. one fatality from the storm. a lot of people are ready to do search-and-rescue operations but a a lot of people who live on the water, have houses on stilt, very well-prepared. don't seem daunted by the storm so far. it could get worse over next 24 hours here in mississippi. back to you guys. melissa: wow, incredible pictures. steve, thank you. david: the fbi is continuing the terror investigation into the
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stabbing of a police officer in flint, michigan, at the airport there. the agency said 49-year-old was a canadian citizen motivated by quote a hatred of the united states. he entered the u.s. legally last friday. made his way to flint. so far he is charged with committing violence at the airport but the fbi says there is likely additional charges. melissa: amazing, yeah. pushing forward the president's agenda. president is urging congress to skip the one-month in the sun and get the heck back to work. that is what they're saying. house freedom caucus member david biggs sounds off coming next. david: no recess for you. ♪ h sea-doo starting at just $5,299 h sea-doo and up to $500 rebate visit today
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david: moving forward on tax reform with democrats losing at the polls with their politics of on instruction -- obstructionism, feels a chance with mod cat democrats to cut taxes. house freedom caucus is biggest supporters of attacks cut. here andy biggs, republican congressman from arizona and a freedom caucus member. first tell us, georgia election, we had a segment how pelosi catching hell from her own party. should help you with democrats, no. >> i think it is obvious to change their strategy. maybe some of that strategy come along with republicans on some strum agenda which includes tax reform. david: have you talked to any democrats maybe coming over, seeing whether you have anything in common on taxes? >> i actually have talked to a couple that i talked to on a regular basis.
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i think that at least one or two of them are thinking about it. they're thinking about it. david: well there were 18 so-called, blue dog democrats, a term you don't hear much anymore because there are not many left. these are moderate democrats that used caucus sometimes with republicans, they met with mnuchin and other members of the trump economic team on tuesday night. kind of interesting. it was the night before the big election. i imagine there may be a few more of them joining with mnuchin, at least in talks? >> yeah. i would guess, because look, they have to come to some realization when they, when they look at what's happening to the democrats, they need to change their message. their message right now is just one that doesn't include any policy, but the people who voted for donald trump included the blue dog democrats, they want things like tax reform. they want things like illegal immigration controlled. they want to see something done on health care. this is the republican agenda. and some of them are in
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competitive districts where they have to moderate their tone which is why they do it. so they need to be looking at this. david: talk about republicans for a second. because the agenda is not absolutely clear from there, either, particularly on the border tax. a lot of us think now is not the time to be adding a new tax. we should be talking about taking away some taxes government is taking. paul ryan did not mention border tax when he spoke about taxes yesterday, does that mean it is dead? >> i don't know that you can take it is dead, but i can tell you this it is really close to falling off the cliff. i don't know anybody that really supports the border adjustable tax, that is in congress. david: that include congressman brady quickly? >> i think he kind of supports it. i think he supports it. david: he is the one left. want to switch to an issue of importance to you because you're from arizona. president trump making a big policy announcement in cedar cedar rapids, iowa, saying
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immigrants coming to the u.s. should be prepared to support themselves on day one. take a listen. >> that is why i believe the time has come from new immigration rules which say that those seeking admission into our country must be able to support themselves financially, and should not use welfare for a period of at least five years. [cheers and applause] david: congressman, you're from arizona. immigration a big issue for you folks down there. i thought this rule was already on the books. a lot of people thought that it was impossible for at least five years for immigrants to get welfare, i don't know, what is the latest on that? >> it is in the rule but he is also talking about broadening the classification. everybody, all immigrants will have to be able to support themselves for five years. that is critical to this country. we passed something in arizona, this is common sense. this is what we need in this country.
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that is why he got such rousing applause. why i'm applauding him as well. david: we had eight years of the obama administration. they kind of turned a blind eye to a lot of violations from immigrants on a number about different issues. isn't the key really enforcement? if you can put dozen new laws and they're not enforced it doesn't do any good? you have to reinforce it on the ground level, right? >> absolutely right. when you do enforce, we're seeing idea people will not come because they will know we're going to enforce our immigration laws. that is so critical, otherwise why have the law, why have the law. david: congressman, we want to let you go, first ask you, recess, yes or no, if you don't have a tax cut by the time recess is due? >> i hope not. i hope not. david: congressman biggs, thank you very much. i hope, i hope, will finally for congress to be held to the same standards that we are. if we don't finish a job by the time our vacation do, we have to stay there, cut into vacation to finish the job.
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melissa: you don't get to wander off. its amazing. on health care i love all the fake math going around right now. we have to say it again, a cut is when you decrease the total. david: oh, absolutely. melissa: if you slow down the growth, that is not a cut. like next week i will only gain one pound instead of three pounds. it is a cut in the ballooning. david: gush about my coanchor, so clear. i tried to read that thing. i encourage you to look at it, how complex, what gobbledygook looks like he actually read the damn thing. melissa: as best i could. their interpretation what words say. david: cut and paste of all various rules, not only obamacare, many others. it is not completely replacement by any stretch. melissa: david: no they take a lot of old rules and add to it and a mess. melissa: that is senator rand paul's complaint. there is much in there.
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how will we pay for it. this whole thing about people dying in the streets, no. david: we'll see what they end up with. meantime, han solo, we have a new director, after a few dark days. one veteran director, one whose name you know well, is stepping into the hot seat.
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melissa: the has a new producer. david: yesterday, i said sometimes when they change correct directors the film ends up better. >> is that woody harrelson, what is he doing in this movie. david: oh, my goodness. the producers left because of creative differences with their bosses. bosses. melissa: you called it. david: like apollo 13 and
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"saving private ryan," this guy knows how to direct, and he knows how to hit on all cords, no matter income level. i think that a great move. melissa: very good, i love star wars, this is it for us. "risk & reward" starts right now. >> i think healthcare is going to happen and infrastructure is going to happen. you will have a lot of exciting things over next few months, i look forward to being able to produce it. if we had just a little bit of democratic support, just a little bit, but they just want to obstruct. >> dow spiking on release of g.o.p. healthy plan, nasdaq posting back-to-back gains, a big day for healthcare, senate republicans getting a look at


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