before introducing my colleagues that will be speaking today to the national economic council and the economic advisers and trade policy and industrial policy about the u.s., china dialogue, let me say a couple of words about the rebuilding project. we come from different classes but they reinforce each other paid we went through decades in which they went hand-in-hand, the international peace and posterity. that has not gone well since the global financial crisis and the pandemic has intensified those actions. face, real risk we all climate change, technological slowdown and oppression and disinformation and the loss of privacy are all rising in a world in which these are threats faced by all humans here they are economic threats because the economic policy choices and .ctivities affect how badly we need a global approach to get back to a world where we can confront these pandemics. it does not mean going back to the mobilization fantasies of the late 1990's. we have chosen where it rebuilding and we need to reassess what is going on in the world economy and what parts are salvageabl

where the leadership of the national economic council is housed. at the time, the unemployment rate was 7.8%. the financial system was in crisis. and we were terrified about the future of the u.s. economy. whoever walks into that office in january of 2021, will actually face a very similar unemployment rate. in the sevens. will face an economy with over 10 million people out of work. millions of businesses having failed or facing enormous strain, and problems in the financial system as well. but in three important respects, the national economic council director will be in a different position than we were in, in january 2009. the first respect is that in 2009, our worst days were ahead of us. the stock market was still falling. the unemployment rate was still rising. there was a day-to-day crisis as to whether some of our largest financial institutions would even survive and if they went down what other collateral damage they would have for american workers and the global economy. now the unemployment rate at least to date has been falling. it may

the national economic council. larry, good to have you here, thank you for coming. >> thanks robert, appreciate it. stu mack as it was reported today the u.s. economy did grow at a record 7.4% between july and

the national economic council. larry, good to have you here, thank you for coming. >> thanks robert, appreciate it. stu mack as it was reported today the u.s. economy did grow at a record 7.4% between july and september. it has recovered two thirds of the ground it lost during the first half of the year, during this pandemic. that many economists remain wary. because the figure comes as a country still entering the period of rising coronavirus cases. and the economy is not entirely healed. so let's begin with these new numbers. do you acknowledge that these record gains follow record losses? >> well of course i do. the pandemic contraction because of the shut ins last winter and spring. it generated a very heavy economic toll. very happy. now outlook, you have a 33% increase, annualized increase in the third quarter. that is a record. and i want to go underneath the hood here. because i think this is a self-sustaining recovery. the numbers are gargantuan. i will read them off. you have consumer spending of 41%, hou

the director of the national economic council says president trump has approved a revised stimulus package. he spoke about what may be on the table, calling it a breakthrough. >> what you got here is the bid and the offer. it has narrowed substantially in wall street terms. reckon th key asks, namely small business ppp extension, we need some backup on the unemployment assistance, i think it is going to include that. the president approved it, i am going to guess because it will include the economic assistance direct mail checks, i think that will be in there, and i think airlines will be in there but i don't want to go any further than that. >> so far, the speaker's office is declining to comment and senate majority leader, mitch mcconnell says congress is unlikely to deliver another big relief bill, before the election. late this morning president trump tweeted "covid-19 relief negotiations are moving along, go big. " >> let's see how wall street is going, taking a look at the big board right now, the dow is up about 128 points. >>> house speaker nancy pelosi announces legislation to cre

we will catch up with larry kudlow, the national economic council director. shortly after that we will talk to bridgewater's bob prince, the thato, and shortly after we will have a conversation with mohamed el-erian, now the queens college president. looking forward to that. are we skewed toward the jets this week or the giants? lisa: i am skewed toward the giants. jonathan: then after that hugh hendry. deep thinkers coming up in about 19 minutes. tom: unlike -- we have shallow thinkers or something. lisa: we have music. tom: we have piano. jonathan: we have people that play the piano. tom: you did not answer my question. what you have on the real yield? jonathan: it is a secret. i will tease that at the 9:00. [laughter] going to be a good one. coming up next, i will not be here. pat foye will be. tom: an important conversation. jonathan: i will not play it down. you will need the conversation. eyes's of the world on capitol hill. tom: will be sure you get there at 9:00. jonathan: you had your fun. tom: four minutes. jonathan: i will get my nap in, come back

we have a scheduled interview with larry kudlow, the national economic council director, the first response from the administration here on bloomberg. as i said, it is scheduled. if i hear anything about that changing, i will let the audience know. tom: we have not heard from them any people, but we are on "surveillance" time, and it is still only quarter of 8:00 this morning. jonathan: we still haven't heard from the former vp either, joe biden. tom: we will, i'm sure. jonathan: as you indicated, cnn reporting this morning that former vice president joe biden will be getting a covid test today. from new york and london, alongside tom keene and lisa abramowicz, i'm jonathan ferro. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. more on that stunning tweet from president trump. earlier today, he tweeted that he and his wife melania have tested positive for the coronavirus. that happened not long after a close aide, hope hicks, fell ill with the disease. the president and his wife plan to remain at the white house. he also said he expects president trump to continue

the social and economic council of the united nations organization gives the peoples of the world an instrument with which to promote a higher standard of living everywhere. through their delegates at san francisco, the member nations pledged to use that instrument. they pledged, too, to stimulate the exchange of culture among peoples and, in the words of the charter, "to practice tolerance and live together in peace with one another as good neighbors." at san francisco, 50 united nations reaffirmed their faith in the dignity and worth of the human person, without distinction as to race, sex, language, or religion. the representatives of 2000 million people pledged to promote freedom from fear and freedom of expression, freedom from want and freedom of worship. the second week of the conference brought the news of germany's surrender, proof of the power of unity against a common enemy. ♪ but in their wake, the germans left horror and devastation, a specter of fascism in the price -- and the price of total war, which would haunt civilization for decades to come. ♪ strong and effec

the director of the national economic council, white house economic advisor larry kudlow, good afternoon. tough day at the white house i'm certain, my best to the first couple, please pass my regards. can you tell us how they are doing at this hour? >> i will, pag my regards. dash shall pass my regards. we hope for all of them to get better, including hope hicks and rona mcdaniel. the reports are she says they're doing well, it is a moderate case. the president was kind of barking out orders for all of us, giving us tasks this morning to follow through. he's on the phone. i have not seen him, last spoke to him last evening. i have not talked to him today. but apparently he's doing just fine. >> what time was me barking out orders just to use your words? >> early this morning, early this morning. >> is that 7:00a.m. or 8:00? >> i can't give you the precise number. but he's an early riser as a general rule. and i know in my case i get some early morning phone calls from him. >> can you give us a sense, he has to be talking the hallways from the west wing, doctors and physicians, as to what

kudlow, president trump's director of the national economic council said this on cnbc about the virus, the next day, after this presidential tweet. oh, actually, he said -- oh here it is. >> u.s. is concerned. i mean, when you look at this, you have a little higher head count on the infections because of the cruise ship people coming off. we have contained this. we have contained this. i won't say airtight but pretty close to airtight. >> so, was he saying something else, in private? >> yeah. so, a couple hours after that interview, which became, kind of, infamous, for the trump administration not really leveling with the public about extent of the problem. after that, there was a private session with this group and he is asked about it. and he kind of back peddles according to our reporting and according to the memo that was written. which is he said, well, it's locked down to this point, but now, quote, we just don't really know. and this was read as another sign, for the person who wrote this memo, who attended these sessions, that clearly the economic team is concerned. they're fa

joining us now, the chief economist for the national economic council, special assistant to president trump and former banking colleague of mine. joe, good to see you. when we talk, about are you better off, we really have to separate the question. because where we were in february of 2020 is very different from where we are right now. pre-covid, president trump says we had the greatest economy ever. would you agree with that? >> i would. in fact, if you look at the unemployment rate, it was at a 50-year low overall and if you look at it for women, at a 70-year low. and we had record lows across the board for all different race and ethnicities. on your question about, are you better off from four years ago, recent gallup survey says -- >> hold on -- >> which san all-time record reading. >> joe, just -- before you move on to that, you said we were at record low unemployment, which we were, but when the pandemic hit, did not not expose that many of those people who had jobs weren't making a living wage? and when you look how the layoffs disproportionately hit people of color and women w

national economic council. and the next 48 hours are critical that's later this morning. don't go away. hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. ♪ ♪ ♪ >>> welcome back as we told you verizon out with an earnings beat for the third quarter this morning company raised its guidance and as i said, beat expectations as well and the number of subscribers added for its wireless service joining us now is the company's ceo hans vestberg. always great to have you fresh off your conference call a lot of questions and a lot of concern out there that we're entering into another potential price war among what are the major -- three major carriers. you being one of the key ones

joining us now from the white house larry kudlow director of the national economic council. of all people you have a rebuttal to that. what is the president's economic plan if he is elected to a second term? good morning. >> good morning. of course he has a second term plan and by the way, we've published that plan in one of the campaign documents and the president himself has been out there talking about a middle class tax cut, a new middle class tax cut. he has also talked about retaining business tax cuts and making them permanent. he has also talked about investment tax credits so we can onshore companies that moved away or those that would come to the u.s. because of our low taxes. he has also indicated in every single speech he gives there will be additional measures to roll back costly and burdensome regulations particularly on small businesses. he has also talked about an infrastructure package. he couldn't get bipartisan assistance from the house. those are just some of the things he has talked about. there are others i could go down the list. those are the key econ

kate, thank you. >>> still ahead on the show, national economic council director larry kudlow joins us exclusively to talk about the president's economic plan and, of course, the latest on stimulus negotiations. >>> as we head to break, quick check on bonds for you ten-year note just went positive stocks mostly selling off. dow down 100 points, putting pressure on yields short end of the curve is higher "closing bell" will be right back >>> welcome back dow is down about 100 points walmart, disney dragging us lower. time for our cnbc newsup date with sue herera. hello, sue. >> hi, sarah hi, everybody. tennessee waiting for abortions is found to be unconstitutional. the state did not show it helped to reduce so-called abortion regret >>> pg & e says it may have to cut power to as many as 354,000 customers in 24 counties to avoid sparking new wildfires amid bone-dry conditions and forecasts of gusts hitting 55 miles per hour through friday morning. >>> the fight to control the senate is leading to massive spending, including in montana, where more than $118 million has already been sp

a stunning speech by jerome powell to the national association for the business economic council. i really have to say, it's the federald, reserve discussion of fiscal policy. francine: i would also say that it's unprecedented to have a who retracts on a stimulus bill. tom: three times, four times. francine: go ahead. tom: i think the zeitgeist is that we wake up on a friday to a president who is nudging back, yesterday, towards a larger stimulus. he was approving the notion to -- he was approving secretary mnuchin into niger towards speaker pelosi -- two ge towards speaker pelosi. francine: he did say that a bigger minute -- he did say that a bigger plan was on the table. >> a star plans to close, 400 storeill be cut -- a plans to cut. been spending less on pricey perfumes and leg up and the pandemic has hurt l'oreal. buildusk wants to batteries on the site at the austin plant. this will be the second vehicle assembly factory. $6 billion will be returned in 6 billion -- $6 billion will be returned after a hospital no longer faces a business squeeze from the coronavirus pandemic.

next 11 days, national economic council director larry kudlow on the economic recovery taking place, where are we. don't miss it. don't miss a moment of it. you're watching "mornings with maria" live on fox business. we'll be right back. ♪ ♪ since pioneering the suv in 1935, the chevy suburban has carried many things. nothing more important than family. introducing the most versatile and advanced chevy suburban and tahoe ever. introducing the most versatile noand if you're troubledan a liby falls and bleeds,ners. worry follows you everywhere. over 100,000 people have left blood thinners behind with watchman. it's a one-time, minimally invasive procedure that reduces stroke risk-- and bleeding worry--for life. watchman. it's one time. for a lifetime. maria: welcome back. we are watching markets this morning of for any reaction to that debate last night. take a look at futures indicating a gain of 80 of points out of the gate this morning, a third of a percent. the nasdaq is higher by 11, s&p 500 right now up 7 and three quarters point. we have a firmer tone as investors keep an ey

joining us now larry kudlow the national economic council director. first to that. can you respond to that? that's what we're hearing from joe biden when he was on the campaign trail. >> well look, that study from the hoover institute and stanford university lays out in clear, plain english and facts how damaging mr. biden's options are. they estimate taxes will blow sky high. the individual income tax goes up, the social security tax goes up, for successful earners well into 50% not including the states. well into 50%. it raises the capital gains tax for investment by 80%. raises the corporate tax by 35%. make us uncompetitive. it will eliminate the benefits. one of the key points here bureau of labor statistics and others. families increased their income by $6500. a five-fold gain above what biden and obama did over eight years. now back to the hoover stanford study. they would lose the $6500. middle income families would lose all the gains during the trump years which the first gains by the way in 16 years. moreover, according to those estimates, the tax and regu

joining me now is national economic council director larry kudlow. what do you say to critics who say this number is backward-looking, and they question the president's notion of a super recovery? >> well, i say they're wrong, because when you come town the list, you hit on all cylinders. this is a rebound from the pandemic contraction, yes. but you've got new momentum. automobile production, for example, was up nearly 1200% in this quarter. consumer spending up 40%, housing up 59%, business equipment investment up 70%. here's a key point for the forward momentum, all these areas are clicking. there's no inventories, maria. inventories are virtually depleted, so they will have to build. manufacturers, construction people will have to rebuild inventories to meet the auto demand, to meet the consumer demand, to meet the business machinery demand, and that means continued strong growth in this quart, the fourth quarter, and frankly, out to next year. policies notwithstanding, this v-shaped recovery with momentum. we're not just looking backwards, we're

meanwhile, national economic council director larry kudlow echoed that sentiment, according to a document describing the meetings that was obtained by the "times." kudlow asserted that the virus was, quote, contained in the u.s. to date, but now we just don't know. the document, which was written by a hedge fund consultant at the event, was widely distributed across wall street as markets began to tank. nbc news has not obtained or reviewed the document in question. the reaction of one investor who read it was, quote, short everything. that's a term that means they should bet against the stock market, essentially, bet that stock prices of companies would soon fall. and that is exactly what happened. so, they were telling you one thing in public and wall street elites something else in private. >>> meanwhile, supreme court nominee amy coney barrett faced her final round of questioning by the senate judiciary committee yesterday. she was asked about climate change, abortion, the upcoming election and more, but the most talked-about issue of the day was health care. barrett stopped short of

let's welcome to the show for the very first time, look who is here, national economic council director larry kudlow. it is great to have you on the shelf. >> thank you. appreciate it. liz: okay. the debate is tomorrow night. with the president focus on policy? after the first debate, many said the president should just let joe biden talk. voters work here and they may not be happy to hear about all of joe biden's planned tax hikes when he says he has for the working class. will the president interrupt less and let joe biden talk? >> the president will have a commanding presence. i think he will lay out the case that mr. biden's tax hikes will decimate the economy and i think he will make the case for his own tax and regulatory reductions which gave us a strong prosperity cycle. talking about middle class, middle income, median income families gained $6500 over the first three years before the china pandemic. that is five times what the obama biden team.over eight years. that is y just one example. if you rollback president trump's tax cuts, they will get loose a $6500. the middle class

national economic council director larry kudlow talked to the washington post yesterday about the outlook for the u.s. economy and was asked about the status of coronavirus relief negotiations. robert: good afternoon, i am bob costa. joining me this afternoon is larry kudlow, president trump's top economic advisor and director of the economic council. good to have you here. thank you for coming. the u.s. economy did grow at a record 7.4 percent between july and september. it has recovered two thirds of the ground it lost during the first half of the year during the pandemic, but many economists remain wary because the figure comes as the country is still entering this time of rising coronavirus cases and the economy has not entirely healed. so let's begin with these new numbers. do you acknowledge these record gains follow record losses? larry: of course i do. the pandemic contraction because of the shut ins last spring generated a very heavy economic toll. very heavy. you have a 33% increase, annualized increase in the third quarter. that's a record. i want to go underneath the hood here

e heard from the chair of the council of economic advisors obama.resident it's an hour. [captions copyright national cable satellite corp 2020] [captioning performed by did national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org]

joining me now is national economic council director larry kudlow. what do you say to critics who say this number is backward-looking, and they question the president's notion of a super recovery? >> well, i say they're wrong, because when you come town the list, you hit on all cylinders. this is a rebound from the pandemic contraction, yes. but you've got new momentum. automobile production, for example, was up nearly 1200% in this quarter. consumer spending up 40%, housing up 59%, business equipment investment up 70%. here's a key point for the forward momentum, all these areas are clicking. there's no inventories, maria. inventories are virtually depleted, so they will have to build. manufacturers, construction people will have to rebuild inventories to meet the auto demand, to meet the consumer demand, to meet the business machinery demand, and that means continued strong growth in this quart, the fourth quarter, and frankly, out to next year. policies notwithstanding, this v-shaped recovery with momentum. we're not just looking backwards, we're

all of this is larry kudlow, he is the white house national economic council director i want to ask you about all of these issues it's good to see you this morning, thanks for being with us. >> thank you, becky. >> let's start with those stimulus talks i'm almost embarrassed to ask. at this point it just seems like tilting at windmills my guess is we're not going to get anything done for three or four months until you wait for the new congress to be seated and for inauguration day what do you think is really happening here >> look, i don't want to make any predictions on this. the talks have certainly slowed down, but they're not ending i mean, one thing i will say is the committee chairman on both sides, senate and house, have been meeting, and discussing various aspects, you know, the small business loans and many other issues, different appropriations we'll get a report this morning. secretary mnuchin will be to th. i think he's going to be talking to speaker pelosi. big issue here right now is we're close but there's still important policy issues that separate us and our team be

intelligence community, every year the national security council, you set what are the intelligence priorities and requirements . nationally this has never been on high up on the list. it just hasn't been and when you see the economic impacts that we've suffered as a result of covid you realize that's the argument for why surveillance has to be there in high, much higher than it has been historically on the list of intelligence priorities for the us intelligence community because there really by and large the ones who will trigger the policy community to begin to think about what's in response will look like. >> our next question will come from patricia rosen. ms. rosenfield, you canunmute your microphone . >> thank you very much for this important and timely report. i wanted to pick up on sylvia! , just almost as a throwaway point so that you mentioned it is in participation and getting a vaccine, a flu vaccine. i'm wondering about individual and civic responsibility as one of the links and how you're addressing that and go especially with the future pandemic because it seems to me

meanwhile, national economic council director larry kudlow echoed a similar sentiment. according to the document describing the meetings kudlow asserted that the virus was quote, contained in the u.s. to date but now we just don't know. the document which was written by a hedge fund consultant at the event was widely disbursed through wall street as markets began to tank. nbc news has not obtained or read the document. one said short everything, because the stock prices would soon fall and they did. joining us now is steve rattner and business columnist at "new york" magazine, josh barro. he has a new piece out titled wall street got what it wanted from trump and is ready for biden. >> well, josh, wall street especially got what they wanted from trump if you look at donald trump and larry kudlow saying one thing to the american public which is the virus is completely contained. but sending signals to their most loyal investors, hey, we're heading into some really rough waters here, time to dump the stock. >> well, i would note this is a few days after the market had rea

coming up, national economic council director larry kudlow is here to respond. only pay for what you need. liberty. liberty. liberty. liberty. welcome back. you just heard the facts on the economy and the choice between president trump and joe biden. now let's hear from larry kudlow. great to see you. you always cheer me up, even than the depths of the virus in the shutdown. what can you tell us about what you can do to make sure these facts in this case which i just think is completely open and shut in the president's favor on the economy really is a big part of the voting decision in the next two weeks. >> i liked your intro very, very much. lemme just add one thing though that's very important here. the tax cuts for businesses, large and small, the tax cuts on investments, that's what's created the workers boom where the blue-collar boom. during the trump years we had the first increase in family income and real wages since the year 2000. as you noted, five times what obama and biden produced, and of course unemployment record lows, poverty fell and inequalit

economic council director larry kudlow from the lighthouse. hello, to you, larry. thoughts foremost, our for the president and the first lady. can you update us on monday last spoke to him, when he sounded like, what are you hearing now? larry: i spoke to him last evening. thisnot spoken to him morning. achieve meadows have spoken to him several times. we all getting our assignments. apparently it is a light version of the virus. let's pray that is the case. as pray for both the president and the first lady, and my pal hope hicks and ronna mcdaniel, for that matter. i was tested this morning. thankfully it was another negative test. i take i am 86, 87 straight days. we help the president gets well soon. those hopes. you call that a light version of the virus -- we have heard it described as mild symptoms and what are the symptoms, larry? larry: i am not in position to tell you. i have not seen them, i have not talked to dr. kallick that i am at the guy on that particular beat -- colin. i am not the guy on that particular bit. jon: i understand

coming up, larry kudlow, national economic council director. this is bloomberg. ♪ guy: 42 minutes past the hour. live from london, i'm guy johnson. alix steel is in new york. this is "bloomberg markets." is taking a close look at volatility, which has been spiking really far out on president trump's covid diagnosis, and the upcoming residential election. bloomberg's abigail doolittle has been digging into this to give us a little bit more. abigail: an already uncertain and contentious election season has become even more so on the news that president trump has tested positive for covid-19. uncertainty means volatility. the s&p 500 futures off sharply in august, down sharply in september. this is pretty similar to 2016, ahead of that presidential .lection of course, and 2016, afterwards the markets pulled up and away after president trump was elected. however, that vicks curve -- that vix curve suggested could be a little bit different. what we are looking at are the various contracts for october, november, december and january. you have to re

jonathan: larry kudlow, national economic council director. live on bloomberg tv and radio, this is "bloomberg surveillance ." alongside tom keene and lisa abramowicz, i'm jonathan ferro. getting you prepared for the opening bell in new york this morning. good morning to you all. on the s&p 500, we are positive, higher by 0.7%. -- call it per 0.75%. some mixed data over on the continent. euro-dollar, $1.1755. years higher on the 10 to 0.7121%.-year we know that senate we public and's considered a bill -- senate republicans considered a $50 of in and around billion. is the biggest gap for this administration and democrats, or with them and their own party? these negotiations aren't just between house democrats and this a ministration. senate republicans have a big role, too. tom: nicely laid out in terms of the dollar numbers. what i can do is give you one single statistic, 39%. how does this debate change today with the president's polling pre-viral infection? jonathan: the president is trying to hit the ground running, isn't he? i think that'

, former treasury secretary under president clinton, former director of national economic council under president obama. larry, thanks for being with us. >> good to be with you. >> what's the effect of punting -- they weren't coming to an agreement but what's the effect of getting rid of any possibility of help with stimulus until after the election. >> less confidence, more unemployment, more unemployment, lower output and incomes and throwing away the best insurance policy we could have had against a recession. this is like living in california in the midst of a dry season and canceling your fire insurance. it's hard to understand as a rational act. >> it doesn't make any rational sense to you. this would follow -- the idea is this stimulus package would follow on the initial one, which is designed to ensure that businesses could weather short-term recession, they would not sustain permanent damage. it wasn't going to cut it for the whole pandemic. what happens in the second round is not approved? >> we're taking a big chance, bigger chance on having another recession. we've got to ha

the pandemic of 2020 is without a doubt the biggest economic and public health story of the year, the decade, and maybe even century. it is also a global and national security story. the council on foreign relations convened an independent task force to look at what happened and what we need to do for the next one. we welcome chairman richard haass. it was pretty damming about what the globe did, particularly about what the united states did. where did we go wrong? richard: it is a long list. neither the world, nor the united states, have made this a priority. if we had, we would have predicted it, and would have been prepared for it. clearly, the world health organization dropped the ball, as did china, but i still think the report correctly says the bulk of the responsibility for the problems going on in this country is on us. ofe it got here, very little the death toll and economic consequences were inevitable -- and because of our lack of organization, clear messaging, lack of masks, making testing a national priority --it is a long list. david: the last time we had this was 100 y

jonathan: larry kudlow there, national economic council director, checking in with us to close out last week. no talks about talks this monday morning. here's the price action on the s&p 500, maybe possibly off the back of the fact that there are talks about talks -- that there are no talks about talks. the bond market with a bid to 0.81%. on two big issues between the administration and speaker pelosi come on liability protection come on state aid, doesn't seem like we have moved the dial on that. tom: absolutely not. it is not there for state aid or city aid. it is not a shock. it is political, which is what you get eight days to an election. on a careful analysis of all of these policy decisions, jacob parakilas joins us with lse, where he is an associate. i want to talk about the election, and as jon mentions, policy forward. what kind of gridlock is the next gridlock? define gridlock. jacob: i think you are more likely to see a biden presidency and a republican senate. it is hard to imagine an electoral map that would produce reelection for the president but a democratic senate maj

goodspeed,now tyler acting chair of the white house council of economic advisors. what is your initial reaction? does the economy need more help from fiscal stimulus? tyler: thank you for having me. we have had some encouraging news recently, but today we saw the job openings data for august which showed that even in the context of more than half of the u.s. labor market being in states that were either pausing reopening or re-imposing lockdowns, we still recovered about 75% of the decline in march and april of job openings for the friday we saw month of september that the private sector added jobs. in a pre-2020 world that would've been the third biggest monthly jobs gain in record. we think the u.s. economy could use some additional support and that is why talks continue with to try to get some bipartisan legislation but the president could sign, in particular on support for sectors that could use additional relief, airlines, and also some sort of reload of the protection program that was successful in terms of job losses in small businesses. we want to make sure

we are not weaker by having allies with us >> still ahead, we will speak with national economic council's chief commonist joe lavornia as we hit the break here's a check on bonds yields moving significantly higher ten year up to .84 continuing gains through the session. >>> welcome back dow up 160 headquartersing into the final hour of trade. americans are waiting on the time line for a coronavirus vaccine a key of advisers are meeting today to discuss the candidates and the roll out. >> reporter: they are not talking about any specific vaccine candidates themselves today but laying the foundation for what this roll ow and the potential approval process could actually look like they are discussing big questions like if a vaccine does get emergency use authorization, do they need to keep running the trial, keep the people this the placebo group and in the vaccine group to generate long term information? they are also talking about tracking safety once they are cleared into the market. they have existing systems but they are talking about sending daily text messages to track any potential i

organizations and the international economic development council, two of the largest economic development advocacy groups in the country. i urge my fellow colleagues to support this bill and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentlewoman from west virginia is recognized. mrs. miller: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentlewoman is recognized. mrs. miller: s. 4075, the r.l.f. act, would release the federal interest in the economic development administration's revolving loan funds after seven years. if requested by the recipient. i want to thank congressman katko, the ranking member of the subcommittee on economic development, public buildings and emergency management, for his leadership and work on this issue. this fix to reduce the burden of r.l.f. funds was requested by the administration as well as state and local economic development first. after the funds have turned over, local first continue to be saddled with unnecessary paperwork. when the government's role is over, w

two all -- two nobel prize laureates, 5 former chairs of the president's council of economic advisers and 3 were president of the national economic association over 2 dozen in all. every one of them have the same urgent message, the top priority for healing our crippled economy is to contain the coronavirus. economists austan goolsbee said the number one rule of fire is economics, you have to stop the virus before you can do anything about the economics. tragically we failed to control the virus, 200,000 americans are dead, more than we lost in world war i, the korean war and vietnam combined. the united states is only 4% of the world population but approximately 21% of the world's deaths. there have been 7 million confirmed cases of covid-19 in the united states and this is likely a severe undercount. the number of cases continue to explode, 40,000 new positive test the day. the economy has suffered a severe blow, nearly 12 million fewer jobs today than we had in february, the official unemployment rate is 8.4%, two times what was in february. jerome powell said the rate could be 2%

yes and there's also a divide between what there's also a divide between what the national government wishes to do and particularly what regional mayors, local council leaders feel about what is the best use of their local areas. a lot of haggling so going on, it may come down to the amount of financial support that's given to those areas before they would agree to a stepping up, and movement of their regions into the next tear up movement of their regions into the next tearup in movement of their regions into the next tear up in the case of, as you say come and greater manchester going into the highest tier, into tier three. but clearly the government would like to do it in cooperation with those council leaders, but it has the power to impose a change on them if it feels necessary to do so. there's a bit of politics behind this as well, because i think the government would because i think the government would be prepared if they had to do that to put a little bit of the blame, if it does not work, on those local council leaders to fail to support with the thought was necessary. then

larry kudlow joins now, national economic council director. larry, would you give us an update on the status of the stimulus talks as of right now? >> well, look, the talks continue to talk, and committee people in both houses are discussing key issues, senate and house chairs. but having said that, there are still significant policy differences between the two teams. and those policy differences have not yet been solved. they have not been resolved. stuart: can i jump in for a second, larry? those policy differences would be bailing out big democrat states and liability for businesses. i mean, that's it, is that the sticking point, isn't it? >> those are two important sticking points, stuart, you're exactly right. the president weighed in yesterday regarding the state and localing spending. he does not want to bail out poorly-managed states red, blue or otherwise. he doesn't want to bail them out. he doesn't want to bail out their unfunded pensions. that stuff can be dealt with later, you know, next year. not right now. it's not about economi