Well, the tree wasn't the only thing lit today. The dowels surging more than 300 points,

crossing that T 24,000 level. The S&P and Russell also closing at record highs and it all began

with hopes of tax reform as the Senate seems to be on

the fast track to passing its tax cut bill within the next 24 hours. In fact, let's go

right to Washington, D.C. on Capitol Hill, our Elon Moy is standing by live with the very latest details.

Yilan.

Scott, the tax bill is gaining momentum in the Senate.

It got a big boost when Senator John McCain said that he will back the tax reform bill.

He put out a statement saying that even though this legislation is not perfect, he does believe it will provide relief to American families.

However, in just about the past two hours or so, there was a new wrench in

Republicans plans when the JCT, the Joint Committee on taxation, they released a dynamic estimate of how much

growth they expect this tax plan to generate, and it's a lot less than Republicans were hoping

for.

The JCT estimating that the tax plan would

generate four hundred and seven billion dollars in additional revenue over the

next decade and that is not enough to cover the 1.4 trillion dollar cost of this tax plan.

The Senate Finance Committee putting out a statement saying that this analysis is curious,

it deserves for the scrutiny and they emphasize that the final

version of the tax bill is not yet complete. It is still being hammered out on the

Senate floor. Another important thing to note is that the JCT assumed a very aggressive response by the Federal

Reserve to a strengthening economy.

That is also very different from what we have been hearing from Jay Powell and Janet Yellen

...