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00:00LET'S START WITH YESTERDAY AT THIS FORM IN WASHINGTON DC, THIS RELAXED SEEMING -- RELAXED SECRETARY. >> IT IS HARD TO KNOW. THEY HAVE ATTRACTED A BIT COUSIN INITIALLY TREASURY SECRETARY MNUCHIN HAD BEEN FISHING FOR NAUTILUS -- AUGUST DEADLINE. OF COURSE THERE ARE SKEPTICS OUT THERE SINCE IT IS SUCH A MASSIVE ASK. >> WHAT ARE SOME CHALLENGES THE ADMINISTRATION FACES? >> TAKE YOUR PICK. THAT IS PART OF THE HOUSE REPUBLICAN PLAN. REPUBLICANS DON'T HAVE THE FULL SUPPORT OF THEIR MEMBERS ON BOARD AND IT IS UNCLEAR WHERE THE WHITE HOUSE STANDS. IT IS EXPECTED TO GENERATE ONE TRILLION IN REVENUE. SO YOU NEED THAT REVENUE TO OFFSET TAX CUTS AND MAKE TAX REFORM PERMANENT. YOU WILL BE HARD-PRESSED TO FIND OTHER WAYS TO COME UP WITH THE REVENUE. THE OTHER BIG CHALLENGES HEALTH CARE. SINCE THERE ARE TAX CUTS, IT IS UNCLEAR IF THAT WILL BE PART OF A LARGER TAX PACKAGE. >> LET'S DRILL DOWN ON WHAT THE PRESIDENT PLANS TO DO HERE WHEN IT COMES TO TAX. HIM -- >> WHEN IT COMES TO TAX RULES THE PRESIDENT IS DIRECTING CEMETERY MNUCHIN TO LOOK AT ALL REGULATIONS TO REVIEW IF THEY ARE PLACING ANY UNNECESSARY BURDENS ON TAXPAYERS, IF THEY ARE OVERLY COMPLEX AND WERE ALLOWED ON THE LAW. >> JUST A LAST QUESTION, WE HAVE BEEN OPERATING UNDER THE ASSUMPTION THAT THE PLAN OR BLUEPRINT IS WHERE THE STARTING POINT IS. IS A GOING TO BE AN AGENDA MORE CHANGES? WHAT CAN WE EXPECT FOR THE WHITE HOUSE? >> WE DON'T KNOW, IT IS A VERY GOOD QUESTION. OBVIOUSLY THE HOUSE HAS ITS BLUEPRINT AND THEY WERE TRYING TO PUSH IT. WE STILL DON'T KNOW HOW CLOSELY

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The Challenges Facing the GOP's Tax Reform Plans

Bloomberg's Alexis Leondis discusses the challenges to President Trump's tax reform plans with Bloomberg's David Gura on "Bloomberg Markets." (Source: Bloomberg)

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