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Market rallied on Trump's 'masterful' speech, but the bill is yet to be paid, Art Cashin says

Investors buoyed by President Donald Trump's speech to Congress piled into stocks on Wednesday, but veteran trader Art Cashin told CNBC "the bill is still yet to be paid."

"It's going be interesting when we get to the changes in the debt ceiling, etc. They won't be able to talk their way through that. That's going to need action," the director of floor operations for UBS Financial Services said in an interview with "Closing Bell" on Wednesday.

"The president's speech was masterful in the sense that he looked very presidential and that seemed to catch his opponents by surprise, but legislatively they've got a lot of work ahead of them."

In his first speech to the joint session of Congress on Tuesday night, Trump reiterated his calls for tax reform and repealing and replacing Obamacare, as well as stressed his efforts so far to bring jobs and investments back to the U.S.

Investors apparently liked what they heard.U.S. equities surged to all-time highs on Wednesday, with the the Dow closing above 21,000 for the first time. The S&P 500 climbed 1.4 percent to 2,395.96 after briefly breaking 2,400 for the first time.

"What you learned about markets, which was not known before today, was that what they prefer is hearing what priorities are and what the resolve is as opposed to hearing details," Terry Haines, head of political analysis for Evercore ISI, told "Closing Bell."

While there were few specifics in Trump's speech, it established big themes — and that's exactly what these types of first speeches are supposed to do, said Lawrence Lindsey, president and CEO of the Lindsey Group and former director of the National Economic Council.

And he isn't concerned about Trump being able to get his agenda eventually accomplished.

"They are basically on track. We have to remember just how long it takes to do these things under any administration," Lindsey said in an interview with "Closing Bell."

In fact, he believes the administration is committed to getting its tax reform bill through before Labor Day.

"It's going to involve a lot of negotiations, a lot of compromises, but I think that they're going to move forward on that," he said.

House Republicans already have a tax plan, which includes a controversial border adjustment that would essentially tax imports and exempt exports.

Trump has yet to publicly state his position on the measure, but Henrietta Treyz, managing partner at Veda Partners, thinks he signaled he may be in favor of it.

"Last night, Trump got, in my opinion, within striking distance of supporting … Rep. Brady and Speaker Ryan's 'Better Way' agenda, which is the border tax adjustment. He came quite close to endorsing it in language but definitely not using those same words," she said.

Senior CNBC contributor Larry Kudlow, an informal Trump advisor, has said he believes the border adjustment tax appears to be "winning" inside the White House.