Hedge Funds

Hedge-fund billionaire Cooperman fears US will move 'to the left' if Trump and GOP fail

Leon Cooperman, CEO of Omega Advisors.
Adam Jeffery | CNBC

Leon Cooperman, chairman and CEO of Omega Advisors, weighed in on President Donald Trump and his efforts with the Republican leaders in Congress to pass tax reform after failing to replace "Obamacare."

"The Republicans can't go into midterms 0-for-2 ... this country is going to move to the left," he said on CNBC's "Halftime Report" Tuesday.

But Cooperman doesn't think failure to pass tax reform will significantly hurt the stock market.

"I don't think we would tank unless the economy got derailed," he said.

Trump and Republican leaders have been hard at work on tax reform, one of the president's most popular campaign promises. Wall Street debate continues to hinge on whether equity prices have tax cuts "baked in" pre-emptively. Many suspect a potential pullback if reform does not pass.

Cooperman, who said he has met in the Oval Office with Trump, also worried that the president's comments lately could be hurting these efforts.

"As a business person, I'd say his behavior ought to be somewhat different, and we're going to pay a price if it isn't different in the midterm elections," said Cooperman. "I don't think it's healthy, and I'd rather him tweet less and try to unify. We need a president that unifies."

But the hedge-fund manager added that he was not there to critique the president's behavior.

"I'm not here to tell President Trump how to deport himself. I listen to what he says, and he's obviously appealing to his base."

Cooperman, a billionaire, founded Omega Advisors in 1991. The firm has approximately $3.7 billion in assets under management, according to its website.