1 00:00:00,280 --> 00:00:02,480 Speaker 1: Live from Washington. Thank you for joining us today on 2 00:00:02,520 --> 00:00:06,000 Speaker 1: Bloomberg sound On, where we have a deal the US 3 00:00:06,040 --> 00:00:09,200 Speaker 1: and the European Union announcing what is a five year 4 00:00:09,280 --> 00:00:11,960 Speaker 1: truce in a long running dispute over subsidies to the 5 00:00:12,000 --> 00:00:15,640 Speaker 1: Tube League big airplane manufacturers Airbus's based in France and 6 00:00:15,680 --> 00:00:19,160 Speaker 1: Boeing based here in the US, It's in Chicago. Under 7 00:00:19,160 --> 00:00:20,919 Speaker 1: the deal, the U S and the EU agree to 8 00:00:20,960 --> 00:00:26,560 Speaker 1: stop subsidizing the development of all future passenger aircraft. But 9 00:00:26,680 --> 00:00:30,520 Speaker 1: why does it matter? Commerce Secretary Gina Romando tells Bloomberg's 10 00:00:30,560 --> 00:00:34,519 Speaker 1: David Weston Today exclusively that this deal will mean more jobs. 11 00:00:36,000 --> 00:00:39,519 Speaker 1: With respect to China, we will continue to do business 12 00:00:39,520 --> 00:00:42,440 Speaker 1: with them, and that is in our interest. You know, 13 00:00:42,520 --> 00:00:45,760 Speaker 1: we have a tremendous amount of exports to China and 14 00:00:46,400 --> 00:00:49,560 Speaker 1: that's important for American businesses and American jobs, and so 15 00:00:49,600 --> 00:00:52,800 Speaker 1: we need to you know, agree where we can find 16 00:00:52,880 --> 00:00:57,480 Speaker 1: agreement and do business um in all possible ways with China. 17 00:00:57,600 --> 00:00:59,840 Speaker 1: And jobs are good. We all want jobs. But there 18 00:00:59,880 --> 00:01:01,640 Speaker 1: is more to this story, and joining us to talk 19 00:01:01,640 --> 00:01:04,679 Speaker 1: about a former Commerce Secretary, Carlos Gutierrez, who is now 20 00:01:04,680 --> 00:01:07,960 Speaker 1: executive chairman of EmPATH, a company he co founded that 21 00:01:08,000 --> 00:01:12,520 Speaker 1: makes skills intelligence software Secretary. Welcome to Bloomberg. Thank you, 22 00:01:12,640 --> 00:01:15,440 Speaker 1: thanks for having me. This trade dispute involving Airbus and 23 00:01:15,480 --> 00:01:18,560 Speaker 1: Boeing intensified under the Trump administration. But it's important to 24 00:01:18,560 --> 00:01:20,720 Speaker 1: look back a little bit to be clear. This goes 25 00:01:20,760 --> 00:01:23,680 Speaker 1: back seventeen years, a long time before Donald Trump was 26 00:01:23,720 --> 00:01:27,560 Speaker 1: ever elected. Yeah, this has been around for seventeen years. 27 00:01:27,600 --> 00:01:30,400 Speaker 1: And you said it, well, it's a truce. It's kind 28 00:01:30,440 --> 00:01:34,279 Speaker 1: of a cease fire for five years, which is good. 29 00:01:35,000 --> 00:01:39,560 Speaker 1: It comes at a time when the when the plane 30 00:01:39,600 --> 00:01:44,520 Speaker 1: industry is at the lowest point it's been that anyone 31 00:01:44,600 --> 00:01:49,160 Speaker 1: can remember because of COVID. Inventories are very high, sales 32 00:01:49,160 --> 00:01:52,120 Speaker 1: are very low. So it's a bit of a relief 33 00:01:53,560 --> 00:01:56,520 Speaker 1: they'll have fewer towers to pay. It's not going to 34 00:01:56,680 --> 00:02:00,320 Speaker 1: solve the whole problem. Uh. And it also shows some 35 00:02:00,520 --> 00:02:06,800 Speaker 1: goodwill on on behalf of both sides. However, Uh, it's 36 00:02:06,880 --> 00:02:11,040 Speaker 1: interesting that everything else was left in place, the steel tariffs, 37 00:02:11,280 --> 00:02:16,360 Speaker 1: aluminum tariffs. Uh. So it was just this airplane deal, 38 00:02:16,520 --> 00:02:19,959 Speaker 1: this plane deal, the subsidies deal that was taken off 39 00:02:20,000 --> 00:02:23,120 Speaker 1: the table five years. But we still have a lot 40 00:02:23,200 --> 00:02:26,960 Speaker 1: of trade tensions with the European Union. I'm gonna ask 41 00:02:26,960 --> 00:02:29,440 Speaker 1: you about those tariffs in a moment. But its secretary 42 00:02:29,480 --> 00:02:32,520 Speaker 1: Amando correct about jobs with regard to this deal. How 43 00:02:32,520 --> 00:02:34,840 Speaker 1: does this help workers because these the companies are paying 44 00:02:34,919 --> 00:02:40,720 Speaker 1: less and therefore have more money to hire. Well, that's 45 00:02:40,720 --> 00:02:43,200 Speaker 1: the theory. And and but but what they're paying in 46 00:02:43,280 --> 00:02:48,400 Speaker 1: tariffs is nothing compared to what they've suffered in terms 47 00:02:48,400 --> 00:02:53,160 Speaker 1: of UH decline in sales. That that has been brutal 48 00:02:54,120 --> 00:02:56,720 Speaker 1: uh and it has had a ripple effect, not just 49 00:02:56,840 --> 00:02:59,919 Speaker 1: in Boeing, but all of their suppliers throughout the world, 50 00:03:01,440 --> 00:03:05,400 Speaker 1: who in many cases are small businesses. But the real 51 00:03:05,440 --> 00:03:09,160 Speaker 1: solution here is to get the airline business back in shape, 52 00:03:10,000 --> 00:03:14,000 Speaker 1: to get planes sold again. That's what's going to get 53 00:03:14,080 --> 00:03:18,400 Speaker 1: jobs back. This is a you know, I don't I 54 00:03:18,400 --> 00:03:20,720 Speaker 1: don't want to minimize it. It's a nice achievement, it's 55 00:03:20,760 --> 00:03:24,080 Speaker 1: something that hasn't been done in seventeen years. But it's uh, 56 00:03:24,520 --> 00:03:27,040 Speaker 1: it's a it's a bit of a patchwork. I'm talking 57 00:03:27,040 --> 00:03:30,520 Speaker 1: with former Commerce Secretary Carlos Gutierrez. I'm assuming you still 58 00:03:30,560 --> 00:03:33,280 Speaker 1: think it's worth it. And there's more to this story. 59 00:03:33,639 --> 00:03:36,680 Speaker 1: It's China, which I understand it is trying to become 60 00:03:36,680 --> 00:03:39,800 Speaker 1: a major player in aerospace. There's a state sponsored commercial 61 00:03:39,840 --> 00:03:44,040 Speaker 1: aircraft corporation that China wants to see become much more successful. 62 00:03:44,120 --> 00:03:51,960 Speaker 1: Does this deal make Bowing more competitive? Well, uh, not 63 00:03:52,160 --> 00:03:56,240 Speaker 1: until they get uh you know, not until they get 64 00:03:56,320 --> 00:04:01,480 Speaker 1: sales up. It uh makes them competitive in the sense 65 00:04:01,520 --> 00:04:04,480 Speaker 1: that they're they're not paying tariffs anymore and they don't 66 00:04:04,480 --> 00:04:08,680 Speaker 1: have this dispute. But no, I think to be competitive 67 00:04:08,720 --> 00:04:14,080 Speaker 1: against a new competitoror of China, the whole C nineteen series, 68 00:04:14,680 --> 00:04:17,680 Speaker 1: it's gonna take you know, that that changes the whole 69 00:04:17,720 --> 00:04:21,640 Speaker 1: game because up until now it's been it's been two companies, 70 00:04:21,680 --> 00:04:25,680 Speaker 1: Airbus and Boeing, and they own the worldwide market for 71 00:04:25,839 --> 00:04:30,920 Speaker 1: everything from seven sevens all the way to wide bodied planes. Um. 72 00:04:31,040 --> 00:04:35,040 Speaker 1: The C nineteen will come into into effect in about 73 00:04:35,080 --> 00:04:37,839 Speaker 1: a year, so it's gonna take some time. It will 74 00:04:37,880 --> 00:04:44,120 Speaker 1: take years, perhaps decades before China becomes a major competitor 75 00:04:44,720 --> 00:04:49,560 Speaker 1: to Boeing and Airbus. And uh, you know, China is 76 00:04:49,760 --> 00:04:54,200 Speaker 1: a huge market for Boeing and chances are they will 77 00:04:54,200 --> 00:04:57,400 Speaker 1: probably lose that market to the C nineteen, So it 78 00:04:57,800 --> 00:05:06,400 Speaker 1: will disrupt the worldwide plane uh business for you know, 79 00:05:06,600 --> 00:05:10,719 Speaker 1: for a long long time, assuming COMA is is successful, 80 00:05:11,440 --> 00:05:15,039 Speaker 1: and it probably will be because it's government sponsored. Interesting 81 00:05:15,040 --> 00:05:17,000 Speaker 1: to see Boeing stock up a dollar and a half today, 82 00:05:17,000 --> 00:05:19,400 Speaker 1: so obviously that's down the road. But let's talk about 83 00:05:19,440 --> 00:05:21,800 Speaker 1: these tariffs for a moment. The trade representatives for the 84 00:05:21,880 --> 00:05:23,960 Speaker 1: U S and the EU say they are committed to 85 00:05:23,960 --> 00:05:28,160 Speaker 1: remove them. UH tariffs that that began with this dispute 86 00:05:28,160 --> 00:05:31,400 Speaker 1: over steel and aluminum essentially by years and now those 87 00:05:31,440 --> 00:05:34,719 Speaker 1: were imposed under the Trump administration. Secretary of the EU 88 00:05:34,800 --> 00:05:37,599 Speaker 1: retaliated with terrorists of its own. Do you believe that 89 00:05:37,720 --> 00:05:43,200 Speaker 1: these tariffs hurt or help American businesses? I I think 90 00:05:43,279 --> 00:05:47,520 Speaker 1: they hurt um, you know. And and again there there 91 00:05:47,560 --> 00:05:53,640 Speaker 1: may be some uh, some communities that are helped because 92 00:05:53,880 --> 00:05:57,640 Speaker 1: not as many imports will be coming in. But on 93 00:05:57,680 --> 00:06:03,520 Speaker 1: a macro basis, UH, it makes us pay higher prices, 94 00:06:04,200 --> 00:06:09,480 Speaker 1: It disrupts supply chains. UH, it increases trade tensions throughout 95 00:06:09,520 --> 00:06:13,240 Speaker 1: the world. Other countries who may not be in the 96 00:06:13,279 --> 00:06:15,520 Speaker 1: middle of these disputes, and there are quite a few 97 00:06:15,560 --> 00:06:19,359 Speaker 1: who are uh seemed to have a license. You know. 98 00:06:19,440 --> 00:06:24,400 Speaker 1: If the US, who has been the world champion for 99 00:06:24,520 --> 00:06:29,560 Speaker 1: free trade, starts putting in tariffs which frankly are not 100 00:06:30,000 --> 00:06:33,240 Speaker 1: in line with w t O rules. You know, it's 101 00:06:33,279 --> 00:06:36,880 Speaker 1: hard to make a claim that steal and aluminum are 102 00:06:37,080 --> 00:06:42,159 Speaker 1: national security issues. So that has opened the door for 103 00:06:42,400 --> 00:06:45,599 Speaker 1: other countries to put in tariffs and to really take 104 00:06:45,600 --> 00:06:47,880 Speaker 1: a step back from everything we had to achieved with 105 00:06:48,000 --> 00:06:50,840 Speaker 1: a w t O. So no, I've I've never thought 106 00:06:50,920 --> 00:06:54,479 Speaker 1: these tariffs are good. And frankly, I'm surprised that that 107 00:06:54,760 --> 00:06:59,760 Speaker 1: President Biden has not taking taken these away because this 108 00:06:59,839 --> 00:07:06,880 Speaker 1: was a Trump initiative. Everyone knows it was emotional, chaotic, uh, tactical, 109 00:07:07,800 --> 00:07:11,600 Speaker 1: and uh, I'm surprised. I'm surprised that we haven't started 110 00:07:11,600 --> 00:07:15,040 Speaker 1: reversing those uh all those terroforts that we have with 111 00:07:15,080 --> 00:07:17,360 Speaker 1: many countries. We'll see if it turns out to be 112 00:07:17,680 --> 00:07:21,560 Speaker 1: a valuable bargaining chip at some point, I guess. But secretary, 113 00:07:21,600 --> 00:07:24,080 Speaker 1: prices are rising with or without terrorists, and I'd like 114 00:07:24,120 --> 00:07:26,160 Speaker 1: to ask you about that in a more general sense. 115 00:07:26,200 --> 00:07:28,760 Speaker 1: You were the CEO of Kellogg in a former life. 116 00:07:29,280 --> 00:07:32,520 Speaker 1: You understand commodity prices everything from copper to corn have 117 00:07:32,640 --> 00:07:36,480 Speaker 1: been rising significantly, and some think they may in fact 118 00:07:37,320 --> 00:07:39,440 Speaker 1: have peaked. Do you believe that, and if not, what 119 00:07:39,480 --> 00:07:42,080 Speaker 1: do we do about it? Well, you know, we still 120 00:07:42,120 --> 00:07:47,200 Speaker 1: don't know. The big debate is whether inflation is transitory 121 00:07:47,360 --> 00:07:51,680 Speaker 1: or whether it's going to stick, and the debate is 122 00:07:51,720 --> 00:07:54,640 Speaker 1: out and no one really knows. On one hand, we 123 00:07:54,680 --> 00:07:59,200 Speaker 1: have labor shortages, which is never good. That will that 124 00:07:59,240 --> 00:08:06,800 Speaker 1: will uh increase um compensation, that will increase income um, 125 00:08:07,760 --> 00:08:14,040 Speaker 1: potentially impacting hiring. UH. Prices are going up, inventories that 126 00:08:14,040 --> 00:08:19,000 Speaker 1: are all time low, there are shortages everywhere. And then 127 00:08:19,280 --> 00:08:23,280 Speaker 1: the big thing is there is so much money supply 128 00:08:23,640 --> 00:08:28,320 Speaker 1: in the economy and savings. The savings rate is that 129 00:08:28,360 --> 00:08:32,480 Speaker 1: an all time high. I think it's six, which is 130 00:08:33,120 --> 00:08:39,520 Speaker 1: huge compared to the past. So UH, whether that money 131 00:08:39,559 --> 00:08:43,079 Speaker 1: will be used to spend, whether people have pent up 132 00:08:43,120 --> 00:08:47,200 Speaker 1: demand that they've build up throughout COVID UH and they're 133 00:08:47,240 --> 00:08:49,920 Speaker 1: just waiting to and buy a car or go out 134 00:08:50,040 --> 00:08:56,239 Speaker 1: to vacation and just spend the money. Eventually, the velocity 135 00:08:56,960 --> 00:08:59,440 Speaker 1: is going to catch up, and that's what's going to 136 00:08:59,559 --> 00:09:04,480 Speaker 1: dry inflation. One indicator to look at is whether labor 137 00:09:04,559 --> 00:09:11,760 Speaker 1: shortages continue and whether income UH and and wages rise 138 00:09:12,679 --> 00:09:16,920 Speaker 1: UH say around July August. If that happens, then I 139 00:09:16,960 --> 00:09:20,839 Speaker 1: think we're in for a longer ride with inflation. But 140 00:09:22,040 --> 00:09:24,520 Speaker 1: my sense is that it's gonna be hard to avoid 141 00:09:24,880 --> 00:09:28,360 Speaker 1: at least some period of inflation. And look, for some 142 00:09:28,400 --> 00:09:32,439 Speaker 1: companies it will be a welcome event because they haven't 143 00:09:32,480 --> 00:09:35,160 Speaker 1: been able to take price increases for a long time. 144 00:09:36,200 --> 00:09:39,960 Speaker 1: Even though their own internal inflation is growing. They're increasing 145 00:09:39,960 --> 00:09:43,840 Speaker 1: wages every year, other things are growing inside the company, 146 00:09:43,960 --> 00:09:47,920 Speaker 1: So in some ways a little bit of inflation is 147 00:09:48,040 --> 00:09:51,920 Speaker 1: not bad for for some companies. Well, if you're running 148 00:09:51,960 --> 00:09:55,000 Speaker 1: Kellogg these days, you probably know that the box of 149 00:09:55,040 --> 00:09:57,520 Speaker 1: cereal is going to cost more money at some point 150 00:09:57,559 --> 00:10:00,760 Speaker 1: in the coming months. Here. But if the fedbure Reserve, 151 00:10:00,800 --> 00:10:03,640 Speaker 1: which is going to tell us, you know, the results 152 00:10:03,640 --> 00:10:07,720 Speaker 1: of its meeting tomorrow, thinks this is transitory, then interest 153 00:10:07,800 --> 00:10:12,840 Speaker 1: rates will not rise and prices, however, will continue to 154 00:10:12,880 --> 00:10:16,000 Speaker 1: move on their own. It's something that is really confounding 155 00:10:16,040 --> 00:10:20,720 Speaker 1: the markets right now. Uh, secretary, would you hike prices 156 00:10:20,720 --> 00:10:22,920 Speaker 1: on a box of cereal today? We only have thirty 157 00:10:22,960 --> 00:10:26,120 Speaker 1: seconds left knowing what you know? Now, Oh, I'm sure 158 00:10:26,160 --> 00:10:29,960 Speaker 1: of that. If if if corn is going up, and uh, 159 00:10:30,200 --> 00:10:32,560 Speaker 1: you know, commodities week are going up, they have to 160 00:10:32,840 --> 00:10:36,960 Speaker 1: It's inevitable. Former converse Secretary Carlos scuzierres many thanks for 161 00:10:37,000 --> 00:10:40,040 Speaker 1: being with us. I'm Joe Matthew live from Washington. Thank 162 00:10:40,080 --> 00:10:43,000 Speaker 1: you for joining us on Bloomberg sound On. The main 163 00:10:43,040 --> 00:10:45,840 Speaker 1: event this week for the White House road show in 164 00:10:45,880 --> 00:10:49,400 Speaker 1: Europe will certainly be the big meeting tomorrow with Vladimir Putin. 165 00:10:49,440 --> 00:10:51,920 Speaker 1: We've spent a lot of time talking about it, big 166 00:10:51,960 --> 00:10:54,440 Speaker 1: pregame show for this meeting, but deals like the one 167 00:10:54,960 --> 00:10:58,160 Speaker 1: announced today that we just discussed with Carlos Guzierrez ending 168 00:10:58,160 --> 00:11:01,640 Speaker 1: a seventeen year trade dispute with our partners in Europe 169 00:11:02,080 --> 00:11:04,880 Speaker 1: could actually have a bigger and more immediate impact on 170 00:11:04,960 --> 00:11:07,960 Speaker 1: the US economy and on jobs. And that's where we 171 00:11:08,000 --> 00:11:11,000 Speaker 1: start with our panel today. Bloomberg Politics contribute to Rick 172 00:11:11,080 --> 00:11:15,160 Speaker 1: Davis is with us along with Democratic strategist Roger Fisk. Rick. 173 00:11:15,240 --> 00:11:17,520 Speaker 1: The Biden administration has gone out of its way to 174 00:11:17,679 --> 00:11:20,480 Speaker 1: not be like the Trump administration on this trip, something 175 00:11:20,559 --> 00:11:24,880 Speaker 1: underscored today once again by President Biden. Let's listen, it's 176 00:11:24,920 --> 00:11:28,680 Speaker 1: overwhelming the interest to the world Saints Americans to have 177 00:11:28,920 --> 00:11:34,600 Speaker 1: a great relationship Bignado and have a very different leave 178 00:11:34,679 --> 00:11:37,880 Speaker 1: and wanted the credicessor, and so Rick Davis do you 179 00:11:37,920 --> 00:11:41,880 Speaker 1: think tariffs on aluminum and steel will go next? And 180 00:11:41,920 --> 00:11:45,040 Speaker 1: why haven't they already? Yeah? I think Joe, the point 181 00:11:45,040 --> 00:11:48,120 Speaker 1: you were making with the former secretary Carlos Gutierrez was right, 182 00:11:48,160 --> 00:11:50,080 Speaker 1: which is, if you're going to do this deal on 183 00:11:50,200 --> 00:11:52,199 Speaker 1: Boweling and Airbus, why wouldn't you do the same thing 184 00:11:52,200 --> 00:11:55,280 Speaker 1: on getting the tariffs dropped on steel and aluminum? Both 185 00:11:55,320 --> 00:12:00,600 Speaker 1: Trump era deals, both regressive in nature, uh and and 186 00:12:00,720 --> 00:12:03,480 Speaker 1: both highly competitive with China. I mean, I think one 187 00:12:03,520 --> 00:12:07,199 Speaker 1: of the points you made was how does this affect 188 00:12:07,200 --> 00:12:10,600 Speaker 1: the growing aircraft industry in China? And I think part 189 00:12:10,600 --> 00:12:13,840 Speaker 1: of what Biden was trying to communicate is let's drop 190 00:12:13,880 --> 00:12:18,000 Speaker 1: our fight so that we can contract both assets Airbus 191 00:12:18,040 --> 00:12:21,600 Speaker 1: and Boeing on being more competitive against the Chinese. Well 192 00:12:21,600 --> 00:12:23,600 Speaker 1: what are we doing here, then, Roger Fisk? Is this 193 00:12:23,679 --> 00:12:25,880 Speaker 1: in fact a bargaining ship the president can hold onto 194 00:12:25,960 --> 00:12:28,800 Speaker 1: or should this have been done already? Well? First, have 195 00:12:28,920 --> 00:12:30,679 Speaker 1: to send so much for having me congrats on the 196 00:12:30,720 --> 00:12:33,360 Speaker 1: show when I was enjoyed being here with it. Yeah. 197 00:12:33,400 --> 00:12:37,280 Speaker 1: I think this is classic Biden kind of incrementalism. Right, Um, 198 00:12:37,440 --> 00:12:39,520 Speaker 1: so you're still an aluminum point. They could have gone 199 00:12:39,520 --> 00:12:43,600 Speaker 1: after that that During this visit. But there's an odd 200 00:12:43,720 --> 00:12:45,800 Speaker 1: thing and we're seeing it play out kind of in 201 00:12:45,840 --> 00:12:48,800 Speaker 1: the Arena nuclear deal. In another way, which is the 202 00:12:48,840 --> 00:12:52,319 Speaker 1: Biden administration inherited a lot of these paris in sanctions 203 00:12:52,800 --> 00:12:56,120 Speaker 1: and they're the products of a governing philosophy that obviously 204 00:12:56,160 --> 00:12:58,719 Speaker 1: he ran against and defeated. But at the same time 205 00:12:58,720 --> 00:13:01,360 Speaker 1: it turns around and gives him a whole bunch of 206 00:13:01,400 --> 00:13:04,600 Speaker 1: cards to play. Um. So the question more is is like, 207 00:13:04,800 --> 00:13:07,120 Speaker 1: is it better for him to just kind of, you know, 208 00:13:07,400 --> 00:13:10,959 Speaker 1: get a complete reset across the board or it's more 209 00:13:11,040 --> 00:13:14,040 Speaker 1: And I think that Biden's fashion to be incremental and 210 00:13:14,120 --> 00:13:17,240 Speaker 1: somewhat moderate on these things, but also you know, extend 211 00:13:17,280 --> 00:13:20,400 Speaker 1: this out to get more concessions and things like that. 212 00:13:20,520 --> 00:13:23,120 Speaker 1: So in an odd way, President Biden got a lot 213 00:13:23,160 --> 00:13:25,960 Speaker 1: of cards, uh that he could play in his hands 214 00:13:26,000 --> 00:13:28,720 Speaker 1: from his predecessor. It's it's very weird how life works 215 00:13:28,720 --> 00:13:31,800 Speaker 1: out like that. It sure is. Rick. We heard from 216 00:13:31,880 --> 00:13:35,199 Speaker 1: NATO yesterday and discussed it here on Bloomberg Radio about 217 00:13:35,200 --> 00:13:38,280 Speaker 1: the growing military threat from China was acknowledged in the 218 00:13:38,280 --> 00:13:41,160 Speaker 1: Communic Ave. But let's talk about the economic threat. With 219 00:13:41,200 --> 00:13:43,400 Speaker 1: regard to this conversation, Will deals like this one with 220 00:13:43,480 --> 00:13:48,120 Speaker 1: Airbus and Boeing help America better compete with China. Well, 221 00:13:48,120 --> 00:13:51,679 Speaker 1: I think that certainly it will help Bowing compete in 222 00:13:51,800 --> 00:13:55,800 Speaker 1: the China market. Anything that creates more of a financial 223 00:13:56,559 --> 00:13:59,760 Speaker 1: uh base, A stronger financial base for a company like Boeing, 224 00:13:59,760 --> 00:14:02,319 Speaker 1: which has had its gut ripped out over a lot 225 00:14:02,320 --> 00:14:06,160 Speaker 1: of controversies over the last five years, um makes it 226 00:14:06,240 --> 00:14:09,480 Speaker 1: better able to compete. And the number one task is 227 00:14:09,520 --> 00:14:13,720 Speaker 1: to try and force this competition into China. China has 228 00:14:13,760 --> 00:14:16,040 Speaker 1: been protecting their industry and trying to grow their own, 229 00:14:16,400 --> 00:14:18,440 Speaker 1: but Boeing is a big boy on the block and 230 00:14:18,679 --> 00:14:21,800 Speaker 1: Chinese buyers have been stacked up to buy Boeing product 231 00:14:21,840 --> 00:14:24,200 Speaker 1: in the past, so this gives them, I think, a 232 00:14:24,280 --> 00:14:28,080 Speaker 1: much better value proposition in the Chinese market and in 233 00:14:28,160 --> 00:14:31,440 Speaker 1: markets that the Chinese may ultimately try to compete with 234 00:14:31,520 --> 00:14:34,600 Speaker 1: Boeing outside of the mainland. It's worth noting in that 235 00:14:34,680 --> 00:14:38,200 Speaker 1: interview that David Weston had with the Commerce Secretary Romando, 236 00:14:38,880 --> 00:14:41,720 Speaker 1: she did note that the US is working with China. 237 00:14:41,840 --> 00:14:44,640 Speaker 1: Maybe pushing China is a better way to to put it. 238 00:14:44,960 --> 00:14:49,560 Speaker 1: Bleading with China to clear Boeing's seven thirty seven max. 239 00:14:49,680 --> 00:14:52,640 Speaker 1: It's still banned there. How important would that be, Roger, 240 00:14:54,120 --> 00:14:57,200 Speaker 1: It would be significant. Um. And if I was an 241 00:14:57,240 --> 00:15:00,720 Speaker 1: appointee of Thomas actually in the first Obama administration, and 242 00:15:00,760 --> 00:15:03,320 Speaker 1: I did five or six trips through China, so I've 243 00:15:03,320 --> 00:15:05,400 Speaker 1: been in the room when these things have been discussed 244 00:15:05,400 --> 00:15:09,240 Speaker 1: over eight and nine and ten hours. Um. Another thing 245 00:15:09,280 --> 00:15:11,160 Speaker 1: about the Biden administration that I think is going to 246 00:15:11,240 --> 00:15:14,680 Speaker 1: be very helpful is that he is returning to more 247 00:15:14,680 --> 00:15:18,000 Speaker 1: of the traditional diplomatic machinery and in trusting more of 248 00:15:18,040 --> 00:15:20,640 Speaker 1: the working groups. There's basically two sets of trade talks 249 00:15:20,640 --> 00:15:24,240 Speaker 1: that have defined our trade relationship with China, interrupting the 250 00:15:24,280 --> 00:15:27,720 Speaker 1: next administration is the Security and Economic Dialogue and the 251 00:15:27,760 --> 00:15:31,400 Speaker 1: Joint Commission on Commercial Trade. It's on the secretary assistant 252 00:15:31,440 --> 00:15:35,320 Speaker 1: secretary deputy assistant secretary level that really get into the 253 00:15:35,320 --> 00:15:39,240 Speaker 1: granular elements of government determin protection of intellectual property and 254 00:15:39,280 --> 00:15:42,240 Speaker 1: things like that. All of those we went into limbo 255 00:15:42,320 --> 00:15:45,320 Speaker 1: for four years, and it's not in the Chinese nature 256 00:15:45,360 --> 00:15:48,080 Speaker 1: to necessarily do huge fields quote unquote, which is on 257 00:15:48,240 --> 00:15:51,160 Speaker 1: I was always speptical of the previous administration saying that 258 00:15:51,160 --> 00:15:53,640 Speaker 1: one was constantly around the bend. You need to just 259 00:15:53,800 --> 00:15:57,440 Speaker 1: be constantly involved with them and giving a names, getting 260 00:15:57,440 --> 00:15:59,760 Speaker 1: a names, giving a couple inches, getting a couple inches. 261 00:15:59,800 --> 00:16:02,920 Speaker 1: It's set up. That's how this stuff get's done. So 262 00:16:03,000 --> 00:16:06,120 Speaker 1: I think the signal that the President is sending is 263 00:16:06,160 --> 00:16:08,600 Speaker 1: we are our shoulder to shoulder with the other democracy. 264 00:16:08,880 --> 00:16:10,800 Speaker 1: We're going to be facing it as the United Friant 265 00:16:10,840 --> 00:16:14,680 Speaker 1: and that's great. As we turned back to our panel, 266 00:16:15,160 --> 00:16:19,440 Speaker 1: Bloomberg Politics contributor Rick Davis and Roger Fisk, Democratic strategist 267 00:16:19,440 --> 00:16:22,400 Speaker 1: and principle of New Day Strategy, thanks to you both 268 00:16:22,400 --> 00:16:25,320 Speaker 1: for being here. Rhodes Bridges tunnels. We hear about it 269 00:16:25,360 --> 00:16:27,640 Speaker 1: just about every day. Everyone says they need to be fixed, 270 00:16:27,720 --> 00:16:30,960 Speaker 1: but no one can agree on an infrastructure bill. We 271 00:16:31,000 --> 00:16:34,440 Speaker 1: are still talking about this lawmakers back in town today. 272 00:16:34,480 --> 00:16:37,680 Speaker 1: The White House says it will give Democratic and Republican 273 00:16:37,800 --> 00:16:40,640 Speaker 1: senators about a week or ten days more. That's a 274 00:16:40,720 --> 00:16:45,200 Speaker 1: quote to find a bipartisan deal. After that, Democrats presumably 275 00:16:45,600 --> 00:16:47,840 Speaker 1: go on their own. Now, we heard today from Senator 276 00:16:47,880 --> 00:16:51,440 Speaker 1: Bill Cassidy, Republican from Louisiana and one of the lawmakers 277 00:16:51,480 --> 00:16:54,600 Speaker 1: working on a bipartisan deal here. He is there's still 278 00:16:54,640 --> 00:16:56,960 Speaker 1: some things that are left up in the air. That's 279 00:16:56,960 --> 00:17:01,480 Speaker 1: not written in stone, but but it's enough that both 280 00:17:01,480 --> 00:17:04,600 Speaker 1: Democrats and Republicans as part of the group are taking 281 00:17:04,640 --> 00:17:06,320 Speaker 1: it to our colleagues to see if they can be 282 00:17:06,359 --> 00:17:10,400 Speaker 1: interested as well. We'll see Bloomberg Politics contributor Rick Davis again. 283 00:17:10,440 --> 00:17:13,720 Speaker 1: Democratic strategist Roger Fiskar with US today. Roger, you spent 284 00:17:13,800 --> 00:17:17,240 Speaker 1: a lot of years working for the Obama administration, which 285 00:17:17,240 --> 00:17:19,760 Speaker 1: spent a lot of time making the case for shovel 286 00:17:19,840 --> 00:17:23,479 Speaker 1: ready jobs. Remember a long time ago, it was not 287 00:17:23,600 --> 00:17:27,680 Speaker 1: always a successful message. Should the administration here, the Biden administration, 288 00:17:27,720 --> 00:17:32,920 Speaker 1: embrace something more traditional, including this one point two trillion 289 00:17:32,960 --> 00:17:38,679 Speaker 1: dollar deal reached by this bipartisan coalition last week. Well 290 00:17:39,040 --> 00:17:41,320 Speaker 1: that's the interesting thing, right, And I think this is 291 00:17:41,359 --> 00:17:44,639 Speaker 1: the genius of President Biden starting with as high a 292 00:17:44,680 --> 00:17:48,120 Speaker 1: price tag as he did, because it's essentially already one. Right, 293 00:17:48,200 --> 00:17:50,480 Speaker 1: even if even if he just rows up his hands 294 00:17:50,480 --> 00:17:53,359 Speaker 1: and says we will get bipartisan voter or we won't, 295 00:17:53,680 --> 00:17:56,760 Speaker 1: it'll still be the largest infrastructure package in the generation. 296 00:17:56,920 --> 00:17:59,480 Speaker 1: So anything from here on out is essentially just a 297 00:17:59,680 --> 00:18:02,800 Speaker 1: terry on the Sunday um. But I think he has 298 00:18:02,960 --> 00:18:06,959 Speaker 1: all along been sincere you know, the progressives have already 299 00:18:07,280 --> 00:18:12,360 Speaker 1: always criticized um President bidenen previously Senator Biden's being far 300 00:18:12,440 --> 00:18:14,879 Speaker 1: too willing to be parted bipartisan and jump in on 301 00:18:14,960 --> 00:18:16,800 Speaker 1: things like the crime Bill and other things like that. 302 00:18:17,560 --> 00:18:20,000 Speaker 1: And I mentioned that because I think he's very sincere 303 00:18:20,040 --> 00:18:24,280 Speaker 1: and wanting us to have a broad uh sports instructor 304 00:18:24,880 --> 00:18:28,159 Speaker 1: within you know, within Congress and things like that. But 305 00:18:28,240 --> 00:18:30,560 Speaker 1: if they you know, as you hear, there's an aspiration date. 306 00:18:30,640 --> 00:18:33,280 Speaker 1: Right the clock is kicking, and sooner or later they 307 00:18:33,280 --> 00:18:35,720 Speaker 1: can just do it alone. And he went it away, 308 00:18:36,119 --> 00:18:39,480 Speaker 1: Rick Davis, the Biden administration has has called a lot 309 00:18:39,520 --> 00:18:41,600 Speaker 1: of deadlines here. We've drawn a bunch of lines now 310 00:18:41,640 --> 00:18:43,760 Speaker 1: here we are in the middle of what is it, June, 311 00:18:44,400 --> 00:18:47,680 Speaker 1: Are you about to tell me about Joe Biden's genius 312 00:18:47,680 --> 00:18:53,320 Speaker 1: strategy stop the clock. We've had so many deadlines passed 313 00:18:53,359 --> 00:18:55,240 Speaker 1: that I don't think clock is a term that we 314 00:18:55,280 --> 00:18:58,320 Speaker 1: want to use anymore. Uh. Look, the reality is that 315 00:18:59,160 --> 00:19:01,879 Speaker 1: Joe Biden's a mode it right, and he he wants 316 00:19:01,880 --> 00:19:04,760 Speaker 1: to do a deal with Republicans. He thinks he needs 317 00:19:04,760 --> 00:19:07,640 Speaker 1: to to get this kind of legislation passed, and right 318 00:19:07,680 --> 00:19:10,760 Speaker 1: now he's given plenty of space for the moderate Democrats 319 00:19:10,760 --> 00:19:13,359 Speaker 1: in in the United States Senate to do deals. Christen 320 00:19:13,440 --> 00:19:16,119 Speaker 1: Cinema and Rob Portman have been working hard on on 321 00:19:16,160 --> 00:19:19,880 Speaker 1: the current one. Um Shelley Moore Capital was the lead 322 00:19:19,920 --> 00:19:22,800 Speaker 1: Republican and the previous one, and it's all merging. And 323 00:19:22,840 --> 00:19:25,240 Speaker 1: I must say today was the most positive I've heard 324 00:19:25,640 --> 00:19:28,000 Speaker 1: a dozen Republicans out there talking about this. They all 325 00:19:28,119 --> 00:19:30,400 Speaker 1: left this lunch today saying, Wow, we could actually get 326 00:19:30,400 --> 00:19:34,040 Speaker 1: an infrastructure bill. The downside is it puts a big, 327 00:19:34,560 --> 00:19:39,120 Speaker 1: you know, load on Chuck Schumer than to make the Democrats, 328 00:19:39,240 --> 00:19:44,159 Speaker 1: especially the liberal wing of the Democratic Senate happy, and 329 00:19:44,240 --> 00:19:48,000 Speaker 1: that means a separate bill reconciliation you know, for the 330 00:19:48,040 --> 00:19:50,520 Speaker 1: carbon emissions and home care for the elderly that's not 331 00:19:50,600 --> 00:19:53,120 Speaker 1: going to make it into this bill, and and how 332 00:19:53,160 --> 00:19:55,200 Speaker 1: he pays for that is going to be a really 333 00:19:55,240 --> 00:19:57,960 Speaker 1: tough slog in his own caucus. Well, as usual, Rick 334 00:19:58,080 --> 00:20:00,439 Speaker 1: leads me right to where I wanted to go. Not 335 00:20:00,520 --> 00:20:02,880 Speaker 1: all Democrats like the direction we're going in here, of course, 336 00:20:02,960 --> 00:20:05,880 Speaker 1: especially when it comes to who is going to pay 337 00:20:05,960 --> 00:20:08,480 Speaker 1: for this. Listen to Senator Ron Wyden from today, a 338 00:20:08,520 --> 00:20:12,320 Speaker 1: Democrat from Oregon. Here he is most of what is 339 00:20:12,359 --> 00:20:17,720 Speaker 1: being discussed in this effort, would heap new taxes on 340 00:20:17,920 --> 00:20:22,440 Speaker 1: working people? And it just seems to me when these 341 00:20:22,440 --> 00:20:26,479 Speaker 1: mega corporations and the most wealthy use the roads, they 342 00:20:26,480 --> 00:20:29,359 Speaker 1: ought to pay their fair share. Okay, Roger Fisth, what 343 00:20:29,400 --> 00:20:32,800 Speaker 1: does Joe Biden do with that argument? Every Democrat he 344 00:20:32,840 --> 00:20:37,520 Speaker 1: loses means one more Republican he needs. Well, I think 345 00:20:37,560 --> 00:20:40,560 Speaker 1: a couple of bridges and Senator State just fell off 346 00:20:40,600 --> 00:20:43,560 Speaker 1: the list right with that little with that little clip. 347 00:20:43,880 --> 00:20:46,160 Speaker 1: But no, I think he I think he stays um 348 00:20:46,440 --> 00:20:50,679 Speaker 1: laser focused on the messaging around no taxes raised on 349 00:20:50,720 --> 00:20:53,840 Speaker 1: anyone below four hunder thousand dollars. I I hear you 350 00:20:53,920 --> 00:20:56,640 Speaker 1: when you lament the number of deadlines that we have had, 351 00:20:57,000 --> 00:20:59,800 Speaker 1: but it pails compared to the thirty or forty infrastructure 352 00:20:59,840 --> 00:21:04,280 Speaker 1: we that we had with the previous someone. There's at 353 00:21:04,320 --> 00:21:06,880 Speaker 1: least it's an actual piece of legislation. But I think 354 00:21:06,880 --> 00:21:08,879 Speaker 1: the President just has to stick to his guns and 355 00:21:08,920 --> 00:21:11,760 Speaker 1: then to your points from a moment ago, make sure 356 00:21:11,800 --> 00:21:15,359 Speaker 1: that this is front loaded with a couple dozen projects 357 00:21:15,400 --> 00:21:19,600 Speaker 1: that really can be employing people, you know, by September 358 00:21:19,720 --> 00:21:22,679 Speaker 1: or something, because these things have to have an immediate impact. 359 00:21:22,760 --> 00:21:26,000 Speaker 1: And he felt at the kitchen table no later than 360 00:21:26,119 --> 00:21:29,159 Speaker 1: next May. If they're going to impact next fall, you 361 00:21:29,200 --> 00:21:31,520 Speaker 1: can say it out loud, Roger, you can say shovel ready. 362 00:21:31,560 --> 00:21:37,439 Speaker 1: On this program, one of the big sticking points is climate. 363 00:21:37,480 --> 00:21:39,040 Speaker 1: Though we're gonna get into this a little bit more 364 00:21:39,119 --> 00:21:42,240 Speaker 1: later in the hour with Congresswomen Gwen Moore, but I 365 00:21:42,280 --> 00:21:44,159 Speaker 1: want to hear from both of you on this initiatives 366 00:21:44,160 --> 00:21:47,480 Speaker 1: to increase energy efficiency in schools or to invest in 367 00:21:47,520 --> 00:21:52,399 Speaker 1: more energy efficient public transportation. Uh, Roger, you worked for 368 00:21:52,400 --> 00:21:55,000 Speaker 1: a lot of years on policy with Senator John Kerry, 369 00:21:55,040 --> 00:21:57,800 Speaker 1: us now the President's advisor on climate. Are these efforts 370 00:21:57,800 --> 00:22:01,200 Speaker 1: going anywhere? Is this a worthy discussion to have right now? 371 00:22:02,160 --> 00:22:05,320 Speaker 1: I think that the air war is the emission and 372 00:22:05,440 --> 00:22:09,359 Speaker 1: the larger industrial components. The ground war can actually be 373 00:22:09,640 --> 00:22:12,159 Speaker 1: hand in hand with the job sketches message, which is 374 00:22:12,560 --> 00:22:15,600 Speaker 1: retrofitting schools, doing some of those things that we've talked 375 00:22:15,600 --> 00:22:18,639 Speaker 1: about our infrastructure. And one of the last things I 376 00:22:18,680 --> 00:22:21,520 Speaker 1: did was Vice President bike and the second Obama Biden 377 00:22:21,560 --> 00:22:25,159 Speaker 1: administration was a tour of sport, and this tot you 378 00:22:25,240 --> 00:22:28,560 Speaker 1: to the c nineteen conversation with Secretary Gutierres. There's a 379 00:22:28,600 --> 00:22:31,080 Speaker 1: whole class of freighter right now running around the world 380 00:22:31,119 --> 00:22:33,960 Speaker 1: that our ports aren't even big enough to accommodate. Where 381 00:22:34,040 --> 00:22:38,040 Speaker 1: we've allowed ourselves to lap into this obsolete infrastructure so 382 00:22:38,080 --> 00:22:41,160 Speaker 1: that we can't even accept the biggest freighters running around 383 00:22:41,200 --> 00:22:44,160 Speaker 1: the world in daily global commerce. We've got to get 384 00:22:44,160 --> 00:22:47,040 Speaker 1: deadly serious about this. And yes it's a challenge job 385 00:22:47,119 --> 00:22:50,080 Speaker 1: wise because it's going to require investment sometimes that doesn't 386 00:22:50,080 --> 00:22:52,280 Speaker 1: manifest for two or three years, but it's the right 387 00:22:52,320 --> 00:22:54,760 Speaker 1: thing to do. Rick Siro about out of time, But 388 00:22:55,200 --> 00:22:59,200 Speaker 1: is President Biden going to regret spending time talking about 389 00:22:59,240 --> 00:23:02,520 Speaker 1: climate change an infrastructure deal? Well, it just depends upon 390 00:23:02,560 --> 00:23:04,280 Speaker 1: what state you're talking about, because a lot of this 391 00:23:04,359 --> 00:23:07,240 Speaker 1: is going to be state level funding and some of 392 00:23:07,280 --> 00:23:10,119 Speaker 1: that COVID money can be used for these retrofits. So 393 00:23:10,280 --> 00:23:12,640 Speaker 1: watch the governors take a lead on this. I'm Joe 394 00:23:12,640 --> 00:23:15,639 Speaker 1: Matthew live from Washington. Thank you for joining us sound 395 00:23:15,680 --> 00:23:19,639 Speaker 1: on the Biden administration is making deals overseas. We've been 396 00:23:19,680 --> 00:23:22,040 Speaker 1: talking about it throughout the hour. We saw one today 397 00:23:22,040 --> 00:23:25,720 Speaker 1: with a truce with the EU over aircraft manufacturing. But 398 00:23:25,800 --> 00:23:28,680 Speaker 1: making deals at home has proven to be a bit 399 00:23:28,720 --> 00:23:32,320 Speaker 1: more complicated. Certainly when it comes to infrastructure, lawmakers are 400 00:23:32,359 --> 00:23:35,000 Speaker 1: back in town. The White House says it's a wait 401 00:23:35,000 --> 00:23:37,879 Speaker 1: a week, ten days maybe for a possible bipartisan deal 402 00:23:38,000 --> 00:23:40,840 Speaker 1: on this. And we're joined now by Representative Gwen More 403 00:23:40,960 --> 00:23:45,199 Speaker 1: of Wisconsin. Welcome Congresswoman to Bloomberg Radio. Thank you so 404 00:23:45,280 --> 00:23:47,440 Speaker 1: much for handing me well, it's great to hear your voice. 405 00:23:47,440 --> 00:23:49,600 Speaker 1: And before we get into infrastructure, I just want to 406 00:23:49,640 --> 00:23:52,080 Speaker 1: ask about something that just happened on the House floor. 407 00:23:52,160 --> 00:23:54,919 Speaker 1: You're just running and I do appreciate it. From a 408 00:23:54,920 --> 00:23:59,639 Speaker 1: really important vote to honor members of the Capitol Police 409 00:23:59,680 --> 00:24:02,440 Speaker 1: depart and the DC Police Department for their bravery on 410 00:24:02,480 --> 00:24:06,760 Speaker 1: the sixth of January. How did you decide to do that? Oh? 411 00:24:06,880 --> 00:24:09,280 Speaker 1: You know, I think that was so important. You know, 412 00:24:09,760 --> 00:24:12,359 Speaker 1: the lack of gratitude is one of the worst things 413 00:24:12,440 --> 00:24:15,720 Speaker 1: you can commit, and these people literally put their lives 414 00:24:15,720 --> 00:24:19,080 Speaker 1: at stake in order to protect this. And then it's 415 00:24:19,119 --> 00:24:22,679 Speaker 1: the least we could do, considering um that we just 416 00:24:22,920 --> 00:24:27,960 Speaker 1: barely were able to UH to pass a bill to 417 00:24:28,160 --> 00:24:31,960 Speaker 1: buoy the Capitol Police UH and to provide them with 418 00:24:32,000 --> 00:24:35,320 Speaker 1: the resources that they needed. Of course, we still have 419 00:24:35,520 --> 00:24:38,520 Speaker 1: not passed the initiative to create a commission to find 420 00:24:38,560 --> 00:24:41,400 Speaker 1: out what happens. So I think, you know, honoring them 421 00:24:41,520 --> 00:24:43,960 Speaker 1: is really low hanging fruit in the least we could do. 422 00:24:44,680 --> 00:24:47,119 Speaker 1: To be clear, though, you voted today to award a 423 00:24:47,240 --> 00:24:51,240 Speaker 1: gold medal to those officers. Uh, and that was something 424 00:24:51,280 --> 00:24:54,479 Speaker 1: that was considered for Eugene Goodman. But this will be 425 00:24:54,520 --> 00:24:59,080 Speaker 1: an honor they will all receive. Absolutely. You know, we 426 00:24:59,119 --> 00:25:03,360 Speaker 1: had all hands done deck, everybody who's brothers and sisters 427 00:25:03,400 --> 00:25:08,800 Speaker 1: at that time, all working without the proper resources, without 428 00:25:08,880 --> 00:25:12,840 Speaker 1: the proper numbers of folks, without the intelligence really getting 429 00:25:12,840 --> 00:25:15,919 Speaker 1: into their hands so they they could protect themselves. I 430 00:25:15,960 --> 00:25:20,320 Speaker 1: think they all our heroes. Well, I'm glad you're with us, 431 00:25:20,359 --> 00:25:22,840 Speaker 1: and welcome back to Washington. Congresswoman, you said a couple 432 00:25:22,880 --> 00:25:26,920 Speaker 1: of weeks ago with regard to infrastructure, quote, there's an 433 00:25:26,920 --> 00:25:30,000 Speaker 1: expiration on hemming and hawing unquote. I'm pretty sure my 434 00:25:30,040 --> 00:25:32,879 Speaker 1: mom told me that at one point. So have you 435 00:25:33,000 --> 00:25:35,600 Speaker 1: ruled out the possibility of a deal with Republicans at 436 00:25:35,640 --> 00:25:38,760 Speaker 1: this point? You know, I haven't ruled it out, but 437 00:25:38,840 --> 00:25:41,240 Speaker 1: of course this is very time since it is Uh. 438 00:25:41,280 --> 00:25:44,719 Speaker 1: As I look at the current proposal, Uh, it seems 439 00:25:44,720 --> 00:25:49,000 Speaker 1: that they actually um uh told them about one point 440 00:25:49,000 --> 00:25:52,040 Speaker 1: two trillion dollars over eight years. That's kind of double 441 00:25:52,119 --> 00:25:55,200 Speaker 1: what they had proposed his first. There is new spending 442 00:25:55,240 --> 00:25:57,680 Speaker 1: in it, and of course they don't want any new 443 00:25:57,720 --> 00:26:01,280 Speaker 1: tax increases. They can't lead with that. Um. And I'm 444 00:26:01,280 --> 00:26:05,520 Speaker 1: concerned about um about them wanting to just simply raise 445 00:26:05,600 --> 00:26:08,000 Speaker 1: the gas backs. I don't think first of all it's 446 00:26:08,200 --> 00:26:12,200 Speaker 1: enough um. But at least they're looking at some provisions 447 00:26:12,240 --> 00:26:17,160 Speaker 1: for electric vehicles and to provide a funding stream for that. 448 00:26:17,520 --> 00:26:19,720 Speaker 1: So I think that they may be heading in the 449 00:26:19,800 --> 00:26:27,080 Speaker 1: right direction. Um uh. They have three funding mechanisms, but 450 00:26:27,240 --> 00:26:30,920 Speaker 1: I and I don't approve of them sort of repurposing 451 00:26:31,560 --> 00:26:35,440 Speaker 1: the funding approved by for COVID nineteen in March, trying 452 00:26:35,480 --> 00:26:39,440 Speaker 1: to recapture that money that has already been encumbered. It 453 00:26:39,560 --> 00:26:43,359 Speaker 1: just hasn't been spent because there are multi year things 454 00:26:43,359 --> 00:26:45,360 Speaker 1: that need to be done with that money's And so 455 00:26:45,800 --> 00:26:49,919 Speaker 1: I think that I think they may be heading in 456 00:26:49,920 --> 00:26:54,119 Speaker 1: the right direction. But again I renew what I said before. 457 00:26:54,640 --> 00:26:58,320 Speaker 1: You know that the clock is running down and we 458 00:26:58,400 --> 00:27:01,480 Speaker 1: can't him in hall um. I do think that it 459 00:27:01,560 --> 00:27:04,720 Speaker 1: is really possible that I'm not in the Senate. I 460 00:27:04,760 --> 00:27:07,560 Speaker 1: do think it's really possible, UH, that they're going to 461 00:27:07,640 --> 00:27:11,240 Speaker 1: break this pacage up so that they can't pass something 462 00:27:11,960 --> 00:27:15,960 Speaker 1: UM that is bipartisan and then leave the risk in 463 00:27:16,440 --> 00:27:20,119 Speaker 1: a reconciliation bill. That seems to be the most logical 464 00:27:20,240 --> 00:27:25,800 Speaker 1: path forward. This has been floated a couple of times recently. 465 00:27:25,840 --> 00:27:28,000 Speaker 1: And I'll tell you what, though, I'm hearing optimism in 466 00:27:28,040 --> 00:27:30,840 Speaker 1: your voice that that we didn't hear a couple of 467 00:27:30,880 --> 00:27:33,359 Speaker 1: weeks ago. Talk to me more about electric vehicles, whether 468 00:27:33,440 --> 00:27:38,520 Speaker 1: it's whether it's public fleets, school buses, public transportation. Some 469 00:27:38,680 --> 00:27:42,720 Speaker 1: of your Republican colleagues say, that's not infrastructure. Well, and 470 00:27:42,960 --> 00:27:45,359 Speaker 1: that's why I have this positive tone in my voice, 471 00:27:45,800 --> 00:27:48,840 Speaker 1: because it just to have been able to move them 472 00:27:48,880 --> 00:27:52,760 Speaker 1: to embrace some of the climate agenda. UH is a 473 00:27:52,880 --> 00:27:55,920 Speaker 1: hurricane lean t has been a hurricue lean pass UH. 474 00:27:55,960 --> 00:27:59,359 Speaker 1: And so to the extent that they're ready to move 475 00:27:59,440 --> 00:28:04,120 Speaker 1: us into the police first century UM and not cling 476 00:28:04,160 --> 00:28:08,639 Speaker 1: to coal and oil UM that is really at the 477 00:28:08,720 --> 00:28:14,679 Speaker 1: center of climate damage is really very encouraging. But you know, 478 00:28:14,920 --> 00:28:17,879 Speaker 1: the Republican argument in this case, UH, to play the 479 00:28:17,920 --> 00:28:20,760 Speaker 1: devil's advocate is bridges are falling down. We don't have 480 00:28:20,840 --> 00:28:23,840 Speaker 1: time or money to be playing with electric buses. How 481 00:28:23,920 --> 00:28:28,280 Speaker 1: is that in the same bill. Well, you know, bridges 482 00:28:28,320 --> 00:28:33,159 Speaker 1: are indeed falling down. Um, But in fact, rebuilding the 483 00:28:33,240 --> 00:28:39,120 Speaker 1: bridges won't get us the clean air that electric buses will. Uh, 484 00:28:39,280 --> 00:28:44,800 Speaker 1: it won't get us faster trains. Um. Uh. Necessarily to 485 00:28:44,920 --> 00:28:47,160 Speaker 1: just do the same old thing that we have done. 486 00:28:47,520 --> 00:28:50,320 Speaker 1: I mean, we're really proud. I'm really proud of our evolution. 487 00:28:50,400 --> 00:28:52,880 Speaker 1: I'm seventy years old and I've seen a lot in 488 00:28:52,960 --> 00:28:57,600 Speaker 1: my lifetime. Um, and innovation is the only way that 489 00:28:57,600 --> 00:29:01,320 Speaker 1: we're going to be globally competitive. That are you know, 490 00:29:01,440 --> 00:29:06,200 Speaker 1: continuing to clean to our coal fired services are just 491 00:29:06,200 --> 00:29:09,160 Speaker 1: gonna leave us literally in the stuff. Well you're getting 492 00:29:09,200 --> 00:29:10,800 Speaker 1: right to the heart of the argument here. And just 493 00:29:10,840 --> 00:29:12,640 Speaker 1: to push you a little bit more on that is 494 00:29:12,720 --> 00:29:17,840 Speaker 1: clean air infrastructure, Well, it is to me he is 495 00:29:17,840 --> 00:29:20,800 Speaker 1: the person who that had the first asthma attacks shoveling 496 00:29:20,960 --> 00:29:24,200 Speaker 1: cold into a furnace. You know, I held from Wisconsin, 497 00:29:24,240 --> 00:29:26,520 Speaker 1: and of course I grew up in the culture of 498 00:29:26,600 --> 00:29:30,160 Speaker 1: clean air and clean water with late great U. S. 499 00:29:30,160 --> 00:29:34,200 Speaker 1: Senator and Governor gay Lord Nelson's the father birth day, UM, 500 00:29:34,400 --> 00:29:38,800 Speaker 1: And so I value this and I have really been 501 00:29:39,920 --> 00:29:43,480 Speaker 1: very stressed out about the ways that we've turned away 502 00:29:44,000 --> 00:29:47,800 Speaker 1: from clean air and clean water, and I think that 503 00:29:48,160 --> 00:29:51,480 Speaker 1: is something that we take for granted. But again, clean air, 504 00:29:51,840 --> 00:29:54,239 Speaker 1: it's part of climate action. You know. As long as 505 00:29:54,280 --> 00:29:58,840 Speaker 1: we have busy uh writing on file, the fuel will 506 00:29:58,880 --> 00:30:01,360 Speaker 1: have a lot of pollutes in the air, people will 507 00:30:01,360 --> 00:30:05,000 Speaker 1: have heart disease as the help of things that cost 508 00:30:05,080 --> 00:30:08,640 Speaker 1: the crest pile of money um U in the long run. 509 00:30:09,040 --> 00:30:12,720 Speaker 1: And so uh you know again, America has been this 510 00:30:12,920 --> 00:30:16,400 Speaker 1: great place of innovation from my entire life, and there's 511 00:30:16,440 --> 00:30:19,600 Speaker 1: no point in turning back now. So why not write 512 00:30:19,640 --> 00:30:22,360 Speaker 1: a separate climate bill? Or is that how this ends up? 513 00:30:22,400 --> 00:30:24,920 Speaker 1: We have Rhodes Bridges tunnels, like you said, in one 514 00:30:25,120 --> 00:30:28,560 Speaker 1: bipartisan piece of legislation, and then there's a climate infrastructure 515 00:30:28,600 --> 00:30:31,960 Speaker 1: bill that might be a separate document altogether. Well, I'll 516 00:30:32,000 --> 00:30:34,520 Speaker 1: tell you their genius is over there who configure all 517 00:30:34,600 --> 00:30:37,640 Speaker 1: this out. Um. But the thing that I am really 518 00:30:37,680 --> 00:30:41,040 Speaker 1: happy about is that they're not going to leave stranded. 519 00:30:41,080 --> 00:30:43,200 Speaker 1: I guess one of the things that would worry about 520 00:30:43,480 --> 00:30:45,640 Speaker 1: with regard to them breaking that part of the deal 521 00:30:45,720 --> 00:30:50,800 Speaker 1: off is that we still have the um the Investment 522 00:30:50,880 --> 00:30:55,320 Speaker 1: in People agenda, which I think maybe a great candidate 523 00:30:55,440 --> 00:31:01,120 Speaker 1: for reconciliation, you know that is the family care, the 524 00:31:01,240 --> 00:31:07,320 Speaker 1: childcare extensions of those kinds of that, the people infrastructure. 525 00:31:08,000 --> 00:31:10,400 Speaker 1: Um so I I you know, I'm thinking that that 526 00:31:10,440 --> 00:31:15,480 Speaker 1: would be a better use of that last cat, that 527 00:31:15,560 --> 00:31:20,680 Speaker 1: budget reconciliation. Uh so, I do think I wouldn't want 528 00:31:20,680 --> 00:31:23,560 Speaker 1: to be separated like that, But that would also indicate 529 00:31:23,600 --> 00:31:25,640 Speaker 1: that you don't believe there will be much, if any 530 00:31:25,720 --> 00:31:31,520 Speaker 1: Republican support for say, childcare as infrastructure. Well, I can 531 00:31:31,600 --> 00:31:35,120 Speaker 1: tell you, um, you know, it's hard to me to 532 00:31:35,120 --> 00:31:39,400 Speaker 1: believe that there aren't women out there who aren't paying 533 00:31:39,920 --> 00:31:44,360 Speaker 1: you know, you know, thirty of their income for childcare. 534 00:31:45,000 --> 00:31:47,840 Speaker 1: When we look at the at the economy, the K 535 00:31:48,080 --> 00:31:51,840 Speaker 1: shaped economy we experience, it was a story of women 536 00:31:51,960 --> 00:31:56,600 Speaker 1: losing their jobs. Um. And right now we hear employers 537 00:31:57,200 --> 00:32:01,760 Speaker 1: demanding that workers come back to work, and they're essentially 538 00:32:01,800 --> 00:32:06,400 Speaker 1: demanding that women come back to the jobs that first 539 00:32:06,440 --> 00:32:09,000 Speaker 1: of all don't pay well, and then come back in 540 00:32:09,120 --> 00:32:12,120 Speaker 1: situations where their children are not yet back in school 541 00:32:12,480 --> 00:32:16,440 Speaker 1: and whereas they don't have any easy solutions for childcare. Um. 542 00:32:16,640 --> 00:32:20,000 Speaker 1: You know, as a mother, grandmother, and great grandmother, I 543 00:32:20,040 --> 00:32:24,680 Speaker 1: can tell you that, uh, the childcare infrastructure, Uh, the 544 00:32:24,800 --> 00:32:27,800 Speaker 1: lack of it. Rather, it's one of the reasons that 545 00:32:27,880 --> 00:32:32,080 Speaker 1: we have seen, um like a a thirty three year 546 00:32:32,440 --> 00:32:37,760 Speaker 1: loan of women's participation in the workforce. Uh, and that 547 00:32:37,960 --> 00:32:40,760 Speaker 1: is not sustainable. Women are not working just so that 548 00:32:40,840 --> 00:32:44,720 Speaker 1: they can have Christmas money or a little extra money. 549 00:32:45,000 --> 00:32:48,120 Speaker 1: I mean, they're often you know, the pread winners in 550 00:32:48,120 --> 00:32:51,760 Speaker 1: the family. And even if there is a solid marriage 551 00:32:52,320 --> 00:32:55,440 Speaker 1: that helsehold would not be able to run without women's earnings. 552 00:32:55,440 --> 00:32:58,720 Speaker 1: And so um, the time has come for us to 553 00:32:59,600 --> 00:33:03,640 Speaker 1: include women in the calculation of our our our GDP, 554 00:33:03,760 --> 00:33:07,600 Speaker 1: and our economy. And we've got to calculate um, uh 555 00:33:08,240 --> 00:33:12,600 Speaker 1: this work support that they need. You know, we would 556 00:33:12,600 --> 00:33:15,960 Speaker 1: never expect demand to go build the bridge without these 557 00:33:16,000 --> 00:33:22,200 Speaker 1: fools and women. We need childcare, families needed, but primarily 558 00:33:22,400 --> 00:33:25,520 Speaker 1: the burden of finding the childcare follows from some woman. 559 00:33:26,000 --> 00:33:29,440 Speaker 1: And of course some woman she's going to exploit babysitting 560 00:33:29,520 --> 00:33:33,440 Speaker 1: for a little or nothing. Representative Gwen Moore of Wisconsin Congresswoman, 561 00:33:33,480 --> 00:33:35,640 Speaker 1: I'm delighted you could be with us to talk about 562 00:33:35,640 --> 00:33:39,400 Speaker 1: this critically important issue as the clock ticks. Thank you 563 00:33:39,440 --> 00:33:41,959 Speaker 1: for being here, and thank you as well for acting 564 00:33:42,000 --> 00:33:44,360 Speaker 1: to honor the heroes who fought to protect the capital 565 00:33:44,400 --> 00:33:47,720 Speaker 1: in January. I'm Joe Matthew. You're listening to sound on 566 00:33:48,520 --> 00:33:49,480 Speaker 1: This is Bloomberg.