1 00:00:02,920 --> 00:00:10,600 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,640 --> 00:00:12,719 Speaker 1: Bloomberg Balance of Power podcast. 3 00:00:13,039 --> 00:00:16,279 Speaker 2: Catch us live weekdays at noon Eastern on Applecarplay and 4 00:00:16,280 --> 00:00:19,439 Speaker 2: then Roudoo with the Bloomberg Business app. Listen on demand 5 00:00:19,480 --> 00:00:25,320 Speaker 2: wherever you get your podcasts. Watch us live on YouTube. 6 00:00:25,560 --> 00:00:28,200 Speaker 3: Thank you, and welcome to the Thursday edition of Balance 7 00:00:28,200 --> 00:00:31,479 Speaker 3: of Power on Bloomberg TV and Radio. I'm Joe Matthew 8 00:00:31,520 --> 00:00:35,559 Speaker 3: in Washington where Donald Trump is addressing Republican senators right now. 9 00:00:35,560 --> 00:00:37,200 Speaker 3: Are going to have an update in just a moment 10 00:00:37,200 --> 00:00:40,320 Speaker 3: from Kayley Lines, who is following Donald Trump today on 11 00:00:40,360 --> 00:00:43,240 Speaker 3: his return to the Capitol for the first time since 12 00:00:43,520 --> 00:00:48,199 Speaker 3: the January sixth riots in Italy. Meantime, Joe Biden preparing 13 00:00:48,240 --> 00:00:50,920 Speaker 3: to hold a bilateral news conference later on this hour 14 00:00:51,520 --> 00:00:55,080 Speaker 3: with Voladimir Zelenski. These two events, as Donald Trump prepares 15 00:00:55,120 --> 00:00:57,400 Speaker 3: to speak as well, could collide later on this hour, 16 00:00:57,520 --> 00:01:01,080 Speaker 3: drawing the literal split screen for us here today on 17 00:01:01,120 --> 00:01:03,600 Speaker 3: the campaign trail. We want to start in Italy right 18 00:01:03,640 --> 00:01:06,840 Speaker 3: now at the G seven with Bloomberg's and Marie Hordurn, 19 00:01:06,880 --> 00:01:09,160 Speaker 3: who has been traveling with the President, and it's great. 20 00:01:08,920 --> 00:01:10,680 Speaker 4: To have you with us. Anne Marie. 21 00:01:10,720 --> 00:01:13,880 Speaker 3: Important news today on a development that will bring more funding, 22 00:01:13,959 --> 00:01:17,800 Speaker 3: some fifty billion dollars in help for Ukraine through a 23 00:01:17,840 --> 00:01:18,840 Speaker 3: new loan syndicate. 24 00:01:18,880 --> 00:01:19,880 Speaker 4: How's this all going to work? 25 00:01:22,840 --> 00:01:24,959 Speaker 5: Yeah, that's right, Joe. The United States has been pushing 26 00:01:24,959 --> 00:01:27,080 Speaker 5: to try to get this done for months, and finally 27 00:01:27,080 --> 00:01:28,880 Speaker 5: they were able to get over the finish line at 28 00:01:28,920 --> 00:01:33,240 Speaker 5: this G seven Lider summit. They're basically front loading these 29 00:01:33,360 --> 00:01:36,360 Speaker 5: interest payments that have been accruing and will in the 30 00:01:36,440 --> 00:01:40,680 Speaker 5: future accrue for these Russian frozen assets two hundred and 31 00:01:40,680 --> 00:01:43,120 Speaker 5: eighty billion dollars worth that are sitting in Europe. Now, 32 00:01:43,280 --> 00:01:47,960 Speaker 5: the Europeans were gained to basically send what was collecting 33 00:01:48,040 --> 00:01:51,000 Speaker 5: interest this year, say three to six billion dollars. The 34 00:01:51,080 --> 00:01:53,559 Speaker 5: United States didn't think that was enough. So what they're 35 00:01:53,600 --> 00:01:57,360 Speaker 5: doing is they're taking the future payments upfront and sending 36 00:01:57,400 --> 00:02:00,800 Speaker 5: this loan to Ukraine. Now some technical detail still needs 37 00:02:00,840 --> 00:02:02,680 Speaker 5: be worked out after the G seven but this is 38 00:02:02,680 --> 00:02:06,360 Speaker 5: certainly a political win for the administration and also for Ukraine. 39 00:02:06,400 --> 00:02:09,400 Speaker 5: When I last spoke to the Ukrainian Foreign Minister in Davos, 40 00:02:09,440 --> 00:02:12,280 Speaker 5: he said twenty twenty four, the main goal is the 41 00:02:12,320 --> 00:02:16,480 Speaker 5: financial help Ukraine needs and tapping the value of those 42 00:02:16,560 --> 00:02:19,600 Speaker 5: Russian assets. He said, the political will needs to be there, 43 00:02:19,600 --> 00:02:22,440 Speaker 5: and once the politicians make a decision, then the lawyers 44 00:02:22,480 --> 00:02:25,000 Speaker 5: and the bankers can get to work. So when President 45 00:02:25,080 --> 00:02:27,640 Speaker 5: Biden steps up today Vodimirzelensky, he's going to want to 46 00:02:27,639 --> 00:02:31,239 Speaker 5: tout this deal as well as the bilateral security agreement 47 00:02:31,400 --> 00:02:32,680 Speaker 5: that the two leaders will sign. 48 00:02:33,919 --> 00:02:36,000 Speaker 3: Well, I'm glad you mentioned that we'll be hearing from 49 00:02:36,400 --> 00:02:39,080 Speaker 3: the president, if all things stay on time, from both 50 00:02:39,120 --> 00:02:42,080 Speaker 3: presidents in about forty five minutes, and where you're going 51 00:02:42,120 --> 00:02:44,680 Speaker 3: to have domestic reporters there from the US, from the 52 00:02:44,680 --> 00:02:46,519 Speaker 3: White House Press Corps, who want to ask about a 53 00:02:46,560 --> 00:02:49,440 Speaker 3: Supreme Court ruling today on mifipristone, who want to ask 54 00:02:49,560 --> 00:02:53,160 Speaker 3: Joe Biden about a potential cease fire in Israel. The 55 00:02:53,200 --> 00:02:56,000 Speaker 3: message from the White House today, though the administration is 56 00:02:56,040 --> 00:02:59,520 Speaker 3: squarely about Ukraine, what will be Joe Biden's message on 57 00:02:59,520 --> 00:03:02,040 Speaker 3: some of these other issues from overseas. 58 00:03:03,960 --> 00:03:04,160 Speaker 6: Well. 59 00:03:04,200 --> 00:03:06,280 Speaker 5: He's certainly going to want to talk about Ukraine because 60 00:03:06,280 --> 00:03:09,080 Speaker 5: he's going to be standing next to Ukrainian leader Volodimir Zelenski, 61 00:03:09,120 --> 00:03:11,080 Speaker 5: and the United States has been talking about the fact 62 00:03:11,120 --> 00:03:14,120 Speaker 5: that they think the g seven is now more unified 63 00:03:14,520 --> 00:03:18,040 Speaker 5: than ever in modern times. It's interesting you would say 64 00:03:18,040 --> 00:03:20,519 Speaker 5: that given the fact that most of these leaders, besides 65 00:03:20,560 --> 00:03:23,360 Speaker 5: Georgia Maloney are coming here with the men's amount of 66 00:03:23,360 --> 00:03:27,520 Speaker 5: political pressure at home Rishi, Suna, Kamano, Makhan olof Schultz, 67 00:03:27,560 --> 00:03:29,040 Speaker 5: just to name a few. When it comes to the 68 00:03:29,120 --> 00:03:31,200 Speaker 5: miff of pristone ruling on the Supreme Court, we did 69 00:03:31,280 --> 00:03:33,959 Speaker 5: get a statement from the President talking about the fact, 70 00:03:34,280 --> 00:03:36,400 Speaker 5: really pivoting the fact that they are so happy that 71 00:03:36,440 --> 00:03:41,680 Speaker 5: the Supreme Court upheld women's access to ripper pristone. But Joe, 72 00:03:41,840 --> 00:03:44,840 Speaker 5: they squirrely are pointing this to November, saying that more 73 00:03:44,920 --> 00:03:47,880 Speaker 5: needs to be done to protect women's healthcare. And we're 74 00:03:47,880 --> 00:03:50,760 Speaker 5: gonna hear probably the same message for the President again 75 00:03:50,840 --> 00:03:52,960 Speaker 5: this evening. I'm sure he's going to be asked that 76 00:03:53,040 --> 00:03:55,840 Speaker 5: question when he's faced with a number of domestic reporters 77 00:03:55,880 --> 00:03:56,880 Speaker 5: in the room. 78 00:03:57,360 --> 00:03:58,240 Speaker 4: That's gonna be true. 79 00:03:58,520 --> 00:04:00,960 Speaker 3: And Marie Horduring among them to see an Marie thank 80 00:04:00,960 --> 00:04:03,840 Speaker 3: you for joining us from Bari Italy. As she follows 81 00:04:03,920 --> 00:04:07,840 Speaker 3: the President at this important summit, Bloomberg's Kaylee Lines meantime, 82 00:04:08,520 --> 00:04:12,040 Speaker 3: is making her way around the Capitol here following Donald 83 00:04:12,040 --> 00:04:15,600 Speaker 3: Trump at a series of events that included a speech 84 00:04:15,640 --> 00:04:18,920 Speaker 3: to the Business Roundtable a short time ago. Ninety CEOs 85 00:04:18,960 --> 00:04:22,680 Speaker 3: in the rooms, with some pretty bold names, Jamie Diamond, 86 00:04:22,960 --> 00:04:25,960 Speaker 3: Tim Cook among them. Kaylee, what was the message from 87 00:04:25,960 --> 00:04:26,799 Speaker 3: the former president? 88 00:04:30,240 --> 00:04:33,279 Speaker 7: Well, one ceo leaving this meeting, Joe, as they're all 89 00:04:33,360 --> 00:04:36,239 Speaker 7: getting just shuffled into their SUVs and not really feeling 90 00:04:36,320 --> 00:04:39,479 Speaker 7: open to speaking with press, just described this meeting as informative. 91 00:04:39,480 --> 00:04:41,640 Speaker 7: He said it was about forty five minutes of Donald 92 00:04:41,680 --> 00:04:43,680 Speaker 7: Trump addressing those in the room. But of course we 93 00:04:43,720 --> 00:04:46,239 Speaker 7: do know that there were some heavy hitters there, including 94 00:04:46,240 --> 00:04:48,279 Speaker 7: the CEOs of a number of the largest banks in 95 00:04:48,320 --> 00:04:51,520 Speaker 7: the country, technology executives as well, And the message is 96 00:04:51,600 --> 00:04:53,480 Speaker 7: likely to be pretty similar to what Donald Trump was 97 00:04:53,520 --> 00:04:56,440 Speaker 7: preaching in his meeting with House Republicans earlier today, when 98 00:04:56,480 --> 00:04:58,560 Speaker 7: he was talking about what he wants to do to 99 00:04:58,600 --> 00:05:01,440 Speaker 7: help with inflation and unleash the US economy. In large 100 00:05:01,440 --> 00:05:04,880 Speaker 7: part that seems to be deregulating it in terms of 101 00:05:05,360 --> 00:05:09,080 Speaker 7: industries like energy, and then also maybe higher tariffs on 102 00:05:09,240 --> 00:05:12,280 Speaker 7: adversaries in particular, and potentially using the proceeds from those 103 00:05:12,360 --> 00:05:16,320 Speaker 7: higher tariffs to lower income taxes. For Americans. I spoke 104 00:05:16,560 --> 00:05:20,480 Speaker 7: with Congressman Marjorie Taylor Green of Georgia about what exactly 105 00:05:20,480 --> 00:05:23,159 Speaker 7: Trump said about tariffs and taxes and how they could 106 00:05:23,160 --> 00:05:25,479 Speaker 7: interplay together. And this is what she told me. 107 00:05:26,400 --> 00:05:29,400 Speaker 6: President Trump said, he's floating an idea, and I think 108 00:05:29,400 --> 00:05:32,279 Speaker 6: it's a wonderful idea. You know, our tax code is 109 00:05:32,320 --> 00:05:36,240 Speaker 6: expiring this year, and depending on which party controls the 110 00:05:36,279 --> 00:05:40,200 Speaker 6: House of Representatives, will determine Americans to how much they 111 00:05:40,240 --> 00:05:43,560 Speaker 6: pay in taxes. President Trump said, he said this is 112 00:05:43,600 --> 00:05:47,560 Speaker 6: an idea, but I'd love to raise tariffs. And then 113 00:05:47,680 --> 00:05:51,799 Speaker 6: he said maybe even no income taxes for Americans. Everyone 114 00:05:51,880 --> 00:05:54,920 Speaker 6: was clapping in the room. I think that's a fantastic idea. 115 00:05:55,320 --> 00:05:57,520 Speaker 6: And he even later joked and he said, if you 116 00:05:57,560 --> 00:05:59,960 Speaker 6: guys are going to go vote on something today, vote 117 00:06:00,120 --> 00:06:02,600 Speaker 6: to lower taxes on Americans. 118 00:06:05,480 --> 00:06:08,640 Speaker 7: Now. That was the take from Congresswoman Marjorie Taylor Green. 119 00:06:08,720 --> 00:06:11,240 Speaker 7: I did speak as well with Republican Congressman Nicole Notley 120 00:06:11,320 --> 00:06:12,880 Speaker 7: Talkis of New York, who seemed to have a bit 121 00:06:12,880 --> 00:06:15,680 Speaker 7: of a different take on how exactly Trump presented that 122 00:06:15,760 --> 00:06:17,600 Speaker 7: idea in the room. She said that he didn't think 123 00:06:17,600 --> 00:06:21,080 Speaker 7: he was He said he wasn't presenting that a serious 124 00:06:21,120 --> 00:06:23,400 Speaker 7: policy that he was outlining, But he did speak about 125 00:06:23,400 --> 00:06:26,159 Speaker 7: the prospect of tiger tariffs on adversaries and potentially that 126 00:06:26,200 --> 00:06:28,719 Speaker 7: being used as a pay for for lower taxes. Is 127 00:06:28,839 --> 00:06:30,800 Speaker 7: just not clear that he actually said that it would 128 00:06:30,800 --> 00:06:32,320 Speaker 7: mean no income tax at all. 129 00:06:32,400 --> 00:06:35,159 Speaker 4: Joe, Well, this is really interesting, Kaylee. 130 00:06:35,200 --> 00:06:37,640 Speaker 3: We sat here yesterday, you and I with Kevin Brady, 131 00:06:38,080 --> 00:06:40,039 Speaker 3: the former chair of the House Ways and Means Committee 132 00:06:40,040 --> 00:06:43,640 Speaker 3: now former congressman, who is leaning into this with the 133 00:06:43,680 --> 00:06:47,040 Speaker 3: group that he's working for now to try to start 134 00:06:47,120 --> 00:06:51,640 Speaker 3: the argument now about making the Trump tax cuts permanent. 135 00:06:52,000 --> 00:06:55,040 Speaker 3: They're not waiting to find out who wins this election. 136 00:06:55,240 --> 00:06:57,560 Speaker 3: What did the folks in the room have to say, 137 00:06:57,800 --> 00:07:01,839 Speaker 3: if anything, about that, because they all heard from Jeff Science, 138 00:07:01,880 --> 00:07:04,359 Speaker 3: the White House Chief of Staff today speaking on behalf 139 00:07:04,400 --> 00:07:05,040 Speaker 3: of Joe Biden. 140 00:07:08,400 --> 00:07:11,320 Speaker 7: Yeah. Interesting of course that Joe Biden is preoccupied in Italy, 141 00:07:11,360 --> 00:07:14,240 Speaker 7: where Annry Hordern was joining from just moments ago. Therefore 142 00:07:14,240 --> 00:07:16,680 Speaker 7: his chief of staff had to speak on his behalf. 143 00:07:16,720 --> 00:07:19,360 Speaker 7: But it is in some sense a bit of conflicting 144 00:07:19,400 --> 00:07:22,400 Speaker 7: messaging because obviously the corporate tax cuts that were put 145 00:07:22,440 --> 00:07:25,160 Speaker 7: into place under Donald Trump in twenty seventeen aren't necessarily 146 00:07:25,160 --> 00:07:29,080 Speaker 7: supported at large by Democrats who think those lower taxes 147 00:07:29,120 --> 00:07:32,320 Speaker 7: just resulted in higher profits being kept by those companies, 148 00:07:32,320 --> 00:07:35,880 Speaker 7: whereas Donald Trump is really pitched easier regulation, lower taxes 149 00:07:35,920 --> 00:07:37,880 Speaker 7: across the board. That seems to be the idea on 150 00:07:38,000 --> 00:07:41,360 Speaker 7: the idea of twenty seventeen tax cuts though, and potentially 151 00:07:41,360 --> 00:07:43,840 Speaker 7: those being reinstated. When I was speaking with Congressoman Malli 152 00:07:43,960 --> 00:07:47,080 Speaker 7: Tacus earlier, she said he didn't really talk about that specifically, 153 00:07:47,120 --> 00:07:49,680 Speaker 7: more so just building upon the success he had in 154 00:07:49,760 --> 00:07:52,800 Speaker 7: terms of lowering taxes in his first administration. It seems 155 00:07:52,800 --> 00:07:55,160 Speaker 7: as though this is a conversation that has gotten started 156 00:07:55,560 --> 00:07:57,920 Speaker 7: but likely still needs to have a lot of details 157 00:07:58,080 --> 00:08:00,440 Speaker 7: hammered out. It seemed, by and large the meetings that 158 00:08:00,480 --> 00:08:03,200 Speaker 7: Trump had this morning, at least with the House, were 159 00:08:03,600 --> 00:08:06,120 Speaker 7: much more overarching than they were getting into the very 160 00:08:06,120 --> 00:08:09,040 Speaker 7: specific nitty gritty of policy, and of course, getting any 161 00:08:09,080 --> 00:08:12,920 Speaker 7: of this policy actually implemented Joe will likely required Republicans 162 00:08:13,080 --> 00:08:15,480 Speaker 7: keeping a hold of the House of Representatives, which a 163 00:08:15,520 --> 00:08:17,600 Speaker 7: lot of people were talking a big game about leaving 164 00:08:17,600 --> 00:08:19,400 Speaker 7: the meeting this morning, but we know as far from 165 00:08:19,440 --> 00:08:21,480 Speaker 7: guaranteed that's. 166 00:08:21,320 --> 00:08:23,960 Speaker 4: The sticky part, isn't it. Kaylie. Great to see you. 167 00:08:24,000 --> 00:08:26,840 Speaker 3: Thanks so much for being with us in your travels 168 00:08:26,880 --> 00:08:29,640 Speaker 3: around the district of Columbia today. From the wharf them 169 00:08:29,760 --> 00:08:33,920 Speaker 3: back to Capitol Hill, where Donald Trump is next addressing 170 00:08:34,000 --> 00:08:36,160 Speaker 3: Republican Senators, and. 171 00:08:36,080 --> 00:08:39,080 Speaker 4: We'll have more from the former president later this hour. 172 00:08:39,160 --> 00:08:41,079 Speaker 4: He's at the NRSC, the. 173 00:08:41,080 --> 00:08:44,760 Speaker 3: National Republican Senatorial Campaign Committee, and will hold a news 174 00:08:44,760 --> 00:08:47,840 Speaker 3: conference or at least deliver remarks to be more exact, 175 00:08:47,880 --> 00:08:50,880 Speaker 3: from there about twenty minutes from now is the schedule. 176 00:08:50,880 --> 00:08:54,120 Speaker 3: We'll see how on time things stay, along with Joe 177 00:08:54,120 --> 00:08:57,040 Speaker 3: Biden as well, fifteen minutes later, set to hold forth 178 00:08:57,720 --> 00:08:59,600 Speaker 3: in his news conference from. 179 00:08:59,440 --> 00:09:00,560 Speaker 4: The G seven. 180 00:09:02,320 --> 00:09:06,360 Speaker 3: The idea of extending or making permanent, though the Trump 181 00:09:06,480 --> 00:09:11,000 Speaker 3: tax cuts from twenty seventeen, is something that's already being debated, 182 00:09:11,000 --> 00:09:13,280 Speaker 3: as we've made clear here, and Maya McGinnis has some 183 00:09:13,320 --> 00:09:15,800 Speaker 3: thoughts about this. The president of the Committee for a 184 00:09:15,840 --> 00:09:19,000 Speaker 3: Responsible Federal Budget. The group has been crunching numbers on 185 00:09:19,040 --> 00:09:22,640 Speaker 3: this to understand better what the impact would be. Kaylee's 186 00:09:22,679 --> 00:09:26,480 Speaker 3: talking about offsets. Let's talk to Maya about this. It's 187 00:09:26,520 --> 00:09:29,319 Speaker 3: great to see you as always, Maya on Bloomberg TV 188 00:09:29,400 --> 00:09:32,480 Speaker 3: and Radio. Let's say they get this done. Donald Trump 189 00:09:32,520 --> 00:09:35,680 Speaker 3: wins the presidency and he manages to get this through Congress, 190 00:09:36,160 --> 00:09:40,320 Speaker 3: making permanent the twenty seventeen tax cuts would do what 191 00:09:40,480 --> 00:09:41,240 Speaker 3: to our deficit? 192 00:09:42,840 --> 00:09:48,360 Speaker 8: Yeah, so it would absolutely explode in already untenable fiscal situation. 193 00:09:48,640 --> 00:09:51,280 Speaker 8: So just to take stock of where we are, we 194 00:09:51,360 --> 00:09:55,360 Speaker 8: are already on track to borrow another twenty trillion dollars 195 00:09:55,400 --> 00:09:57,679 Speaker 8: over the next decade. We are going to be hitting 196 00:09:57,720 --> 00:09:59,960 Speaker 8: record levels of debt as a share of the economy 197 00:10:00,040 --> 00:10:03,000 Speaker 8: in just a few years. Interest payments are growing faster 198 00:10:03,080 --> 00:10:05,320 Speaker 8: than anything in the budget. They are the single largest 199 00:10:05,320 --> 00:10:08,200 Speaker 8: item in the budget. The fiscal situation is really bad. 200 00:10:08,679 --> 00:10:10,280 Speaker 8: Part of what got there. Obviously, some of what we 201 00:10:10,440 --> 00:10:13,079 Speaker 8: got there was emergencies like COVID where we should have borrowed, 202 00:10:13,400 --> 00:10:16,120 Speaker 8: But a big component was that a lot of policies 203 00:10:16,120 --> 00:10:18,199 Speaker 8: have not been offset in recent years to One of 204 00:10:18,240 --> 00:10:20,640 Speaker 8: those big ones was the Trump tax cuts. They added 205 00:10:20,640 --> 00:10:23,800 Speaker 8: two trillion dollars to the debt. Many members of Congress 206 00:10:23,800 --> 00:10:26,320 Speaker 8: were saying, we made a mistake. We should have and 207 00:10:26,360 --> 00:10:28,640 Speaker 8: these are the Republicans who supported that. We should have 208 00:10:28,679 --> 00:10:31,360 Speaker 8: also cut spending. We didn't do that in order to 209 00:10:31,679 --> 00:10:34,160 Speaker 8: keep this from adding to the debt. But now if 210 00:10:34,200 --> 00:10:37,400 Speaker 8: you are talking about really extending these tax cuts again 211 00:10:37,440 --> 00:10:40,199 Speaker 8: the portions that are expiring, we are talking about even 212 00:10:40,480 --> 00:10:45,400 Speaker 8: larger a price tag upwards of four trillion dollars. And 213 00:10:45,440 --> 00:10:47,560 Speaker 8: then there are other things they are talking about, including 214 00:10:47,559 --> 00:10:49,960 Speaker 8: some of the business tax cuts that I've expired, could 215 00:10:49,960 --> 00:10:53,239 Speaker 8: bring you up to five trillion dollars. There is absolutely 216 00:10:53,280 --> 00:10:57,040 Speaker 8: no space in our very dangerous fiscal situation right now 217 00:10:57,240 --> 00:11:01,280 Speaker 8: to be talking about adding trillions more. And so you 218 00:11:01,480 --> 00:11:03,439 Speaker 8: just can't talk about this without thinking about how you're 219 00:11:03,440 --> 00:11:05,760 Speaker 8: going to offset those costs on that lost revenue. 220 00:11:06,920 --> 00:11:09,280 Speaker 3: Well, this is really interesting, and this is something that 221 00:11:09,320 --> 00:11:12,679 Speaker 3: people need to hear, because the argument Maya is the 222 00:11:12,720 --> 00:11:16,280 Speaker 3: tax cuts aren't the problem. The spending is, and we 223 00:11:16,320 --> 00:11:21,120 Speaker 3: simply need to rein in spending or somehow refigure entitlements 224 00:11:21,240 --> 00:11:24,880 Speaker 3: like Social Security and medicare to get through this. But 225 00:11:25,000 --> 00:11:27,120 Speaker 3: you and I both know that's not about to happen. 226 00:11:27,120 --> 00:11:29,640 Speaker 3: And neither of the men who are on the verge 227 00:11:29,640 --> 00:11:32,160 Speaker 3: of becoming president, whether it's Donald Trump or Joe Biden, 228 00:11:32,600 --> 00:11:34,319 Speaker 3: say they're going to touch the entitlements. 229 00:11:35,360 --> 00:11:37,840 Speaker 8: I mean, that's right. I have no problem with the argument. 230 00:11:37,920 --> 00:11:40,719 Speaker 8: One could be for big government or small government, and 231 00:11:40,760 --> 00:11:43,880 Speaker 8: they can be fiscally responsible or fiscally reckless either way. 232 00:11:44,120 --> 00:11:46,360 Speaker 8: But it is absolutely correct to say that our spending 233 00:11:46,480 --> 00:11:49,360 Speaker 8: is growing at a massive clip. We're going to have 234 00:11:49,440 --> 00:11:52,640 Speaker 8: huge amounts of growth and healthcare, retirement, and interest over 235 00:11:52,679 --> 00:11:55,760 Speaker 8: the coming decades. Defense spending is also likely to increase 236 00:11:55,800 --> 00:11:58,280 Speaker 8: because there are many more threats around the world. The 237 00:11:58,320 --> 00:12:01,560 Speaker 8: problem is that people making those arguments then turn around 238 00:12:01,720 --> 00:12:04,719 Speaker 8: and vote for spending increases. And if you look at 239 00:12:04,720 --> 00:12:08,960 Speaker 8: what happened under President Trump's tenure, he cut taxes, but 240 00:12:09,080 --> 00:12:13,280 Speaker 8: he raised spending massively every time they increased the debt ceiling, 241 00:12:13,520 --> 00:12:16,080 Speaker 8: whereas most recently the debt ceiling had a package that 242 00:12:16,200 --> 00:12:20,240 Speaker 8: helped to reduce borrowing. Every time under President Trump, they 243 00:12:20,280 --> 00:12:24,640 Speaker 8: actually added more spending to the overall budget and more borrowing. 244 00:12:24,960 --> 00:12:27,480 Speaker 8: So you can't talk about the importance of cutting spending 245 00:12:27,480 --> 00:12:30,400 Speaker 8: while you're casting votes to increase spending. Just like most 246 00:12:30,400 --> 00:12:32,880 Speaker 8: of the people who've taken a no new tax pledge 247 00:12:33,240 --> 00:12:35,679 Speaker 8: also at the same time have voted to increase spending, 248 00:12:35,720 --> 00:12:38,839 Speaker 8: about ninety percent of them have. So the hypocrisy is 249 00:12:38,960 --> 00:12:42,120 Speaker 8: in budget run large run on all sides, but it's 250 00:12:42,160 --> 00:12:44,920 Speaker 8: really what's gotten us into this mess of huge, huge 251 00:12:44,920 --> 00:12:46,880 Speaker 8: mountains of debt and more to come if we don't 252 00:12:46,880 --> 00:12:47,600 Speaker 8: make changes. 253 00:12:48,600 --> 00:12:50,760 Speaker 3: Well, how important is this to the people who are 254 00:12:50,760 --> 00:12:53,280 Speaker 3: in the room at the business roundtable today? MAYA you 255 00:12:53,320 --> 00:12:55,520 Speaker 3: interact with a lot of them, you don't hear a 256 00:12:55,520 --> 00:13:00,120 Speaker 3: lot about deficits and debt in a campaign cycle when 257 00:13:00,120 --> 00:13:02,440 Speaker 3: everybody's trying to grab the brass ring here and you 258 00:13:02,440 --> 00:13:04,200 Speaker 3: know there's going to be a big drive to increase 259 00:13:04,240 --> 00:13:08,080 Speaker 3: pentagon spending if there's another Trump presidency, and that'll probably 260 00:13:08,080 --> 00:13:12,080 Speaker 3: happen under a Biden second term if there is one here, 261 00:13:12,160 --> 00:13:15,280 Speaker 3: So what are the executives in that room think about this? 262 00:13:15,360 --> 00:13:16,280 Speaker 4: Are they as worried. 263 00:13:16,080 --> 00:13:16,560 Speaker 9: As you are? 264 00:13:17,840 --> 00:13:20,240 Speaker 8: So my experience with the business leaders is they are 265 00:13:20,559 --> 00:13:24,160 Speaker 8: very worried about the national debt, but they probably many 266 00:13:24,160 --> 00:13:26,920 Speaker 8: of them will put having tax cuts over the concerns 267 00:13:26,920 --> 00:13:30,520 Speaker 8: about the debt. And so we've seen that. I mean, 268 00:13:30,520 --> 00:13:32,840 Speaker 8: in the past, CEOs were some of the best advocates 269 00:13:32,880 --> 00:13:35,480 Speaker 8: for getting our fiscal situation under control, but I think 270 00:13:35,520 --> 00:13:38,840 Speaker 8: they actually got frustrated because Washington was unable to implement 271 00:13:38,880 --> 00:13:42,080 Speaker 8: those changes, and so they've turned their attention more towards 272 00:13:42,080 --> 00:13:46,319 Speaker 8: the tax regime. The regulatory regime I think they would support, 273 00:13:46,400 --> 00:13:48,600 Speaker 8: and I'm generalizing. They all have different points of view. 274 00:13:48,760 --> 00:13:50,880 Speaker 8: Many of them would support those spending cuts that go 275 00:13:51,000 --> 00:13:53,640 Speaker 8: along with tax cuts, but again, as we've just said, 276 00:13:53,880 --> 00:13:56,120 Speaker 8: there seems to be no political appetite for that. And 277 00:13:56,160 --> 00:13:58,800 Speaker 8: the problem is we now have two people running for 278 00:13:58,840 --> 00:14:03,720 Speaker 8: president eating on giveaways. Who can give more tax cuts 279 00:14:03,720 --> 00:14:06,480 Speaker 8: into which group, and who can increase spending more, and 280 00:14:06,520 --> 00:14:09,200 Speaker 8: who can protect Social Security and Medicare, which, by the way, 281 00:14:09,640 --> 00:14:13,559 Speaker 8: are going to head or heading towards insolvency. Protecting them 282 00:14:13,600 --> 00:14:17,560 Speaker 8: means across the board cuts in those programs for recipients 283 00:14:17,559 --> 00:14:20,840 Speaker 8: and providers. That is a terrible promise to today's seniors 284 00:14:20,880 --> 00:14:23,280 Speaker 8: and people who will depend on the programs. And yet 285 00:14:23,280 --> 00:14:26,640 Speaker 8: that's what our politicians are promising. There's very little talk 286 00:14:26,680 --> 00:14:30,240 Speaker 8: of fiscal responsibility. And I'm sure any CEO who somebody asked, 287 00:14:30,600 --> 00:14:32,240 Speaker 8: would you do you think the debt should be lower 288 00:14:32,280 --> 00:14:34,400 Speaker 8: than it is, they would say yes, because there's no 289 00:14:34,480 --> 00:14:36,560 Speaker 8: way you can look at this trajectory and think that 290 00:14:36,600 --> 00:14:39,640 Speaker 8: things are okay. We are in grave, grave danger of 291 00:14:39,680 --> 00:14:42,640 Speaker 8: weakening our economy and our national security. If we don't 292 00:14:42,680 --> 00:14:45,640 Speaker 8: find a way to bring our borrowing trajectory down. 293 00:14:46,400 --> 00:14:49,080 Speaker 3: We're speaking some hard truths here with Mia McGuinness from 294 00:14:49,080 --> 00:14:52,200 Speaker 3: the Committee for a Responsible Federal Budget spent the day 295 00:14:52,280 --> 00:14:56,400 Speaker 3: yesterday Maya talking about inflation, and everyone cheered this CPI 296 00:14:56,560 --> 00:15:01,600 Speaker 3: showing prices going up at a slower rate than some expected, 297 00:15:01,680 --> 00:15:06,760 Speaker 3: still rising. However, depending on the metric you look at here, 298 00:15:06,840 --> 00:15:11,080 Speaker 3: the federal reserve is higher for longer. What is the 299 00:15:11,120 --> 00:15:15,800 Speaker 3: impact of ballooning deficits on this very thing. The issue 300 00:15:16,080 --> 00:15:19,240 Speaker 3: that's driving voters in November, the issue of inflation. 301 00:15:21,000 --> 00:15:23,560 Speaker 8: That's right, So inflation is having a huge impact on 302 00:15:23,600 --> 00:15:26,840 Speaker 8: how people feel about the economy. Clearly, we got to 303 00:15:26,880 --> 00:15:30,560 Speaker 8: this inflationary moment for a number of factors, supply chains, oil, 304 00:15:30,720 --> 00:15:33,840 Speaker 8: and one of those factors was excessive fiscal stimulus at 305 00:15:33,840 --> 00:15:35,520 Speaker 8: the end of COVID. We put more money in the 306 00:15:35,560 --> 00:15:38,480 Speaker 8: economy than we should have, and that kicked off inflation. 307 00:15:38,640 --> 00:15:40,760 Speaker 8: It's turned out that it's been difficult to get control 308 00:15:40,800 --> 00:15:43,200 Speaker 8: of the problem that politicians, all of whom want to 309 00:15:43,200 --> 00:15:46,600 Speaker 8: help alleviate inflation. That they don't recognize is that all 310 00:15:46,680 --> 00:15:51,160 Speaker 8: the borrowing they're engaging in now makes inflation worse, not better. 311 00:15:51,520 --> 00:15:54,040 Speaker 8: If you want to help inflation, you need to bring 312 00:15:54,080 --> 00:15:57,640 Speaker 8: your borrowing down so you are not over stimulating the economy. 313 00:15:58,320 --> 00:16:00,720 Speaker 8: And you don't hear a lot of talking those two 314 00:16:00,840 --> 00:16:04,080 Speaker 8: because again, right now, this is a political moment of promises, 315 00:16:04,120 --> 00:16:06,560 Speaker 8: of things to give away. We are so far removed 316 00:16:06,600 --> 00:16:09,720 Speaker 8: from talking about hard truths in the budget. We don't 317 00:16:09,760 --> 00:16:13,400 Speaker 8: even pass budgets, so we don't even think about what 318 00:16:13,480 --> 00:16:16,800 Speaker 8: these trade offs are. But it's really politically dangerous. There's 319 00:16:16,840 --> 00:16:20,600 Speaker 8: so much pandering and demagoguing and no one out there saying, 320 00:16:20,760 --> 00:16:22,560 Speaker 8: here's what we've got to do. We've got to reduce 321 00:16:22,600 --> 00:16:24,800 Speaker 8: our spending. We've got to raise our revenues. We have 322 00:16:24,840 --> 00:16:28,320 Speaker 8: to reform our entitlements. Those are all critical if we 323 00:16:28,400 --> 00:16:30,600 Speaker 8: are going to get out from under this mountain of debt. 324 00:16:31,640 --> 00:16:33,960 Speaker 3: Well, that's why we speak the hard truths here on 325 00:16:34,000 --> 00:16:37,160 Speaker 3: Bloomberg TV and radio. Maybe they should have had Maya 326 00:16:37,200 --> 00:16:39,000 Speaker 3: in the room today. How would that go at the 327 00:16:39,160 --> 00:16:43,000 Speaker 3: Business roundtable? Maya McGinnis always a pleasure. I'm Joe Matthew 328 00:16:43,000 --> 00:16:44,760 Speaker 3: in Washington. This is Bloomberg. 329 00:16:48,040 --> 00:16:51,040 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. 330 00:16:51,240 --> 00:16:54,400 Speaker 2: Kens just Live weekdays at noon Eastern on Applecarplay and 331 00:16:54,560 --> 00:16:57,240 Speaker 2: enroud Oro with the Bloomberg business ad. You can also 332 00:16:57,320 --> 00:17:00,480 Speaker 2: listen live on Amazon Alexa from our flagship New York 333 00:17:00,560 --> 00:17:03,520 Speaker 2: station just say Alexa playing Bloomberg eleven. 334 00:17:06,280 --> 00:17:09,199 Speaker 3: Welcome to the Thursday edition of Ballots of Power. It's 335 00:17:09,280 --> 00:17:12,520 Speaker 3: little Friday. It's one hundred degrees or something in Washington 336 00:17:12,600 --> 00:17:14,960 Speaker 3: this afternoon. It's a good day to take metro, says 337 00:17:15,080 --> 00:17:19,159 Speaker 3: Mike Dorning, because the street closures will be enough to 338 00:17:19,240 --> 00:17:19,680 Speaker 3: point you. 339 00:17:19,640 --> 00:17:20,320 Speaker 4: In that direction. 340 00:17:21,080 --> 00:17:24,840 Speaker 3: Donald Trump shuttling around Capitol Hilly's down in the Wharf 341 00:17:24,960 --> 00:17:28,280 Speaker 3: area right now. As we connected with Kaylee Lines from 342 00:17:28,320 --> 00:17:31,280 Speaker 3: the Business Roundtable. That's where the former president is as 343 00:17:31,320 --> 00:17:34,720 Speaker 3: we speak, talking to a room full about ninety CEOs 344 00:17:35,520 --> 00:17:38,400 Speaker 3: and some pretty bull faced names. Jamie Diamond, Tim Cook, 345 00:17:38,440 --> 00:17:41,520 Speaker 3: both in the room. Will see if Kaylee can have 346 00:17:41,560 --> 00:17:43,840 Speaker 3: a conversation with any of them on the way out here. 347 00:17:43,880 --> 00:17:47,280 Speaker 3: So far, the former president has been not really seen 348 00:17:47,520 --> 00:17:50,840 Speaker 3: in public but meeting with lawmakers, meeting with leaders on 349 00:17:50,920 --> 00:17:53,439 Speaker 3: Capitol Hill, and no corporate leaders. And we should know 350 00:17:53,520 --> 00:17:58,120 Speaker 3: the Business Roundtable event, it's not a Trump event. This 351 00:17:58,160 --> 00:18:01,280 Speaker 3: is a normal part of the camp Pain cycle in 352 00:18:01,320 --> 00:18:05,240 Speaker 3: which representatives from both campaigns speak to the CEOs. Joe 353 00:18:05,280 --> 00:18:08,520 Speaker 3: Biden's in Italy for the G seven and so he 354 00:18:08,560 --> 00:18:11,359 Speaker 3: sent his chief of staff to speak on his behalf. 355 00:18:11,359 --> 00:18:15,320 Speaker 3: That took place earlier than Donald Trump speaking right now 356 00:18:15,359 --> 00:18:16,520 Speaker 3: to the business roundtable. 357 00:18:16,560 --> 00:18:19,560 Speaker 4: Mike Dorning's got his eyes on all this. He's not 358 00:18:19,680 --> 00:18:20,200 Speaker 4: on Metro. 359 00:18:20,280 --> 00:18:23,400 Speaker 3: He's actually here in the studio, in the safe confines 360 00:18:23,440 --> 00:18:24,680 Speaker 3: of the Bloomberg Bureau. 361 00:18:24,760 --> 00:18:26,479 Speaker 4: It's good to see you, great to be He's kind 362 00:18:26,520 --> 00:18:29,199 Speaker 4: of a moment after January sixth. Oh, big return. 363 00:18:30,359 --> 00:18:33,639 Speaker 3: This isn't really about policy though, right this is I'm back. 364 00:18:34,359 --> 00:18:38,120 Speaker 10: It's about unity. It's about getting all the Republicans behind him. 365 00:18:38,160 --> 00:18:40,880 Speaker 3: What does I tell you that Mitch mcconnald's shows. 366 00:18:40,600 --> 00:18:41,639 Speaker 4: Up this well. 367 00:18:41,880 --> 00:18:44,879 Speaker 10: Mitch McConnell since the beginning of the year, even though 368 00:18:44,920 --> 00:18:48,800 Speaker 10: he's had big differences with Donald Trump, particularly over the 369 00:18:49,040 --> 00:18:54,760 Speaker 10: January sixth attack, is you know, wants of Republican victory 370 00:18:54,920 --> 00:19:00,359 Speaker 10: in November. He wants to push through Republican Paul Sees 371 00:19:00,840 --> 00:19:04,000 Speaker 10: and in particular, he wants Trump to be behind the 372 00:19:04,040 --> 00:19:07,679 Speaker 10: Senate candidates and the congressional candidates as well. And so 373 00:19:07,800 --> 00:19:11,760 Speaker 10: here you have the whole party unifying, and that's really 374 00:19:11,800 --> 00:19:15,560 Speaker 10: important for the congressional candidates, to even the ones in 375 00:19:15,680 --> 00:19:19,399 Speaker 10: swing districts, because they need enthusiasm from the base. 376 00:19:19,600 --> 00:19:23,280 Speaker 3: I'm guessing they're not talking about their wives. Is Mitch 377 00:19:23,320 --> 00:19:24,680 Speaker 3: McConnell holding his nose here? 378 00:19:25,359 --> 00:19:29,400 Speaker 10: I think he's kind of Mitch McConnell is like mister pragmatists. 379 00:19:29,480 --> 00:19:34,679 Speaker 10: He's always been a political pragmatist, and he understands politics, 380 00:19:34,760 --> 00:19:40,879 Speaker 10: understands the calculation, understands there's no benefit for his goal 381 00:19:41,160 --> 00:19:45,359 Speaker 10: of having a Republican takeover the Senate to have like 382 00:19:46,080 --> 00:19:50,040 Speaker 10: differences between the Senate and the Republican nominee. 383 00:19:50,200 --> 00:19:54,840 Speaker 3: Interesting moment for the Republican conference. They held the Attorney 384 00:19:54,920 --> 00:19:58,400 Speaker 3: General in contempt of Congress with a vote that they 385 00:19:58,440 --> 00:20:01,199 Speaker 3: could show the former pres president today. They gave him 386 00:20:01,240 --> 00:20:04,280 Speaker 3: the game ball from the Republican one. 387 00:20:04,760 --> 00:20:06,840 Speaker 4: Congressional baseball game last night. 388 00:20:07,920 --> 00:20:11,400 Speaker 3: Quite the stage setter before we even got the Scotus 389 00:20:11,520 --> 00:20:14,639 Speaker 3: ruling today for Donald Trump to be back this Merrick 390 00:20:14,720 --> 00:20:16,879 Speaker 3: Garland vote. They didn't know if it was actually going 391 00:20:16,960 --> 00:20:18,119 Speaker 3: to pass it did. 392 00:20:19,320 --> 00:20:20,520 Speaker 10: They whipped it very hard. 393 00:20:20,560 --> 00:20:22,160 Speaker 4: They whipped it pretty hard. Does it matter? 394 00:20:23,600 --> 00:20:27,400 Speaker 10: It probably doesn't matter that much for the general public, 395 00:20:27,440 --> 00:20:31,479 Speaker 10: and certainly this is going nowhere, but it is an 396 00:20:31,560 --> 00:20:36,800 Speaker 10: effort to kind of muddy the water on Trump's criminal conviction. 397 00:20:38,080 --> 00:20:40,680 Speaker 4: Because they didn't provide the audio recordings of Joe Biden's 398 00:20:40,680 --> 00:20:41,159 Speaker 4: interview y. 399 00:20:42,200 --> 00:20:46,119 Speaker 3: The actual Yeah, the set a precedent was some Democrats say, 400 00:20:46,119 --> 00:20:47,080 Speaker 3: a dangerous president. 401 00:20:47,600 --> 00:20:53,399 Speaker 10: Well, you know, Democrats also tried to hold the Trump's 402 00:20:53,400 --> 00:20:58,919 Speaker 10: attorney general in contempt of Congress, and you know that 403 00:20:59,160 --> 00:21:02,120 Speaker 10: Justice Department inclined to prosecute it. You can might well 404 00:21:02,200 --> 00:21:07,679 Speaker 10: imagine this Justice Department not prosecuting this. I mean, arguably 405 00:21:09,640 --> 00:21:12,960 Speaker 10: had they gone along with this, and it could have 406 00:21:13,160 --> 00:21:15,879 Speaker 10: created a precedent. But really, what this is is just 407 00:21:16,680 --> 00:21:20,679 Speaker 10: using every tool at the House's disposal to try to 408 00:21:20,680 --> 00:21:24,920 Speaker 10: put some cover fire for Trump on his criminal cases. 409 00:21:25,040 --> 00:21:25,399 Speaker 4: Got it. 410 00:21:25,520 --> 00:21:27,679 Speaker 3: Mike Dorning, Great to see you. Is always funny day 411 00:21:27,720 --> 00:21:29,399 Speaker 3: in Washington. Maybe I'll bump into you on the Metro. 412 00:21:30,400 --> 00:21:32,400 Speaker 3: Always a pleasure to have Mike Dorning with us helping 413 00:21:32,440 --> 00:21:35,400 Speaker 3: to report and edit our political coverage here in Washington 414 00:21:36,080 --> 00:21:38,480 Speaker 3: every day. I'm Joe Matthew in the Nation's capital, where 415 00:21:38,480 --> 00:21:40,400 Speaker 3: we're keeping an eye on a couple of different things. 416 00:21:40,440 --> 00:21:43,680 Speaker 3: As we mentioned, the split screen. Today, Donald Trump will 417 00:21:43,720 --> 00:21:47,840 Speaker 3: emerge from this meeting at some point here with the CEO. 418 00:21:47,880 --> 00:21:48,600 Speaker 4: He is going to hold a. 419 00:21:48,520 --> 00:21:53,320 Speaker 3: News conference that's scheduled for an hour from now. Fifteen 420 00:21:53,480 --> 00:21:57,120 Speaker 3: minutes later, the President of the United States is expected 421 00:21:57,119 --> 00:21:59,919 Speaker 3: to be holding forth from Italy at the G seven, 422 00:22:00,080 --> 00:22:02,800 Speaker 3: a bilateral news conference that he's going to hold with 423 00:22:03,119 --> 00:22:06,640 Speaker 3: Voladimir Zelenski, and they have something to announce today with 424 00:22:07,040 --> 00:22:08,800 Speaker 3: a new agreement that we're going to spend some time 425 00:22:08,840 --> 00:22:12,439 Speaker 3: talking to Courtney McBride about here, because this is the moment. 426 00:22:12,640 --> 00:22:15,960 Speaker 3: These are the moments that the incumbent enjoys, right and 427 00:22:16,000 --> 00:22:17,840 Speaker 3: he's got some real work to do, of course, with 428 00:22:17,880 --> 00:22:20,760 Speaker 3: the potential for a ceasefire in Israel to come from this, 429 00:22:21,280 --> 00:22:25,200 Speaker 3: not to mention progress in Ukraine. Courtney McBride is Bloomberg's 430 00:22:25,480 --> 00:22:29,400 Speaker 3: national security reporter, frequently on the plane at events like these, 431 00:22:29,440 --> 00:22:32,760 Speaker 3: and so we're lucky to have her today in Washington, DC. 432 00:22:33,040 --> 00:22:36,360 Speaker 3: You're watching this from across the ocean, just like everyone 433 00:22:36,400 --> 00:22:37,920 Speaker 3: in Washington here with Donald Trump. 434 00:22:38,000 --> 00:22:39,680 Speaker 4: This split screen is really incredible. 435 00:22:39,760 --> 00:22:42,840 Speaker 3: So give us your sense of what Joe Biden wants 436 00:22:42,880 --> 00:22:45,239 Speaker 3: to accomplish in this news conference today, because he's going 437 00:22:45,280 --> 00:22:47,680 Speaker 3: to be hearing from domestic and foreign reporters. 438 00:22:48,119 --> 00:22:51,760 Speaker 11: Thank you for having me. Yeah, the big thing today 439 00:22:51,880 --> 00:22:56,600 Speaker 11: certainly is Ukraine. We have a report out that the 440 00:22:56,640 --> 00:22:59,919 Speaker 11: G seven leaders have agreed on a plan that's still 441 00:23:00,640 --> 00:23:05,280 Speaker 11: somewhat vague, but for a loan syndicate that is going 442 00:23:05,320 --> 00:23:10,480 Speaker 11: to allow them to tap Russian reserves frozen currency to 443 00:23:12,119 --> 00:23:15,879 Speaker 11: repay loans issued by the US, EU and other G 444 00:23:16,040 --> 00:23:20,440 Speaker 11: seven countries to support Ukraine's defense against Russia. So I 445 00:23:20,480 --> 00:23:24,640 Speaker 11: think that's Zelensky, as you said, is in Italy. He's 446 00:23:24,680 --> 00:23:27,239 Speaker 11: meeting with President Biden, and those are the types of 447 00:23:27,240 --> 00:23:29,640 Speaker 11: things that I think they're going to want to emphasize 448 00:23:29,640 --> 00:23:33,399 Speaker 11: today that the West is staying firm in support of Ukraine. 449 00:23:33,480 --> 00:23:35,720 Speaker 3: The seizing of Russian assets is something we're hearing a 450 00:23:35,720 --> 00:23:38,399 Speaker 3: lot about, knowing that they passed the REPO Act on 451 00:23:38,440 --> 00:23:41,560 Speaker 3: Capitol Hill months ago, I guess at this point weeks 452 00:23:41,600 --> 00:23:44,040 Speaker 3: at least ago, when the Ukrainian funding was past. President 453 00:23:44,119 --> 00:23:47,040 Speaker 3: signed that into law. But clearly it's not as simple 454 00:23:47,080 --> 00:23:50,000 Speaker 3: as that, with the bulk of this money locked up 455 00:23:50,000 --> 00:23:53,800 Speaker 3: in Europe, and I'm hearing that legal challenges would make 456 00:23:53,840 --> 00:23:55,360 Speaker 3: this a year's long project. 457 00:23:55,400 --> 00:23:56,200 Speaker 4: Is that the reality? 458 00:23:56,520 --> 00:23:59,680 Speaker 11: So, I mean, I think the workaround that they seem 459 00:23:59,720 --> 00:24:03,320 Speaker 11: to have landed upon after months of wrangling is to 460 00:24:03,880 --> 00:24:09,399 Speaker 11: use the profits the interest essentially on those assets as 461 00:24:10,440 --> 00:24:13,719 Speaker 11: a loan guarantee for the countries. So the individual countries 462 00:24:13,760 --> 00:24:16,720 Speaker 11: are going to issue loans to Ukraine and assume the 463 00:24:16,800 --> 00:24:20,880 Speaker 11: risk that those Russian assets roughly two hundred and eighty 464 00:24:20,880 --> 00:24:22,600 Speaker 11: billion dollars, most of which, as you said, are are 465 00:24:22,640 --> 00:24:28,280 Speaker 11: held outside the US held in Europe, to back those loans. 466 00:24:28,440 --> 00:24:30,560 Speaker 3: What do you make of the guest list at this 467 00:24:30,720 --> 00:24:35,680 Speaker 3: G seven? Obviously Vladimir Putin's not walking around. I don't 468 00:24:35,680 --> 00:24:38,399 Speaker 3: think China's invited, right, maybe you can explain that to me. 469 00:24:38,480 --> 00:24:43,080 Speaker 3: But you've got Voladimir's Zelenski of Ukraine, You've got the pope. 470 00:24:43,680 --> 00:24:45,879 Speaker 4: Is this a new look for the G seven? 471 00:24:46,200 --> 00:24:49,640 Speaker 11: Well, I mean the G seven host is always welcome 472 00:24:49,720 --> 00:24:55,959 Speaker 11: to add additional guests. You know, President Zelenski has certainly 473 00:24:55,960 --> 00:24:58,119 Speaker 11: been making the rounds and making his case around the 474 00:24:58,119 --> 00:25:01,960 Speaker 11: world wherever he can. We saw him in Davos, We've 475 00:25:01,960 --> 00:25:06,119 Speaker 11: seen him at the United Nations. You know, possibly he 476 00:25:06,359 --> 00:25:09,239 Speaker 11: could could come to the NATO summit. So all of 477 00:25:09,280 --> 00:25:12,879 Speaker 11: those venues make sense for him as he continues to 478 00:25:12,920 --> 00:25:16,800 Speaker 11: plead his case and appeal to the West to remain 479 00:25:17,760 --> 00:25:19,840 Speaker 11: with Ukraine and supportive of it. 480 00:25:20,119 --> 00:25:24,520 Speaker 3: If Courtney McBride is at this G seven, where's your focus? 481 00:25:24,640 --> 00:25:27,800 Speaker 3: Is it the sideline meetings that are taking place when 482 00:25:27,840 --> 00:25:31,320 Speaker 3: the press corps might not be around? Is it the 483 00:25:31,440 --> 00:25:34,000 Speaker 3: contents of the Communicay folks who are with us right 484 00:25:34,040 --> 00:25:37,280 Speaker 3: now on YouTube are looking literally at the photo opportunity. 485 00:25:37,400 --> 00:25:40,280 Speaker 3: There's a lot of different elements of a G seven 486 00:25:40,400 --> 00:25:42,440 Speaker 3: that make this important. Where's the news for you? 487 00:25:42,520 --> 00:25:44,959 Speaker 11: Certainly? I mean, I think those bilateral meetings can be 488 00:25:45,040 --> 00:25:48,160 Speaker 11: really critical ways for the leaders to try to iron 489 00:25:48,240 --> 00:25:53,960 Speaker 11: out areas of difference among the partners. You know, one 490 00:25:54,080 --> 00:25:56,520 Speaker 11: one may try to lean on another and just make 491 00:25:56,560 --> 00:26:00,919 Speaker 11: sure that that joint Communicay does reflect a unanimity. 492 00:26:01,080 --> 00:26:05,239 Speaker 3: Because sometimes six months later you hear about something that 493 00:26:05,320 --> 00:26:07,640 Speaker 3: develops in a meeting like that, You know, guess who 494 00:26:07,680 --> 00:26:08,560 Speaker 3: they were in the same room. 495 00:26:08,560 --> 00:26:09,920 Speaker 4: You might not have even known about. 496 00:26:09,920 --> 00:26:14,879 Speaker 3: It is spontaneity part of this for the administration to 497 00:26:14,920 --> 00:26:16,720 Speaker 3: try to let nature take its course in some of 498 00:26:16,720 --> 00:26:17,560 Speaker 3: these issues. 499 00:26:17,359 --> 00:26:21,360 Speaker 11: And certainly possible obviously for the host, you probably want 500 00:26:21,440 --> 00:26:26,000 Speaker 11: a very tightly choreographed event, but you know they have 501 00:26:26,040 --> 00:26:30,439 Speaker 11: to seize opportunities where they can to build consensus, perhaps 502 00:26:30,480 --> 00:26:34,600 Speaker 11: to secure agreement on things that might have been at issue. 503 00:26:34,640 --> 00:26:38,080 Speaker 11: I mean, as you know, we discussed this frozen assets 504 00:26:38,200 --> 00:26:41,080 Speaker 11: plan has been in works for months and months, and 505 00:26:41,160 --> 00:26:43,160 Speaker 11: you know some countries may have been a little bit 506 00:26:43,200 --> 00:26:47,040 Speaker 11: more gung ho than others. But you know, the legal 507 00:26:47,040 --> 00:26:50,879 Speaker 11: precedent that it could establish is a real concern for folks, 508 00:26:50,880 --> 00:26:54,400 Speaker 11: both in the US government and partner governments. 509 00:26:54,880 --> 00:26:57,200 Speaker 3: When will we have takeaways by the end of the 510 00:26:57,280 --> 00:26:59,119 Speaker 3: day tomorrow, you'll have a sense of whether this was 511 00:26:59,240 --> 00:27:00,000 Speaker 3: productive success. 512 00:27:00,160 --> 00:27:02,760 Speaker 11: Well for true, I think by then we will have 513 00:27:03,119 --> 00:27:06,600 Speaker 11: a sense of that. But you know, for something like 514 00:27:06,640 --> 00:27:08,879 Speaker 11: this plan, the proof will be in the putting it 515 00:27:08,960 --> 00:27:11,919 Speaker 11: able to It could take months to iron out the details, 516 00:27:11,960 --> 00:27:14,960 Speaker 11: but the goal is for Ukraine to have some of 517 00:27:15,000 --> 00:27:16,800 Speaker 11: these funds in hand by the end of the year. 518 00:27:16,960 --> 00:27:20,480 Speaker 11: It's the goal is fifty billion dollars in aggregate in 519 00:27:20,600 --> 00:27:22,560 Speaker 11: loans from the US and other partner countries. 520 00:27:22,720 --> 00:27:25,200 Speaker 3: Great, we bring you to the source on this program, 521 00:27:25,280 --> 00:27:27,280 Speaker 3: and the source today is Courtney McBride. Love having you on, 522 00:27:27,320 --> 00:27:29,639 Speaker 3: Thank you for coming. Thanks having as always Bloomberg's National 523 00:27:29,680 --> 00:27:32,480 Speaker 3: Security reporter, bringing us inside our coverage. 524 00:27:32,520 --> 00:27:39,399 Speaker 1: Here, you're listening to the Bloomberg Balance of Power podcast. 525 00:27:39,680 --> 00:27:41,960 Speaker 1: Catch us live weekdays at noon Eastern on. 526 00:27:42,040 --> 00:27:45,120 Speaker 2: Apple car Play and then Brounto with the Bloomberg Business app. 527 00:27:45,240 --> 00:27:48,400 Speaker 2: Listen on demand wherever you get your podcasts, or watch 528 00:27:48,480 --> 00:27:51,920 Speaker 2: us live on YouTube. 529 00:27:52,080 --> 00:27:54,000 Speaker 3: As Donald Trump and the Chief of Staff at the 530 00:27:54,000 --> 00:28:00,680 Speaker 3: White House separately brief the Business Roundtable, a collection of 531 00:28:00,800 --> 00:28:04,359 Speaker 3: ninety CEOs here think Tim Scott, Jamie Diamond in the 532 00:28:04,400 --> 00:28:08,280 Speaker 3: same room, listening to policy proposals as they try to 533 00:28:08,320 --> 00:28:10,800 Speaker 3: get their heads around them, maybe even have an opportunity 534 00:28:10,840 --> 00:28:15,159 Speaker 3: to affect those policy proposals and the agendas from the 535 00:28:15,200 --> 00:28:20,639 Speaker 3: two front runners here, the incumbent and the Republican presumed nominee. 536 00:28:20,680 --> 00:28:22,959 Speaker 3: We assemble our panel with more to talk about here, 537 00:28:23,000 --> 00:28:25,120 Speaker 3: and we've got some polling to throw in, as we're 538 00:28:25,119 --> 00:28:27,399 Speaker 3: gonna be hearing from both Donald Trump and Joe Biden 539 00:28:27,440 --> 00:28:31,080 Speaker 3: about an hour from now, Trump in Washington, where he's 540 00:28:31,359 --> 00:28:35,399 Speaker 3: back Joe Biden in Italy at the G seven. And 541 00:28:35,480 --> 00:28:38,000 Speaker 3: it looks like we're gonna have competing news conferences here. 542 00:28:38,040 --> 00:28:39,520 Speaker 3: I don't know if they're watching each other or how 543 00:28:39,520 --> 00:28:41,720 Speaker 3: this is going to work out. The choreography could be interesting. 544 00:28:42,240 --> 00:28:44,280 Speaker 3: Maybe one waits for the other, maybe one tries to 545 00:28:44,320 --> 00:28:46,960 Speaker 3: interrupt the other. They're going to force likely a split 546 00:28:47,080 --> 00:28:52,240 Speaker 3: screen right here and on visual media across the world today, 547 00:28:52,320 --> 00:28:55,440 Speaker 3: the world is literally watching. Rick Davis is with us 548 00:28:55,440 --> 00:28:58,160 Speaker 3: Bloomberg Politics contributor, and I wonder what's going through your 549 00:28:58,160 --> 00:29:01,920 Speaker 3: mind here, Rick, having run a presidential campaign and worked 550 00:29:01,960 --> 00:29:05,760 Speaker 3: for several others, how you would handle this knowing the 551 00:29:05,800 --> 00:29:10,960 Speaker 3: incumbent is holding forth right around the same time in 552 00:29:11,000 --> 00:29:14,320 Speaker 3: a news conference with Vladimir Zelensky of all people, how 553 00:29:14,360 --> 00:29:17,680 Speaker 3: would you work this when it comes to optics, choreography 554 00:29:17,720 --> 00:29:19,920 Speaker 3: and the way you wanted to play on the Newslater. 555 00:29:20,920 --> 00:29:23,680 Speaker 12: Yeah, being in Washington is a two edged sword for 556 00:29:23,800 --> 00:29:24,479 Speaker 12: Donald Trump. 557 00:29:24,920 --> 00:29:26,200 Speaker 9: He is the insurgent. 558 00:29:26,440 --> 00:29:29,840 Speaker 12: He you know, talks about being against Washington, and now 559 00:29:29,880 --> 00:29:32,320 Speaker 12: he's going to be seen all around the world, as 560 00:29:32,320 --> 00:29:34,560 Speaker 12: you describe it, more importantly, in the you know, six 561 00:29:34,640 --> 00:29:38,520 Speaker 12: or seven targeted states for this general election. Hanging around 562 00:29:38,560 --> 00:29:42,480 Speaker 12: a bunch of politicians all day, and whether they're the 563 00:29:42,480 --> 00:29:46,200 Speaker 12: House Republicans or the Senate Republicans, these are the most 564 00:29:46,320 --> 00:29:50,720 Speaker 12: unpopular politicians in America congressional approvals are now down to 565 00:29:50,760 --> 00:29:55,080 Speaker 12: about thirteen percent. You know that's probably family members and 566 00:29:55,160 --> 00:29:58,560 Speaker 12: staffers make up that group, and so it's not the 567 00:29:58,600 --> 00:30:01,600 Speaker 12: greatest look that being set, he kind of has an 568 00:30:01,600 --> 00:30:04,560 Speaker 12: obligation to show up and take control of the party 569 00:30:04,600 --> 00:30:07,200 Speaker 12: that he is now the standard bearer of being the 570 00:30:07,240 --> 00:30:10,680 Speaker 12: nominee of the party puts him in charge of. 571 00:30:10,400 --> 00:30:11,560 Speaker 9: The politics of the party. 572 00:30:11,600 --> 00:30:14,640 Speaker 12: And that's really what this represents more than anything else, 573 00:30:14,920 --> 00:30:17,960 Speaker 12: is the landing of his nomination, you know, and the 574 00:30:18,000 --> 00:30:21,480 Speaker 12: formality of meeting with leaders of the party. And yet 575 00:30:21,920 --> 00:30:24,200 Speaker 12: I would say, if he had a choice, he'd probably 576 00:30:24,280 --> 00:30:27,960 Speaker 12: rather be at a G seven meeting looking presidential and 577 00:30:28,120 --> 00:30:31,120 Speaker 12: not getting embroiled in, you know, every little skirmish that's 578 00:30:31,120 --> 00:30:32,240 Speaker 12: happening on Capitol Hill. 579 00:30:33,240 --> 00:30:35,400 Speaker 3: So it's as simple as that. And Rick Davis reminding 580 00:30:35,480 --> 00:30:37,000 Speaker 3: us if you're with us on YouTube, but it is 581 00:30:37,080 --> 00:30:41,640 Speaker 3: seersucker Thursday in the Nation's Capital, as always bringing some 582 00:30:41,720 --> 00:30:42,600 Speaker 3: class to the joint. 583 00:30:43,520 --> 00:30:44,640 Speaker 4: Rick, I'll tell you, I. 584 00:30:44,640 --> 00:30:46,240 Speaker 3: Wonder how many I want to count on how many 585 00:30:46,240 --> 00:30:49,120 Speaker 3: seersuckers were in that meeting with Donald Trump at the 586 00:30:49,160 --> 00:30:50,840 Speaker 3: Capitol Hill Club earlier. 587 00:30:50,720 --> 00:30:52,400 Speaker 4: As we had the Voice of Brad Howard. 588 00:30:52,440 --> 00:30:57,320 Speaker 3: He's back with a Democratic strategist and founder of the 589 00:30:57,360 --> 00:31:00,360 Speaker 3: Corcoran Street Group. Brad, what's your thought? It sounds like 590 00:31:00,880 --> 00:31:04,520 Speaker 3: advantage Joe Biden if we go into split screen mode 591 00:31:04,600 --> 00:31:07,760 Speaker 3: next hour with Donald Trump in town here with the 592 00:31:07,800 --> 00:31:11,840 Speaker 3: Republican leadership, Marjorie Taylor Green and Joe Biden with Vladimir 593 00:31:11,920 --> 00:31:12,800 Speaker 3: Zelensky in Italy. 594 00:31:14,120 --> 00:31:16,920 Speaker 13: Yeah, I mean, I think it's a reminder of the 595 00:31:17,000 --> 00:31:22,600 Speaker 13: foreign policy credentials that President Biden brought to the campaign initially, 596 00:31:22,680 --> 00:31:25,360 Speaker 13: as you know, eight years as Vice president and numerous 597 00:31:25,440 --> 00:31:28,880 Speaker 13: years in the Senate as chairman of Formulations Committee. I 598 00:31:28,880 --> 00:31:32,880 Speaker 13: thought he did a tremendous job in France around the 599 00:31:33,320 --> 00:31:37,000 Speaker 13: anniversary of D Day. And keep in mind you split 600 00:31:37,040 --> 00:31:39,280 Speaker 13: screen that with Donald Trump's presidency, when he wouldn't go 601 00:31:39,320 --> 00:31:41,280 Speaker 13: give a speech because it was raining and he didn't 602 00:31:41,280 --> 00:31:44,080 Speaker 13: want to get wet. You had Joe Biden and Joe 603 00:31:44,080 --> 00:31:47,080 Speaker 13: Biden out there honoring the greatest generation, probably the last 604 00:31:47,120 --> 00:31:50,520 Speaker 13: time those folks will be there to gather with that 605 00:31:50,600 --> 00:31:52,600 Speaker 13: many folks alive who were. 606 00:31:52,480 --> 00:31:53,960 Speaker 14: There in D Day. 607 00:31:54,360 --> 00:31:58,600 Speaker 13: And so that combined with him showcasing the American presidency 608 00:31:58,640 --> 00:32:02,080 Speaker 13: in the world stage is always a good optic to have. 609 00:32:02,160 --> 00:32:04,320 Speaker 13: And you know, I'm just a reminder of the chaos 610 00:32:04,320 --> 00:32:07,480 Speaker 13: that is the House Republican majority, the party of Margine 611 00:32:07,520 --> 00:32:10,040 Speaker 13: Taylor Green and Matt Gates, and. 612 00:32:09,960 --> 00:32:12,680 Speaker 14: That's where Donald Trump is today. So yes, I agree. 613 00:32:12,720 --> 00:32:16,000 Speaker 13: I think it's a solid, solid day for President Biden. 614 00:32:16,000 --> 00:32:17,480 Speaker 14: I think it's been a solid week for President Biden. 615 00:32:17,520 --> 00:32:20,000 Speaker 13: You've seen the economic numbers go down, start to improve, 616 00:32:20,200 --> 00:32:24,160 Speaker 13: inflation coming down all in all, and Biden's pull numbers 617 00:32:24,120 --> 00:32:28,040 Speaker 13: started slowly going up. Not to mention thirty four convictions 618 00:32:28,320 --> 00:32:31,360 Speaker 13: for Donald Trump, a felony convictions. So you know, all 619 00:32:31,360 --> 00:32:33,840 Speaker 13: things being equal, I would certainly be President Biden right 620 00:32:33,840 --> 00:32:34,880 Speaker 13: now rather than Donald Trump. 621 00:32:35,640 --> 00:32:38,960 Speaker 3: With all of that said, Mike Allen squashes together some 622 00:32:39,080 --> 00:32:42,400 Speaker 3: pulling in a note from Axios this morning, with the 623 00:32:42,480 --> 00:32:46,719 Speaker 3: state of play showing a significant shift toward Donald Trump 624 00:32:47,560 --> 00:32:52,200 Speaker 3: from the country's youngest voters look at New York Times 625 00:32:52,240 --> 00:32:54,320 Speaker 3: c and a pulling of likely voters, Biden has a 626 00:32:54,360 --> 00:32:57,640 Speaker 3: two point lead over Trump. Recent Quinnipiac survey Trump ahead 627 00:32:57,880 --> 00:33:01,000 Speaker 3: by a point among registered voters between eighteen and thirty four, 628 00:33:01,760 --> 00:33:04,720 Speaker 3: seeing an exit polling showed Joe Biden did win the 629 00:33:04,760 --> 00:33:07,120 Speaker 3: eighteen to twenty nine year old vote by quite a 630 00:33:07,160 --> 00:33:10,959 Speaker 3: bit in twenty twenty four percentage points. Hillary Clinton won 631 00:33:11,000 --> 00:33:15,840 Speaker 3: it by nineteen points in twenty sixteen. Young people are 632 00:33:15,880 --> 00:33:18,440 Speaker 3: set to be a huge problem for Joe Biden, Rick Davis, 633 00:33:18,440 --> 00:33:20,840 Speaker 3: but you always remind us that it's pretty tough to 634 00:33:20,880 --> 00:33:22,640 Speaker 3: get young people out to begin with. 635 00:33:24,480 --> 00:33:27,880 Speaker 12: Yeah, I mean, on top of all those numbers, the 636 00:33:28,080 --> 00:33:31,600 Speaker 12: underlying number is almost forty percent of the eighteen to 637 00:33:31,640 --> 00:33:34,160 Speaker 12: twenty nine year old in that twenty twenty contest that 638 00:33:34,280 --> 00:33:37,600 Speaker 12: Biden did so well and chose not to vote. And 639 00:33:37,680 --> 00:33:41,080 Speaker 12: you have even more this time telling posters that they're 640 00:33:41,160 --> 00:33:45,040 Speaker 12: less likely to vote. It's really kind of a part 641 00:33:45,120 --> 00:33:49,400 Speaker 12: of an overall realignment that's going on in America. The 642 00:33:49,480 --> 00:33:54,480 Speaker 12: driver behind these eighteen twenty nine year old is still education. 643 00:33:55,240 --> 00:33:57,880 Speaker 12: If you don't have a college education, you're much more 644 00:33:58,000 --> 00:34:00,640 Speaker 12: likely to be a Trump supporter, regardless of your age. 645 00:34:00,760 --> 00:34:04,520 Speaker 12: That includes young people eighteen to twenty nine. The big 646 00:34:04,600 --> 00:34:09,280 Speaker 12: economic numbers between Trump and Biden. Who can best manage 647 00:34:09,320 --> 00:34:13,000 Speaker 12: the economy is the second most important driver. Young people 648 00:34:13,040 --> 00:34:15,640 Speaker 12: think that the economy was better under Trump than it's 649 00:34:15,680 --> 00:34:16,480 Speaker 12: been under Biden. 650 00:34:17,000 --> 00:34:18,319 Speaker 9: The Biden White House has not. 651 00:34:18,760 --> 00:34:22,480 Speaker 12: Sold the youth of America that he can provide an 652 00:34:22,480 --> 00:34:25,600 Speaker 12: economy that they can flourish in. And I must admit, 653 00:34:25,680 --> 00:34:28,040 Speaker 12: I mean, you know, I think Trump's doing quite a 654 00:34:28,040 --> 00:34:32,560 Speaker 12: few backflips, but he's in policy. But he's putting together 655 00:34:32,640 --> 00:34:38,080 Speaker 12: some agenda items for young people that he's never done before. 656 00:34:38,520 --> 00:34:40,600 Speaker 12: If anything, he's been on the other side of the equation. 657 00:34:40,840 --> 00:34:45,279 Speaker 12: So it's game on for the youth vote. There are 658 00:34:45,320 --> 00:34:49,120 Speaker 12: more people eighteen to twenty nine year old saying that 659 00:34:49,640 --> 00:34:53,879 Speaker 12: they'll vote for a Republican president since Ronald Reagan. This 660 00:34:53,960 --> 00:34:56,160 Speaker 12: is a big switch, and it follows some of the 661 00:34:56,200 --> 00:34:59,560 Speaker 12: other realignment that's going on with white working class voters. 662 00:35:00,560 --> 00:35:03,120 Speaker 3: So, Brad, what's the view from Corcoran Street Group on this? 663 00:35:03,280 --> 00:35:07,319 Speaker 3: Does Joe Biden need young people eighteen to thirty four 664 00:35:07,520 --> 00:35:08,440 Speaker 3: to win this election? 665 00:35:09,640 --> 00:35:09,879 Speaker 14: Yeah? 666 00:35:10,080 --> 00:35:12,480 Speaker 13: I mean absolutely, And I think keep in mind that 667 00:35:12,600 --> 00:35:16,759 Speaker 13: young voters don't Unlike a lot of Donald Trump's other supporters, 668 00:35:16,800 --> 00:35:21,160 Speaker 13: young voters typically don't vote with a kind of a 669 00:35:21,200 --> 00:35:23,680 Speaker 13: cult like personality. Young voters are driven to the polls 670 00:35:23,719 --> 00:35:26,680 Speaker 13: by issues. It takes a while for a young voter 671 00:35:26,760 --> 00:35:30,520 Speaker 13: to become a loyal follower of an individual unless you 672 00:35:30,600 --> 00:35:34,680 Speaker 13: have the charisma of a Barack Obama or you know, 673 00:35:35,120 --> 00:35:37,760 Speaker 13: or of a Ronald Reagan. And neither of these candidates 674 00:35:37,760 --> 00:35:39,719 Speaker 13: have that kind of charisma. None of these candidates are 675 00:35:39,719 --> 00:35:43,080 Speaker 13: connecting on an emotional kind of inspirational level that draws 676 00:35:43,120 --> 00:35:45,800 Speaker 13: young people of the polls. And so with that being held, 677 00:35:47,040 --> 00:35:49,319 Speaker 13: with that being true, what is driving voters to the 678 00:35:49,320 --> 00:35:52,160 Speaker 13: poor issues? An issue after issue after issue. It is 679 00:35:52,200 --> 00:35:54,640 Speaker 13: President Biden's on the right side the issue for young people. 680 00:35:54,760 --> 00:35:56,600 Speaker 13: When you look at choice, when you look at climate change, 681 00:35:56,600 --> 00:35:59,000 Speaker 13: when you look at gun safety, these are the issues 682 00:35:59,000 --> 00:36:01,279 Speaker 13: that are driving young of the post. Yes, he's got 683 00:36:01,280 --> 00:36:02,880 Speaker 13: some work to do with the economy, we're starting to 684 00:36:02,880 --> 00:36:05,719 Speaker 13: see those numbers to improve, but everything from student loan 685 00:36:05,840 --> 00:36:09,760 Speaker 13: debt to you know, to what's going to be impacting 686 00:36:09,800 --> 00:36:12,239 Speaker 13: this generation in twenty thirty years from now, Joe Biden 687 00:36:12,320 --> 00:36:13,400 Speaker 13: is on the right side of these issues. And I 688 00:36:13,440 --> 00:36:15,279 Speaker 13: think the end of the day when folks are going 689 00:36:15,320 --> 00:36:17,200 Speaker 13: to see I think the biggest hurdle right now for 690 00:36:17,280 --> 00:36:19,440 Speaker 13: Joe Biden on young voters is the Israel issue. And 691 00:36:19,480 --> 00:36:22,000 Speaker 13: I think that's why you see Anthony blink and working 692 00:36:22,040 --> 00:36:24,640 Speaker 13: so hard, traveling around and bouncing around the glow at 693 00:36:24,640 --> 00:36:27,920 Speaker 13: the moment to try to pass the USA Ceaspire Deal. 694 00:36:27,960 --> 00:36:30,200 Speaker 13: If he can get that done before the Democratic Convention, 695 00:36:30,520 --> 00:36:32,480 Speaker 13: that will reduce a lot of headache for Democrats heading 696 00:36:32,520 --> 00:36:33,120 Speaker 13: into November. 697 00:36:34,000 --> 00:36:35,719 Speaker 3: Well, we got some ripples in the water here today 698 00:36:35,719 --> 00:36:37,360 Speaker 3: from the Supreme Court, and I'd love to ask you 699 00:36:37,400 --> 00:36:40,680 Speaker 3: both about how this factors in to the campaign, as 700 00:36:40,680 --> 00:36:43,400 Speaker 3: the Court preserves full access to MITHI Pristo in this 701 00:36:44,080 --> 00:36:46,839 Speaker 3: broke just a few hours ago here, and I think 702 00:36:46,840 --> 00:36:50,000 Speaker 3: the conventional wisdom is okay, pretty good for Donald Trump 703 00:36:50,000 --> 00:36:53,560 Speaker 3: today because he doesn't now have to answer to this 704 00:36:53,680 --> 00:36:58,200 Speaker 3: being struck down. Does it remove a cudgel of some 705 00:36:58,239 --> 00:36:59,440 Speaker 3: sort for Joe Biden? 706 00:37:00,120 --> 00:37:01,480 Speaker 4: Rick, how are you seeing this ruling? 707 00:37:04,400 --> 00:37:04,799 Speaker 9: I don't know. 708 00:37:04,880 --> 00:37:07,920 Speaker 12: I mean, if you just look at it politically, Biden 709 00:37:07,920 --> 00:37:11,120 Speaker 12: would have been better off if the Supreme Court had 710 00:37:11,160 --> 00:37:15,000 Speaker 12: done today what they did during Dobbs and take away 711 00:37:15,880 --> 00:37:23,920 Speaker 12: women's access to reproductive care that obviously helped galvanize Democratic 712 00:37:24,000 --> 00:37:28,799 Speaker 12: voters that frankly aren't galvanized today around Joe Biden in 713 00:37:28,840 --> 00:37:32,840 Speaker 12: twenty twenty two, and really helped, you know, fuel success, 714 00:37:33,440 --> 00:37:36,920 Speaker 12: you know, in an off yr election. That being said, 715 00:37:37,120 --> 00:37:41,440 Speaker 12: I mean, certainly success for Democrats today. They had unanimous 716 00:37:41,480 --> 00:37:44,680 Speaker 12: vote at the Supreme Court to allow this, and and 717 00:37:45,239 --> 00:37:47,839 Speaker 12: yet I think that sort of diminishes the issue as 718 00:37:47,880 --> 00:37:51,000 Speaker 12: a turnout issue for Democrats. So it's a it's a 719 00:37:51,040 --> 00:37:53,680 Speaker 12: plus on the issue and a negative on the politics. 720 00:37:53,800 --> 00:37:55,120 Speaker 9: You know, from the way I look at it. 721 00:37:56,080 --> 00:37:59,040 Speaker 3: Yeah, this could have been a huge motivator or another motivator, 722 00:37:59,120 --> 00:38:02,239 Speaker 3: Brad Progressive Democrats, what does today's really mean? 723 00:38:06,480 --> 00:38:08,680 Speaker 13: Let me back up a little bit in my Republican 724 00:38:08,719 --> 00:38:12,040 Speaker 13: friend Rick here using the past tense in regards to 725 00:38:12,080 --> 00:38:14,719 Speaker 13: Democratic motivations around abortion. I think you talk to any 726 00:38:14,760 --> 00:38:17,320 Speaker 13: woman in this country, the idea that they would just 727 00:38:17,320 --> 00:38:19,719 Speaker 13: simply forget about this issue in a year is a 728 00:38:19,719 --> 00:38:23,080 Speaker 13: little insulting. Women are fired up on this issue. 729 00:38:23,080 --> 00:38:23,360 Speaker 14: Women. 730 00:38:23,440 --> 00:38:25,880 Speaker 13: I understand what's at stake in the selection and the 731 00:38:25,960 --> 00:38:29,640 Speaker 13: motivation has remained among women voters about who is going 732 00:38:29,640 --> 00:38:32,640 Speaker 13: to protect their rights, their access to reproductive health, their 733 00:38:32,680 --> 00:38:35,600 Speaker 13: access to make their own decisions about their own body 734 00:38:35,680 --> 00:38:39,040 Speaker 13: free from government intervention. And that's Joe Biden and the Democrats. 735 00:38:39,080 --> 00:38:41,560 Speaker 13: The Republicans are all over the place of this issue, 736 00:38:41,600 --> 00:38:44,239 Speaker 13: and in fact, putting to Donald Trump's own stance on 737 00:38:44,280 --> 00:38:48,239 Speaker 13: the federal issue, supports states that want to go super restrictive, 738 00:38:48,280 --> 00:38:51,000 Speaker 13: as did Arizona. Now Arizona has since changed the law, 739 00:38:51,239 --> 00:38:53,840 Speaker 13: but they the state wants to go extremely restrictive on 740 00:38:53,880 --> 00:38:57,440 Speaker 13: abortion and revert to pre Civil War standards by all means, 741 00:38:57,520 --> 00:39:00,239 Speaker 13: President Trump supports that. So I think that's the issue 742 00:39:00,239 --> 00:39:04,879 Speaker 13: that's going to keep galvanizing Democrats. Yes, I mean, you know, yes, 743 00:39:05,000 --> 00:39:06,840 Speaker 13: a little boost that would have been nice, but I 744 00:39:07,000 --> 00:39:10,120 Speaker 13: would but at what costs. I mean, I think women 745 00:39:10,120 --> 00:39:12,399 Speaker 13: in this country would hate the fact that we would 746 00:39:12,400 --> 00:39:14,680 Speaker 13: be talking about how great politically this would have been 747 00:39:15,480 --> 00:39:17,880 Speaker 13: if not to restrict more of their rights. And so, 748 00:39:18,960 --> 00:39:21,399 Speaker 13: you know, I think this issue is a bad one 749 00:39:21,400 --> 00:39:23,600 Speaker 13: for Republicans. I think anytime we're talking about it, it's 750 00:39:23,640 --> 00:39:26,680 Speaker 13: bad for Donald Trump and the Republicans just simply because 751 00:39:26,719 --> 00:39:27,919 Speaker 13: of the dogs that caught the car. 752 00:39:28,280 --> 00:39:30,320 Speaker 14: They don't know what to do with this issue, and 753 00:39:30,480 --> 00:39:31,160 Speaker 14: they really can't. 754 00:39:31,200 --> 00:39:35,680 Speaker 13: Their base fundamentally morally believes it is murder in any circumstance, 755 00:39:35,920 --> 00:39:40,200 Speaker 13: And how can you craft compromise policy if that's your position. 756 00:39:40,360 --> 00:39:43,560 Speaker 13: And so I don't blame them for the troubles they have, 757 00:39:43,719 --> 00:39:45,920 Speaker 13: It's just that's that's the position of they're based In 758 00:39:46,040 --> 00:39:48,360 Speaker 13: order to win elections, you have to compromise and appeal 759 00:39:48,400 --> 00:39:50,880 Speaker 13: to a broad base, and that's a very difficult issue. 760 00:39:50,640 --> 00:39:52,759 Speaker 14: To compromise on. So I don't think they're going to 761 00:39:52,760 --> 00:39:53,759 Speaker 14: fix this anytime soon. 762 00:39:54,719 --> 00:39:56,680 Speaker 3: Yeah, we're certainly not done hearing about it as we 763 00:39:56,760 --> 00:39:59,160 Speaker 3: spend time with our panel, Rick Davis. 764 00:39:58,960 --> 00:39:59,840 Speaker 4: And Brad Howard. 765 00:40:02,520 --> 00:40:05,719 Speaker 3: Thanks for listening to the Balance of Power podcast. Make 766 00:40:05,760 --> 00:40:08,719 Speaker 3: sure to subscribe if you haven't already, at Apple, Spotify, 767 00:40:08,800 --> 00:40:11,359 Speaker 3: or wherever you get your podcasts, and you can find 768 00:40:11,440 --> 00:40:15,160 Speaker 3: us live every weekday from Washington, DC at Noontimeeastern at 769 00:40:15,160 --> 00:40:16,440 Speaker 3: Bloomberg dot com.