1 00:00:01,520 --> 00:00:06,240 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,400 --> 00:00:09,680 Speaker 1: If people think the country is on the wrong track 3 00:00:09,800 --> 00:00:12,760 Speaker 1: and are upset, it's usually really bad news to the party. 4 00:00:12,760 --> 00:00:16,040 Speaker 1: In Palogy, the Democrats had a very difficult challenge on 5 00:00:16,160 --> 00:00:18,600 Speaker 1: their hands when it comes to the mid term Bloomberg 6 00:00:18,800 --> 00:00:23,120 Speaker 1: Sound On, Politics, Policy and Perspective. From DC's top names 7 00:00:23,560 --> 00:00:26,080 Speaker 1: I picked, there's a lot of petrup demand for electing 8 00:00:26,120 --> 00:00:29,360 Speaker 1: a woman hand I could be the year of the Wolman. 9 00:00:29,440 --> 00:00:31,560 Speaker 1: I see this demand that we have today as the 10 00:00:31,560 --> 00:00:34,040 Speaker 1: baseline for the future could mean to our economy. Is 11 00:00:34,200 --> 00:00:39,680 Speaker 1: Roaring Bash Bloomberg Sound On with Joe Matthew on Bloomberg Radio. 12 00:00:41,479 --> 00:00:43,760 Speaker 1: So you want the good news or the bad news? First, 13 00:00:44,479 --> 00:00:46,400 Speaker 1: Welcome to Friday. I'll give you the good news. How 14 00:00:46,400 --> 00:00:48,800 Speaker 1: about it. The government will not be shutting down tonight. 15 00:00:50,240 --> 00:00:52,800 Speaker 1: The bad news Congress will still need to figure out 16 00:00:52,800 --> 00:00:55,080 Speaker 1: how to fund the government. Once we get in the 17 00:00:55,080 --> 00:00:57,120 Speaker 1: middle of February, we're gonna do this all over again 18 00:00:57,200 --> 00:00:59,560 Speaker 1: as lawmakers kick the can on that issue. The debt 19 00:00:59,600 --> 00:01:04,160 Speaker 1: ceiling is looming and the president's economic agenda is caught 20 00:01:04,200 --> 00:01:07,080 Speaker 1: up in the Senate. We'll talk about how to untangle 21 00:01:07,160 --> 00:01:09,679 Speaker 1: all of this in a moment with Congressman Don Bayer, 22 00:01:09,760 --> 00:01:14,600 Speaker 1: Democrat from Virginia, chairs the Joint Economic Committee, also serves 23 00:01:14,600 --> 00:01:17,160 Speaker 1: on House Ways and Means, so he is central to 24 00:01:17,280 --> 00:01:20,440 Speaker 1: this conversation. And later we'll be joined by Miya McGinnis, 25 00:01:20,560 --> 00:01:23,319 Speaker 1: president of the Committee for a Responsible Federal Budget, has 26 00:01:23,360 --> 00:01:27,280 Speaker 1: been consulting with lawmakers on all of this. Labor Secretary 27 00:01:27,319 --> 00:01:30,680 Speaker 1: Marty Walsh tells Bloomberg today he loves his job in Washington. 28 00:01:30,760 --> 00:01:32,880 Speaker 1: We'll talk with Tom Moroney and Joe short Sleeve in 29 00:01:32,920 --> 00:01:36,480 Speaker 1: our Boston bureau about whether Marty Walsh We'll end up 30 00:01:36,560 --> 00:01:40,800 Speaker 1: running for governor of Massachusetts now that Charlie Baker is out, 31 00:01:41,000 --> 00:01:43,959 Speaker 1: and we'll have analysis this hour from Bloomberg Politics contributor 32 00:01:44,400 --> 00:01:46,720 Speaker 1: Rick Davis. So here we go on the fastest hour 33 00:01:46,760 --> 00:01:49,040 Speaker 1: in politics, or at least we're not doing a countdown 34 00:01:49,120 --> 00:01:53,040 Speaker 1: to a shutdown kind of show. Here. The Senate, as 35 00:01:53,080 --> 00:01:55,880 Speaker 1: you've been hearing on Bloomberg, did pass a continuing resolution 36 00:01:55,920 --> 00:01:58,240 Speaker 1: we talked about the last couple of days to fund 37 00:01:58,240 --> 00:02:01,040 Speaker 1: the government through the middle of February, nine Republicans voting 38 00:02:01,080 --> 00:02:04,520 Speaker 1: in favor. But the to do list for Democrats is 39 00:02:04,560 --> 00:02:07,320 Speaker 1: a long one, as we had free year end, and 40 00:02:07,320 --> 00:02:09,560 Speaker 1: we're joined to talk about it by Congressman Don Buyer, 41 00:02:09,639 --> 00:02:11,960 Speaker 1: as I mentioned, democrat from Virginia who's not only on 42 00:02:12,000 --> 00:02:14,120 Speaker 1: House Ways and Means, but he's chair of the Joint 43 00:02:14,160 --> 00:02:18,080 Speaker 1: Economic Committee. What a job right now, Congressman, welcome back. 44 00:02:18,360 --> 00:02:20,160 Speaker 1: It's great to have you on a Friday night. Here 45 00:02:20,200 --> 00:02:23,480 Speaker 1: is solving the debt ceiling now the most pressing issue 46 00:02:23,720 --> 00:02:27,480 Speaker 1: facing the capital. Yes, it is, Joe, and I was 47 00:02:27,560 --> 00:02:30,960 Speaker 1: thrilled that we got the government open to February eighteenth, 48 00:02:31,040 --> 00:02:33,640 Speaker 1: that we're not going back here on Christmas Eve or 49 00:02:33,680 --> 00:02:36,360 Speaker 1: New Year's even doing it, But we do. You know, 50 00:02:36,440 --> 00:02:38,800 Speaker 1: it looks like, according to Secretary of Yelling, we have 51 00:02:38,880 --> 00:02:41,720 Speaker 1: until maybe the fifteenth of December to get that debt 52 00:02:41,760 --> 00:02:44,320 Speaker 1: ceiling increased. You know, it's easy to do in the 53 00:02:44,360 --> 00:02:48,760 Speaker 1: House because we have a very small majority on the Senate. 54 00:02:48,800 --> 00:02:51,000 Speaker 1: As long as Ms McConnell doesn't want to go along 55 00:02:51,040 --> 00:02:55,200 Speaker 1: with it. Doesn't give Chuck Schumer much opportunity other than 56 00:02:55,960 --> 00:03:00,120 Speaker 1: cal McConnell's bluff or use reconciliation, and I suspect we 57 00:03:00,200 --> 00:03:02,440 Speaker 1: end up using the reconciliation tool to do it. How 58 00:03:02,440 --> 00:03:04,840 Speaker 1: about that this boy, this is getting to be a 59 00:03:04,840 --> 00:03:07,919 Speaker 1: recurring scenario here. And we keep hearing those congressmen that 60 00:03:07,919 --> 00:03:10,560 Speaker 1: that Mitch McConnell's talking to Chuck Schumer, that they're maybe 61 00:03:10,560 --> 00:03:13,280 Speaker 1: they're working on a deal. Do you not believe that, Well, 62 00:03:13,320 --> 00:03:16,160 Speaker 1: that would be good. I mean, no one wants the 63 00:03:16,919 --> 00:03:19,920 Speaker 1: default on his debts. When Donald Trump was president, three 64 00:03:19,960 --> 00:03:22,639 Speaker 1: times we raised or suspended the debt deeling, and we 65 00:03:22,720 --> 00:03:24,800 Speaker 1: pretty much did it unanimously. You know, one or two 66 00:03:24,800 --> 00:03:28,280 Speaker 1: people would vote no. Um, it's it's the debt feeling 67 00:03:28,280 --> 00:03:32,440 Speaker 1: has become a sort of pernisses political tool, which doesn't 68 00:03:32,440 --> 00:03:35,440 Speaker 1: help either party. It's really making the job difficult. You're 69 00:03:35,440 --> 00:03:38,360 Speaker 1: supposed to be working on this reconciliation bill, the Build 70 00:03:38,360 --> 00:03:41,320 Speaker 1: Back Better Plan, uh, and and maybe get a vote 71 00:03:41,360 --> 00:03:43,360 Speaker 1: on this, maybe get the whole thing done by Christmas 72 00:03:43,400 --> 00:03:46,080 Speaker 1: at least is what we've been hearing by from Senator 73 00:03:46,400 --> 00:03:48,800 Speaker 1: Chuck Schumer. But my goodness, if there's a threat of 74 00:03:48,800 --> 00:03:52,920 Speaker 1: a default, it's pretty hard to get to the other work. Yeah, yeah, exactly, 75 00:03:52,920 --> 00:03:54,480 Speaker 1: we need to get that out of the way. And 76 00:03:54,520 --> 00:03:56,720 Speaker 1: it'd be great to get the build Back Better deal done. 77 00:03:56,960 --> 00:03:58,480 Speaker 1: You know, we passed it in the House and it 78 00:03:58,600 --> 00:04:01,200 Speaker 1: was you know, the most important vote I've ever had. 79 00:04:01,560 --> 00:04:03,920 Speaker 1: But now it's up to the Senate Prolementarian and Joe 80 00:04:03,960 --> 00:04:06,880 Speaker 1: Mansion to see, you know, what actually emerges what we 81 00:04:06,960 --> 00:04:10,160 Speaker 1: send to the president. Senator Kirston Cinema says not till 82 00:04:10,200 --> 00:04:14,200 Speaker 1: after Christmas, which to me says at some point Joe 83 00:04:14,240 --> 00:04:17,000 Speaker 1: imagined your point. Didn't like the timeline. I just wonder, 84 00:04:17,120 --> 00:04:18,279 Speaker 1: you know, you're right in the middle of this in 85 00:04:18,279 --> 00:04:20,919 Speaker 1: the Joint Economic Committee. You're you're able to touch both 86 00:04:20,960 --> 00:04:24,320 Speaker 1: sides of Congress in a way that few lawmakers can. 87 00:04:24,360 --> 00:04:27,040 Speaker 1: And I wonder what your expectation is if if there 88 00:04:27,080 --> 00:04:31,080 Speaker 1: actually is an endgame here. Well, I want Center Humor 89 00:04:31,160 --> 00:04:33,120 Speaker 1: to be right. You know that we can get it 90 00:04:33,200 --> 00:04:37,160 Speaker 1: before Christmas on the um, but even if it's January 91 00:04:37,279 --> 00:04:41,160 Speaker 1: or February, it's so consequential. You know, the biggest investment 92 00:04:41,200 --> 00:04:46,240 Speaker 1: in children, in in healthcare, driving down the cost of 93 00:04:46,480 --> 00:04:50,200 Speaker 1: almost all of our supply chain stuff. Um, you know, 94 00:04:50,240 --> 00:04:53,320 Speaker 1: whinner it comes, it's gonna be very welcome and hopefully 95 00:04:54,000 --> 00:04:55,640 Speaker 1: the kind of thing that sets us up for much 96 00:04:55,640 --> 00:04:58,200 Speaker 1: greater economic growth for the next ten years. You mentioned 97 00:04:58,200 --> 00:05:01,600 Speaker 1: the parliamentarian of the old bird Bath as uh as 98 00:05:01,640 --> 00:05:03,640 Speaker 1: they like to call it next door in the Senate. 99 00:05:04,120 --> 00:05:06,600 Speaker 1: I just wonder, you know, once once the Joe Mansions 100 00:05:06,720 --> 00:05:09,760 Speaker 1: and Kirsten Cinemas are done, once I guess Republicans are done, 101 00:05:10,279 --> 00:05:12,000 Speaker 1: what's this thing going to look like? How different will 102 00:05:12,000 --> 00:05:14,000 Speaker 1: it be and what kind of changes will be made 103 00:05:14,040 --> 00:05:17,640 Speaker 1: when it comes back to the House. You know, I'm optimistic, Joe, 104 00:05:17,839 --> 00:05:21,000 Speaker 1: you know we you know, it started off at three 105 00:05:21,000 --> 00:05:23,560 Speaker 1: and a half trillion dollars, but the bill that we 106 00:05:23,720 --> 00:05:26,160 Speaker 1: passed and sent to the Senate was only one point 107 00:05:26,240 --> 00:05:30,280 Speaker 1: seven trillion, so maybe half what the expectation was, and 108 00:05:30,279 --> 00:05:32,839 Speaker 1: and actually less than what Joe Manson said he would accept. 109 00:05:33,400 --> 00:05:35,719 Speaker 1: So the fight seemed to be over whether we should 110 00:05:35,720 --> 00:05:38,279 Speaker 1: be the we should finally join the ranks of heavy 111 00:05:38,320 --> 00:05:40,919 Speaker 1: other developed country in the world that have paid maternity leaves. 112 00:05:41,600 --> 00:05:44,839 Speaker 1: Um have passed the House without it, No, I know, 113 00:05:45,279 --> 00:05:47,880 Speaker 1: passed the House with it, and it's passed the House 114 00:05:47,920 --> 00:05:49,480 Speaker 1: without it. If it came back. I know that's been 115 00:05:49,480 --> 00:05:53,240 Speaker 1: a point of contention in the Senate. Good question. Um, yes, 116 00:05:53,320 --> 00:05:55,800 Speaker 1: I think it could. Um, it would be a lot 117 00:05:55,800 --> 00:06:00,520 Speaker 1: of unhappy people, but you know, you uh, I spent 118 00:06:00,560 --> 00:06:02,159 Speaker 1: most of my adult life in business, and you don't 119 00:06:02,160 --> 00:06:04,880 Speaker 1: go broke taking a profit. You know, it's it's still 120 00:06:04,920 --> 00:06:08,040 Speaker 1: a move in the right direction. Don't let the perfect 121 00:06:08,040 --> 00:06:13,080 Speaker 1: be the enemy of the good. Exactly right of the possible. 122 00:06:13,200 --> 00:06:15,080 Speaker 1: Right there you go. We can keep going on. This 123 00:06:15,720 --> 00:06:19,560 Speaker 1: paid leave was one right, the expanded a child tax credit. 124 00:06:20,040 --> 00:06:22,880 Speaker 1: But also this Medicare issue. My goodness, I know Bernie 125 00:06:22,920 --> 00:06:26,279 Speaker 1: Sanders is not happy about it. Uh and it invokes 126 00:06:26,400 --> 00:06:29,880 Speaker 1: salt now right there, Bernie Sanders wants to generate revenue 127 00:06:29,880 --> 00:06:33,000 Speaker 1: from salt to expand Medicare, but we don't even know 128 00:06:33,080 --> 00:06:35,520 Speaker 1: what happens to salt. Congressman, this is a big deal 129 00:06:35,600 --> 00:06:37,320 Speaker 1: for you one ways and means I'm sure you'd like 130 00:06:37,360 --> 00:06:38,960 Speaker 1: to see you come back in the similar form you 131 00:06:39,000 --> 00:06:43,240 Speaker 1: sent it over in. Yeah, although you know, Senator Sanders 132 00:06:43,240 --> 00:06:46,200 Speaker 1: has a point that with the salt relief, I think 133 00:06:46,279 --> 00:06:50,120 Speaker 1: was essential that we took care of middle income Americans, 134 00:06:50,480 --> 00:06:53,480 Speaker 1: you know, the teachers, of the firefighters, the police officers, 135 00:06:53,560 --> 00:06:58,200 Speaker 1: that middle managers who are getting killed by the salt limitation. 136 00:06:58,640 --> 00:07:02,240 Speaker 1: But what but the unfortunately, when we raised the capped 137 00:07:02,240 --> 00:07:04,960 Speaker 1: eight hundred thousand dollars, he helped an awful lot of 138 00:07:04,960 --> 00:07:08,320 Speaker 1: people that were upper upper income um so there there's 139 00:07:08,320 --> 00:07:10,000 Speaker 1: a middle ground there, and if it helps pay for 140 00:07:10,080 --> 00:07:13,440 Speaker 1: some of the Medicare expansion or perhaps even more importantly, 141 00:07:13,520 --> 00:07:16,560 Speaker 1: dropped the premiums for the Affordable Care Act, just make 142 00:07:16,600 --> 00:07:20,800 Speaker 1: a metal ledgers more affordable for every American, that'd be 143 00:07:20,840 --> 00:07:23,240 Speaker 1: a good thing. You seem pretty open minded about whatever 144 00:07:23,240 --> 00:07:26,040 Speaker 1: the final product this year. Uh, Congressman, do you think 145 00:07:26,040 --> 00:07:28,040 Speaker 1: it's in this county year? Or we do we likely 146 00:07:28,080 --> 00:07:31,400 Speaker 1: bleed into twenty two. If I had to bet Joe, 147 00:07:31,400 --> 00:07:36,000 Speaker 1: I'd say two. But um, but yeah, I'll be delighted 148 00:07:36,000 --> 00:07:38,080 Speaker 1: if if we get it done right here and now. 149 00:07:38,120 --> 00:07:40,800 Speaker 1: Although with all the Chuck schumerhouse on his plate, that's 150 00:07:40,840 --> 00:07:44,640 Speaker 1: a big lead. Congresson, don buyer with us on sound on. 151 00:07:44,720 --> 00:07:46,560 Speaker 1: People who have not live in the Washington area may 152 00:07:46,600 --> 00:07:49,120 Speaker 1: not know that you were a long time business owner 153 00:07:49,840 --> 00:07:53,160 Speaker 1: before entering public service. There's a there's a huge network 154 00:07:53,160 --> 00:07:55,920 Speaker 1: of card dealerships with your name on them around here 155 00:07:56,000 --> 00:07:57,880 Speaker 1: throughout northern Virginia. So I want to ask you about 156 00:07:57,880 --> 00:08:00,720 Speaker 1: today's job for poor Congressman. You have hired a lot 157 00:08:00,720 --> 00:08:02,440 Speaker 1: of people in your life, and you have a sense 158 00:08:02,480 --> 00:08:05,600 Speaker 1: of these trends. We had this soft headline number, but 159 00:08:05,680 --> 00:08:08,239 Speaker 1: pretty good news under the hood in this report. President 160 00:08:08,280 --> 00:08:10,480 Speaker 1: Biden talked about it today at the White House. I 161 00:08:10,640 --> 00:08:12,320 Speaker 1: like to listen quickly to what he said and then 162 00:08:12,320 --> 00:08:16,000 Speaker 1: get your reaction. Here's the President earlier today. Our economy 163 00:08:16,120 --> 00:08:18,880 Speaker 1: is markedly stronger than it was a year ago, and 164 00:08:18,960 --> 00:08:22,640 Speaker 1: today the incredible news that our unemployment rate has fallen 165 00:08:22,680 --> 00:08:26,320 Speaker 1: to four point two percent. At this point in the year, 166 00:08:26,760 --> 00:08:30,160 Speaker 1: we're looking at the sharpest one year decline and unemployment ever. 167 00:08:30,880 --> 00:08:35,160 Speaker 1: Simply put, America, America is back to work and our 168 00:08:35,240 --> 00:08:39,360 Speaker 1: jobs recovery is going very strong. But perils, of course, 169 00:08:39,440 --> 00:08:42,640 Speaker 1: fell well short of expectations, and a lot of employers 170 00:08:42,760 --> 00:08:46,240 Speaker 1: congressmen are saying they still can't find people to fill 171 00:08:46,320 --> 00:08:49,280 Speaker 1: the jobs they have open. When are people coming back 172 00:08:49,320 --> 00:08:52,720 Speaker 1: to work? Well, the goodness, Joe was we did get 173 00:08:52,760 --> 00:08:57,400 Speaker 1: an up chick in the flavor participation rate, the highest 174 00:08:57,400 --> 00:09:01,480 Speaker 1: has been since April. So we're slowly moving in the 175 00:09:01,600 --> 00:09:03,160 Speaker 1: right direction, but there's still a lot of people on 176 00:09:03,200 --> 00:09:05,880 Speaker 1: the sidelines. I was thrilled. You know, if you take 177 00:09:05,880 --> 00:09:08,840 Speaker 1: the numbers apart, like the unemployment rate for black women 178 00:09:09,000 --> 00:09:12,400 Speaker 1: fell from seven percent to five percent one month um. 179 00:09:12,559 --> 00:09:16,240 Speaker 1: That really those without a high school diploma dropped from 180 00:09:16,240 --> 00:09:19,000 Speaker 1: seven four to five seven. So some of the tougher 181 00:09:19,400 --> 00:09:22,640 Speaker 1: to get to are doing pretty well. Um. And you know, 182 00:09:23,800 --> 00:09:27,880 Speaker 1: years to get get back to four point two a 183 00:09:27,920 --> 00:09:32,120 Speaker 1: lot and and and omicrons not helping us. Um. But 184 00:09:32,200 --> 00:09:36,520 Speaker 1: as kids get back in school, um, as daycare becomes affordable, 185 00:09:36,960 --> 00:09:39,240 Speaker 1: and if we can just get through these blasted variants, 186 00:09:39,240 --> 00:09:42,840 Speaker 1: which may mean vaccinating the rest of the world, um, 187 00:09:42,920 --> 00:09:45,199 Speaker 1: so that we can just finally feel like we can 188 00:09:45,200 --> 00:09:46,920 Speaker 1: go back to work, we can take off the mask. 189 00:09:47,040 --> 00:09:49,679 Speaker 1: We're going to be safe. That'll be it. But a 190 00:09:49,800 --> 00:09:55,080 Speaker 1: big figure. I got the booty and I got my booster. Yeah. Yeah, 191 00:09:55,440 --> 00:09:58,560 Speaker 1: I can't find an appointment. I hope that that changes 192 00:09:58,600 --> 00:10:00,800 Speaker 1: at some point soon, my goodness. But uh but I'll 193 00:10:00,800 --> 00:10:03,360 Speaker 1: meet you, hopefully somewhere in person without a mask when 194 00:10:03,360 --> 00:10:06,360 Speaker 1: we get this figured out. Congressman Don Buyer, it's great 195 00:10:06,400 --> 00:10:08,600 Speaker 1: to have thanks for thanks for giving us a shout 196 00:10:08,640 --> 00:10:10,520 Speaker 1: from the other side of the river here in the 197 00:10:10,600 --> 00:10:14,760 Speaker 1: nation's capital. Congressman from Virginia's eighth at Congressional District for 198 00:10:14,840 --> 00:10:17,839 Speaker 1: us on Bloomberg, it was a confusing report today. Did 199 00:10:17,880 --> 00:10:19,240 Speaker 1: you hear this when it came out? That was some 200 00:10:19,280 --> 00:10:21,640 Speaker 1: of the best radio, some of the best television I've 201 00:10:21,640 --> 00:10:26,200 Speaker 1: come across. Here on Bloomberg. My goodness, listening to the 202 00:10:26,200 --> 00:10:32,760 Speaker 1: instant analysis, Tom Keene, Jonathan Farrell, Lisa Brahmowitz, Michael McKee 203 00:10:32,760 --> 00:10:35,319 Speaker 1: trying to make sense of this report at eight thirty 204 00:10:35,440 --> 00:10:40,800 Speaker 1: this morning. Danny Day in I thought had the line because, 205 00:10:40,840 --> 00:10:43,040 Speaker 1: like I said, you know, it was conflicting. We had 206 00:10:43,040 --> 00:10:46,480 Speaker 1: the weaker than expected top with some strong internals. Danny 207 00:10:46,559 --> 00:10:49,360 Speaker 1: Day and chief investment officer at d w D Partners, 208 00:10:49,400 --> 00:10:54,800 Speaker 1: called it, quote one of the weirdest reports I have 209 00:10:54,920 --> 00:10:59,760 Speaker 1: ever seen, unquote from my heart and from my hand. 210 00:10:59,760 --> 00:11:04,200 Speaker 1: And one of the people understand my intention. This is 211 00:11:04,200 --> 00:11:08,000 Speaker 1: a concept that people flunk any con one on one 212 00:11:07,640 --> 00:11:10,880 Speaker 1: with the change in non farm payrolls comes in only 213 00:11:11,040 --> 00:11:14,720 Speaker 1: half the level we anticipated. Just look at the yield curve. 214 00:11:14,800 --> 00:11:18,160 Speaker 1: Now this bit snaps into the bed of the curve. 215 00:11:19,000 --> 00:11:25,120 Speaker 1: You just said, the labor force went up, but non 216 00:11:25,200 --> 00:11:29,600 Speaker 1: farm payrolls disappointed. Isn't this, in the Fed's eyes, a 217 00:11:29,800 --> 00:11:33,160 Speaker 1: very good report? It seems to be a very good report. 218 00:11:33,240 --> 00:11:35,160 Speaker 1: I'm looking now they're trying to figure out where the 219 00:11:35,200 --> 00:11:37,839 Speaker 1: holes of the report are. Most of our listeners and 220 00:11:37,920 --> 00:11:41,240 Speaker 1: viewers are saying, I'd say we have a strong, strong, 221 00:11:41,480 --> 00:11:44,440 Speaker 1: strong market movie forward. Obviously, we have job openings that 222 00:11:44,480 --> 00:11:46,280 Speaker 1: we have to work on and we still have people 223 00:11:46,280 --> 00:11:48,680 Speaker 1: out of work. How is that? Well, that's why you 224 00:11:48,679 --> 00:11:52,160 Speaker 1: guys are gonna have some semi professional economists son later 225 00:11:52,200 --> 00:11:53,880 Speaker 1: on the show to explain it, because I can't explain 226 00:11:53,880 --> 00:11:56,160 Speaker 1: it off top of my head yet. We're still dealing 227 00:11:56,200 --> 00:11:58,480 Speaker 1: with the coronavirus. We're looking at the new variant now 228 00:11:58,480 --> 00:12:00,720 Speaker 1: to see what the impacts that will have. But overall, 229 00:12:00,720 --> 00:12:02,959 Speaker 1: I'm feel good. I feel good about where we're going 230 00:12:02,960 --> 00:12:11,240 Speaker 1: as an economy. Here science, this is Bloomberg. This is Bloomberg. 231 00:12:11,400 --> 00:12:17,800 Speaker 1: So long with Joe Matthew on Bloomberg Radio. The Friday 232 00:12:17,920 --> 00:12:19,839 Speaker 1: edition is sound On, brought to you by s e 233 00:12:20,160 --> 00:12:24,319 Speaker 1: I Visionary Asset Managers. Find opportunity where others are challenged. 234 00:12:25,080 --> 00:12:29,640 Speaker 1: Exploit disruptions potential with SEIS Global Operating Platform. Find out 235 00:12:29,640 --> 00:12:32,920 Speaker 1: how at s e I c dot Com, slash I 236 00:12:33,240 --> 00:12:36,319 Speaker 1: m S. I'm Joe Matthew and Washington. Glad you're here. 237 00:12:36,320 --> 00:12:38,240 Speaker 1: So it was a job's day. It's a big deal 238 00:12:38,640 --> 00:12:42,400 Speaker 1: every month obviously on Bloomberg. But that's not why we're 239 00:12:42,440 --> 00:12:46,439 Speaker 1: about to talk about Labor Secretary Marty Walsh. Now we're 240 00:12:46,440 --> 00:12:50,400 Speaker 1: wondering about his his future career plans, following reports this 241 00:12:50,440 --> 00:12:53,400 Speaker 1: week that Walsh may be considering a run for governor 242 00:12:53,440 --> 00:12:57,600 Speaker 1: of Massachusetts. You heard about this after Charlie Baker announced 243 00:12:57,600 --> 00:13:01,079 Speaker 1: that he's not running for re election. Not the first 244 00:13:01,080 --> 00:13:03,320 Speaker 1: time this has come up, but after what he said 245 00:13:03,360 --> 00:13:08,120 Speaker 1: this morning on Bloomberg. I'm not sure. Jonathan Pharaoh asked 246 00:13:08,200 --> 00:13:11,800 Speaker 1: the Labor Secretary as they were talking about the job's 247 00:13:11,840 --> 00:13:15,560 Speaker 1: report that we just discussed with Congressman Buyer. It's just 248 00:13:15,679 --> 00:13:19,000 Speaker 1: it was, you know, he really slid this in there, 249 00:13:19,240 --> 00:13:23,800 Speaker 1: Pharaoh asking Marty Walsh listen to this if he still 250 00:13:23,880 --> 00:13:28,079 Speaker 1: had work to complete at the Labor Department. Here's the 251 00:13:28,160 --> 00:13:30,640 Speaker 1: Labor Secretary. We have a lot of work to do 252 00:13:30,679 --> 00:13:32,600 Speaker 1: here at the Department of Labor. The reason also, it's 253 00:13:32,600 --> 00:13:34,679 Speaker 1: not a personal attack. There was just some news this 254 00:13:34,760 --> 00:13:36,560 Speaker 1: week that maybe you might be interested in the seat 255 00:13:36,600 --> 00:13:39,160 Speaker 1: that Charlie Baker might leave empty in the coming here. 256 00:13:39,679 --> 00:13:41,240 Speaker 1: Do you want to respond to that? Do you want 257 00:13:41,240 --> 00:13:44,199 Speaker 1: to respond to You'll put that right over my head. 258 00:13:44,200 --> 00:13:46,439 Speaker 1: I wasn't even paying attention, as I said, I have 259 00:13:46,480 --> 00:13:47,920 Speaker 1: a lot of work to do here at the Department 260 00:13:47,920 --> 00:13:51,160 Speaker 1: of Labor. Lady Kelly says, you weighing the run? Is 261 00:13:51,200 --> 00:13:54,480 Speaker 1: that true or false? Well, listen to the governor myself 262 00:13:54,520 --> 00:13:56,800 Speaker 1: have a great relationship. You know, we were partners for 263 00:13:56,840 --> 00:13:59,679 Speaker 1: seven years, six years in Boston. I was one year 264 00:13:59,840 --> 00:14:01,920 Speaker 1: up the Patrick. We did a lot of work. We 265 00:14:01,920 --> 00:14:05,240 Speaker 1: we what we started the pandemic together. We've got the 266 00:14:05,280 --> 00:14:07,760 Speaker 1: city of Boston, the Carmalton, Massachusetts at least through the 267 00:14:07,800 --> 00:14:10,440 Speaker 1: beginning days of the pandemic. And for the last week 268 00:14:10,480 --> 00:14:12,360 Speaker 1: I've been I've been out in l a Long beach, 269 00:14:12,800 --> 00:14:15,520 Speaker 1: all over the country, here in Washington today. So I'll 270 00:14:15,559 --> 00:14:17,319 Speaker 1: leave it at that. Should I take a signal from 271 00:14:17,320 --> 00:14:21,560 Speaker 1: your refusal to answer that direct question, there's no signal. 272 00:14:21,640 --> 00:14:24,280 Speaker 1: I love my job. Yeah, I love my job here. 273 00:14:24,800 --> 00:14:26,920 Speaker 1: I don't think I ever heard Marty Walsh laugh that much, 274 00:14:28,360 --> 00:14:32,560 Speaker 1: so is he running. We're joined by a couple of 275 00:14:32,600 --> 00:14:34,800 Speaker 1: guys in the know, good friends of ours, here on 276 00:14:34,880 --> 00:14:38,440 Speaker 1: sound on from the Boston Bureau. These are the big shots. 277 00:14:38,520 --> 00:14:41,360 Speaker 1: Joe Short, Sleeping Tom Moroney, hosts of Bloomberg based Day 278 00:14:41,360 --> 00:14:43,880 Speaker 1: Business or with Us, the program that here's two to 279 00:14:43,960 --> 00:14:46,280 Speaker 1: five pm every day on one of six one Boston 280 00:14:46,280 --> 00:14:50,840 Speaker 1: New Report D two. Joe, Tom, welcome, It's great to 281 00:14:50,880 --> 00:14:55,080 Speaker 1: have you on the broadcast today. Thank you. But you 282 00:14:55,200 --> 00:14:57,000 Speaker 1: both of you guys are friends with Marty Walsh. Tom. 283 00:14:57,080 --> 00:15:00,240 Speaker 1: Let's start with you just with the obvious question, could 284 00:15:00,280 --> 00:15:03,640 Speaker 1: you see him running for governor? I could, And as 285 00:15:03,680 --> 00:15:07,520 Speaker 1: the idea kind of percolated through my mind after these 286 00:15:07,560 --> 00:15:11,080 Speaker 1: rumors started swirling, it became more apparent that maybe he could. 287 00:15:11,400 --> 00:15:14,960 Speaker 1: Maura Healey is the Attorney general and she is, Uh, 288 00:15:15,040 --> 00:15:17,520 Speaker 1: she's in a great position. She raised more than three 289 00:15:17,560 --> 00:15:20,840 Speaker 1: million dollars. She won't say. She was on Bloomberg Are 290 00:15:20,960 --> 00:15:23,760 Speaker 1: this week with David West and she wouldn't answer the question. 291 00:15:23,760 --> 00:15:27,480 Speaker 1: She would go near it. So and everybody thinks, yeah, 292 00:15:27,520 --> 00:15:30,880 Speaker 1: she's gonna she's gonna do it. Uh. Marty has said. 293 00:15:30,920 --> 00:15:33,520 Speaker 1: At least one report says that Marty is waiting to 294 00:15:33,560 --> 00:15:36,720 Speaker 1: see what more heally does because they're good friends. But 295 00:15:36,960 --> 00:15:40,400 Speaker 1: when you think about this, Joe, uh, Marty is in 296 00:15:40,440 --> 00:15:43,920 Speaker 1: a sense the moderate alternative. He's not unlike a Charlie 297 00:15:43,960 --> 00:15:46,720 Speaker 1: Baker type that would show up in this race because 298 00:15:46,720 --> 00:15:48,760 Speaker 1: the Democrats are going to feel at least we see 299 00:15:48,800 --> 00:15:52,080 Speaker 1: so far, and Joe Shortsleeve can can confirm this for 300 00:15:52,200 --> 00:15:56,600 Speaker 1: us that there'll be a lot of liberals progressives itching 301 00:15:56,640 --> 00:15:58,680 Speaker 1: for this job. And then there's Jeff Deal on the 302 00:15:58,720 --> 00:16:03,240 Speaker 1: Republican side, who was Donald Trump's chairman in his first reelection, 303 00:16:03,440 --> 00:16:06,800 Speaker 1: in his first election efforts. So Marty could be that 304 00:16:06,800 --> 00:16:09,240 Speaker 1: that's spice that's missing right now? Is the more a 305 00:16:09,320 --> 00:16:12,040 Speaker 1: Healy uh idea that you know, kind of waiting on 306 00:16:12,120 --> 00:16:14,560 Speaker 1: more of the conventional wisdom. Here's something that you buy 307 00:16:14,600 --> 00:16:17,840 Speaker 1: Joe short sleever or are there others correct who say, 308 00:16:17,880 --> 00:16:20,400 Speaker 1: you know what he just got here. He hasn't even 309 00:16:20,440 --> 00:16:22,680 Speaker 1: done a year yet for the president and he is 310 00:16:22,720 --> 00:16:26,240 Speaker 1: serving at the pleasure of the president. Yeah. Well, here 311 00:16:26,400 --> 00:16:29,360 Speaker 1: here's one very interesting data point as it relates to 312 00:16:29,400 --> 00:16:35,040 Speaker 1: Marty Walsh. He's got five million dollars in a campaign account. Okay, 313 00:16:35,120 --> 00:16:37,800 Speaker 1: so uh, you know, and then you wonder about Marty 314 00:16:37,960 --> 00:16:41,160 Speaker 1: and the whole Washington, d C. Match. You know, born 315 00:16:41,200 --> 00:16:44,080 Speaker 1: and raised here here in Boston. You know the mayor, 316 00:16:44,240 --> 00:16:47,520 Speaker 1: he ran the show, he was the guy. And now 317 00:16:47,560 --> 00:16:50,840 Speaker 1: you're part of this whole you know, this bureaucracy dynamic 318 00:16:50,880 --> 00:16:53,400 Speaker 1: in Washington, D C. And you have to say, okay, 319 00:16:53,440 --> 00:16:55,720 Speaker 1: you know, don't get me wrong. It's a wonderful job. 320 00:16:55,800 --> 00:16:58,440 Speaker 1: You know, he's Secretary of Labor for the United States. 321 00:16:58,760 --> 00:17:02,280 Speaker 1: But you know, I wonder, you know if Marty kind 322 00:17:02,280 --> 00:17:07,320 Speaker 1: of misses doughboy, don't it you know, I mean every weekend. 323 00:17:08,359 --> 00:17:11,280 Speaker 1: There's no doubt about that. By the way, Yeah, I 324 00:17:11,320 --> 00:17:15,760 Speaker 1: mean so I think he I think there's a possibility, 325 00:17:16,200 --> 00:17:19,320 Speaker 1: you know, probably in the six weeks or so, that 326 00:17:19,320 --> 00:17:21,840 Speaker 1: we could learn more. Are open to this. It sounds 327 00:17:21,880 --> 00:17:23,879 Speaker 1: like Tom how does a Boston boy? They'll play in 328 00:17:24,080 --> 00:17:29,480 Speaker 1: Wooster's question? You know, the prototype for me is Bill Galvin, 329 00:17:29,520 --> 00:17:32,240 Speaker 1: Secretary of State for a long long time. He at 330 00:17:32,280 --> 00:17:35,320 Speaker 1: one point Decidey won be governor. So they did internal 331 00:17:35,359 --> 00:17:38,400 Speaker 1: polling and they said, Bill, you do not travel well 332 00:17:38,440 --> 00:17:41,840 Speaker 1: outside of Boston, greater Boston. And I think you could 333 00:17:41,840 --> 00:17:46,320 Speaker 1: hang that around Marty. Uh. But you know, I don't know. 334 00:17:46,480 --> 00:17:50,760 Speaker 1: I mean to the question you raised, Joe, imply anyway 335 00:17:50,800 --> 00:17:54,760 Speaker 1: that Biden? Uh doesn't you know, you don't decide when 336 00:17:54,800 --> 00:17:58,639 Speaker 1: to leave Biden the administration. He tells you when there's 337 00:17:58,760 --> 00:18:01,960 Speaker 1: great affection between Queen Marty and Biden. And I think 338 00:18:02,119 --> 00:18:04,760 Speaker 1: the declared the declared candidates at this point who does 339 00:18:04,800 --> 00:18:07,879 Speaker 1: play well in Worster, Tom and Joe. I'll ask the question. 340 00:18:08,000 --> 00:18:11,280 Speaker 1: I mean, that's well, I don't know. How about Jeff 341 00:18:11,320 --> 00:18:15,640 Speaker 1: deal for answer? Well, he was on our program yesterday. Um, 342 00:18:15,920 --> 00:18:18,439 Speaker 1: you know he's he's familiar with these the statewide runs. 343 00:18:18,440 --> 00:18:22,320 Speaker 1: He lost badly, uh to Elizabeth Warren in two thousand eighteen, 344 00:18:22,400 --> 00:18:25,400 Speaker 1: lost by some twenty four percentage points. You know he's 345 00:18:25,400 --> 00:18:29,840 Speaker 1: a real Trump supporter and that's sell well here in Massachusetts. Well, 346 00:18:30,240 --> 00:18:33,640 Speaker 1: his best area is outside of Boston. Are you with 347 00:18:33,880 --> 00:18:36,840 Speaker 1: Joe Shortsleeve? Tom in thirty seconds left here six weeks. 348 00:18:36,880 --> 00:18:40,879 Speaker 1: We find out in the next six about Marty. Yeah, yeah, 349 00:18:40,920 --> 00:18:43,000 Speaker 1: he doesn't mess around. He'll tell us. And these are 350 00:18:43,000 --> 00:18:45,200 Speaker 1: the two men will talk to when it happens. Tom Moroney, 351 00:18:45,280 --> 00:18:49,160 Speaker 1: Joe short Sleeve, the hosts of Bloomberg Base State Business 352 00:18:49,960 --> 00:18:52,280 Speaker 1: from our great station in Boston. I can't wait to 353 00:18:52,320 --> 00:18:55,320 Speaker 1: find out. Stay with us. I'm Joe Matthew. This is 354 00:18:55,359 --> 00:19:02,280 Speaker 1: Bloomberg broadcasting live from our nation's capital. Bloom to New York, 355 00:19:02,359 --> 00:19:06,560 Speaker 1: Bloomberg eleven, Frio to Boston, Bloomberg one, O six one 356 00:19:06,680 --> 00:19:10,880 Speaker 1: to San Francisco, Bloomberg nine six to the Country. Serious 357 00:19:11,040 --> 00:19:14,520 Speaker 1: X m General one and around the globe, the Bloomberg 358 00:19:14,560 --> 00:19:18,880 Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg 359 00:19:19,040 --> 00:19:24,200 Speaker 1: Sound On with Joe Matthew headline of the terminal shutdown 360 00:19:24,320 --> 00:19:28,160 Speaker 1: avoided ahead of deadline? How about it? The Senate passed 361 00:19:28,400 --> 00:19:32,000 Speaker 1: the stock gap to keep things running into February, not 362 00:19:32,040 --> 00:19:34,240 Speaker 1: that they negotiated a real budget. To be clear, We're 363 00:19:34,240 --> 00:19:36,960 Speaker 1: going to discuss that next with Miam McGuinness, president of 364 00:19:37,000 --> 00:19:39,800 Speaker 1: the Committee for a Responsible Budget. There will be no 365 00:19:39,920 --> 00:19:43,439 Speaker 1: government shutdown this weekend, at least there's that. After the 366 00:19:43,480 --> 00:19:46,919 Speaker 1: Senate passed to stop gap build a fund operations into February. 367 00:19:46,960 --> 00:19:50,119 Speaker 1: They kicked the can again. And it reminds us the 368 00:19:50,200 --> 00:19:53,679 Speaker 1: last time Congress passed all of its spending bills on 369 00:19:53,800 --> 00:19:59,840 Speaker 1: time was when this song was number one. Don't tell 370 00:20:00,080 --> 00:20:04,000 Speaker 1: you weren't dancing to this? The same year Independence Day 371 00:20:04,080 --> 00:20:08,160 Speaker 1: top the Box Office, Seinfeld and Friends were the top 372 00:20:08,200 --> 00:20:14,120 Speaker 1: shows on TV and Dolly the Cloned Sheep was born. Well, 373 00:20:14,160 --> 00:20:16,760 Speaker 1: a lot has changed since then, and not for the better, 374 00:20:18,560 --> 00:20:21,280 Speaker 1: at least on Capitol Hill, and as Congress debates the 375 00:20:21,280 --> 00:20:24,440 Speaker 1: debt ceiling and President Biden's Build back Better plan. We're 376 00:20:24,480 --> 00:20:26,960 Speaker 1: joined now by Maya McGuinness, President of the Committee for 377 00:20:27,000 --> 00:20:31,119 Speaker 1: a Responsible Federal Budget. Maya, welcome back to Bloomberg Radio. 378 00:20:31,359 --> 00:20:33,560 Speaker 1: Thanks for having me. I don't know if you were 379 00:20:33,600 --> 00:20:36,960 Speaker 1: a big fan of the Macarena, and if you were, 380 00:20:37,480 --> 00:20:40,119 Speaker 1: you don't have to admit it here, but it's not 381 00:20:40,240 --> 00:20:42,080 Speaker 1: lost on us after we did a little bit of 382 00:20:42,119 --> 00:20:45,920 Speaker 1: research today. The last time Congress completed all of its 383 00:20:45,960 --> 00:20:51,520 Speaker 1: spending bills on time was indeed in nine allah the 384 00:20:51,560 --> 00:20:54,320 Speaker 1: Macarena and passing a budget at all has been a 385 00:20:54,440 --> 00:20:57,960 Speaker 1: rarity since. So as we celebrate the passage of another 386 00:20:58,000 --> 00:21:01,560 Speaker 1: continuing resolution here, which should say a lot all on 387 00:21:01,600 --> 00:21:04,320 Speaker 1: its own, I'll start by asking you, Maya, is this 388 00:21:04,400 --> 00:21:07,200 Speaker 1: system just broken? What are the implications of not passing 389 00:21:07,240 --> 00:21:09,880 Speaker 1: a real budget? I mean, I think when you look 390 00:21:09,920 --> 00:21:14,280 Speaker 1: at how our budgeting process is going, there is no 391 00:21:14,320 --> 00:21:17,440 Speaker 1: conclusion other than it is absolutely broken. And I don't 392 00:21:17,480 --> 00:21:18,879 Speaker 1: like to say that because I don't think we should 393 00:21:18,880 --> 00:21:22,000 Speaker 1: be criticizing Congress all the time and extreme about things. 394 00:21:22,040 --> 00:21:27,000 Speaker 1: But budgeting is the very most central piece of what 395 00:21:27,160 --> 00:21:29,719 Speaker 1: government does. It's the starting point of laying out the 396 00:21:29,760 --> 00:21:32,560 Speaker 1: plan for how it's going to use its resources and 397 00:21:32,600 --> 00:21:35,040 Speaker 1: how it's going to tax us to get those resources, 398 00:21:35,080 --> 00:21:38,920 Speaker 1: and they skip over that that very important step pretty 399 00:21:39,000 --> 00:21:41,359 Speaker 1: much every year. And the side card to that is 400 00:21:41,359 --> 00:21:45,960 Speaker 1: that they are borrowing so extensively that our debt right 401 00:21:46,000 --> 00:21:48,719 Speaker 1: now is the highest it's ever been in this country 402 00:21:48,800 --> 00:21:51,960 Speaker 1: is a relative relatively overall economy other than right after 403 00:21:52,000 --> 00:21:55,520 Speaker 1: World War Two. So no budgeting and tons of borrowing, 404 00:21:55,920 --> 00:21:59,560 Speaker 1: and it clearly is not a thoughtful, strategic or responsible 405 00:21:59,560 --> 00:22:01,800 Speaker 1: way to on the government. So what do you say 406 00:22:01,840 --> 00:22:05,440 Speaker 1: to someone, maybe even a lawmaker, who says, well, see 407 00:22:05,520 --> 00:22:08,560 Speaker 1: what we're at least we're not increasing funding. Yeah, we're 408 00:22:08,640 --> 00:22:11,120 Speaker 1: kicking the can, but we're keeping the lights on here 409 00:22:11,160 --> 00:22:14,400 Speaker 1: and we're not actually adding to budgets. Is that accurate? 410 00:22:14,560 --> 00:22:17,040 Speaker 1: And what's the downside? So well, okay, so on the 411 00:22:17,080 --> 00:22:19,960 Speaker 1: continuing resolution, the fact that it doesn't increase the spending, 412 00:22:20,280 --> 00:22:22,919 Speaker 1: you could say, oh, that's responsible, we're controlling spending, but 413 00:22:23,000 --> 00:22:26,879 Speaker 1: that's not really the definition of responsible. Responsible is determining 414 00:22:26,920 --> 00:22:29,480 Speaker 1: what your priorities are and if they're important enough to do, 415 00:22:29,960 --> 00:22:32,880 Speaker 1: figuring out how to pay for them, and doing so 416 00:22:32,920 --> 00:22:36,440 Speaker 1: with a strategic lens. What are your objectives, what are 417 00:22:36,480 --> 00:22:39,560 Speaker 1: your threats, what are your opportunities as a nation? We've 418 00:22:39,560 --> 00:22:42,280 Speaker 1: done none of that, as CR is just a blunt continuation, 419 00:22:42,320 --> 00:22:45,040 Speaker 1: basically saying I'm showing no interest in the details and 420 00:22:45,119 --> 00:22:47,879 Speaker 1: just keeping things going status quo despite the fact that 421 00:22:47,920 --> 00:22:51,520 Speaker 1: the world is obviously changing dramatically at a very fast pace. 422 00:22:51,760 --> 00:22:54,200 Speaker 1: We also love to kick the debt ceiling as well, 423 00:22:54,240 --> 00:22:56,359 Speaker 1: with at least that's been the most recent trend. I 424 00:22:56,400 --> 00:22:59,760 Speaker 1: don't know how this current situation is going to resolve itself, 425 00:23:00,280 --> 00:23:03,640 Speaker 1: but suspending the debt ceiling is almost another way of 426 00:23:03,680 --> 00:23:07,159 Speaker 1: providing a continuing resolution to this correct How important is 427 00:23:07,200 --> 00:23:09,000 Speaker 1: it for us to get that done in the next 428 00:23:09,000 --> 00:23:11,719 Speaker 1: couple of weeks. At the latest that we've heard from 429 00:23:11,760 --> 00:23:14,159 Speaker 1: the Bipartisan Policy Center's the treasury could run out of 430 00:23:14,200 --> 00:23:17,080 Speaker 1: cash as soon as December twenty one. Yeah, so we're 431 00:23:17,119 --> 00:23:19,679 Speaker 1: looking at a couple of weeks away, and there's no 432 00:23:19,800 --> 00:23:21,640 Speaker 1: question that you have to lift the debt ceiling. It's 433 00:23:21,640 --> 00:23:26,000 Speaker 1: frankly more important because avoiding default is more important than 434 00:23:26,160 --> 00:23:28,919 Speaker 1: avoiding a government shutdown, both of which shouldn't even be 435 00:23:28,960 --> 00:23:31,440 Speaker 1: on the table. So absolutely we need to list the 436 00:23:31,480 --> 00:23:33,720 Speaker 1: debt ceiling. We should have done it months ago when 437 00:23:33,760 --> 00:23:36,480 Speaker 1: it first became that we're hitting the deadline instead of 438 00:23:36,600 --> 00:23:39,840 Speaker 1: limping along and using these kind of crazy Ponzi schemes 439 00:23:39,880 --> 00:23:41,560 Speaker 1: where we take money out of one trust fund and 440 00:23:41,640 --> 00:23:43,720 Speaker 1: use it for another thing, which is how we operate 441 00:23:43,800 --> 00:23:47,359 Speaker 1: right now. The debt ceiling is a reminder that we 442 00:23:47,400 --> 00:23:50,200 Speaker 1: are borrowing beyond what we agreed to. We are on 443 00:23:50,760 --> 00:23:54,399 Speaker 1: scheduled to borrow thirteen trillion dollars over the next decade 444 00:23:54,400 --> 00:23:57,400 Speaker 1: if we do nothing. That's before any new policies are passed. 445 00:23:57,720 --> 00:24:01,000 Speaker 1: Nobody should look at our budgetary plan think that's a 446 00:24:01,000 --> 00:24:02,920 Speaker 1: good place to be. Well, we could have a number 447 00:24:02,920 --> 00:24:05,840 Speaker 1: of new policies if the President's social spending plan passes. 448 00:24:05,840 --> 00:24:08,600 Speaker 1: And as we hear from Senator Kirston Cinema saying that 449 00:24:08,680 --> 00:24:11,520 Speaker 1: it won't likely pass it until after Christmas, that would 450 00:24:11,520 --> 00:24:14,200 Speaker 1: suggest to me that she thinks it will pass eventually. 451 00:24:14,240 --> 00:24:16,960 Speaker 1: I wonder how concerned you are that that bill may 452 00:24:16,960 --> 00:24:19,920 Speaker 1: not be paid for. Well, I'm very concerned because as 453 00:24:19,920 --> 00:24:22,000 Speaker 1: the bill is written, it is going to add more 454 00:24:22,119 --> 00:24:25,600 Speaker 1: to the deficit and potentially trillions more so right now 455 00:24:25,640 --> 00:24:28,359 Speaker 1: there's about a hundred and sixty billion dollar gaps. The 456 00:24:28,400 --> 00:24:31,120 Speaker 1: President promised to fully pay for the plan, and that's 457 00:24:31,200 --> 00:24:33,760 Speaker 1: the right promise to make and uh, you know, we 458 00:24:33,840 --> 00:24:36,280 Speaker 1: applaud him for doing that, but we're still short of that, 459 00:24:36,359 --> 00:24:38,560 Speaker 1: and so they need to put in place either more 460 00:24:38,640 --> 00:24:41,320 Speaker 1: revenue measures are other spending cuts, or scale back the 461 00:24:41,320 --> 00:24:43,920 Speaker 1: size of the bill. But where the real problem rest 462 00:24:44,160 --> 00:24:48,080 Speaker 1: is the fact that there are many fake, gimmicky expirations 463 00:24:48,080 --> 00:24:50,440 Speaker 1: in this spill things that will end after one year, 464 00:24:50,480 --> 00:24:53,480 Speaker 1: even though the proponents of them fully intend for them 465 00:24:53,480 --> 00:24:56,600 Speaker 1: to last indefinitely, certainly over the ten year budget window. 466 00:24:57,000 --> 00:24:59,640 Speaker 1: They can't do that. That's that's playing games with the budget. 467 00:25:00,359 --> 00:25:02,639 Speaker 1: And if you were going to extend those policies as 468 00:25:02,640 --> 00:25:05,679 Speaker 1: they plan to, it would actually double the cost, so 469 00:25:05,720 --> 00:25:08,280 Speaker 1: that the entire bill would be about four point eight 470 00:25:08,480 --> 00:25:12,320 Speaker 1: trillion dollars and about half of that would be borrowed money. 471 00:25:12,520 --> 00:25:15,000 Speaker 1: So that's talking about trillions more to the debt. That's 472 00:25:15,119 --> 00:25:18,080 Speaker 1: very unwise. They should drop the gimmicks, They should fully 473 00:25:18,119 --> 00:25:20,480 Speaker 1: pay for the bill and then debat whether it's something 474 00:25:20,520 --> 00:25:23,240 Speaker 1: that there is support for or not. The final thing 475 00:25:23,320 --> 00:25:25,080 Speaker 1: I would add is that doing all this in a 476 00:25:25,160 --> 00:25:27,560 Speaker 1: front loaded way that borrows and grows the debt during 477 00:25:27,560 --> 00:25:31,040 Speaker 1: a period of inflation just potentially adds fuel to that fire. 478 00:25:31,119 --> 00:25:33,919 Speaker 1: And it's particularly unwise to structure the bill with so 479 00:25:34,040 --> 00:25:37,960 Speaker 1: much borrowing and front loaded spending while we're also keeping 480 00:25:37,960 --> 00:25:41,399 Speaker 1: an eye on this inflation situation. May you're consulting with 481 00:25:41,480 --> 00:25:44,919 Speaker 1: lawmakers on a fairly regular basis, you're certainly in contact 482 00:25:44,960 --> 00:25:47,000 Speaker 1: with them. Do you see this bill passing? Will this 483 00:25:47,080 --> 00:25:49,760 Speaker 1: become a law? You know? I have no idea. It 484 00:25:49,800 --> 00:25:52,439 Speaker 1: seems fifty fifty two me. Um. I do think that 485 00:25:52,560 --> 00:25:55,600 Speaker 1: there is. There is. It's a very difficult group to 486 00:25:55,640 --> 00:25:58,560 Speaker 1: hold together because there's such a small margin UM. And 487 00:25:58,800 --> 00:26:01,200 Speaker 1: the willingness to pay for things, which is really important, 488 00:26:01,400 --> 00:26:04,639 Speaker 1: means there's more things to disagree about. UM. So I 489 00:26:05,200 --> 00:26:07,480 Speaker 1: don't know. I mean, when I consult with lawmakers, what 490 00:26:07,520 --> 00:26:10,320 Speaker 1: I do is I push them to fully pay for things. 491 00:26:10,640 --> 00:26:12,879 Speaker 1: And it's not about big government or small government. It's 492 00:26:12,920 --> 00:26:15,800 Speaker 1: about not borrowing unless you should for economic reasons, like 493 00:26:15,880 --> 00:26:18,760 Speaker 1: during COVID. And that's not a message that they're always 494 00:26:18,760 --> 00:26:20,840 Speaker 1: that welcome to say. You must feel like you're speaking 495 00:26:20,840 --> 00:26:23,359 Speaker 1: a different language. Yeah, it's it's I mean, it's a 496 00:26:23,359 --> 00:26:25,600 Speaker 1: tough message for them politically, but the point is it 497 00:26:25,680 --> 00:26:28,560 Speaker 1: does real damage to the economy and our strategic position 498 00:26:28,600 --> 00:26:30,880 Speaker 1: in the world. If we are over leveraged. We are, 499 00:26:31,000 --> 00:26:33,640 Speaker 1: and we're becoming more so. So part of its political 500 00:26:33,680 --> 00:26:36,639 Speaker 1: imperative is to do these things responsibly. For going to 501 00:26:36,680 --> 00:26:38,520 Speaker 1: go ahead and do them, she was president of the 502 00:26:38,520 --> 00:26:41,640 Speaker 1: Committee for a Responsible Federal Budget, miam Ac Guinness. It's 503 00:26:41,640 --> 00:26:43,720 Speaker 1: great to have your insights today. We'd love to talk 504 00:26:43,720 --> 00:26:46,719 Speaker 1: again when this gets closer to reality. Thanks so much. 505 00:26:46,800 --> 00:26:50,280 Speaker 1: Thanks for having me. Absolutely always learn something. When Maya 506 00:26:50,400 --> 00:26:53,919 Speaker 1: joins us on sound on, Welcome to the broadcast. I'm 507 00:26:54,000 --> 00:26:57,960 Speaker 1: Joe Matthew here in Washington. Do you hear the president today? 508 00:26:58,320 --> 00:27:00,119 Speaker 1: By the way, there's nobody better to speak about that 509 00:27:00,200 --> 00:27:04,679 Speaker 1: issue with God imagine passing an actual budget. No one 510 00:27:04,760 --> 00:27:06,439 Speaker 1: better to talk to you about it than Rick Davis. 511 00:27:06,440 --> 00:27:08,960 Speaker 1: He's gonna be with us next, Bloomberg Politics contributor. And 512 00:27:09,000 --> 00:27:12,280 Speaker 1: as we do consider the president's sound today, a lot 513 00:27:12,280 --> 00:27:13,919 Speaker 1: of people asking about his health. It got to the 514 00:27:13,920 --> 00:27:17,720 Speaker 1: point where the president's physician had to issue a letter 515 00:27:18,800 --> 00:27:22,119 Speaker 1: just saying he has a cold and a frog in 516 00:27:22,160 --> 00:27:25,320 Speaker 1: his throat. We'll talk about it all next with Rick 517 00:27:25,400 --> 00:27:28,560 Speaker 1: Davis on sound on. I'm Joe Matthew. This is Bloomberg. 518 00:27:31,640 --> 00:27:37,080 Speaker 1: This is Bloomberg. So no with Joe Matthew on Bloomberg Radio. 519 00:27:39,080 --> 00:27:41,240 Speaker 1: So how many more years will it be before Congress 520 00:27:41,280 --> 00:27:46,440 Speaker 1: passes an actual budget? Fascinating talk with Mia McGuinness. Are 521 00:27:46,440 --> 00:27:50,040 Speaker 1: those days simply over? Just two partisan? Too dysfunctional to 522 00:27:50,119 --> 00:27:52,520 Speaker 1: expect anything else? At this point, we'll just see are 523 00:27:52,560 --> 00:27:58,280 Speaker 1: our way right to the horizon. We're joined now, saving 524 00:27:58,359 --> 00:28:00,600 Speaker 1: the best for last Today by Rick Davis is with 525 00:28:00,720 --> 00:28:04,119 Speaker 1: us Bloomberg Politics contributor. As we diced through some of 526 00:28:04,119 --> 00:28:05,919 Speaker 1: the stories we've been talking about, some of the issues 527 00:28:05,960 --> 00:28:08,520 Speaker 1: this hour, and a couple of more that I have 528 00:28:08,560 --> 00:28:11,359 Speaker 1: in store for Rick. Happy Friday, stir. It's great to 529 00:28:11,400 --> 00:28:13,040 Speaker 1: have you with us here. You spent enough years in 530 00:28:13,080 --> 00:28:16,040 Speaker 1: the Senate. I'm I'm sure have pretty strong feelings about this. 531 00:28:16,680 --> 00:28:19,200 Speaker 1: I know Senator McCain, John McCaine used to talk about 532 00:28:19,200 --> 00:28:21,040 Speaker 1: to get very upset about the lack of hearings, the 533 00:28:21,119 --> 00:28:24,520 Speaker 1: lack of transparency, the lack of process. So what the 534 00:28:24,520 --> 00:28:27,480 Speaker 1: heck is this another cr that brings us into February? 535 00:28:28,520 --> 00:28:33,080 Speaker 1: You think will be alive next time Congress passes a budget. Yeah, Joe, 536 00:28:33,080 --> 00:28:34,800 Speaker 1: I can't tell you how many times I had to 537 00:28:34,840 --> 00:28:39,320 Speaker 1: hear regular order, regular order. John McCain believed that the 538 00:28:39,360 --> 00:28:42,320 Speaker 1: Senate had rules and they should be abided by, and 539 00:28:42,360 --> 00:28:47,520 Speaker 1: more importantly, that the budgeting process run by these appropriations 540 00:28:48,480 --> 00:28:52,240 Speaker 1: chairs needed to act on these twelve appropriations bills on time. 541 00:28:52,680 --> 00:28:55,720 Speaker 1: Which what's really interesting is this was a perfect scenario 542 00:28:55,840 --> 00:28:59,280 Speaker 1: to do that because so many of the priorities, things 543 00:28:59,360 --> 00:29:02,840 Speaker 1: like if this structure and and and and uh and 544 00:29:03,000 --> 00:29:08,440 Speaker 1: climate uh change are embedded in these budget bills. And 545 00:29:08,480 --> 00:29:12,520 Speaker 1: instead what we have is an extension of the Trump 546 00:29:12,600 --> 00:29:15,920 Speaker 1: era budget for another four or five months, you know, 547 00:29:16,360 --> 00:29:20,160 Speaker 1: based on his priorities, not bidens. And so this was 548 00:29:20,240 --> 00:29:22,920 Speaker 1: the year that you really would have thought they would 549 00:29:22,960 --> 00:29:24,840 Speaker 1: have devoted the time and effort to get in those 550 00:29:25,160 --> 00:29:30,000 Speaker 1: appropriations bills done. Uh. That being said, you're right, Uh 551 00:29:30,040 --> 00:29:32,720 Speaker 1: they were dancing the makarani last time that happened. So 552 00:29:33,680 --> 00:29:36,080 Speaker 1: I I kind of side with my McGinnis. I I 553 00:29:36,160 --> 00:29:38,320 Speaker 1: don't think we're gonna I wouldn't hold my breath waiting 554 00:29:38,320 --> 00:29:42,600 Speaker 1: for another regular round a budget uh processes to happen. 555 00:29:42,640 --> 00:29:45,240 Speaker 1: Actually on top, well, this just sounds like a couple 556 00:29:45,240 --> 00:29:47,240 Speaker 1: of wonky guys talking about the old days to some 557 00:29:47,320 --> 00:29:50,120 Speaker 1: people that Rick, what is the actual downside of that? 558 00:29:50,160 --> 00:29:54,120 Speaker 1: What's the implication, well, the implication is that um, at 559 00:29:54,200 --> 00:29:57,000 Speaker 1: some point, uh, taxpayers are going to get tired of 560 00:29:57,040 --> 00:30:00,880 Speaker 1: having their money. It's not government's money, it's the expayers money. 561 00:30:01,200 --> 00:30:03,880 Speaker 1: And when it's when it isn't cared for, at some 562 00:30:04,000 --> 00:30:07,480 Speaker 1: point taxpayers revolt about that. And and I think we're 563 00:30:07,480 --> 00:30:10,480 Speaker 1: getting to the point, especially in this highly charged populous 564 00:30:10,560 --> 00:30:13,000 Speaker 1: environment we have, where people are gonna start looking at 565 00:30:13,040 --> 00:30:15,480 Speaker 1: this saying, you know, Congress is no longer being a 566 00:30:15,520 --> 00:30:19,080 Speaker 1: good fiduciary of my money. It's not your money, Congress, 567 00:30:19,120 --> 00:30:21,520 Speaker 1: it's not the government's money. It's it's our money, the 568 00:30:21,520 --> 00:30:26,200 Speaker 1: people's money. And the minute they start looking at this process, uh, 569 00:30:26,440 --> 00:30:28,960 Speaker 1: they're they're gonna be very upset with what they see. 570 00:30:29,000 --> 00:30:33,000 Speaker 1: And so I would not be surprised that Republicans start 571 00:30:33,120 --> 00:30:37,120 Speaker 1: using the budget process as a way of saying, hey, 572 00:30:37,160 --> 00:30:39,840 Speaker 1: look see, you know they're not taking care of your funds. Now, 573 00:30:40,000 --> 00:30:42,160 Speaker 1: they're as guilty as the Democrats are, but it's the 574 00:30:42,280 --> 00:30:45,520 Speaker 1: last man through that door that gets to uh, they 575 00:30:45,520 --> 00:30:47,920 Speaker 1: get stung with this. So I think it could become 576 00:30:47,960 --> 00:30:51,120 Speaker 1: a pretty serious political issue if if any or the 577 00:30:51,160 --> 00:30:54,760 Speaker 1: one party UH decides to make it that way. Not 578 00:30:54,840 --> 00:30:57,200 Speaker 1: a lot has changed since the sequester. We just keep 579 00:30:57,320 --> 00:31:00,320 Speaker 1: kicking the can as we spend time with Ray Davis. 580 00:31:00,320 --> 00:31:01,960 Speaker 1: I don't know if you heard the president today. As 581 00:31:02,000 --> 00:31:05,320 Speaker 1: soon as he started talking Rick, Uh, people said, wait 582 00:31:05,360 --> 00:31:09,320 Speaker 1: a minute, what's what's wrong? His voice was clearly different 583 00:31:09,320 --> 00:31:11,680 Speaker 1: than it was yesterday. He sounded sick. He had that 584 00:31:11,760 --> 00:31:14,160 Speaker 1: kind of deep voice you get, frankly, when you have 585 00:31:14,200 --> 00:31:16,680 Speaker 1: a cold, and that is what it turns out he has. Now, 586 00:31:17,160 --> 00:31:19,200 Speaker 1: Rick can talk to us about process in the Senate. 587 00:31:19,240 --> 00:31:22,560 Speaker 1: You can also talk to us about caring for someone 588 00:31:22,600 --> 00:31:26,000 Speaker 1: who is in or advising someone maybe better word to use, 589 00:31:26,280 --> 00:31:28,800 Speaker 1: for someone who is in public service and in the spotlight. 590 00:31:29,200 --> 00:31:31,760 Speaker 1: And and you know the role that the important role 591 00:31:31,800 --> 00:31:35,120 Speaker 1: that health plays when it comes to the leader of 592 00:31:35,160 --> 00:31:37,880 Speaker 1: the free world. Uh. It got to the point, was 593 00:31:37,920 --> 00:31:40,280 Speaker 1: the first question that the President was asked after his speech, 594 00:31:40,280 --> 00:31:41,400 Speaker 1: and it got to the point where they had to 595 00:31:41,440 --> 00:31:44,560 Speaker 1: release a letter from his doctor. Let's listen here to 596 00:31:44,600 --> 00:31:47,840 Speaker 1: the President's reply was Peter Doocey from Fox who got 597 00:31:47,840 --> 00:31:50,560 Speaker 1: the first question in this job's news conference and said, 598 00:31:50,800 --> 00:31:52,800 Speaker 1: Mr President, what's going on with your voice? Here? He is? 599 00:31:53,480 --> 00:31:56,080 Speaker 1: I'm okay. I have a test every day to see 600 00:31:56,440 --> 00:31:59,400 Speaker 1: KOVID test. I had to check you to along the strange. 601 00:31:59,480 --> 00:32:01,920 Speaker 1: What I had is a one and a half year 602 00:32:01,920 --> 00:32:04,840 Speaker 1: old grandson who had a cold, who likes to kiss 603 00:32:04,840 --> 00:32:08,720 Speaker 1: his pop and he had been kissing in anyway. So 604 00:32:09,240 --> 00:32:12,280 Speaker 1: but it's just a coal look at lighthearted answer. You 605 00:32:12,360 --> 00:32:14,680 Speaker 1: got a chuckle. But of course there's been a lot 606 00:32:14,680 --> 00:32:18,640 Speaker 1: of questions about the coughing, and look, he's an older man. Obviously, 607 00:32:18,720 --> 00:32:21,360 Speaker 1: these are issues that people want to know about. And 608 00:32:21,400 --> 00:32:22,959 Speaker 1: so we got the letter. I'm looking at it right 609 00:32:23,000 --> 00:32:27,240 Speaker 1: now from Kevin O'Connor, physician to the president's subject, President 610 00:32:27,240 --> 00:32:32,480 Speaker 1: Biden's congestion, and there are bullets here the following. It says, 611 00:32:32,520 --> 00:32:35,920 Speaker 1: released with permission of the patient, as is readily apparent, 612 00:32:36,000 --> 00:32:39,200 Speaker 1: The doctor wrote, President Biden is experiencing some increased nasal 613 00:32:39,320 --> 00:32:41,720 Speaker 1: congestion this week. This can be heard in his voice 614 00:32:42,360 --> 00:32:44,960 Speaker 1: and he is feeling the colloquially a well known frog 615 00:32:45,000 --> 00:32:49,120 Speaker 1: in one's throat. It says investigation included comprehensive respiratory panel. 616 00:32:49,360 --> 00:32:53,480 Speaker 1: They checked him for nineteen pathogens to include COVID. All 617 00:32:53,480 --> 00:32:56,640 Speaker 1: these tests that says were negative. He's been tested for 618 00:32:56,680 --> 00:32:59,920 Speaker 1: COVID nineteen three times. This week. Treatment will include common 619 00:33:00,040 --> 00:33:03,600 Speaker 1: over the counter medications for symptoms. This is an issue 620 00:33:03,600 --> 00:33:06,200 Speaker 1: that doesn't want to go away for this President Rick Davis, 621 00:33:06,200 --> 00:33:09,400 Speaker 1: how important is it? You know? I think it's important. 622 00:33:09,520 --> 00:33:12,080 Speaker 1: I definitely got the impression he was trying to pull 623 00:33:12,080 --> 00:33:14,720 Speaker 1: a Marlon Brando doing the Godfather when he started that 624 00:33:14,800 --> 00:33:19,320 Speaker 1: speech today. It was really quite something. But but look, 625 00:33:19,360 --> 00:33:22,840 Speaker 1: I think you know, as long as there's transparency, Uh, 626 00:33:22,880 --> 00:33:27,680 Speaker 1: the American public understands that these folks, the President, his cabinet, 627 00:33:27,760 --> 00:33:30,760 Speaker 1: the vice president, they live in a bubble, right and 628 00:33:30,800 --> 00:33:33,240 Speaker 1: when they get sick, they get sick, and everybody has 629 00:33:33,280 --> 00:33:36,520 Speaker 1: this experience at home. I think the only time it 630 00:33:36,640 --> 00:33:40,840 Speaker 1: runs into trouble is is if the the White House 631 00:33:40,880 --> 00:33:44,040 Speaker 1: tries to obfuscate what's going on. And I think that's 632 00:33:44,040 --> 00:33:45,680 Speaker 1: why they got on top of this today and got 633 00:33:45,760 --> 00:33:48,320 Speaker 1: right out with an explanation by the doctor. Look, I 634 00:33:48,400 --> 00:33:50,800 Speaker 1: was in the Reagan White House in the second term 635 00:33:50,840 --> 00:33:53,120 Speaker 1: when he had his cancer surgery didn't apear in public 636 00:33:53,160 --> 00:33:56,080 Speaker 1: for almost six months and and and you couldn't do 637 00:33:56,120 --> 00:33:58,000 Speaker 1: that today, and that you can't you can't do that. 638 00:33:58,080 --> 00:33:59,960 Speaker 1: You couldn't do it then, and you can't do it now. 639 00:34:00,320 --> 00:34:03,920 Speaker 1: And so I do think transparency is the best way 640 00:34:03,920 --> 00:34:07,120 Speaker 1: to handle health, and especially as you point out, with 641 00:34:07,200 --> 00:34:12,040 Speaker 1: the president who is geriatric, and that's the things Health 642 00:34:12,160 --> 00:34:14,400 Speaker 1: is always going to be a topic. I'm assuming you 643 00:34:14,440 --> 00:34:16,640 Speaker 1: were referring to or maybe I just to pop into 644 00:34:16,680 --> 00:34:19,600 Speaker 1: my head the Trump trip to Walter Reid. Uh. People 645 00:34:19,719 --> 00:34:22,359 Speaker 1: ask questions when when they're not getting full or they 646 00:34:22,400 --> 00:34:25,000 Speaker 1: think they're getting complete answers. But this is a seventy 647 00:34:25,080 --> 00:34:27,000 Speaker 1: nine year old man. So yes, we all do get 648 00:34:27,040 --> 00:34:29,400 Speaker 1: sick from time to time. But I don't know, I 649 00:34:29,400 --> 00:34:31,759 Speaker 1: don't know where. I don't know how to be fair 650 00:34:31,800 --> 00:34:34,040 Speaker 1: about that, because he shouldn't be penalized for being an 651 00:34:34,040 --> 00:34:36,239 Speaker 1: older man. But this is an issue that voters are 652 00:34:36,280 --> 00:34:39,759 Speaker 1: concerned about and it always prompts questions. Rick Davis about 653 00:34:39,760 --> 00:34:44,160 Speaker 1: a second term. Absolutely will bring up questions about a 654 00:34:44,200 --> 00:34:47,439 Speaker 1: second term, and it should. Um. We've just had back 655 00:34:47,480 --> 00:34:50,239 Speaker 1: to back to presidents Trump and Biden, you know, in 656 00:34:50,280 --> 00:34:54,480 Speaker 1: their seventies. Um. Uh. And and there are good questions 657 00:34:54,520 --> 00:34:58,719 Speaker 1: to be raised about the vitality of people that age, uh, 658 00:34:58,760 --> 00:35:01,600 Speaker 1: you know, taking on the stress some strain of a presidency. 659 00:35:01,760 --> 00:35:05,280 Speaker 1: It's we used to talk about how everybody's hair change 660 00:35:05,360 --> 00:35:08,239 Speaker 1: from black to white while they were you know, are 661 00:35:08,360 --> 00:35:10,400 Speaker 1: dark to white when they were present. Now it's just 662 00:35:10,440 --> 00:35:13,759 Speaker 1: starts show up. They're lucky to have hair when they 663 00:35:13,840 --> 00:35:16,719 Speaker 1: leave the presidency, and and and and I say that 664 00:35:16,760 --> 00:35:19,200 Speaker 1: and just but like, I think there's really going to 665 00:35:19,239 --> 00:35:24,239 Speaker 1: be a pendulum swing when people start shopping for presidential 666 00:35:24,320 --> 00:35:26,359 Speaker 1: candidates next time around, where they're gonna say, you know, look, 667 00:35:26,640 --> 00:35:28,640 Speaker 1: I mean I I don't think we we want to 668 00:35:28,680 --> 00:35:31,799 Speaker 1: put another geriatric at the top of the ticket. And 669 00:35:32,120 --> 00:35:35,239 Speaker 1: no offense. I mean, both men were very vital, are 670 00:35:35,360 --> 00:35:39,200 Speaker 1: very vital even today. But um, when you start looking 671 00:35:39,239 --> 00:35:43,600 Speaker 1: in your you know, middle too early eighties into the 672 00:35:43,680 --> 00:35:46,360 Speaker 1: end of the next administration, you really got to wonder 673 00:35:46,400 --> 00:35:49,000 Speaker 1: whether or not they can keep up. Well, that's for sure. 674 00:35:49,640 --> 00:35:52,239 Speaker 1: Tell us what you expect for next week before we 675 00:35:52,320 --> 00:35:55,719 Speaker 1: call it a week. This week, Rick Davis, Uh, we 676 00:35:55,840 --> 00:35:59,200 Speaker 1: started the program with Congressman Don Buyer, who I thought 677 00:35:59,200 --> 00:36:01,640 Speaker 1: made a little bit of new saying reconciliation probably won't 678 00:36:01,640 --> 00:36:05,400 Speaker 1: pass till two But is this debt ceiling going to 679 00:36:05,440 --> 00:36:07,800 Speaker 1: resolve itself? We've talked about it each day this week. 680 00:36:08,320 --> 00:36:10,360 Speaker 1: You seem to be of the mind that Mitch McConnell's 681 00:36:10,360 --> 00:36:12,960 Speaker 1: coming around on something, but I wonder what it looks like. Yeah, 682 00:36:13,000 --> 00:36:14,640 Speaker 1: I think that they're going to find a way to 683 00:36:14,680 --> 00:36:17,880 Speaker 1: skin the cat on on on the debt ceiling. McConnell 684 00:36:17,920 --> 00:36:22,200 Speaker 1: has been noticeably less bellicose about that ceiling in the 685 00:36:22,280 --> 00:36:25,760 Speaker 1: last month than he was in the preceding six months, 686 00:36:25,760 --> 00:36:29,520 Speaker 1: So there's definitely some conversations going on. I think they'll 687 00:36:29,520 --> 00:36:34,080 Speaker 1: they'll probably find a way to let people uh, sort 688 00:36:34,120 --> 00:36:37,719 Speaker 1: of spout out their differences, like they did on the 689 00:36:37,760 --> 00:36:40,839 Speaker 1: budget that the cr that just passed. You know, they 690 00:36:40,920 --> 00:36:45,319 Speaker 1: let them the Republicans wanted to have this amendment on 691 00:36:45,480 --> 00:36:50,560 Speaker 1: tying uh, the changes in the administration's approach to the 692 00:36:50,560 --> 00:36:54,120 Speaker 1: mandate uh uh. And so I think there'll be those 693 00:36:54,200 --> 00:36:57,720 Speaker 1: kinds of tricks that are applied to the debt ceiling, 694 00:36:57,719 --> 00:37:00,359 Speaker 1: and everybody will walk away saying, Okay, we've we've we've 695 00:37:00,640 --> 00:37:03,520 Speaker 1: fixed that problem. Now the big question is whether they 696 00:37:03,640 --> 00:37:06,759 Speaker 1: get it done next week and it doesn't bleed into 697 00:37:06,840 --> 00:37:09,600 Speaker 1: Christmas week. Uh, And that'll that'll be a test of 698 00:37:09,719 --> 00:37:13,279 Speaker 1: the leadership. This is totally in the hands of Mitch 699 00:37:13,360 --> 00:37:15,839 Speaker 1: McConnell and Chuck Schumer, and what they come out with 700 00:37:16,040 --> 00:37:19,360 Speaker 1: their caucuses will follow well. Boy, that would be a 701 00:37:19,360 --> 00:37:21,200 Speaker 1: big deal. Of question is I guess how much space 702 00:37:21,280 --> 00:37:23,279 Speaker 1: can they clear, how much time can they buy so 703 00:37:23,320 --> 00:37:26,439 Speaker 1: they can focus on other things. But the question also 704 00:37:26,520 --> 00:37:28,640 Speaker 1: is in what form Congressman Buyer seemed to think it 705 00:37:28,680 --> 00:37:31,839 Speaker 1: was reconciliation. There are stories floating today, Rick, that they 706 00:37:31,880 --> 00:37:33,920 Speaker 1: tie this to the n d a A, which is 707 00:37:33,920 --> 00:37:35,960 Speaker 1: a whole other issue that they need to get to. Now, 708 00:37:36,360 --> 00:37:38,840 Speaker 1: which do you see as being more likely defense spending 709 00:37:38,880 --> 00:37:42,080 Speaker 1: or set it set it aside in its own reconciliation bill. Yeah, 710 00:37:42,080 --> 00:37:44,480 Speaker 1: I'm kind of with Congressman Buyer. Honestly, I don't know 711 00:37:44,480 --> 00:37:47,600 Speaker 1: why they haven't done the reconciliation approach to this months ago. 712 00:37:47,800 --> 00:37:49,680 Speaker 1: I could have done it at anytime at any time, 713 00:37:49,920 --> 00:37:52,600 Speaker 1: and and Republicans are even asking them please do it 714 00:37:52,680 --> 00:37:56,600 Speaker 1: under reconciliation. Uh so, So there is a clear and 715 00:37:56,680 --> 00:37:59,640 Speaker 1: easy path to get this done. Um. And and as 716 00:37:59,680 --> 00:38:01,799 Speaker 1: you and out, there are other things that need to 717 00:38:01,840 --> 00:38:04,600 Speaker 1: happen before Christmas in the n d a A, the 718 00:38:04,719 --> 00:38:08,239 Speaker 1: National Defense Authorization Act is probably now one of the 719 00:38:08,239 --> 00:38:10,919 Speaker 1: most important things next to the dead ceiling. You heard 720 00:38:10,920 --> 00:38:14,759 Speaker 1: it from Rick Davis, Bloomberg Politics contributor. Thank you, Rick, 721 00:38:14,800 --> 00:38:17,920 Speaker 1: As always We'll see you back here next week, of course, 722 00:38:18,280 --> 00:38:22,080 Speaker 1: as you'll be joined again by Genie Chanzin. No, I'll 723 00:38:22,120 --> 00:38:25,000 Speaker 1: meet you in New York on Monday, on the fastest 724 00:38:25,000 --> 00:38:27,520 Speaker 1: hour in politics. This is Bloomberg.