WEBVTT - US Republican Representative Nicole Malliotakis Talks Economy, Medicaid & Congestion Pricing

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. The news coming out

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<v Speaker 1>of Washington has so much to do with what's happening

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<v Speaker 1>right now on Wall Street. And it's where we start

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<v Speaker 1>our conversation with Congresswoman Nicole malliatakas the Republican from New

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<v Speaker 1>York's eleventh District, with us live from World Headquarters in

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<v Speaker 1>New York, and Congresswoman, we want to welcome you back,

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<v Speaker 1>as always to Bloomberg TV and Radio. Do you worry

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<v Speaker 1>about the intersection in this case of Washington and Wall Street?

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<v Speaker 1>The words of the President, or at least as he

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<v Speaker 1>posted on truth Social appear to be pulling us lower

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<v Speaker 1>here referring to the Fed chair as a major loser,

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<v Speaker 1>even though he did appoint him initially. This is the

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<v Speaker 1>impact of the rhetoric in American politics now.

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<v Speaker 2>No, look, I think that we need to be focused

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<v Speaker 2>on governing with a confident, steady hand here. I think

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<v Speaker 2>the most important thing that we can be doing is

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<v Speaker 2>making sure that we pass this very important tax package

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<v Speaker 2>that we prevent an expiration of the existing twenty seventeen

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<v Speaker 2>Tax Cutting Jobs Act, That in itself, I think, I

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<v Speaker 2>think is something that can send a very strong message

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<v Speaker 2>that we get back to Washington next week and we

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<v Speaker 2>see pieces of this bills being furnished by the individual committees.

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<v Speaker 2>I think there's a question right now around the world

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<v Speaker 2>whether we can get the job done. I believe that

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<v Speaker 2>we can, and we must or else it's a four

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<v Speaker 2>trillion dollar tax hike, and you'll see a lot of

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<v Speaker 2>the provisions that were so important to the American economy expire.

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<v Speaker 2>We have so many things at stake here. You have

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<v Speaker 2>interest deductibility, R and D expensing, you have bonus appreciation.

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<v Speaker 2>You have the corporate tax rate that would go from

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<v Speaker 2>twenty one percent to thirty five percent if this were

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<v Speaker 2>to expire, and of course the other provisions that lifted

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<v Speaker 2>millions of Americans out of poverty, that created seven million jobs.

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<v Speaker 2>There's a lot here, and we need to make sure

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<v Speaker 2>that we not only pass it, but that we expand

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<v Speaker 2>it in a way that we add more pro growth

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<v Speaker 2>policies so we can see the economy really prosper and

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<v Speaker 2>repeatiation of manufacturing is another big component of as well

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<v Speaker 2>that I've been working on well.

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<v Speaker 3>And we know, Congresswoman that any expansion of a tax

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<v Speaker 3>cuts will require offsets based off of the kind of

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<v Speaker 3>framework that the House is working with here, so it

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<v Speaker 3>becomes a question of the spending cuts. I'm sure you're

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<v Speaker 3>well aware that the House Energy and Commerce Committee is

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<v Speaker 3>going to begin marking up its portion of this massive

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<v Speaker 3>reconciliation bill, and that will be the medicaid question. Have

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<v Speaker 3>you seen a list of proposals or any kind of

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<v Speaker 3>draft around what exactly will be put forward when it

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<v Speaker 3>comes to Medicaid, knowing you have looked for assurances on

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<v Speaker 3>that front, do you expect you'll see one before the markup?

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<v Speaker 2>Well, what we have seen is the menu of options, right,

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<v Speaker 2>and we're talking about the entire energy and healthcare portfolio,

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<v Speaker 2>so it's not just Medicaid, and obviously and deals with regulations,

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<v Speaker 2>It deals with broadband spectrum sales, It deals with other components,

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<v Speaker 2>emission vehicles, things like that that could be offsets with

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<v Speaker 2>the medicaid piece. We've made it very clear to the Speaker,

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<v Speaker 2>to the chairman of this committee, as well as to

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<v Speaker 2>the President states that there is a group of us

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<v Speaker 2>that will not support any package that would diminish, meaning

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<v Speaker 2>taking individuals who are legally eligible for Medicaid off the rolls.

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<v Speaker 2>If they are eligible, they need to be able to

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<v Speaker 2>keep their eligibility. Now, aside from that, specifically, we're talking

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<v Speaker 2>about our senior citizens, our people with disabilities, children with

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<v Speaker 2>developmental disabilities, pregnant women. These are people that we are

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<v Speaker 2>really laser focused on. Yes, we can implement work requirements

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<v Speaker 2>on people that are able bodied, they should be contributing

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<v Speaker 2>in this economy and working. That would remove them off

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<v Speaker 2>of Medicaid and put them on most likely private insurance,

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<v Speaker 2>saving the government money as well, and of course the

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<v Speaker 2>fraud getting rid of it, which accounts for roughly fifty

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<v Speaker 2>billion dollars a year in Medicaid alone. That's five hundred

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<v Speaker 2>billion dollars over ten years. So when you're looking for

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<v Speaker 2>a savings of roughly eight hundred and eighty billion dollars

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<v Speaker 2>over ten years, that's a big chunk of it right

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<v Speaker 2>there that we're going to say. And so we've just

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<v Speaker 2>made very clear that in terms of reimbursement rates for

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<v Speaker 2>our states New York for example, fifty percent federal reimbursement,

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<v Speaker 2>we will not allow that to be lowered. So that

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<v Speaker 2>was one thing that we pushed back on, as well

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<v Speaker 2>as per capita caps on traditional Medicaid. That's something that

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<v Speaker 2>we've also said as a red line for us, and

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<v Speaker 2>we've received positive feedback from the Speaker and a commitment

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<v Speaker 2>that they're not going to touch those things.

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<v Speaker 1>That's really interesting. We saw your letter to House leadership

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<v Speaker 1>on this last week Congress. So when there's been a

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<v Speaker 1>lot of talk about a millionaire's tax, and I wonder

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<v Speaker 1>if that's something you might warm up to if it

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<v Speaker 1>means not rating Medicaid, Well, it's.

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<v Speaker 2>Certainly on the table. It's being considered. We have to

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<v Speaker 2>make sure that we have a tax structure that is fair. Obviously,

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<v Speaker 2>the President has a lot of priorities which we share.

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<v Speaker 2>We want to see working class, middle class communities get

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<v Speaker 2>some relief. We want to see the salt cap increase,

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<v Speaker 2>the deduction increase for people that I represent here in

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<v Speaker 2>New York, we're struggling with high property tax and income

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<v Speaker 2>taxes as well. We want to make sure that we're

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<v Speaker 2>protecting our seniors who are on Social Security and that

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<v Speaker 2>they're not having to pay taxes on their small Social

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<v Speaker 2>Security checks and so who want to do these things.

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<v Speaker 2>Then we need to find the money to offset it,

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<v Speaker 2>and so we're looking at every option on the table.

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<v Speaker 2>I think that we're having serious discussions about where this

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<v Speaker 2>money is going to come from, and that's one of

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<v Speaker 2>the options that is currently out there. But we also

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<v Speaker 2>want to make sure that we're preserving the other various

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<v Speaker 2>aspects of the TCJA that were so critical for our economy,

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<v Speaker 2>that created jobs, allowed companies to expand and invest, and

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<v Speaker 2>repatriate manufacturers. Another big piece of this that we're very

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<v Speaker 2>much focused on, how do we give a lower rate

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<v Speaker 2>for new facilities that are built here or expanded here

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<v Speaker 2>to create and manufacture so we can repatriate some of

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<v Speaker 2>this stuff that's happening overseas, in particular pharmaceuticals that we're

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<v Speaker 2>relying on communist China for such a huge, huge portion

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<v Speaker 2>of our medication here in the United States. That has

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<v Speaker 2>to end. If we've learned anything from COVID must be

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<v Speaker 2>a priority in this package.

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<v Speaker 3>Congress, someone, as you talk about the various options here,

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<v Speaker 3>is one of the options being considered taxing carried interests?

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<v Speaker 3>Is ordinary income? Is that something you would support if

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<v Speaker 3>it's on the table.

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<v Speaker 2>Well, that is one of the proposals that the White

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<v Speaker 2>House has put forward. They do want to address the

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<v Speaker 2>carried interest This is something that we've heard a lot

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<v Speaker 2>from people in opposition. Obviously, the real estate industry venture

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<v Speaker 2>capitalists very concerned about the carried interest proposal. It's on

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<v Speaker 2>the table, but we are still evaluating this and other options.

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<v Speaker 2>The other thing that has been on the table, which

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<v Speaker 2>we've met with many real estate industry individuals here in

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<v Speaker 2>New York today, actually was about the sea salt corporate

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<v Speaker 2>salt for property taxes for income taxes here in the state.

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<v Speaker 2>This one, in particular is very concerning because the real

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<v Speaker 2>estate industry cannot bear to have the sea salt removed

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<v Speaker 2>basically or imposed on the property portion. So if they

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<v Speaker 2>start seeing that they can't deduct this business expense from

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<v Speaker 2>their federal taxes, it will put really a big burden

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<v Speaker 2>on these real estate companies, these buildings, and we'll see

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<v Speaker 2>maybe foreclosures, we'll see property values decline, which will then

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<v Speaker 2>reduce the roles that our local government receives on property taxes.

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<v Speaker 2>So I think that's a big one that I've been

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<v Speaker 2>pushing back on just as a member from New York City.

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<v Speaker 2>It could be very detrimental to our city, but it

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<v Speaker 2>affects municipalities all across the country, particularly those states that

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<v Speaker 2>don't have an income tax, states like Texas, in Florida,

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<v Speaker 2>rely a lot on real estate taxes.

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<v Speaker 1>Congressmoman, we only have a minute left. I'm curious, did

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<v Speaker 1>you pay a congestion tax to get to our studio

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<v Speaker 1>earlier today? I thought it was coming down on April

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<v Speaker 1>twentieth per order the Transportation Department.

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<v Speaker 2>Well, unfortunately, our governor in the end want to continue

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<v Speaker 2>to violate federal law, and so I was forced to

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<v Speaker 2>pay that fee, but I hope not for long. And

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<v Speaker 2>I was very happy to hear President Trump and Secretary

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<v Speaker 2>Duffy today say that they're giving them just one more month. Russ.

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<v Speaker 2>They're going to look at other measures to try to

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<v Speaker 2>penalize the state and the MTA for not complying with

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<v Speaker 2>federal law. The President was right to rescind that approval

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<v Speaker 2>from Joe Biden. That was basically a rubber stamp without

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<v Speaker 2>the environmental impact statement required underneath it. That is why

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<v Speaker 2>I am among those who have sued the MTA and

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<v Speaker 2>the state. We hope that they comply because it's an

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<v Speaker 2>unfair cash grab on the people I represent.

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<v Speaker 3>All Right, we'll leave it there. Congresswoman, thank you, as

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<v Speaker 3>always for your time. That is a Republican Congresswoman Nicole

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<v Speaker 3>Mallie Takis of New York, joining us from our global

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<v Speaker 3>headquarters in New York,