1 00:00:01,440 --> 00:00:06,040 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,200 --> 00:00:10,959 Speaker 1: When we think about President by not unlike the stock market, 3 00:00:11,119 --> 00:00:13,880 Speaker 1: his stock is down. So much of the first year 4 00:00:13,960 --> 00:00:16,160 Speaker 1: was about COVID in the economy of the second year 5 00:00:16,200 --> 00:00:19,360 Speaker 1: will have to touch on some foreign policy. Bloomberg Sound 6 00:00:19,440 --> 00:00:23,960 Speaker 1: On Politics, policy and perspective from DC's top names. We're 7 00:00:24,000 --> 00:00:26,520 Speaker 1: coming quickly to a crunch point where we're gonna know 8 00:00:26,880 --> 00:00:30,120 Speaker 1: either way what Russia's pensions are paid. A roadblock in 9 00:00:30,160 --> 00:00:32,000 Speaker 1: the Senate. I think we're ready to get out of 10 00:00:32,000 --> 00:00:36,760 Speaker 1: this vortex and beat them legislation habit Bloomberg Sound On 11 00:00:36,960 --> 00:00:43,440 Speaker 1: with Joe Matthew on Bloomberg Radio. The plan was to 12 00:00:43,560 --> 00:00:46,120 Speaker 1: visit Pittsburgh and to talk about the infrastructure bill, but 13 00:00:46,240 --> 00:00:49,000 Speaker 1: today President Joe Biden made a pit stop when a 14 00:00:49,040 --> 00:00:54,120 Speaker 1: bridge in Pittsburgh collapsed injuring ten. My name's Emmy Wilkins. 15 00:00:54,160 --> 00:00:57,360 Speaker 1: I'm here with my Bloomberg Government co host Jack Fitzpatrick. 16 00:00:57,480 --> 00:01:01,400 Speaker 1: We spoke earlier today with Pennsylvania Lieutenant Governor John Fetterman 17 00:01:01,480 --> 00:01:03,800 Speaker 1: when he was at the site of the bridge collapse. 18 00:01:04,120 --> 00:01:06,120 Speaker 1: We're going to hear from him in just a minute, 19 00:01:06,120 --> 00:01:09,240 Speaker 1: and later in the hour. We'll also here from Bloomberg's 20 00:01:09,280 --> 00:01:12,880 Speaker 1: Dan Flatley on the next big bill that Congress plans 21 00:01:12,880 --> 00:01:16,520 Speaker 1: to move when they return next week. Well, earlier this afternoon, 22 00:01:16,640 --> 00:01:20,080 Speaker 1: Jack and I spoke with Pennsylvania Lieutenant Governor and US 23 00:01:20,120 --> 00:01:23,840 Speaker 1: Senate candidate John Fetterman. At the time that we spoke 24 00:01:23,880 --> 00:01:26,200 Speaker 1: with him, he was at the site of the collapsed 25 00:01:26,240 --> 00:01:29,880 Speaker 1: bridge in Pittsburgh. He was waiting for President Joe Biden 26 00:01:29,959 --> 00:01:33,120 Speaker 1: to arrive. Now. Earlier this morning, it was reported that 27 00:01:33,200 --> 00:01:37,560 Speaker 1: both Fetterman as well as State Attorney General Josh Shapiro, 28 00:01:38,000 --> 00:01:41,080 Speaker 1: both of them are running for seats, Shapiro's running for governor, 29 00:01:41,640 --> 00:01:45,759 Speaker 1: that neither of them would be attending President Biden's speech, 30 00:01:46,080 --> 00:01:50,280 Speaker 1: and so we did ask the Lieutenant governor about that. However, 31 00:01:50,400 --> 00:01:53,280 Speaker 1: we do just need to know that after we did 32 00:01:53,320 --> 00:01:56,040 Speaker 1: speak with him, he actually changed his mind. He did 33 00:01:56,080 --> 00:01:59,880 Speaker 1: attends Biden's speech today. But I began with asking the 34 00:02:00,000 --> 00:02:04,920 Speaker 1: Lieutenant governor about the collapsed bridge in Pittsburgh. I've been 35 00:02:04,920 --> 00:02:09,160 Speaker 1: on the team to roughly seven is ship and you know, 36 00:02:09,320 --> 00:02:12,799 Speaker 1: shortly after and it was surreal I drove on this 37 00:02:12,840 --> 00:02:16,920 Speaker 1: bridge just yesterday and to see it in the state 38 00:02:17,000 --> 00:02:21,119 Speaker 1: that it is is jarring and shocking, and from from 39 00:02:21,160 --> 00:02:24,919 Speaker 1: my perspective, it just it just re emphasized is how 40 00:02:24,960 --> 00:02:29,760 Speaker 1: critical the investments that the Biden Infrastructure bill is going 41 00:02:29,800 --> 00:02:34,160 Speaker 1: to make possible? And there's no more jarring of an 42 00:02:34,160 --> 00:02:36,920 Speaker 1: example to drive home just how critical that bill is. 43 00:02:37,400 --> 00:02:40,120 Speaker 1: So I guess the follow up question then is, yes, 44 00:02:40,160 --> 00:02:44,240 Speaker 1: there is a bipartisan infrastructure bill that became law, but 45 00:02:44,360 --> 00:02:47,359 Speaker 1: what comes next? Do you know of anything that the 46 00:02:47,440 --> 00:02:51,720 Speaker 1: executive brand should be doing to to speed up the 47 00:02:52,200 --> 00:02:55,760 Speaker 1: allocation of resources, to point resources to Pennsylvania or is 48 00:02:55,800 --> 00:02:58,840 Speaker 1: this a problem that has been more or less solved. 49 00:02:58,840 --> 00:03:02,280 Speaker 1: It's just gonna take time. No. I think that that 50 00:03:02,919 --> 00:03:07,800 Speaker 1: because Joe Biden campaigned on infrastructure but funding, and he 51 00:03:08,120 --> 00:03:11,960 Speaker 1: delivered infrastructure funding. You know, I think whatever steps are 52 00:03:12,040 --> 00:03:15,560 Speaker 1: necessary to make sure it gets here in and it's 53 00:03:16,160 --> 00:03:19,519 Speaker 1: the velocity that's necessary, I know that's gonna happen. I mean, 54 00:03:19,919 --> 00:03:23,400 Speaker 1: I'm waiting here with at the collapse site, waiting for 55 00:03:23,440 --> 00:03:26,079 Speaker 1: the President, can't wait to greet him, and I when 56 00:03:26,080 --> 00:03:28,160 Speaker 1: he sees it with his own eyes, you know, I 57 00:03:28,200 --> 00:03:31,720 Speaker 1: know Joe gets things done, and he's gonna make sure 58 00:03:31,800 --> 00:03:34,400 Speaker 1: that that whatever needs to get done, and we'll get 59 00:03:34,400 --> 00:03:37,320 Speaker 1: done I'm I'm quite confident of that. So, Lieutenant Governor, 60 00:03:37,400 --> 00:03:39,960 Speaker 1: you mentioned that you are planning on greeting the president, 61 00:03:40,120 --> 00:03:42,280 Speaker 1: but I believe that you mentioned that you have a 62 00:03:42,280 --> 00:03:45,360 Speaker 1: scheduling conflict today, You're not going to be there for 63 00:03:45,400 --> 00:03:50,640 Speaker 1: the president's address. I had planned to be in Harrisburg, 64 00:03:51,400 --> 00:03:54,600 Speaker 1: and then, of course the bridge collapsed. I'm delighted, uh 65 00:03:54,680 --> 00:03:58,080 Speaker 1: to de greet the president of the side of the 66 00:03:58,080 --> 00:04:02,320 Speaker 1: bridge collapse. Is they're any issue? And I'm sorry if 67 00:04:02,320 --> 00:04:05,440 Speaker 1: I'm being a devil's advocate here, but as we look 68 00:04:05,440 --> 00:04:08,440 Speaker 1: at polling, as we look at the mid term races 69 00:04:08,520 --> 00:04:12,320 Speaker 1: for congressional candidates who are running for reelection, is the 70 00:04:12,360 --> 00:04:15,480 Speaker 1: president in any way a liability that people in swing 71 00:04:15,560 --> 00:04:18,599 Speaker 1: states don't want to be next to. No, I'm proud 72 00:04:18,680 --> 00:04:23,360 Speaker 1: to be with the president. Absolutely, this This was absolutely 73 00:04:23,440 --> 00:04:26,040 Speaker 1: I'm I can't I'm eager to greet him. And just 74 00:04:26,080 --> 00:04:29,720 Speaker 1: the fact that he's going to visit here now demonstrates 75 00:04:29,760 --> 00:04:32,480 Speaker 1: the kind of hands on leader that he is, and 76 00:04:32,600 --> 00:04:36,640 Speaker 1: I'm I'm delighted. I know that President Biden, he's mentioned 77 00:04:36,680 --> 00:04:39,520 Speaker 1: recently that he wants to change tactics, that he wants 78 00:04:39,560 --> 00:04:42,000 Speaker 1: to spend less time in Washington more time out with 79 00:04:42,120 --> 00:04:45,640 Speaker 1: the American people. Why do you think this is? Is 80 00:04:45,680 --> 00:04:48,039 Speaker 1: this something that how do you see the American people 81 00:04:48,120 --> 00:04:53,000 Speaker 1: responding to that? I you know, Pennsylvania loves Pennsylvania, loves 82 00:04:53,040 --> 00:04:57,000 Speaker 1: Joe Biden, and and I know Joe Biden loves Pennsylvania. 83 00:04:57,320 --> 00:05:02,080 Speaker 1: And when it comes to when it come if if infrastructures, 84 00:05:02,120 --> 00:05:05,839 Speaker 1: elvis Pennsylvania and Pittsburgh's grace Land, and it's no surprise 85 00:05:06,080 --> 00:05:10,400 Speaker 1: he's coming here, and you know we're delighted always to 86 00:05:10,440 --> 00:05:14,760 Speaker 1: receive them. And you know, this extraordinary uh you know, 87 00:05:15,920 --> 00:05:19,680 Speaker 1: collapse of the bridge just highlights just how much far 88 00:05:19,720 --> 00:05:22,520 Speaker 1: ahead of the curve he's been on this topic and 89 00:05:22,560 --> 00:05:25,360 Speaker 1: this issue. Well, Governor, if I can just follow up 90 00:05:25,400 --> 00:05:27,800 Speaker 1: here for a minute, I mean, we have seen Biden's 91 00:05:27,839 --> 00:05:32,400 Speaker 1: approval ratings slide pretty far down. Why is that? What 92 00:05:32,440 --> 00:05:35,480 Speaker 1: does Biden need to do to regain the trust and 93 00:05:35,520 --> 00:05:38,960 Speaker 1: the approval of the American people. I think he already 94 00:05:38,960 --> 00:05:41,599 Speaker 1: has the trust of the American people, and it's just 95 00:05:41,640 --> 00:05:45,479 Speaker 1: a matter of working out, uh, you know, all the 96 00:05:45,560 --> 00:05:49,320 Speaker 1: investments that are in the pipeline and making sure that 97 00:05:50,040 --> 00:05:53,520 Speaker 1: the economy is able to adjust itself and the issues 98 00:05:53,520 --> 00:05:56,160 Speaker 1: with the supply chain are going to get worked out. So, yeah, 99 00:05:56,200 --> 00:05:57,919 Speaker 1: could you just give us a little bit of a 100 00:05:58,000 --> 00:06:00,840 Speaker 1: sense of when should this have been passed? We've been 101 00:06:00,839 --> 00:06:04,240 Speaker 1: talking about an infrastructure bill for so many years? How 102 00:06:04,279 --> 00:06:07,920 Speaker 1: long were the needs there that that festered leading up 103 00:06:07,960 --> 00:06:12,039 Speaker 1: to this kind of bridge collapse. Pennsylvania has thousands of 104 00:06:12,080 --> 00:06:16,720 Speaker 1: structurally deficient bridges. The American Society of Civil Engineers has 105 00:06:17,120 --> 00:06:19,600 Speaker 1: given our bridges the d minus that the need has 106 00:06:19,640 --> 00:06:22,039 Speaker 1: been pronounced for a while. And Joe Biden got it 107 00:06:22,080 --> 00:06:25,440 Speaker 1: done and got the infrastructure bill passed, and it can 108 00:06:25,480 --> 00:06:29,600 Speaker 1: only say great things about the bill and the President's leadership. 109 00:06:30,360 --> 00:06:33,920 Speaker 1: There's also another major part of President Biden's agenda, the 110 00:06:33,920 --> 00:06:37,120 Speaker 1: Build Back Better Bill, that really deals with social policy. 111 00:06:37,600 --> 00:06:41,360 Speaker 1: If that doesn't wind up passing through Congress in some way, 112 00:06:41,360 --> 00:06:45,479 Speaker 1: shape or form, how is that going to impact Pennsylvanians well? 113 00:06:45,760 --> 00:06:51,000 Speaker 1: And anything that impedes President Biden's agenda, you know, is 114 00:06:51,000 --> 00:06:54,239 Speaker 1: a detriment of Pennsylvania. Pennsylvania needs to Build Back Better 115 00:06:54,400 --> 00:06:57,480 Speaker 1: bill passed. But we know that that's you know, struggle 116 00:06:57,600 --> 00:07:02,080 Speaker 1: to pass. But but what whatever if anything eventually passes. 117 00:07:02,120 --> 00:07:06,120 Speaker 1: I hear there's there's discussions now of passing what Senator 118 00:07:06,160 --> 00:07:09,160 Speaker 1: Mansion agrees with in in the bill. You know, look, 119 00:07:09,600 --> 00:07:12,840 Speaker 1: whatever the President is able to pass is going to 120 00:07:12,920 --> 00:07:16,040 Speaker 1: help Pennsylvania because at the core of the President's mission 121 00:07:16,120 --> 00:07:18,880 Speaker 1: is to help space and communities just like Pennsylvania all 122 00:07:18,880 --> 00:07:23,880 Speaker 1: across America. So whatever they can ultimately get passed through 123 00:07:24,000 --> 00:07:29,320 Speaker 1: the Senate is going to benefit Pennsylvania extraordinarily. But the 124 00:07:29,680 --> 00:07:32,240 Speaker 1: good news is we do have the infrastructure bill passed. 125 00:07:32,560 --> 00:07:36,239 Speaker 1: The resources are in the pipeline, and what's my hope 126 00:07:36,280 --> 00:07:39,080 Speaker 1: is is that the thousands of bridges that are structurally deficient, 127 00:07:39,360 --> 00:07:40,840 Speaker 1: you know, we don't ever have to go through a 128 00:07:40,880 --> 00:07:43,640 Speaker 1: situation like this that we did this morning. So just 129 00:07:43,680 --> 00:07:45,880 Speaker 1: to drill down on on what could come next from 130 00:07:46,240 --> 00:07:50,080 Speaker 1: from Congress if that major Build Back Better Bill gets 131 00:07:50,080 --> 00:07:54,560 Speaker 1: whittled down to something like climate and energy spending and 132 00:07:54,840 --> 00:07:59,280 Speaker 1: pre K education, what does that do for people in Pennsylvania? 133 00:07:59,600 --> 00:08:02,080 Speaker 1: Is that enough as this sort of centerpiece of what 134 00:08:02,160 --> 00:08:05,120 Speaker 1: Democrats want to do. It's not ideal, to be clear, 135 00:08:05,200 --> 00:08:09,680 Speaker 1: we want to build back Better. But but since that's 136 00:08:09,720 --> 00:08:13,239 Speaker 1: not not really an option, based on on the comments 137 00:08:13,240 --> 00:08:16,200 Speaker 1: of Senator Mansion and others, what is possible and what 138 00:08:16,240 --> 00:08:19,559 Speaker 1: we want is the best we we can get through 139 00:08:19,800 --> 00:08:23,160 Speaker 1: a divided Senate, and that's that's our hope. Those are 140 00:08:23,160 --> 00:08:27,440 Speaker 1: all incredibly important areas for Pennsylvania and that we would 141 00:08:27,480 --> 00:08:30,720 Speaker 1: welcome that, but ultimately build back better, you know, in 142 00:08:30,760 --> 00:08:35,360 Speaker 1: its entirety is what what Pennsylvania needs. That was Lieutenant 143 00:08:35,400 --> 00:08:39,280 Speaker 1: Governor John Fetterman. Again, he did mention during our conversation 144 00:08:39,320 --> 00:08:42,040 Speaker 1: that he would only be greeting President Biden at the bridge. 145 00:08:42,040 --> 00:08:46,680 Speaker 1: He did ultimately decide to go to President Biden's speech today, 146 00:08:46,720 --> 00:08:48,960 Speaker 1: and Jack, I just wanted to sort of see what 147 00:08:49,040 --> 00:08:52,120 Speaker 1: you made of that. Is this just someone changing their 148 00:08:52,160 --> 00:08:55,280 Speaker 1: schedule in light of the bridge collapse? Maybe I thought 149 00:08:55,280 --> 00:08:58,200 Speaker 1: it was telling. It was It was interesting because as 150 00:08:58,240 --> 00:09:01,160 Speaker 1: you look at the president's polls, he really is struggling. 151 00:09:01,400 --> 00:09:03,480 Speaker 1: You want to know if that's going to bleed into 152 00:09:03,720 --> 00:09:08,120 Speaker 1: how Democrats campaign across the country. Obviously, John Federman not 153 00:09:08,200 --> 00:09:11,480 Speaker 1: only is Lieutenant governor, but he's campaigning for the Senate 154 00:09:11,520 --> 00:09:15,240 Speaker 1: seat in Pennsylvania, and I think that's a little bit 155 00:09:15,240 --> 00:09:17,480 Speaker 1: of evidence that they haven't backed away from him. You 156 00:09:17,559 --> 00:09:22,400 Speaker 1: heard this more progressive member uh talk about the need 157 00:09:22,480 --> 00:09:25,280 Speaker 1: for that infrastructure bill, the need for the rest of 158 00:09:25,320 --> 00:09:28,199 Speaker 1: the Build Back Better Bill. He didn't back away from 159 00:09:28,240 --> 00:09:30,240 Speaker 1: the President at all. And I think I can probably 160 00:09:30,240 --> 00:09:34,440 Speaker 1: think of other examples where UH in races Democrats haven't 161 00:09:34,880 --> 00:09:36,839 Speaker 1: sort of given the president the stiff arm. I think 162 00:09:36,840 --> 00:09:39,800 Speaker 1: this is one more data point that despite tough polling, 163 00:09:40,120 --> 00:09:43,320 Speaker 1: the President definitely hasn't lost his own party. And good 164 00:09:43,360 --> 00:09:45,920 Speaker 1: to note that also Connor Lamb, who is also a 165 00:09:45,960 --> 00:09:50,040 Speaker 1: Democrat who's running for that open Pennsylvania Senate seat, was 166 00:09:50,160 --> 00:09:53,240 Speaker 1: also there with Biden today. And this is going to 167 00:09:53,280 --> 00:09:56,800 Speaker 1: be one of the tougher races. Democrats are not guaranteed Pennsylvania. 168 00:09:56,880 --> 00:09:59,320 Speaker 1: In fact, the seat that they're replacing, Pat Toomey, that's 169 00:09:59,320 --> 00:10:03,559 Speaker 1: a republic and you've seen some potentially strong Republican candidates 170 00:10:03,559 --> 00:10:05,920 Speaker 1: as well toss their hat into this race. Yeah, I mean, 171 00:10:05,960 --> 00:10:12,120 Speaker 1: Pennsylvania's probably tough territory, given one, it's the first mid 172 00:10:12,280 --> 00:10:17,920 Speaker 1: term UH in which the president's party has to play defense. Obviously, 173 00:10:18,480 --> 00:10:22,240 Speaker 1: doctor Oz, you can't go on the ballot as doctor Oz. 174 00:10:22,240 --> 00:10:25,640 Speaker 1: He's mement Oz, but he is. He is running for 175 00:10:25,679 --> 00:10:28,000 Speaker 1: the Senate seat there. That's a high profile name. I 176 00:10:28,320 --> 00:10:30,280 Speaker 1: know there's been some reporting that he's gotten a little 177 00:10:30,280 --> 00:10:35,120 Speaker 1: bit of pushback from some Republican activists locally, but you know, 178 00:10:35,200 --> 00:10:37,559 Speaker 1: you look at Pennsylvania, you look at the rust belt 179 00:10:37,720 --> 00:10:41,480 Speaker 1: somewhere where President Biden did well, but it's definitely swing 180 00:10:41,720 --> 00:10:45,880 Speaker 1: territory that is challenging in the kind of national environment 181 00:10:45,880 --> 00:10:50,680 Speaker 1: that we've seen. Absolutely and also just important to continue 182 00:10:50,679 --> 00:10:53,040 Speaker 1: to know that this is probably going to be one 183 00:10:53,080 --> 00:10:55,200 Speaker 1: of the first stops that we're going to see from 184 00:10:55,200 --> 00:10:58,880 Speaker 1: President Biden in terms of infrastructure. We've seen a number 185 00:10:58,880 --> 00:11:01,600 Speaker 1: of them already. But you did hear Biden just a 186 00:11:01,600 --> 00:11:03,719 Speaker 1: few weeks ago at the White House say he was 187 00:11:03,760 --> 00:11:06,480 Speaker 1: going to pivot his strategy, try and really get out 188 00:11:06,520 --> 00:11:10,280 Speaker 1: there outside that Washington bubblemore and talking with American people. Yeah, 189 00:11:10,280 --> 00:11:12,480 Speaker 1: I mean, he's going to be tooting his horn on 190 00:11:12,800 --> 00:11:17,160 Speaker 1: the infrastructure bill, and obviously, especially as we head toward 191 00:11:17,320 --> 00:11:20,040 Speaker 1: a March first State of the Union, they really want 192 00:11:20,320 --> 00:11:23,199 Speaker 1: another bill, even a portion of the Bill Back Better 193 00:11:23,240 --> 00:11:26,680 Speaker 1: agenda through, so he has more to campaign on and 194 00:11:26,720 --> 00:11:29,640 Speaker 1: get out there and tout some accomplishments. And we're definitely 195 00:11:29,640 --> 00:11:31,720 Speaker 1: going to get into the Build Back Better bill. What 196 00:11:31,800 --> 00:11:34,280 Speaker 1: the future of it is if they can even make 197 00:11:34,320 --> 00:11:37,440 Speaker 1: the March first studline head speaker Pelosi addressed that a 198 00:11:37,480 --> 00:11:41,440 Speaker 1: little bit today in San Francisco. Coming up, we assembled 199 00:11:41,440 --> 00:11:44,760 Speaker 1: a Friday panel with Rick Davis and Max Burns. This 200 00:11:44,840 --> 00:11:47,600 Speaker 1: is Emily Wilkins and Jack Fitzpatrick. We are in for 201 00:11:47,720 --> 00:12:02,040 Speaker 1: Joe Matthew and this is Bloomberg Bloomberg sond on with 202 00:12:02,160 --> 00:12:08,920 Speaker 1: Joe Matthew on Bloomberg Radio. Well, you heard from Pennsylvania 203 00:12:08,960 --> 00:12:11,640 Speaker 1: Lieutenant Governor John Fetterman at the top of the hour 204 00:12:11,760 --> 00:12:15,679 Speaker 1: responding to the bridge collapse in Pittsburgh talking to us 205 00:12:15,720 --> 00:12:19,559 Speaker 1: this afternoon. Of course, we also heard from the President 206 00:12:19,760 --> 00:12:22,160 Speaker 1: on that bridge collapse and what it means in regards 207 00:12:22,200 --> 00:12:25,640 Speaker 1: to the infrastructure bill that became law, and speaking more 208 00:12:25,679 --> 00:12:29,080 Speaker 1: broadly about the economy. I'm Jack Fitzpatrick co hosting with 209 00:12:29,120 --> 00:12:33,280 Speaker 1: my Bloomberg Government colleague today Emily Wilkins. First, let's take 210 00:12:33,320 --> 00:12:35,920 Speaker 1: a listen to what the President said. I did not 211 00:12:36,080 --> 00:12:38,559 Speaker 1: know that Pittsburgh had this many bridges. I've heard it's 212 00:12:38,559 --> 00:12:41,080 Speaker 1: called the City of Bridges. I guess the President didn't 213 00:12:41,160 --> 00:12:43,559 Speaker 1: quite realize the extent of how many bridges there are 214 00:12:43,600 --> 00:12:47,720 Speaker 1: in Pittsburgh either. I'm a commodo Pittsburg a long time 215 00:12:48,200 --> 00:12:51,640 Speaker 1: and as a former Pennsylvania but I didn't realize they're 216 00:12:51,679 --> 00:12:54,800 Speaker 1: literally more bridges in Pittsburgh than any other city in 217 00:12:54,800 --> 00:12:58,400 Speaker 1: the world. Did you have more than in Venice? I mean, 218 00:12:58,480 --> 00:13:00,959 Speaker 1: I I knew for a lot of brilli, I had 219 00:13:00,960 --> 00:13:03,800 Speaker 1: no idea that and we're gonna we're gonna fix them all. 220 00:13:04,559 --> 00:13:06,480 Speaker 1: I didn't know it had more than Venice either. So 221 00:13:06,559 --> 00:13:09,080 Speaker 1: I guess, uh, you know, I'm sorry. If this is 222 00:13:10,040 --> 00:13:11,680 Speaker 1: a dark issue, if there was going to be a 223 00:13:11,720 --> 00:13:14,320 Speaker 1: major bridge collapse, I guess we shouldn't be surprised that 224 00:13:14,400 --> 00:13:17,240 Speaker 1: it was Pittsburgh. It was seemed very coincidental that this 225 00:13:17,320 --> 00:13:20,640 Speaker 1: happened at the same city the same day that the 226 00:13:20,679 --> 00:13:23,240 Speaker 1: President was going there to speak. I vote for starting 227 00:13:23,280 --> 00:13:27,520 Speaker 1: to refer to Pittsburgh exclusively as the venice of America. Yes, yes, 228 00:13:27,640 --> 00:13:31,120 Speaker 1: it is the venice of Pennsylvania at least um Now, 229 00:13:31,679 --> 00:13:34,640 Speaker 1: you know, I want to make sense of this significance 230 00:13:34,720 --> 00:13:37,120 Speaker 1: of this and bring in our panel. We've got Bloomberg 231 00:13:37,160 --> 00:13:41,840 Speaker 1: Politics contributor Rick Davis and Max Burns, democratic strategist and 232 00:13:41,960 --> 00:13:47,160 Speaker 1: founder of Third Degree Strategies. It feels strange to have 233 00:13:47,280 --> 00:13:52,120 Speaker 1: this conversation about a major news event, a large bridge collapse. Fortunately, 234 00:13:52,280 --> 00:13:54,880 Speaker 1: no deaths. Ten injuries, none of which are supposed to 235 00:13:54,880 --> 00:14:00,280 Speaker 1: be life threatening. Uh. And and the discussion is about 236 00:14:00,280 --> 00:14:03,920 Speaker 1: a bill that already became law. Is the takeaway Rick 237 00:14:04,559 --> 00:14:08,400 Speaker 1: somewhat symbolic that, Wow, we should have worked on that earlier. 238 00:14:08,520 --> 00:14:11,480 Speaker 1: Or is there something that the president should be doing differently? 239 00:14:11,800 --> 00:14:15,000 Speaker 1: Is there another solution, some action the government should take, 240 00:14:15,240 --> 00:14:17,480 Speaker 1: or is this just a lesson about Wow, that was 241 00:14:17,559 --> 00:14:19,560 Speaker 1: an important bill and it should have been done under 242 00:14:19,560 --> 00:14:24,400 Speaker 1: prior administrations. Yeah, Jack, I think it was. Wow. It's 243 00:14:24,400 --> 00:14:27,240 Speaker 1: an important bill and should have been done probably fifteen 244 00:14:27,280 --> 00:14:31,000 Speaker 1: or twenty years ago. Um. All previous administrations, for the 245 00:14:31,080 --> 00:14:35,960 Speaker 1: last two White Houses attempted their own version of an 246 00:14:36,000 --> 00:14:39,040 Speaker 1: infrastructure bill and both failed for various reasons, and some 247 00:14:39,200 --> 00:14:42,800 Speaker 1: really didn't even attempt it. So kudos to the Biden 248 00:14:42,840 --> 00:14:45,720 Speaker 1: administration are getting this this this infrastructure bill done. At 249 00:14:45,760 --> 00:14:49,160 Speaker 1: least there's money now not only uh fix that bridge. 250 00:14:49,600 --> 00:14:52,240 Speaker 1: And you're right, thank god, there wasn't uh any loss 251 00:14:52,240 --> 00:14:55,720 Speaker 1: of life. The pictures are horrific. I can't imagine being 252 00:14:55,800 --> 00:14:59,160 Speaker 1: going through something like that. But also to improve the 253 00:14:59,200 --> 00:15:03,440 Speaker 1: infrastructure though those spans and other things that the Pennsylvania 254 00:15:03,440 --> 00:15:06,880 Speaker 1: and other states really need, I think it's smart for 255 00:15:06,960 --> 00:15:09,040 Speaker 1: Joe Biden to be out campaigning on the fact that 256 00:15:09,320 --> 00:15:13,160 Speaker 1: this is now law, and it's bipartisan, and it's trillions 257 00:15:13,160 --> 00:15:15,720 Speaker 1: of dollars, and it's going to help people in their 258 00:15:15,720 --> 00:15:18,600 Speaker 1: everyday life. And and if I were him, probably between 259 00:15:18,600 --> 00:15:21,360 Speaker 1: now and the midterms, I wouldn't talk about anything else 260 00:15:21,360 --> 00:15:26,480 Speaker 1: but that. Yeah, and you know, the bridge the Infrastructure 261 00:15:26,480 --> 00:15:29,560 Speaker 1: bill does have money specifically for bridges. One thing I 262 00:15:29,600 --> 00:15:32,640 Speaker 1: was looking at, you know, in Biden gave that statistic, uh, 263 00:15:32,800 --> 00:15:35,840 Speaker 1: was the number of bridges that are in a similar 264 00:15:35,920 --> 00:15:38,720 Speaker 1: state to the one that collapsed in Pittsburgh. And the 265 00:15:38,720 --> 00:15:42,760 Speaker 1: Washington Post has a great breakdown of this. It's absolutely terrifying. 266 00:15:42,840 --> 00:15:45,280 Speaker 1: If you drive over a bridge, it just shows the 267 00:15:45,360 --> 00:15:47,720 Speaker 1: number of bridges that are in the same state as 268 00:15:47,760 --> 00:15:52,200 Speaker 1: the one in Pittsburgh. And there have got to me thousands, 269 00:15:52,240 --> 00:15:55,400 Speaker 1: thousands of bridges in this list, hundreds in certain states. 270 00:15:56,080 --> 00:16:00,480 Speaker 1: Max Burns, can you chose talk a little bit about 271 00:16:00,800 --> 00:16:04,360 Speaker 1: the dynamics. What does it say that Washington took so 272 00:16:04,400 --> 00:16:08,360 Speaker 1: long to address a problem that is clearly just everywhere 273 00:16:08,360 --> 00:16:12,640 Speaker 1: across the country. While this collapse especially shows you that 274 00:16:12,720 --> 00:16:16,080 Speaker 1: for a lot of people, this was not a real crisis. 275 00:16:16,400 --> 00:16:19,040 Speaker 1: I mean, you can have the American Society of Civil 276 00:16:19,080 --> 00:16:22,880 Speaker 1: Engineers say year after year that a majority of America's 277 00:16:22,920 --> 00:16:26,840 Speaker 1: bridges have a failing grade for safety, but that's different 278 00:16:26,920 --> 00:16:30,960 Speaker 1: from actually seeing one fall just as the President arrives 279 00:16:31,000 --> 00:16:34,160 Speaker 1: to talk about it. There has been a lack of urgency. 280 00:16:34,280 --> 00:16:36,320 Speaker 1: I think this was viewed as a very sort of 281 00:16:36,400 --> 00:16:41,320 Speaker 1: theoretical crisis, that these things may have problems down the line, 282 00:16:41,840 --> 00:16:44,280 Speaker 1: and we're starting to see that the problems are now 283 00:16:44,840 --> 00:16:48,080 Speaker 1: and that this should have been a much higher priority 284 00:16:48,080 --> 00:16:52,640 Speaker 1: from the get go. Max we Uh really pressed Lieutenant 285 00:16:52,680 --> 00:16:56,560 Speaker 1: Governor Fetterman on the fact that at the time he 286 00:16:56,680 --> 00:16:59,520 Speaker 1: was not scheduled to be there with the President at 287 00:16:59,600 --> 00:17:02,240 Speaker 1: his and he pushed back on this that said, he 288 00:17:02,320 --> 00:17:05,080 Speaker 1: was very very excited to be with the president. He 289 00:17:05,160 --> 00:17:08,440 Speaker 1: did end up staying at the event. Um he did 290 00:17:08,480 --> 00:17:12,159 Speaker 1: not seem to be backing away from the president's legislative 291 00:17:12,200 --> 00:17:16,520 Speaker 1: agenda in any way. Where do you think President Biden, 292 00:17:16,680 --> 00:17:19,719 Speaker 1: considering his polls look rough, Where does he stand with 293 00:17:19,880 --> 00:17:23,760 Speaker 1: swing state and swing district Democrats on the campaign trail? 294 00:17:25,040 --> 00:17:27,600 Speaker 1: I think that Joe Biden is still far and away 295 00:17:27,640 --> 00:17:32,119 Speaker 1: the best thing Democrats did about as someone who can 296 00:17:32,160 --> 00:17:35,760 Speaker 1: appeal to these groups who did appeal successfully to them, 297 00:17:35,840 --> 00:17:39,320 Speaker 1: and polling aside, I think voters recognize that Joe Biden 298 00:17:39,440 --> 00:17:43,440 Speaker 1: is trustworthy. His polling shows that he still remains trusted 299 00:17:43,480 --> 00:17:46,320 Speaker 1: even if people are getting unhappy with the pace of 300 00:17:46,359 --> 00:17:50,240 Speaker 1: action in Washington. And you know, Fetterman's absence, I chalk 301 00:17:50,320 --> 00:17:54,040 Speaker 1: up more to the man being exponentially busy than to 302 00:17:54,119 --> 00:17:57,680 Speaker 1: any attempted personal slight of Joe Biden. I think if 303 00:17:57,720 --> 00:18:00,919 Speaker 1: if Fetterman wanted to slight somebody, he would do it 304 00:18:01,040 --> 00:18:04,159 Speaker 1: much more directly than that. Sure, I think that is 305 00:18:04,440 --> 00:18:09,480 Speaker 1: a significant takeaway. And one lesson is these candidates don't 306 00:18:09,480 --> 00:18:13,560 Speaker 1: seem to be totally backing away from the president. Uh. Fetterman, 307 00:18:13,600 --> 00:18:16,080 Speaker 1: of course being a short sinn cold weather guy, so 308 00:18:16,480 --> 00:18:19,960 Speaker 1: he doesn't back away from even the snow. Evidently, we'll 309 00:18:19,960 --> 00:18:22,600 Speaker 1: come back to the panel in our fourth block. Coming up, 310 00:18:22,720 --> 00:18:25,800 Speaker 1: We're gonna have Dan Flatley, Bloomberg Congressional reporter on he's 311 00:18:25,800 --> 00:18:29,720 Speaker 1: been following everything with the China competitiveness bill. I'm Jack 312 00:18:29,760 --> 00:18:41,719 Speaker 1: Fitzpatrick with Emily Wilkins. This is Bloomberg. Well Congress. At 313 00:18:41,800 --> 00:18:45,879 Speaker 1: least the House leadership unveiled a bill this week that 314 00:18:46,040 --> 00:18:50,520 Speaker 1: is meant to boost US competitiveness with China. It's a 315 00:18:50,720 --> 00:18:56,480 Speaker 1: massive built and Dan Flatley, Bloomberg Congressional reporter, has read 316 00:18:56,480 --> 00:18:58,840 Speaker 1: it all, or at least most of it. We welcome 317 00:18:58,920 --> 00:19:01,199 Speaker 1: him to the show now out, Dan, thank you so 318 00:19:01,280 --> 00:19:03,720 Speaker 1: much for joining us. I just wanted to start off 319 00:19:03,760 --> 00:19:06,920 Speaker 1: by clarifying a few things about this bill. The official 320 00:19:06,960 --> 00:19:10,000 Speaker 1: title of the bill that Speaker Pelosi introduced this week 321 00:19:10,240 --> 00:19:12,840 Speaker 1: that the House is likely to vote on this upcoming 322 00:19:12,920 --> 00:19:17,639 Speaker 1: week next week is called America Competes Act. But there's 323 00:19:17,680 --> 00:19:20,920 Speaker 1: been a lot of similar legislation floating around. We've heard 324 00:19:21,160 --> 00:19:25,760 Speaker 1: um of USEKA, the US Innovation and Competition Act, We've 325 00:19:25,760 --> 00:19:28,160 Speaker 1: heard of the Chips Act, we heard of this bill 326 00:19:28,240 --> 00:19:31,280 Speaker 1: called Endless Frontiers, that are all supposed to boost US 327 00:19:31,359 --> 00:19:35,000 Speaker 1: China competition. Clarify it for us a little bit here. 328 00:19:35,040 --> 00:19:37,119 Speaker 1: What are all these bills doing and what can we 329 00:19:37,160 --> 00:19:40,720 Speaker 1: expect going forward? Yeah? Sure, Well, first of all, thanks 330 00:19:40,720 --> 00:19:42,720 Speaker 1: for having me on. It's good to be talking with you. 331 00:19:43,400 --> 00:19:47,320 Speaker 1: Um yeah, I mean, I think basically you're right there. 332 00:19:47,320 --> 00:19:48,919 Speaker 1: There have been a lot of proposals that have been 333 00:19:48,920 --> 00:19:52,200 Speaker 1: floating around. What this bill that was introduced this week, 334 00:19:52,200 --> 00:19:55,480 Speaker 1: in the House. The American Competes Act does is essentially 335 00:19:56,080 --> 00:20:00,479 Speaker 1: take what the House has kind of been working on, 336 00:20:00,760 --> 00:20:02,480 Speaker 1: or committees in the House have been working on over 337 00:20:02,480 --> 00:20:04,520 Speaker 1: the last year or so, and it kind of combined 338 00:20:04,840 --> 00:20:09,320 Speaker 1: several different bills into a rough approximation of what the 339 00:20:09,400 --> 00:20:14,399 Speaker 1: Senate passed last summer, which was the US Innovation and 340 00:20:14,440 --> 00:20:18,200 Speaker 1: Competition Act, which is broadly sort of a bill to 341 00:20:18,240 --> 00:20:21,560 Speaker 1: help the US better compete with China and boost domestic 342 00:20:21,600 --> 00:20:25,760 Speaker 1: semiconductor manufacturing and to kind of jump start research and 343 00:20:25,760 --> 00:20:28,280 Speaker 1: development in the US and so on and so forth. 344 00:20:28,280 --> 00:20:32,240 Speaker 1: But basically, the way to think about this is, way 345 00:20:32,280 --> 00:20:35,520 Speaker 1: back in the late winter early spring of last year, 346 00:20:36,000 --> 00:20:38,000 Speaker 1: a couple of senators in the Senate, a couple of 347 00:20:38,440 --> 00:20:41,200 Speaker 1: representatives in the House introduced what was called the Endless 348 00:20:41,200 --> 00:20:45,000 Speaker 1: Frontier Act, and that kind of kicked off this whole process, 349 00:20:45,160 --> 00:20:47,720 Speaker 1: and eventually we are where we are now, where some 350 00:20:47,800 --> 00:20:49,720 Speaker 1: things have gotten at it, some things have been taken out, 351 00:20:50,040 --> 00:20:53,920 Speaker 1: but basically this is trying to boostep domestic semiconductor manufacturing 352 00:20:53,920 --> 00:20:58,560 Speaker 1: and trying to compete with China better. So Dan I 353 00:20:58,680 --> 00:21:01,720 Speaker 1: thought Endless Frontiers was most compelling name, although it sounded 354 00:21:01,760 --> 00:21:05,360 Speaker 1: a little bit star trek e um, if the most compelling, 355 00:21:06,359 --> 00:21:10,120 Speaker 1: the best. If the House holds a vote and passes something, 356 00:21:10,400 --> 00:21:12,479 Speaker 1: and then they've got to work this out with the Senate, 357 00:21:12,800 --> 00:21:15,720 Speaker 1: what are the big differences? Are there any sticking points? 358 00:21:15,720 --> 00:21:18,919 Speaker 1: What's the toughest part left after a House vote to 359 00:21:19,119 --> 00:21:22,239 Speaker 1: make this become law? Well, I think that there's going 360 00:21:22,280 --> 00:21:24,920 Speaker 1: to be a few sticking points along the way. I mean, 361 00:21:24,960 --> 00:21:26,720 Speaker 1: first you have to get it through the House, which 362 00:21:26,760 --> 00:21:29,320 Speaker 1: is not a foregone conclusion at this point. I mean, 363 00:21:29,720 --> 00:21:31,760 Speaker 1: I think the Democrats have the votes if they wanted 364 00:21:31,800 --> 00:21:35,439 Speaker 1: to do it along party lines, although that's not necessarily certain. 365 00:21:35,480 --> 00:21:39,600 Speaker 1: There are some progressive concerns with this bill of something 366 00:21:39,720 --> 00:21:43,720 Speaker 1: that I think some some members want addressed. Uh. And 367 00:21:44,200 --> 00:21:48,919 Speaker 1: you you're basically right now facing a year unified Republican opposition. 368 00:21:48,960 --> 00:21:53,000 Speaker 1: Although uh, some Democrats in the Senate and in the 369 00:21:53,040 --> 00:21:55,600 Speaker 1: House and in the White House. I think that they 370 00:21:55,680 --> 00:21:58,280 Speaker 1: might be able to appeal a few off now. Kind 371 00:21:58,320 --> 00:22:03,520 Speaker 1: of the litmus test for that is Texas Representative Michael McCall, who, 372 00:22:03,600 --> 00:22:06,080 Speaker 1: in addition to being the top Republican on the Foreign 373 00:22:06,080 --> 00:22:09,640 Speaker 1: Affairs Committee, is also the co sponsor of the Chips Act, 374 00:22:09,720 --> 00:22:15,040 Speaker 1: which is billion dollars for domestic semiconductor manufacturing. Uh. He's 375 00:22:15,040 --> 00:22:17,000 Speaker 1: the co sponsor of that bill in the House, and 376 00:22:17,080 --> 00:22:19,720 Speaker 1: he has basically said there's nothing the administration could do 377 00:22:19,760 --> 00:22:21,440 Speaker 1: at this point to get me to vote for this bill. 378 00:22:22,040 --> 00:22:24,760 Speaker 1: So I think they're hoping to hash all this out 379 00:22:24,760 --> 00:22:28,399 Speaker 1: in conference if this passes the House. Uh, And I 380 00:22:28,440 --> 00:22:30,200 Speaker 1: think that they, you know, kind of what we saw 381 00:22:30,359 --> 00:22:35,720 Speaker 1: the National Defense Authorization Act earlier this year, um or 382 00:22:35,800 --> 00:22:38,640 Speaker 1: last year. Rather there there is a way to uh, 383 00:22:38,680 --> 00:22:41,560 Speaker 1: you know, sort of hash things out and get something done. Sure, 384 00:22:41,960 --> 00:22:44,120 Speaker 1: and then I mean there's a question about how long 385 00:22:44,480 --> 00:22:46,080 Speaker 1: a bill is going to take. But even if it 386 00:22:46,240 --> 00:22:49,639 Speaker 1: does get to President Biden's desk relatively quickly, there's a 387 00:22:49,720 --> 00:22:51,760 Speaker 1: question about how long it's going to take to implement. 388 00:22:51,800 --> 00:22:54,600 Speaker 1: I mean, we keep talking about this provision, this fifty 389 00:22:54,600 --> 00:22:58,520 Speaker 1: two billion dollars for chips and semiconductors, But today we 390 00:22:58,600 --> 00:23:01,760 Speaker 1: heard from Congresswoman Hiley Stevens talking to Joe Matthew on 391 00:23:01,840 --> 00:23:05,080 Speaker 1: Balance of Power about exactly how long it's it's going 392 00:23:05,160 --> 00:23:07,639 Speaker 1: to take for the chips to really start being produced 393 00:23:07,640 --> 00:23:10,359 Speaker 1: in the US. It's not going to be waived the 394 00:23:10,400 --> 00:23:13,639 Speaker 1: wand and solve the problem overnight. This has got to 395 00:23:13,720 --> 00:23:17,000 Speaker 1: be a mid term solution that we also need to 396 00:23:17,040 --> 00:23:20,919 Speaker 1: develop long term solutions for as well. I don't want 397 00:23:21,600 --> 00:23:25,560 Speaker 1: foreign competitors dictating our strategy. What I do want is 398 00:23:25,800 --> 00:23:30,480 Speaker 1: American manufacturing, manufacturing coming back here. We invented these chips, 399 00:23:30,720 --> 00:23:34,480 Speaker 1: we should be making them here. And Danel, I definitely 400 00:23:34,520 --> 00:23:35,800 Speaker 1: do want to go to you and just kind of 401 00:23:35,840 --> 00:23:38,159 Speaker 1: get your reaction to that. I mean, as far as 402 00:23:38,200 --> 00:23:41,080 Speaker 1: how long it's going to take for Americans to actually 403 00:23:41,400 --> 00:23:45,199 Speaker 1: see a difference in the supply chain for American produced 404 00:23:45,240 --> 00:23:48,879 Speaker 1: chips versus form produced chips. Yeah, I mean, I definitely 405 00:23:48,920 --> 00:23:50,520 Speaker 1: think that's a great point. I mean, it's not an 406 00:23:50,520 --> 00:23:54,720 Speaker 1: overnight solution, although I think that part of what is 407 00:23:54,760 --> 00:23:59,359 Speaker 1: happening here is uh sort of the uh, you know, 408 00:23:59,440 --> 00:24:02,760 Speaker 1: the yarns of progresses is sometimes as good as as 409 00:24:02,800 --> 00:24:06,080 Speaker 1: progress itself. Because you know, a couple of weeks ago, 410 00:24:06,680 --> 00:24:10,119 Speaker 1: Intel announced that it was going to start construction on 411 00:24:10,160 --> 00:24:14,080 Speaker 1: some semiconductor fabrication plants in Ohio. Um, there are plans 412 00:24:14,080 --> 00:24:18,080 Speaker 1: in the offing for plants in Arizona, perhaps in New York, 413 00:24:18,160 --> 00:24:21,439 Speaker 1: maybe in Texas. And you know what, the CEOs of 414 00:24:21,480 --> 00:24:23,680 Speaker 1: these companies are out there saying and have been saying 415 00:24:23,680 --> 00:24:26,440 Speaker 1: for the last several months, is we need the Chips Act. 416 00:24:26,560 --> 00:24:32,560 Speaker 1: We need help because other countries Taiwan, China, South Korea, 417 00:24:32,600 --> 00:24:34,879 Speaker 1: wherever it may be, even Europe to a certain extent, 418 00:24:35,320 --> 00:24:41,600 Speaker 1: they basically subsidize their semiconductor industries. They they create incentives, 419 00:24:41,640 --> 00:24:44,800 Speaker 1: they help the businesses to thrive, and the US has 420 00:24:44,840 --> 00:24:48,080 Speaker 1: not traditionally done that for a variety of reasons. And 421 00:24:48,160 --> 00:24:51,879 Speaker 1: so I think what you're seeing is ground has started 422 00:24:51,880 --> 00:24:56,480 Speaker 1: to be broken because of the promise of that money. 423 00:24:56,680 --> 00:24:58,520 Speaker 1: And Dan, we know that you're going to continue to 424 00:24:58,520 --> 00:25:02,199 Speaker 1: cover it. That's Dan flatly with Bloomberg, a congressional reporter. 425 00:25:02,400 --> 00:25:05,040 Speaker 1: Make sure to continue to follow his coverage of this bill. 426 00:25:05,160 --> 00:25:08,000 Speaker 1: It's going to be debated for a while. Up next, 427 00:25:08,119 --> 00:25:10,960 Speaker 1: we bring back the panel. Talk about Congress next week. 428 00:25:11,440 --> 00:25:20,280 Speaker 1: This is Bloomberg. This is Bloomberg Sound On with Joe 429 00:25:20,359 --> 00:25:25,280 Speaker 1: Matthew on Bloomberg Radio. It's going to be a busy 430 00:25:25,320 --> 00:25:28,719 Speaker 1: week ahead next week for Congress. We're talking about the 431 00:25:28,760 --> 00:25:34,000 Speaker 1: America Competes China Competitiveness Research and Development Bill. We've got 432 00:25:34,040 --> 00:25:37,080 Speaker 1: some fed nominations in a hearing in the Senate. I 433 00:25:37,160 --> 00:25:40,359 Speaker 1: wonder if they can actually fund the government. There's the 434 00:25:40,400 --> 00:25:44,119 Speaker 1: bill back. Better return to that after setting it aside 435 00:25:44,160 --> 00:25:46,720 Speaker 1: for a little while. Supreme Court is an issue that 436 00:25:46,720 --> 00:25:49,280 Speaker 1: will be an issue in the near future for Congress. 437 00:25:49,640 --> 00:25:53,080 Speaker 1: I'm Jack Fitzpatrick co hosting with my Bloomberg Government colleague 438 00:25:53,080 --> 00:25:56,639 Speaker 1: Emily Wilkins. Today let's get into the week ahead with 439 00:25:56,680 --> 00:26:00,880 Speaker 1: our panel. We've got Bloomberg Politics contributor Rick Davis as 440 00:26:00,920 --> 00:26:04,600 Speaker 1: well as Max Burns, Democratic strategist and founder of Third 441 00:26:04,640 --> 00:26:09,879 Speaker 1: Degree Strategies with us. Rick, you are all over foreign policy, 442 00:26:10,000 --> 00:26:13,320 Speaker 1: and I just wanna take your temperature on the latest 443 00:26:13,359 --> 00:26:17,040 Speaker 1: iteration of this China Competitiveness bill. We described how many 444 00:26:17,040 --> 00:26:20,280 Speaker 1: different names it's had, uh tell us fifty two billion 445 00:26:20,280 --> 00:26:25,880 Speaker 1: dollars in semiconductor research and production. The President actually talked 446 00:26:25,880 --> 00:26:28,480 Speaker 1: about this today, the the extent to which car prices 447 00:26:28,520 --> 00:26:31,760 Speaker 1: have played into the inflation we've seen around the country. 448 00:26:32,000 --> 00:26:34,520 Speaker 1: How big is this bill? How much does it actually 449 00:26:34,560 --> 00:26:39,360 Speaker 1: do if it becomes law to make America compete. Well, 450 00:26:39,359 --> 00:26:43,320 Speaker 1: there's no question that the capital going into research and 451 00:26:43,480 --> 00:26:46,600 Speaker 1: development of semiconductor industry in the United States will be 452 00:26:46,640 --> 00:26:49,080 Speaker 1: a great catalyst to to to jump start that. I mean, 453 00:26:49,119 --> 00:26:52,920 Speaker 1: there's already great improvement in that industry's coming here from 454 00:26:52,920 --> 00:26:57,720 Speaker 1: Taiwan and and Intel building new manufacturing facilities. But the 455 00:26:57,840 --> 00:27:00,600 Speaker 1: use of government funds, especially in the research area, which 456 00:27:00,600 --> 00:27:05,080 Speaker 1: has been drained of funding for some time, is really important. 457 00:27:05,119 --> 00:27:07,760 Speaker 1: And you're right, this has been banging around since the 458 00:27:07,760 --> 00:27:12,120 Speaker 1: summer of last year or this year when um Uh, 459 00:27:12,160 --> 00:27:14,359 Speaker 1: the Senate passed a bill that's basically going to be 460 00:27:14,440 --> 00:27:17,359 Speaker 1: its companion, and I'm a little surpriser hasn't been a 461 00:27:17,400 --> 00:27:21,640 Speaker 1: bigger priority to getting this done. It's bipartisan, it's effective. 462 00:27:22,000 --> 00:27:25,040 Speaker 1: It sends a message to China and our allies around 463 00:27:25,040 --> 00:27:27,439 Speaker 1: that we are not going to cop out when it 464 00:27:27,440 --> 00:27:33,160 Speaker 1: comes to manufacturing high technology, Max burns Uh. One thing 465 00:27:33,240 --> 00:27:35,760 Speaker 1: that this makes this bill a little bit different from 466 00:27:35,840 --> 00:27:37,919 Speaker 1: some of the others we've been talking about recently with 467 00:27:38,000 --> 00:27:40,960 Speaker 1: voting rights, with build back Better is that in some 468 00:27:41,160 --> 00:27:44,880 Speaker 1: form it has already passed the Senate, got that bipartisan 469 00:27:44,960 --> 00:27:47,879 Speaker 1: support that it needed, and it seems like it's ready 470 00:27:48,040 --> 00:27:50,600 Speaker 1: to get to the President's desk. Of course, needs to 471 00:27:50,640 --> 00:27:52,640 Speaker 1: go through a couple more hurls before it gets there, 472 00:27:52,640 --> 00:27:54,879 Speaker 1: but it seems to have momentum. And I spoke with 473 00:27:54,920 --> 00:27:58,280 Speaker 1: a couple of lawmakers of Susan Wilde from Pennsylvania who said, 474 00:27:58,359 --> 00:28:01,560 Speaker 1: these are the types of bills that Congress needs to 475 00:28:01,600 --> 00:28:04,959 Speaker 1: focus on right now. And I'm wondering, Max or of 476 00:28:04,960 --> 00:28:08,080 Speaker 1: what you think of that. Should Democrats kind of exclusively 477 00:28:08,119 --> 00:28:11,480 Speaker 1: focus for the rest of this year on bipartisan legislation 478 00:28:11,720 --> 00:28:14,400 Speaker 1: that should pass, or should they keep trying for some 479 00:28:14,520 --> 00:28:17,000 Speaker 1: of these more ambitious bills that don't really have a 480 00:28:17,000 --> 00:28:21,399 Speaker 1: lot of Republican support. Well, unfortunately, outside of you know, 481 00:28:21,560 --> 00:28:24,399 Speaker 1: a very limited number of bills, there's just not a 482 00:28:24,480 --> 00:28:29,840 Speaker 1: bipartisan consensus really on anything. We're looking largely at passing 483 00:28:29,880 --> 00:28:34,159 Speaker 1: things like portions of Build Back Better with a very 484 00:28:34,200 --> 00:28:39,400 Speaker 1: slim democratic majorities. Uh And and what I'm seeing, and 485 00:28:39,480 --> 00:28:41,440 Speaker 1: what I see especially on the left, is that there 486 00:28:41,520 --> 00:28:45,400 Speaker 1: is just not any appetite after especially after voting rights, 487 00:28:45,480 --> 00:28:48,240 Speaker 1: to try and go back to a well of bipartisanship. 488 00:28:48,840 --> 00:28:51,440 Speaker 1: But you're right, I think Democrats have a winning issue here. 489 00:28:52,120 --> 00:28:56,000 Speaker 1: This bill contains, beyond semiconductors, a whole host of very 490 00:28:56,040 --> 00:29:00,440 Speaker 1: popular and very powerful pieces of legislation, and it should 491 00:29:00,440 --> 00:29:04,680 Speaker 1: be something that Democrats are messaging very aggressively. So I 492 00:29:04,720 --> 00:29:07,840 Speaker 1: wanna touch on another key issue that's coming up next 493 00:29:07,920 --> 00:29:11,200 Speaker 1: week in the Senate Banking Committee, there is a hearing 494 00:29:11,320 --> 00:29:15,320 Speaker 1: for the nominations of Sarah Bloom Raskin and Lisa Cook 495 00:29:15,960 --> 00:29:19,120 Speaker 1: to the FED Board. I would point out that Pat, 496 00:29:19,200 --> 00:29:22,960 Speaker 1: to me, the top Republican senator on the panel, has 497 00:29:23,040 --> 00:29:26,080 Speaker 1: raised issues, said they didn't entirely fill out a questionnaire 498 00:29:26,200 --> 00:29:28,800 Speaker 1: lawmakers sent to them. He's not happy about that. He's 499 00:29:28,840 --> 00:29:31,520 Speaker 1: also raised some issues, and other Republicans have raised issues 500 00:29:32,120 --> 00:29:36,400 Speaker 1: on the regulatory approach regarding climate. Looking at Sarah Bloom 501 00:29:36,480 --> 00:29:42,400 Speaker 1: Raskin's history, I'm just curious, Rick, how much opposition you 502 00:29:42,440 --> 00:29:46,600 Speaker 1: think there will be from Republicans to Biden's FED picks 503 00:29:46,600 --> 00:29:49,400 Speaker 1: other than Jerome Palell. How how hard is this going 504 00:29:49,440 --> 00:29:53,320 Speaker 1: to be? You know, I don't think it's gonna be hard. Um. 505 00:29:53,360 --> 00:29:55,840 Speaker 1: I think the Democrats can hold their caucus. Max can 506 00:29:55,880 --> 00:29:58,880 Speaker 1: certainly talk about that, but uh, and there'll be some 507 00:29:58,920 --> 00:30:02,600 Speaker 1: Republicans that, um, I think, you know, traditionally support FED 508 00:30:02,640 --> 00:30:06,880 Speaker 1: picks as a consequence of power. But uh, look, I mean, 509 00:30:06,960 --> 00:30:09,520 Speaker 1: you know, there there is some migration, especially with these 510 00:30:09,520 --> 00:30:13,640 Speaker 1: new picks by the Biden administration, into areas that fundamentally 511 00:30:13,640 --> 00:30:15,760 Speaker 1: a lot of members of Congress. Don't think the FED 512 00:30:15,920 --> 00:30:18,920 Speaker 1: really ought to be involved in Mission creep around Climate 513 00:30:19,040 --> 00:30:21,479 Speaker 1: is one of them. So there'll be a debate about that, 514 00:30:21,560 --> 00:30:25,000 Speaker 1: they'll get some hard questions about it, but I think ultimately, Uh, 515 00:30:25,200 --> 00:30:27,800 Speaker 1: you know, the Biden administration will get what they want 516 00:30:27,840 --> 00:30:31,040 Speaker 1: out of the Senate on these confirmations. And Bloomberg is 517 00:30:31,080 --> 00:30:34,600 Speaker 1: actually going to be hearing of rather displaying those hearings 518 00:30:34,640 --> 00:30:37,480 Speaker 1: of February three at ten a m. You can watch 519 00:30:37,560 --> 00:30:41,640 Speaker 1: that on the terminal and Max, I feel like Rick 520 00:30:41,800 --> 00:30:43,880 Speaker 1: basically set it up. Talk to me a little bit 521 00:30:44,120 --> 00:30:48,040 Speaker 1: about the dynamics for the Democrats with the Supreme Court pick. 522 00:30:48,560 --> 00:30:51,479 Speaker 1: Uh is biding them be able to kind of nominate 523 00:30:51,520 --> 00:30:54,240 Speaker 1: who he wants and get them through, or could some 524 00:30:54,360 --> 00:30:57,840 Speaker 1: of his potential nominees find stumbling blocks in some of 525 00:30:57,840 --> 00:31:01,840 Speaker 1: the more moderate senators well off The names that have 526 00:31:02,120 --> 00:31:07,520 Speaker 1: been mentioned, UH, specifically Judge Brown Jackson. Uh. These are 527 00:31:07,560 --> 00:31:10,400 Speaker 1: people who have broad Democratic support, their names that have 528 00:31:10,480 --> 00:31:14,720 Speaker 1: come up on shortlists before. And I know the President 529 00:31:14,840 --> 00:31:18,480 Speaker 1: is likely privately speaking with senators very actively about any 530 00:31:18,560 --> 00:31:21,960 Speaker 1: thoughts they may have on picks Uh. But there does 531 00:31:22,000 --> 00:31:24,600 Speaker 1: not seem to be any desire right now to split 532 00:31:24,640 --> 00:31:27,800 Speaker 1: the party on this. I think Democrats correctly see this 533 00:31:28,280 --> 00:31:31,520 Speaker 1: as not just a unifying issue for a party struggling 534 00:31:31,560 --> 00:31:35,040 Speaker 1: to find unity, but also a really energizing issue for 535 00:31:35,120 --> 00:31:38,440 Speaker 1: Democratic based voters. I mean, this is a great chance 536 00:31:38,520 --> 00:31:43,320 Speaker 1: to finally get this right at Democrats desperately do not 537 00:31:43,480 --> 00:31:48,000 Speaker 1: want to do anything to derail that process. Um Rick, 538 00:31:48,080 --> 00:31:53,600 Speaker 1: I'm curious, as we mentioned the Scotis nominations, how that 539 00:31:53,680 --> 00:31:56,920 Speaker 1: plays into anything else they want to do. I understand 540 00:31:56,920 --> 00:31:59,040 Speaker 1: they want to make this quick. Senator Schumer has said 541 00:31:59,320 --> 00:32:02,680 Speaker 1: he's a ing for a an Amy Coney Barrett timeline, 542 00:32:02,680 --> 00:32:06,240 Speaker 1: which was only about a month. Uh. Does this disrupt 543 00:32:06,560 --> 00:32:09,920 Speaker 1: work on Bill back, better government funding, anything else? Or 544 00:32:09,920 --> 00:32:12,719 Speaker 1: do you buy the idea that they can address that 545 00:32:12,760 --> 00:32:17,000 Speaker 1: open score to seat in a short time frame. You know, 546 00:32:17,040 --> 00:32:20,920 Speaker 1: I gotta believe they can move that quickly. Um certainly 547 00:32:21,280 --> 00:32:25,400 Speaker 1: the model is what uh Mitch McConnell was able to 548 00:32:25,400 --> 00:32:27,680 Speaker 1: do with, you know, just two months before an election 549 00:32:28,360 --> 00:32:32,080 Speaker 1: getting a confirmation done. I gotta believe humor wants that. 550 00:32:32,200 --> 00:32:35,880 Speaker 1: It'll obviously have to wait until President Biden makes the 551 00:32:35,920 --> 00:32:38,640 Speaker 1: selection and spend some time selling it to the American public, 552 00:32:38,720 --> 00:32:41,720 Speaker 1: But at the end of the day. If as Max said, 553 00:32:41,720 --> 00:32:45,000 Speaker 1: they can hold their caucus, they only need fifty one votes. Uh, 554 00:32:45,000 --> 00:32:46,320 Speaker 1: and they ought to be able to knock it out. 555 00:32:46,360 --> 00:32:49,280 Speaker 1: The reality though is, uh, they're gonna need Joe Manchin 556 00:32:49,400 --> 00:32:51,200 Speaker 1: to walk to plank on this. I think they can 557 00:32:51,240 --> 00:32:53,400 Speaker 1: make him do it and that gets him the fifty 558 00:32:53,480 --> 00:32:56,480 Speaker 1: votes they want, but he'll they'll probably run out of 559 00:32:56,560 --> 00:32:59,000 Speaker 1: credits with him because of that, and it would be 560 00:32:59,120 --> 00:33:01,520 Speaker 1: highly unlikely that he's gonna want to take a look 561 00:33:01,520 --> 00:33:03,960 Speaker 1: at a build Back Better that is anything other than 562 00:33:04,000 --> 00:33:07,240 Speaker 1: one of his own design, And even then that could 563 00:33:07,320 --> 00:33:10,600 Speaker 1: run into trouble with funding because Christen Cinema still is 564 00:33:10,600 --> 00:33:13,400 Speaker 1: not the Democrat who wants to raise taxes. So I 565 00:33:13,440 --> 00:33:17,160 Speaker 1: think democrats legislative options to go it alone are very 566 00:33:17,200 --> 00:33:19,360 Speaker 1: limited in the balance of the year, so they want 567 00:33:19,360 --> 00:33:23,720 Speaker 1: to go fast on Scotus. They are trying more on 568 00:33:23,800 --> 00:33:28,080 Speaker 1: some portion of Build Back Better. Government funding is also 569 00:33:28,280 --> 00:33:32,280 Speaker 1: an issue. The deadline is February. Sounds like maybe even 570 00:33:32,280 --> 00:33:34,360 Speaker 1: if they get closer to a deal, they might need 571 00:33:34,400 --> 00:33:36,920 Speaker 1: a short term stop gap to buy more time, But 572 00:33:36,960 --> 00:33:38,800 Speaker 1: they've been struggling and there there's a risk of a 573 00:33:38,880 --> 00:33:43,840 Speaker 1: full year stop gap, which would be rough on every agency. Max, 574 00:33:43,920 --> 00:33:47,440 Speaker 1: I'm curious if you see much motivation on this. You 575 00:33:47,480 --> 00:33:49,480 Speaker 1: know that this is an issue that has been more 576 00:33:49,600 --> 00:33:52,640 Speaker 1: under the radar compared to BBB. Do you buy that 577 00:33:52,760 --> 00:33:56,920 Speaker 1: there's enough motivation to get an omnibus government funding package 578 00:33:57,000 --> 00:33:59,760 Speaker 1: through and if that's going to get their attention in Congress? 579 00:34:00,800 --> 00:34:04,200 Speaker 1: I would be stunned to see that level of cooperation. 580 00:34:04,280 --> 00:34:07,680 Speaker 1: I think Democrats are likely full on their end between 581 00:34:07,680 --> 00:34:11,319 Speaker 1: the Supreme Court, build back better, this China bill. There'll 582 00:34:11,320 --> 00:34:15,400 Speaker 1: be an upcoming fight within the China bill on reauthorizing 583 00:34:15,440 --> 00:34:19,520 Speaker 1: and strengthening the Global Magnetski Act. These are all things 584 00:34:19,600 --> 00:34:23,400 Speaker 1: that large power groups within the party want to talk about. 585 00:34:23,880 --> 00:34:26,759 Speaker 1: So these things that don't have clear advocates, like an 586 00:34:26,760 --> 00:34:31,759 Speaker 1: omnibus bill, will fall by the wayside. And Rick, I 587 00:34:31,800 --> 00:34:34,120 Speaker 1: wanted to ask you a bit because when we have 588 00:34:34,239 --> 00:34:37,000 Speaker 1: these debates about these funding bills, there's always this looming 589 00:34:37,040 --> 00:34:39,440 Speaker 1: threat of a shutdown. The last couple of times we've 590 00:34:39,480 --> 00:34:43,279 Speaker 1: seen Congress pass just a continuing resolution continuing current levels 591 00:34:43,280 --> 00:34:46,239 Speaker 1: of funding. Everyone's like, who, we avoided a shutdown? But 592 00:34:46,320 --> 00:34:48,000 Speaker 1: I wanted to sort of get into it with you. 593 00:34:48,400 --> 00:34:51,320 Speaker 1: What does it actually mean to just do a continuing 594 00:34:51,360 --> 00:34:55,040 Speaker 1: resolution and to not actually pass new funding bills. Does 595 00:34:55,080 --> 00:34:58,439 Speaker 1: anyone get hurt in that process? Oh? Sure? I mean, 596 00:34:58,480 --> 00:35:01,920 Speaker 1: you know, does the Democratic Party really want Donald Trump's 597 00:35:01,960 --> 00:35:07,360 Speaker 1: budget directing spending during the full year of of of 598 00:35:07,440 --> 00:35:11,320 Speaker 1: this administration. I'm not sure. I exactly agree that there's 599 00:35:11,360 --> 00:35:15,600 Speaker 1: not a constituency for an omnibus. Uh. Senator Leahy and 600 00:35:15,640 --> 00:35:19,000 Speaker 1: Senator Shelby are working together right now to form an omnibus. 601 00:35:19,360 --> 00:35:21,919 Speaker 1: My guess is they will get one form. They've got 602 00:35:21,960 --> 00:35:24,080 Speaker 1: you know, pretty good insight into a top line number, 603 00:35:24,120 --> 00:35:26,719 Speaker 1: which is the trick and uh, and it will take 604 00:35:26,760 --> 00:35:29,399 Speaker 1: them that long to really form the budget that uh 605 00:35:29,800 --> 00:35:34,360 Speaker 1: that that could replace the continuing resolution. So again, I 606 00:35:34,360 --> 00:35:36,799 Speaker 1: think the things you see happening in this Congress are 607 00:35:36,840 --> 00:35:40,560 Speaker 1: not to go to loan Democratic bills. It's the bipartisan legislation. 608 00:35:41,120 --> 00:35:43,320 Speaker 1: You know, that's significant and I don't know why the 609 00:35:43,360 --> 00:35:46,360 Speaker 1: Democrats don't want to howl about it because that's really 610 00:35:46,400 --> 00:35:49,400 Speaker 1: what's been driving success in the Biden administration. And a 611 00:35:49,440 --> 00:35:53,960 Speaker 1: budget uh, you know, produced by the Appropriations Committee that 612 00:35:54,160 --> 00:35:57,440 Speaker 1: right now is working extremely well together should be another 613 00:35:57,480 --> 00:36:00,320 Speaker 1: great success story. And the last thing they want another 614 00:36:00,360 --> 00:36:02,839 Speaker 1: Trump budget for the balance of the year. I hear 615 00:36:02,880 --> 00:36:05,920 Speaker 1: you on those points. At the same time, Max's point 616 00:36:06,120 --> 00:36:08,880 Speaker 1: about it getting put on the back burner has to 617 00:36:08,880 --> 00:36:11,920 Speaker 1: be at least partly true because the original funding deadline 618 00:36:11,920 --> 00:36:15,719 Speaker 1: was septem Clearly, to some extent, the appropriators have not 619 00:36:15,800 --> 00:36:19,279 Speaker 1: been the stars. Emily, we only have time for a 620 00:36:19,320 --> 00:36:22,200 Speaker 1: brief mention of the White House cat, Willow. The White 621 00:36:22,200 --> 00:36:24,760 Speaker 1: Houses a cat. The name is Willow. Please go online 622 00:36:24,760 --> 00:36:26,560 Speaker 1: and google a photo. It will give you all the 623 00:36:26,560 --> 00:36:28,800 Speaker 1: good vibes you need to send yourself into the weekend. 624 00:36:28,960 --> 00:36:30,680 Speaker 1: That is going to turn things around for the Biden 625 00:36:30,680 --> 00:36:34,560 Speaker 1: administration in the polling. Thanks again to John Fetterman, Pennsylvania's 626 00:36:34,600 --> 00:36:39,000 Speaker 1: Lieutenant Governor, uh Dan Flatley, Rick Davis, I'm Jack Fitzpatrick, 627 00:36:39,040 --> 00:36:41,560 Speaker 1: Max Burns, of course, along with Emily Wilkins. This is 628 00:36:41,560 --> 00:36:42,120 Speaker 1: Bloomberg