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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Can we begin in the nation's capital, where debate continues

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Speaker 2: on Capitol Hill on President Trump's multi trillion dollar tax

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Speaker 2: and spending package. Early this morning, House Republicans overcame a

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Speaker 2: critical procedural hurdle, moving toward a final vote on the

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Speaker 2: so called Big Beautiful Bill earlier this morning.

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Speaker 4: On this vote, the as are two nineteen, today's are

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Speaker 4: two thirteen. The resolution is adopted.

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Speaker 2: And debate, as we say, continues, setting up a final

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Speaker 2: vote later this morning. House Speaker Mike Johnson can afford

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Speaker 2: only three Republican defections in the tightly divided House, but

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Speaker 2: he projected confidence ahead of that procedural vote.

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Speaker 5: We're in a good place right now.

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Speaker 6: This is the legislative process.

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Speaker 7: This is exactly how I think the framers intended for

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Speaker 7: it to.

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Speaker 2: Work, and House Speaker Mike Johnson predict to the bill

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Speaker 2: would get across the finish line in time for the

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Speaker 2: President's July fourth deadline tomorrow. Johnson lost just one Republican

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Speaker 2: in the procedural vote, Brian Fitzpatrick of Pennsylvania. Now, a

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Speaker 2: key issue for many reluctant Republicans is the cost of

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Speaker 2: the measure. The three point four trillion dollars Senate bill

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Speaker 2: adds more to the deficit than an earlier House version

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Speaker 2: that clocked in at two point eight trillion dollars.

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Speaker 3: Nathan House Republicans are projecting optimism. Financial Services Committee Chairman

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Speaker 3: french Hill joined Bloomberg yesterday, saying cooler heads will prevail

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Speaker 3: to move the bill forward.

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Speaker 5: Wave.

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Speaker 8: This bill is the best the two Houses can produce,

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Speaker 8: accomplishing both President Trump's goals as well as the goals

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Speaker 8: that both conservative and more moderate Republicans have.

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Speaker 3: In the House, despite french Hill's efforts to rally Republican support,

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Speaker 3: there won't be a single vote from Democrats. Florida Representative

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Speaker 3: DeBie Wasserman Schultz also spoke earlier with Bloomberg.

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Speaker 9: If they wanted to extend those tax cuts to the wealthy,

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Speaker 9: this most fortunate Americans. You know, be my guest, but

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Speaker 9: don't skew the tax breaks so disproportionately to people who

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Speaker 9: are already successful and leave the middle class out.

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Speaker 3: Democratic Representative Debbie Washerman Schultz added that she believes expiring

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Speaker 3: tax cuts should be dealt with in separate legislation. Despite

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Speaker 3: Republicans controlling both the House and Senate, President Trump's signature

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Speaker 3: legislation has run into resistance from cost conscious conservatives and

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Speaker 3: swing district moderates who worry about cuts to safety net programs.

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Speaker 2: Of course, caring any changes to the measure would have

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Speaker 2: forced the Senate to vote again on the bill, blowing

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Speaker 2: past President Trump's July fourth deadline, potentially adding weeks of delay.

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Speaker 3: Am On Nathan Meer learning details about another piece of

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Speaker 3: the President's economic agenda, trade. The President announced on social

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Speaker 3: media yesterday that the US agreed to a trade deal

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Speaker 3: with Vietnam. The President says there's a zero tariff on

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Speaker 3: US products sold to Vietnam, and that it includes a

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Speaker 3: twenty percent tariff on Vietnamese exports and a forty percent

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Speaker 3: levy on goods deemed to be transshipped through the country.

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Speaker 3: Greta Pisch, former General Counsel to the Office of the

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Speaker 3: US Trade Representative, say the agreement raises a number of questions.

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Speaker 10: You know, the devil will be in the details, as

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Speaker 10: they say, the truth social post by the President was

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Speaker 10: pretty broad brush. It will be interesting to see, you know,

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Speaker 10: are all products treated the same? Are these across the

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Speaker 10: board tariff treatments? Are there any non tariff barriers that

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Speaker 10: are addressed?

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Speaker 3: And that's former USDR General Council Greta Pisch, China says

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Speaker 3: is examining the US Vietnam trade deals and would retaliate

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Speaker 3: if its interests are hurt.

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Speaker 2: Also happening in DC care and the Trump administrations lifted

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Speaker 2: curbs on chip design software sales in China as both

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Speaker 2: sides implement their trade deal to ease restrictions on critical technologies.

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Speaker 2: The Commerce Department informed the world's three leading chip design

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Speaker 2: software providers they no longer need government licenses to do

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Speaker 2: business in China. One of those companies, Siemens, already says

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Speaker 2: it has received toward full access to its products for

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Speaker 2: Chinese customers.

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Speaker 3: Nathan, We turned now to the closely follown verdict of

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Speaker 3: Sean Diddy Combs. The judge has denied bail for the

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Speaker 3: music executive after a mixed verdict cleared him of the

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Speaker 3: top charges in his sex crimes case. Bloomer's Michael Barr

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Speaker 3: joins us with the latest from New York.

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Speaker 7: Good morning, Michael, Good morning, Karen the rap music mogul

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Speaker 7: was convicted of federal prostitution related offenses but acquitted of

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Speaker 7: sex trafficking and racketeering charges. The jury cleared him of

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Speaker 7: charges that could have put him behind bars for life.

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Speaker 7: Defense attorney Mark Agnefilio.

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Speaker 2: We had a wonderful jury. They listened to every word

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Speaker 2: and they got the situation right or certainly writing off.

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Speaker 7: The judge denied Combe's bail, citing a pattern of violence.

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Speaker 7: The fifty five year old Combs has been in jail

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Speaker 7: since his September arrest. He still stands convicted of two

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Speaker 7: counts that carries a maximum of ten years each in

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Speaker 7: prison In New York. I'm Michael Barr Bloomberg Radio.

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Speaker 2: All right, Michael, thank you. Let's turn to markets now.

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Speaker 2: Following another record close for the S and P five hundred,

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Speaker 2: futures are holding steady as we get ready to wrap

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Speaker 2: up the holiday shortened trading week. Despite continued uncertainty over

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Speaker 2: interest rate cuts and the president's economic agenda, investors are

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Speaker 2: cautiously optimistic. That includes Morgan Stanley, Cross Assets CIO Jim Carron,

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Speaker 2: who thinks there is upside risk to the market.

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Speaker 11: When we saw the upside surprise and earnings in the

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Speaker 11: first quarter. Typically what analysts would do is they would

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Speaker 11: increase their full year earnings run rates and their earnings forecast.

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Speaker 6: They didn't.

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Speaker 11: They actually took it down because of the tariff uncertainty.

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Speaker 11: There is still a lot of uncertainty relative to the

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Speaker 11: pricing and earnings going forward. We think that earnings are underestimated.

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Speaker 11: That's the upside risk that I believe is underappreciated by markets.

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Speaker 2: And Jim Karen and Morgan Stanley says he thinks the

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Speaker 2: economy will muddle through tariff uncertainty without a recession.

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Speaker 3: And Nathan Investors will keep a close eye on the

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Speaker 3: June jobs are poor today, which is expected to show

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Speaker 3: a hiring slowdown. Bloomberg's Michael McKee has a preview.

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Speaker 6: It would take a lot to actually put a rate

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Speaker 6: cut on the table for this month's FED meeting, but

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Speaker 6: the idea it could happen will keep traders glued to

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Speaker 6: their screens this morning. While the consensus forecast is for

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Speaker 6: jobs growth to have slowed in June, it's not seen

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Speaker 6: dropping enough to worry policymakers. Unemployment is forecast to tick up,

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Speaker 6: but FED officials have said they wouldn't be concerned until

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Speaker 6: it hits four point five percent or so. Yesterday's negative

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Speaker 6: ADP print, however, has raised questions about whether and by

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Speaker 6: how much the numbers could undershoot consensus. The FED, though,

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Speaker 6: has early access to the ADP numbers, and officials haven't

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Speaker 6: expressed any concern. Michael McKee, Bloomberg Radio.

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Speaker 3: All right, Mike, thank you, and please stick with Bloomberg

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Speaker 3: for full coverage of the June jobs report. It's do

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Speaker 3: out at eight thirty am Wall Street time. We'll have

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Speaker 3: commercial free coverage on Bloomberg Surveillance with Tom Keen and

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Speaker 3: Paul Sweeney on Bloomberg Radio and the Bloomberg podcast page

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Speaker 3: on YouTube.

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Speaker 2: Well, Caramel, President Trump and his advisors are thinking over

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Speaker 2: replacements for FED charg erun Pale. They're running into a

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Speaker 2: significt complication. Let's get more on that story now from

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Speaker 2: Bloomberg's John Tucker. What's the complication, Joe, Well, it's actually

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Speaker 2: not clear that Powell will leave. Nathan the FED chief,

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Speaker 2: has repeatedly declined to say whether he's going to step

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Speaker 2: down when his four year term is chair expires in

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Speaker 2: May or remain on the FED board. That's something he

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Speaker 2: could technically do until his tenure as a governor expires

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Speaker 2: in January twenty twenty eight. At a Central Bank forum

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Speaker 2: in Portugal this week, the FED chair was asked by

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Speaker 2: Bloomberg to respond to the barrage of attacks and personal

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Speaker 2: insults from President Trump.

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Speaker 8: I'm very focused on just doing my job. I mean,

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Speaker 8: there are things that the things that matter are using

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Speaker 8: our tools to achieve the goals that commerce has given

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Speaker 8: us maximumployments, price stability, financial stability, and that's what we

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Speaker 8: focus on one hundred percent.

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Speaker 4: And the pressure's building. President Trump has posted on social

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Speaker 4: media Powell should resign immediately, referring to him as too late,

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Speaker 4: and Trump ally Bill Poulty, who leads the Federal Housing

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Speaker 4: Finance Agency, is called on Congress to investigate pale alleging

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Speaker 4: without evidence, that is recent testimony to the Senate was deceptive.

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Speaker 4: In New York, I'm John Tucker Bloomberg Radio.

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Speaker 3: Time Now for look at some of the other stories

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Speaker 3: making news in New York and around the world. And

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Speaker 3: for that we're joined by Bloomberg's Michael Barr.

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Speaker 7: Michael, Good morning, Good morning, Karen. Federal authorities are investigating

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Speaker 7: an incident when a small sky diving plane went off

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Speaker 7: the runway at cross Keys Airport in Williamstown, New Jersey,

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Speaker 7: about twenty five miles southeast of Philadelphia. The fifteen people

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Speaker 7: on board the single engine sessa that we're injured, but

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Speaker 7: for now all survived. Andrew Halter with Gloucester County Emergency Management.

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Speaker 12: I mean just the fact that we have fifteen people

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Speaker 12: that are still with us here today, some of minor injuries.

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Speaker 12: I think it's fantastic and remarkable. I think it's again

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Speaker 12: a joint effort between probably the pilot's initiative as well

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Speaker 12: as all public safety providers that were out on sea.

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Speaker 7: Andrew Halter with Gloucester County says the place lane crashed

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Speaker 7: in a wooded area near the airport after the pilot

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Speaker 7: reported engine trouble. Brian Coberger pleaded guilty to murder and

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Speaker 7: the stabbing deaths of four University of Idaho students. He

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Speaker 7: entered the plea in a deal with prosecutors that will

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Speaker 7: allow him to avoid the death penalty. Prosecutors say he

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Speaker 7: sneaked into a rental home in Moscow, Idaho, and stab

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Speaker 7: the students in twenty twenty two. In court, Judge Stephen

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Speaker 7: Hipler read the plea agreement to coburger.

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Speaker 13: Have you had enough time to decide whether or not

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Speaker 13: to plead guilty. Yes, you're pleading guilty freely involuntarily. Yes,

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Speaker 13: given your choices, do you believe it's in your best

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Speaker 13: interest to plead guilty yes. Have you discussed fully the

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Speaker 13: matter of pleading with your pleading guilty with your attorney?

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Speaker 13: And are you satisfied with the advice you've received.

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Speaker 7: Yes. No motive has emerged for the killings. Fourth of

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Speaker 7: July holiday traffic has been heavy for days and it

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Speaker 7: will only get worse. Highways continue to be jammed on

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Speaker 7: a busy day to travel back car, it's.

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Speaker 1: Either putting yourself in the right mindset or leaving very

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Speaker 1: very early.

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Speaker 7: Sunday is considered one of the busiest days to travel

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Speaker 7: on the road, and airports will also be packed. Oh good,

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Speaker 7: Global news twenty four hours a day and whenever you

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Speaker 7: want it with Bloomberg News Now. I'm Michael Barr and

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Speaker 7: this is Bloomberg Karen.

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Speaker 3: That sounds like you're traveling all right, MICHAELM.

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Speaker 9: Park.

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Speaker 3: Thank you time now for the Bloomberg Spores update, brought

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Speaker 3: to you by Flushing Bank. Here's John stash Hour John Gimmerni, Good.

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Speaker 14: Morning, Karen. The ESPN report is that the Knicks are

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Speaker 14: closing in on a deal with Mike Brown and that

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Speaker 14: the fifty five year old former coach in Cleveland, LA

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Speaker 14: and Sacramento is expected to be the guy who replace

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Speaker 14: the fire Tom Thibodeaux. Brown would join the Knicks with

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Speaker 14: plenty of NBA coaching experience nine years a head coach,

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Speaker 14: thirteen in assistant Yankees in Toronto, and on the blank

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Speaker 14: of an eye, I mean Yanks for trailing seven, I

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Speaker 14: think the Blue Jays hit two and three run homers

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Speaker 14: and a seven run first in love Will Warren. Down

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Speaker 14: eighth to nothing, the Yanks began a furious comeback. They

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Speaker 14: trilled nine to seven in the eighth, had a man

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Speaker 14: on and the captain at the plate.

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Speaker 7: Trill to Lafield.

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Speaker 6: City time all day.

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Speaker 4: The Yankees said, come on the way two one moon shot,

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Speaker 4: but the bet of judge it's ninety nine on.

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Speaker 7: The S Network.

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Speaker 14: The Blue Jays, however, scored two in the bottom of

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Speaker 14: the eighth, and they wanted eleven nine. They've taken the

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Speaker 14: first three of the series and they're now tied for

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Speaker 14: first of the Yanks and Cityfield double letter split. First

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Speaker 14: Milwaukee seven to two Joey Ortiz and a Grand Slam,

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Speaker 14: and then the Mets seven three of Brandon Nimo Slam

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Speaker 14: in La Clayton. Kershaw took them out, eating three strikeouts

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Speaker 14: for three thousand. He got the milestone on the fifth inning.

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Speaker 14: He's the twentieth member of the club. The only retired

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Speaker 14: pitchers with three thousand ks that are not in the

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Speaker 14: Hall of Fame Roger Clemens and Kurt Shilling and Wimbledon

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Speaker 14: Francis Tiapo is out. Fellow American Taylor Fritz still in

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Speaker 14: after his second five victim. John Stashawa Bloomberg.

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Speaker 1: Sports Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager, and it is going down

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Speaker 2: to the wire. Debate continues on Capitol Hill this morning

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Speaker 2: on President Donald Trump's signature tax and Spending cut bill

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Speaker 2: ahead of a final vote on the multi trillion dollar

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Speaker 2: measure House Minority The Your Hakim Jefferies putting in his

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Speaker 2: final words on the One Big Beautiful Bill Act ahead

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Speaker 2: of a final vote later this morning. Joining us now,

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Speaker 2: Terry Haynes, the founder of Pangaea Policy. Good to speak

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Speaker 2: with you this morning, Terry. As we continue watching this debate,

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Speaker 2: is final passage a done deal at this point?

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Speaker 5: Good morning, Good morning, Dathan. I think it's all but certain. Yeah,

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Speaker 5: they're probably a couple of deals to be worked out,

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Speaker 5: but yeah, I think markets are going to see a

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Speaker 5: final vote here, probably for United States markets open today.

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Speaker 2: Let's talk about what this bill could do ahead of

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Speaker 2: final passage. We've talked about the potential deficit impact, potential

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Speaker 2: debt impact. What do you see as the impact of

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Speaker 2: this bill?

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Speaker 5: Fundamentally, it provides markets a lot of certainty. I know

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Speaker 5: they price it all in, or a lot of it

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Speaker 5: in anyway, but that should be remarked upon and understood.

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Speaker 5: You've got a situation where six months ahead of a

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Speaker 5: deadline that would would have ended the twenty seventeen tax cuts.

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Speaker 5: Markets now have certainty on tax They have much more

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Speaker 5: certainty on manufacturing incentives going forward. They have certainty that

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Speaker 5: there won't be a debt and deficit ceiling issue that

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Speaker 5: tends to pop up every few years when the previous

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Speaker 5: one expires and they're in a situation also where there's

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Speaker 5: more tariff certainty than there was before. That's trending in

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Speaker 5: the right direction, although it's nowhere near there. So you know,

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Speaker 5: we're increasing certainty in the for United States economic policy,

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Speaker 5: and that's likely to be a market positive. Overall, we

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Speaker 5: had a.

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Speaker 2: Lot of holdout Republicans on both sides of the Republican

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Speaker 2: spectrum withholding their votes on this measure. Could we see

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Speaker 2: the one big, beautiful bill followed by a bunch of smaller,

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Speaker 2: less beautiful bills to satisfy those factions.

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Speaker 5: I think what's going to happen, I think it's a

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Speaker 5: fine question. I think what's going to end up happening

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Speaker 5: in the latter half of the year is really two things.

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Speaker 5: One is Congress turns to spending bills after the August recess.

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Speaker 5: That is going to be a long slog and not

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Speaker 5: very pretty, not quickly resolved, and we'll tend to confirm

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Speaker 5: markets views that the political situation in the United States

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Speaker 5: is not yet ready to confront serious debt and deficit reduction.

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Speaker 5: But as the Bessett will be out there saying, it's

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Speaker 5: a process quite a lot. Secondly, the Racassa trip members

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Speaker 5: the racas Slentris for a lot of it are a

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Speaker 5: lot of reasons, some political. Some they want more support

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Speaker 5: from Trump in the midterms. Some like Brian Fitzpatrick, the

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Speaker 5: sole Republican know on the Rule this morning, you know,

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Speaker 5: want more clarity about Ukraine, for example, and why the

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Speaker 5: United States stopped delivering arms, and so those situations will

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Speaker 5: get taken care of. But I think they're sideshows.

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