1
00:00:02,600 --> 00:00:06,120
Speaker 1: From the Bloomberg Interacted Berger Studios. This is Bloomberg day

2
00:00:06,160 --> 00:00:09,799
Speaker 1: Break for Thursday, April six Coming up today, the Speaker

3
00:00:09,800 --> 00:00:12,440
Speaker 1: of the House issues of warning on the debt ceiling.

4
00:00:12,560 --> 00:00:16,360
Speaker 1: Bank concerns continue after deposit shrink at another regional lender.

5
00:00:16,600 --> 00:00:19,800
Speaker 1: The Swiss government calls for bonus cuts at Credit Suiss,

6
00:00:20,000 --> 00:00:23,080
Speaker 1: and Wall Street awaits key labor reports too. In the week,

7
00:00:23,320 --> 00:00:25,520
Speaker 1: New York City and the police union agree to pay

8
00:00:25,560 --> 00:00:29,080
Speaker 1: officers more. Plus, former Vice President Pence will now testify

9
00:00:29,240 --> 00:00:32,400
Speaker 1: to the Trump January sixth Grand Jury. I'm Michael barn

10
00:00:32,600 --> 00:00:37,240
Speaker 1: More Ahead, I'm John Stash Aaron Sports win for the Knicks, Nets, Rangers,

11
00:00:37,240 --> 00:00:43,880
Speaker 1: and Yankees, the Mets lost the Masters begins today. That's

12
00:00:43,920 --> 00:00:47,400
Speaker 1: all straight ahead on Bloomberg day Break, the business news

13
00:00:47,440 --> 00:00:51,080
Speaker 1: you need disturn your day in just one fifteen minute podcast,

14
00:00:51,320 --> 00:00:55,600
Speaker 1: each pointing on Apples, Spotify, the Bloomberg Business Appen everywhere

15
00:00:55,600 --> 00:01:01,600
Speaker 1: you get your podcasts. Good morning, I'm Nathan Hagar and

16
00:01:01,680 --> 00:01:04,800
Speaker 1: I'm Karon Moscow. Here are the stories we're following today.

17
00:01:05,360 --> 00:01:07,640
Speaker 1: We want to begin this morning with some notable comments

18
00:01:07,680 --> 00:01:10,880
Speaker 1: from the Speaker of the House in an interview with Bloomberg,

19
00:01:11,040 --> 00:01:14,720
Speaker 1: Kevin McCarthy offered warnings on China and the debt ceiling.

20
00:01:14,840 --> 00:01:17,960
Speaker 1: Bloomberg's John Tucker joins US Live with the details. Good morning, John.

21
00:01:18,280 --> 00:01:21,320
Speaker 1: Nathan McCarthy has a message for Wall Street. You should

22
00:01:21,360 --> 00:01:24,520
Speaker 1: worry about the debt ceiling. He's focused on spending money

23
00:01:24,560 --> 00:01:27,720
Speaker 1: we don't have. We're bringing in more revenue than at

24
00:01:27,720 --> 00:01:29,959
Speaker 1: any time in the history of America, but we're spending

25
00:01:29,959 --> 00:01:31,920
Speaker 1: more than any time, so we've got to curve the

26
00:01:32,560 --> 00:01:36,000
Speaker 1: Speaking to Bloomberg, have the Ronald Reagan Library at Los Angeles,

27
00:01:36,080 --> 00:01:39,160
Speaker 1: the speaker said he remains opposed to increasing the nation's

28
00:01:39,160 --> 00:01:42,880
Speaker 1: debt limit without curving spending. A default would happen this

29
00:01:42,920 --> 00:01:46,280
Speaker 1: summer if the two parties can't reach an agreement. Mccarthury

30
00:01:46,280 --> 00:01:49,680
Speaker 1: also met with Taiwan's president yesterday and moved that upset China.

31
00:01:50,000 --> 00:01:53,160
Speaker 1: McCarthy says, too bad. What China needs to understand is

32
00:01:53,200 --> 00:01:55,880
Speaker 1: they can't dictate who a Speaker of the House can

33
00:01:55,960 --> 00:01:59,120
Speaker 1: meet with, baby before or friend. China warned of counfeit

34
00:01:59,160 --> 00:02:02,760
Speaker 1: measures and council quences the arrest of Donald Trump. McCarthy

35
00:02:02,840 --> 00:02:06,120
Speaker 1: was dismissive, saying, quote, everybody knows this is not a

36
00:02:06,160 --> 00:02:09,480
Speaker 1: Real Case, Live in the York. I'm John Tucker, Bloomberg Daybreak.

37
00:02:09,639 --> 00:02:11,679
Speaker 1: All right, John, thanks for the House speakers meeting with

38
00:02:11,760 --> 00:02:15,440
Speaker 1: Taiwan's president comes as Chinese leader Shijin Ping hosts French

39
00:02:15,520 --> 00:02:20,320
Speaker 1: President Emmanuel Macron in Beijing. China's response to McCarthy's meeting

40
00:02:20,400 --> 00:02:23,160
Speaker 1: has been mostly muted so far, and that contrasts with

41
00:02:23,320 --> 00:02:27,760
Speaker 1: China's aggressive military response to former House Speaker Nancy Pelosi's

42
00:02:27,840 --> 00:02:31,320
Speaker 1: visit to Taiwan last summer. Former US Defense Secretary Mark

43
00:02:31,440 --> 00:02:35,040
Speaker 1: Esberg tells US Beijing's concern should not dictate the US

44
00:02:35,120 --> 00:02:38,519
Speaker 1: policy on Taiwan. This is how China behaves, right, There's

45
00:02:38,520 --> 00:02:40,320
Speaker 1: a lot of rhetoric, there's a lot of bluster, and

46
00:02:40,360 --> 00:02:43,359
Speaker 1: they fly our planes and move ships and do those

47
00:02:43,360 --> 00:02:46,359
Speaker 1: types of things. But well, they know better. We are

48
00:02:46,400 --> 00:02:50,160
Speaker 1: not encouraging Taiwanese independence. But on the other hand, US

49
00:02:50,200 --> 00:02:53,440
Speaker 1: selected leaders lawmakers have the right to meet whomever they want,

50
00:02:53,480 --> 00:02:56,760
Speaker 1: wherever they want, wherever, whenever they want. And former US

51
00:02:56,800 --> 00:02:59,880
Speaker 1: Defense Secretary Mark Asper spoke with Joe Matthew on Bloomberg's

52
00:03:00,000 --> 00:03:02,480
Speaker 1: Bound on Catch the Show weekdays at one pm Eastern

53
00:03:02,520 --> 00:03:05,639
Speaker 1: on Bloomberg Radio and Catch Joe's full discussion with Mark

54
00:03:05,840 --> 00:03:08,520
Speaker 1: Esper on the Sound On podcast. Let's turn back to

55
00:03:08,560 --> 00:03:12,200
Speaker 1: markets now, Karen and some highly anticipated economic data. This

56
00:03:12,200 --> 00:03:15,760
Speaker 1: week's IM reading showed a slowdown in manufacturing. Now all

57
00:03:15,800 --> 00:03:20,440
Speaker 1: eyes turned to tomorrow's monthly payrolls report. Bloomberg Economics correspondent

58
00:03:20,480 --> 00:03:23,560
Speaker 1: Michael McKee has a preview. Other labor market data have

59
00:03:23,639 --> 00:03:26,520
Speaker 1: been somewhat disappointing in recent days, but Wall Street is

60
00:03:26,560 --> 00:03:30,519
Speaker 1: still leaning towards a stronger than forecast number. That's likely

61
00:03:30,600 --> 00:03:33,760
Speaker 1: because for the last ten months, jobs have exceeded the

62
00:03:33,800 --> 00:03:38,440
Speaker 1: economist forecast. We'll also see the layoff picture when we

63
00:03:38,480 --> 00:03:42,520
Speaker 1: get jobless claims. Today, they've remained under two hundred thousand.

64
00:03:42,920 --> 00:03:45,720
Speaker 1: Companies have announced a lot of layoffs in recent months,

65
00:03:45,760 --> 00:03:48,240
Speaker 1: but they haven't shown up in the data yet, So

66
00:03:48,400 --> 00:03:51,280
Speaker 1: look for the possibility of a lot of volatility over

67
00:03:51,320 --> 00:03:55,120
Speaker 1: the next two days. Michael McKee, Bloomberg Daybreak, Orry Mike,

68
00:03:55,200 --> 00:03:58,160
Speaker 1: thanks well. Tomorrow's data comes on the backdrop of turmoil

69
00:03:58,240 --> 00:04:01,040
Speaker 1: in the banking industry, and now there's growing concern over

70
00:04:01,120 --> 00:04:05,080
Speaker 1: another regional lender. Reports signaled in exodus of deposits at

71
00:04:05,080 --> 00:04:08,720
Speaker 1: Phoenix based Western Alliance, but the lenders, assuring customers that

72
00:04:08,760 --> 00:04:11,920
Speaker 1: those estimates were in so dire. Deposits were down eleven

73
00:04:11,960 --> 00:04:15,160
Speaker 1: percent in the first quarter, but balances increase this month,

74
00:04:15,320 --> 00:04:18,400
Speaker 1: cutting the decline to nine percent. Shares the bank felt

75
00:04:18,400 --> 00:04:21,359
Speaker 1: twelve percent yesterday. A Meantimecaren, we have an update on

76
00:04:21,400 --> 00:04:24,840
Speaker 1: some recently collapsed regional lenders. Blackrock is helping the government

77
00:04:24,960 --> 00:04:27,479
Speaker 1: arrange the sale of one hundred fourteen billion dollars in

78
00:04:27,560 --> 00:04:31,440
Speaker 1: securities held by Signature and Silicon Valley Banks. Bloomberg's Charlie

79
00:04:31,480 --> 00:04:34,680
Speaker 1: Pellet has the story. The Federal Deposited Insurance Corps said

80
00:04:34,720 --> 00:04:38,320
Speaker 1: the asset management giant will conduct the sales of twenty

81
00:04:38,360 --> 00:04:42,240
Speaker 1: seven billion dollars in securities from Signature and eighty seven

82
00:04:42,279 --> 00:04:46,600
Speaker 1: billion from Silicon Valley Bank. The holdings are mostly agency

83
00:04:46,720 --> 00:04:52,039
Speaker 1: mortgage bank securities and collateralized mortgage obligations. The FDIC was

84
00:04:52,040 --> 00:04:55,320
Speaker 1: appointed receiver for the bank's last month as they collapsed

85
00:04:55,400 --> 00:04:58,640
Speaker 1: one by the weight of deposit withdrawals in New York.

86
00:04:58,800 --> 00:05:03,240
Speaker 1: Charlie Pellet Bloomberg Daybreak Right, Charlie, thanks well. Overseas, in Switzerland,

87
00:05:03,320 --> 00:05:06,600
Speaker 1: we're seeing cuts to bonuses for top bankers following the

88
00:05:06,640 --> 00:05:09,359
Speaker 1: acquisition of credit suites. It comes at the demand of

89
00:05:09,360 --> 00:05:12,520
Speaker 1: the Swiss government, which has ordered bonuses to be cut

90
00:05:12,520 --> 00:05:15,680
Speaker 1: in half or canceled altogether for top credit suie executives.

91
00:05:15,839 --> 00:05:18,600
Speaker 1: The steps will affect around a thousand employees and bonuses

92
00:05:18,640 --> 00:05:21,919
Speaker 1: worth between fifty million and sixty million Swiss francs. And

93
00:05:22,080 --> 00:05:24,960
Speaker 1: back here in the US, Karen Tiger Global Management is

94
00:05:24,960 --> 00:05:28,520
Speaker 1: bouncing back from two years of losses. Tiger globals Hedge

95
00:05:28,520 --> 00:05:31,279
Speaker 1: Fund posted a seven point three percent gain in the

96
00:05:31,320 --> 00:05:34,440
Speaker 1: first quarter thanks to a rally in tech shares. That

97
00:05:34,560 --> 00:05:38,560
Speaker 1: advance comes after Tiger tumbled fifty six percent over the

98
00:05:38,600 --> 00:05:41,920
Speaker 1: past two years. It's only long only fund I should say,

99
00:05:42,240 --> 00:05:46,160
Speaker 1: plunged sixty seven percent. To recoup client money lost over

100
00:05:46,200 --> 00:05:48,679
Speaker 1: that span, the funds would need to gain one hundred

101
00:05:48,720 --> 00:05:52,920
Speaker 1: forty four percent and two hundred and sixteen percent, respectively.

102
00:05:55,800 --> 00:05:57,880
Speaker 1: It's fifty six degrees in New York. It's going to

103
00:05:57,920 --> 00:05:59,960
Speaker 1: be partly sunny today. We'll see some showers in storm

104
00:06:00,200 --> 00:06:03,520
Speaker 1: this afternoon on our way near eighty laws near fifty tonight.

105
00:06:03,520 --> 00:06:05,360
Speaker 1: With showers, now, let's look at some of the other

106
00:06:05,360 --> 00:06:07,520
Speaker 1: stories making news in New York and around the world.

107
00:06:07,560 --> 00:06:10,359
Speaker 1: With Bloomberg's Michael bar Good morning, Michael, Good morning, Nathan.

108
00:06:10,400 --> 00:06:13,680
Speaker 1: Former Vice President Mike Penn says he will now cooperate

109
00:06:13,760 --> 00:06:17,920
Speaker 1: and testify in the Justice Department's investigation into efforts by

110
00:06:18,000 --> 00:06:20,839
Speaker 1: Donald Trump and his allies to overturn the results of

111
00:06:20,839 --> 00:06:24,679
Speaker 1: the twenty twenty election, Layola law professor and former federal

112
00:06:24,720 --> 00:06:28,440
Speaker 1: prosecutor Lourie Levenson. So we don't know exactly what Pence

113
00:06:28,480 --> 00:06:31,040
Speaker 1: will say in the grand jury, but what we do

114
00:06:31,160 --> 00:06:34,800
Speaker 1: know is that the special prosecutor is getting closer and

115
00:06:34,920 --> 00:06:38,760
Speaker 1: closer to those who are in former President Trump's inner

116
00:06:38,839 --> 00:06:44,000
Speaker 1: circle and examining what he anticipated in what he intended

117
00:06:44,320 --> 00:06:48,360
Speaker 1: to occur. On January sixth, law professor Lourie Levenson, New

118
00:06:48,440 --> 00:06:51,760
Speaker 1: York City and the Police Benevolent Association have come to

119
00:06:51,800 --> 00:06:55,239
Speaker 1: an agreement to pay officers more. Mayor Eric Adams says

120
00:06:55,320 --> 00:06:58,119
Speaker 1: he and the police union agreed on an eight year deal.

121
00:06:58,600 --> 00:07:01,960
Speaker 1: When you reflect on it, we all talk about how

122
00:07:02,000 --> 00:07:07,880
Speaker 1: important public safety is, and year after year, the men

123
00:07:07,880 --> 00:07:10,680
Speaker 1: and women who place themselves on a front line, can

124
00:07:10,680 --> 00:07:13,600
Speaker 1: that come to the table and just get the adequate

125
00:07:14,280 --> 00:07:17,920
Speaker 1: financial support they deserve so they can provide for their families.

126
00:07:18,320 --> 00:07:21,320
Speaker 1: The agreement with the PBA and the city will cost

127
00:07:21,400 --> 00:07:24,840
Speaker 1: roughly five point five billion dollars. The news of the

128
00:07:24,840 --> 00:07:29,440
Speaker 1: agreement comes as an NYPD officer was shot in Queens yesterday.

129
00:07:29,800 --> 00:07:31,880
Speaker 1: The twenty two year old officer, who had only been

130
00:07:31,920 --> 00:07:33,960
Speaker 1: on the job for three months, was shot in the

131
00:07:34,080 --> 00:07:36,840
Speaker 1: hip after responding to an argument on a bus over

132
00:07:36,920 --> 00:07:41,080
Speaker 1: a seat. The suspect remains at large. Today, Tennessee House

133
00:07:41,120 --> 00:07:44,480
Speaker 1: Republicans are set to vote to expel three Democratic colleagues.

134
00:07:44,760 --> 00:07:48,440
Speaker 1: The Democratic lawmakers demanded action on school shootings as gun

135
00:07:48,480 --> 00:07:52,280
Speaker 1: control demonstrators packed the hallways of the state House. Democrat

136
00:07:52,360 --> 00:07:55,960
Speaker 1: Justin Pearson commandeered the well of the House chambers during

137
00:07:56,000 --> 00:07:59,200
Speaker 1: a recess to demand action. Republicans say the act of

138
00:07:59,280 --> 00:08:02,640
Speaker 1: defiance as late at security concerns. Pearson called the vote

139
00:08:02,680 --> 00:08:06,240
Speaker 1: an unprecedented act of retribution. This becomes a part of

140
00:08:07,080 --> 00:08:10,760
Speaker 1: a terrible playbook to silence people and to keep things

141
00:08:10,800 --> 00:08:14,080
Speaker 1: the same. Yesterday's students across the nation walked out of

142
00:08:14,120 --> 00:08:18,680
Speaker 1: classrooms demanding gun safety legislation. French President Emanuel mcrosse says

143
00:08:18,720 --> 00:08:21,120
Speaker 1: Beijing could play a major role in bringing peace to

144
00:08:21,240 --> 00:08:24,000
Speaker 1: Ukraine across speaking at the start of a three day

145
00:08:24,080 --> 00:08:26,760
Speaker 1: visit to China, says he would urge President chi Jingping

146
00:08:27,160 --> 00:08:30,480
Speaker 1: to get deeply involved in this effort. Global news twenty

147
00:08:30,480 --> 00:08:32,400
Speaker 1: four hours a day, powered by more than twenty seven

148
00:08:32,480 --> 00:08:34,720
Speaker 1: hundred journalists, analysts and over one hundred and twenty countries.

149
00:08:34,840 --> 00:08:37,320
Speaker 1: I'm Michael barn This is Bloomberg, Nathan. Thank you, Michael.

150
00:08:42,000 --> 00:08:44,600
Speaker 1: Time now for the Bloomberg Sports Update. Good morning, John

151
00:08:44,600 --> 00:08:47,760
Speaker 1: stahowyad morning. Night of the Nixon. The twenty twenty draft

152
00:08:47,880 --> 00:08:50,120
Speaker 1: had two first rounders. They took Obi Toppin later on

153
00:08:50,200 --> 00:08:52,880
Speaker 1: Manuel Quickly In. A year later, they drafted Quinton Grimes.

154
00:08:52,960 --> 00:08:56,720
Speaker 1: Last night at Indiana, those three guys combined to score

155
00:08:56,760 --> 00:08:59,800
Speaker 1: one hundred and seven points thirty nine for Quickly, thirty

156
00:09:00,040 --> 00:09:02,640
Speaker 1: kicks for Grimes, topping at a thirty two. The Knicks

157
00:09:02,640 --> 00:09:05,240
Speaker 1: outscored the Pacers one thirty eight to one twenty nine.

158
00:09:05,280 --> 00:09:08,360
Speaker 1: They played without their top three scorers, Julius Randall, Jalen

159
00:09:08,400 --> 00:09:11,800
Speaker 1: Brunson and RJ. Barrett. The youngsters took over in place

160
00:09:11,840 --> 00:09:13,520
Speaker 1: of them. Two games left for the next they are

161
00:09:13,559 --> 00:09:15,959
Speaker 1: locked in as the fifth scene in the East. The

162
00:09:16,000 --> 00:09:18,800
Speaker 1: playoffs for them will begin in Cleveland. The Nets need

163
00:09:18,840 --> 00:09:21,760
Speaker 1: one more victory to secure the sixth scene, which means

164
00:09:21,800 --> 00:09:24,319
Speaker 1: avoiding the play in a road win for Brooklyn at

165
00:09:24,320 --> 00:09:27,160
Speaker 1: Lowley Detroit one twenty three to one, O eight, six

166
00:09:27,240 --> 00:09:29,720
Speaker 1: nets and double figures, led once again by mcel bridges.

167
00:09:30,000 --> 00:09:32,680
Speaker 1: With twenty six Rangers also getting ready for the playoffs,

168
00:09:32,720 --> 00:09:34,560
Speaker 1: they stay hot with the six three win over Tampa

169
00:09:34,559 --> 00:09:37,280
Speaker 1: Bay at the Garden. Two goals for Chris Stryder He's

170
00:09:37,280 --> 00:09:39,640
Speaker 1: got thirty five on the season, two for Tyler and Mott.

171
00:09:39,679 --> 00:09:42,080
Speaker 1: The Blue Shirts bore up three, not being midway through

172
00:09:42,120 --> 00:09:44,800
Speaker 1: the first period the Yankee opening homestand saw them go

173
00:09:44,880 --> 00:09:46,880
Speaker 1: four and two. They beat the Phillies four to two.

174
00:09:46,880 --> 00:09:49,640
Speaker 1: Garrett Coles already two and oh Jose Trevino backed him

175
00:09:49,640 --> 00:09:51,800
Speaker 1: with a two run homer a pair of run scoring

176
00:09:51,880 --> 00:09:54,360
Speaker 1: hits for Glaver. Torres was off to a hot start

177
00:09:54,400 --> 00:09:57,760
Speaker 1: Mets with a nightmare series at Milwaukee, two losses by

178
00:09:57,760 --> 00:10:00,360
Speaker 1: a combined nineteen to enough and then the Brew with

179
00:10:00,440 --> 00:10:03,280
Speaker 1: the sweep, winning seven to six on a walk off

180
00:10:03,280 --> 00:10:05,840
Speaker 1: home run bottom to night by Garrett Mitchell off Adam

181
00:10:05,840 --> 00:10:09,560
Speaker 1: Attavino in defeat. Peter Alonzo hit two two run homers.

182
00:10:09,559 --> 00:10:13,199
Speaker 1: The Mets home opener today postponed until tomorrow and reigns

183
00:10:13,200 --> 00:10:15,880
Speaker 1: on the forecast for Augusta, Georgia. We'll see if the Masters,

184
00:10:16,160 --> 00:10:19,000
Speaker 1: which teas off today can finish by Sunday. Hasn't had

185
00:10:19,040 --> 00:10:23,360
Speaker 1: a Monday finish since nineteen eighty three. John Stashaward Bloomberg

186
00:10:23,400 --> 00:10:29,200
Speaker 1: Sports Live from coast to coast, from New York to

187
00:10:29,240 --> 00:10:34,000
Speaker 1: San Francisco, Boston to Washington, d C. Nationwide on Sirius XM,

188
00:10:34,080 --> 00:10:37,680
Speaker 1: the Bloomberg Business app, and Bloomberg dot Com. This is

189
00:10:37,800 --> 00:10:42,240
Speaker 1: Bloomberg Daybreak. Good morning, I'm Nathan Hagar. We turned now

190
00:10:42,280 --> 00:10:45,120
Speaker 1: to our interview with the Speaker of the US House

191
00:10:45,160 --> 00:10:49,960
Speaker 1: of Representatives. Republican Kevin McCarthy of California, joined Bloomberg's and

192
00:10:50,040 --> 00:10:53,760
Speaker 1: Marie Hordern for a conversation last night on geopolitics, the

193
00:10:53,840 --> 00:10:57,800
Speaker 1: debt ceiling battle, and the indictment of former President Donald Trump.

194
00:10:58,080 --> 00:11:01,559
Speaker 1: They spoke as the Speaker met with the President of Taiwan,

195
00:11:01,760 --> 00:11:05,720
Speaker 1: sighing when a meeting that has been criticized by China

196
00:11:05,760 --> 00:11:09,439
Speaker 1: as Beijing remains sensitive to the issue of Taiwan's independence.

197
00:11:09,520 --> 00:11:13,160
Speaker 1: Let's listen into that interview now with how Speaker Kevin McCarthy,

198
00:11:13,240 --> 00:11:17,040
Speaker 1: who begins by discussing US China relations. If we want

199
00:11:17,080 --> 00:11:19,600
Speaker 1: to make sure that we foster democracy and peace and

200
00:11:19,679 --> 00:11:22,280
Speaker 1: make sure we don't get into any type of conflict,

201
00:11:22,480 --> 00:11:24,760
Speaker 1: people need to sit down. And what China needs to

202
00:11:24,800 --> 00:11:28,160
Speaker 1: understand is they can't dictate who a Speaker of the

203
00:11:28,200 --> 00:11:31,280
Speaker 1: House can meet with, baby before or friend for the

204
00:11:31,320 --> 00:11:33,960
Speaker 1: same moment that McCrone sitting down with President She, I

205
00:11:34,000 --> 00:11:36,040
Speaker 1: think that's great. I would sit down with President she

206
00:11:36,679 --> 00:11:41,000
Speaker 1: think spear thinking Beijing, I would gladly. I've I've been

207
00:11:41,040 --> 00:11:44,640
Speaker 1: there three times. I think it's important that we meet together.

208
00:11:44,760 --> 00:11:46,679
Speaker 1: And one of the things I think that America has

209
00:11:46,679 --> 00:11:51,200
Speaker 1: failed upon is that we've never spoken with one voice

210
00:11:51,200 --> 00:11:53,800
Speaker 1: when it comes to China. We've gone from administration administration.

211
00:11:54,120 --> 00:11:56,960
Speaker 1: So when I became Speaker, we created this Select Committee

212
00:11:57,480 --> 00:12:00,560
Speaker 1: and at one hundred forty six Democrats vote for You've

213
00:12:00,559 --> 00:12:04,000
Speaker 1: watched Democrats and Republicans here together. I think that would

214
00:12:04,000 --> 00:12:07,480
Speaker 1: even foster a stronger relationship with China, because China would

215
00:12:07,559 --> 00:12:11,040
Speaker 1: understand where our boundaries are. They won't worry about well

216
00:12:11,120 --> 00:12:14,800
Speaker 1: one party saying something you've watched in Congress this year,

217
00:12:15,000 --> 00:12:18,320
Speaker 1: our only movement when we spoke about China, we spoke

218
00:12:18,400 --> 00:12:20,960
Speaker 1: one hundred percent of members of Congress voted for that

219
00:12:21,040 --> 00:12:25,079
Speaker 1: resolution against Bloom. It's the one area really of bipartisanship.

220
00:12:25,120 --> 00:12:27,360
Speaker 1: I'd say, well, I think we're getting more of it. Okay, Well,

221
00:12:27,400 --> 00:12:31,760
Speaker 1: that's I guess of every bill we pass have been bipartisan.

222
00:12:32,559 --> 00:12:34,200
Speaker 1: I want to ask you about what type of support

223
00:12:34,240 --> 00:12:37,079
Speaker 1: there would be though, if there was to be an invasion,

224
00:12:37,440 --> 00:12:40,480
Speaker 1: if Beijing were to invade. You talked about arms sales

225
00:12:40,559 --> 00:12:42,720
Speaker 1: here that need to get there quicker. But what would

226
00:12:42,760 --> 00:12:46,200
Speaker 1: that look like just militarily or would you send American lives? See,

227
00:12:46,280 --> 00:12:48,720
Speaker 1: this is a hypothetical question we would never want to

228
00:12:48,720 --> 00:12:51,160
Speaker 1: get to. So what you're looking at what we're doing today,

229
00:12:51,240 --> 00:12:53,560
Speaker 1: is how do we make sure that question never comes

230
00:12:53,600 --> 00:12:56,640
Speaker 1: to fruality. So what you would learn from Ukraine itself,

231
00:12:56,679 --> 00:12:59,360
Speaker 1: because if we're looking back on Ukraine in twenty fifteen,

232
00:12:59,559 --> 00:13:01,800
Speaker 1: when I went to the White House to advocate with

233
00:13:01,920 --> 00:13:04,959
Speaker 1: President Biden to sell javelins, you want determined, you want

234
00:13:05,000 --> 00:13:06,959
Speaker 1: them not to be able to come in. And that's

235
00:13:06,960 --> 00:13:09,840
Speaker 1: the same thing we're talking now. In those six assurances,

236
00:13:09,920 --> 00:13:15,160
Speaker 1: we provided that we would continue to fund weapons to Taiwan.

237
00:13:15,480 --> 00:13:17,439
Speaker 1: But what we should do is speed up that process

238
00:13:17,480 --> 00:13:21,080
Speaker 1: that they can defend themselves, so you don't have conflict,

239
00:13:21,160 --> 00:13:23,800
Speaker 1: you don't have war, You communicate with one another. We

240
00:13:23,880 --> 00:13:28,720
Speaker 1: build greater technology from sciences to health with them. I

241
00:13:28,760 --> 00:13:32,480
Speaker 1: think that fosters a safer world. We continue to advocate

242
00:13:32,520 --> 00:13:36,520
Speaker 1: here of Reagan Library, democracy, freedom, peace, and that's what

243
00:13:36,600 --> 00:13:39,839
Speaker 1: Taiwan has. When it comes to Ukraine, though, there are

244
00:13:39,880 --> 00:13:43,400
Speaker 1: some in your caucus in the Republican Party who are wavering,

245
00:13:43,480 --> 00:13:45,720
Speaker 1: they don't want to send all this support. Where do

246
00:13:45,720 --> 00:13:47,400
Speaker 1: you think those votes would be if it came to

247
00:13:47,480 --> 00:13:50,480
Speaker 1: sending that type of support to Taipei. Well, let would

248
00:13:50,520 --> 00:13:53,160
Speaker 1: be really clear here. What we're founding in Ukraine is

249
00:13:53,400 --> 00:13:55,400
Speaker 1: we want to see a path that we can win.

250
00:13:55,520 --> 00:13:57,240
Speaker 1: Not that you just said a check, but what we're

251
00:13:57,280 --> 00:14:00,000
Speaker 1: watching what's happening in America today, it looks a lot

252
00:14:00,040 --> 00:14:04,079
Speaker 1: like nineteen thirty six. You're having from China to Russia,

253
00:14:04,120 --> 00:14:06,960
Speaker 1: to North Korea to Iran coming together like an access

254
00:14:06,960 --> 00:14:09,840
Speaker 1: of power. So as Americans, you want to be able

255
00:14:09,840 --> 00:14:12,960
Speaker 1: to foster that nothing comes to an element of what

256
00:14:13,080 --> 00:14:16,040
Speaker 1: we watched in the past that history has taught us.

257
00:14:16,240 --> 00:14:19,520
Speaker 1: So no, I think in our party you would find

258
00:14:19,560 --> 00:14:22,600
Speaker 1: that we would fund so Ukraine would win because the

259
00:14:22,680 --> 00:14:26,120
Speaker 1: same aspect would be that would probably deter any action

260
00:14:26,160 --> 00:14:28,840
Speaker 1: in Taiwan. But what we can learn from the actions

261
00:14:28,840 --> 00:14:33,000
Speaker 1: of Ukraine, don't wait till conflict happens, be able to

262
00:14:33,040 --> 00:14:36,320
Speaker 1: sell the weapons now so there is never conflict. There's

263
00:14:36,320 --> 00:14:38,920
Speaker 1: even a bill potentially of outlining what the sanctions would

264
00:14:38,960 --> 00:14:42,680
Speaker 1: look like. Did sign when invite you to Taiwan? No,

265
00:14:43,160 --> 00:14:45,840
Speaker 1: we didn't talk anything about that money you planning to go.

266
00:14:45,920 --> 00:14:47,680
Speaker 1: That's what everyone wants to have. You know what, I

267
00:14:47,800 --> 00:14:49,680
Speaker 1: just got in the job. I'm not in one hundred days,

268
00:14:49,680 --> 00:14:52,120
Speaker 1: so I don't have plans to go someplace else you'd

269
00:14:52,200 --> 00:14:55,360
Speaker 1: like to look. I love the ability of one day

270
00:14:55,440 --> 00:14:58,000
Speaker 1: maybe I could go. But what I'm looking at right

271
00:14:58,000 --> 00:15:01,920
Speaker 1: now is the idea of building America's economy. How do

272
00:15:01,960 --> 00:15:04,800
Speaker 1: I bring down the energy costs for Americans? How do

273
00:15:04,840 --> 00:15:07,120
Speaker 1: I make our streets safer? How do we secure the

274
00:15:07,160 --> 00:15:09,840
Speaker 1: border to stop Fenton Off from coming across? Now, those

275
00:15:09,880 --> 00:15:12,240
Speaker 1: are places we're going to differ with Democrats, but we

276
00:15:12,320 --> 00:15:15,520
Speaker 1: are united here, and we had Republicans and Democrats together

277
00:15:15,560 --> 00:15:18,040
Speaker 1: speaking with one voice, which I think will make the

278
00:15:18,080 --> 00:15:21,120
Speaker 1: world safer and make sure we don't have confidence another

279
00:15:21,160 --> 00:15:22,600
Speaker 1: item on that to do unless you have is the

280
00:15:22,640 --> 00:15:24,960
Speaker 1: debt ceiling. Yes, right now, you and the White House

281
00:15:24,960 --> 00:15:27,560
Speaker 1: for having this standoff. If President Joe Bien does not

282
00:15:27,560 --> 00:15:29,720
Speaker 1: come to the table with these negotiations, will you put

283
00:15:29,760 --> 00:15:32,080
Speaker 1: that bill on the floor. Will you pass a bill

284
00:15:32,160 --> 00:15:34,960
Speaker 1: regarding the debt ceiling? What type of ability want? We're

285
00:15:35,000 --> 00:15:37,800
Speaker 1: never going to move a bill that just raises the debt.

286
00:15:38,080 --> 00:15:40,040
Speaker 1: I've been very clear with the President. I mean, think

287
00:15:40,040 --> 00:15:44,000
Speaker 1: about what the Congressional Budget Office has said, right, we're

288
00:15:44,000 --> 00:15:45,920
Speaker 1: going to pay in the next ten years, ten point

289
00:15:46,000 --> 00:15:49,320
Speaker 1: five trillion just an interest since more than our defense budget,

290
00:15:49,400 --> 00:15:51,920
Speaker 1: well since nineteen forty child today, in eighty three years,

291
00:15:51,960 --> 00:15:54,840
Speaker 1: we've only spent nine trillion on terriest. We're about to

292
00:15:55,040 --> 00:15:57,480
Speaker 1: be at the tipping point one twenty percent of GDP.

293
00:15:57,800 --> 00:15:59,720
Speaker 1: We've never been here with the amount of debt that

294
00:15:59,720 --> 00:16:02,480
Speaker 1: we had since World War Two. So what I've told

295
00:16:02,520 --> 00:16:06,680
Speaker 1: the President is listen, we're bringing in more revenue than

296
00:16:06,720 --> 00:16:08,600
Speaker 1: at any time in the history of America, but we're

297
00:16:08,640 --> 00:16:11,120
Speaker 1: spending more than any time. So we've got to curve that.

298
00:16:11,400 --> 00:16:13,640
Speaker 1: What we can do is we can build our economy,

299
00:16:13,720 --> 00:16:16,000
Speaker 1: make it stronger. We could put in work requirements, we

300
00:16:16,040 --> 00:16:18,480
Speaker 1: can cap how fast government? Are you going to put

301
00:16:18,520 --> 00:16:22,280
Speaker 1: this all in a billy? And unfortunately I try to

302
00:16:22,280 --> 00:16:25,000
Speaker 1: sit down with the president and the president doesn't want

303
00:16:25,000 --> 00:16:27,560
Speaker 1: to communicate. We're out of session right now. When we

304
00:16:27,600 --> 00:16:29,960
Speaker 1: come back, you might make some news. Okay, So okay,

305
00:16:30,000 --> 00:16:32,080
Speaker 1: we get back to session. Maybe a timeline. Do you

306
00:16:32,080 --> 00:16:34,480
Speaker 1: have any plans to talk to Wall Street because there

307
00:16:34,480 --> 00:16:37,360
Speaker 1: are starting to grow some concerns. Yeah, they should. They

308
00:16:37,360 --> 00:16:39,200
Speaker 1: should be concerned because I sat down with the president

309
00:16:39,200 --> 00:16:42,120
Speaker 1: of February first, and the president never wants to meet.

310
00:16:42,240 --> 00:16:44,880
Speaker 1: And what's interesting, So as long as your communications are

311
00:16:44,920 --> 00:16:48,200
Speaker 1: just these letters, Yeah, I'm very concerned about the death

312
00:16:48,240 --> 00:16:50,120
Speaker 1: set up. I want to make sure that we don't

313
00:16:50,160 --> 00:16:52,760
Speaker 1: have conflict. And you've watched with the Democrats spending so

314
00:16:52,840 --> 00:16:55,320
Speaker 1: much that brought us inflation, and now we have the issue.

315
00:16:55,440 --> 00:16:57,560
Speaker 1: Now we have issues in the Trump administration. It was

316
00:16:57,560 --> 00:16:59,600
Speaker 1: a clean raise three times. Well, let's be very clear

317
00:16:59,600 --> 00:17:02,520
Speaker 1: about this. They added five point nine trillion since they

318
00:17:02,560 --> 00:17:04,880
Speaker 1: came in. Remember what Milton Freeman said, I'm sure he's

319
00:17:04,920 --> 00:17:09,160
Speaker 1: your favorite economists. Only one place can have a favorite economist.

320
00:17:09,160 --> 00:17:11,280
Speaker 1: But you know what, there's only one place that can

321
00:17:11,280 --> 00:17:14,320
Speaker 1: create inflation. Government, they spent too much. You watch it

322
00:17:14,359 --> 00:17:17,199
Speaker 1: their inflation reduction. Now you're finding it costs three times

323
00:17:17,200 --> 00:17:20,439
Speaker 1: as much as they said. And they increased discretionary spending

324
00:17:20,440 --> 00:17:23,040
Speaker 1: by thirty percent. When we were in power eight years,

325
00:17:23,080 --> 00:17:25,800
Speaker 1: we didn't increase it one dollar. We decreased it ten millions.

326
00:17:25,840 --> 00:17:27,879
Speaker 1: And now they've got a banking issue because they raised

327
00:17:27,880 --> 00:17:30,280
Speaker 1: interest rates. So we want to make the economy our

328
00:17:30,400 --> 00:17:32,639
Speaker 1: fed raised interest rates. I'm just well, you have to

329
00:17:32,720 --> 00:17:35,399
Speaker 1: because you know what Milton Freeman on bolcase, Inflation is

330
00:17:35,480 --> 00:17:39,160
Speaker 1: very high and has to be stop and starting the economy.

331
00:17:39,200 --> 00:17:41,879
Speaker 1: Remember what Milton Freeman said, you could only cure inflation

332
00:17:42,119 --> 00:17:44,840
Speaker 1: if the interest rate is higher than inflation. But remember

333
00:17:44,840 --> 00:17:49,080
Speaker 1: what this administration said that inflation was transitory. Yellen actually

334
00:17:49,080 --> 00:17:51,879
Speaker 1: had to apologize. And then what we watched he attacked

335
00:17:51,960 --> 00:17:54,840
Speaker 1: on the energy policy of America, so the cost went up,

336
00:17:54,960 --> 00:17:57,640
Speaker 1: which added greater inflation. Then watch what they had done

337
00:17:57,800 --> 00:18:01,160
Speaker 1: on foreign policy, the missteps in f Ahanistan that now

338
00:18:01,240 --> 00:18:03,600
Speaker 1: made the world less safe. That are our friends are

339
00:18:03,640 --> 00:18:07,080
Speaker 1: now going to China. Now what also happened too in

340
00:18:07,080 --> 00:18:11,200
Speaker 1: this aspect of what he's happening. We're watching that OPEC

341
00:18:11,320 --> 00:18:13,840
Speaker 1: is now raising the price of oil because they're cutting

342
00:18:13,880 --> 00:18:17,120
Speaker 1: production because America has cut productions, and we would make

343
00:18:17,119 --> 00:18:21,320
Speaker 1: global emissions lower if we gave more of America production

344
00:18:21,359 --> 00:18:23,800
Speaker 1: because our natural gas is cleaner. If we took away

345
00:18:24,119 --> 00:18:27,680
Speaker 1: Russian natural gas for one year, you would cut two

346
00:18:27,840 --> 00:18:31,120
Speaker 1: hundred and eighteen million tons of CO two emission in

347
00:18:31,160 --> 00:18:35,960
Speaker 1: one year. So if you want to lower gloss Russian no, no, no, no.

348
00:18:36,320 --> 00:18:39,400
Speaker 1: I want to do is let America unshackle. What's holding

349
00:18:39,440 --> 00:18:42,200
Speaker 1: us back? We produced a natural gas which is forty

350
00:18:42,240 --> 00:18:47,119
Speaker 1: one percent cleaner in Russia and sell it around. Yeah,

351
00:18:47,200 --> 00:18:49,440
Speaker 1: what does that look like? Well with the Wall Street

352
00:18:49,440 --> 00:18:51,240
Speaker 1: I want to be very straight and forward with them.

353
00:18:51,400 --> 00:18:53,800
Speaker 1: We can't continue down the path that we are right now.

354
00:18:53,960 --> 00:18:57,480
Speaker 1: The CBO says, if nothing happens, the trust funds of

355
00:18:57,520 --> 00:19:00,520
Speaker 1: the Highway, Medicare, and Social Security, they're going to get

356
00:19:00,560 --> 00:19:03,600
Speaker 1: cut based upon the President. He's cutting those programs and

357
00:19:03,640 --> 00:19:05,640
Speaker 1: what doesn't want to cut him in his budget bill?

358
00:19:05,720 --> 00:19:08,199
Speaker 1: What the President is cutting him because what happens is

359
00:19:08,200 --> 00:19:10,359
Speaker 1: they go broke in the next two years because the

360
00:19:10,480 --> 00:19:13,800
Speaker 1: increased spending by five point nine trillion. You can't afford it.

361
00:19:13,880 --> 00:19:15,520
Speaker 1: And I don't want to do that I want to

362
00:19:15,560 --> 00:19:18,359
Speaker 1: save them. So we have to spend less money than

363
00:19:18,400 --> 00:19:21,240
Speaker 1: we spend before. Let's put in work requirements, less cap

364
00:19:21,240 --> 00:19:24,159
Speaker 1: of the future of what a potentially is getting part

365
00:19:24,160 --> 00:19:25,560
Speaker 1: of the bill. I also need to ask you about

366
00:19:25,560 --> 00:19:29,880
Speaker 1: the former president Donald Trump thirty four felony charges. Republicans say,

367
00:19:29,920 --> 00:19:32,000
Speaker 1: this is a weak case that Alvin Brand, the Manhattan

368
00:19:32,000 --> 00:19:35,240
Speaker 1: District Attorney, brought forward, and I was there at the court.

369
00:19:34,440 --> 00:19:38,720
Speaker 1: If it's I do, If it's a weak case, then

370
00:19:38,760 --> 00:19:41,399
Speaker 1: why not just that the legal system work as it

371
00:19:41,440 --> 00:19:44,240
Speaker 1: does for Americans every single day. You know what's so interesting?

372
00:19:44,240 --> 00:19:47,240
Speaker 1: You say, Republicans say that, you know, some Democrats not

373
00:19:47,320 --> 00:19:50,600
Speaker 1: just some A lot. Cuomo said that the New York Times.

374
00:19:50,920 --> 00:19:53,520
Speaker 1: Everybody knows this is a weak case. Everybody knows this

375
00:19:53,600 --> 00:19:56,520
Speaker 1: is political. But what's really happening here If we sit back,

376
00:19:56,760 --> 00:19:59,280
Speaker 1: remember this is not an Attorney general of the state.

377
00:19:59,480 --> 00:20:01,480
Speaker 1: This is not even the DA of New York City.

378
00:20:01,600 --> 00:20:04,439
Speaker 1: He's a borough DA who ran on a campaign that

379
00:20:04,560 --> 00:20:06,879
Speaker 1: he was going to indict the president. He ran on

380
00:20:06,880 --> 00:20:10,199
Speaker 1: a campaign getting money from sorrows. This is what's going

381
00:20:10,240 --> 00:20:13,840
Speaker 1: to cause damage. You just watch today Republicans and Democrats

382
00:20:14,280 --> 00:20:17,399
Speaker 1: sitting together talking about a serious issue. Then you watched

383
00:20:17,400 --> 00:20:20,720
Speaker 1: a political person go out and try to sue a

384
00:20:20,760 --> 00:20:23,960
Speaker 1: former president who's running again and bring politics into it.

385
00:20:24,160 --> 00:20:26,320
Speaker 1: So what's going to happen. Are we going to find

386
00:20:26,600 --> 00:20:28,920
Speaker 1: a small da from a small county in a red

387
00:20:29,000 --> 00:20:32,720
Speaker 1: state start to sue Biden when he leaves office. That's

388
00:20:32,760 --> 00:20:35,919
Speaker 1: not America. America bleeds in the rule of law, and

389
00:20:36,080 --> 00:20:38,879
Speaker 1: the way he's stretching this, everybody knows this is not

390
00:20:38,920 --> 00:20:41,840
Speaker 1: a real case. So I think for the health of America,

391
00:20:42,240 --> 00:20:45,200
Speaker 1: listen to the Republicans and Democrats alife and stop playing

392
00:20:45,240 --> 00:20:48,119
Speaker 1: politics with our law. Just one final question you mentioned

393
00:20:48,160 --> 00:20:50,119
Speaker 1: obviously it's not as a former president he is the

394
00:20:50,160 --> 00:20:53,960
Speaker 1: front runner for twenty twenty four. Would you welcome more

395
00:20:54,680 --> 00:20:57,720
Speaker 1: individuals getting involved in this race for twenty twenty four? Look,

396
00:20:57,760 --> 00:21:00,520
Speaker 1: everybody could make their own decision. There. Think there's gonna

397
00:21:00,520 --> 00:21:01,879
Speaker 1: be a lot of people running on both sides of

398
00:21:01,880 --> 00:21:06,439
Speaker 1: the aisle. I don't know that President Biden has President

399
00:21:06,480 --> 00:21:10,400
Speaker 1: Biden hasn't even announced yet. There's a lot You got

400
00:21:10,440 --> 00:21:14,000
Speaker 1: the governor of California traveling to other states. He runs

401
00:21:14,040 --> 00:21:16,000
Speaker 1: to the White House when the president's out of town.

402
00:21:16,480 --> 00:21:19,160
Speaker 1: So there's a lot of people questioning whether Biden even runs.

403
00:21:19,240 --> 00:21:20,720
Speaker 1: I think a lot of people are going to camp

404
00:21:20,720 --> 00:21:23,160
Speaker 1: put you here apart, and I think I think democracy

405
00:21:23,280 --> 00:21:25,720
Speaker 1: is good. I think ideas are good and people can

406
00:21:25,720 --> 00:21:29,040
Speaker 1: get out and talk about it. This is Bloomberg day

407
00:21:29,040 --> 00:21:32,040
Speaker 1: Break Today, your morning brief on the stories making news

408
00:21:32,119 --> 00:21:35,280
Speaker 1: from Wall Street to Washington and beyond. Look for us

409
00:21:35,320 --> 00:21:38,760
Speaker 1: on your podcast feed at six am Eastern each morning,

410
00:21:38,840 --> 00:21:42,360
Speaker 1: on Apple, Spotify, and anywhere else you get your podcasts.

411
00:21:42,560 --> 00:21:45,280
Speaker 1: You can also listen live each morning starting at five

412
00:21:45,320 --> 00:21:48,040
Speaker 1: am Wall Street time on Bloomberg eleven three zero in

413
00:21:48,080 --> 00:21:51,600
Speaker 1: New York, Bloomberg ninety nine one in Washington, Bloomberg one

414
00:21:51,600 --> 00:21:54,480
Speaker 1: oh six one in Boston, and Bloomberg nine to sixty

415
00:21:54,560 --> 00:21:58,040
Speaker 1: in San Francisco. Our flagship New York station is also

416
00:21:58,160 --> 00:22:02,440
Speaker 1: available on your Amazon Election devices. Just say Alexa play

417
00:22:02,520 --> 00:22:05,919
Speaker 1: Bloomberg eleven thirty plus listen coast to coast on the

418
00:22:05,920 --> 00:22:10,640
Speaker 1: Bloomberg Business app, Serius XM Channel one nineteen, the iHeartRadio app,

419
00:22:10,680 --> 00:22:13,720
Speaker 1: and on Bloomberg dot Com. I'm Nathan Hager and I'm

420
00:22:13,800 --> 00:22:17,040
Speaker 1: Karen Moscow. Join us again tomorrow morning for all the

421
00:22:17,040 --> 00:22:19,719
Speaker 1: news you need to start your day right here on

422
00:22:19,760 --> 00:22:20,880
Speaker 1: Bloomberg Daybreak