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Speaker 1: News when you wanted with Bloomberg News. Now, I'm Doug Prisner.

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Speaker 1: The House Rules Committee has sent a revised GOP tax

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Speaker 1: bill to the House floor. It has a higher limit

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Speaker 1: on the deduction for state and local taxes. The new

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Speaker 1: cap of forty thousand dollars would begin this year and

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Speaker 1: phase down for taxpayers with annual incomes greater than five

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Speaker 1: hundred thousand dollars. This updated legislation would also speed up

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Speaker 1: elimination of Biden era clean energy tax breaks, and it

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Speaker 1: includes provisions such as accelerating new Medicaid work requirements. Earlier,

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Speaker 1: Speaker Mike Johnson insisted Republicans would march ahead. We will

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Speaker 1: decide whether the vote will be tonight, the passage of

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Speaker 1: the rule followed by final passage on the bill, or

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Speaker 1: tomorrow morning.

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Speaker 2: And we're excited.

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Speaker 1: I believe we are going to land this airplay. That

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Speaker 1: was House Speaker Mike Johnson. Also today, President Trump said

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Speaker 1: he is seriously considering taking mortgage giants Freddie Mack and

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Speaker 1: Fannie May public after more than a decade of being

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Speaker 1: under government oversight. Today, financial markets grappled with a ballooning

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Speaker 1: US federal budget deficit. It's been a major theme all week,

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Speaker 1: beginning with the Moody's downgrade late Friday of last week. Today,

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Speaker 1: the sale of sixteen billion dollars in US twenty year

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Speaker 1: government bonds saw lackluster demand. A five percent coupon rate

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Speaker 1: was awarded. That was the highest since the twenty year

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Speaker 1: was reintroduced back in twenty twenty. We got reaction from

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Speaker 1: Rebecca Wallser, the president at Wallser Wealth Management.

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Speaker 3: So we started off expecting this week to be a

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Speaker 3: little bit turbulin in the equity space because of the

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Speaker 3: downgrade on Friday on moody to align with all of

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Speaker 3: the other rating agencies. But we expected that that was

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Speaker 3: going to create some turbulence. But now what we're seeing

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Speaker 3: is that global impact. If you look at the twenty

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Speaker 3: year sale yesterday in Japan, that went really poorly and

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Speaker 3: that was a big tell for Japan, and now today Wednesday,

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Speaker 3: we see similarly. And obviously twenty years is never the

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Speaker 3: same as the thirty or the ten, but it's still

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Speaker 3: it's out.

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Speaker 1: That is Rebecca Wallser from Wallser Wealth Management, speaking on

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Speaker 1: the Bloomberg Daybreak Asia podcast. Bitcoin briefly hit an all

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Speaker 1: time high earlier today. This was tied to advancement of

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Speaker 1: legislation on stable coins in the US that seemed to

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Speaker 1: offer hope of regulatory clarity under President Trump. Speaking earlier

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Speaker 1: to Bloomberg, Galaxy Digital CEO Michael Novograts slammed the previous

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Speaker 1: administration for its approach to crypto.

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Speaker 2: It was the change of the shift of approach from

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Speaker 2: the Gary Gensler SEC to this Trump administration, which has

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Speaker 2: justin braced our industry, and that freed up the animal

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Speaker 2: spirits both here and abroad. Right. I've had conversations with

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Speaker 2: heads of large sovereign wealth funds that said, if America's

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Speaker 2: buying biqud, we're buying bitquin and so you're seeing like

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Speaker 2: the snowball is rolling downhill.

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Speaker 1: That is Michael Novograts, the CEO of Galaxy Digital. Incidentally,

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Speaker 1: Galaxy Digital is now trading on the Nasdaq after a

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Speaker 1: nearly four year process with the SEC that reportedly cost

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Speaker 1: it over twenty five million dollars now. Bitcoin climbed as

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Speaker 1: much as two point seven percent today to a record

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Speaker 1: one hundred nine thousand, eight hundred and fifty six before

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Speaker 1: pairing much of that gain. While broader financial markets were

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Speaker 1: in retreat, Bitcoin has risen so far this year by

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Speaker 1: about fourteen percent, outperforming other risk assets such as US stocks.

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Speaker 1: The Nasdaq one hundred is down around two percent since December.

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Speaker 1: The Department of Defense has formally accepted a luxury Boeing

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Speaker 1: seven forty seven jumbo jet from Kutar to temporarily serve

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Speaker 1: as the new Air Force one Now. This gift has

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Speaker 1: raised ethical and security concerns. Politicians from both sides of

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Speaker 1: the Isle are questioning President Trump's decision. Sarah Elfreth is

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Speaker 1: a Democratic congresswoman from Maryland.

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Speaker 4: Opposes real national security risk to our president, to our country. Listen.

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Speaker 4: I'm traveling abroad this week for committee work, and the

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Speaker 4: security precautions that I am taking, just as a member

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Speaker 4: of Congress, just to be gone for nine days abroad,

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Speaker 4: are very serious. I don't envision a world, you know,

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Speaker 4: put the Monument's cause to the side, and Congress needing

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Speaker 4: to approve these gifts. I don't envision a world in

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Speaker 4: which that plane can be safe to carry our commander

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Speaker 4: in chief.

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Speaker 1: That is Sarah Elfreth, Democratic congressman from Maryland, speaking on

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Speaker 1: Bloomberg's balance of power. The Indianapolis Colts have announced that

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Speaker 1: their owner, Jim Orsay, died peacefully in his sleep, or

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Speaker 1: say was sixty five. And that is news when you

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Speaker 1: want it with Bloomberg News Now, I'm Doug Chrisner, and

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Speaker 1: this is Bloomberg