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Speaker 1: Now on Bloomberg without the government, what are the political

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Speaker 1: reality The President has been increasingly frustrated. I want to

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Speaker 1: try to cut through the noise politically. This is devastating.

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Speaker 1: Sound on with Kevin, the insiders, the influencers, the insiders,

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Speaker 1: and there's no secret that I care a lot about

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Speaker 1: the consumers. There are real questions about did tech we

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Speaker 1: still have more leverage to years Ricket's harraffs, I think

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Speaker 1: we could do with a little less drama from the

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Speaker 1: White House. He's sound on with Kevin Creally on Bloomberg

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Speaker 1: one and one oh five point seven of m h

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Speaker 1: D two. Boltemore, Happy up day, folks, it's Kevin Silly

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Speaker 1: Bloombergner's chief Washington correspondent. Thank you for tuning in. President

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Speaker 1: looking like he's going to get on board with that

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Speaker 1: bipartisn't deal, but he also says that he's not going

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Speaker 1: to give up trying to get more money. Remember that

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Speaker 1: bipartisant deal only has about one point three seven or

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Speaker 1: so billion dollars to fund the wall, plus an additional

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Speaker 1: billion or so on humanitarian and aid, as well as

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Speaker 1: to keep the beds. Remember the beds issue. They're going

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Speaker 1: to keep the ice beds issue at the same level

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Speaker 1: as in the past. But how does President Trump plan

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Speaker 1: to get more money? He tweeted out last night he

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Speaker 1: wants twenty three billion dollars. We've got an all star

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Speaker 1: panel to help navigate through the bottom line of the

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Speaker 1: budget as the clock takes down to Friday. Mattie Doppler

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Speaker 1: is senior Fellow at the National Taxpayers Union and former

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Speaker 1: Coalitions director for the House Republican Conference. And Andrew Feldman

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Speaker 1: is a Democratic strategist and founder of Feldman Strategies. All

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Speaker 1: of that plus Alexandria Accostio Cortes, AOC, the Democratic congresswoman.

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Speaker 1: She's well, had an interesting day up on Capitol Hill.

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Speaker 1: We'll get their take on that end the ongoing trade

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Speaker 1: negotiations between the US and China. But first, it's all

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Speaker 1: about the shutdown. It's humpday. The President has to sign

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Speaker 1: some type of government funding bill by Friday in order

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Speaker 1: to avert a government shutdown. I was at the White

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Speaker 1: House this morning, UH, and earlier the President meeting with

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Speaker 1: Columbia delegation, UH, talking about a host of different things

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Speaker 1: of our trade relationship with Columbia. But of course he

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Speaker 1: was also asked about keeping the government open and this deal.

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Speaker 1: When I talked to Republicans, conservatives in particular, they're not

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Speaker 1: too happy with it because remember the President originally pitched

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Speaker 1: this as saying he wanted twenty five billion billion dollars

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Speaker 1: for the wall. Then we had the shutdown and the

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Speaker 1: trade negotiations, a thirty five day partial government shutdown and whatnot,

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Speaker 1: and that number was reduced to about five point six

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Speaker 1: five point seven billion dollars with the hopes of getting

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Speaker 1: money through different other revenue sources. Now, this bipartisan group

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Speaker 1: of lawmakers, including Senator Richard Shelby, a Republican from Louisiana,

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Speaker 1: they've got that number down to about one point three

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Speaker 1: seven billion dollars for fifty five miles along of two

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Speaker 1: thousand mile plus only. I mean, the president campaign will

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Speaker 1: build the wall, and it's like two thousand miles down

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Speaker 1: at the US Mexico border, and this budget is only

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Speaker 1: going to give him fifty five miles, uh, which is

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Speaker 1: not a lot of wall. Maddie Buppler, Okay, Kevin. Here's

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Speaker 1: how Republicans bank this as a win, though, because if

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Speaker 1: you look at the Republican position, Yes, the President has

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Speaker 1: talked a lot about mileage and billions of dollars and

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Speaker 1: what would satisfy his wall demand. But Democrats were saying

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Speaker 1: that the wall was immoral. They were saying, not one

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Speaker 1: dollar for the wall. So if Republicans are smart, what

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Speaker 1: they do now is they take this as a win

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Speaker 1: because Republicans on Capitol Hill, Noah, shut down benefits no

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Speaker 1: when the President made disagree on that. But season Republicans

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Speaker 1: know that they do not win a shutdown fight. They

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Speaker 1: take this vote and then they go out for Democrats

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Speaker 1: who are now on record. You get Democrat fingerprints not

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Speaker 1: only while funding but on board and security. Mettus that

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Speaker 1: the President himself has endorsed. So that's Maddie Douppler. She's

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Speaker 1: with us for the hour, senior fellow at the National

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Speaker 1: Taxpayers Union and former coalitions director for the House Republican Conference,

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Speaker 1: where I used to like, yeah, between what's going on,

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Speaker 1: she's with us for the hours. She's going to give

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Speaker 1: us all the loan down on on some of those

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Speaker 1: House seriess in particular Andrew Felman, Democratic strategists. But Andrew,

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Speaker 1: so to Maddie's point, a lot of these districts and look,

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Speaker 1: Democrats won back the majority in two thousand and eighteen

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Speaker 1: in the midterms. But a lot of these districts, particularly

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Speaker 1: in Texas for example, these are not Democrats who don't

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Speaker 1: want I mean, it's not like they're saying we don't

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Speaker 1: want any security at the at the border. So it

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Speaker 1: does Maddie have a point here or no. Look, I

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Speaker 1: think that this is a huge win for Democrats. Right.

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Speaker 1: One point three billion is less than what we were

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Speaker 1: taught king about before the shutdown, right, So that's a huge,

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Speaker 1: huge victory. I mean. And and also I think we

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Speaker 1: do want smart security measures like we've been talking about that.

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Speaker 1: We've been talking about how we need more drones. We've

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Speaker 1: been talking about, uh you, a lot of these a

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Speaker 1: lot of these important issues, and the president has been

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Speaker 1: fixated on this wall. I don't think that this is

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Speaker 1: uh him achieving a campaign promise at all. But the

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Speaker 1: other thing is, yesterday, I'm sure you saw El Choppo

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Speaker 1: was put away, right, l Choppo found guilty. The number

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Speaker 1: one way he brought drugs into this country was through tunnels,

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Speaker 1: and the wall does nothing about that. So I think

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Speaker 1: that's true. But your point of technology is a good one,

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Speaker 1: because that is the debate we didn't get to have

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Speaker 1: during the shutdown because both sides were so intransigent. It's

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Speaker 1: interesting to me the Conference committee that worked out this deal,

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Speaker 1: it's pretty emblematic of kind of the the right and

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Speaker 1: left wings of the party. You've got basically New England

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Speaker 1: Democrats in the form of Nia Loewe. Who's the appropriation stairwoman,

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Speaker 1: um and it's escaping me. Now who on the Senate

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Speaker 1: side was the negoti ne tru the Republicans the Republican

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Speaker 1: You've got Southern Republicans, got Alabama and Texas at the

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Speaker 1: table with Kay Granger. I mean, lady, thank you so

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Speaker 1: so say I'm good for something, Andrew. But but look

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Speaker 1: like these are kind of like get the New England

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Speaker 1: Democrats and you get the Southern Republicans. There are not

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Speaker 1: more two groups of people whould be more dug in

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Speaker 1: on kind of the party politics on this than those

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Speaker 1: sorts of groups of people, and they were able to

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Speaker 1: find an agreement, which indicates to me, both chambers are

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Speaker 1: gonna get. That's across the finish line. I want to

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Speaker 1: play for you both. What President Trump said at the

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Speaker 1: White House earlier today in terms of whether or not

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Speaker 1: he's pumped up as hyped up for this, for this deal,

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Speaker 1: take a list of We've got a lot of funds

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Speaker 1: for a lot of other things, but with the wall,

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Speaker 1: they want to be stingy. But we have options that uh,

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Speaker 1: most people don't really understand. Andrew, are you guys being

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Speaker 1: a Democrats being stingy? Not at all. I think the

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Speaker 1: President doesn't understand his options, right. I think that this,

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Speaker 1: I mean, I this will end up in court if

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Speaker 1: he is going to try the national emergency route, which

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Speaker 1: is probably what his advisors um are are telling him.

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Speaker 1: But he could do something else, right, I mean, he

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Speaker 1: doesn't have to just declare a national emergency. We know

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Speaker 1: Mick mulvaney has been looking under the couch coach used

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Speaker 1: for money for this border wall. Where could he look

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Speaker 1: at let's let's sive into that still remains to be

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Speaker 1: a question. I think that Army Corps Engineer, which has

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Speaker 1: always been a source of frustration for Republicans who feel

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Speaker 1: that they need to take back the reins on spending,

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Speaker 1: that has always been considered a little bit of an

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Speaker 1: executive slush fund. So I think that that certainly is

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Speaker 1: the first place that Donald Trump would look if he

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Speaker 1: was hoping to do so. I know there's a lot

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Speaker 1: of milk, con V A, and D O D spending

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Speaker 1: out there that the President thinks that he might be

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Speaker 1: able to use for this. The optics of that are

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Speaker 1: somewhat precarious. I would caution the president if he decides

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Speaker 1: to look for spending that has not been appropriated for

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Speaker 1: this purpose, if you start taking that away from military families,

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Speaker 1: I certainly would not want to be the politician defending

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Speaker 1: that we're going to build a wall of pork. They're

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Speaker 1: going to build the wages. The biggest, the funniest thing

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Speaker 1: is that he is supposed to be the master deal

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Speaker 1: maker the art of the This is the deal looking

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Speaker 1: under couch cushions. But this is just I mean, just

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Speaker 1: think about it. One point three building fifty five miles

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Speaker 1: of wall compared to one point five and sixty before

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Speaker 1: the shutdown. Maddie, I gotta be honest. I mean, when

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Speaker 1: you talk to concern, you know, this is who you

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Speaker 1: talk to your Republican friends. I mean, to Andrew's point, miles,

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Speaker 1: we got less than a minute before we gotta before

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Speaker 1: we got to move on. But I meant is not

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Speaker 1: Here's the thing about Trump. You love Murhan. The guy

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Speaker 1: is Teflon. If he decides to go to the base

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Speaker 1: and sell this as a win, he can do. It's

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Speaker 1: the question whether or not he decides to take that gamble. Now,

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Speaker 1: something that's interesting, Gallup came out of the New Pole today.

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Speaker 1: Presidents of Opinion numbers at up seven points from January,

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Speaker 1: at the height of the shutdown. That could be a

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Speaker 1: problem for any of us who think that this process

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Speaker 1: is moving forward. They may embolden the problems that may

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Speaker 1: have been that may have been the stay of the

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Speaker 1: union speech. All right, panel stays Manny Duppler Republican strategists,

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Speaker 1: and Andrew Fellmon, democratic strategist. Never a dull moment with

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Speaker 1: you to coming up, we talked China and US Trade

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Speaker 1: Policy Secretary Manution and Bob Lenheiser are en route to Beijing. Remember,

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Speaker 1: you can download the sound on podcast on Apple iTunes

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Speaker 1: as well as Bloomberg dot com or by downloading the

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Speaker 1: Bloomberg Business Appen. You can also check us out on

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Speaker 1: radio dot com and on I Heart Radio. I Heart Radio. Folks,

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Speaker 1: it's almost Valentine's Day. I'm Kevin Sireli here listening to Bloomberg.

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Speaker 1: You're listening to sound on with Kevin's he Really on

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Speaker 1: Bloomberg one and one oh five point seven m h

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Speaker 1: D two, Baltimore. Welcome back, folks. Friendly reminder tomorrow is

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Speaker 1: Valentine's Day, so if you are driving home from work,

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Speaker 1: please please don't forget to call mom. Okay, uh busy

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Speaker 1: busy day app on tow pittle Hill. We have an

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Speaker 1: all star panel helping us navigate through the developments of

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Speaker 1: the day. Maddie Douppler is a Senior Fellow at the

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Speaker 1: National Taxpayers Union as well as the former Coalitions director

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Speaker 1: for the House Republican Conference. And Maddie also and Appleton, Wisconsin.

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Speaker 1: Cheese curd that's right, that's right. I'm an expert and

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Speaker 1: all things cheese curds and and Appleton. So you were

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Speaker 1: telling me that Appleton, you don't fry them, but in

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Speaker 1: it was no, that's more of a Minnesota things. We

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Speaker 1: like them on adulterated, fresh off the cow. That's the

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Speaker 1: way to eat them. And you're a Green Bay fan.

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Speaker 1: I love the Packers, I love the Badgers Wisconsin. And

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Speaker 1: Andrew Fellman, democratic strategist, founder of Felman Strategies. I know

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Speaker 1: you're a New England Patriots fan. I guess congratulation. Appreciate that.

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Speaker 1: That's big from you. I mean, listen, I'm a fair guy.

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Speaker 1: I mean, I'm just saying I'm not a Patriots fan,

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Speaker 1: and I think we shouldn't move on. We're going to

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Speaker 1: talk about how we first met later on in the show.

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Speaker 1: That's a little tease. That's a little tease. Um, But

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Speaker 1: let's talk, Trey talk, Let's talk to the US China

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Speaker 1: aid talk, because this is pretty this is a big deal, Maddie.

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Speaker 1: I mean, you, being a financial services won't like me

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Speaker 1: a dork out over this stuff. Treasury Secretary Stephen Monution

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Speaker 1: as well as US Trade Representative Bob Lndheizer, they're off

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Speaker 1: to go meet with Chinese Vice Premier Lua Wah in

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Speaker 1: Beijing as they negotiate what they're hoping will be some

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Speaker 1: type of framework agreement. Uh. And it has the business

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Speaker 1: community a little uneasy about how these trade negotiations are

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Speaker 1: going between US. Well and everyone listening in their cars.

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Speaker 1: I think that the President has been pretty positive with

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Speaker 1: President shi Jing Ping of China, and it's kind of

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Speaker 1: been forecasting a bit more positively than he has against

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Speaker 1: democrats and even in some cases Republicans. I want to

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Speaker 1: play for you what President Trump had to say earlier

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Speaker 1: today about the US China trade deal. Take a listen.

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Speaker 1: We have a big team of people, very talented people

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Speaker 1: over in China right now and negotiating on the China

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Speaker 1: Deal's going along very well. We'll see what happens. It

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Speaker 1: sounds like he's he'd rather negotiate with President she than

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Speaker 1: Speaker Pelosi. Well, I think that's probably true. However, the

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Speaker 1: most significant movement on US China trade happened this week

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Speaker 1: when the President Trump, in that spray in the office

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Speaker 1: in the Oval Office, when he was talking about the shutdown,

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Speaker 1: said very briefly that, listen, March first, I might delay

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Speaker 1: the deadline for the tariffs to go that go into

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Speaker 1: a fact, they're supposed to go up from ten percent.

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Speaker 1: He finally admitted that they will potentially be delayed. And

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Speaker 1: I have been saying to clients for the past several

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Speaker 1: weeks that this is what victory looks like. The presidents

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Speaker 1: talked really big picture about what he wants from China,

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Speaker 1: concessions that are just are huge and huge as in

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Speaker 1: order of magnitude. Having to lay on March first means

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Speaker 1: that there's progress, and that would be a very positive

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Speaker 1: signal to market watchers that somewhere I mean massive, right,

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Speaker 1: because the March first deadline, and we were talking about

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Speaker 1: we've been talking about the March first deadline and virtually

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Speaker 1: every day on on television as well as on on

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Speaker 1: this program. And what's so interesting about that is that

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Speaker 1: the business lobby is out in full force. Well, listen,

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Speaker 1: this is why we're up. Look at the indices up

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Speaker 1: yesterday and today. Everyone was saying it was because we

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Speaker 1: got positive news about the shutdowns. Market shrugged over the shutdown.

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Speaker 1: This had to do with President Trump saying, whatever I

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Speaker 1: wanted to hear, what is that March first could not

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Speaker 1: potentially be a horrific deadline. Let's let's dive into March first, right,

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Speaker 1: Let's let's talk about what that means. The President, in

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Speaker 1: his public comments as well as his tweets as well

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Speaker 1: as in his in his recent interviews to Bloomberg as

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Speaker 1: well as to other outlets, had said that on March one,

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Speaker 1: he was considering raising tariffs ten to fifteen in some

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Speaker 1: cases on two hundred and sixties seven billion dollars worth

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Speaker 1: of additional Chinese imports. This relates to everything from the

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Speaker 1: toy industry to electronics too. This is the consumer staff

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Speaker 1: for the consumers stronge of tariffs. This in the in

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Speaker 1: the spring was really targeted on items that consumers wouldn't

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Speaker 1: feel in the prices right away. If these tariffs go

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Speaker 1: into effect on March first, that's gonna be a different story.

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Speaker 1: And so for him to say that he might delay this,

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Speaker 1: and let's take a look at the counter because around

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Speaker 1: March first, President is going to be in in uh

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Speaker 1: and help me up Vietnam, Vietnam. I'll be there, but

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Speaker 1: in Vietnam negotiating with Zacharia dictator Kim Jong un. So

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Speaker 1: the volatility around that, and actually we've seen in real

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Speaker 1: time how markets, global markets have responded in the negotiations

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Speaker 1: on nuclear disarmament and whatnot. So you don't want to

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Speaker 1: have a situation where President She and President Trump are

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Speaker 1: going back and forth when he's also negotiating with with

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Speaker 1: a dictator. Not for nothing, Kevin I marched first. The

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Speaker 1: debt limit technically expire, and democratic strategists remember the debt limit.

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Speaker 1: I actually forgot about that so many year and markets

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Speaker 1: markets do not shrug off. That's why raise it'll probably

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Speaker 1: just let that expire. Also, well, and here's the thing.

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Speaker 1: The Treasury, as it has done under the Obama administration,

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Speaker 1: and we'll do ano. The Trump administration has extraordinary measures

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Speaker 1: that will probably get us to the middle of summer

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Speaker 1: before we actually have to do Love that term. I

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Speaker 1: know I'm interrupting you, but every time I hear it,

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Speaker 1: I'm like, every time I see like this stuff like

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Speaker 1: oh no, no, this is me turning out like this

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Speaker 1: is this is I'm like dorking. No, but seriously, because

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Speaker 1: but seriously like extraordinary measures. So Treasury Secretary team invenution

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Speaker 1: has to use extraordinary measures. This is like in math,

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Speaker 1: the first time you learn about the imaginary numbers and

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Speaker 1: you're like, now we've just moved. Let's stay focused, because

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Speaker 1: I can't. I can never stay focused. But March first,

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Speaker 1: I mean, mark your calendars, because it's if you're looking

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Speaker 1: at volatility, if you're trying to price this and what

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Speaker 1: it means. And we did see some businesses start to

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Speaker 1: factor in economic uncertainty pertaining to the shutdown, but much

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Speaker 1: more so on US trying to trade policy as well

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Speaker 1: as even on the debt limit. March, for that volatility

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Speaker 1: is going to be huge, and the Treasury Secretary could

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Speaker 1: punt essentially essentially by using the term that we were

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Speaker 1: joking about extraordinary measures into the summer. So all of

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Speaker 1: this stuff, whether we're talking shutdown or debt limit or

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Speaker 1: even the President kicking back Terrice, it's just the punt. Well,

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Speaker 1: and this is when Congress comes back into into focus too,

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Speaker 1: because the debt limit will be attached to the Democrat

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Speaker 1: written budget in the House, and that means Nancy Pelosi

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Speaker 1: is going to make some demands on increasing the debt limit,

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Speaker 1: probably increasing that corporate tax right now that we've had

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Speaker 1: to cut back down. It's not going anywhere, but she's

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Speaker 1: gonna lay on a list of the things she wants

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Speaker 1: in exchange for that debt limit going up, because President Trump,

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Speaker 1: of course doesn't want to be left holding the bag

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Speaker 1: on a debt limit expiring in this summer. And you

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Speaker 1: know what, I think that this White House wants to

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Speaker 1: have a tax fight around tax season coming it up,

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Speaker 1: we talk much more about tax policy, including the state

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Speaker 1: and local tax deduction salt. It's going to get salty.

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Speaker 1: Andrew Fellman done aocratic shot. Just Mattie doublerptformer Republican House

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Speaker 1: Republican Coalitions director for the Republican Conference and a senior

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Speaker 1: fellow at the National Taxpayers Union. I'm Kevin Cirelli. Remember

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Speaker 1: you can find the sound on podcast on iTunes or

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Speaker 1: by Bloomberg dot com or by downloading the Bloomberg Business

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Speaker 1: app and check us out on radio dot com and

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Speaker 1: on I Heart Radio. I'm Kevin Cirelli. You're listening to Bloomberg.

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Speaker 1: This is sound on with Kevin's your relation on Bloomberg

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Speaker 1: one and one oh five point seven of m HD

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Speaker 1: to Baltimore. How do you think they financed the tax

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Speaker 1: cuts for the rest of the country. They took it

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Speaker 1: from New York and the Democratic States New York, welcome

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Speaker 1: back votes. I'm Kevin S. Firley, Bloomberg News Chief Washington correspondent.

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Speaker 1: That was Governor Cuomo, Democrat from New York from or

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Speaker 1: I'm sorry, from New York talking about the States. Sorry,

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Speaker 1: I'm not making fun of anyone's New York accent. Fun

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Speaker 1: fact I have a massive Philadelphia accent. But but anyway,

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Speaker 1: he's talking about salt the state and local tax deduction.

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Speaker 1: Maddie Doppler is senior fellow at the National Taxpayers Union

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Speaker 1: and former Coalitions Director for the House Republican Conference. Andrew

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Speaker 1: Feldman is a democratic strategist and founder of Felman Strategy.

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Speaker 1: Is my panel with us for the hour. Maddie, you're

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Speaker 1: a tax wank, You're a financial wank. So same local

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Speaker 1: tax deduction for our and why this matters because when

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Speaker 1: you put it in the context of one Republicans trying

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Speaker 1: to continue to sell this or this Republican tax plan.

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Speaker 1: We were talking in the last segment about all of

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Speaker 1: the volatility coming up out of Washington that's reverberating not

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Speaker 1: just on Wall Street but throughout the global exchanges in

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Speaker 1: London and Asia as well. The government shuts down on Friday,

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Speaker 1: it looks like that the President is going to sign

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Speaker 1: this bipartisan deal. But then you we were talking about

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Speaker 1: March first, the potential for the President to maybe increased tariffs.

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Speaker 1: It's looking against Chinese imports. It's looking like he's going

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Speaker 1: to punt that a little bit. You got the debt

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Speaker 1: limit fight coming up on March first, and salt that

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Speaker 1: wasn't enough salt salt local tax. So salt does not

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Speaker 1: necessarily have a deadline. It does expire at the end

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Speaker 1: of the five year window. First what state local tax

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Speaker 1: educttion allows taxpayers to deduct that tax burdens of state

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Speaker 1: and local taxes. So a lot of people living in

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Speaker 1: high tax states like New York, like like New Jersey, California,

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Speaker 1: Illinois deduct their local property taxes from their federal tax return.

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Speaker 1: What this does, in effect, it allows governors like Governor

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Speaker 1: Cuomo to raise taxes on their constituents because they deduct them,

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Speaker 1: they don't pay them, and it inoculates those politicians from

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Speaker 1: those from feeling the wrath of what would normally be

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Speaker 1: a high tax burden, in which taxpayers tend not to

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Speaker 1: not to be able to contemplate strategist those those deductions

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Speaker 1: helps help so many people. I mean, it's just also, no, no,

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Speaker 1: it allows the services Governor Cuomo and in these states

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Speaker 1: to offer the services to the low income folks in

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Speaker 1: the state. And now instead we have a Trump tax

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Speaker 1: cut that is helping billions and the corporations. And I

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Speaker 1: gotta tell you it also has affected me because personal Yeah, no,

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Speaker 1: this is I I literally talked to my accountant like

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Speaker 1: four times this tax season, and I said, can I

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Speaker 1: deduct this? Can I conduct this? Oh? No? No? Trump

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Speaker 1: Trump got rid of you because you're a successful professionally.

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Speaker 1: But I know, but I but that it is it

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Speaker 1: is completely wrong to take that away from you know,

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Speaker 1: these states, and it's completely targeted. I gotta jump in

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Speaker 1: here because this is what's so fascinating about the state

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Speaker 1: and local tax deduction is your we're diving in the

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Speaker 1: weeds today on Valentine's Day Eve. What's fascinating is that

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Speaker 1: you've got folks like like, everyone's divided on this. Republicans

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Speaker 1: are divided on this. Suburban Truthfully, I think this is

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Speaker 1: is fascinating because it really comes down to suburban districts,

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Speaker 1: whether they are Republican or Democrats, being against President Trump

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Speaker 1: on this versus more other I mean, you can say

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Speaker 1: they're against President Trump, but they still voted for the

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Speaker 1: tax that the was the New York Republican We lost

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Speaker 1: like seven New York and the tax cuts are so

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Speaker 1: are extremely unpopular and they also getting more popular though

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Speaker 1: you'll notice as the year wears on. But we also

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Speaker 1: have seen the whole debate over the last few days

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Speaker 1: on the tax returns um which oh, I would love

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Speaker 1: to talk about the tax returns with you, because this

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Speaker 1: has been completely miss We're getting we're getting all over.

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Speaker 1: But here's one point I want to make on salt

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Speaker 1: a salt, Let's get salty andrew the eight percent of

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Speaker 1: the people who claim the salt. The majority of this

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Speaker 1: tax deduction goes to high income earners. A present of

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Speaker 1: people who are claiming it make over a hundred thousand

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Speaker 1: dollars a year. So that's the problem when you have

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Speaker 1: Democrats coming out saying this is essential, we need to

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Speaker 1: have this. These are the same Democrats who are arguing

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Speaker 1: that the tax code needs to be more progressive. Well,

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Speaker 1: taking this out of the tax code did exactly that.

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Speaker 1: But the issue is salt is that I mean, anyone know,

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Speaker 1: I mean if you live in New York City and

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Speaker 1: your salary in New York City, or you live in Washington,

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Speaker 1: d C. Or San Francisco, any city in America, really

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Speaker 1: you know your rent in New York. I don't have

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Speaker 1: the the average rent off the top of my head,

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Speaker 1: but I mean it's it's significantly more than it is

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Speaker 1: living somewhere where rent is not. But don't you think

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Speaker 1: that's why? I think there's this also you're gonna get

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Speaker 1: and and and the trigger where you're gonna get benefit

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Speaker 1: out of the tax bill, you know is you're not

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Speaker 1: gonna hit it, but you're gonna get hurt by you're

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Speaker 1: gonna have it. Say in New York over ten thousand

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Speaker 1: dollars in deductions very quickly saying is there's a cap

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Speaker 1: on the salt tax. And we forgot to mention that

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Speaker 1: wasn't It wasn't taken away. It was cap but for

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Speaker 1: states like California and New York, because where there's a will,

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Speaker 1: there's a way, especially for a loophole. So how are

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Speaker 1: folks getting around this? Maddie Well, I think that my

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Speaker 1: advice of them would be to move out of New York, California,

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Speaker 1: New Jersey, and Illinois. Live somewhere with a tax. Burton

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Speaker 1: is much more equitable. But listen, I would have rather

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Speaker 1: to your point about suburbs and the cities being expensive.

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Speaker 1: I'm a city gale, but I want to live somewhere

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Speaker 1: where public policymakers are exposed the consequences of their decisions,

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Speaker 1: and that means not inoculating them from increasing taxes on

428
00:23:30,240 --> 00:23:32,879
Speaker 1: their constituents. They need to stand up for those decisions.

429
00:23:32,920 --> 00:23:34,159
Speaker 1: I think that the right ones to make. All right,

430
00:23:34,240 --> 00:23:37,399
Speaker 1: we have like literally covered it all in the weeds.

431
00:23:37,440 --> 00:23:40,040
Speaker 1: We're gonna come up for fresh air. Coming up, We're

432
00:23:40,040 --> 00:23:43,240
Speaker 1: gonna talk about the environment. How is that for a

433
00:23:43,480 --> 00:23:48,760
Speaker 1: well yeah, well good. It was just a warm up

434
00:23:48,760 --> 00:23:52,280
Speaker 1: for for what's coming up with Maddie Doubler, the former

435
00:23:52,359 --> 00:23:54,800
Speaker 1: Coalitions director for the House Republican Conference and a tax

436
00:23:54,840 --> 00:23:58,400
Speaker 1: walk at the National Taxpayers Union. And Andrew Felman, Democratic

437
00:23:58,440 --> 00:24:02,920
Speaker 1: strategist and founder of Feldman Strategies. Remember, folks, download us

438
00:24:03,119 --> 00:24:06,920
Speaker 1: on our podcast on Apple iTunes or Bloomberg dot com

439
00:24:06,960 --> 00:24:09,480
Speaker 1: and get the Bloomberg Business App. I'm obsessed with that app.

440
00:24:09,520 --> 00:24:12,040
Speaker 1: It's It's an amazing app. The Bloomberg Business App. You

441
00:24:12,040 --> 00:24:14,919
Speaker 1: can track all of the Wonking News and Wall Street

442
00:24:14,920 --> 00:24:17,080
Speaker 1: News all over the world. And you can find us

443
00:24:17,119 --> 00:24:19,920
Speaker 1: on Radio dot com and the I Heart Radio app.

444
00:24:19,920 --> 00:24:26,679
Speaker 1: I'm Kevin Serelli. You're listening to Bloomberg. You're listening to

445
00:24:26,960 --> 00:24:31,320
Speaker 1: Sound On with Kevin's he really on Bloomberg one and

446
00:24:31,400 --> 00:24:34,080
Speaker 1: one oh five point seven f m h D two, Baltimore.

447
00:24:35,000 --> 00:24:38,320
Speaker 1: Welcome back, folks. Happy Valentine's Day Eve. If you're driving,

448
00:24:39,640 --> 00:24:43,040
Speaker 1: do not forget that tomorrow is Valentine's Day. Make sure

449
00:24:43,080 --> 00:24:46,480
Speaker 1: you get that card or chocolate or gift for your

450
00:24:46,560 --> 00:24:49,720
Speaker 1: loved ones. Don't forget, Do not forget Tomorrow's Valentine's Day.

451
00:24:50,080 --> 00:24:52,440
Speaker 1: I'm Kevin Serelli. We are joined by an all star

452
00:24:52,520 --> 00:24:56,080
Speaker 1: panel today to help navigate through a very busy news cycle.

453
00:24:56,119 --> 00:24:59,280
Speaker 1: Mattie Tuppler is Senior Fellow at the National Taxpayers Union

454
00:24:59,600 --> 00:25:03,360
Speaker 1: and Er Coalitions Director for the House Republican Conference. Andrew

455
00:25:03,359 --> 00:25:07,600
Speaker 1: Feldman is a Democratic strategist and founder of Felman Strategies.

456
00:25:07,960 --> 00:25:10,919
Speaker 1: We're talking about the shutdown and how the lawmakers have

457
00:25:11,080 --> 00:25:13,920
Speaker 1: to get some type of deal by Friday to keep

458
00:25:13,960 --> 00:25:16,480
Speaker 1: the government open. The big news today is that President Trump,

459
00:25:16,680 --> 00:25:20,679
Speaker 1: signaling that he's begrudgingly that we could change on a tweet,

460
00:25:21,440 --> 00:25:24,840
Speaker 1: is likely going to sign this deal while also pursuing

461
00:25:25,000 --> 00:25:27,840
Speaker 1: other avenues to get more money for the wall. The

462
00:25:27,880 --> 00:25:30,959
Speaker 1: deal that's being presented to him by their conference community,

463
00:25:30,960 --> 00:25:34,000
Speaker 1: the bipartisan group of lawmakers, does not give him the

464
00:25:34,080 --> 00:25:37,200
Speaker 1: amount of money that he wants for that wall. We're

465
00:25:37,240 --> 00:25:40,640
Speaker 1: also following US trying to trade talks. Treasury Secretary Manution

466
00:25:40,720 --> 00:25:43,760
Speaker 1: is over in Beijing with US Trade Representative Bob Lightheiser

467
00:25:44,200 --> 00:25:47,760
Speaker 1: beating with Chinese trying to get to a negotiation deal.

468
00:25:48,240 --> 00:25:52,080
Speaker 1: The President has threatened to raise tariffs against a host

469
00:25:52,080 --> 00:25:55,199
Speaker 1: of different Chinese imports. By mark First, he's signaling in

470
00:25:55,240 --> 00:25:58,359
Speaker 1: the past forty eight hours he's willing to punt that deadline.

471
00:25:58,640 --> 00:26:00,520
Speaker 1: Then we started talking about tax pole set, which is

472
00:26:00,520 --> 00:26:03,439
Speaker 1: always fun for me because well I'm a nerd. But

473
00:26:04,359 --> 00:26:06,639
Speaker 1: Andrew Falman, there's a lot of other stuff going on

474
00:26:06,880 --> 00:26:10,680
Speaker 1: in the new cycle, always is in the Trump era. Well,

475
00:26:10,720 --> 00:26:13,680
Speaker 1: I mean, I was struck by this that the FEMA

476
00:26:14,080 --> 00:26:20,760
Speaker 1: FEMA administrator is actually resigning brock Long to the Federal

477
00:26:20,800 --> 00:26:24,760
Speaker 1: Emergency Management Agency Director brock Long he announced earlier today

478
00:26:24,760 --> 00:26:27,479
Speaker 1: that he's going to resign. I'm never surprised when someone

479
00:26:27,880 --> 00:26:31,280
Speaker 1: in the Trump administration resigns um But also we have

480
00:26:31,359 --> 00:26:35,320
Speaker 1: to remember that this the FEMA. Spotlight on FEMA over

481
00:26:35,359 --> 00:26:37,800
Speaker 1: the first two years of his presidency has been a

482
00:26:37,840 --> 00:26:41,480
Speaker 1: disaster Puerto Rico and the recent cuts to Puerto Rican aid,

483
00:26:41,520 --> 00:26:43,800
Speaker 1: and it's just been terrible. Well, remember the thing about

484
00:26:44,440 --> 00:26:47,480
Speaker 1: brock Long was that he was under scrutiny for misusing

485
00:26:47,680 --> 00:26:50,359
Speaker 1: public vehicles for traveling down to North Carolina, which is

486
00:26:50,359 --> 00:26:53,920
Speaker 1: where he's from, using taxparaphonted uh excuse me, car is

487
00:26:53,920 --> 00:26:56,520
Speaker 1: and that kind of thing, which to me is just

488
00:26:56,720 --> 00:27:00,680
Speaker 1: so tacky. Stopped doing this, politicians of all rites, stop

489
00:27:00,760 --> 00:27:02,760
Speaker 1: doing this. You're not here to take a joy ride

490
00:27:02,800 --> 00:27:04,600
Speaker 1: in the taxpayer dime. And if it's ultimately the thing

491
00:27:04,600 --> 00:27:06,960
Speaker 1: that brings you down, like was it worth it? Was it? Really?

492
00:27:08,119 --> 00:27:12,960
Speaker 1: That's basically what brought Doug Democrats. He had a free ride.

493
00:27:13,600 --> 00:27:14,879
Speaker 1: That was a good joke than you that was a

494
00:27:14,920 --> 00:27:18,919
Speaker 1: really good job. Another big story that I'm like, a

495
00:27:18,920 --> 00:27:20,960
Speaker 1: free ride, Like he literally had a free ride and

496
00:27:21,000 --> 00:27:27,840
Speaker 1: that brought him. Now get it, patriots, doesn't get it? Um?

497
00:27:27,880 --> 00:27:30,880
Speaker 1: The House voted. The House voted earlier today to end

498
00:27:30,920 --> 00:27:36,000
Speaker 1: American military assistance for Saudi Arabia's war, and Yemen was

499
00:27:36,040 --> 00:27:38,080
Speaker 1: struck by this. Yeah, and it kind of learned the

500
00:27:38,160 --> 00:27:40,679
Speaker 1: radar too, which asolutely, well, you know that's kind of

501
00:27:40,680 --> 00:27:43,760
Speaker 1: the short trip that foreign affairs gets nowadays. Now they've

502
00:27:43,800 --> 00:27:46,840
Speaker 1: got so much domestic news. Um. But I am excited

503
00:27:46,880 --> 00:27:50,280
Speaker 1: to see Congress retaking the reins on its constitutional responsibility

504
00:27:50,480 --> 00:27:53,360
Speaker 1: to sign off on international colum. The vote was two

505
00:27:53,480 --> 00:27:56,879
Speaker 1: hundred and forty to a hundred and seventy seven. And

506
00:27:57,240 --> 00:28:00,880
Speaker 1: what it does is it condemns the war year conflict

507
00:28:00,920 --> 00:28:03,080
Speaker 1: in Yemen and a lot of people not voting that

508
00:28:03,119 --> 00:28:05,480
Speaker 1: in those numbers, a lot of people not voting good

509
00:28:05,560 --> 00:28:09,640
Speaker 1: math uh. And I think it really shows the situation

510
00:28:09,760 --> 00:28:11,880
Speaker 1: and the U s ties of Saudi Arabia, which are

511
00:28:12,440 --> 00:28:16,159
Speaker 1: Saudi Arabia is a crucial geopolitic at the center of

512
00:28:16,160 --> 00:28:19,480
Speaker 1: really geopolitics for US foreign policy as well as US

513
00:28:19,560 --> 00:28:22,160
Speaker 1: Israeli policy. In many ways, is the Saudis have trended

514
00:28:22,160 --> 00:28:26,280
Speaker 1: more favorably toward Israel in recent years, even predating the

515
00:28:26,280 --> 00:28:29,119
Speaker 1: Trump administration. But but the backdrop of the killing of

516
00:28:29,440 --> 00:28:34,920
Speaker 1: Jama Kashaki really the Washington Post journalists, it really is fascinating,

517
00:28:34,960 --> 00:28:39,040
Speaker 1: Maddie to to see how lawmakers and both parties, not

518
00:28:39,160 --> 00:28:43,000
Speaker 1: just the more libertarian leaning conservatives, have spoken out against

519
00:28:43,040 --> 00:28:44,440
Speaker 1: against the Saudi's. But I think they're going to be

520
00:28:44,480 --> 00:28:47,200
Speaker 1: able to recover the long term the studies themselves in

521
00:28:47,240 --> 00:28:50,200
Speaker 1: the long term, yeah, I think so. But the interesting

522
00:28:50,200 --> 00:28:51,880
Speaker 1: thing to me is that I think there's a lack

523
00:28:52,040 --> 00:28:56,080
Speaker 1: of political pressure domestically on politicians of both stripes to

524
00:28:56,520 --> 00:28:58,640
Speaker 1: really take a stand on foreign affairs. And that's everything

525
00:28:58,920 --> 00:29:00,720
Speaker 1: we'll see you with Israel. It's a little more attention

526
00:29:00,720 --> 00:29:03,240
Speaker 1: now and that's always kind of a flashpoint for politicians.

527
00:29:03,280 --> 00:29:05,760
Speaker 1: But these kinds of debates have been happening on the

528
00:29:05,840 --> 00:29:07,600
Speaker 1: Hill and pretty much nowhere else. They don't happen in

529
00:29:07,640 --> 00:29:10,480
Speaker 1: the public score Anymhore constituents don't really go to their

530
00:29:10,520 --> 00:29:12,440
Speaker 1: lawmakers expecting them to take a stand at a number

531
00:29:12,440 --> 00:29:14,520
Speaker 1: of issues. I don't think that it's really a vote

532
00:29:14,560 --> 00:29:16,600
Speaker 1: moving issue for a lot of voters. But it's also

533
00:29:16,640 --> 00:29:19,760
Speaker 1: fascinating that President Trump was rebuked again on this. He

534
00:29:19,840 --> 00:29:23,680
Speaker 1: has said nothing to condemn uh in any real sense

535
00:29:23,680 --> 00:29:27,520
Speaker 1: of the ward the Saudis over and that I mean,

536
00:29:28,040 --> 00:29:31,040
Speaker 1: it's just I don't think it's on his radar either. Well,

537
00:29:31,120 --> 00:29:34,400
Speaker 1: I I mean, here's what I mean, according to the

538
00:29:34,440 --> 00:29:36,320
Speaker 1: sources that I talked with at the White House, I mean,

539
00:29:37,080 --> 00:29:40,600
Speaker 1: and Democrats, I think you would agree that that. I

540
00:29:40,640 --> 00:29:43,960
Speaker 1: think you can. You can have multiple views on this.

541
00:29:44,160 --> 00:29:46,400
Speaker 1: You can denounce the Saudi's for the senseless killing of

542
00:29:46,480 --> 00:29:50,880
Speaker 1: Jamaica shocky, and also realize the importance that Saudi Arabia

543
00:29:50,920 --> 00:29:53,760
Speaker 1: plays in the Middle East. End absolutely, but he didn't

544
00:29:53,760 --> 00:29:55,280
Speaker 1: even deny. I just want to be more. I want

545
00:29:55,280 --> 00:29:57,000
Speaker 1: to go into the regis, but he didn't. But when

546
00:29:57,000 --> 00:29:59,760
Speaker 1: you if we really want like he he did not

547
00:30:00,040 --> 00:30:04,880
Speaker 1: even denounced very very breath, you know, barely touched on

548
00:30:04,960 --> 00:30:09,840
Speaker 1: denouncing Kashogi and ignored c I A intelligence. You gotta

549
00:30:09,920 --> 00:30:14,080
Speaker 1: remember what Saudi Arabia means this administration, that this administration

550
00:30:14,120 --> 00:30:16,320
Speaker 1: looks at the region and they see Iran, and everything

551
00:30:16,360 --> 00:30:18,480
Speaker 1: they want to do relates to what they're going to

552
00:30:18,520 --> 00:30:21,360
Speaker 1: do on Iran. And so for them, Saudi Arabia was

553
00:30:21,400 --> 00:30:23,680
Speaker 1: their partner in the region in that fight. And the

554
00:30:23,720 --> 00:30:26,880
Speaker 1: Kaushogi stuff happened exactly, almost exactly the same time that

555
00:30:27,000 --> 00:30:29,240
Speaker 1: sanctions were about to come back into effect on Iran,

556
00:30:29,280 --> 00:30:31,720
Speaker 1: and it really foiled the United States plan in terms

557
00:30:31,720 --> 00:30:33,240
Speaker 1: of using them as a partner in that debate. I

558
00:30:33,280 --> 00:30:35,360
Speaker 1: want to stick with foreign policy, but I want to

559
00:30:35,360 --> 00:30:40,080
Speaker 1: touch on Congresswoman Elan Omar, the Democrat from Minnesota, who's

560
00:30:40,120 --> 00:30:43,400
Speaker 1: really like under a lot of scrutiny right now because

561
00:30:43,400 --> 00:30:46,680
Speaker 1: of her anti Semitic tweet from a couple of days ago,

562
00:30:46,760 --> 00:30:49,280
Speaker 1: well earlier today, she engaged in this back and forth

563
00:30:50,040 --> 00:30:55,160
Speaker 1: with Special Envoy to Venezuela Elliott Abrams and accused the

564
00:30:55,240 --> 00:30:57,760
Speaker 1: diplomat being a liar. This is according to the home

565
00:30:57,760 --> 00:31:02,880
Speaker 1: newspaper and pressed him on his involved in the Iran affair.

566
00:31:03,520 --> 00:31:05,720
Speaker 1: I missed the hearing, I didn't see the whole thing,

567
00:31:05,760 --> 00:31:08,880
Speaker 1: but missed this viral. I saw the I saw these

568
00:31:08,880 --> 00:31:12,400
Speaker 1: clips out of it. And so my question was, at

569
00:31:12,480 --> 00:31:15,960
Speaker 1: what point did the congresswoman actually address the witness about

570
00:31:16,000 --> 00:31:17,800
Speaker 1: the reason that they were there? Did they ever get

571
00:31:17,840 --> 00:31:20,480
Speaker 1: down to she said direct quote, I wasn't asking her

572
00:31:20,560 --> 00:31:22,760
Speaker 1: question right, So she was trying to make a point. Andrew,

573
00:31:22,920 --> 00:31:25,360
Speaker 1: what point does Speaker Pelosi say enough is enough and

574
00:31:25,440 --> 00:31:27,760
Speaker 1: she's off at the Foreign Affairs Committee. I don't think

575
00:31:27,800 --> 00:31:29,800
Speaker 1: that's gonna happen, I mean, because I think we're in

576
00:31:29,800 --> 00:31:32,640
Speaker 1: a new age in politics. But wait, but Steve King,

577
00:31:32,640 --> 00:31:37,320
Speaker 1: a Republican from when he made racist, racist remarks, Republicans

578
00:31:37,360 --> 00:31:39,560
Speaker 1: stripped him of his committee. And I'm sorry, I think

579
00:31:40,560 --> 00:31:43,320
Speaker 1: I think that, But I think that Steve King's remarks

580
00:31:43,400 --> 00:31:47,360
Speaker 1: over the over the years, over decades are actually worse

581
00:31:47,440 --> 00:31:50,160
Speaker 1: than what she's saying. I mean, I think that I

582
00:31:50,200 --> 00:31:53,000
Speaker 1: think that when you look at this, yes, what was

583
00:31:53,160 --> 00:31:56,400
Speaker 1: she wrong? Absolutely? And I'm someone who is very critical

584
00:31:56,400 --> 00:31:59,160
Speaker 1: of netania whose policy as a Jewish American, but I

585
00:31:59,200 --> 00:32:01,400
Speaker 1: think that she's gone a step too far. That doesn't

586
00:32:01,440 --> 00:32:03,560
Speaker 1: mean that she's gone. Steve King Wevell, all right, and

587
00:32:03,600 --> 00:32:06,840
Speaker 1: of course AOC. Did you guys follow this Congress from

588
00:32:06,840 --> 00:32:10,880
Speaker 1: Alexandria Cassio Cortez, SA MAJARDA leader Mitch McConnell says he

589
00:32:10,920 --> 00:32:13,680
Speaker 1: wants to have a vote on the Green New Deal. Andrew,

590
00:32:13,720 --> 00:32:16,600
Speaker 1: he's trying to say everyone should have Uh he was,

591
00:32:16,680 --> 00:32:19,960
Speaker 1: he was. I'm glad that that Senator McConnell is finally

592
00:32:20,000 --> 00:32:22,440
Speaker 1: bringing something to vote in the Senate. I think we

593
00:32:22,440 --> 00:32:24,280
Speaker 1: should have a vote on this. I mean because I

594
00:32:24,320 --> 00:32:28,360
Speaker 1: don't think that we If Democrats vote now because they

595
00:32:28,360 --> 00:32:31,560
Speaker 1: don't feel like what the legislation is what they want,

596
00:32:32,000 --> 00:32:34,360
Speaker 1: they can still have their own position on the Green

597
00:32:34,360 --> 00:32:37,200
Speaker 1: New Deal. And it's very important to bring this conversation

598
00:32:37,240 --> 00:32:39,239
Speaker 1: to life because this is something we've been ignoring for

599
00:32:40,360 --> 00:32:43,120
Speaker 1: at all. My friends, Andrew Feldman, we have known each

600
00:32:43,120 --> 00:32:46,200
Speaker 1: other since I covered the Jerry Sandusky trial and you

601
00:32:46,200 --> 00:32:49,560
Speaker 1: were representing Jay Paterno, which it was Joe Paterno's son

602
00:32:49,680 --> 00:32:51,760
Speaker 1: who was going to run for Congress but didn't file

603
00:32:51,800 --> 00:32:55,480
Speaker 1: the paper and and lieutenant governor governor three week campaign

604
00:32:55,560 --> 00:32:57,800
Speaker 1: and I was really hoping for your political story and

605
00:32:57,840 --> 00:32:59,640
Speaker 1: then he had to drop out. And I used to

606
00:32:59,640 --> 00:33:02,120
Speaker 1: work up with it, as we all know. But here

607
00:33:02,160 --> 00:33:06,520
Speaker 1: I am today, Uh Valentine's say tomorrow, what's everybody doing?

608
00:33:06,880 --> 00:33:10,280
Speaker 1: Dang you? I feel like you're You're a hopeless romantic.

609
00:33:13,840 --> 00:33:15,480
Speaker 1: Can I ask the real questions? Yes? What should I

610
00:33:15,520 --> 00:33:21,800
Speaker 1: get my my first Valentine's Day with my wife? Give her,

611
00:33:22,120 --> 00:33:25,560
Speaker 1: give her time to herself. That is what every busy

612
00:33:26,240 --> 00:33:29,640
Speaker 1: in DC wants. I want a a massage or a

613
00:33:29,680 --> 00:33:31,880
Speaker 1: facial in just an hour where no one's gonna call

614
00:33:31,920 --> 00:33:34,320
Speaker 1: my phone. Should I send flowers? Should I send flowers?

615
00:33:34,680 --> 00:33:37,000
Speaker 1: Send flowers and say and and you know what else?

616
00:33:37,280 --> 00:33:39,680
Speaker 1: Give her a subscription to the Appalachunes so she can

617
00:33:39,720 --> 00:33:42,640
Speaker 1: tell sounds on. Thank you to the panel, a Democratic

618
00:33:42,680 --> 00:33:46,240
Speaker 1: strategist Andrew Fellman, and of course Maddie Tuppler, the former

619
00:33:46,320 --> 00:33:49,440
Speaker 1: Coalitions director for the House Republican Conference and a senior

620
00:33:49,440 --> 00:33:52,400
Speaker 1: fellow at National Taxpayers Union of Kevin Sireli. Check us

621
00:33:52,440 --> 00:33:55,520
Speaker 1: out cross platform. Thanks for listening. Tomorrow, we're gonna have

622
00:33:55,600 --> 00:33:57,040
Speaker 1: more on the shutdown. You're listening to bloomb