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Speaker 1: Live from our nation's camera. How do we reopen this economy?

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Speaker 1: The latest on how this pandemic is impacting farmers. What

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Speaker 1: does this do? From the United States relationship with China?

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Speaker 1: Bloomberg Sound On, the insiders, the influencers, the insides. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. You're looking at seventy kennidates for different duct teams.

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Speaker 1: How do we make sure a pandemic of this scale

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Speaker 1: never happens again? This is Bloomberg Sound On with Kevin

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Speaker 1: Surrelate on Bloomberg and one oh five point seven f

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Speaker 1: m h D. Two lots to get through, including maybe

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Speaker 1: maybe some new talk of some compromise on the economic stimulus.

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Speaker 1: Look at the latest from Capitol Hill and a conversation

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Speaker 1: with Senator Tina Smith, a Democrat from Minnesota. We talk

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Speaker 1: all things on the economic stimulus. Matt Bennett, co founder

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Speaker 1: of Third Way, Democratic strategist and former Clinton White House

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Speaker 1: Deputy assistant will a in with Alex Vogel, the CEO

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Speaker 1: of the Vogel Group and former Chief council for Senate

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Speaker 1: Majority Leader Bill fris All of that plus Congressman Trey Hollingsworth,

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Speaker 1: Republican representing Indiana's ninth district. I gotta figure out what's

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Speaker 1: going on with these negotiations, you know, I mean, are

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Speaker 1: they going to get a deal? Are they not going

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Speaker 1: to get a deal. And I was at the White

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Speaker 1: House earlier today talking with Adam Bowler. He's the guy,

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Speaker 1: the U S Intelligence Development Finance Corporation CEO, the guy

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Speaker 1: who at the White House negotiated that Code Act deal.

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Speaker 1: Say cheez. I'm Kevin Cirilli, Chief Washington correspondent for Bloomberg

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Speaker 1: Television and from Bloomberg Radio. Talk of the Town remains

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Speaker 1: that potential economic stimulus deal. And I was able to

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Speaker 1: recently catch up with Senator Tina Smith. She is a

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Speaker 1: Democrat from Minnesota, and I asked her point blank, are

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Speaker 1: we going to get a deal? Take a listen to

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Speaker 1: what she told me. Well, I'm in favor of bipartisan

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Speaker 1: negotiations to get a deal done. And I feel real urgency,

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Speaker 1: especially have We're having just been back in Minnesota where

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Speaker 1: I talk to people who's unemployment benefits are about to

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Speaker 1: run out, people who are worried about being evicted from

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Speaker 1: their apartments and their homes. Two hundred and eighty seven

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Speaker 1: thousand Minnesotan's on unemployment insurance. I think I feel a

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Speaker 1: real sense of urgency to move forward. So my criticism

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Speaker 1: is that we've been waiting and waiting and waiting. We

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Speaker 1: need to get this job done. What would you like

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Speaker 1: to see included in this should is the unemployment benefit

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Speaker 1: issue of redline for Democrats, I think it's extremely important

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Speaker 1: that we don't dramatically cut back on unemployment insurance. I

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Speaker 1: think we ought to be starting from what is in

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Speaker 1: the House Heroes Act. I like what's in there about

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Speaker 1: unemployment insurance. I think that we also need to really

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Speaker 1: think about getting resources to schools and childcare centers. It's

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Speaker 1: kind of this sleeper issue that people aren't aware of,

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Speaker 1: but childcare systems centers in this country are on the

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Speaker 1: verge of collapsing, and we already had a shortage before

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Speaker 1: the COVID pandemics struck us. So that's another one of

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Speaker 1: my big priorities. I gotta ask you on the issue

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Speaker 1: of small businesses, because so many small businesses they needed

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Speaker 1: the cash, they needed the liquidity yesterday, and unfortunately they're

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Speaker 1: in this situation where the larger companies are able to

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Speaker 1: get access to this capital, but these small businesses are

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Speaker 1: really hurting. What needs to be included to make sure

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Speaker 1: that these small businesses are micro targeted so that they

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Speaker 1: can get the the funds that they need. Well, you're

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Speaker 1: absolutely right, and if you narrow it down even more

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Speaker 1: to look at the impact of COVID on women and

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Speaker 1: minority owned businesses, it is dramatic and the lack of

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Speaker 1: access to capital for those businesses again has been a

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Speaker 1: systemic problem that has been made even worse by COVID.

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Speaker 1: So what I think in democrats are in are pitching

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Speaker 1: and working on this is to have money that is

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Speaker 1: specifically targeted to those businesses. We need to also get

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Speaker 1: dollars out to these community development financing institutions. So these

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Speaker 1: are financing institutions that have deep relationships in communities of

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Speaker 1: color and are trusted for providing loans and also technical assistance.

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Speaker 1: We need to work more with them in order to

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Speaker 1: get dollars out to these small businesses that are really

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Speaker 1: in desperate shape. Let me follow up on this on

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Speaker 1: that point in particular, because the bank's argument would be

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Speaker 1: that you know, they're everywhere and that they have the

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Speaker 1: infrastructure and the support in order to provide the funds

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Speaker 1: where they need them. How do how do you target

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Speaker 1: the funds and not in a political sense, but how

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Speaker 1: do you make sure that the infrastructure is there in

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Speaker 1: the financial system for these smaller size uh financial institutions

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Speaker 1: so that they can get the money in the right place. Yeah. Well,

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Speaker 1: for one thing, you need to look at how these

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Speaker 1: loans flow, and you need to hold these organizations accountable

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Speaker 1: for providing loans to small businesses and also to minority

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Speaker 1: and black and brown and Indigenous businesses. You know Vice

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Speaker 1: President Biden today at least his equity Plan, and this

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Speaker 1: is one of the things that we focus storm. How

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Speaker 1: do we get capital to these businesses so that they

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Speaker 1: can create jobs, they can build wealth, they can create

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Speaker 1: opportunity in their communities. So one is by making sure

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Speaker 1: that the Community Reinvestment Act, which supports investment in lower

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Speaker 1: income communities, to get resources. Another way is to make

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Speaker 1: sure that these community financing institutions can be a conduit

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Speaker 1: for getting funding out. And then a third way is

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Speaker 1: to make sure that the Small Business Administration, which typically

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Speaker 1: loans black and brown businesses at a much lower rate,

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Speaker 1: that they are getting those numbers up so that the

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Speaker 1: money is getting to those businesses in your state. You've

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Speaker 1: got rural agricultural portions of the state, and you also

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Speaker 1: have some some big cities, you know, uh. And I'm

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Speaker 1: curious that when the former Vice president presumptive Democratic presidential

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Speaker 1: nominee Joe Biden, when he talks about infrastructure, it's got

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Speaker 1: to include by g, does it not, And not just

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Speaker 1: to benefit the cities, but to also benefit those rural communities.

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Speaker 1: If you want to hear the number one shoe that

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Speaker 1: I hear from my constituents and small towns and rural communities,

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Speaker 1: it is the need for rural broadband, high speed internet

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Speaker 1: access that they can afford right now in the midst

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Speaker 1: of this pandemic. That's how you get your health care,

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Speaker 1: it's how you do your remote learning for education, it's

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Speaker 1: often how you do your job. And farmers know this

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Speaker 1: better than anybody because they rely so much on uh

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Speaker 1: Internet technology in order to run their farms and run

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Speaker 1: their equipment. So this is a really important priority now

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Speaker 1: and as we think about how to build back better,

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Speaker 1: as Vice President Biden says, investment in broadband in rural

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Speaker 1: areas is going to be extremely important. And finally, we're

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Speaker 1: coming up on the hundredth anniversary of women getting the

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Speaker 1: right to vote in our country. Of course, Joe Biden

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Speaker 1: has said that he is going to pick a female

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Speaker 1: vice president. But as we approach this this milestone in

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Speaker 1: our country, I would be very curious to hear your uh,

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Speaker 1: what this moment means to you as an elected official

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Speaker 1: in the United State. Well, you know, I think of

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Speaker 1: the long line of women leaders. I think about my grandmother,

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Speaker 1: avis Ian Mason, who was born in eighteen ninety eight,

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Speaker 1: who was a just coming of age when women won

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Speaker 1: the right to vote, when the suffragettes marched on Woodrow

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Speaker 1: Wilson to demand the right to vote. And it is

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Speaker 1: a fulfillment of the promise of this country that everybody

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Speaker 1: has an equal opportunity to raise their voice in this

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Speaker 1: democracy and speak out from what they believe in, starting

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Speaker 1: with their vote. So here I am in the United

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Speaker 1: States Senate. Uh, and still there are not enough women

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Speaker 1: in the United States Senate, or in the U. S. House,

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Speaker 1: or in state houses around the country. So I think

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Speaker 1: about women's representation and also what a huge role women

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Speaker 1: are going to play in this upcoming election. That was

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Speaker 1: my conversation with Senator Tina Smith a Democrat from Minnesota,

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Speaker 1: and gotta say when she brought up her grandmother, I

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Speaker 1: thought of my my late grandmother, Mimi, who worked in

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Speaker 1: polls legitimately in every election she grew up in Scranton, Pennsylvania.

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Speaker 1: You can check out that interview on Bloomberg dot com

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Speaker 1: or by downloading the Bloomberg Business app. Uh, and of

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Speaker 1: course on all of our different various platforms. Let's reset now.

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Speaker 1: My name is Kevin's really on the chief Washington correspondent

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Speaker 1: for Bloomberg TV and for Bloomberg Radio. We've got a

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Speaker 1: lot to get through. Let's get right to it with

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Speaker 1: my colleague Mario Parker. Mario is, of course the Bloomberg

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Speaker 1: White House reporter. He was at He's, you know, with

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Speaker 1: the President every single day, asking him questions. Mario, what's

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Speaker 1: your understanding of whether or not President Trump wants to

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Speaker 1: get a deal by the end of the week or

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Speaker 1: have at least a breakthrough with Democrats up on the hill. Well,

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Speaker 1: he really wants to. He's been dispatching, of course, Steve

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Speaker 1: Monition and um Chief of Staff Mark Meadows up to

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Speaker 1: the hill most daily to try to carve something out. Um.

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Speaker 1: I'm sure that uh, the numbers of dire economic numbers

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Speaker 1: that came out today. Uh did nothing to dissuade him

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Speaker 1: of wanted to get something done and getting something done quickly.

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Speaker 1: You know. I think that's a great point, and especially

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Speaker 1: when we begin the news begin the day with the

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Speaker 1: news of the GDP estimates. I mean, let's just pull

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Speaker 1: up the terminal now. The full scope of the pandemics

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Speaker 1: toll on the US economy was on display Thursday, when

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Speaker 1: government officials reported that gross domestic products shrank the most

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Speaker 1: on record in the second quarter and seventeen million Americans

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Speaker 1: claimed state unemployment benefits in mid July. Well. The GDP

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Speaker 1: drop and astounding thirty two point nine percent when annualized

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Speaker 1: was widely anticipated at this point, and the jobless claims

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Speaker 1: figure was not. It really is, Mario, I think an

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Speaker 1: unfortunate sign at the times the economic data that's coming

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Speaker 1: in in real time and coming up. We're gonna dive

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Speaker 1: more into that, but it you know, whether or not

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Speaker 1: we get a breakthrough by the by the end of

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Speaker 1: the week, we're gonna find out. Mario is going to

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Speaker 1: stick around for us. Download The Bloomberg Down on podcast

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Speaker 1: on Apple it Tunes at Bloomberg dot com or by

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Speaker 1: downloading the Bloomberg Business app. You can also find me

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Speaker 1: on Radio dot com, I Heart Radio and Spotify. My

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Speaker 1: name is Kevin Surreally. Congressman Trey Holling Collingsworth is coming

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Speaker 1: up next. You're listening to Bloomberg. This is Bloomberg's Sound

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Speaker 1: On with Kevin Surley on Bloomberg and one oh five

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Speaker 1: point seven f m h D two. At John Lewis's

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Speaker 1: funeral earlier earlier today, former President Obama called for renewing

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Speaker 1: the Voting Rights Act. You want to honor John, Let's

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Speaker 1: honor him by revitalizing the law that he was willing

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Speaker 1: to die for. This. That's what Obama said earlier today.

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Speaker 1: This comes, of course, as this morning the President tweeted

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Speaker 1: out that he maybe once the election day November three,

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Speaker 1: move leader McDonald's said, not happening. Uh, And in fact,

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Speaker 1: it's been really the one area where Republicans and Democrats

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Speaker 1: agreed on today is not moving in the date of

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Speaker 1: the election. Here's a history lesson for you, folks. I

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Speaker 1: was dusting up on my constitutional knowledge. I don't know,

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Speaker 1: I never really paid attention in school, but I probably

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Speaker 1: shouldn't have just said that. But you have to go back. Yet,

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Speaker 1: you gotta go back to eighteen forty five in order

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Speaker 1: to to look at the election laws. Eighteen forty five

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Speaker 1: is when they set the election laws, and they picked, uh,

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Speaker 1: what what is it, the Tuesday in November first or

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Speaker 1: second Tuesday in November. First Tuesday in November. Uh, and

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Speaker 1: it's November three. Uh. But eighteen forty five they came

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Speaker 1: up with that. Congress passed that law. Okay, okay, so

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Speaker 1: you're with me. But if you want to change the

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Speaker 1: inauguration date and the swearing in, you gotta change the constitution.

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Speaker 1: So the fact that that happening when they can't even

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Speaker 1: get a deal with you ready for this, an astounding

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Speaker 1: thirty two point nine percent GDP drop in the last

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Speaker 1: quarter alone when annualized, thirty nine percent when annualized, and

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Speaker 1: the almost nine hundred thousand people increase in the number

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Speaker 1: of people claiming continued benefits uh her unemployment. I don't

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Speaker 1: think they're changing the election, folks, but I don't like

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Speaker 1: to predict too much. My name is Kevin Surreally. I

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Speaker 1: am the chief Washington correspondent Fromoinberg Television and from Bloomberg Radio.

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Speaker 1: Mario Parker's on the line, my colleague, uh, for the

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Speaker 1: Bloomberg White House team, Mario, I don't think they're going

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Speaker 1: to change the election. That you made the case very

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Speaker 1: very well in the moving pieces, going back over essentially

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Speaker 1: now and then also up into the great thing we

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Speaker 1: see on a daily basis here now in Washington, you know.

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Speaker 1: But I mean, then I I say these things, and

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Speaker 1: then I've got Christine Brada, our executive producer, look at me,

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Speaker 1: saying you really shouldn't predict because if you think of

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Speaker 1: the last couple of years that have been going on,

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Speaker 1: I mean we I don't think any of us would

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Speaker 1: at this point right anything is possible. Um. If you

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Speaker 1: would have told me I'd be wearing a mask every

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Speaker 1: day a couple of months ago, I don't think that

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Speaker 1: I would have believed you. Um. Okay, let's talk more

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Speaker 1: about about the deal. Let's get into the weeds a

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Speaker 1: little bit, Mario, because I talked to Democrats and they say,

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Speaker 1: you've got a fund you've got to funds stay in

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Speaker 1: local government and if you want to prevent these furloughs

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Speaker 1: from happening at the end of the year, and they're

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Speaker 1: calling for like a trillion dollars, which is the total

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Speaker 1: size of McConnell's build. There's I mean, it's not like

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Speaker 1: there are a couple of hundred mill away from each other.

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Speaker 1: There are trillion dollars away right now. Absolutely, that's there's UH,

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Speaker 1: there's that. There's the of course, the the the unemployment benefits.

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Speaker 1: UH that's also um AT an issue. And then of

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Speaker 1: course liabilities for businesses that Mitch McConnell really wants um

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Speaker 1: some type of UH liability the cover from businesses that

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Speaker 1: could be sued during this pandemic. And when you talk

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Speaker 1: to two sources at the White House, do they feel

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Speaker 1: that they have any sort of leverage and negotiating with

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Speaker 1: Democrats because you know this, Mario, we talked to the

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Speaker 1: same people up on the hill. Republicans are saying, hey,

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Speaker 1: Secretary Minution Mark Meadows, if you want to be in

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Speaker 1: on these negotiations, we want to make sure that we're

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Speaker 1: there too, because they're looking the Democrats are looking at

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Speaker 1: these polls and they feel they Speaker Pelosi truly feels embolded.

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Speaker 1: So do they feel that they have any leverage when

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Speaker 1: they're negotiating with folks right Well, they're the White House

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Speaker 1: is very eager, eager right now, and perhaps more eager

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Speaker 1: than we've seen in quite a while to find places

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Speaker 1: where they have an agreement with Democrats. So read it

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Speaker 1: to it what you will in terms of leverage and

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Speaker 1: where they think that leverage is. But they have been

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Speaker 1: trying to find places where there is some type of

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Speaker 1: overlap where they can find agreement between the two parts,

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Speaker 1: which is very uh or has been very uncharacteristic. Okay,

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Speaker 1: and and switching gears now, um, you have been covering

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Speaker 1: the coronavirus in terms of how the President has said

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Speaker 1: warnings against anti anti malaria drug were political. What's the

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Speaker 1: latest you know? Coming up on the program, we're gonna

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Speaker 1: hear from the dealmaker who who had that seven hundred

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Speaker 1: and sixty five million dollar loan to Codact to transform

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Speaker 1: and launch their pharmaceutical arm But the President has been

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Speaker 1: talking a lot about various treatments for for COVID nineteen.

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Speaker 1: What do we know right now the latest at least today,

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Speaker 1: he stayed on message with convalescent plasma um and other

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Speaker 1: other therapeutics that may have a stronger chance scientifically or

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Speaker 1: have stronger backing scientifically. He did deviate as you mentioned

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Speaker 1: earlier this week and waited back or relapsed if you will,

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Speaker 1: into talking of out hydroxicy cora quin, even though some

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Speaker 1: of his top doctors say that it's unproven in terms

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Speaker 1: of treating the coronavirus. But at least for today, he

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Speaker 1: was back on message over at the Red Cross UM

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Speaker 1: speaking about other therapeutics that possible, therapeutics that have more

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Speaker 1: scientific problems. Do you think that they were going to

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Speaker 1: hear any type of major I mean everyone's been talking

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Speaker 1: about in the in the Beltway press about the change

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Speaker 1: in tone or whatnot. But do you think you we're

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Speaker 1: going to hear any major policy uh surprise, or or

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Speaker 1: any type of reset, because it just feels like they're

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Speaker 1: they're they're dragging along at this point, and unless there's

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Speaker 1: a breakthrough on the economic stimulus, I'm not sure that

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Speaker 1: anything can change the trajectory. Do they think this is

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Speaker 1: their last chance to do that or do they think

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Speaker 1: they still have more time? All right? Well, the thinking

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Speaker 1: that there's still more time on the clock. Um, that's

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Speaker 1: the thinking is optimism. Um. But they're also from the

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Speaker 1: economic stimulus, they're really banking on more therapeutics and the

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Speaker 1: pipeline better therapeutics. I mean, you even heard um again,

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Speaker 1: you heard today President Trump on the same page publicly

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Speaker 1: with Dr Fauci, who also said that they expect therapeutics

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Speaker 1: to continue to get bad at going into the fall.

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Speaker 1: So that could be something that could be a bit

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Speaker 1: of a game changer short of a vaccine which is

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Speaker 1: bad at therapeutics. It's it's fascinating because coupled with the

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Speaker 1: data on the virus and then the one to punch

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Speaker 1: of the GDP drop in the unemployment filings from this morning,

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Speaker 1: it really i think underscores and this is what the

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Speaker 1: economists are saying, that the collapse is being undermined by

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Speaker 1: the resurgence of this virus. And it's it's visit if

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Speaker 1: you look at California, which of course is the most

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Speaker 1: popular state. If you look at California, that really might

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Speaker 1: reflect some of these renewed shutdown and job losses. And

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Speaker 1: I mean it even unfortunately, could really suggest a third

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Speaker 1: quarter g d P might show a sharp initial rebound

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Speaker 1: and give the appearance of a strong recovery, but that

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Speaker 1: the gains could be short lived. And I've said this

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Speaker 1: a million times on the program, but it's that it's

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Speaker 1: that that swoosh recovery, you know, that that that you

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Speaker 1: could have a really strong third quarter, but then it

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Speaker 1: could kind of teeter off in the fourth quarter. But

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Speaker 1: the timing of that inclined and the timing of that

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Speaker 1: dramatic spike and the economy doing well again in the

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Speaker 1: third quarter, whether that's around November three, could really really

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Speaker 1: impact the the pace of the of the economics or

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Speaker 1: the dynamics rather of the of the race. All right,

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Speaker 1: empty out your notebook. We've got about ninety seconds left.

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Speaker 1: What's one thing on your radar, Mario Parker, Well, you

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Speaker 1: just set it up perfectly, which is the fact that

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Speaker 1: part of this change in tone is the fact that

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Speaker 1: the White House realizes people have to adhere to the

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Speaker 1: social distancing guidelines, whether it's made ring with the High Chaine,

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Speaker 1: in order to keep this economy afloat or to rebounded leave.

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Speaker 1: So that's part of this change in tone and this

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Speaker 1: seriousness around mask wearing and some of these guidelines, because hey,

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Speaker 1: otherwise there's no fun and there's no recovery, and there's

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Speaker 1: no economics, there's no sports or anything like that if

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Speaker 1: we can't get this thing under control. You know, Tom

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Speaker 1: Keene was blasting earlier. You know, he was mad that

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Speaker 1: the Red Sox are doing bad, and I said, seriously, Tom,

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Speaker 1: at least we have at least we have games. At

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Speaker 1: least we have games, all right, Mario Parker, Bloomberg White

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Speaker 1: House Reporter, Thanks for checking in with me, buddy, great reporting,

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Speaker 1: great work, So appreciative of all the time and of

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Speaker 1: course your efforts on that scene coming up next, much

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Speaker 1: more to talk about. Panel joins me. I'm Kevin Cirilli,

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Speaker 1: Chief Washington correspondent for Bloomberg Television and for Boomberg Radio,

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Speaker 1: and you're listening to Bloomberg One. From a Nations came

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Speaker 1: how do we reopen this economy? The latest on how

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Speaker 1: this pandemic is impacting farmers? What does this do? From

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Speaker 1: the United States relationship with China? Floomberg Sound on the insiders,

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Speaker 1: the influencers, the insides. We're responding to this crisis and

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Speaker 1: manufacturers are stepping up like never before. We're looking at

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Speaker 1: seventy kennidates for different ductines. How do we make sure

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Speaker 1: a pandemic of this scale never happens again? This is

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Speaker 1: Bloomberg Sound On with Kevin Surrelate on Bloomberg one and

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Speaker 1: one oh five point seven fm h D two. Will

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Speaker 1: there won't they? Get to a deal. The latest from

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Speaker 1: Capitol Hill. We check in with one Congressman at the

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Speaker 1: center of it all, Plus an economists want to punch,

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Speaker 1: devastating economic data showing the severity of the economic impacts

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Speaker 1: on the nation's economy and all of that, Plus an

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Speaker 1: exclusive interview with the man behind Kodak's transformation into pharmaceutical as.

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Speaker 1: I caught up with Adam Bowler, who was at the

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Speaker 1: White House earlier today, who walked me through exactly how

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Speaker 1: the government did it. Lots to get through. My name

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Speaker 1: is Kevin Cerilli. I'm the chief Washington correspondent from Boomberg

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Speaker 1: Television and from Bloomberg Radio. We got a lot to

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Speaker 1: get through tonight, folks. You got the President Trump tweeting

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Speaker 1: about trying to change the election. To just see that

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Speaker 1: just he was tweeting this out literally as some devastating

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Speaker 1: economic data came through in the morning. And that's where

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Speaker 1: we're gonna begin, because I don't think they're going to

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Speaker 1: change the day to the election. Leader McConnell came out

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Speaker 1: with a statement, by the way, and said it's not

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Speaker 1: it's not gonna happen. Uh. They can't agree on much

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Speaker 1: Up on Capitol Hill, but they can't agree that they

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Speaker 1: don't want to change the date of the election. All right,

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Speaker 1: So here's the bad news. The GDP dropped an astounding

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Speaker 1: thirty two point nine per cent when annualized, and that

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Speaker 1: was anticipated. That was the GDP drop in the last

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Speaker 1: in the second quarter, the jobless claims figures which I'm

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Speaker 1: about to give you, we're not anticipated nine hundred thousand

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Speaker 1: increase in the number of people claiming continued benefits unemployment benefits,

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Speaker 1: providing the latest evidence that the nascent recovery from the

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Speaker 1: collapse is being undermined by the resurgence of the virus

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Speaker 1: across much of the United States. Still no word yet

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Speaker 1: on a deal up on Capitol Hill, and we are

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Speaker 1: going to get to the prospects of that particular deal

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Speaker 1: coming up when I interview Congressman Trey Hollingsworth, who's a

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Speaker 1: Republican from Indiana, later on this hour. But we begin

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Speaker 1: with our panel Matt Bennett, co founder of Third Way,

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Speaker 1: a Democratic strategist and former Clinton White House Deputy assistant,

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Speaker 1: and Alex Vogel, CEO of the Vogel Group, former Chief

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Speaker 1: council for Senate Majority Leader Bill Fris Matt I want

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Speaker 1: to begin with you. You know you hear you see

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Speaker 1: these numbers. I'm staring at the chart on my terminal

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Speaker 1: and Matt, I gotta be really frank here. I it's

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Speaker 1: hard to comprehend the amounts of pain that people and

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Speaker 1: anxiousness that people are feeling around the country, the magnitude

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Speaker 1: of this calamity, this economic calamity that we find ourselves in.

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Speaker 1: And I'm wondering if there's a chance in you know

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Speaker 1: where that those lawmakers on the Hill are going to

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Speaker 1: get to a deal map Well, they'd better. I couldn't

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Speaker 1: agree more about the depths and breath of the pain

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Speaker 1: and the magnitude of this crisis. We're about to have

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Speaker 1: thirty million people who are facing somewhere between fifty pay

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Speaker 1: cut because the Congress can't get attack together. And remember

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Speaker 1: that these people are almost all of them unemployed or

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Speaker 1: underemployed through no fault what showever of their own. And

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Speaker 1: I have to interrupt you because something that we in

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Speaker 1: the media don't talk enough about are the millions of

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Speaker 1: Americans who or who are who are living without homes

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Speaker 1: or who are not even in a system that haven't

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Speaker 1: collected a penny or resources at all during this because

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Speaker 1: they're not even in it. So there's that crisis still

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Speaker 1: that has been exacerbated during this as well. Go ahead,

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Speaker 1: and that I apologize for. There is no no I'm

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Speaker 1: glad you did, because it's an excellent point that the

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Speaker 1: numbers that we're talking about are under accounts. The unemployment

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Speaker 1: rate is a massive undercount of the amount of pain

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Speaker 1: going on out there, people who have no resources whatsoever.

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Speaker 1: And what we're about to hit a cliff at the

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Speaker 1: end of this month. Not only do unemployment extensions run out,

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Speaker 1: but so do the moratoriums on people being evicted from

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Speaker 1: their homes. So we're about to see housing apocalypse in

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Speaker 1: the United States, as people with absolutely no way to

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Speaker 1: pay their rent, no way because there are no jobs

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Speaker 1: and there's no way for them to work, are about

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Speaker 1: to be put out on the street. If Congress does

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Speaker 1: not get attacked together, we are going to see the

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Speaker 1: greatest calamity in American history, worse than anything we saw

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Speaker 1: during the Depression, because that happened relatively slowly, and this

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Speaker 1: is going to happen all at once. I see. I

432
00:25:07,800 --> 00:25:09,320
Speaker 1: think they're going to get to a deal, you know.

433
00:25:09,359 --> 00:25:11,439
Speaker 1: I I was talking with some sources today. I think

434
00:25:11,480 --> 00:25:13,239
Speaker 1: it's a lot of drama, but I just think it's

435
00:25:13,320 --> 00:25:16,119
Speaker 1: unfortunate because people are clinging right now. It's every single

436
00:25:16,240 --> 00:25:19,119
Speaker 1: word coming out of Washington, d C. And the prospects

437
00:25:19,160 --> 00:25:21,320
Speaker 1: that they might get to do something. Alex Vogel, let's

438
00:25:21,359 --> 00:25:22,920
Speaker 1: bring you in here. Alex. First of all, thanks for

439
00:25:22,960 --> 00:25:26,200
Speaker 1: being here, and I gotta be frank here. Do you

440
00:25:26,400 --> 00:25:30,080
Speaker 1: think so many people right now are are staring at

441
00:25:30,600 --> 00:25:34,240
Speaker 1: the dizzy headlines that are coming out from businesses of

442
00:25:34,359 --> 00:25:38,280
Speaker 1: all sizes that are unfortunately saying they might have to

443
00:25:38,359 --> 00:25:40,840
Speaker 1: have layoffs at the end of the year or furloughs

444
00:25:41,119 --> 00:25:43,440
Speaker 1: at the end of the year. And I'm I'm looking

445
00:25:43,480 --> 00:25:46,320
Speaker 1: at these negotiations and I'm thinking, Okay, well, one of

446
00:25:46,400 --> 00:25:49,240
Speaker 1: the things they're negotiating over is potential tax credits to

447
00:25:49,320 --> 00:25:54,680
Speaker 1: businesses if and keyword, if they don't lay anybody off.

448
00:25:54,800 --> 00:25:57,760
Speaker 1: How important is that that that be agreed to in

449
00:25:57,840 --> 00:26:03,760
Speaker 1: the final version of this, Alex look, just to amplify

450
00:26:04,520 --> 00:26:07,960
Speaker 1: what Matt said about the depth and breadth of this

451
00:26:08,200 --> 00:26:12,640
Speaker 1: first um, if the oh eight financial crisis was really

452
00:26:12,720 --> 00:26:17,280
Speaker 1: a banker crisis, um uh, this is a crisis for everybody. Uh.

453
00:26:17,359 --> 00:26:21,440
Speaker 1: The new numbers certainly highlight that. And the reality is

454
00:26:22,000 --> 00:26:24,200
Speaker 1: it's not just you know, there are a number of

455
00:26:24,760 --> 00:26:27,800
Speaker 1: cliffs that are coming as some of the early support

456
00:26:27,840 --> 00:26:31,399
Speaker 1: programs and moratorium uh start to roll off. Not to

457
00:26:31,520 --> 00:26:34,639
Speaker 1: mention the fact that things like commercial will estate and

458
00:26:34,760 --> 00:26:38,960
Speaker 1: other things, UH, that cliff is still coming. UM. I

459
00:26:39,119 --> 00:26:43,720
Speaker 1: think UH you're going. I'm confident UH there will ultimately

460
00:26:43,840 --> 00:26:47,320
Speaker 1: be a deal. Uh. It's very hard to to watch

461
00:26:47,440 --> 00:26:51,040
Speaker 1: this process through the lens of normal legislation and back

462
00:26:51,119 --> 00:26:55,240
Speaker 1: and forth, because nothing about this is normal. Um uhs.

463
00:26:55,320 --> 00:26:59,600
Speaker 1: John mccame one famously said, UH, it's always darkest just

464
00:26:59,720 --> 00:27:02,720
Speaker 1: before it's pitch black. I think you'll see a couple

465
00:27:03,080 --> 00:27:06,880
Speaker 1: of uh we have no deal. Everyone walks away moments here.

466
00:27:07,440 --> 00:27:11,880
Speaker 1: But I do expect a resolution somewhere between the McConnell

467
00:27:12,080 --> 00:27:15,520
Speaker 1: trillion dollar number and the Pelosi three trillion dollar number,

468
00:27:16,200 --> 00:27:20,240
Speaker 1: again even saying that it's remarkable that that's the scale

469
00:27:20,240 --> 00:27:22,680
Speaker 1: at which we are talking. But the reality is that's

470
00:27:22,760 --> 00:27:26,080
Speaker 1: the situation that we're in. UH. And I think there

471
00:27:26,240 --> 00:27:31,600
Speaker 1: is overwhelming uh support to do something. And while there

472
00:27:31,640 --> 00:27:34,080
Speaker 1: was a brief period when you start to saw see

473
00:27:34,359 --> 00:27:36,600
Speaker 1: uh and hear from folks saying, well, maybe we need

474
00:27:36,680 --> 00:27:39,520
Speaker 1: to wait and see how well we recover. Um, I

475
00:27:39,600 --> 00:27:41,919
Speaker 1: think we know the answer to that at this point. Uh,

476
00:27:42,040 --> 00:27:46,560
Speaker 1: And clearly direct intervention is needed and I think will come. Alex.

477
00:27:46,640 --> 00:27:48,360
Speaker 1: We've got like a minute left, so I gotta ask

478
00:27:48,359 --> 00:27:49,760
Speaker 1: you this quick. And I hear you on the point

479
00:27:49,880 --> 00:27:52,680
Speaker 1: that you know when it's it's it's it's always dark

480
00:27:52,760 --> 00:27:55,000
Speaker 1: before it's pitch black. I hear you. But people can

481
00:27:55,040 --> 00:27:57,080
Speaker 1: still trip over themselves and they can't see the light.

482
00:27:57,400 --> 00:27:59,639
Speaker 1: And what I'm noticing in this coverage is a lot

483
00:27:59,680 --> 00:28:02,920
Speaker 1: of rand standing on both sides. And so my question

484
00:28:03,000 --> 00:28:05,439
Speaker 1: to you, sir, is is it wise? I mean, your

485
00:28:05,480 --> 00:28:08,440
Speaker 1: Republican strategist. Is it wise for people like Senator Ted

486
00:28:08,520 --> 00:28:12,000
Speaker 1: Cruz and Senator around Paul Paul to maybe raise concerns

487
00:28:12,000 --> 00:28:15,440
Speaker 1: about the deficit right now? But is it? Is it

488
00:28:15,520 --> 00:28:21,040
Speaker 1: anything more than politics? I don't think it's pure politics.

489
00:28:21,119 --> 00:28:24,200
Speaker 1: I think those are legitimate issues that people were raising

490
00:28:24,320 --> 00:28:26,320
Speaker 1: even in the first round. But at the end of

491
00:28:26,400 --> 00:28:30,520
Speaker 1: the day, from a leadership perspective, I think you have

492
00:28:30,720 --> 00:28:35,040
Speaker 1: to uh put those arguments in the proper context of

493
00:28:35,119 --> 00:28:39,840
Speaker 1: the situation, uh, and realize that while deficits and spending

494
00:28:40,200 --> 00:28:43,400
Speaker 1: our long term issues. We're not talking about long term

495
00:28:43,480 --> 00:28:47,160
Speaker 1: issues for Americans here, We're talking about thirty day, sixty day,

496
00:28:47,240 --> 00:28:50,960
Speaker 1: ninety day issues. Uh and so uh. You know, I

497
00:28:51,120 --> 00:28:53,880
Speaker 1: think there there is a time and a place for

498
00:28:53,920 --> 00:28:56,120
Speaker 1: those arguments. I think you're going to hear a lot

499
00:28:56,320 --> 00:28:59,000
Speaker 1: less of it in the next few days. All right,

500
00:28:59,120 --> 00:29:01,400
Speaker 1: coming up, Penalty is more. Next, I'm Kevin Sirelli. You're

501
00:29:01,440 --> 00:29:18,120
Speaker 1: listening to Bloomberg One. This is Bloomberg Sound On with

502
00:29:18,320 --> 00:29:22,720
Speaker 1: Kevin Surreley on Bloomberg and one oh five point seven

503
00:29:22,840 --> 00:29:28,360
Speaker 1: f M h D two eighteen. I wasn't even alive

504
00:29:28,440 --> 00:29:31,200
Speaker 1: then eighteen forty five. You know who was president in

505
00:29:31,320 --> 00:29:37,680
Speaker 1: eight Pulk? James Pulk, who actually shares a birthday with me,

506
00:29:37,840 --> 00:29:42,000
Speaker 1: not the year, but the November two scorpio Pulk. I'm

507
00:29:42,080 --> 00:29:45,360
Speaker 1: Kevin Sirelli, Chief Washington correspondent for Bloomberg Television and for

508
00:29:45,440 --> 00:29:49,840
Speaker 1: Bloomberg Radio. The reason I bring up eighteen is because

509
00:29:50,000 --> 00:29:54,400
Speaker 1: that was when they passed the law, uh for the

510
00:29:54,600 --> 00:29:59,480
Speaker 1: election election day to be held on the first Tuesday

511
00:30:00,440 --> 00:30:03,440
Speaker 1: every four years. And President Trump' tweeted out today that

512
00:30:03,520 --> 00:30:07,480
Speaker 1: maybe maybe he wants to see that change. Leader McConnell said,

513
00:30:07,560 --> 00:30:11,120
Speaker 1: no way. You've released a statement and said not gonna happen.

514
00:30:11,280 --> 00:30:14,720
Speaker 1: Republicans and Democrats are agreeing on that. But here's where

515
00:30:14,720 --> 00:30:17,760
Speaker 1: it gets interesting. So how how would you hypothetically change

516
00:30:18,320 --> 00:30:21,080
Speaker 1: the election? Well, Congress has the authority to do that,

517
00:30:21,640 --> 00:30:23,560
Speaker 1: but then you've got to change the constitution because the

518
00:30:23,640 --> 00:30:28,560
Speaker 1: Constitution says that inauguration and whatnot. That's where it is

519
00:30:28,600 --> 00:30:33,080
Speaker 1: in the constitution. So even if they were to move

520
00:30:33,160 --> 00:30:36,320
Speaker 1: the election, they really have limited flexibility unless they want

521
00:30:36,360 --> 00:30:41,080
Speaker 1: to also change the constitution. How's that, Tom Keane, my

522
00:30:41,320 --> 00:30:43,320
Speaker 1: my friend and mentor here at Bloomberg, how's that for

523
00:30:43,560 --> 00:30:48,160
Speaker 1: a history lesson? I'm trying, Tom, I'm trying. Um. But

524
00:30:49,160 --> 00:30:52,160
Speaker 1: the president also just tweeted out this hour right before

525
00:30:52,160 --> 00:30:53,600
Speaker 1: he came on here. Let me pull it up. Where's

526
00:30:53,640 --> 00:30:57,040
Speaker 1: my phone. I gotta have the Twitter on the speed dial.

527
00:30:57,120 --> 00:30:59,560
Speaker 1: Here it is. He tweeted out that he wants to

528
00:30:59,600 --> 00:31:03,800
Speaker 1: have the election results quote must know election results on

529
00:31:03,880 --> 00:31:06,520
Speaker 1: the night of the election, not days, months or even

530
00:31:06,640 --> 00:31:10,640
Speaker 1: years later. End quote. So he's I mean, look, everybody's

531
00:31:10,640 --> 00:31:13,840
Speaker 1: gonna not there's gonna be a dramatic increase in voting

532
00:31:13,920 --> 00:31:18,400
Speaker 1: by mail. This November three, because of the coronavirus and

533
00:31:18,480 --> 00:31:21,960
Speaker 1: because many states are expanding access and whatnot to that,

534
00:31:22,160 --> 00:31:24,240
Speaker 1: not every state, but because there's so much of a

535
00:31:24,360 --> 00:31:29,560
Speaker 1: dramatic increase the post market date, the postmarked date postmarket

536
00:31:29,680 --> 00:31:34,840
Speaker 1: post marked date on the ballots could be on election day,

537
00:31:35,160 --> 00:31:37,160
Speaker 1: and that means that they could literally be in the

538
00:31:37,240 --> 00:31:41,120
Speaker 1: mail the week of November three, which means you might

539
00:31:41,200 --> 00:31:43,600
Speaker 1: not get a result, folks, if you stay up late

540
00:31:43,680 --> 00:31:46,200
Speaker 1: like me, like I always did every four years as

541
00:31:46,240 --> 00:31:51,719
Speaker 1: a political junkie, to watch the results. Joining us now

542
00:31:52,000 --> 00:31:55,680
Speaker 1: people who are also political junkies. Ken vogel Ken is

543
00:31:56,200 --> 00:31:59,840
Speaker 1: the CEO of the Vocal Group, former Chief Council Force,

544
00:31:59,840 --> 00:32:02,600
Speaker 1: a Charted leader, Bill Frist and Matt Bennett, co founder

545
00:32:02,640 --> 00:32:06,200
Speaker 1: of Third Way, Democratic strategist in former Clinton White House

546
00:32:06,440 --> 00:32:09,880
Speaker 1: deputy assistant Matt Wow. I mean, they're not going to

547
00:32:10,040 --> 00:32:14,240
Speaker 1: change the election day rights you no chance to that.

548
00:32:14,360 --> 00:32:15,880
Speaker 1: But let me tell you why Trump is doing it.

549
00:32:16,600 --> 00:32:21,120
Speaker 1: He's doing it because he is losing, and he alone

550
00:32:21,200 --> 00:32:26,920
Speaker 1: among Republicans office seekers, has the opportunity to try to

551
00:32:27,160 --> 00:32:29,880
Speaker 1: win despite losing. And here's how it would work. He

552
00:32:29,960 --> 00:32:34,160
Speaker 1: would call into question the election results because what he

553
00:32:34,240 --> 00:32:37,479
Speaker 1: will say is if the results aren't in on election night,

554
00:32:38,120 --> 00:32:41,040
Speaker 1: or whatever the results are on election night, that's it,

555
00:32:41,560 --> 00:32:44,280
Speaker 1: and we're not gonna We're not gonna wait around. Because

556
00:32:44,320 --> 00:32:46,600
Speaker 1: what he's worried about is what's called the blue shift.

557
00:32:46,760 --> 00:32:49,640
Speaker 1: There are scholars that have noticed that even in years

558
00:32:49,640 --> 00:32:51,640
Speaker 1: where there isn't a lot of mail mail and voting,

559
00:32:52,440 --> 00:32:56,360
Speaker 1: the numbers for Democrats go up on the days after

560
00:32:56,440 --> 00:32:59,080
Speaker 1: the election because provisional ballots come in and they tend

561
00:32:59,160 --> 00:33:03,840
Speaker 1: to favor Democrats. Had happened in Arizona when the outcome

562
00:33:03,880 --> 00:33:08,480
Speaker 1: of the election switched Martha McSally. The Republican was ahead

563
00:33:08,640 --> 00:33:11,680
Speaker 1: on election night and ended up losing back fifty votes

564
00:33:11,720 --> 00:33:14,400
Speaker 1: to the Democrat Christian Cinema. That kind of thing happens

565
00:33:14,440 --> 00:33:18,120
Speaker 1: all the time. It happened in Pennsylvania. It's happened in

566
00:33:18,200 --> 00:33:21,840
Speaker 1: the last three presidential elections in Pennsylvania, which is one

567
00:33:21,840 --> 00:33:24,440
Speaker 1: of the big swing states. So he's going to be shouting,

568
00:33:25,000 --> 00:33:27,800
Speaker 1: even be shouting that the elections being stolen from him

569
00:33:27,840 --> 00:33:30,840
Speaker 1: for the hours and days and maybe weeks after the

570
00:33:30,920 --> 00:33:34,440
Speaker 1: election as the as the election starts just swing towards Biden,

571
00:33:35,040 --> 00:33:37,720
Speaker 1: and he is going to try to undermine faith in

572
00:33:37,800 --> 00:33:41,280
Speaker 1: the popular vote and get state legislatures to send their

573
00:33:41,280 --> 00:33:44,840
Speaker 1: electors to Washington for him instead of for the winner

574
00:33:44,880 --> 00:33:46,680
Speaker 1: of the popular vote in their state, which they could do.

575
00:33:47,280 --> 00:33:52,120
Speaker 1: It's gonna make the hangon Chad's look like I got

576
00:33:52,320 --> 00:33:55,280
Speaker 1: I got an issue an apology because I called Alex

577
00:33:55,360 --> 00:33:57,960
Speaker 1: vogel Ken. Vogel Ken is from Philly and rights for

578
00:33:58,000 --> 00:33:59,920
Speaker 1: the New York Times, and I have no idea why

579
00:34:00,040 --> 00:34:01,680
Speaker 1: that slipped my mind. And I used to work with

580
00:34:01,840 --> 00:34:04,840
Speaker 1: Ken at Politico. But Alex, I obviously know I'm talking

581
00:34:04,920 --> 00:34:07,360
Speaker 1: to you, and I apologize. You're not the only one

582
00:34:07,400 --> 00:34:09,480
Speaker 1: who's made that mistake. Ken and I know each other.

583
00:34:09,840 --> 00:34:12,200
Speaker 1: We had lunch this last year, and I joked that

584
00:34:12,360 --> 00:34:15,640
Speaker 1: every time he writes the controversial story, I get hate

585
00:34:15,680 --> 00:34:19,000
Speaker 1: mail um or I bet people will come up and say,

586
00:34:19,280 --> 00:34:21,440
Speaker 1: I really don't like your brother very much. I'm like, wow,

587
00:34:22,920 --> 00:34:26,640
Speaker 1: So no apology needed, no, no, yeah. But it's it's

588
00:34:26,680 --> 00:34:28,920
Speaker 1: just so funny because I was I was reading at

589
00:34:29,000 --> 00:34:31,200
Speaker 1: the Times had a great right up. It was Alex

590
00:34:31,239 --> 00:34:34,440
Speaker 1: Burns who did it right up on on the issue

591
00:34:34,480 --> 00:34:37,000
Speaker 1: of of of mail in voting and whatnot and changing

592
00:34:37,040 --> 00:34:38,960
Speaker 1: the election. And I was thinking back to when I

593
00:34:39,040 --> 00:34:42,080
Speaker 1: used to work with Burns and Vogel at Politico. Anyway,

594
00:34:42,520 --> 00:34:45,160
Speaker 1: Alex Vogel, all right, I mean I am speaking with

595
00:34:45,200 --> 00:34:48,439
Speaker 1: Governor Hogan the other week about the prospects of mail

596
00:34:48,520 --> 00:34:52,120
Speaker 1: in voting, and now you've got the President really pushing

597
00:34:52,239 --> 00:34:56,920
Speaker 1: this full throttle. Governor Hogan in Maryland, for example, has said, Okay,

598
00:34:56,960 --> 00:34:59,080
Speaker 1: he's fine with mail and voting, but he doesn't think

599
00:34:59,120 --> 00:35:01,399
Speaker 1: that he's gonna have to man every single registered voter

600
00:35:01,520 --> 00:35:04,040
Speaker 1: who doesn't ask for a mail in ballot a ballot.

601
00:35:04,840 --> 00:35:06,960
Speaker 1: What is the It seems like there's a lot of

602
00:35:07,040 --> 00:35:10,359
Speaker 1: divide right now. I'm not part not as as as

603
00:35:10,480 --> 00:35:12,880
Speaker 1: thick as what's going on on the stimulus, but a

604
00:35:12,960 --> 00:35:16,800
Speaker 1: lot of disagreement in terms of where Republicans and the

605
00:35:16,840 --> 00:35:19,520
Speaker 1: concern and the Republican Party is with the issue of

606
00:35:19,600 --> 00:35:21,640
Speaker 1: mail and voting, and now the President of course throwing

607
00:35:21,680 --> 00:35:25,280
Speaker 1: gasoline on the issue. Yeah. You know, at an earlier

608
00:35:25,640 --> 00:35:28,080
Speaker 1: time in my career, I was a full time election lawyer,

609
00:35:28,600 --> 00:35:31,920
Speaker 1: uh and actually was on the ground UM in Oregon

610
00:35:32,400 --> 00:35:36,360
Speaker 1: immediately following election night in two thousand, Oregon was the

611
00:35:36,440 --> 00:35:40,400
Speaker 1: first place to go all vote by mail. Um. Uh.

612
00:35:40,600 --> 00:35:45,400
Speaker 1: It didn't go perfectly um. But that's not to argue

613
00:35:45,440 --> 00:35:49,200
Speaker 1: there's some inherent uh flaw generally with allowing a vote

614
00:35:49,200 --> 00:35:52,319
Speaker 1: by mail. The larger issue that I think we're going

615
00:35:52,400 --> 00:35:57,000
Speaker 1: to run into UM is many states, not just because

616
00:35:57,040 --> 00:36:00,279
Speaker 1: of the current pandemic, but it's a general trend UM

617
00:36:00,480 --> 00:36:05,239
Speaker 1: early voting UM be that no fault absent tee vote

618
00:36:05,239 --> 00:36:07,320
Speaker 1: by mail, other things has been going on for a

619
00:36:07,400 --> 00:36:10,120
Speaker 1: long time and expanding. And so what that's meant is

620
00:36:10,400 --> 00:36:13,120
Speaker 1: there's really no such thing as election day anymore. UM.

621
00:36:13,800 --> 00:36:17,680
Speaker 1: There's election weeks UM, and no matter how that goes.

622
00:36:18,560 --> 00:36:22,640
Speaker 1: Um Uh. Two issues. One for those states who don't

623
00:36:22,760 --> 00:36:27,680
Speaker 1: have those processes in place now very challenging to try

624
00:36:27,760 --> 00:36:29,960
Speaker 1: and stand that up in time for the election. So

625
00:36:30,080 --> 00:36:33,839
Speaker 1: I think nationwide book by mail is not likely um uh.

626
00:36:34,320 --> 00:36:39,760
Speaker 1: It's just not um uh. And uh, no matter who's

627
00:36:39,800 --> 00:36:44,960
Speaker 1: president uh, the possibility of not really knowing definitively who

628
00:36:45,040 --> 00:36:48,000
Speaker 1: the winner is, UM come you know, four in the

629
00:36:48,080 --> 00:36:51,600
Speaker 1: morning on election night is pretty likely. That's very it

630
00:36:51,719 --> 00:36:53,960
Speaker 1: is very, very very likely. That's the one thing I've

631
00:36:54,000 --> 00:36:56,560
Speaker 1: learned from these conversations with Stacey Abrahams and Governor Hogan.

632
00:36:56,840 --> 00:36:59,359
Speaker 1: It is very likely that we're in for a route

633
00:36:59,400 --> 00:37:01,880
Speaker 1: awakening in the media and in the public for how

634
00:37:01,960 --> 00:37:05,080
Speaker 1: we get our election results. More. Next, we're check in

635
00:37:05,160 --> 00:37:08,680
Speaker 1: with Congressman Hollingsworth. I'm Kevin SERELLI. You're listening to Bloomberg

636
00:37:08,760 --> 00:37:18,840
Speaker 1: nine one. This is Bloomberg's sound on with Kevin Surreley

637
00:37:19,160 --> 00:37:22,800
Speaker 1: on Bloomberg and one All five point seven f m

638
00:37:22,920 --> 00:37:27,200
Speaker 1: h D two. We're on standby. Actually literally just pulled

639
00:37:27,239 --> 00:37:29,560
Speaker 1: down my mask. I ran to the to get some

640
00:37:29,680 --> 00:37:33,200
Speaker 1: water during the break and I sold the bask on habit.

641
00:37:33,360 --> 00:37:37,399
Speaker 1: We're on standby. President Trump is UH set to begin

642
00:37:37,480 --> 00:37:40,960
Speaker 1: a news conference at five at this half hour. I'll

643
00:37:40,960 --> 00:37:43,160
Speaker 1: take you live to the White House when we get there.

644
00:37:43,360 --> 00:37:45,879
Speaker 1: Some sad news today, Herman came passed away. The former

645
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Speaker 1: Republican presidential candidate and UH former UH chairman of of

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Speaker 1: one of the cities federal reserves, joining us on the line.

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Speaker 1: Congressman from Indie Aana, the Great State of Indiana. Congressman

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Speaker 1: Trey Hollingsworth, Republican representing Indiana's ninth district. Hey, welcome back

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Speaker 1: to the program, Herman Kaine. Sad news, sad sad news.

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Speaker 1: Absolutely one of many Americans that we've lost to the coronavirus,

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Speaker 1: and certainly want to make sure that we get to

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Speaker 1: the end of this as quickly and as safely as

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Speaker 1: possible so that we can stop losing great Americans. All right,

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Speaker 1: Congressman Hollingsworth, take us up to inside of the negotiations.

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Speaker 1: What are y'all fighting about over there up there on

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Speaker 1: the hill and and are we actually gonna get to

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Speaker 1: a deal? Is there going to be a breakthrough? Take

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Speaker 1: us into the weeds, because people want to know absolutely well, Look,

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Speaker 1: these are very, very large and important bill. So there's

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Speaker 1: a lot of points to discuss, a lot of points

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Speaker 1: to negotiate, a lot of points to reconcile between the

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Speaker 1: three and a half trillion dollars that Democrats in the

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Speaker 1: House want to see spend and the roughly trillion dollars

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Speaker 1: that's been Republicans came up with over the last couple

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Speaker 1: of days. So there's a lot of recons on this bill,

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Speaker 1: things like unemployment benefits, things like liability protections, like further

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Speaker 1: stimuluts for businesses to retain and perhaps even grow their

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Speaker 1: employment basis. So I think there's a lot to discuss

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Speaker 1: them here. And what I continue to tell my colleagues

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Speaker 1: is I certainly see, especially in light of the GDP

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Speaker 1: number we witnessed this morning, that there's need for this.

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Speaker 1: But we want to make sure that we get more

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Speaker 1: value than the price that we pay in value in

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Speaker 1: ensuring that the American economy and this recovery continues going forward.

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Speaker 1: And I want to make sure that we get more

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Speaker 1: of the value than the price that we're going to

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Speaker 1: pay in terms of the added deficit that we'll see

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Speaker 1: this year because of the spending. So let me ask

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Speaker 1: you about the deficit, because I hear you on the

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Speaker 1: deficit concerns. I think a lot of Republicans, especially UH

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Speaker 1: to have come up through these various crises, they are

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Speaker 1: concerned about spending. But I mean, right now, it almost

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Speaker 1: feels when when the unemployment is what it is and

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Speaker 1: then you've got the g d P JOP thirty two

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Speaker 1: point nine percent woun annualized in the second quarter. I mean,

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Speaker 1: so many families are just hanging on right now. Congressman,

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Speaker 1: I know you know that I'm not trying to get

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Speaker 1: on a soapbox, but I think a lot of people

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Speaker 1: are so anxious over the prospects of keeping their job

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Speaker 1: if they're fortunate enough to have one and and also

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Speaker 1: saying safe. And it almost feels to the magnitude of

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Speaker 1: the budget and the and the amount of money, it

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Speaker 1: almost seems not as important. But it is important, you

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Speaker 1: know what I mean. Absolutely. Look, it's hard to weigh

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Speaker 1: the balance of the long term challenge of a growing

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Speaker 1: structural federal budget deficits with the very clear and present

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Speaker 1: health dangerous the very clear and present economic dangers that

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Speaker 1: we are combating here and now. But I think it's

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Speaker 1: our job as legislators, as policymakers to think about both

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Speaker 1: of those in ways, the risk to both of those,

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Speaker 1: in the actions, in the policies that we implement. And look,

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Speaker 1: I hear you every single day. I talked to American

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Speaker 1: families that are struggling to get by, that are worried

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Speaker 1: about making their next mortgage payment, worried about paying their rent.

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Speaker 1: I talked to American businesses that are really worried about

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Speaker 1: how this impact on their sales is going to translate

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Speaker 1: to their great workforce, is going to translate to the

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Speaker 1: next generation of American innovation. I want to make sure

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Speaker 1: that we help every single one that we can, but

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Speaker 1: I also want to make sure we do it by

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Speaker 1: thinking about what the biggest return on investment for the

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Speaker 1: federal government is, because ultimately, I not only owe Americans

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Speaker 1: the best possible answer for today's crisis, but also avoiding

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Speaker 1: future fiscal crisis. All Right, I want to ask you

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Speaker 1: about you know you're you're a member of the Subcommittee

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Speaker 1: on Investor Protection, Entrepreneurship and Capital Markets on the Financial

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Speaker 1: Services on the Financial Services Committee. I want to ask

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Speaker 1: you about tax credits that are being discussed for businesses

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Speaker 1: of all different sizes UH as part of this proposal

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Speaker 1: that would say, hey, you can have a tax credit.

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Speaker 1: You can, you can get your taxes cut a bit,

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Speaker 1: but you gotta keep people on the payroll. You've gotta

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Speaker 1: not furlough employees or fire anybody by the end of

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Speaker 1: the year. Can Can you assure me that if that happens,

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Speaker 1: if that's tucked into the bill, that people aren't going

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Speaker 1: to lose their jobs. If these companies accept the tax credits, right, well,

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Speaker 1: there has to be a robust monitoring system. Ultimately, the

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Speaker 1: last thing I want to see for taxpayers is essentially,

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Speaker 1: through the tax code, give companies money that they otherwise

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Speaker 1: would have paid in taxes to the U. S. Treasury

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Speaker 1: and then not follow through on their obligations attach to that,

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Speaker 1: but if there has to be robust monitoring after the

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Speaker 1: fact to make sure they are following through. And look,

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Speaker 1: those taxpayers that are concerned about this, I certainly understand that.

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Speaker 1: But the federal government's question is are we going to

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Speaker 1: pay this out through unemployment benefits or can we keep

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Speaker 1: those employees attached to their employers and still pay something

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Speaker 1: hopefully less than employment unemployment benefits to ensure that those

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Speaker 1: workers remain employed, remain skilled, remain getting a paycheck. And

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Speaker 1: I think that's really really important work, not only for

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Speaker 1: the employer and for the U. S. Government fiscal situation,

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Speaker 1: but also for the employee in retaining those skills that

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Speaker 1: they've built up over the career. We have seen more

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Speaker 1: and more that the longer you out of the workforce,

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Speaker 1: the more decay in your skill set existence hard for

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Speaker 1: you then get a job. So that's what I want

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Speaker 1: to know is because is everyone's talking about how to

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Speaker 1: how to rebuild from a structural standpoint, are you, in

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Speaker 1: your conversations with Democrats in particular, Congressman, are you noticing

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Speaker 1: that there might actually be some areas of structural common

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Speaker 1: ground so that whoever's in the White House come next year,

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Speaker 1: but that there's a groundwork and a foundation to build

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Speaker 1: upon for this recovery because it is going to take

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Speaker 1: so long. Absolutely, I think you're exactly right. Look, the

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Speaker 1: GDP number this morning was astounding, terrifying. It's terrifying, terrifying,

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Speaker 1: but three times the largest single quarter contractions since World

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Speaker 1: War Two. I mean, this is really terrifying. It's terrifying

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Speaker 1: to you, to economists, to American skinnlies all the way

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Speaker 1: across the country. We know this is going to take time.

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Speaker 1: We know this is going to go across this election.

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Speaker 1: So I think there are areas where we in Democrats

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Speaker 1: can agree, can come together and say here is the

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Speaker 1: best use of taxpayer money to ensure that we engender

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Speaker 1: further economic growth. This is what I'm about. This is

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Speaker 1: about bringing business sense to Washington, and I believe on

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Speaker 1: a return on Capitol right. We need to make sure

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Speaker 1: that programs that maybe even work two or three months ago,

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Speaker 1: that are now becoming stale and seamless demands, Let's take

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Speaker 1: the residual funds there and redeploy them elsewhere that might

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Speaker 1: engender the next leg up in this economic growth. I

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Speaker 1: want to make sure that at every single point we

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Speaker 1: are doing what's right for American families, for American enterprises,

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Speaker 1: for the American economy, but also for the American taxpairent.

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Speaker 1: I think you hit the nail and the head in

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Speaker 1: balancing those objectives and making sure we're building a consensus

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Speaker 1: across the aisle so that this is an enduring effort

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Speaker 1: to get the economy going, not one that is starts

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Speaker 1: and stops fits of effort and then stopping throughout the

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Speaker 1: course of this election cycles. Congressman Shrewhlling is if you

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Speaker 1: just got the two minute awardings. So if I interrupt

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Speaker 1: you on the next question, it's because I got a

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Speaker 1: toss to President Trump and the press conference, so you know,

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Speaker 1: I didn't realize this. Your district is where John Mellencamp

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Speaker 1: was born, indeed for Indiana and so really proud of

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Speaker 1: so many And I got a question, what's your favorite

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00:45:07,520 --> 00:45:10,919
Speaker 1: Mellencamp song? Well, I'll tell you what. If I told

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Speaker 1: you that, I would anger a lot of people that

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Speaker 1: believe his best offers are elsewhere. And so that's the problem.

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Speaker 1: You pick one and then the camp that thinks the

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Speaker 1: other one is even better. I have one listen. I'm

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Speaker 1: from Doubta, so I can I can wait into this,

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Speaker 1: into this, I like ain't even done with the night.