1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple, Cocklay and Android 4 00:00:17,160 --> 00:00:20,520 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:24,800 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,320 --> 00:00:28,639 Speaker 2: I'm Tyler Kendall here in Washington alongside Joe Matthew, and 7 00:00:28,720 --> 00:00:30,840 Speaker 2: we are counting down to a critical vote in the 8 00:00:30,840 --> 00:00:34,199 Speaker 2: House on a potential so called clean a three year 9 00:00:34,280 --> 00:00:38,840 Speaker 2: extension of the expiring Affordable Care Act premium subsidies in factor. 10 00:00:38,920 --> 00:00:40,840 Speaker 2: Joe Matthew is going to be headed to the Hill 11 00:00:41,000 --> 00:00:43,960 Speaker 2: later tonight five pm Eastern for the late edition of 12 00:00:44,040 --> 00:00:45,879 Speaker 2: Balance of Power, where we'll have all. 13 00:00:45,760 --> 00:00:46,720 Speaker 3: Of the coverage. 14 00:00:46,880 --> 00:00:49,040 Speaker 2: The thing is is that there's big questions if this 15 00:00:49,120 --> 00:00:51,880 Speaker 2: does pass, what ends up happening in the Senate, since 16 00:00:51,960 --> 00:00:55,440 Speaker 2: lawmakers in that chamber already rejected a very similar piece 17 00:00:55,520 --> 00:00:58,520 Speaker 2: of legislation. But if you listen to Senate Minority Leader 18 00:00:58,600 --> 00:01:02,120 Speaker 2: Chuck Schumer earlier today, he says lawmakers are putting together 19 00:01:02,240 --> 00:01:03,000 Speaker 2: some sort of plan. 20 00:01:03,920 --> 00:01:10,400 Speaker 4: Democrats are going to make health care and other high costs, 21 00:01:10,440 --> 00:01:13,679 Speaker 4: the high cost of living the number one issue for 22 00:01:13,920 --> 00:01:19,440 Speaker 4: all of twenty twenty six. The average American family, there 23 00:01:19,440 --> 00:01:22,120 Speaker 4: are millions of them discussing this right now, how are 24 00:01:22,160 --> 00:01:26,400 Speaker 4: we going to pay the bills? And every day Americans 25 00:01:26,440 --> 00:01:30,120 Speaker 4: are saying to their elected officials do something about it. 26 00:01:32,520 --> 00:01:33,959 Speaker 5: Well, they're going to have a chance to do something 27 00:01:34,000 --> 00:01:36,840 Speaker 5: a little bit later on today. But as Tyler mentioned, 28 00:01:36,840 --> 00:01:40,039 Speaker 5: this is a House effort right now, and well, there 29 00:01:40,080 --> 00:01:42,560 Speaker 5: are some pieces of legislation in the Senate, but they 30 00:01:42,560 --> 00:01:46,120 Speaker 5: haven't gathered any momentum yet. What happens today could change that. 31 00:01:46,520 --> 00:01:48,480 Speaker 5: And that's where we start. Ahead of our conversation with 32 00:01:48,600 --> 00:01:51,080 Speaker 5: Congressman Jason Smith. Mike Dorning is with us from our 33 00:01:51,120 --> 00:01:53,880 Speaker 5: capital influence team at Bloomberg and it's good to see Mike. 34 00:01:53,920 --> 00:01:55,680 Speaker 5: You've been through a few rounds on Capitol Hill, and 35 00:01:55,720 --> 00:01:58,360 Speaker 5: I'm wondering what you're thinking about this now, especially when 36 00:01:58,360 --> 00:02:01,400 Speaker 5: you put these two together. The Warpower vote that drew 37 00:02:01,480 --> 00:02:04,440 Speaker 5: five Republicans to a yes in the Senate Yeah, will 38 00:02:04,480 --> 00:02:07,000 Speaker 5: likely be followed by this healthcare vote in the House 39 00:02:07,000 --> 00:02:10,480 Speaker 5: that brought nine Republicans to yes, and a procedural vote yesterday. 40 00:02:10,560 --> 00:02:13,760 Speaker 5: Has Donald Trump found the line on some of these issues? 41 00:02:13,760 --> 00:02:14,160 Speaker 6: On the Hill. 42 00:02:14,840 --> 00:02:20,799 Speaker 7: Well, these are two different issues, but very potentially, very problematic. 43 00:02:21,280 --> 00:02:24,320 Speaker 7: The healthcare issue is the one that scares the people 44 00:02:24,440 --> 00:02:26,720 Speaker 7: who are going to be up for election next year 45 00:02:26,800 --> 00:02:31,960 Speaker 7: the most, because we've seen constantly people are concerned about 46 00:02:31,960 --> 00:02:35,560 Speaker 7: the cost of living. These healthcare spikes are going to 47 00:02:35,600 --> 00:02:38,639 Speaker 7: be doubling premiums for people who are on the Affordable 48 00:02:38,680 --> 00:02:43,280 Speaker 7: Care Act, and this is a signal that the Republicans 49 00:02:43,320 --> 00:02:51,280 Speaker 7: are worried about these surge in healthcare premiums. Nowadays, Actually 50 00:02:51,400 --> 00:02:57,519 Speaker 7: Republican areas are more dependent on Obamacare policies than Democratic areas, 51 00:02:57,880 --> 00:03:00,799 Speaker 7: and that's because the party, the Republican Party changed, it's 52 00:03:00,840 --> 00:03:05,640 Speaker 7: more working class. So that's a leading indicator of an 53 00:03:05,680 --> 00:03:10,560 Speaker 7: election worry. The Venezuela thing is separate, that people are 54 00:03:10,600 --> 00:03:15,240 Speaker 7: worried about a quagmire. Remember, a lot of the support 55 00:03:15,320 --> 00:03:19,440 Speaker 7: for Trump was partly Republicans who were upset that felt 56 00:03:19,440 --> 00:03:23,560 Speaker 7: like Bush misled them on Iraq and they went into 57 00:03:23,600 --> 00:03:28,519 Speaker 7: that and that became a quagmire. Now, Republicans in Congress, 58 00:03:28,639 --> 00:03:32,840 Speaker 7: when they hear Trump saying we'll run Venezuela, we have 59 00:03:32,919 --> 00:03:35,400 Speaker 7: to be open to boots on the ground, they're thinking, no, 60 00:03:35,640 --> 00:03:38,800 Speaker 7: we're not open to that, and it's amazing to see 61 00:03:38,840 --> 00:03:42,400 Speaker 7: this level of opposition before there's been a single American 62 00:03:42,480 --> 00:03:43,400 Speaker 7: killed in combat. 63 00:03:44,000 --> 00:03:44,680 Speaker 8: So let's go. 64 00:03:45,120 --> 00:03:47,440 Speaker 2: Maybe backwards in order healthcare. 65 00:03:47,560 --> 00:03:48,400 Speaker 9: I have a question on. 66 00:03:48,480 --> 00:03:52,040 Speaker 2: First, when it comes to this plan the House not 67 00:03:52,040 --> 00:03:54,480 Speaker 2: expected to pass the Senate, what does movement look like 68 00:03:54,600 --> 00:03:57,160 Speaker 2: right now on a potential Senate deal, because it seems 69 00:03:57,240 --> 00:03:59,960 Speaker 2: like they could be coalescing around something that might get 70 00:04:00,160 --> 00:04:03,080 Speaker 2: enough support to then kick back down to the lower chamber. 71 00:04:03,960 --> 00:04:07,880 Speaker 7: Yeah, they're sort of wrestling with a couple of different issues, 72 00:04:07,920 --> 00:04:12,680 Speaker 7: something about how abortion is handled in this and Republican 73 00:04:13,920 --> 00:04:16,719 Speaker 7: wishes to move the system more towards something called a 74 00:04:16,760 --> 00:04:21,159 Speaker 7: health savings account, which is essentially less an insurance policy 75 00:04:21,200 --> 00:04:26,520 Speaker 7: and more just a tax protected pot of money that 76 00:04:26,600 --> 00:04:31,000 Speaker 7: you can use to spend on healthcare, and it's just balancing. 77 00:04:31,400 --> 00:04:34,160 Speaker 7: The Democrats don't want to do either of those two things. 78 00:04:34,200 --> 00:04:36,520 Speaker 7: The Republicans do want to do both of those things, 79 00:04:36,560 --> 00:04:39,560 Speaker 7: and they're kind of back and forth on it. They 80 00:04:39,600 --> 00:04:42,440 Speaker 7: haven't gotten there yet, but there's kind of circling around 81 00:04:42,480 --> 00:04:47,000 Speaker 7: a possible deal. This vote in the House will probably 82 00:04:47,040 --> 00:04:50,320 Speaker 7: put a little bit more political pressure on the Republicans 83 00:04:50,360 --> 00:04:52,400 Speaker 7: in the Senate to try to come up with something. 84 00:04:53,080 --> 00:04:54,680 Speaker 5: As you like to say, Mike, you've been flipping a 85 00:04:54,720 --> 00:04:56,520 Speaker 5: lot of burgers today, and one of the other ones 86 00:04:56,760 --> 00:04:59,120 Speaker 5: is actually funding the government. And before we talk to 87 00:04:59,160 --> 00:05:02,160 Speaker 5: the chairman, your thoughts on this, because while we talk 88 00:05:02,200 --> 00:05:06,000 Speaker 5: about some of these more controversial items very quietly, there's 89 00:05:06,040 --> 00:05:08,840 Speaker 5: been something maybe resembling or at least closer to regular 90 00:05:08,960 --> 00:05:11,960 Speaker 5: order happening on Capitol Hill in a way that might 91 00:05:12,000 --> 00:05:14,920 Speaker 5: help us avoid a government shut down without, you know, 92 00:05:14,960 --> 00:05:18,000 Speaker 5: a year long CR or whatever the other option might be. 93 00:05:18,240 --> 00:05:19,919 Speaker 5: How close are we to getting a budget. 94 00:05:21,720 --> 00:05:24,960 Speaker 7: There's definitely a wish not to have a year long CR, 95 00:05:25,080 --> 00:05:28,120 Speaker 7: but there's some complications and they're kind of technical, like 96 00:05:29,080 --> 00:05:33,080 Speaker 7: conservatives not wanting to do ear marks and various other things. 97 00:05:33,440 --> 00:05:35,919 Speaker 7: But the important thing to look at if you're bottom 98 00:05:35,960 --> 00:05:39,200 Speaker 7: lining this is the Democrats don't want to do another shutdown, 99 00:05:39,520 --> 00:05:42,440 Speaker 7: the Republicans don't want to do another shutdown, and Trump 100 00:05:42,520 --> 00:05:44,480 Speaker 7: doesn't want to do another shut It's a good combination, 101 00:05:44,640 --> 00:05:47,400 Speaker 7: so they're all trying to find a way to avoid 102 00:05:47,440 --> 00:05:51,159 Speaker 7: a shutdown. So the risk of a shutdown at the 103 00:05:51,240 --> 00:05:54,800 Speaker 7: end of the month is low because everyone wants to 104 00:05:54,800 --> 00:05:56,760 Speaker 7: figure out a way to avoid it, whether we'll actually 105 00:05:56,839 --> 00:06:01,280 Speaker 7: be able to get budgets passed and appropriates bills. They're 106 00:06:01,360 --> 00:06:04,400 Speaker 7: kind of hitting a lot of bumps on the road there, 107 00:06:04,960 --> 00:06:07,559 Speaker 7: but it's looking like they're going to try to find 108 00:06:07,600 --> 00:06:08,839 Speaker 7: some way of avoiding it. 109 00:06:08,920 --> 00:06:11,560 Speaker 2: All right, we keep hearing cautious optimisms. Yeah, so we're 110 00:06:11,600 --> 00:06:13,320 Speaker 2: going to have to wait till the end of the 111 00:06:13,320 --> 00:06:15,799 Speaker 2: month to see al right. Probably one of the busiest 112 00:06:15,960 --> 00:06:18,360 Speaker 2: people in our bureau today, Mike Dorning, who helps run 113 00:06:18,360 --> 00:06:20,800 Speaker 2: our Capital Influence team, Thanks so much for being here. 114 00:06:21,000 --> 00:06:23,560 Speaker 2: We're going to extend the conversation. Now, bring in one 115 00:06:23,640 --> 00:06:26,120 Speaker 2: of the lawmakers that we'll have a say in all 116 00:06:26,160 --> 00:06:29,400 Speaker 2: of this. That's Congressman Jason Smith, a Republican representing Missouri's 117 00:06:29,440 --> 00:06:32,520 Speaker 2: eighth district and chair of the Houseways and Means Committee. 118 00:06:32,520 --> 00:06:35,400 Speaker 2: He joins us now from Capitol Hell. Congressman, thanks for 119 00:06:35,480 --> 00:06:37,599 Speaker 2: being here. Let's start with this vote that's happening in 120 00:06:37,640 --> 00:06:40,920 Speaker 2: your chamber later today. Correct me if I'm wrong. I'm 121 00:06:40,960 --> 00:06:43,480 Speaker 2: assuming that you're going to vote against it based off 122 00:06:43,480 --> 00:06:46,960 Speaker 2: of the procedural vote we saw yesterday. Let me know 123 00:06:47,080 --> 00:06:50,120 Speaker 2: on that, and if so, do you have any appetite 124 00:06:50,160 --> 00:06:52,599 Speaker 2: for an extension down the road if we do get 125 00:06:52,760 --> 00:06:56,359 Speaker 2: something different from the Upper Chamber, maybe a shorter extension 126 00:06:56,400 --> 00:06:57,960 Speaker 2: with some structural changes. 127 00:06:58,920 --> 00:06:59,920 Speaker 3: Well, we have an appetit. 128 00:07:00,080 --> 00:07:03,480 Speaker 10: Height four is to lower the cost of healthcare for 129 00:07:03,600 --> 00:07:08,159 Speaker 10: all Americans. That's three hundred and forty seven million Americans. Unfortunately, 130 00:07:08,440 --> 00:07:12,320 Speaker 10: what is on the floor today only addresses seven percent 131 00:07:12,520 --> 00:07:17,520 Speaker 10: of the population. And what's quite unfortunate that that seven 132 00:07:17,600 --> 00:07:21,560 Speaker 10: percent is part of the Obamacare exchanges that is just 133 00:07:21,720 --> 00:07:24,840 Speaker 10: littered with so much waste, fraud, and abuse. The Government 134 00:07:24,920 --> 00:07:28,640 Speaker 10: Accountability Office just came out with report a couple weeks 135 00:07:28,680 --> 00:07:33,200 Speaker 10: ago that cited fifty nine thousand dead people the insurance 136 00:07:33,240 --> 00:07:36,720 Speaker 10: companies were being subsidized four one Social Security number was 137 00:07:36,760 --> 00:07:40,200 Speaker 10: tied to one hundred and twenty five plus different policies. 138 00:07:40,440 --> 00:07:43,280 Speaker 10: We need to make sure we fix the system, get 139 00:07:43,280 --> 00:07:45,280 Speaker 10: out the waste, fraud and abuse. We saw what's going 140 00:07:45,320 --> 00:07:48,080 Speaker 10: on in Minnesota with fraud. We need to do that. 141 00:07:48,520 --> 00:07:53,600 Speaker 10: And just extending current status quo is unacceptable to the taxpayers. 142 00:07:54,800 --> 00:07:56,800 Speaker 3: Well, mister Chairman, it's good to see and welcome back. 143 00:07:56,840 --> 00:07:59,480 Speaker 5: I wonder in that case if you might warm up 144 00:07:59,520 --> 00:08:01,680 Speaker 5: to the idea of what's in this Senate bill. The 145 00:08:01,720 --> 00:08:05,520 Speaker 5: Bernie Moreno Bill would cap eligibility at seven hundred percent 146 00:08:05,560 --> 00:08:10,000 Speaker 5: of the federal poverty level and require a minimum premium payment. 147 00:08:10,120 --> 00:08:12,080 Speaker 5: Is that closer to what you're looking for. 148 00:08:13,600 --> 00:08:16,160 Speaker 10: It's definitely a step in the right direction. But what 149 00:08:16,200 --> 00:08:20,320 Speaker 10: we have to understand is, as of January first of 150 00:08:20,360 --> 00:08:26,480 Speaker 10: this year, those extended COVID era subsidies expired. The Democrats 151 00:08:26,520 --> 00:08:29,040 Speaker 10: created them in the American Rescue Plan and they made 152 00:08:29,080 --> 00:08:32,160 Speaker 10: them temporary. They extended them the Inflation Reduction Act, and 153 00:08:32,160 --> 00:08:35,000 Speaker 10: they're the ones who set the date for December thirty 154 00:08:35,000 --> 00:08:38,319 Speaker 10: first of this year. When you look at that they 155 00:08:38,800 --> 00:08:43,320 Speaker 10: in those subsidies, they allowed an unlimited amount of income 156 00:08:43,760 --> 00:08:46,960 Speaker 10: to be subsidized. So like a husband and wife making 157 00:08:47,000 --> 00:08:50,200 Speaker 10: six hundred thousand dollars a year is subsidized. It now 158 00:08:50,320 --> 00:08:53,920 Speaker 10: reverts to four hundred percent a federal poverty level, so 159 00:08:54,040 --> 00:08:57,520 Speaker 10: anyone below four hundred percent federal poverty level will have 160 00:08:57,640 --> 00:08:59,120 Speaker 10: substantial subsidies. 161 00:09:01,520 --> 00:09:05,600 Speaker 2: Is this vote happening today a reflection on Republican leadership 162 00:09:05,679 --> 00:09:08,280 Speaker 2: in your chamber, Because, Congressman, the only reason why it's 163 00:09:08,280 --> 00:09:11,160 Speaker 2: happening is because some of your colleagues crossed the aisle 164 00:09:11,200 --> 00:09:12,679 Speaker 2: to force that discharge petition. 165 00:09:14,559 --> 00:09:18,400 Speaker 10: This vote's happening because Republicans are standing for all Americans 166 00:09:18,440 --> 00:09:22,160 Speaker 10: to make sure that we lower healthcare costs for all Americans. 167 00:09:22,200 --> 00:09:25,640 Speaker 10: All that the Democrats have been holding out for is 168 00:09:25,760 --> 00:09:29,000 Speaker 10: just seven percent of the population, twenty four million people 169 00:09:29,240 --> 00:09:31,280 Speaker 10: that's on the exchanges. But let's talk about those twenty 170 00:09:31,280 --> 00:09:35,560 Speaker 10: four million people in the exchanges. Last year alone, twelve million, 171 00:09:36,160 --> 00:09:40,480 Speaker 10: twelve million people on those exchanges didn't file one medical claim, 172 00:09:40,520 --> 00:09:43,680 Speaker 10: not even a prescription. You cannot tell me those people 173 00:09:43,720 --> 00:09:47,439 Speaker 10: did not have health care expenses. They just simply didn't 174 00:09:47,480 --> 00:09:50,880 Speaker 10: know that they were automatically enrolled. But guess what those 175 00:09:50,880 --> 00:09:53,359 Speaker 10: insurance companies, they were all being subsidized. 176 00:09:55,280 --> 00:09:58,320 Speaker 5: Well, last time we had you here, mister Chairman, we 177 00:09:58,360 --> 00:10:01,000 Speaker 5: talked about the possibility of a governm shutdown or on 178 00:10:01,000 --> 00:10:04,240 Speaker 5: the other side of that coin, maybe an actual budget 179 00:10:04,320 --> 00:10:06,439 Speaker 5: by the end of this month. I know at one 180 00:10:06,440 --> 00:10:08,600 Speaker 5: point you were in favor of just clearing the decks, 181 00:10:08,600 --> 00:10:10,480 Speaker 5: as you told us, in doing a year long cr 182 00:10:10,559 --> 00:10:13,800 Speaker 5: that was ahead of what became the longest government shut 183 00:10:13,800 --> 00:10:17,040 Speaker 5: down in American history. Now that we're seeing MANI buses 184 00:10:17,080 --> 00:10:20,559 Speaker 5: start to move, I'm wondering where your level of optimism 185 00:10:20,640 --> 00:10:24,000 Speaker 5: lies and whether these votes have something to do with it. 186 00:10:24,040 --> 00:10:25,960 Speaker 5: If the healthcare vote in the House doesn't pass the 187 00:10:26,000 --> 00:10:28,599 Speaker 5: Senate and vice versa, are we at greater risk of 188 00:10:28,640 --> 00:10:29,280 Speaker 5: shutting down? 189 00:10:30,640 --> 00:10:34,440 Speaker 10: We have three of the twelve appropriations bill sign into law, 190 00:10:34,920 --> 00:10:37,360 Speaker 10: We have nine more to do. Three more will be 191 00:10:37,679 --> 00:10:40,720 Speaker 10: attempted this week. I believe that those will pass, go 192 00:10:40,720 --> 00:10:42,920 Speaker 10: to the Senate and get the job done. 193 00:10:43,120 --> 00:10:43,560 Speaker 3: We're not. 194 00:10:44,520 --> 00:10:46,800 Speaker 10: I hope that all of my colleagues have learned that 195 00:10:46,840 --> 00:10:49,240 Speaker 10: a government shutdown is not the answer, and then we're 196 00:10:49,240 --> 00:10:51,840 Speaker 10: going to come together. And it appears, it appears so 197 00:10:51,920 --> 00:10:54,920 Speaker 10: far from every indicator that I've seen, that no one 198 00:10:54,960 --> 00:10:57,200 Speaker 10: wants a government shut down. They want to work together, 199 00:10:57,280 --> 00:10:59,839 Speaker 10: they want to fund government, and I think that we'll 200 00:11:00,000 --> 00:11:01,079 Speaker 10: we'll get the job done. 201 00:11:02,920 --> 00:11:03,160 Speaker 11: Well. 202 00:11:03,200 --> 00:11:06,040 Speaker 2: Sticking with the budget, President Trump is calling for a 203 00:11:06,080 --> 00:11:09,720 Speaker 2: record one point five trillion dollar defense budget and a 204 00:11:09,760 --> 00:11:13,439 Speaker 2: post yesterday he wants to see this massive five hundred 205 00:11:13,559 --> 00:11:17,240 Speaker 2: billion dollar increase. Are Republicans ready to get behind that? 206 00:11:18,840 --> 00:11:18,960 Speaker 3: So? 207 00:11:19,440 --> 00:11:22,080 Speaker 10: I don't know exactly what you're talking about. It's not 208 00:11:22,120 --> 00:11:26,000 Speaker 10: something that I have have seen. But what Republicans are 209 00:11:26,000 --> 00:11:30,040 Speaker 10: focused on is getting our fiscal house in order. I 210 00:11:30,040 --> 00:11:32,280 Speaker 10: can tell you, and so is the President. If you 211 00:11:32,400 --> 00:11:35,520 Speaker 10: just look at last year, last year alone, out of 212 00:11:35,640 --> 00:11:39,440 Speaker 10: twelve months, three of the twelve months, for the first 213 00:11:39,480 --> 00:11:43,240 Speaker 10: time in decades, did we have more revenues coming into 214 00:11:43,240 --> 00:11:47,320 Speaker 10: the country than we had expenditures in the months of April, June, 215 00:11:47,600 --> 00:11:50,599 Speaker 10: and September. That hadn't happened in decades. So that's a 216 00:11:50,600 --> 00:11:52,200 Speaker 10: step in the right direction. But we need it for 217 00:11:52,200 --> 00:11:53,720 Speaker 10: twelve months, not just three. 218 00:11:55,920 --> 00:11:58,880 Speaker 2: Well, we'll show you the post Congressman yesterday. That's coming 219 00:11:58,920 --> 00:12:02,040 Speaker 2: from a President Trump saying, in part quote, after long 220 00:12:02,120 --> 00:12:07,560 Speaker 2: and difficult negotiations with senators, congressmen, secretaries, and other political representatives, 221 00:12:07,800 --> 00:12:10,480 Speaker 2: I've determined that for the good of our country, especially 222 00:12:10,559 --> 00:12:14,160 Speaker 2: in these very troubled and dangerous times, our military budget 223 00:12:14,280 --> 00:12:16,760 Speaker 2: for the year twenty twenty seven should not be one 224 00:12:16,840 --> 00:12:21,640 Speaker 2: trillion dollars, but rather one point five trillion dollars. Does 225 00:12:21,679 --> 00:12:24,520 Speaker 2: seeing this post now change any of what we just 226 00:12:24,559 --> 00:12:26,679 Speaker 2: heard from you in terms of your answer and the 227 00:12:26,760 --> 00:12:29,120 Speaker 2: viability for this One. 228 00:12:29,000 --> 00:12:32,640 Speaker 10: Of the most important responsibilities of the federal government is 229 00:12:32,760 --> 00:12:36,360 Speaker 10: national security, and that's making sure that our citizens are safe, 230 00:12:36,520 --> 00:12:39,679 Speaker 10: and that is a huge focus of this administration. Unfortunately, 231 00:12:39,720 --> 00:12:42,240 Speaker 10: the prior administration, they were out to launch when it 232 00:12:42,240 --> 00:12:46,640 Speaker 10: came to protecting the homeland. That's why, under President Trump's leadership, 233 00:12:46,920 --> 00:12:51,000 Speaker 10: we have record lows in violent crime in the United States, 234 00:12:51,080 --> 00:12:54,199 Speaker 10: actually the lowest in five years, and just all across 235 00:12:54,200 --> 00:12:57,600 Speaker 10: the board, record lows. So the President is all about 236 00:12:57,679 --> 00:13:00,319 Speaker 10: law and order. He was investing in law n order, 237 00:13:00,640 --> 00:13:03,319 Speaker 10: and that should be a priority for Congress and it's 238 00:13:03,320 --> 00:13:04,680 Speaker 10: the priority of the American people. 239 00:13:05,760 --> 00:13:07,839 Speaker 5: We wanted to ask you about that because my gosh, 240 00:13:07,840 --> 00:13:10,480 Speaker 5: a one and a half trillion dollar budget would have 241 00:13:10,559 --> 00:13:14,079 Speaker 5: to probably have to be managed by raising some revenues 242 00:13:14,200 --> 00:13:17,400 Speaker 5: or cutting a significant amount of spending. But mister Chairman, 243 00:13:17,600 --> 00:13:19,319 Speaker 5: we've only got a couple minutes left, and I'd like 244 00:13:19,360 --> 00:13:21,079 Speaker 5: to ask you about what appears to be a looming 245 00:13:21,080 --> 00:13:23,319 Speaker 5: decision by the Supreme Court on tariffs. 246 00:13:23,920 --> 00:13:26,440 Speaker 3: This could come tomorrow. We know it's a decision day. 247 00:13:27,000 --> 00:13:29,439 Speaker 5: It might involve other decisions as well, but at some 248 00:13:29,559 --> 00:13:31,640 Speaker 5: point the Court's going to have to rule in the 249 00:13:31,679 --> 00:13:34,319 Speaker 5: near term on this, and I'm wondering if they do 250 00:13:34,360 --> 00:13:37,880 Speaker 5: strike it down, as tariffs are the purview of the Congress, 251 00:13:38,320 --> 00:13:41,200 Speaker 5: will there be legislation to back up the president to 252 00:13:41,280 --> 00:13:44,559 Speaker 5: do what he's trying to do through legislative form. 253 00:13:44,679 --> 00:13:45,800 Speaker 3: Has that bill been written. 254 00:13:47,120 --> 00:13:51,680 Speaker 10: There is no question that whatever the whatever the decision 255 00:13:51,760 --> 00:13:54,280 Speaker 10: is from this upcoming Supreme Court are going to have 256 00:13:54,400 --> 00:13:57,760 Speaker 10: huge consequences in Congress will have to act appropriately. It's 257 00:13:57,800 --> 00:14:00,400 Speaker 10: why that is the first and only time I've ever 258 00:14:00,440 --> 00:14:03,560 Speaker 10: said before the oral arguments, and I did during that 259 00:14:03,800 --> 00:14:06,800 Speaker 10: case a few months back. And I think it rests 260 00:14:06,840 --> 00:14:11,400 Speaker 10: within just a couple different different justices actually too, would 261 00:14:11,440 --> 00:14:16,679 Speaker 10: be my guess, and I'm hopeful that they'll make the 262 00:14:16,760 --> 00:14:19,240 Speaker 10: right decision. I believe the President has the authority to 263 00:14:19,320 --> 00:14:23,360 Speaker 10: do what he's been doing clearly under i EPA. And 264 00:14:23,480 --> 00:14:26,200 Speaker 10: let's see if the courts will will decide that. If 265 00:14:26,280 --> 00:14:29,800 Speaker 10: the court's rule the other way, Congress will act appropriately. 266 00:14:31,000 --> 00:14:34,680 Speaker 5: Okay, there you have it from Jason Smith, Chairman Houseways 267 00:14:34,720 --> 00:14:36,440 Speaker 5: and means Congressman, thank you. It's good to have you 268 00:14:36,480 --> 00:14:39,560 Speaker 5: back as always on Bloomberg TV and Radio. That's a 269 00:14:39,600 --> 00:14:41,800 Speaker 5: tape that we might be playing back at some point, Tyler, 270 00:14:41,800 --> 00:14:43,760 Speaker 5: and it could be as soon as ten o'clock tomorrow morning. 271 00:14:43,840 --> 00:14:46,280 Speaker 2: Well, and it's also really interesting if we look at 272 00:14:46,280 --> 00:14:49,040 Speaker 2: how the administration has talked about using tiraff revenue and 273 00:14:49,040 --> 00:14:51,680 Speaker 2: how that could impact some of President Trump's ideas for 274 00:14:51,720 --> 00:14:54,400 Speaker 2: the future, like a tiraf revenue rebate check. I mean, 275 00:14:54,440 --> 00:14:57,120 Speaker 2: you mentioned it in this post on military spending. President 276 00:14:57,160 --> 00:14:59,320 Speaker 2: said that some of that could come from tariff revenue. 277 00:14:59,360 --> 00:14:59,720 Speaker 3: That's true. 278 00:15:00,000 --> 00:15:01,960 Speaker 5: If you're adding a half a trillion dollars to the 279 00:15:02,000 --> 00:15:05,360 Speaker 5: defense budget, that might require some work at ways and means, 280 00:15:05,360 --> 00:15:06,760 Speaker 5: which is why we wanted to get to that with 281 00:15:06,840 --> 00:15:07,560 Speaker 5: Jason Smith. 282 00:15:07,640 --> 00:15:09,800 Speaker 3: Stay with us on Balance of Power. We'll have much 283 00:15:09,840 --> 00:15:11,040 Speaker 3: more coming up after this. 284 00:15:16,440 --> 00:15:19,880 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 285 00:15:19,960 --> 00:15:22,960 Speaker 1: us live weekdays at noon and five pm Eastern on 286 00:15:23,120 --> 00:15:26,400 Speaker 1: Apple Coarcklay and Android Auto with the Bloomberg Business App. 287 00:15:26,520 --> 00:15:29,800 Speaker 1: Listen on demand wherever you get your podcasts, or watch 288 00:15:29,840 --> 00:15:32,320 Speaker 1: us live on YouTube. 289 00:15:32,680 --> 00:15:35,240 Speaker 5: Already been an interesting day here in Washington, hasn't it? 290 00:15:35,280 --> 00:15:38,760 Speaker 5: With this war powers vote a procedural vote granted, passing 291 00:15:39,640 --> 00:15:43,240 Speaker 5: the Senate with five Republicans earlier. It sets up a 292 00:15:43,240 --> 00:15:45,160 Speaker 5: floor vote for next week. We'll be talking about that 293 00:15:45,240 --> 00:15:48,240 Speaker 5: more as the day goes on. Working our way toward 294 00:15:48,280 --> 00:15:50,000 Speaker 5: a healthcare vote in the House, We're going to be 295 00:15:50,080 --> 00:15:52,080 Speaker 5: up on Capitol Hill for the late edition of Balance 296 00:15:52,080 --> 00:15:54,040 Speaker 5: of Power that's supposed to happen round four thirty or 297 00:15:54,080 --> 00:15:56,880 Speaker 5: five o'clock Eastern time. This is the vote to extend 298 00:15:56,920 --> 00:16:01,080 Speaker 5: Obamacare subsidies, and very much like the War Powers vote, 299 00:16:01,080 --> 00:16:04,480 Speaker 5: we'll be watching closely to see how many Republicans might 300 00:16:04,560 --> 00:16:07,200 Speaker 5: want to vote for this. Nine voted for the procedural 301 00:16:07,320 --> 00:16:10,880 Speaker 5: vote yesterday. So just keep all of that in your pipe. 302 00:16:10,920 --> 00:16:14,160 Speaker 5: You can smoke that later as we consider what's happening 303 00:16:14,200 --> 00:16:15,320 Speaker 5: in Minneapolis today. 304 00:16:15,680 --> 00:16:17,000 Speaker 3: There's a lot of plates. 305 00:16:16,640 --> 00:16:19,480 Speaker 5: That we're spinning here, and this one is the most 306 00:16:19,520 --> 00:16:24,200 Speaker 5: recent political roar shock test that we've had put before 307 00:16:24,280 --> 00:16:27,080 Speaker 5: us here. This is, of course, the shooting that brought 308 00:16:27,200 --> 00:16:30,520 Speaker 5: hundreds of people to vigils and protests last night in Minneapolis, 309 00:16:30,560 --> 00:16:33,520 Speaker 5: an Ice agent shooting and killing a thirty seven year 310 00:16:33,560 --> 00:16:37,360 Speaker 5: old woman who they say was trying to run them over. 311 00:16:38,560 --> 00:16:41,840 Speaker 3: Now, this is delicate stuff. Nobody's going to be happy 312 00:16:41,840 --> 00:16:42,120 Speaker 3: with the. 313 00:16:42,040 --> 00:16:44,880 Speaker 5: Outcome of this conversation because nobody agrees on it. And 314 00:16:44,920 --> 00:16:47,920 Speaker 5: when I talk about the rar shock test, everyone's doom 315 00:16:47,920 --> 00:16:50,200 Speaker 5: scroll this morning was the same right you get on Twitter, 316 00:16:50,240 --> 00:16:53,160 Speaker 5: maybe you're healthier than I am, and don't do that 317 00:16:53,200 --> 00:16:54,880 Speaker 5: in the morning. But you get on social media and 318 00:16:54,960 --> 00:16:58,520 Speaker 5: you start scrolling, and you don't have to look at 319 00:16:58,560 --> 00:17:02,160 Speaker 5: the names of the people who wrote the posts to 320 00:17:02,480 --> 00:17:05,959 Speaker 5: understand whether they're Democrats or Republicans, because your take on this, 321 00:17:06,119 --> 00:17:08,639 Speaker 5: having seen one video or another, is probably going to 322 00:17:08,720 --> 00:17:11,760 Speaker 5: ride on what you think about this administration. That in 323 00:17:11,800 --> 00:17:15,200 Speaker 5: itself is probably a problem. But it's where we start 324 00:17:15,240 --> 00:17:18,760 Speaker 5: our conversation with our political panel today, because everybody's got 325 00:17:18,760 --> 00:17:21,400 Speaker 5: a hot take on this. And as I mentioned, about 326 00:17:21,400 --> 00:17:23,639 Speaker 5: fifteen minutes from now, Vice President j d Vance is 327 00:17:23,640 --> 00:17:25,760 Speaker 5: going to be in the briefing room at the White House, 328 00:17:26,440 --> 00:17:28,760 Speaker 5: having spent a good chunk of his evening last evening 329 00:17:28,800 --> 00:17:33,320 Speaker 5: talking about this on social media. The administration is calling 330 00:17:33,359 --> 00:17:39,119 Speaker 5: this domestic terrorism before anyone has a chance to investigate 331 00:17:39,160 --> 00:17:43,000 Speaker 5: anything that happened in the street yesterday. And for a 332 00:17:43,040 --> 00:17:45,720 Speaker 5: sense of the rhetoric here, we can start with the locals, 333 00:17:45,920 --> 00:17:49,679 Speaker 5: if you will. In Minneapolis, Jacob Frey or Fry, the 334 00:17:50,359 --> 00:17:53,280 Speaker 5: mayor of Minneapolis, spoke about this, as did Tim Walls, 335 00:17:53,320 --> 00:17:53,760 Speaker 5: the governor. 336 00:17:53,800 --> 00:17:56,880 Speaker 12: Listen, they don't tell us they're coming, they don't say 337 00:17:56,880 --> 00:18:01,080 Speaker 12: why they're sending the largest deployment in American history to Minneapolis. 338 00:18:01,600 --> 00:18:04,480 Speaker 12: They're not making us any safer. We don't have any 339 00:18:04,480 --> 00:18:07,000 Speaker 12: of that coordination. They should be talking to us when 340 00:18:07,000 --> 00:18:07,680 Speaker 12: we do these things. 341 00:18:07,760 --> 00:18:12,880 Speaker 8: What they are doing is causing chaos and distrust. They're 342 00:18:12,960 --> 00:18:17,639 Speaker 8: ripping families apart, They're sowing chaos on our streets and 343 00:18:17,680 --> 00:18:20,320 Speaker 8: in this case, quite literally killing people. 344 00:18:22,720 --> 00:18:27,000 Speaker 5: Enter Christy nom the Secretary of Homeland Security, obviously sees 345 00:18:27,040 --> 00:18:30,400 Speaker 5: this a lot differently. She's been speaking as well. Listened 346 00:18:30,440 --> 00:18:31,760 Speaker 5: to her from a briefing yesterday. 347 00:18:32,680 --> 00:18:35,679 Speaker 9: ICE agents repeatedly ordered her to get out of the 348 00:18:35,680 --> 00:18:39,560 Speaker 9: car and to stop instructing obstructing law enforcement, but she 349 00:18:39,680 --> 00:18:43,359 Speaker 9: refused to obey their commands. She then proceeded to weaponize 350 00:18:43,359 --> 00:18:46,560 Speaker 9: her vehicle, and she attempted to run an law enforcement 351 00:18:46,600 --> 00:18:51,119 Speaker 9: officer over. This appears as an attempt to kill or 352 00:18:51,200 --> 00:18:53,320 Speaker 9: to cause bodily harm to agents. 353 00:18:55,840 --> 00:18:57,359 Speaker 5: Now, I want to be clear, we're not going to 354 00:18:57,440 --> 00:18:59,480 Speaker 5: solve this today, and we're not going to debate what 355 00:18:59,560 --> 00:19:03,760 Speaker 5: actually happened there yesterday. This is not CNN and we 356 00:19:03,840 --> 00:19:07,040 Speaker 5: are not forensic analysts. And by the way, if you've 357 00:19:07,080 --> 00:19:11,320 Speaker 5: seen the videos that everyone's making these lofty conclusions. 358 00:19:10,640 --> 00:19:11,720 Speaker 3: On their not great. 359 00:19:12,200 --> 00:19:14,480 Speaker 5: They're all from weird angles, and they're grainy and you 360 00:19:14,520 --> 00:19:17,439 Speaker 5: can't really tell who's saying, what are doing what. With 361 00:19:17,520 --> 00:19:20,600 Speaker 5: some exceptions, get a sense of what happened there, but 362 00:19:20,640 --> 00:19:22,640 Speaker 5: to actually make a ruling on this is pretty difficult 363 00:19:22,680 --> 00:19:26,639 Speaker 5: right now. I'm more interested in the political reaction and 364 00:19:26,680 --> 00:19:29,640 Speaker 5: the lack of patience with this whole thing. And it's 365 00:19:29,640 --> 00:19:33,400 Speaker 5: where we start with our political panel today. Adam Hodge 366 00:19:33,480 --> 00:19:36,679 Speaker 5: is with this Democratic strategist Bloomberg Politics contributor and managing 367 00:19:36,720 --> 00:19:41,200 Speaker 5: partner at Bully Pulpit International, and Matt Terrell's back Republican strategists, 368 00:19:41,200 --> 00:19:46,480 Speaker 5: managing partner at Firehouse Strategies. Gentlemen, welcome, and I appreciate 369 00:19:46,880 --> 00:19:52,359 Speaker 5: your grace in dealing with a very sensitive issue here. Adam, 370 00:19:52,400 --> 00:19:55,600 Speaker 5: give me your take on this. First of all, even 371 00:19:55,600 --> 00:19:58,320 Speaker 5: the President was quick to weigh in here. In fact, 372 00:19:58,359 --> 00:20:00,840 Speaker 5: he had a New York Times reporter in his Oval 373 00:20:00,880 --> 00:20:04,159 Speaker 5: office yesterday and had a laptop set out here with 374 00:20:04,240 --> 00:20:06,359 Speaker 5: a video on it to prove what he thought happened. 375 00:20:06,400 --> 00:20:08,080 Speaker 5: How dangerous is this moment that we're in? 376 00:20:10,200 --> 00:20:12,840 Speaker 13: Well, Joe, I think you are giving us the right 377 00:20:12,840 --> 00:20:17,120 Speaker 13: guidance here, and it's where I start. Three kids woke 378 00:20:17,160 --> 00:20:21,240 Speaker 13: up this morning in Minneapolis without their mom. And that's 379 00:20:21,240 --> 00:20:24,479 Speaker 13: sobering for anybody, regardless of the circumstances, regardless of your 380 00:20:24,520 --> 00:20:28,760 Speaker 13: political views. They're change, their lives are changed forever because 381 00:20:28,760 --> 00:20:31,479 Speaker 13: they're not going to grow up without their mom. I 382 00:20:31,520 --> 00:20:35,400 Speaker 13: think you take a step back from a political standpoint. 383 00:20:36,320 --> 00:20:39,120 Speaker 13: You know, there's no question that the raids that ICE 384 00:20:39,160 --> 00:20:43,760 Speaker 13: has been conducting around the country has poisoned the political will, 385 00:20:43,800 --> 00:20:47,480 Speaker 13: but it's also actually hurt the president's standing on this issue. 386 00:20:47,920 --> 00:20:50,639 Speaker 13: He took office and immigration was one of his strongest issues. 387 00:20:50,680 --> 00:20:53,880 Speaker 13: He was well above fifty percent approval for his handling 388 00:20:53,880 --> 00:20:56,639 Speaker 13: of immigration issues. You look at Poles today, that's not 389 00:20:56,680 --> 00:20:59,879 Speaker 13: where he is. He's underwater on this issue, and so 390 00:21:00,520 --> 00:21:02,639 Speaker 13: I think that incidents like today are only going to 391 00:21:02,720 --> 00:21:07,560 Speaker 13: further stink his standing on this issue, because the American 392 00:21:07,560 --> 00:21:10,840 Speaker 13: people can look with their video with as you said, 393 00:21:10,880 --> 00:21:12,840 Speaker 13: with their own eyes and come to their own conclusions. 394 00:21:13,400 --> 00:21:16,000 Speaker 13: But there's no question that the broader chaos and theme 395 00:21:16,640 --> 00:21:19,040 Speaker 13: around on American streets, it's not something that the law 396 00:21:19,080 --> 00:21:21,760 Speaker 13: and order president claimed he was going to put in place. 397 00:21:22,040 --> 00:21:24,840 Speaker 13: Quite frankly, it seems there's more chaos. You have American 398 00:21:24,840 --> 00:21:27,520 Speaker 13: citizens being gunned down on their own streets. 399 00:21:30,680 --> 00:21:32,520 Speaker 5: Matt, this is not something I was looking forward to 400 00:21:32,520 --> 00:21:35,600 Speaker 5: talking about, and I'm guessing that goes for all three 401 00:21:35,640 --> 00:21:38,320 Speaker 5: of us here. I want to keep this to the 402 00:21:38,359 --> 00:21:41,000 Speaker 5: reaction that we've seen so far, and I wonder if 403 00:21:41,040 --> 00:21:45,040 Speaker 5: this says more about us as political animals here in 404 00:21:45,080 --> 00:21:50,280 Speaker 5: this country, or some other phenomenon that is causing us 405 00:21:50,280 --> 00:21:51,919 Speaker 5: to reach for blame so quickly. 406 00:21:52,320 --> 00:21:52,800 Speaker 13: Well, first of. 407 00:21:52,760 --> 00:21:54,639 Speaker 14: All, whenever you have loss of life, it's never a 408 00:21:54,680 --> 00:21:57,359 Speaker 14: good thing. And you know what you're seeing though, just 409 00:21:57,400 --> 00:22:00,960 Speaker 14: talking about the politics, and it's your point in question 410 00:22:01,200 --> 00:22:04,080 Speaker 14: is that this is largely falling along partisan lines. So 411 00:22:04,080 --> 00:22:08,840 Speaker 14: obviously you're seeing the Democrat mayor of Minneapolis, seeing Democrat 412 00:22:08,840 --> 00:22:11,320 Speaker 14: giver Tim Waltz come out with their statements on this. 413 00:22:11,720 --> 00:22:14,119 Speaker 14: It's clear where the White House and the administration stands 414 00:22:14,119 --> 00:22:16,080 Speaker 14: are doubling down in the notion that this was somebody 415 00:22:16,119 --> 00:22:18,639 Speaker 14: who was using a vehicle as a deadly weapon. For 416 00:22:18,800 --> 00:22:22,960 Speaker 14: standing behind this law enforcement officer and what he has done, 417 00:22:23,160 --> 00:22:25,000 Speaker 14: it looked the American people to make their own judgment. 418 00:22:25,000 --> 00:22:25,840 Speaker 3: But here's what we do know. 419 00:22:25,960 --> 00:22:28,160 Speaker 14: We know that the issue of immigration and more security 420 00:22:28,200 --> 00:22:31,280 Speaker 14: was top of mind among voters in the last presidential election. 421 00:22:31,880 --> 00:22:34,800 Speaker 14: That issue of security and safety I think still is 422 00:22:34,840 --> 00:22:38,200 Speaker 14: top of mind among Americans right now. You're seeing recent 423 00:22:38,240 --> 00:22:41,200 Speaker 14: polling that shows that roughly eighty percent of Americans view 424 00:22:41,240 --> 00:22:44,360 Speaker 14: crime is a major problem in large US cities. You're 425 00:22:44,359 --> 00:22:46,680 Speaker 14: seeing obviously the issue borer security is still top of mind. 426 00:22:46,720 --> 00:22:49,960 Speaker 14: So as we look to the next election, look, no 427 00:22:50,080 --> 00:22:53,879 Speaker 14: question affordability, prices, the economy the top of mind. Obviously 428 00:22:53,920 --> 00:22:56,200 Speaker 14: the safety and security Americans will as well. But it's 429 00:22:56,200 --> 00:22:59,880 Speaker 14: clear that the administrations to stand with this law enforcement officer. 430 00:23:00,080 --> 00:23:01,399 Speaker 14: I think at the end of the day, Americans have 431 00:23:01,400 --> 00:23:03,560 Speaker 14: to make their own conclusions. But that's where this lands 432 00:23:03,600 --> 00:23:03,960 Speaker 14: right now. 433 00:23:04,080 --> 00:23:06,400 Speaker 5: In some cases, people feel less safe when they see 434 00:23:06,440 --> 00:23:12,119 Speaker 5: these masked ICE agents. The optics here very difficult. Is 435 00:23:12,160 --> 00:23:15,440 Speaker 5: there another way for the administration to approach this well? 436 00:23:16,160 --> 00:23:17,760 Speaker 14: I do think it is a long parson the lines 437 00:23:17,760 --> 00:23:19,560 Speaker 14: that you're seeing the criticism here. But with that said, 438 00:23:19,600 --> 00:23:22,520 Speaker 14: I think in terms of optics, here's important for the 439 00:23:22,520 --> 00:23:24,919 Speaker 14: administration to message what they are doing and make it 440 00:23:24,960 --> 00:23:28,280 Speaker 14: clear that with every situation that they're engaged on that 441 00:23:28,320 --> 00:23:31,080 Speaker 14: they're putting the interest of the American people first. Obviously, 442 00:23:31,119 --> 00:23:34,000 Speaker 14: have a situation here where you had an individual who 443 00:23:34,040 --> 00:23:37,480 Speaker 14: was killed. But again, based on the administration stance on this, 444 00:23:37,480 --> 00:23:40,359 Speaker 14: this is somebody who's using that vehicle as a deadly weapon, 445 00:23:40,600 --> 00:23:42,600 Speaker 14: and this administration is going to stand with law enforcement 446 00:23:42,640 --> 00:23:45,080 Speaker 14: on this. There's no question about that. You saw that 447 00:23:45,680 --> 00:23:49,639 Speaker 14: in the Secretary Gnomes statements just yesterday as well. In 448 00:23:49,680 --> 00:23:51,760 Speaker 14: the end, it's going to come down to where the 449 00:23:51,800 --> 00:23:53,600 Speaker 14: American people stand on this. And I think the thing 450 00:23:53,640 --> 00:23:56,280 Speaker 14: that President Trump's going to point back to is what 451 00:23:56,359 --> 00:23:58,080 Speaker 14: is what being conducted here, and that is trying to 452 00:23:58,119 --> 00:24:01,359 Speaker 14: shore up and secure our border. Obviously, President Trump campaign 453 00:24:01,400 --> 00:24:04,800 Speaker 14: on the notion you have people in this country who 454 00:24:05,480 --> 00:24:08,320 Speaker 14: were brought to this country illegally under President Biden over 455 00:24:08,359 --> 00:24:10,560 Speaker 14: a wide open border. That's one of the issues that 456 00:24:10,600 --> 00:24:14,080 Speaker 14: he ran on one on. He's a political mandate right now, 457 00:24:14,200 --> 00:24:16,080 Speaker 14: having won the electoral college and the popeyar vote in 458 00:24:16,080 --> 00:24:18,359 Speaker 14: the last election, to conduct what he is doing when 459 00:24:18,400 --> 00:24:21,639 Speaker 14: it comes to border security and immigration. Obviously, loss of 460 00:24:21,640 --> 00:24:23,760 Speaker 14: life is never something you want to see in Dawston 461 00:24:23,760 --> 00:24:26,000 Speaker 14: Perjovis with the family member, Well, we. 462 00:24:26,040 --> 00:24:27,160 Speaker 3: Have a tragedy like this. 463 00:24:28,600 --> 00:24:31,480 Speaker 5: Out of it starts to raise obviously a lot of 464 00:24:31,560 --> 00:24:38,200 Speaker 5: questions that we're asking here today if this were an accident, 465 00:24:38,200 --> 00:24:40,320 Speaker 5: we'd be waiting for a reconstruction crew. 466 00:24:40,359 --> 00:24:43,480 Speaker 3: Though right there is much more to follow here. 467 00:24:43,359 --> 00:24:46,240 Speaker 5: There will be a forensic investigation, and I'm sure that 468 00:24:46,920 --> 00:24:50,480 Speaker 5: police right now are gathering tape from everybody who is there. 469 00:24:50,480 --> 00:24:52,640 Speaker 5: They're going to have a three hundred and sixty degree 470 00:24:52,680 --> 00:24:55,760 Speaker 5: angle of everything that happened. They're going to reconstruct what happened. 471 00:24:55,760 --> 00:24:57,800 Speaker 5: They're going to interview people. That could take months or 472 00:24:57,800 --> 00:25:00,720 Speaker 5: even years, Tom Holman. At one point point yesterday, the 473 00:25:00,760 --> 00:25:03,000 Speaker 5: president's borders are said we should wait for the results 474 00:25:03,000 --> 00:25:06,360 Speaker 5: of that election before he changed his statement on that. 475 00:25:07,280 --> 00:25:07,600 Speaker 3: Adam. 476 00:25:07,600 --> 00:25:09,520 Speaker 5: At some point, somebody is going to be wrong here. 477 00:25:10,119 --> 00:25:12,320 Speaker 5: So what extent will that bring political liability? 478 00:25:14,040 --> 00:25:16,800 Speaker 13: I mean, Joe, unfortunately, I think you're already already seeing it, right. 479 00:25:16,840 --> 00:25:20,680 Speaker 13: I mean, it didn't take the reporters who do in 480 00:25:20,720 --> 00:25:24,399 Speaker 13: their jobs to find this woman's ex husband, who said 481 00:25:24,680 --> 00:25:27,600 Speaker 13: she's not a political activist, doesn't have an activist bone 482 00:25:27,600 --> 00:25:29,920 Speaker 13: in her body. She's a mom of three kids and 483 00:25:30,359 --> 00:25:33,000 Speaker 13: had just dropped one of her kids off at school. 484 00:25:33,320 --> 00:25:36,640 Speaker 13: So you know that undercuts this idea that they've tried 485 00:25:36,640 --> 00:25:39,000 Speaker 13: to spin over the first twenty four hours about her 486 00:25:39,040 --> 00:25:41,800 Speaker 13: being some sort of domestic political terrorist. 487 00:25:42,119 --> 00:25:42,320 Speaker 11: You know. 488 00:25:42,320 --> 00:25:45,720 Speaker 13: But Matt and the point before I think was onto 489 00:25:45,720 --> 00:25:49,560 Speaker 13: something though on the broader political atmospherics here, Your President 490 00:25:49,600 --> 00:25:52,520 Speaker 13: Trump didn't win the election. He campaigned on these issues. 491 00:25:52,920 --> 00:25:55,720 Speaker 13: He said he was going to solve these problems. We're 492 00:25:55,760 --> 00:25:58,000 Speaker 13: now a year in and people are going to ask, 493 00:25:58,480 --> 00:25:59,760 Speaker 13: did you do the job you said you were going 494 00:25:59,800 --> 00:26:02,200 Speaker 13: to do? And he famously said he'd solve it overnight 495 00:26:02,440 --> 00:26:06,800 Speaker 13: like that, And we're looking at the midterms and people 496 00:26:07,320 --> 00:26:10,840 Speaker 13: has supported an immigration has softened, and people are going 497 00:26:10,880 --> 00:26:12,800 Speaker 13: to rightly ask, okay, you said you were going to 498 00:26:12,880 --> 00:26:15,920 Speaker 13: do this. Are our streets safer or do we feel 499 00:26:15,960 --> 00:26:19,800 Speaker 13: safer with nasted agents kidnapping people and throwing into moving 500 00:26:19,880 --> 00:26:25,199 Speaker 13: vehicles or unfortunately, some people are losing their lives. And 501 00:26:25,280 --> 00:26:28,920 Speaker 13: so that is I think where Democrats, you're thinking about 502 00:26:28,920 --> 00:26:31,240 Speaker 13: it again, I hate to make this turn into political 503 00:26:31,240 --> 00:26:34,080 Speaker 13: but whereas this is a political show where the Democrats 504 00:26:34,160 --> 00:26:37,560 Speaker 13: have a way to articulate an offensive message on this issue, 505 00:26:38,040 --> 00:26:40,480 Speaker 13: it is that the Republicans and President Trump are not 506 00:26:40,520 --> 00:26:43,600 Speaker 13: actually making our streets safer, that we would have a 507 00:26:43,600 --> 00:26:46,520 Speaker 13: more humane way of dealing with the immigration crisis, and 508 00:26:46,560 --> 00:26:49,760 Speaker 13: we have to politically find a way to be smarter 509 00:26:49,800 --> 00:26:52,240 Speaker 13: about talking about these issues, or we are solving the 510 00:26:52,240 --> 00:26:55,520 Speaker 13: immigration problem without creating chaos on American streets. 511 00:26:56,560 --> 00:26:58,680 Speaker 5: We've been talking about Minneapolis a lot for a lot 512 00:26:58,680 --> 00:27:01,320 Speaker 5: of reasons recently, and we were all struck to learn 513 00:27:01,400 --> 00:27:02,720 Speaker 5: this is, I think a mile away. 514 00:27:02,480 --> 00:27:03,720 Speaker 3: From where George Floyd died. 515 00:27:04,080 --> 00:27:06,639 Speaker 5: Should President Trump go to Minneapolis, would that have an 516 00:27:06,640 --> 00:27:08,359 Speaker 5: impact to show up in person to talk to the 517 00:27:08,359 --> 00:27:08,880 Speaker 5: people there. 518 00:27:09,040 --> 00:27:10,560 Speaker 3: Well, it's up to the president to make the decision. 519 00:27:10,600 --> 00:27:12,480 Speaker 14: I think it was smart to have a Secretary of 520 00:27:12,480 --> 00:27:15,520 Speaker 14: Gnome there yesterday. And look, I think one thing that 521 00:27:15,560 --> 00:27:19,080 Speaker 14: matters here is not just the record of politicians, and 522 00:27:19,119 --> 00:27:20,639 Speaker 14: we're going to protect the American people. And I think 523 00:27:20,680 --> 00:27:22,920 Speaker 14: many would argue, those who vote for President Trump that 524 00:27:22,920 --> 00:27:24,199 Speaker 14: he's been trying to do that day in and day 525 00:27:24,240 --> 00:27:26,640 Speaker 14: out as president. But they're rhetoric as well. And one 526 00:27:26,640 --> 00:27:29,520 Speaker 14: thing I think you see right now is obviously rhetoric. 527 00:27:29,680 --> 00:27:32,880 Speaker 14: And many would argue that the rhetoric that Democrats, for example, 528 00:27:32,880 --> 00:27:35,320 Speaker 14: be pointing out there as relates to law enforcement or 529 00:27:35,359 --> 00:27:37,560 Speaker 14: it relates to ice agents, has not been helpful here. 530 00:27:37,880 --> 00:27:41,399 Speaker 14: People would point to many what the Mayor of Minneapolis 531 00:27:41,440 --> 00:27:45,120 Speaker 14: has said about ICE agents about law enforcement, that that 532 00:27:45,200 --> 00:27:48,280 Speaker 14: only incites violence here. And I'm not suggesting that that's 533 00:27:48,280 --> 00:27:50,520 Speaker 14: occur in this situation when you let the investigation take 534 00:27:50,560 --> 00:27:52,920 Speaker 14: its course, But the rhetoric matters right now when it 535 00:27:52,960 --> 00:27:53,720 Speaker 14: comes to law enforcement. 536 00:27:53,760 --> 00:27:55,640 Speaker 5: Well, I appreciate both of your views on this, Matt 537 00:27:55,680 --> 00:27:57,399 Speaker 5: and Adam. Like I said, this is an easy stuff 538 00:27:57,400 --> 00:28:00,520 Speaker 5: to talk about it, and I appreciate an intellectual conversation about it. 539 00:28:00,560 --> 00:28:02,400 Speaker 5: We're going to deal with other matters. Stay with us 540 00:28:02,400 --> 00:28:04,639 Speaker 5: on Balance of Power. We'll have much more coming up 541 00:28:04,680 --> 00:28:05,119 Speaker 5: after this. 542 00:28:09,480 --> 00:28:12,960 Speaker 1: You're listening to the Bloomberg Balance of Power podcasts. Catch 543 00:28:13,040 --> 00:28:15,880 Speaker 1: us live weekdays at noon and five pm. E's durn 544 00:28:16,040 --> 00:28:19,440 Speaker 1: on Apple, Cockway and Android Auto with the Bloomberg Business App. 545 00:28:19,480 --> 00:28:22,520 Speaker 1: You can also listen live on Amazon Alexa from our 546 00:28:22,560 --> 00:28:27,080 Speaker 1: flagship New York station, Just say Alexa play Bloomberg eleven thirty. 547 00:28:28,440 --> 00:28:31,320 Speaker 2: Thanks so much. I'm Tyler Kendall here alongside Joe, Matthew 548 00:28:31,400 --> 00:28:34,320 Speaker 2: and Washington, where yesterday quite a few announcements from President 549 00:28:34,320 --> 00:28:37,440 Speaker 2: Trump moved stocks across the board, including that President Trump 550 00:28:37,520 --> 00:28:41,000 Speaker 2: is demanding a record five hundred billion dollar increase in 551 00:28:41,040 --> 00:28:44,200 Speaker 2: annual defense spending. We apparently broke that news to the 552 00:28:44,240 --> 00:28:47,000 Speaker 2: House Ways and Means Chairman Jason Smith on this program 553 00:28:47,040 --> 00:28:50,080 Speaker 2: earlier this hour, but it is clear that the markets 554 00:28:50,080 --> 00:28:52,640 Speaker 2: were definitely watching it. And to bring in all of 555 00:28:52,640 --> 00:28:55,480 Speaker 2: that reaction, we're going to have Nora Melinda Bloomberg Television's 556 00:28:55,480 --> 00:28:59,440 Speaker 2: market correspondent, because noraa this could be a potential big 557 00:28:59,440 --> 00:29:02,480 Speaker 2: boost weapons makers. But at the same time, didn't we 558 00:29:02,520 --> 00:29:05,920 Speaker 2: hear President Trump threaten some of these companies that could 559 00:29:05,960 --> 00:29:06,760 Speaker 2: be poised to. 560 00:29:06,720 --> 00:29:07,320 Speaker 9: Profit from this. 561 00:29:08,000 --> 00:29:10,920 Speaker 6: Absolutely, So you're really seeing the market trying to digest 562 00:29:10,960 --> 00:29:13,720 Speaker 6: how to feel about this, because you did mention the 563 00:29:13,760 --> 00:29:16,680 Speaker 6: fact that we got some news that's positive, of course 564 00:29:16,680 --> 00:29:18,360 Speaker 6: for the space when you think about the idea of 565 00:29:18,360 --> 00:29:21,920 Speaker 6: boosting the budget of course to about one point five 566 00:29:22,120 --> 00:29:25,280 Speaker 6: trillion dollars by twenty twenty seven. But on the other 567 00:29:25,400 --> 00:29:27,280 Speaker 6: end of the coin, you also have the fact that 568 00:29:27,680 --> 00:29:29,560 Speaker 6: there's a threat to a lot of the companies that 569 00:29:29,600 --> 00:29:33,440 Speaker 6: are poised to benefit from this potential boost. So it's 570 00:29:33,440 --> 00:29:35,400 Speaker 6: interesting as you're trying to see the trade and how 571 00:29:35,440 --> 00:29:38,440 Speaker 6: people are thinking about this, they're really trying to decipher 572 00:29:38,560 --> 00:29:40,520 Speaker 6: what this means for the space. Of course, when we 573 00:29:40,560 --> 00:29:43,760 Speaker 6: think about the United States defense companies in comparison to 574 00:29:43,840 --> 00:29:47,400 Speaker 6: maybe they're international players in Europe, we have been seeing 575 00:29:47,480 --> 00:29:50,720 Speaker 6: European defense names really outpacing the ones that we have 576 00:29:50,800 --> 00:29:52,440 Speaker 6: here in the US. So people are just trying to 577 00:29:52,440 --> 00:29:55,080 Speaker 6: figure out what this means, will it pass through Congress, 578 00:29:55,120 --> 00:29:58,400 Speaker 6: and the implications here for the US defense contractors. 579 00:29:59,400 --> 00:30:02,280 Speaker 5: So what are we actually seeing here, Nora, and I 580 00:30:02,320 --> 00:30:04,320 Speaker 5: know this is important because you used to cover the 581 00:30:04,320 --> 00:30:08,719 Speaker 5: defense space. Here that whiplash we saw yesterday. First it 582 00:30:08,760 --> 00:30:12,760 Speaker 5: was the announcement on dividends and buybacks. Defense stocks went 583 00:30:12,840 --> 00:30:16,240 Speaker 5: straight down. Then the president floats a trillion and a 584 00:30:16,280 --> 00:30:19,400 Speaker 5: half dollar defense budget and they just go to the moon. 585 00:30:19,720 --> 00:30:22,840 Speaker 5: Was that a short squeeze or are these new buyers 586 00:30:22,960 --> 00:30:26,200 Speaker 5: going long because they think there's a windfall ahead. 587 00:30:26,720 --> 00:30:29,080 Speaker 6: Well, certainly, when you think about the space, what really 588 00:30:29,120 --> 00:30:31,480 Speaker 6: moves a lot of these stocks is the contracts, the 589 00:30:31,520 --> 00:30:35,000 Speaker 6: government contracts. That still remains paramount when we think about 590 00:30:35,000 --> 00:30:37,600 Speaker 6: this industry. So you're going to see any sort of 591 00:30:37,640 --> 00:30:40,840 Speaker 6: move that indicates an increase to the defense budget that 592 00:30:40,960 --> 00:30:44,960 Speaker 6: is substantial, or one that is a potentially a slash 593 00:30:45,000 --> 00:30:48,600 Speaker 6: to the budget really really swinging stocks and really booing 594 00:30:48,600 --> 00:30:49,680 Speaker 6: them one way or the other. 595 00:30:49,760 --> 00:30:53,880 Speaker 5: Joe, how about the housing stocks, Nora that we're also 596 00:30:53,920 --> 00:30:57,040 Speaker 5: moving on the president's rhetoric yesterday doesn't want institutional buyers 597 00:30:57,040 --> 00:30:58,240 Speaker 5: of single family homes. 598 00:30:58,680 --> 00:31:00,479 Speaker 3: We even saw some confusion on this. 599 00:31:01,040 --> 00:31:05,240 Speaker 5: I mean, what's it like to be Blackrock when you're 600 00:31:05,360 --> 00:31:08,600 Speaker 5: dealing with the negative implications of Blackstone. 601 00:31:08,840 --> 00:31:11,200 Speaker 6: Yeah, it's interesting because you start to see a lot 602 00:31:11,200 --> 00:31:14,640 Speaker 6: of people confusing black Rock with Blackstone, especially when we 603 00:31:14,640 --> 00:31:18,240 Speaker 6: think about the major player, the largest US company that's 604 00:31:18,280 --> 00:31:20,720 Speaker 6: involved in a lot of real estate asset management, that 605 00:31:20,960 --> 00:31:24,080 Speaker 6: is Blackstone. But we did see the negative implications that 606 00:31:24,160 --> 00:31:27,320 Speaker 6: kay with people who continue to confuse the two companies. 607 00:31:27,320 --> 00:31:29,560 Speaker 6: But when we think about the companies more broadly, both 608 00:31:29,680 --> 00:31:32,120 Speaker 6: Blackstone and a lot of the real estate companies that 609 00:31:32,160 --> 00:31:35,000 Speaker 6: we were keeping an eye on yesterday, Invitation homes, American 610 00:31:35,000 --> 00:31:38,000 Speaker 6: homes for rent, we are seeing them pairing their declines. 611 00:31:38,040 --> 00:31:39,680 Speaker 6: We are seeing them in the red right now, but 612 00:31:39,760 --> 00:31:42,680 Speaker 6: not nearly as far of a decline as we did 613 00:31:42,680 --> 00:31:44,680 Speaker 6: see yesterday. But of course, people are really just trying 614 00:31:44,720 --> 00:31:47,680 Speaker 6: to think about the implications for this sector. But it 615 00:31:47,720 --> 00:31:49,480 Speaker 6: is important to note, as I've been talking to my 616 00:31:49,560 --> 00:31:52,880 Speaker 6: sources that a lot of institutional investors only represent about 617 00:31:52,960 --> 00:31:56,640 Speaker 6: roughly less than one percent of the single family housing 618 00:31:56,680 --> 00:31:58,840 Speaker 6: stock that we have in the United States, So there 619 00:31:58,960 --> 00:32:01,520 Speaker 6: is some discussion as to whether or not this is 620 00:32:01,880 --> 00:32:04,440 Speaker 6: overstated when we think about the risks to this market. 621 00:32:05,400 --> 00:32:06,800 Speaker 3: Yeah, Nora, thank you so much. 622 00:32:06,840 --> 00:32:09,360 Speaker 5: Normal Linda with us live from New York, watching Wall Street, 623 00:32:09,600 --> 00:32:11,520 Speaker 5: and we'll have another check on the markets with Charlie 624 00:32:11,520 --> 00:32:14,840 Speaker 5: Pellett coming up at two PM. Great opportunity as we 625 00:32:14,840 --> 00:32:17,360 Speaker 5: look ahead to some important votes today on Capitol Hill, 626 00:32:17,520 --> 00:32:21,320 Speaker 5: namely one in the House of Representatives, as we've been 627 00:32:21,320 --> 00:32:25,720 Speaker 5: discussing throughout the program on potentially reviving the enhanced Obamacare 628 00:32:26,200 --> 00:32:30,280 Speaker 5: subsidies beyond the cliff that we've already gone over. Congresswoman 629 00:32:30,360 --> 00:32:33,720 Speaker 5: Susan DelBene is with US, Democrat from Washington, also chair 630 00:32:33,880 --> 00:32:37,120 Speaker 5: of the Democratic Congressional Campaign Committee. It's her job to 631 00:32:37,120 --> 00:32:40,880 Speaker 5: get Democrats elected and take power in the midterms. And 632 00:32:41,160 --> 00:32:43,480 Speaker 5: Madam Chairwoman, it's great to have you back as always 633 00:32:43,520 --> 00:32:46,840 Speaker 5: on Bloomberg TV and Radio. We want your take on healthcare. 634 00:32:47,320 --> 00:32:49,200 Speaker 5: But I have to ask you just quickly about what 635 00:32:49,240 --> 00:32:53,080 Speaker 5: we were just discussing. President Trump wants to ban institutional 636 00:32:53,120 --> 00:32:56,920 Speaker 5: buyers of single family homes, which is something that we 637 00:32:57,040 --> 00:33:01,280 Speaker 5: tend to hear from the left. President Trump spend his 638 00:33:01,360 --> 00:33:04,200 Speaker 5: second year in office taking a page from the liberal playbook. 639 00:33:05,440 --> 00:33:09,520 Speaker 11: Well, let's be clear, Democrats have been fighting for working families. 640 00:33:09,920 --> 00:33:13,240 Speaker 11: Republicans have been focused on the wealthy and well connected. 641 00:33:13,560 --> 00:33:16,520 Speaker 11: We've been fighting to make sure housing are affordable, to 642 00:33:16,640 --> 00:33:20,160 Speaker 11: help address the cost crisis that American families are failing 643 00:33:20,240 --> 00:33:25,400 Speaker 11: with food, healthcare, childcare, energy costs all going up because 644 00:33:25,440 --> 00:33:28,640 Speaker 11: of direct actions for this administration. There has been an 645 00:33:28,640 --> 00:33:33,120 Speaker 11: outcry across the country. If Republicans would listen, they would 646 00:33:33,160 --> 00:33:36,240 Speaker 11: be hearing that outcry. It's important that we stand up 647 00:33:36,280 --> 00:33:38,440 Speaker 11: and that's why this vote today is so important in 648 00:33:38,520 --> 00:33:41,680 Speaker 11: terms of making sure that people have affordable healthcare. 649 00:33:43,240 --> 00:33:47,320 Speaker 2: Well, let's continue with this vote happening today, a so 650 00:33:47,440 --> 00:33:49,840 Speaker 2: called clean three year extension on the affordable care and 651 00:33:50,000 --> 00:33:53,160 Speaker 2: premium subsidies. We spoke to Senator jan Shaheen yesterday who 652 00:33:53,200 --> 00:33:55,240 Speaker 2: said that this could be used as a vehicle for 653 00:33:55,280 --> 00:33:58,080 Speaker 2: the Senate's plan, which would then get kicked back to 654 00:33:58,120 --> 00:34:00,800 Speaker 2: your chamber. How would you vote if we see that 655 00:34:00,840 --> 00:34:04,720 Speaker 2: plan materialize? As the reporting indicates a shorter extension, maybe 656 00:34:04,760 --> 00:34:08,160 Speaker 2: two years, and it would include structural changes like anti 657 00:34:08,239 --> 00:34:10,120 Speaker 2: fraud protections and an income cap. 658 00:34:11,440 --> 00:34:13,759 Speaker 11: Well, let's be clear, my focus is on the vote 659 00:34:13,800 --> 00:34:17,200 Speaker 11: that we have today, a three year extension making sure 660 00:34:17,239 --> 00:34:21,560 Speaker 11: that millions of people have affordable healthcare right now, their 661 00:34:21,600 --> 00:34:25,080 Speaker 11: premiums are up right now. This should have happened a 662 00:34:25,120 --> 00:34:28,360 Speaker 11: long time ago. Republicans are late to the game, but 663 00:34:28,440 --> 00:34:30,799 Speaker 11: we are going to keep pushing. This vote today is 664 00:34:30,840 --> 00:34:35,600 Speaker 11: important because it's because of House Democrats pushing, being united 665 00:34:35,640 --> 00:34:38,400 Speaker 11: on this issue that we are getting this vote, and 666 00:34:38,880 --> 00:34:41,400 Speaker 11: we'll have a piece of legislation to push the Senate 667 00:34:41,480 --> 00:34:45,000 Speaker 11: to move because the efforts in the past hadn't been 668 00:34:45,120 --> 00:34:47,920 Speaker 11: going forward. So this is really because of the strength 669 00:34:47,960 --> 00:34:50,320 Speaker 11: of House Democrats standing up for the American people. 670 00:34:51,600 --> 00:34:54,479 Speaker 5: Well, but of course this probably won't be the bill 671 00:34:54,600 --> 00:34:55,560 Speaker 5: that becomes law. 672 00:34:55,680 --> 00:34:56,000 Speaker 3: Correct. 673 00:34:56,040 --> 00:35:01,439 Speaker 5: Should Democrats brace themselves for a negotiation that might bring 674 00:35:01,520 --> 00:35:05,520 Speaker 5: these two bills together, congresswoman, or are you simply counting 675 00:35:05,520 --> 00:35:08,319 Speaker 5: on Republican front liners to cross the aisle and help 676 00:35:08,360 --> 00:35:11,680 Speaker 5: you make this happen. We got nine on board yesterday. 677 00:35:11,719 --> 00:35:12,880 Speaker 5: How many do you see tonight? 678 00:35:14,040 --> 00:35:15,600 Speaker 9: Well, I think. 679 00:35:15,520 --> 00:35:18,800 Speaker 11: Folks should understand that this is good policy. This helps 680 00:35:18,840 --> 00:35:23,799 Speaker 11: families across the country. Republicans created a healthcare crisis, so 681 00:35:23,840 --> 00:35:28,080 Speaker 11: they did their big, ugly bill slashing Medicaid. It has 682 00:35:28,160 --> 00:35:33,480 Speaker 11: had impacts across country and on rural healthcare, rural hospitals impacted, 683 00:35:33,600 --> 00:35:38,680 Speaker 11: services being cut, so their refusal to extend the tax 684 00:35:38,680 --> 00:35:41,120 Speaker 11: credits has only made it worse. So this is an 685 00:35:41,120 --> 00:35:46,480 Speaker 11: important step forward. And absolutely people remember should be voting 686 00:35:46,520 --> 00:35:50,120 Speaker 11: for legislation to teap these tax credits in place. I 687 00:35:50,160 --> 00:35:52,919 Speaker 11: think yesterday was an important vote. We have a couple 688 00:35:52,960 --> 00:35:55,719 Speaker 11: of votes today, the final vote later today to make 689 00:35:55,760 --> 00:35:58,880 Speaker 11: sure we extend the tax credits. That is critically important, 690 00:35:59,200 --> 00:36:01,319 Speaker 11: and then we will tackle how we move forward in 691 00:36:01,360 --> 00:36:01,800 Speaker 11: the Senate. 692 00:36:04,360 --> 00:36:07,839 Speaker 2: But this is exactly what we're outlining here. It's an extension. 693 00:36:07,920 --> 00:36:10,080 Speaker 2: Of course, you have a key role when it comes 694 00:36:10,320 --> 00:36:13,640 Speaker 2: to getting Democrats elected. Is there any talk about a 695 00:36:13,680 --> 00:36:18,799 Speaker 2: more sustainable plan? Are you hearing that from voters out 696 00:36:18,840 --> 00:36:22,240 Speaker 2: on the campaign trail as we Europe for November? Because 697 00:36:22,480 --> 00:36:25,399 Speaker 2: this is just basically kicking the can down the road, right, 698 00:36:25,480 --> 00:36:27,840 Speaker 2: We're going to have to have another discussion about healthcare 699 00:36:27,920 --> 00:36:28,600 Speaker 2: moving forward. 700 00:36:29,640 --> 00:36:31,759 Speaker 11: Absolutely, we are, and we should be. We should be 701 00:36:31,800 --> 00:36:34,520 Speaker 11: talking about how we move forward making sure that people 702 00:36:34,600 --> 00:36:39,160 Speaker 11: have affordable quality healthcare across the country. Instead of moving forward, 703 00:36:39,560 --> 00:36:42,840 Speaker 11: Republicans have been ripping things apart, moving backward with no 704 00:36:42,960 --> 00:36:46,040 Speaker 11: plan whatsoever. They don't have any idea what they want 705 00:36:46,080 --> 00:36:49,640 Speaker 11: to do except take healthcare away. We need to continue 706 00:36:49,640 --> 00:36:52,480 Speaker 11: to be looking at what's working, what's not working, and 707 00:36:52,560 --> 00:36:56,720 Speaker 11: making sure our ongoing goal is affordable quality healthcare everywhere 708 00:36:56,719 --> 00:37:00,040 Speaker 11: in this country. That has been our goal. Republicans just 709 00:37:00,160 --> 00:37:03,080 Speaker 11: want to repeal with no idea how to go forward, 710 00:37:03,280 --> 00:37:06,560 Speaker 11: and we're going to continue as we fight for the majority. 711 00:37:06,640 --> 00:37:09,440 Speaker 11: When we have the majority, that's our goal. Continue to 712 00:37:09,480 --> 00:37:12,200 Speaker 11: move us forward to make sure our focus is on 713 00:37:12,280 --> 00:37:17,080 Speaker 11: affordable quality healthcare for the American people and frankly, affordable 714 00:37:17,120 --> 00:37:18,920 Speaker 11: cost of living for the American people. 715 00:37:20,200 --> 00:37:23,680 Speaker 5: Are you optimistic about government funding, Congresswoman. A lot of 716 00:37:23,719 --> 00:37:26,680 Speaker 5: folks think that the potential for a shutdown or not 717 00:37:26,800 --> 00:37:29,279 Speaker 5: might ride on the outcome of this very issue when 718 00:37:29,320 --> 00:37:33,440 Speaker 5: it comes to acate premiums. Can you tell our viewers 719 00:37:33,440 --> 00:37:36,320 Speaker 5: and listeners the government will not shut down at the 720 00:37:36,400 --> 00:37:36,959 Speaker 5: end of this month. 721 00:37:37,000 --> 00:37:39,640 Speaker 11: Well, you know, the way that we make sure that 722 00:37:39,680 --> 00:37:42,640 Speaker 11: we have funding bills that work is there bipartisan and 723 00:37:42,760 --> 00:37:46,160 Speaker 11: Republicans weren't interested in coming to the table working with 724 00:37:46,239 --> 00:37:49,640 Speaker 11: Democrats to move forward by partisan legislation. I think we're 725 00:37:49,680 --> 00:37:52,200 Speaker 11: in a path where some bipartisan bills are moving, and 726 00:37:52,200 --> 00:37:55,840 Speaker 11: that's critically important because as these bills move, they actually 727 00:37:55,880 --> 00:38:00,359 Speaker 11: create a long term budget that is import and long 728 00:38:00,440 --> 00:38:02,560 Speaker 11: term being for the rest of this fiscal year. But 729 00:38:02,600 --> 00:38:05,840 Speaker 11: this should have been done before the fiscal year started. 730 00:38:05,960 --> 00:38:08,680 Speaker 11: It should have been done before October first. There's no 731 00:38:08,800 --> 00:38:11,480 Speaker 11: reason we have to be in this place. It's because 732 00:38:11,520 --> 00:38:16,120 Speaker 11: Republicans weren't interested in putting together upfunding. We are very 733 00:38:16,200 --> 00:38:18,400 Speaker 11: much interested in doing that, and my hope is that 734 00:38:18,440 --> 00:38:21,120 Speaker 11: as long as we continue on a bipartisan path, we 735 00:38:21,160 --> 00:38:22,920 Speaker 11: will get bills done. 736 00:38:23,920 --> 00:38:26,960 Speaker 2: All Right, some cautious optimism there. Sticking with the budget, 737 00:38:27,200 --> 00:38:29,959 Speaker 2: wanted to also get your response to President Trump calling 738 00:38:29,960 --> 00:38:32,799 Speaker 2: for an increase in the defense budget. He's asking for 739 00:38:32,840 --> 00:38:35,600 Speaker 2: one point five trillion dollars for the twenty twenty seven 740 00:38:36,040 --> 00:38:38,880 Speaker 2: fiscal year. Is that something that you think has an 741 00:38:38,920 --> 00:38:41,560 Speaker 2: appetite in the House of Representatives. 742 00:38:42,800 --> 00:38:45,960 Speaker 11: Well, I think, first of all, the President owes members 743 00:38:46,000 --> 00:38:49,479 Speaker 11: of Congress a detailed description of exactly what he thinks 744 00:38:49,520 --> 00:38:51,880 Speaker 11: he's doing with this money. The power of the person 745 00:38:51,920 --> 00:38:55,080 Speaker 11: lies with Congress. Congress to make a decision on how 746 00:38:55,320 --> 00:38:59,160 Speaker 11: money is appropriated and allocated. I think that's critically important, 747 00:38:59,200 --> 00:39:02,640 Speaker 11: and so there's much much more information that folks need 748 00:39:02,680 --> 00:39:06,080 Speaker 11: to have to understand how that's going to work. Unfortunately, 749 00:39:06,680 --> 00:39:10,600 Speaker 11: the President has not respected and worked with Congress on funding. 750 00:39:10,880 --> 00:39:13,040 Speaker 11: That's going to be critically important moving forward. 751 00:39:14,480 --> 00:39:17,239 Speaker 5: And it's interesting the President was talking about defense contractors 752 00:39:17,320 --> 00:39:19,200 Speaker 5: yesterday as well, and I know your state is no 753 00:39:19,280 --> 00:39:21,840 Speaker 5: stranger to them as we consider the likes of Boeing 754 00:39:22,680 --> 00:39:25,400 Speaker 5: and others. Congresswoman, what do you think of this idea 755 00:39:25,640 --> 00:39:30,279 Speaker 5: of limiting defense contractors' ability to buy back their own 756 00:39:30,320 --> 00:39:34,320 Speaker 5: shares or deliver dividends to shareholders knowing that they're making 757 00:39:34,360 --> 00:39:37,040 Speaker 5: the bulk of their revenue off of taxpayer money. 758 00:39:37,280 --> 00:39:38,480 Speaker 3: Is that something you'd support? 759 00:39:39,560 --> 00:39:43,680 Speaker 11: Well, I think again, these are topics that we should 760 00:39:43,680 --> 00:39:46,960 Speaker 11: be discussing in Congress. We should be bringing people in 761 00:39:47,080 --> 00:39:49,279 Speaker 11: talking about what we can do to make sure that 762 00:39:49,360 --> 00:39:52,160 Speaker 11: our focus on taxpayer dollars is they're used to the 763 00:39:52,200 --> 00:39:56,080 Speaker 11: best interests of the American people. That's our job oversight, 764 00:39:56,320 --> 00:40:00,480 Speaker 11: understanding where dollars are going and how we max the 765 00:40:00,560 --> 00:40:04,319 Speaker 11: use of taxpayer dollars to benefit the American people. That's 766 00:40:04,320 --> 00:40:07,239 Speaker 11: what the Congress's role is. That's why we need to 767 00:40:07,239 --> 00:40:11,160 Speaker 11: have robust hearings and the appropriations process, something that in 768 00:40:11,200 --> 00:40:15,279 Speaker 11: Mike Johnson's Congress, he's been underinterested in doing, uninterested in 769 00:40:15,320 --> 00:40:18,360 Speaker 11: bringing folks in, even folks from the administration, not willing 770 00:40:18,400 --> 00:40:21,280 Speaker 11: to come to testify in front of committees and Congress. 771 00:40:21,719 --> 00:40:23,840 Speaker 11: All of that's critically important, so we can talk about 772 00:40:23,840 --> 00:40:26,200 Speaker 11: the policies that are going to make a difference and 773 00:40:26,239 --> 00:40:27,840 Speaker 11: talk about the right path to move. 774 00:40:27,640 --> 00:40:31,799 Speaker 2: Forward, sticking with defense. In the final minute, we have 775 00:40:31,880 --> 00:40:34,840 Speaker 2: you there's movement in the Senate on this War Powers resolution. 776 00:40:35,960 --> 00:40:38,279 Speaker 2: I'm curious what you think the bigger question is for 777 00:40:38,320 --> 00:40:41,080 Speaker 2: Congress right now. Is it what happened this last weekend 778 00:40:41,080 --> 00:40:44,000 Speaker 2: in Venezuela or is it questions about what could happen 779 00:40:44,160 --> 00:40:44,920 Speaker 2: moving forward. 780 00:40:46,600 --> 00:40:50,279 Speaker 11: Well, I think that it's been clear that there is 781 00:40:50,320 --> 00:40:55,480 Speaker 11: no plan going forward from the administration. Maduro is a 782 00:40:55,600 --> 00:40:59,600 Speaker 11: violent dictator. There's no disagreement on that. But we need 783 00:40:59,640 --> 00:41:02,399 Speaker 11: to know what the plan is going forward, What does 784 00:41:02,440 --> 00:41:04,680 Speaker 11: it mean for the American people, what does it mean 785 00:41:04,719 --> 00:41:10,080 Speaker 11: for the Venezuelan people. The administration has not provided any answers. 786 00:41:10,200 --> 00:41:13,440 Speaker 11: We need a full plan, and yes, Congress needs to 787 00:41:13,440 --> 00:41:16,600 Speaker 11: be part of this progress. The administration should be consulting 788 00:41:16,960 --> 00:41:19,799 Speaker 11: with Congress. I think that's critically important, especially as we 789 00:41:19,840 --> 00:41:23,200 Speaker 11: continue to hear the President talk about, you know, other 790 00:41:23,280 --> 00:41:28,359 Speaker 11: places in the world that he is interested in. That's 791 00:41:29,960 --> 00:41:33,120 Speaker 11: absolutely Congress has an important role to play. We are 792 00:41:33,200 --> 00:41:35,520 Speaker 11: co equal branch, and I think it's very important in 793 00:41:35,560 --> 00:41:38,279 Speaker 11: a bipartisan way that folks speak up. 794 00:41:39,920 --> 00:41:43,320 Speaker 2: All right, Congresswoman Susan del Benny, a Democrat from Washington 795 00:41:43,400 --> 00:41:46,440 Speaker 2: and chairwoman of the Democratic Congressional Campaign Committee, thanks so 796 00:41:46,520 --> 00:41:47,640 Speaker 2: much for being here with us. 797 00:41:50,200 --> 00:41:52,640 Speaker 3: Thanks for listening to the Balance of Power podcast. 798 00:41:53,239 --> 00:41:56,400 Speaker 5: Make sure to subscribe if you haven't already an Apple, Spotify, 799 00:41:56,480 --> 00:41:59,040 Speaker 5: or wherever you get your podcasts, and you can find 800 00:41:59,120 --> 00:42:01,920 Speaker 5: us live every week day from Washington, DC at noontime 801 00:42:02,000 --> 00:42:04,520 Speaker 5: Eastern at Bloomberg dot com.