1 00:00:01,840 --> 00:00:06,320 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on. 2 00:00:07,480 --> 00:00:10,840 Speaker 1: We are actually going to do the largest infrastructure bill 3 00:00:10,960 --> 00:00:15,640 Speaker 1: ever in America's history. The more extraordinary, the extraordinary measures. Again, 4 00:00:15,920 --> 00:00:19,440 Speaker 1: the harder it is to put pressure on Congress. Bloomberg 5 00:00:19,640 --> 00:00:23,960 Speaker 1: Sound on, Politics, Policy and Perspective from DC's top names. 6 00:00:24,360 --> 00:00:28,560 Speaker 1: Why wouldn't you try a primary against President Biden if 7 00:00:28,600 --> 00:00:30,639 Speaker 1: he were to decide to run against you? Guys know 8 00:00:30,760 --> 00:00:33,199 Speaker 1: you speak to over the audience. But death ceiling is 9 00:00:33,240 --> 00:00:38,080 Speaker 1: a completely manufactured crisis. Bloomberg Sound on with Joe Matthew 10 00:00:38,479 --> 00:00:43,519 Speaker 1: on Bloomberg Radio Your Life from Washington, where the Christmas 11 00:00:43,520 --> 00:00:46,720 Speaker 1: trees are already going up in the masked mandates are 12 00:00:46,800 --> 00:00:50,440 Speaker 1: coming down. Welcome to the fastest hour in politics. I 13 00:00:50,520 --> 00:00:54,400 Speaker 1: am Joe Matthew, joined today by Bloomberg's Emily Wilkins. And 14 00:00:54,480 --> 00:00:56,800 Speaker 1: what could be the final throws in the debate around 15 00:00:56,880 --> 00:01:00,800 Speaker 1: soft infrastructure in the US House of Vote? They say, Emily, 16 00:01:00,960 --> 00:01:03,200 Speaker 1: is possible by the end of the week. Joe. They 17 00:01:03,280 --> 00:01:05,920 Speaker 1: might have to work the weekend, but Nancy Pelosi is 18 00:01:05,959 --> 00:01:09,000 Speaker 1: promising it will pass this week and members are going 19 00:01:09,040 --> 00:01:11,920 Speaker 1: to be able to enjoy their thanksgivings. Only hold up 20 00:01:11,920 --> 00:01:14,679 Speaker 1: as a small group moderate Democrats. They're waiting for this 21 00:01:14,760 --> 00:01:17,200 Speaker 1: official report on the cost of the bill before they 22 00:01:17,200 --> 00:01:20,080 Speaker 1: can move forward. But President Biden's not waiting. He is 23 00:01:20,120 --> 00:01:22,960 Speaker 1: already on the road to sell that infrastructure piece. That's 24 00:01:23,000 --> 00:01:25,640 Speaker 1: something that traveling salesman is back swung through the town 25 00:01:25,640 --> 00:01:28,680 Speaker 1: of Woodstock, New Hampshire. Today. We're gonna talk about it 26 00:01:29,080 --> 00:01:31,800 Speaker 1: with Andy Smith, director of the University of New Hampshire 27 00:01:31,840 --> 00:01:35,680 Speaker 1: Survey Center. Our panel today Bloomberg Politics contributor Rick Davis, 28 00:01:36,040 --> 00:01:40,000 Speaker 1: along with Kristin Han, Democratic strategist partner at Rock Solutions. 29 00:01:40,160 --> 00:01:43,640 Speaker 1: Welcome to the Tuesday edition of Sound On. I'm Joe 30 00:01:43,640 --> 00:01:47,560 Speaker 1: Matthew today joined by Bloomberg's Emily Wilkins. And it's been 31 00:01:47,600 --> 00:01:49,840 Speaker 1: one of those days. Emily, you couldn't really predict. Everyone 32 00:01:49,880 --> 00:01:52,520 Speaker 1: thought we'd be talking about President Biden's meeting with President 33 00:01:52,560 --> 00:01:55,200 Speaker 1: she today we'd be talking foreign policy in China, we 34 00:01:55,280 --> 00:01:58,520 Speaker 1: have to an extent, but so little came from that meeting. 35 00:01:58,520 --> 00:02:00,800 Speaker 1: The narrative kind of move right back to the President's 36 00:02:00,800 --> 00:02:04,000 Speaker 1: economic agenda, and of course that includes the FED. As 37 00:02:04,080 --> 00:02:06,800 Speaker 1: Charlie just mentioned, we learned today mass mandates could be 38 00:02:06,800 --> 00:02:09,480 Speaker 1: going down while they will starting Monday in in some 39 00:02:09,520 --> 00:02:11,880 Speaker 1: settings in Washington, d C. So we're kind of right 40 00:02:11,880 --> 00:02:14,160 Speaker 1: back where we started. We're in a little bit. It 41 00:02:14,160 --> 00:02:15,680 Speaker 1: feels like we're in a little bit of this holding 42 00:02:15,720 --> 00:02:18,480 Speaker 1: pattern today. Right we're all waiting to see what the 43 00:02:18,520 --> 00:02:20,760 Speaker 1: House is going to do with this big social welfare 44 00:02:20,760 --> 00:02:22,760 Speaker 1: and tax bill. But we're not going to know until 45 00:02:22,760 --> 00:02:24,639 Speaker 1: the end of the week. We're waiting to see who 46 00:02:24,639 --> 00:02:27,359 Speaker 1: Biden nominates for FED chair. But as they said today, 47 00:02:27,400 --> 00:02:29,760 Speaker 1: I think they gave a very specific estimate. They're like, 48 00:02:29,800 --> 00:02:32,640 Speaker 1: we're not going to four days? Is that with four days? 49 00:02:32,639 --> 00:02:35,200 Speaker 1: By the way, what's going They're they're letting us know 50 00:02:35,280 --> 00:02:37,560 Speaker 1: to not make any big plans for our Fridays, that 51 00:02:37,639 --> 00:02:40,880 Speaker 1: that we should make sure his birthday. It's his birthday 52 00:02:40,960 --> 00:02:44,120 Speaker 1: this weekend, Saturday is his birthday. So it's a birthday thing. 53 00:02:44,520 --> 00:02:47,800 Speaker 1: Four days I suppose, I know. I mean, I'm going 54 00:02:47,880 --> 00:02:50,160 Speaker 1: to be honest. You know, you can celebrate your birthday 55 00:02:50,200 --> 00:02:52,400 Speaker 1: however you would like to. But but I've got a 56 00:02:52,400 --> 00:02:54,960 Speaker 1: couple other ideas. I'm picking a FED chair. Maybe it's 57 00:02:54,960 --> 00:02:57,240 Speaker 1: maybe it's one of their birthdays. Maybe it's Powell's or 58 00:02:57,240 --> 00:03:00,200 Speaker 1: Brainard's birthday, and that's why he's he's aiming some some 59 00:03:00,360 --> 00:03:02,919 Speaker 1: googl and he did. He did get on the road today, Emily, 60 00:03:02,960 --> 00:03:06,880 Speaker 1: as we mentioned, traveled to quaint Woodstock, not New York, 61 00:03:07,919 --> 00:03:10,880 Speaker 1: but New Hampshire, North Country, New Hampshire, closer to the 62 00:03:10,880 --> 00:03:13,679 Speaker 1: Canadian border actually than the Massachusetts border. To give you 63 00:03:13,720 --> 00:03:17,079 Speaker 1: a sense. This is the White Mountains, right, beautiful Woodstock, 64 00:03:17,120 --> 00:03:20,280 Speaker 1: New Hampshire, home to an eighties something year old bridge 65 00:03:20,320 --> 00:03:23,440 Speaker 1: that was redlined almost a decade ago. Here is President 66 00:03:23,480 --> 00:03:27,000 Speaker 1: Biden in Woodstock, New Hampshire. We're an inflection point in 67 00:03:27,040 --> 00:03:31,200 Speaker 1: American history. This law, this law meets that point. For 68 00:03:31,320 --> 00:03:33,960 Speaker 1: most of the twentie century, we led the world by 69 00:03:33,960 --> 00:03:38,560 Speaker 1: a significant margin because we invested in ourselves. I heard 70 00:03:38,560 --> 00:03:40,560 Speaker 1: there was snow up there already. They had a dusting 71 00:03:40,560 --> 00:03:44,120 Speaker 1: in the hills. Is that possible? Andrew Smith is joining us, 72 00:03:44,160 --> 00:03:47,520 Speaker 1: director of the University of New Hampshire Survey Center, and 73 00:03:47,560 --> 00:03:51,320 Speaker 1: I bet he could tell us you see snowflakes out here, 74 00:03:51,320 --> 00:03:53,520 Speaker 1: But yes, it's not surprising that there's snow on the 75 00:03:53,560 --> 00:03:57,720 Speaker 1: upper parts of the mountains. Yeahs, get ready, Andy Smith, 76 00:03:57,760 --> 00:04:00,080 Speaker 1: I missed you. We associate you so much with the 77 00:04:00,080 --> 00:04:02,320 Speaker 1: New Hampshire primary and election nights, but we knew you 78 00:04:02,320 --> 00:04:04,440 Speaker 1: were the man to call. The day that President Biden 79 00:04:05,080 --> 00:04:08,640 Speaker 1: went back to New Hampshire. I'm wondering what your thoughts 80 00:04:08,640 --> 00:04:11,080 Speaker 1: are on the venue, Why did he choose Woodstock, and 81 00:04:11,440 --> 00:04:14,880 Speaker 1: what is his standing right now in the Granite State. Well, 82 00:04:14,920 --> 00:04:17,040 Speaker 1: I'm getting back to your first point. There is an 83 00:04:17,040 --> 00:04:19,800 Speaker 1: election coming up here in about four years. Oh yeah, 84 00:04:20,000 --> 00:04:22,360 Speaker 1: primary just a little bit over four years from now, 85 00:04:22,400 --> 00:04:27,240 Speaker 1: and right now, absolutely not. He's not looking too good 86 00:04:27,360 --> 00:04:30,839 Speaker 1: right now among Democrats up here, we're already seeing that 87 00:04:30,920 --> 00:04:33,719 Speaker 1: only thirty seven, say, thirty seven percent say they're going 88 00:04:33,760 --> 00:04:36,400 Speaker 1: to vote for Joe Biden in the in the primary. 89 00:04:38,120 --> 00:04:42,080 Speaker 1: One another Canada just aren't sure yet, and they prefer 90 00:04:42,200 --> 00:04:45,800 Speaker 1: that Biden has opposition, so he has to kind of 91 00:04:46,400 --> 00:04:49,000 Speaker 1: get his ducks in a row for elections. So I 92 00:04:49,000 --> 00:04:51,839 Speaker 1: think that's one reason he comes up here. Secondly, we 93 00:04:51,880 --> 00:04:54,240 Speaker 1: have a Senate race this year that's going to be 94 00:04:54,520 --> 00:04:58,960 Speaker 1: pretty interesting. Maggie Hassan, she's the first term senator. Is uh, 95 00:04:59,200 --> 00:05:02,920 Speaker 1: you know, really heat at battle? Even though that Uh 96 00:05:03,240 --> 00:05:06,640 Speaker 1: Governor Christinunu has decided to run for governor again, is 97 00:05:06,640 --> 00:05:07,800 Speaker 1: it still so? I was going to say, is it 98 00:05:07,839 --> 00:05:12,159 Speaker 1: a race uh. Right now, given the state of national 99 00:05:12,200 --> 00:05:16,120 Speaker 1: affairs and what we've seen in Virginia and in New Jersey, 100 00:05:16,720 --> 00:05:19,720 Speaker 1: any candidate, any Republican candidate, will give a hals and 101 00:05:19,760 --> 00:05:22,840 Speaker 1: a run for our money in New Hampshire in two. 102 00:05:24,200 --> 00:05:27,000 Speaker 1: And I also know there's there's a competitive house race there. 103 00:05:27,040 --> 00:05:29,280 Speaker 1: I mean, Chris Pappas has been holding onto his seat 104 00:05:29,279 --> 00:05:31,400 Speaker 1: since twenty team when he flipped it. But but there 105 00:05:31,480 --> 00:05:33,560 Speaker 1: is a chance that that could go back, particularly when 106 00:05:33,600 --> 00:05:35,680 Speaker 1: you're looking at a mid term that's supposed to be 107 00:05:35,720 --> 00:05:40,000 Speaker 1: at advantageous for Republicans as two is going to be. Andrew, 108 00:05:40,080 --> 00:05:42,599 Speaker 1: I'm wondering, you know, President Biden, he's launching himself on 109 00:05:42,640 --> 00:05:44,760 Speaker 1: this PR two or he's trying to make sure that 110 00:05:44,800 --> 00:05:48,680 Speaker 1: Americans know what is in this infrastructure bill that Democrats 111 00:05:48,800 --> 00:05:52,160 Speaker 1: just passed the Democrats and Republicans just passed through Congress. 112 00:05:52,520 --> 00:05:56,159 Speaker 1: But is this really the right focus right now? Is 113 00:05:56,240 --> 00:05:59,120 Speaker 1: this what the voters in New Hampshire and across the 114 00:05:59,120 --> 00:06:03,039 Speaker 1: country are actually looking for from President Biden? Well, I 115 00:06:03,080 --> 00:06:05,800 Speaker 1: think what it is doing, what he's doing is emphasizing 116 00:06:06,000 --> 00:06:08,960 Speaker 1: some good news and some good potential economic news for people. 117 00:06:09,000 --> 00:06:10,680 Speaker 1: It's always good to have a new bridge put up, 118 00:06:10,760 --> 00:06:12,479 Speaker 1: especially if you're worried that you're gonna fall in the 119 00:06:12,480 --> 00:06:16,440 Speaker 1: Pemma Duwasset River driving over that bridge in Woodstock. But 120 00:06:16,760 --> 00:06:20,880 Speaker 1: the economic news you know, in people's minds here isn't 121 00:06:20,880 --> 00:06:23,320 Speaker 1: as good as many people would hope. When you look 122 00:06:23,320 --> 00:06:26,359 Speaker 1: at consumer confidence in New Hampshire, it's not very good. 123 00:06:26,800 --> 00:06:29,400 Speaker 1: More people expect bad times and good times, both in 124 00:06:29,440 --> 00:06:32,320 Speaker 1: the state and nationwide. So I think what he's trying 125 00:06:32,320 --> 00:06:34,320 Speaker 1: to do is emphasize some of the things that could 126 00:06:34,360 --> 00:06:37,120 Speaker 1: come out well in the future. The other major thing 127 00:06:37,200 --> 00:06:38,919 Speaker 1: that that he doesn't want to have to talk about 128 00:06:38,960 --> 00:06:41,560 Speaker 1: his inflation. So this is a good way to keep 129 00:06:41,560 --> 00:06:44,720 Speaker 1: inflation at least off the front pages. Maybe it's not 130 00:06:44,760 --> 00:06:46,560 Speaker 1: going to go away from business pages, but it's off 131 00:06:46,600 --> 00:06:48,480 Speaker 1: the front pages for a few days. And the Smith 132 00:06:48,560 --> 00:06:50,839 Speaker 1: reminding us why I've been calling it the Penmy River 133 00:06:50,960 --> 00:06:54,520 Speaker 1: all day long. Some people do that is the nickname, right, Penny, 134 00:06:54,720 --> 00:06:59,480 Speaker 1: it's Penny Gossett that I say it, right. Pemma duwasaid, yeah, 135 00:06:59,520 --> 00:07:02,039 Speaker 1: I'm not. I'm not going back to it. So tell 136 00:07:02,040 --> 00:07:05,680 Speaker 1: me about Woodstock, New Hampshire, Andy. This is interesting. Does 137 00:07:05,720 --> 00:07:07,960 Speaker 1: it does it fulfill that sort of usual model in 138 00:07:08,000 --> 00:07:11,200 Speaker 1: New Hampshire where the suburbs closer to Boston are actually 139 00:07:11,200 --> 00:07:13,840 Speaker 1: the conservative areas, and this would be a progressive town. 140 00:07:15,200 --> 00:07:17,840 Speaker 1: Woodstock is really kind of a blue collar town up 141 00:07:17,840 --> 00:07:19,800 Speaker 1: in the mountains, a little bit of a tourist town, 142 00:07:20,440 --> 00:07:23,320 Speaker 1: a lot of restaurants and ski resorts nearby. I wouldn't 143 00:07:23,360 --> 00:07:25,640 Speaker 1: say that it is a progressive town. I'd say that 144 00:07:25,680 --> 00:07:28,600 Speaker 1: it's more of a blue collar um um town that 145 00:07:29,280 --> 00:07:32,160 Speaker 1: the kind of voters that Biden and Democrats lost in 146 00:07:32,200 --> 00:07:35,360 Speaker 1: these most recent elections and have been losing as a 147 00:07:35,440 --> 00:07:38,800 Speaker 1: Democratic Party over the last several cycles, so that in 148 00:07:38,800 --> 00:07:41,840 Speaker 1: New Hampshire the Republican Party is much more likely to 149 00:07:41,840 --> 00:07:44,240 Speaker 1: be the blue collar driving a pickup truck with the 150 00:07:44,320 --> 00:07:47,840 Speaker 1: toolbox and back in the Democratic Party. Uh, the and 151 00:07:47,960 --> 00:07:50,640 Speaker 1: the the thing. One other point that I want to 152 00:07:50,640 --> 00:07:54,040 Speaker 1: make about you mentioned the races up here. The first 153 00:07:54,040 --> 00:07:56,760 Speaker 1: CD is one to really watch. Chris Pampas is running 154 00:07:56,760 --> 00:08:00,520 Speaker 1: for re election there, but the state's Senate and the 155 00:08:00,560 --> 00:08:04,840 Speaker 1: State House a redistricting commission or a redistricting committee that 156 00:08:04,960 --> 00:08:08,040 Speaker 1: is going to radically redraw that first CD that essentially 157 00:08:08,040 --> 00:08:10,440 Speaker 1: will put all of the Democratic towns that are in 158 00:08:10,520 --> 00:08:13,880 Speaker 1: that first congressional district over in the second CD So 159 00:08:14,120 --> 00:08:16,080 Speaker 1: Papa is gonna have a really hard time running in 160 00:08:16,120 --> 00:08:19,080 Speaker 1: that district this time around. Yeah, and he's certainly not 161 00:08:19,120 --> 00:08:21,880 Speaker 1: the only Democrat who is looking at their state's redistricting 162 00:08:21,920 --> 00:08:25,040 Speaker 1: map and realizing that the upcoming midterm is not going 163 00:08:25,080 --> 00:08:28,040 Speaker 1: to be easy for them. Uh, Andy, I wanted to 164 00:08:28,040 --> 00:08:29,800 Speaker 1: go back just a minute for inflation. I know you 165 00:08:29,840 --> 00:08:32,640 Speaker 1: said that President Biden obviously wants to avoid talking about 166 00:08:32,679 --> 00:08:35,960 Speaker 1: the fact that inflation is going more rapidly than it 167 00:08:36,000 --> 00:08:38,800 Speaker 1: has since the last thirty one years, But doesn't he 168 00:08:38,840 --> 00:08:41,600 Speaker 1: need to address this at some point? I mean, Republicans 169 00:08:41,640 --> 00:08:44,680 Speaker 1: are being very diligent about using this as a talking 170 00:08:44,679 --> 00:08:47,680 Speaker 1: point to attack Democrats with, and and look at it's 171 00:08:47,760 --> 00:08:51,080 Speaker 1: it's all great that fifty billion just passed for infrastructure. 172 00:08:51,280 --> 00:08:53,240 Speaker 1: But if I'm the average American, I might not know 173 00:08:53,280 --> 00:08:55,320 Speaker 1: what Congress is doing, but I certainly know that the 174 00:08:55,360 --> 00:08:59,200 Speaker 1: costs at the gas pump has gone up. I think 175 00:08:59,200 --> 00:09:01,720 Speaker 1: that you're absolutely right events who will have to say something. 176 00:09:01,800 --> 00:09:03,960 Speaker 1: But as we've seen in the past when presidents have 177 00:09:04,040 --> 00:09:06,280 Speaker 1: had to deal with inflation, there's not a whole lot 178 00:09:06,320 --> 00:09:09,160 Speaker 1: that you can do very quickly to write that ship. 179 00:09:09,640 --> 00:09:13,040 Speaker 1: And remember the last president that really experienced significant inflation 180 00:09:13,080 --> 00:09:15,560 Speaker 1: with Jimmy Carter, and it cost him his re election 181 00:09:15,600 --> 00:09:19,880 Speaker 1: in part in so get it has to be addressed. Uh, 182 00:09:20,000 --> 00:09:23,800 Speaker 1: And it's unfortunate thing for that um with inflation, you 183 00:09:23,840 --> 00:09:25,840 Speaker 1: can't just throw money in it. That actually is one 184 00:09:25,840 --> 00:09:28,560 Speaker 1: of the reasons you get more inflation. You actually have 185 00:09:28,679 --> 00:09:31,400 Speaker 1: to cause some pain to the economy, and that's something 186 00:09:31,440 --> 00:09:33,719 Speaker 1: that no president really wants to do. It's interesting, though, 187 00:09:33,720 --> 00:09:35,480 Speaker 1: Andy he has talked about it a bit and has 188 00:09:35,520 --> 00:09:39,400 Speaker 1: suggested that his economic agenda is is a possible cure 189 00:09:40,000 --> 00:09:42,320 Speaker 1: for inflation. If you want lower housing prices, right, if 190 00:09:42,320 --> 00:09:45,679 Speaker 1: you want lower drug prices. He says, lower costs for childcare. 191 00:09:45,679 --> 00:09:49,559 Speaker 1: That this is actually an somehow anti inflationary bill. Republicans 192 00:09:49,600 --> 00:09:52,400 Speaker 1: don't buy it. Does does polling bear out that Americans 193 00:09:52,600 --> 00:09:56,240 Speaker 1: are accepting that? I don't. I haven't seen any polls 194 00:09:56,240 --> 00:09:58,920 Speaker 1: that Americans really accept that. Other thing, they pretty much 195 00:09:58,920 --> 00:10:00,840 Speaker 1: line up on that as they do well most issues 196 00:10:01,080 --> 00:10:03,320 Speaker 1: based on their partisanship. In their view of the preside. 197 00:10:04,600 --> 00:10:07,080 Speaker 1: Economists can't even line up on what side on what 198 00:10:07,160 --> 00:10:10,760 Speaker 1: to do specifically about inflation. So it's not surprising the 199 00:10:10,760 --> 00:10:14,199 Speaker 1: public doesn't really know. We're talking with Andy Smith, director 200 00:10:14,200 --> 00:10:17,160 Speaker 1: of the University of New Hampshire Survey Center, on sound On. 201 00:10:17,200 --> 00:10:22,080 Speaker 1: I'm Joe Matthew in Washington with Emily Wilkins. Yeah, and 202 00:10:22,200 --> 00:10:24,640 Speaker 1: we're recapping a little bit of what President Biden said 203 00:10:24,640 --> 00:10:27,320 Speaker 1: today up in New Hampshire. This is stopped one of 204 00:10:27,360 --> 00:10:29,640 Speaker 1: a multi stop tour that the President is going to 205 00:10:29,679 --> 00:10:31,560 Speaker 1: go on that members of his cabinet are going to 206 00:10:31,559 --> 00:10:35,600 Speaker 1: go on, really trying to sell this infrastructure hard infrastructure 207 00:10:35,640 --> 00:10:39,400 Speaker 1: bill two Americans. One interesting thing that I did notice 208 00:10:39,600 --> 00:10:43,040 Speaker 1: during the speech, Andy, is that at one point Biden 209 00:10:43,160 --> 00:10:45,520 Speaker 1: he spent a good bit of the speech kind of 210 00:10:45,600 --> 00:10:49,120 Speaker 1: railing on America's highest earners. At one point he said 211 00:10:49,120 --> 00:10:51,640 Speaker 1: that if he heard again that Wall Street built this country, 212 00:10:51,679 --> 00:10:54,040 Speaker 1: he was gonna and then he got so mad he 213 00:10:54,120 --> 00:10:57,120 Speaker 1: just kind of trailed off. What is President Biden Biden 214 00:10:57,280 --> 00:10:59,920 Speaker 1: doing here? Why? Why I mentioned that as a part 215 00:11:00,040 --> 00:11:04,000 Speaker 1: of this speech that's supposed to be focusing on infrastructure. Uh, 216 00:11:04,360 --> 00:11:08,280 Speaker 1: the short answer is politics, and it's usually good politics. 217 00:11:08,280 --> 00:11:10,000 Speaker 1: In the United States. There are a whole lot more 218 00:11:10,200 --> 00:11:12,280 Speaker 1: people who are not rich than there are rich people, 219 00:11:12,280 --> 00:11:14,720 Speaker 1: and it'll be hard to defend reach people. They become 220 00:11:14,920 --> 00:11:17,040 Speaker 1: kind of a punching bag anytime that the economy is 221 00:11:17,080 --> 00:11:20,280 Speaker 1: going bad. But they're doing well. So the stock markets 222 00:11:20,320 --> 00:11:22,600 Speaker 1: doing really well. Wall Street's really happy and have big 223 00:11:22,640 --> 00:11:26,040 Speaker 1: bonuses this year. The rest of us are dealing with inflation. Um, 224 00:11:26,679 --> 00:11:28,760 Speaker 1: so it's it's easy to point the finger at somebody 225 00:11:28,760 --> 00:11:30,920 Speaker 1: else who's doing well, because it makes it seem like 226 00:11:31,040 --> 00:11:33,280 Speaker 1: this is a zero sum game. The view from the 227 00:11:33,280 --> 00:11:36,319 Speaker 1: first in the Nation primary states Andy Smith. Great to 228 00:11:36,360 --> 00:11:39,240 Speaker 1: talk with you, director of the University of New Hampshire 229 00:11:39,320 --> 00:11:42,360 Speaker 1: Survey Center. We'll be back with Andy come primary time, 230 00:11:42,400 --> 00:11:46,440 Speaker 1: he said, after all, it's well it's only four years away. 231 00:11:46,720 --> 00:11:49,120 Speaker 1: I'm Joe Matthew with Emily Wilkins coming up. We assemble 232 00:11:49,200 --> 00:11:52,959 Speaker 1: the panel. Rick Davis, Bloomberg Politics contributor, Kristen Han, Democratic 233 00:11:53,000 --> 00:11:55,839 Speaker 1: strategist with us here on the fastest hour in politics, 234 00:11:56,080 --> 00:11:58,480 Speaker 1: will check traffic and the markets on the way. I'm 235 00:11:58,520 --> 00:12:04,839 Speaker 1: Joe Matthew. This is Bloomberg. This is Bloomberg Son on 236 00:12:05,400 --> 00:12:11,280 Speaker 1: with Joe Matthew on Bloomberg Radio. The headline on the terminal, 237 00:12:11,320 --> 00:12:16,400 Speaker 1: Biden says, infrastructure law hits at kitchen table issues, just 238 00:12:16,559 --> 00:12:20,160 Speaker 1: like we were discussing with Andy Smith here on Bloomberg Radio. 239 00:12:20,640 --> 00:12:24,160 Speaker 1: I'm Joe Matthew in Washington, joined by Bloomberg's Emily Wilkins. 240 00:12:24,200 --> 00:12:26,080 Speaker 1: And that is what this comes down to, right, I 241 00:12:26,080 --> 00:12:29,720 Speaker 1: guess the question I always find myself asking here, Emily's 242 00:12:29,760 --> 00:12:32,480 Speaker 1: if that's the case, if this is a blue collar story, 243 00:12:32,520 --> 00:12:35,960 Speaker 1: if this is about working class Americans. Wasn't that supposed 244 00:12:35,960 --> 00:12:39,040 Speaker 1: to be the sweet spot for Joe Biden, who famously 245 00:12:39,240 --> 00:12:41,960 Speaker 1: was the least wealthy man in the Senate, who talked 246 00:12:42,000 --> 00:12:44,439 Speaker 1: about his dad looking up at the ceiling, worried about 247 00:12:44,440 --> 00:12:47,439 Speaker 1: his family. That was the whole storyline on the campaign. 248 00:12:47,920 --> 00:12:50,520 Speaker 1: I mean, look, Democrats say that they are the party 249 00:12:50,520 --> 00:12:53,080 Speaker 1: of the working class. Republicans say that they are the 250 00:12:53,160 --> 00:12:56,640 Speaker 1: party of the working class. Meanwhile, the working classes in 251 00:12:56,679 --> 00:13:00,559 Speaker 1: a country that's dealing with massive income inequality at this point, 252 00:13:00,840 --> 00:13:03,400 Speaker 1: and so there definitely is that level of frustration. We 253 00:13:03,440 --> 00:13:06,240 Speaker 1: saw it increase after the two thousand eight recession. We 254 00:13:06,320 --> 00:13:09,920 Speaker 1: see it continuing. But both parties really understand that that 255 00:13:10,040 --> 00:13:13,360 Speaker 1: is an extremely key block of voters in the upcoming 256 00:13:13,400 --> 00:13:15,720 Speaker 1: mid terms. In the presidential we may as well start 257 00:13:15,760 --> 00:13:17,920 Speaker 1: talking about it. It's only three years away. Biden was 258 00:13:17,920 --> 00:13:21,839 Speaker 1: in New Hampshire. Just cut cut the ribbon right now here. 259 00:13:22,200 --> 00:13:24,160 Speaker 1: That's what a thought he and he got me thinking 260 00:13:24,200 --> 00:13:27,400 Speaker 1: about that. But you know, a victory lap for Joe Biden. 261 00:13:27,400 --> 00:13:29,840 Speaker 1: There it is. He stands at this dilapidated bridge up 262 00:13:29,880 --> 00:13:32,320 Speaker 1: there in New England and brings I believe it's two 263 00:13:32,559 --> 00:13:35,559 Speaker 1: d and twenty five million dollars if I remember correctly, 264 00:13:35,600 --> 00:13:38,120 Speaker 1: for bridges in New Hampshire and a billion dollars for highways. 265 00:13:38,440 --> 00:13:41,280 Speaker 1: These are the kind of stories that the administration was 266 00:13:41,320 --> 00:13:43,840 Speaker 1: looking to tell. And you know who else was I 267 00:13:43,880 --> 00:13:46,920 Speaker 1: know you know, Emily because you live practically on Capitol Hill. 268 00:13:47,200 --> 00:13:49,920 Speaker 1: It's a guy named Mitch McConnell who skipped the bill 269 00:13:50,000 --> 00:13:53,360 Speaker 1: signing this week. We actually have some sound from him 270 00:13:53,360 --> 00:13:55,520 Speaker 1: as he talked to reporters today about it. Here's the 271 00:13:55,600 --> 00:13:59,000 Speaker 1: Senate Minority Leader, Mitch McConnell. I'm proud of my vote 272 00:13:59,280 --> 00:14:03,120 Speaker 1: and were obviously free to choose how they wanted to vote, 273 00:14:03,240 --> 00:14:06,480 Speaker 1: and in the Senate nineteen Senate republicans felt it was 274 00:14:06,520 --> 00:14:08,360 Speaker 1: the right thing to do for the country. Well, there 275 00:14:08,360 --> 00:14:11,840 Speaker 1: it is, and h thirteen Republicans end up in the House. 276 00:14:11,880 --> 00:14:14,839 Speaker 1: We assemble the panel now I'm glad to say Rick 277 00:14:14,920 --> 00:14:17,760 Speaker 1: Davis is with us. Bloomberg Politics contributor, also spending the 278 00:14:17,760 --> 00:14:19,760 Speaker 1: hour with Kristin Han. We've just got a big crew 279 00:14:19,800 --> 00:14:23,280 Speaker 1: hanging out here tonight. Democratic strategist, former Blue Dog Coalition 280 00:14:23,320 --> 00:14:27,720 Speaker 1: communications director, partner at Rock Solutions, Kristen. Great to have 281 00:14:27,800 --> 00:14:29,960 Speaker 1: you back. Always great to have Rick Davis with us 282 00:14:29,960 --> 00:14:32,240 Speaker 1: as well. What's your take on that? Rick? To here 283 00:14:32,280 --> 00:14:36,800 Speaker 1: from Mitch McConnell, as as other Republican members on Capitol 284 00:14:36,840 --> 00:14:41,000 Speaker 1: Hill suggest that this would be uh the move of 285 00:14:41,000 --> 00:14:43,720 Speaker 1: a traitor for a Republican to vote for infrastructure. I 286 00:14:43,720 --> 00:14:47,000 Speaker 1: believe that was the term that Marjorie Taylor Green used. Uh, 287 00:14:47,040 --> 00:14:48,960 Speaker 1: this is a wild world we're living in here. What 288 00:14:49,000 --> 00:14:51,160 Speaker 1: do you make of it? Rick? Well, first, I'm gonna 289 00:14:51,200 --> 00:14:53,880 Speaker 1: ignore Marjorie Taylor Green as much as I can for 290 00:14:53,920 --> 00:14:58,160 Speaker 1: the next year. And so aside from that, as Emily said, 291 00:14:58,520 --> 00:15:01,720 Speaker 1: Republicans are in the game with the blue collar voters 292 00:15:01,920 --> 00:15:05,840 Speaker 1: and and in fact, since Donald Trump's opened up that basket, 293 00:15:06,680 --> 00:15:12,080 Speaker 1: especially in the secondary towns and cities across America. UM, 294 00:15:12,120 --> 00:15:14,080 Speaker 1: this is why you see a lot of Republicans voting 295 00:15:14,120 --> 00:15:16,840 Speaker 1: for infrastructure because the one thing Joe Biden is right 296 00:15:16,920 --> 00:15:20,520 Speaker 1: on is that people do like infrastructure. I think I've 297 00:15:20,560 --> 00:15:23,720 Speaker 1: taken the Straight Talk Express across that bridge in New 298 00:15:23,760 --> 00:15:26,800 Speaker 1: Hampshire and I'm glad we'll get repaired. Oh my god, 299 00:15:27,440 --> 00:15:30,400 Speaker 1: man could die just campaigning in New Hampshire. But uh, 300 00:15:30,800 --> 00:15:32,680 Speaker 1: it's it's just a fact that this is the kind 301 00:15:32,680 --> 00:15:35,840 Speaker 1: of thing voters like. It's what the country needs. And 302 00:15:35,840 --> 00:15:38,760 Speaker 1: and Joe Biden, if he could do a lot worse 303 00:15:38,840 --> 00:15:42,120 Speaker 1: than spend every single day between now in the midterm 304 00:15:42,120 --> 00:15:45,160 Speaker 1: elections doing exactly what he did today, showing up in 305 00:15:45,200 --> 00:15:48,760 Speaker 1: these battleground states districts all across the country talking about 306 00:15:48,760 --> 00:15:50,800 Speaker 1: how many millions of dollars is going to come into 307 00:15:50,840 --> 00:15:53,760 Speaker 1: that state or that district because of this bill. And 308 00:15:53,800 --> 00:15:57,280 Speaker 1: it's not just gonna be President Joe Biden. Democrats announced 309 00:15:57,280 --> 00:16:00,040 Speaker 1: today House Democrats their goal is to do more and 310 00:16:00,160 --> 00:16:02,920 Speaker 1: a thousand events in the next several weeks on this 311 00:16:02,960 --> 00:16:05,920 Speaker 1: infrastructure bill. Each member's gotta do five so so it 312 00:16:05,960 --> 00:16:08,480 Speaker 1: does does all even out. But but Kristen, I want 313 00:16:08,520 --> 00:16:10,720 Speaker 1: to bring it over to you because really, in the 314 00:16:10,760 --> 00:16:13,640 Speaker 1: minds of many Democrats, the job is only half done. 315 00:16:13,960 --> 00:16:16,240 Speaker 1: Great that they got the roads and the bridges, now 316 00:16:16,280 --> 00:16:19,360 Speaker 1: they need the childcare and the healthcare. And really, when 317 00:16:19,360 --> 00:16:21,560 Speaker 1: you think about the Social welfare and tax build, the 318 00:16:21,560 --> 00:16:24,560 Speaker 1: build back better, whatever you you wish to call it. 319 00:16:24,720 --> 00:16:27,520 Speaker 1: The whole process right now is being held up by 320 00:16:27,520 --> 00:16:30,280 Speaker 1: a handful of moderate Democrats in the House who are 321 00:16:30,320 --> 00:16:34,160 Speaker 1: insisting that the Congressional Budget Office score comes out and 322 00:16:34,160 --> 00:16:37,720 Speaker 1: shows that this bill isn't gonna, you know, be revenue neutral, 323 00:16:38,080 --> 00:16:39,800 Speaker 1: and on the service that that sounds like such a 324 00:16:39,880 --> 00:16:42,080 Speaker 1: rational thing, But when you dive in a little further, 325 00:16:42,360 --> 00:16:44,480 Speaker 1: you realize that this build a house passes, it's going 326 00:16:44,520 --> 00:16:47,040 Speaker 1: to go to the Senate, it's going to change. Plus 327 00:16:47,040 --> 00:16:50,520 Speaker 1: the infrastructure bill, the CBO looked at that, did their 328 00:16:50,560 --> 00:16:53,040 Speaker 1: math and said, hey, this is going to add two 329 00:16:53,440 --> 00:16:57,040 Speaker 1: sixty five billion dollars to the national deficit. So why 330 00:16:57,320 --> 00:16:59,360 Speaker 1: why are we all being held up right now on 331 00:16:59,400 --> 00:17:02,400 Speaker 1: the Social Welfare and tax bill waiting for a score 332 00:17:02,520 --> 00:17:05,840 Speaker 1: that that's going to change. Well, first of all, and 333 00:17:05,840 --> 00:17:07,680 Speaker 1: thank you for having me, um. You know, I think 334 00:17:07,920 --> 00:17:09,960 Speaker 1: really quickly on the infrastructure build, this is a huge 335 00:17:09,960 --> 00:17:13,439 Speaker 1: accomplishment many presidents have been have been trying for for 336 00:17:13,520 --> 00:17:17,159 Speaker 1: many years, Um, And it's it's good to see that 337 00:17:17,240 --> 00:17:20,119 Speaker 1: the President and uh, members of Congress who voted for 338 00:17:20,160 --> 00:17:24,040 Speaker 1: this are are going out and telling people and showing 339 00:17:24,080 --> 00:17:26,120 Speaker 1: people how this is going to impact their lives. That's 340 00:17:26,119 --> 00:17:29,520 Speaker 1: a really important thing to do. Sometimes we have trouble communicating, 341 00:17:29,560 --> 00:17:31,679 Speaker 1: at least on our side of the aisle. So I thought, UM, 342 00:17:31,720 --> 00:17:35,240 Speaker 1: at least today's event was the first good step on 343 00:17:35,680 --> 00:17:38,240 Speaker 1: you know, the Build Back Better Act. I think that 344 00:17:38,240 --> 00:17:39,879 Speaker 1: there are a lot of things, first of all, that 345 00:17:39,960 --> 00:17:43,439 Speaker 1: are very popular in that bill, you know, universal pre 346 00:17:43,560 --> 00:17:48,119 Speaker 1: k um childcare. These are things that UM impact the 347 00:17:48,119 --> 00:17:53,760 Speaker 1: lives of Americans in in different ways than UM infrastructure. 348 00:17:54,520 --> 00:17:59,040 Speaker 1: And you know, these members who UM, many of them 349 00:17:59,119 --> 00:18:02,600 Speaker 1: I work with, say they do not think it's unreasonable, 350 00:18:03,240 --> 00:18:05,560 Speaker 1: and they've been negotiating good faith, you know. I mean 351 00:18:05,560 --> 00:18:08,640 Speaker 1: you saw a laugh UM a couple of fridays ago, 352 00:18:08,760 --> 00:18:12,200 Speaker 1: when the members of the Progressive Caucus got together. Can 353 00:18:12,240 --> 00:18:14,360 Speaker 1: I ask you both focus, We're just about at a time. 354 00:18:14,400 --> 00:18:17,240 Speaker 1: Does a vote happen this week? Does this thing past? Yeah, first, 355 00:18:17,359 --> 00:18:19,679 Speaker 1: ultimately happens. But I think that they don't think it's 356 00:18:19,720 --> 00:18:22,080 Speaker 1: unreasonable to know what it costs before they pig on it, 357 00:18:22,160 --> 00:18:24,560 Speaker 1: which is responsible. But yes, I think it'll it tells 358 00:18:24,560 --> 00:18:26,640 Speaker 1: me though. Even if the CBO comes back it says 359 00:18:26,680 --> 00:18:28,679 Speaker 1: it's not really totally paid for Rick, We're still going 360 00:18:28,720 --> 00:18:30,280 Speaker 1: to get a vote that passes the bill. What do 361 00:18:30,320 --> 00:18:32,520 Speaker 1: you think, Yeah, I think the Blue dogs hold their 362 00:18:32,560 --> 00:18:35,159 Speaker 1: nose and they vote yes no matter what the CBO 363 00:18:35,280 --> 00:18:37,200 Speaker 1: score is. Do you have it? Fro. We're counting the 364 00:18:37,280 --> 00:18:39,920 Speaker 1: days here. I'm Joe Matthew with Emily Wilkins. This is 365 00:18:39,920 --> 00:18:43,160 Speaker 1: Bloomberg Sound On, the fastest hour in politics, and Laura 366 00:18:43,280 --> 00:18:47,760 Speaker 1: Davison is up next Bloomberg Congress and tax reporter. Figure 367 00:18:47,800 --> 00:18:50,320 Speaker 1: out to pay for US assaulted this thing or not? 368 00:18:50,760 --> 00:18:53,760 Speaker 1: We'll tackle that next on sound On. This is Bloomberg 369 00:18:56,960 --> 00:19:02,080 Speaker 1: broadcasting live from our nation's capital, Bloomberg to New York, 370 00:19:02,160 --> 00:19:06,360 Speaker 1: Bloomberg eleven Frio to Boston, Bloomberg one oh six one 371 00:19:06,480 --> 00:19:10,680 Speaker 1: to San Francisco, Bloomberg nine six to the country Serious 372 00:19:10,880 --> 00:19:14,280 Speaker 1: x M General one and around the globe the Bloomberg 373 00:19:14,359 --> 00:19:18,680 Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg 374 00:19:18,840 --> 00:19:24,640 Speaker 1: Sound On with Joe Matthew. So what's all the fuss about? Anyway? 375 00:19:24,760 --> 00:19:28,320 Speaker 1: We're drilling down in the minutia, digging through details from 376 00:19:28,320 --> 00:19:31,240 Speaker 1: the policies to the pay force, knowing all the while 377 00:19:31,320 --> 00:19:34,840 Speaker 1: that any bill passed in the House will change, maybe 378 00:19:34,920 --> 00:19:38,400 Speaker 1: dramatically in the Senate. Right, I'm Joe Matthew and Washington 379 00:19:38,480 --> 00:19:41,560 Speaker 1: joined by Emily Wilkins today and we're gonna talk taxes 380 00:19:41,600 --> 00:19:45,000 Speaker 1: coming up with Laura Davis and Bloomberg Congress and tax reporter. 381 00:19:45,440 --> 00:19:48,639 Speaker 1: Take it with a grain of salt. Four days in fact, right, 382 00:19:48,640 --> 00:19:52,280 Speaker 1: didn't they get that specific? Emily Wilkins? Four days until 383 00:19:53,080 --> 00:19:56,720 Speaker 1: President Biden announces his take on the FED. Maybe that's 384 00:19:56,760 --> 00:19:59,280 Speaker 1: like after the markets closed on a Friday. Let everybody 385 00:19:59,280 --> 00:20:01,919 Speaker 1: calm down, think about for the weekend. I think I 386 00:20:01,920 --> 00:20:03,879 Speaker 1: think he's doing us a favor. I think he's telling us, 387 00:20:03,880 --> 00:20:05,600 Speaker 1: if you're trying to sneak out of work early and 388 00:20:05,920 --> 00:20:09,720 Speaker 1: start happy hours, to stick around in stackground favor. Yeah, 389 00:20:09,760 --> 00:20:12,480 Speaker 1: don't get ensconced. You though, Emily Wilkins were on the 390 00:20:12,520 --> 00:20:16,520 Speaker 1: Hill today, I know you were watching the Democrats caucus. 391 00:20:16,560 --> 00:20:19,200 Speaker 1: They're back in town and they're looking at a deadline 392 00:20:19,240 --> 00:20:22,280 Speaker 1: as we've been discussing here, and we're looking at Friday 393 00:20:22,280 --> 00:20:25,680 Speaker 1: potentially for maybe the earliest time we could get a vote. 394 00:20:25,880 --> 00:20:28,000 Speaker 1: We're going to talk in a moment with Laura Davison. 395 00:20:28,040 --> 00:20:32,199 Speaker 1: But if we're still asking questions about whether salt is 396 00:20:32,240 --> 00:20:34,560 Speaker 1: in this, about whether the CBO will think it's even 397 00:20:34,600 --> 00:20:37,000 Speaker 1: paid for when they look at I R. S Enforcement, Emily, 398 00:20:37,200 --> 00:20:39,959 Speaker 1: are we actually near having a real bill that somebody 399 00:20:40,000 --> 00:20:43,960 Speaker 1: can print out and read. There are two different questions here, 400 00:20:44,080 --> 00:20:46,359 Speaker 1: and number one, how close are we to the House 401 00:20:46,400 --> 00:20:49,159 Speaker 1: passing the bill? And number two how close is the 402 00:20:49,200 --> 00:20:52,240 Speaker 1: bill to actually going to President Biden's desk? And the 403 00:20:52,280 --> 00:20:54,639 Speaker 1: first one it really could happen this week. I mean 404 00:20:54,680 --> 00:20:59,040 Speaker 1: House Democrats have actually agreed on a salt provision that 405 00:20:59,080 --> 00:21:01,440 Speaker 1: would raise the cap to eighty thousand dollars a year, 406 00:21:01,800 --> 00:21:04,159 Speaker 1: but that's expected to be changed in the Senate. Remember 407 00:21:04,240 --> 00:21:06,679 Speaker 1: when the House passes bill, it doesn't go to Biden, 408 00:21:06,760 --> 00:21:09,280 Speaker 1: it goes to Senate and then Joe Manson and Kirsten 409 00:21:09,359 --> 00:21:11,800 Speaker 1: Cinema do their thing. So that's like the spirit of 410 00:21:11,840 --> 00:21:14,680 Speaker 1: this conversation. Then how about we as we bring in Laura, 411 00:21:14,800 --> 00:21:17,760 Speaker 1: this is we know that the plates are still spinning 412 00:21:18,680 --> 00:21:21,120 Speaker 1: and no matter what ends up in this bill, it's 413 00:21:21,200 --> 00:21:24,080 Speaker 1: likely to be altered or shaken around by the Senate. 414 00:21:25,040 --> 00:21:28,440 Speaker 1: So Laura Davison, Bloomberg's expert on taxes in Congress. What's 415 00:21:28,440 --> 00:21:30,639 Speaker 1: your thought? How close are we to a finished product 416 00:21:30,640 --> 00:21:33,240 Speaker 1: in the House. You know, the House will pass the 417 00:21:33,280 --> 00:21:35,440 Speaker 1: still today, but it's not going to be the thing 418 00:21:35,480 --> 00:21:37,359 Speaker 1: as m. Louis saying that Biden is going to sign. 419 00:21:37,600 --> 00:21:42,119 Speaker 1: There are still some big, big, unresolved issues salt, paid leave, um, 420 00:21:42,160 --> 00:21:45,000 Speaker 1: potentially some things around drug pricing that will get continue 421 00:21:45,040 --> 00:21:47,040 Speaker 1: to be tweaked as it as it moves over to 422 00:21:47,160 --> 00:21:49,840 Speaker 1: the other side of the capital. You know, today talking 423 00:21:49,880 --> 00:21:52,080 Speaker 1: with you know some senators who are working on how 424 00:21:52,080 --> 00:21:55,040 Speaker 1: they want to change salt. Instead of having a higher cap, 425 00:21:55,119 --> 00:21:57,399 Speaker 1: they want to look and limit the deduction to people 426 00:21:57,480 --> 00:22:00,359 Speaker 1: under a certain income level, maybe around about a hundred 427 00:22:00,400 --> 00:22:02,639 Speaker 1: thousand dollars. And this is really a response to a 428 00:22:02,680 --> 00:22:05,920 Speaker 1: lot of criticism, um that Democrats are getting, uh from 429 00:22:05,960 --> 00:22:08,120 Speaker 1: both the left and the right, that this bill as 430 00:22:08,119 --> 00:22:10,959 Speaker 1: it's written right now, would actually cut taxes for some 431 00:22:11,000 --> 00:22:13,240 Speaker 1: of the highest earners. You know, they remember the at 432 00:22:13,240 --> 00:22:15,439 Speaker 1: the beginning, the idea was to raise taxes on the wealthy, 433 00:22:15,760 --> 00:22:17,560 Speaker 1: and now a lot of wealthy individuals are going to 434 00:22:17,640 --> 00:22:20,040 Speaker 1: get a tax cut. According to some analysis from Congress's 435 00:22:20,040 --> 00:22:22,879 Speaker 1: official scorekeepers, is it paid for? There will the CBO 436 00:22:22,960 --> 00:22:25,000 Speaker 1: tell us is paid for or they're gonna be fudging 437 00:22:25,080 --> 00:22:28,840 Speaker 1: some I R. S enforcement numbers. Uh, So you know 438 00:22:28,920 --> 00:22:30,720 Speaker 1: what is paid for is somewhat in the eye of 439 00:22:30,760 --> 00:22:33,480 Speaker 1: the beholder here. Um, it looks like that some of 440 00:22:33,480 --> 00:22:35,639 Speaker 1: the White House projections M that you know, the IRS 441 00:22:35,720 --> 00:22:38,480 Speaker 1: enforcement provisions would give the I R. S um eighty 442 00:22:38,480 --> 00:22:41,440 Speaker 1: billion more dollars to invest in new systems and new 443 00:22:41,480 --> 00:22:43,840 Speaker 1: auditors to to make sure that all tax dollars are 444 00:22:43,840 --> 00:22:46,440 Speaker 1: being collected. They estimate that would raise about four hundred 445 00:22:46,480 --> 00:22:49,680 Speaker 1: billion dollars over a decade. Uh. The CBO director was 446 00:22:49,720 --> 00:22:52,679 Speaker 1: talking yesterday and he said, M, we're like one billion. 447 00:22:52,960 --> 00:22:55,679 Speaker 1: But talking with members of Congress, they basically say they 448 00:22:55,680 --> 00:22:59,120 Speaker 1: don't agree with CBO's methodology, and so Democrats are sort 449 00:22:59,119 --> 00:23:01,680 Speaker 1: of agreeing to look at the White House of numbers 450 00:23:01,680 --> 00:23:05,160 Speaker 1: and not CBS for this particular measure. Well, we got 451 00:23:05,200 --> 00:23:08,160 Speaker 1: some breaking news crossing the terminal right now. Actually, Treasury 452 00:23:08,160 --> 00:23:12,879 Speaker 1: Secretary Janet Yellen is announcing that extraordinary measures are expected 453 00:23:12,920 --> 00:23:16,199 Speaker 1: to run out on December. When the debt limit is 454 00:23:16,240 --> 00:23:20,000 Speaker 1: going to come December one five, it's a little more 455 00:23:20,000 --> 00:23:23,280 Speaker 1: wiggle room than what we had with December three. We 456 00:23:23,320 --> 00:23:25,240 Speaker 1: had the third, so we have a little more time 457 00:23:26,080 --> 00:23:31,440 Speaker 1: for dealing with it legislatively. It means that December is 458 00:23:31,480 --> 00:23:33,679 Speaker 1: going to be a very very hectic month when you 459 00:23:33,760 --> 00:23:35,000 Speaker 1: can't walk it right up to the line. That was 460 00:23:35,040 --> 00:23:37,040 Speaker 1: my point. The right has actually changed the deadline for 461 00:23:37,080 --> 00:23:40,240 Speaker 1: work on the hill. It could very well because this 462 00:23:40,320 --> 00:23:42,440 Speaker 1: does need to be done. I mean for things like 463 00:23:42,520 --> 00:23:46,240 Speaker 1: the social welfare and tax plan, even for things like 464 00:23:46,280 --> 00:23:48,840 Speaker 1: funding the government. They could wind up running that right 465 00:23:49,000 --> 00:23:52,840 Speaker 1: up until Christmas Eve, potentially even later really, but for 466 00:23:52,920 --> 00:23:55,119 Speaker 1: this particular thing, for the debt limit, they really do 467 00:23:55,240 --> 00:23:58,000 Speaker 1: need to act. And remember this isn't something where Congress 468 00:23:58,040 --> 00:24:00,200 Speaker 1: can just turn around twenty four hours ahead of time 469 00:24:00,200 --> 00:24:02,840 Speaker 1: and say, oh, we got an agreement. If this goes 470 00:24:02,880 --> 00:24:06,480 Speaker 1: to reconciliation, they need several weeks to pull off. So 471 00:24:06,640 --> 00:24:08,760 Speaker 1: all right, good job Emily Wilkins with the breaker. What 472 00:24:08,800 --> 00:24:10,600 Speaker 1: does that mean to you, Laura Davison, Is there any 473 00:24:10,680 --> 00:24:16,040 Speaker 1: chance the debt ceiling goes into reconciliation? There's still a chance. 474 00:24:16,080 --> 00:24:18,040 Speaker 1: It's talking with Bernie Sanders, he's the budget Chairman of 475 00:24:18,040 --> 00:24:20,080 Speaker 1: the Senate, you know, and you said there's continuing to 476 00:24:20,119 --> 00:24:23,080 Speaker 1: look at all options. Democrats don't really want to do reconciliation, 477 00:24:23,320 --> 00:24:25,080 Speaker 1: partially because it takes a lot of time, and partially 478 00:24:25,119 --> 00:24:27,520 Speaker 1: because this is really just an internal battle of wills 479 00:24:27,520 --> 00:24:29,920 Speaker 1: we're having with Republicans right now. But you know that 480 00:24:30,000 --> 00:24:31,600 Speaker 1: they may be forced to do that, and you know 481 00:24:31,640 --> 00:24:34,480 Speaker 1: they may be really you know, pushing that December fifteenth deadline, 482 00:24:34,760 --> 00:24:37,000 Speaker 1: which could potentially spook some markets if it looks like 483 00:24:37,040 --> 00:24:39,480 Speaker 1: they may or may not meet that deadline. Yeah, but Laura, 484 00:24:39,560 --> 00:24:42,040 Speaker 1: let's be real here. I mean, I know that Democrats 485 00:24:42,040 --> 00:24:45,040 Speaker 1: are really trying to pressure Republicans to come along with them. 486 00:24:45,320 --> 00:24:47,320 Speaker 1: Is there any sense at this point that that's what 487 00:24:47,400 --> 00:24:49,320 Speaker 1: it's going to be? I mean, it seems to me 488 00:24:49,359 --> 00:24:52,800 Speaker 1: that democrats only option at this point is reconciliation unless 489 00:24:52,840 --> 00:24:57,120 Speaker 1: Min McConnell has a dozen major one eighty tomorrow. Yeah, 490 00:24:57,119 --> 00:24:58,879 Speaker 1: I mean, and I think Democrats are looking at what 491 00:24:58,960 --> 00:25:01,240 Speaker 1: McConnell did, you know, lear this fall of the gave 492 00:25:01,400 --> 00:25:03,800 Speaker 1: that he basically, you know, that got his guys in 493 00:25:03,840 --> 00:25:06,000 Speaker 1: lines that Republicans say, we got to help Democrats out here. 494 00:25:06,200 --> 00:25:08,440 Speaker 1: You know, I think it's highly unlikely that McConnell, even 495 00:25:08,440 --> 00:25:10,040 Speaker 1: if McConnell wants to do it, that he could get 496 00:25:10,160 --> 00:25:13,080 Speaker 1: enough Senators to deliver the votes for that. The Democrats 497 00:25:13,119 --> 00:25:15,639 Speaker 1: are gonna probably have to realize here in the next 498 00:25:16,000 --> 00:25:17,560 Speaker 1: couple of days, if not a couple of weeks, that 499 00:25:17,600 --> 00:25:19,080 Speaker 1: that they're going to need to figure out a way 500 00:25:19,119 --> 00:25:21,639 Speaker 1: to get this done in reconciliation and manage that with 501 00:25:21,680 --> 00:25:23,560 Speaker 1: all of the funding the government, as well as passing 502 00:25:23,600 --> 00:25:28,560 Speaker 1: Biden's agenda. Here, Laura Davison, Bloomberg's expert on taxes in Congress, 503 00:25:28,600 --> 00:25:30,639 Speaker 1: we thank you for being with us Congress and tax 504 00:25:30,640 --> 00:25:34,240 Speaker 1: reporter Laura Davison. Feeding the beast. That is the terminal. 505 00:25:34,280 --> 00:25:35,920 Speaker 1: I'll tell you what, Emily, and we were all thinking 506 00:25:35,960 --> 00:25:37,639 Speaker 1: the same thing here while we talked about this. This 507 00:25:37,640 --> 00:25:40,920 Speaker 1: could have been handled last summer, the same scenario you're describing. 508 00:25:41,160 --> 00:25:43,040 Speaker 1: It could have been handled last summer and it would 509 00:25:43,080 --> 00:25:45,639 Speaker 1: have had maybe a day or two of coverage and 510 00:25:45,720 --> 00:25:48,439 Speaker 1: then it would have gone away completely. But instead we 511 00:25:48,520 --> 00:25:51,800 Speaker 1: are here again talking about it, and Congress loves to 512 00:25:51,800 --> 00:25:56,639 Speaker 1: walk right up to those deadlines. So I guess the 513 00:25:56,640 --> 00:25:58,760 Speaker 1: moral of the story is that make sure that you 514 00:25:58,840 --> 00:26:01,480 Speaker 1: enjoy your Thanksgiving, make sure you relax, because when we 515 00:26:01,640 --> 00:26:06,320 Speaker 1: come back, it's it's running. It's running right up until Christmas, 516 00:26:06,760 --> 00:26:11,120 Speaker 1: Katie bar the door. Indeed, we've got more deadlines than 517 00:26:11,160 --> 00:26:13,880 Speaker 1: we thought we had when the program began, apparently thanks 518 00:26:13,920 --> 00:26:16,679 Speaker 1: to Emily Wilkins, who's spending this hour with us on 519 00:26:16,840 --> 00:26:19,680 Speaker 1: sound On, and it is moving quickly. So we'll check 520 00:26:19,720 --> 00:26:24,040 Speaker 1: traffic markets next Emily, then we'll reassemble the panel. Rick 521 00:26:24,119 --> 00:26:27,920 Speaker 1: Davis is with us, Bloomberg Politics contributor along today Kristen Haunt, 522 00:26:27,960 --> 00:26:32,680 Speaker 1: democratic strategist partner at Rock Solutions, as we try to 523 00:26:32,720 --> 00:26:35,040 Speaker 1: find our way to a final product on Capitol Hill. 524 00:26:35,160 --> 00:26:41,760 Speaker 1: I'm Joe Matthew. This is Bloomberg. This is Bloomberg Sound 525 00:26:41,800 --> 00:26:47,920 Speaker 1: On with Joe Matthew on Bloomberg Radio in the next 526 00:26:48,000 --> 00:26:51,560 Speaker 1: four days. That's the line today from President Biden, as 527 00:26:51,600 --> 00:26:54,720 Speaker 1: you've been hearing on Bloomberg Radio, making more news, the 528 00:26:54,760 --> 00:26:57,679 Speaker 1: President making more news after his speech on infrastructure than 529 00:26:57,720 --> 00:27:01,239 Speaker 1: he did during it. And that's ecuriently the case. This 530 00:27:01,320 --> 00:27:04,520 Speaker 1: is why the reporters run after everyone as they come 531 00:27:04,520 --> 00:27:06,760 Speaker 1: off the stage. Maybe they'll say something real. He told 532 00:27:06,800 --> 00:27:09,720 Speaker 1: them to expect an announcement of a nominee for fed 533 00:27:09,760 --> 00:27:12,280 Speaker 1: share in the next four days. You can read about 534 00:27:12,280 --> 00:27:14,880 Speaker 1: it on the terminal. And that's where we start with 535 00:27:14,960 --> 00:27:18,720 Speaker 1: the panel once again. I'm Joe Matthew and Emily Wilkins 536 00:27:18,960 --> 00:27:21,960 Speaker 1: is with us this hour the panel as well, Rick 537 00:27:22,040 --> 00:27:24,520 Speaker 1: Davis and Kristin Han with us for the hour. Emily, 538 00:27:24,600 --> 00:27:28,440 Speaker 1: this is interesting. Uh. It adds to the groundhog day 539 00:27:28,560 --> 00:27:33,160 Speaker 1: aspect of this administration and just kind of the spirit 540 00:27:33,200 --> 00:27:35,520 Speaker 1: in Washington right now where we come in every day 541 00:27:35,520 --> 00:27:39,760 Speaker 1: and grind through this debate about reconciliation. Will there be 542 00:27:39,840 --> 00:27:42,400 Speaker 1: a bill? Is it gonna be paid for? We've got 543 00:27:42,400 --> 00:27:46,760 Speaker 1: a deal, here's a framework. And now this fed steady 544 00:27:46,840 --> 00:27:50,000 Speaker 1: drumbeat is is really getting to be the point of 545 00:27:50,080 --> 00:27:52,359 Speaker 1: just deafening. If you if you listen to or watch 546 00:27:52,440 --> 00:27:55,919 Speaker 1: financial news, you see how much angst there is in 547 00:27:55,960 --> 00:27:58,480 Speaker 1: the market over this. Why don't just announce it? Well, 548 00:27:58,560 --> 00:28:01,359 Speaker 1: remember when they do an ounce it, that's not the 549 00:28:01,440 --> 00:28:04,600 Speaker 1: end of the road. This person, whether it's J. Powell 550 00:28:04,960 --> 00:28:09,679 Speaker 1: or Lal Brainard, needs to be confirmed by the U. S. Senate. 551 00:28:09,760 --> 00:28:13,200 Speaker 1: And you've already heard some concerns from Senator Senator Elizabeth 552 00:28:13,240 --> 00:28:17,560 Speaker 1: Warren saying she would not support J. Powell's nomination. But 553 00:28:17,640 --> 00:28:20,600 Speaker 1: you've also seen a number of senators say that they 554 00:28:20,600 --> 00:28:24,159 Speaker 1: would prefer to have vote for Senator Powell, including a 555 00:28:24,240 --> 00:28:27,000 Speaker 1: number of Republicans who have said, hey, uh, you know, 556 00:28:27,200 --> 00:28:30,280 Speaker 1: we are happy to go ahead and back J. Powell again. 557 00:28:30,800 --> 00:28:32,879 Speaker 1: We got another story up on the terminal that that 558 00:28:33,000 --> 00:28:35,399 Speaker 1: just really breaks this down. You're looking at members like 559 00:28:35,520 --> 00:28:38,959 Speaker 1: Rob Portman of Ohio, tends to be a moderate, voted 560 00:28:39,000 --> 00:28:41,880 Speaker 1: for Lal Bernard for her current post, but he said 561 00:28:41,920 --> 00:28:45,040 Speaker 1: that now he's urging Biden to choose Powell, and so 562 00:28:45,320 --> 00:28:47,280 Speaker 1: I think, you know, if if he does decide to 563 00:28:47,320 --> 00:28:50,160 Speaker 1: go with Governor Brainard, this could wind up being a 564 00:28:50,200 --> 00:28:53,200 Speaker 1: battle in the Senate. But the news today from Shared Brown, 565 00:28:53,240 --> 00:28:55,400 Speaker 1: other than the imminent headline, which did make me chuckle 566 00:28:55,480 --> 00:28:59,080 Speaker 1: this morning because that word is just not terribly meaningful 567 00:28:59,160 --> 00:29:02,920 Speaker 1: in this particular capital city, the fact that he thought 568 00:29:02,920 --> 00:29:06,720 Speaker 1: both could be confirmed left some people scratching their heads. 569 00:29:06,720 --> 00:29:09,840 Speaker 1: Do you believe it? I mean, look, Shared Brown knows 570 00:29:09,880 --> 00:29:12,479 Speaker 1: more about his Senate colleagues than I do. But it 571 00:29:12,520 --> 00:29:16,880 Speaker 1: definitely seems like Powell would be a much easier candidate 572 00:29:17,040 --> 00:29:20,240 Speaker 1: to get through the Senate than for Governor Brainard. Let's 573 00:29:20,240 --> 00:29:21,880 Speaker 1: bring Rick and Christen in on this. What do you 574 00:29:21,920 --> 00:29:26,080 Speaker 1: make of this whole conversation? Rick, the confirmation process. Obviously 575 00:29:26,120 --> 00:29:28,680 Speaker 1: it would be an easier road for President Biden to 576 00:29:28,800 --> 00:29:31,360 Speaker 1: maintain the status quo, but shared Brown, saying both could 577 00:29:31,360 --> 00:29:33,720 Speaker 1: be confirmed. Do you believe that? Sure? Yeah, I mean 578 00:29:33,840 --> 00:29:36,760 Speaker 1: you you rarely have a big fight on fed chair. Uh. 579 00:29:36,960 --> 00:29:39,680 Speaker 1: Fact that she's already been through a confirmation, you know, 580 00:29:39,720 --> 00:29:42,760 Speaker 1: makes it even easier for her. Um. The fact that 581 00:29:42,800 --> 00:29:46,040 Speaker 1: they're not bringing someone in from the outside really gives 582 00:29:46,080 --> 00:29:50,240 Speaker 1: the Republicans and the Democrats, uh, on the Banking Committee 583 00:29:50,280 --> 00:29:52,960 Speaker 1: and also on in the in the in the Senate itself, 584 00:29:53,000 --> 00:29:54,920 Speaker 1: you know, a lot of comfort that both people have 585 00:29:54,960 --> 00:29:58,720 Speaker 1: been vetted. So I really think this is a bit 586 00:29:58,720 --> 00:30:02,040 Speaker 1: of a canard. You know, Biden's gonna make his choice. Uh, 587 00:30:02,360 --> 00:30:04,840 Speaker 1: it's not gonna matter really in the Senate confirmation process 588 00:30:04,880 --> 00:30:07,080 Speaker 1: who he picks. The fact that he's taken so long 589 00:30:07,120 --> 00:30:10,040 Speaker 1: to do this indicates to me that it's probably not Pal. 590 00:30:10,200 --> 00:30:12,960 Speaker 1: I mean, how hard is it to reappoint Pal? Uh? 591 00:30:13,040 --> 00:30:14,480 Speaker 1: How much do you really have to think about that? 592 00:30:14,520 --> 00:30:18,200 Speaker 1: So I think there's a change coming. Uh smells like it. 593 00:30:18,400 --> 00:30:22,520 Speaker 1: I mean, he's been really good about putting a lot 594 00:30:22,560 --> 00:30:26,280 Speaker 1: more diversity into the administration, and he needs a new 595 00:30:26,320 --> 00:30:29,680 Speaker 1: talking point around inflation. And I mean, if he can 596 00:30:29,800 --> 00:30:32,959 Speaker 1: find a new talking point around inflation by by picking 597 00:30:33,160 --> 00:30:36,360 Speaker 1: Lyle Brainard, uh, then he ought to do that because 598 00:30:36,400 --> 00:30:38,040 Speaker 1: he is stuck in the mud when it comes to 599 00:30:38,080 --> 00:30:40,800 Speaker 1: that issue. You know, Ricky, you have mentioned how long 600 00:30:40,840 --> 00:30:43,479 Speaker 1: this is taking, and it strikes me that they're not 601 00:30:43,560 --> 00:30:47,040 Speaker 1: just looking to fill FED chare necessarily. Biden also has 602 00:30:47,080 --> 00:30:50,680 Speaker 1: the opportunity to fill several other of the Fed's vacancies. 603 00:30:51,080 --> 00:30:53,160 Speaker 1: And Kristen, I want to get your thoughts on this. 604 00:30:53,280 --> 00:30:55,600 Speaker 1: I mean, do you think that we might get more 605 00:30:55,640 --> 00:30:57,920 Speaker 1: than one announcement on Friday? Would that be a good 606 00:30:57,920 --> 00:31:00,720 Speaker 1: thing for Biden to come out and say, hey, here's 607 00:31:00,760 --> 00:31:03,280 Speaker 1: the person I want for chair, but here's some other people, 608 00:31:03,400 --> 00:31:05,520 Speaker 1: and maybe try and try and make everyone in his 609 00:31:05,640 --> 00:31:10,120 Speaker 1: party happy. I mean, I think anything's possible. They've really 610 00:31:10,120 --> 00:31:12,440 Speaker 1: held their cards, the White Hose held their cards post 611 00:31:12,480 --> 00:31:14,440 Speaker 1: to their best on this one. Um. You know, I 612 00:31:14,480 --> 00:31:19,040 Speaker 1: would align myself works comments about a change here. There's 613 00:31:19,040 --> 00:31:21,600 Speaker 1: only so much how the president can do when it 614 00:31:21,600 --> 00:31:24,280 Speaker 1: comes to inflation, and things cost more, they cost more, 615 00:31:24,280 --> 00:31:27,880 Speaker 1: and change doesn't come quickly. Um. But it's an interesting thought, 616 00:31:27,920 --> 00:31:29,560 Speaker 1: and I think it might be something that the White 617 00:31:29,560 --> 00:31:33,040 Speaker 1: House might might want to consider. We just got an 618 00:31:33,120 --> 00:31:35,680 Speaker 1: interesting headline on the terminal here the Senator Joe Manchin 619 00:31:35,720 --> 00:31:38,480 Speaker 1: says he plans to meet with j Powell in the 620 00:31:38,520 --> 00:31:41,200 Speaker 1: next few days. I guess that's less than four As 621 00:31:41,240 --> 00:31:44,240 Speaker 1: President Biden ways whether to give him a second term. 622 00:31:44,240 --> 00:31:46,280 Speaker 1: Where's Joe Manchin going to come down on this after 623 00:31:46,320 --> 00:31:49,160 Speaker 1: they sit down and talk this out? Rick Davis, Yeah, 624 00:31:49,160 --> 00:31:51,600 Speaker 1: I don't think he'd be asking to see him if 625 00:31:52,000 --> 00:31:54,560 Speaker 1: if he was gonna say, oh, this isn't the guy 626 00:31:54,600 --> 00:31:57,240 Speaker 1: for the job. He's probably trying to do a bank 627 00:31:57,280 --> 00:32:01,520 Speaker 1: shot with the President by trying to elevate pal just 628 00:32:01,600 --> 00:32:03,320 Speaker 1: by meeting with him. You know, this is an age 629 00:32:03,320 --> 00:32:06,400 Speaker 1: old uh tactic in the United States Senate and in 630 00:32:06,440 --> 00:32:09,040 Speaker 1: the White House, where a meeting itself is a message 631 00:32:09,760 --> 00:32:12,160 Speaker 1: uh and uh. And so who knows how this is 632 00:32:12,160 --> 00:32:15,320 Speaker 1: all gonna frame out. But I think all these things 633 00:32:15,440 --> 00:32:18,720 Speaker 1: that are happening now, like Shared Brown's comments about I 634 00:32:18,760 --> 00:32:22,000 Speaker 1: can't get anybody through this process, either candidate works. Is 635 00:32:22,040 --> 00:32:24,560 Speaker 1: all part of the process of trying to influence the 636 00:32:24,560 --> 00:32:27,240 Speaker 1: White House one or another. Obviously, if if the White 637 00:32:27,240 --> 00:32:29,320 Speaker 1: House believes it can get any of its two candidates 638 00:32:29,360 --> 00:32:32,000 Speaker 1: through then it gives it a lot more leeway. It 639 00:32:32,080 --> 00:32:34,280 Speaker 1: sounds like the noise you start here and right before 640 00:32:34,320 --> 00:32:36,320 Speaker 1: the ends as we spend time with the panel here, 641 00:32:36,360 --> 00:32:39,360 Speaker 1: I'm Joe Matthew with Emily Wilkins. This is Bloomberg Sound On, 642 00:32:39,400 --> 00:32:41,920 Speaker 1: and I have to ask you guys about China. I 643 00:32:41,960 --> 00:32:44,480 Speaker 1: woke up this morning two o'clock in the morning waiting 644 00:32:44,480 --> 00:32:47,520 Speaker 1: to talk to the guys on surveillance, knowing this meeting 645 00:32:47,600 --> 00:32:49,240 Speaker 1: went late into the night, and I wanted to see 646 00:32:49,240 --> 00:32:52,240 Speaker 1: the readout. We had to find out what happened and 647 00:32:52,280 --> 00:32:55,959 Speaker 1: the headlines. We're kind of nothing. I don't know what 648 00:32:56,000 --> 00:32:59,080 Speaker 1: you both think about this. Kristen Joe Biden sits down 649 00:32:59,120 --> 00:33:03,080 Speaker 1: with resident she so to speak, they were virtual on screens, 650 00:33:03,120 --> 00:33:06,360 Speaker 1: of course. Was it a success simply for the fact 651 00:33:06,440 --> 00:33:08,320 Speaker 1: that they lived to meet again, even though there were 652 00:33:08,360 --> 00:33:11,680 Speaker 1: really no deliverables. The tariffs are still there, still got 653 00:33:11,680 --> 00:33:15,520 Speaker 1: trouble with Taiwan. Not a lot actually changed. Yeah, I 654 00:33:15,520 --> 00:33:18,480 Speaker 1: mean I think that you could you could consider this success. 655 00:33:18,560 --> 00:33:20,520 Speaker 1: And so much is that there wasn't a ton of 656 00:33:20,680 --> 00:33:23,480 Speaker 1: fireworks that came out of that beating um and that's 657 00:33:23,640 --> 00:33:27,120 Speaker 1: changed from earlier this year and then from the past, um, 658 00:33:27,160 --> 00:33:30,680 Speaker 1: you know, presidency. So you know, in that way, I 659 00:33:30,720 --> 00:33:33,640 Speaker 1: think that you know, they accomplished their goal. Um, the 660 00:33:33,680 --> 00:33:37,640 Speaker 1: meeting went for a significant amount of time, for three hours, 661 00:33:37,720 --> 00:33:39,160 Speaker 1: So in that way, I think that you know, this 662 00:33:39,560 --> 00:33:42,880 Speaker 1: is um, you know, somewhat of success. Although we'll see 663 00:33:43,560 --> 00:33:46,920 Speaker 1: with you know, continued conversations going towards kind of very 664 00:33:46,920 --> 00:33:49,719 Speaker 1: complicated relationship. Emily, I felt like the fact that that 665 00:33:49,800 --> 00:33:52,000 Speaker 1: was the headline, really is that the meeting went for 666 00:33:52,040 --> 00:33:55,520 Speaker 1: longer than three hours, kind of said at all. Absolutely. 667 00:33:55,600 --> 00:33:58,880 Speaker 1: I mean, the White House played down expectations before this meeting, 668 00:33:58,920 --> 00:34:00,880 Speaker 1: but I think everyone was still, you know, you wait 669 00:34:00,920 --> 00:34:03,360 Speaker 1: for something like this. This was played up. This is 670 00:34:03,400 --> 00:34:06,560 Speaker 1: President Biden and Chinese President shi Jinping. They've been working 671 00:34:06,560 --> 00:34:09,200 Speaker 1: on a meeting for a while, and then you know, 672 00:34:09,280 --> 00:34:12,080 Speaker 1: they had a pleasant conversation. I do want to quickly 673 00:34:12,080 --> 00:34:14,279 Speaker 1: at least touch on on what it headline. Granted, this 674 00:34:14,320 --> 00:34:16,799 Speaker 1: isn't one of the major major issues with the US 675 00:34:17,040 --> 00:34:20,280 Speaker 1: and China, but the two countries did reach a deal 676 00:34:20,360 --> 00:34:24,360 Speaker 1: on journalist visas. Obviously you know as journalists ourselves that 677 00:34:24,480 --> 00:34:27,640 Speaker 1: that's something worth highlighting. But Rick, I want to come 678 00:34:27,680 --> 00:34:29,600 Speaker 1: to you a little bit here just sort of thinking 679 00:34:29,640 --> 00:34:33,080 Speaker 1: about what next steps are. I mean, is it enough 680 00:34:33,080 --> 00:34:36,600 Speaker 1: for the U. S And China just maintain a peaceful relationship. 681 00:34:36,840 --> 00:34:39,200 Speaker 1: I mean, certainly something has to happen when it comes 682 00:34:39,239 --> 00:34:41,439 Speaker 1: to trade, when it comes to Taiwan, when it comes 683 00:34:41,520 --> 00:34:46,000 Speaker 1: to human rights. What does victory look like for Joe 684 00:34:46,000 --> 00:34:49,600 Speaker 1: Biden in his relationship with China? Yeah? Well, I would 685 00:34:49,640 --> 00:34:52,239 Speaker 1: say I would be the dissenter on like whether or 686 00:34:52,239 --> 00:34:56,279 Speaker 1: not like the meeting, just because no, nothing really accomplished that. 687 00:34:56,280 --> 00:34:58,880 Speaker 1: That was an accomplishment itself. It's like being famous for 688 00:34:58,960 --> 00:35:01,440 Speaker 1: being famous. Oh my god, is that a good thing? 689 00:35:01,680 --> 00:35:04,480 Speaker 1: This is Paris Hilton of Bilas. Yeah, I mean, like, 690 00:35:04,600 --> 00:35:07,520 Speaker 1: are we crazy? China is a threat to our existence 691 00:35:07,520 --> 00:35:10,279 Speaker 1: on the planet? You know. Uh, They're they're they're the 692 00:35:10,320 --> 00:35:13,000 Speaker 1: bully in that whole half of the world. They're they're 693 00:35:13,080 --> 00:35:16,040 Speaker 1: violating every societal norm and a lot of our business 694 00:35:16,040 --> 00:35:19,920 Speaker 1: activity and security needs are being thwarted by these people. 695 00:35:20,000 --> 00:35:23,120 Speaker 1: And we have like a picnic with these guys in 696 00:35:23,160 --> 00:35:25,480 Speaker 1: our first real chance to confront a guy who has 697 00:35:25,520 --> 00:35:28,600 Speaker 1: now become a dictator? What am I missing here? So 698 00:35:28,680 --> 00:35:30,080 Speaker 1: do you? I mean, so you know what you do 699 00:35:30,120 --> 00:35:32,320 Speaker 1: with bullies? Though? I mean, should Joe Biden have punched 700 00:35:32,400 --> 00:35:34,399 Speaker 1: him in the face and while everybody was watching, Well, 701 00:35:34,400 --> 00:35:36,120 Speaker 1: it's a virtual punch in the face. Would have been 702 00:35:36,120 --> 00:35:38,879 Speaker 1: fine with Rick Davis. I mean, like, do we really 703 00:35:38,920 --> 00:35:43,760 Speaker 1: want to make this brand of China provocateurism? Uh? The norm? 704 00:35:44,000 --> 00:35:45,920 Speaker 1: Like that's okay with us to have these kind of 705 00:35:45,920 --> 00:35:49,960 Speaker 1: conversations that things that did. Did Joe Biden give tacit 706 00:35:50,000 --> 00:35:53,560 Speaker 1: approval of China's behavior last night? I don't think so. 707 00:35:53,640 --> 00:35:56,520 Speaker 1: I mean, I think, you know, I I get where 708 00:35:56,719 --> 00:35:59,640 Speaker 1: it's coming from. Um that the matter of fact is 709 00:35:59,680 --> 00:36:03,720 Speaker 1: that you know this, China's a superpower and we shouldn't 710 00:36:03,760 --> 00:36:06,560 Speaker 1: treat them with kid gloves. At the same time, we 711 00:36:06,640 --> 00:36:09,759 Speaker 1: need to acknowledge, you know, they're seeming the world. We 712 00:36:09,800 --> 00:36:13,640 Speaker 1: need to figure out how to move forward in you know, 713 00:36:13,800 --> 00:36:19,120 Speaker 1: a way that does not involve military intervention. Rick, you 714 00:36:19,160 --> 00:36:22,200 Speaker 1: wanted to tear down this wall moment. They are building 715 00:36:22,360 --> 00:36:24,640 Speaker 1: more nuclear weapons? What do you think they want to 716 00:36:24,719 --> 00:36:27,719 Speaker 1: use those for? Right? I mean, like, let's that that 717 00:36:27,760 --> 00:36:31,600 Speaker 1: discussion was hardly even broached yesterday. We don't have a 718 00:36:31,680 --> 00:36:34,839 Speaker 1: nuclear weapons treaty with China, and we're not the ones 719 00:36:34,880 --> 00:36:36,440 Speaker 1: who should be worried I mean, they're not the ones 720 00:36:36,480 --> 00:36:38,960 Speaker 1: who should be worried about that. So I think this 721 00:36:39,040 --> 00:36:42,200 Speaker 1: is something that is going to be the defining foreign 722 00:36:42,320 --> 00:36:45,680 Speaker 1: policy issue for the Biden administration over the next three years. 723 00:36:46,000 --> 00:36:50,000 Speaker 1: And they have started initially with getting beat up on 724 00:36:50,040 --> 00:36:55,719 Speaker 1: the face by Chinese UH foreign ministers and now with 725 00:36:55,840 --> 00:36:59,400 Speaker 1: an opportunity to set the pace with with with Premier 726 00:36:59,480 --> 00:37:03,120 Speaker 1: c Biden basically has a picnic for three hours and 727 00:37:03,120 --> 00:37:05,600 Speaker 1: and so like I think this, they have to ramp 728 00:37:05,600 --> 00:37:08,360 Speaker 1: it up. And I can't wait to see the in 729 00:37:08,480 --> 00:37:11,040 Speaker 1: person meaning because then maybe a punch in the face 730 00:37:11,040 --> 00:37:13,960 Speaker 1: would be appropriate. And well, after all there was no 731 00:37:14,040 --> 00:37:16,160 Speaker 1: invite to the Olympics, I mean for crying out loud, 732 00:37:16,680 --> 00:37:19,799 Speaker 1: Rick Davis, Kristen Han, great conversation and thanks for your 733 00:37:19,840 --> 00:37:24,359 Speaker 1: contributions our panel on the Tuesday edition. Here I'm Joe 734 00:37:24,440 --> 00:37:28,719 Speaker 1: Matthew with Emily Wilkins in the Fastest Hour in Politics. 735 00:37:28,800 --> 00:37:31,160 Speaker 1: Emily final word here as we walk into a day 736 00:37:31,160 --> 00:37:34,480 Speaker 1: tomorrow that could bring breaking news, Well, I gotta Pitot 737 00:37:34,520 --> 00:37:37,319 Speaker 1: back to Congress real quick, because one thing they are 738 00:37:37,360 --> 00:37:40,200 Speaker 1: working on is their defense bill that could contain some 739 00:37:40,280 --> 00:37:42,760 Speaker 1: provisions that would help the US be competitive with China. 740 00:37:42,960 --> 00:37:45,400 Speaker 1: That might be the next step. Here there's a nugget 741 00:37:45,560 --> 00:37:49,120 Speaker 1: from Emily Wilkins The n D A A Emily, that 742 00:37:49,239 --> 00:37:51,160 Speaker 1: was fun. Let's do it again tomorrow. How about it? 743 00:37:51,440 --> 00:37:54,080 Speaker 1: I look forward to it. Joe, Thank you. You're on Bloomberg. 744 00:37:54,080 --> 00:37:57,319 Speaker 1: Are you kidding? Thanks for being with us this hour. 745 00:37:57,400 --> 00:38:00,320 Speaker 1: We'll meet you back here tomorrow. Check on draft, but 746 00:38:00,400 --> 00:38:03,000 Speaker 1: coming up next. I'm Joe Matthews. This is Bloomberg.