1 00:00:01,560 --> 00:00:06,160 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,320 --> 00:00:09,840 Speaker 1: Everybody who goes to the store, everybody who buy gas, 3 00:00:09,880 --> 00:00:12,360 Speaker 1: they know that inflation is here. The voters who were 4 00:00:12,360 --> 00:00:15,040 Speaker 1: really not focused on pro or anti Trump, they were 5 00:00:15,080 --> 00:00:18,520 Speaker 1: focused on core issues that matter to the Bloomberg sound 6 00:00:18,600 --> 00:00:23,000 Speaker 1: On Politics, policy and perspective from DC's top name. I 7 00:00:23,040 --> 00:00:25,880 Speaker 1: think the billionaire tact is good, but I think it's 8 00:00:25,920 --> 00:00:28,800 Speaker 1: more of a messaging issue than a funding issue. Upgrading 9 00:00:28,840 --> 00:00:32,400 Speaker 1: and maintenance of roads and bridges. Hold the six hundred 10 00:00:32,440 --> 00:00:37,080 Speaker 1: thousand neat jobs would be created. Bloomberg Sound On with 11 00:00:37,200 --> 00:00:42,960 Speaker 1: Joe Matthew on Bloomberg Radio. Okay, so maybe no more 12 00:00:43,040 --> 00:00:45,920 Speaker 1: four day weekends? Is that what we're supposed to think? 13 00:00:46,880 --> 00:00:48,960 Speaker 1: What happens when we go away from Turkey? Welcome to 14 00:00:48,960 --> 00:00:51,519 Speaker 1: the fastest Hour in politics. First time we get the 15 00:00:51,600 --> 00:00:55,920 Speaker 1: chat since O Macron entered the lexicon, and as Washington 16 00:00:56,040 --> 00:00:59,240 Speaker 1: recalibrates to this new reality, we'll walk you through the 17 00:00:59,280 --> 00:01:02,000 Speaker 1: response today from the White House and discuss what it 18 00:01:02,040 --> 00:01:06,039 Speaker 1: means politically, of course, with Bloomberg Politics contributors Genie Chanzano 19 00:01:06,160 --> 00:01:08,600 Speaker 1: and Rick Davis with us for the hour, and as 20 00:01:08,600 --> 00:01:11,600 Speaker 1: President Biden meets as well with retail CEOs at the 21 00:01:11,640 --> 00:01:13,479 Speaker 1: White House. He had a couple of things cooking. Today 22 00:01:13,520 --> 00:01:16,560 Speaker 1: we will talk supply chains and whether the Grinch will 23 00:01:16,560 --> 00:01:19,920 Speaker 1: steal Christmas. With Claire Tasson joining us from Morning consult 24 00:01:20,000 --> 00:01:22,800 Speaker 1: later this hour will tell us who Americans blame based 25 00:01:22,840 --> 00:01:26,920 Speaker 1: on their new research, even more than the President. And 26 00:01:26,920 --> 00:01:28,920 Speaker 1: there are two major deadlines looming at the end of 27 00:01:28,920 --> 00:01:31,640 Speaker 1: this week on Capitol Hill because we needed more. Bloomberg 28 00:01:31,640 --> 00:01:34,000 Speaker 1: Government's Emily Wilkins back with us today to bring us 29 00:01:34,000 --> 00:01:37,120 Speaker 1: the latest on government funding and the debt ceiling. Important 30 00:01:37,120 --> 00:01:40,880 Speaker 1: headlines from Chair Powell will get to those with our panel. 31 00:01:40,920 --> 00:01:44,440 Speaker 1: President Biden back from the family trip to Nantuckett for Thanksgiving, 32 00:01:44,440 --> 00:01:47,760 Speaker 1: back at the White House today, address the nation from 33 00:01:47,760 --> 00:01:50,880 Speaker 1: the White House on the new variant. Dr Anthony Faucci 34 00:01:50,960 --> 00:01:55,120 Speaker 1: at his side. We'll walk you through this. No major announcements, 35 00:01:55,120 --> 00:01:57,920 Speaker 1: no big breakthroughs from the President. In fact, it was 36 00:01:58,040 --> 00:02:03,360 Speaker 1: an opportunity to call for calm. This variant is a 37 00:02:03,400 --> 00:02:07,559 Speaker 1: cause for concern, not a cause for panic. Let's after 38 00:02:07,600 --> 00:02:09,360 Speaker 1: the President. Watch the markets fall out of bed on 39 00:02:09,400 --> 00:02:11,560 Speaker 1: Friday or half day on Friday due to the first 40 00:02:11,600 --> 00:02:16,040 Speaker 1: headlines about oh Macron, which is how we say. Team 41 00:02:16,080 --> 00:02:18,799 Speaker 1: is already working with officials at Fiser and Berderna and 42 00:02:18,919 --> 00:02:23,520 Speaker 1: Johnson and Johnson to develop contingenty pans for vaccines or 43 00:02:23,560 --> 00:02:28,280 Speaker 1: boosters if needed. And I will also direct the FDA 44 00:02:28,360 --> 00:02:31,520 Speaker 1: and the CDC to use the fastest process available without 45 00:02:31,560 --> 00:02:35,920 Speaker 1: cutting any corners for safety, to get such vaccines approved 46 00:02:36,440 --> 00:02:40,520 Speaker 1: and on the market if needed, Okay, if needed. That's 47 00:02:40,639 --> 00:02:44,480 Speaker 1: both moderna and fightser. The President talking about there and 48 00:02:44,520 --> 00:02:50,040 Speaker 1: there there is news. A hundred days not bad. The 49 00:02:50,080 --> 00:02:53,640 Speaker 1: CEO of Viser Dr Albert Borla telling Bloomberg's David Weston 50 00:02:53,680 --> 00:02:56,240 Speaker 1: today that if we do in fact need a new vaccine, 51 00:02:56,480 --> 00:03:02,280 Speaker 1: it will be ready by spring. The virus escapes the 52 00:03:02,360 --> 00:03:06,000 Speaker 1: protection of our vaccine after the booster dose, which will 53 00:03:06,040 --> 00:03:08,360 Speaker 1: be very difficult, I think, but we need to check it. 54 00:03:09,240 --> 00:03:14,280 Speaker 1: We have already last Friday started the process of developing 55 00:03:14,560 --> 00:03:18,800 Speaker 1: a tailor made vaccine. But not only we have very 56 00:03:18,880 --> 00:03:21,360 Speaker 1: high level of confidence that we will have it ready 57 00:03:21,560 --> 00:03:25,080 Speaker 1: within hundred days, but we have very high level of 58 00:03:25,080 --> 00:03:30,280 Speaker 1: confidence that we can manufactur it by billions if needed. Okay, 59 00:03:30,280 --> 00:03:33,640 Speaker 1: so a hundred days if we have to redo the 60 00:03:33,639 --> 00:03:37,680 Speaker 1: whole thing or update the formulas, somehow, and he tells 61 00:03:37,760 --> 00:03:40,240 Speaker 1: David today on balance of power that they will know 62 00:03:40,320 --> 00:03:43,400 Speaker 1: within two to three weeks whether that new vaccine will 63 00:03:43,400 --> 00:03:45,720 Speaker 1: be needed. Back to the White House, Dr Fauci was 64 00:03:45,760 --> 00:03:48,400 Speaker 1: called at the podium just for a moment today, of 65 00:03:48,440 --> 00:03:50,320 Speaker 1: all the times has been called in front of the press, 66 00:03:50,400 --> 00:03:53,640 Speaker 1: just one question. Only spoke for about thirty seconds, and 67 00:03:53,640 --> 00:03:57,760 Speaker 1: it was maybe the most important thirty seconds of this event. 68 00:03:58,400 --> 00:04:01,480 Speaker 1: Took a question about screening inner national travelers. President called 69 00:04:01,520 --> 00:04:04,000 Speaker 1: him over. His answer was very important, especially for the 70 00:04:04,040 --> 00:04:06,920 Speaker 1: people who may not know exactly how this all works. 71 00:04:07,000 --> 00:04:09,840 Speaker 1: Here's Dr Faucci, thank you MS to President. We already 72 00:04:09,880 --> 00:04:12,200 Speaker 1: have in place when people come into the United States, 73 00:04:12,600 --> 00:04:14,400 Speaker 1: they have to be tested before they get on and 74 00:04:14,400 --> 00:04:19,480 Speaker 1: they have to show vaccination UH documentation. So even before 75 00:04:19,720 --> 00:04:23,159 Speaker 1: omniquorn came in, we have a situation where we'll be 76 00:04:23,240 --> 00:04:27,320 Speaker 1: able to test and talking about testing for fortunately for us, 77 00:04:27,440 --> 00:04:31,000 Speaker 1: the PCRs that we mostly use would pick up this 78 00:04:31,440 --> 00:04:36,560 Speaker 1: very unusual variant that has a real large constellation of mutations. 79 00:04:36,600 --> 00:04:39,279 Speaker 1: Fortunately for us that the PCRs that we do do 80 00:04:39,400 --> 00:04:42,080 Speaker 1: pick it up, so we know how to identify it. 81 00:04:43,240 --> 00:04:45,800 Speaker 1: And worth remembering that people entering from out of the 82 00:04:45,839 --> 00:04:48,760 Speaker 1: country must be fully vaccinated or they have to show 83 00:04:48,800 --> 00:04:51,000 Speaker 1: a negative test result within a day of flying. I 84 00:04:51,040 --> 00:04:54,360 Speaker 1: realized there are exceptions to the rule, but that's from 85 00:04:54,360 --> 00:04:57,240 Speaker 1: most that's for most people from most countries. It is 86 00:04:57,240 --> 00:04:59,560 Speaker 1: not perfect, but it's more than what a lot of 87 00:04:59,560 --> 00:05:01,040 Speaker 1: people may know about based on a lot of the 88 00:05:01,080 --> 00:05:04,520 Speaker 1: questions I was hearing over the weekend. So President Biden 89 00:05:04,560 --> 00:05:07,080 Speaker 1: says he will update us on Thursday. That's when he 90 00:05:07,200 --> 00:05:09,359 Speaker 1: rolls out a new plan to fight COVID this winter 91 00:05:09,520 --> 00:05:14,919 Speaker 1: without he says, without shutdowns or lockdowns. And that is 92 00:05:14,920 --> 00:05:17,960 Speaker 1: where we start with our panel today, Bloomberg Politics contributor 93 00:05:18,080 --> 00:05:21,479 Speaker 1: Jeanie Schanzano and Rick Davis. It's great to have you 94 00:05:21,520 --> 00:05:23,000 Speaker 1: both here. I want to talk with both of you 95 00:05:23,000 --> 00:05:25,080 Speaker 1: about the way the administration has handled this so far 96 00:05:25,120 --> 00:05:26,719 Speaker 1: and what it needs to do in the next couple 97 00:05:26,760 --> 00:05:28,400 Speaker 1: of days as we gear up for the next stop. 98 00:05:28,440 --> 00:05:31,719 Speaker 1: I guess Thursday, according to the President, and how other 99 00:05:31,760 --> 00:05:34,840 Speaker 1: pieces may be moving on the chessboard here in Washington 100 00:05:34,920 --> 00:05:38,200 Speaker 1: because of this, Genie, the President addressed the nation in 101 00:05:38,240 --> 00:05:40,719 Speaker 1: the midst of great uncertainty. Did he say enough to 102 00:05:40,839 --> 00:05:43,720 Speaker 1: appear in control, to to gain people's confidence on this. 103 00:05:44,960 --> 00:05:47,920 Speaker 1: He did what he could do. I mean, his options 104 00:05:47,960 --> 00:05:50,840 Speaker 1: are at this point limited, so I say nothing, Right, 105 00:05:50,880 --> 00:05:53,560 Speaker 1: he couldn't say nothing. He's got to be out there. 106 00:05:53,600 --> 00:05:56,840 Speaker 1: He's got to be showing he's responsive. He understands that 107 00:05:56,920 --> 00:05:59,800 Speaker 1: we are in a crisis. But the fact is be 108 00:06:00,320 --> 00:06:03,480 Speaker 1: using the bully pulpit. And I thought his his major 109 00:06:03,560 --> 00:06:06,960 Speaker 1: point today of be calm, there's no reason to panic, 110 00:06:07,000 --> 00:06:09,320 Speaker 1: We're not going to have more restrictions on lockdown. That 111 00:06:09,400 --> 00:06:13,120 Speaker 1: was all good, but the fact is people are feeling very, 112 00:06:13,279 --> 00:06:17,120 Speaker 1: very frustrated. At this point. The president's options are limited, 113 00:06:17,200 --> 00:06:19,640 Speaker 1: so the best he's gonna do is go out there 114 00:06:19,680 --> 00:06:22,560 Speaker 1: as much as possible and try to assure people that 115 00:06:22,600 --> 00:06:25,599 Speaker 1: he and his administration are addressing this. And this is 116 00:06:25,640 --> 00:06:29,200 Speaker 1: the same president who said, judge my presidency by how 117 00:06:29,240 --> 00:06:33,080 Speaker 1: I handled the pandemic. That's a huge challenge for him. Well, 118 00:06:33,080 --> 00:06:34,760 Speaker 1: it sure is, Rick, and it's you know, it's important 119 00:06:34,760 --> 00:06:37,200 Speaker 1: to acknowledge sometimes what you don't know, as the President 120 00:06:37,240 --> 00:06:39,160 Speaker 1: did today, I realized he could come back with a 121 00:06:39,279 --> 00:06:41,760 Speaker 1: very different story, but it was an opportunity to talk 122 00:06:41,800 --> 00:06:43,880 Speaker 1: about what had already been done. In the case of Fauci, 123 00:06:43,920 --> 00:06:47,880 Speaker 1: there is look, you know, we've, we've, we've often unpopular 124 00:06:47,960 --> 00:06:51,120 Speaker 1: policies have been put in place to protect us from 125 00:06:51,120 --> 00:06:56,039 Speaker 1: what might be next. Yeah, And unfortunately for him, those 126 00:06:56,160 --> 00:07:00,640 Speaker 1: unpopular policies are starting to reflect in his approval eatings. Uh. 127 00:07:00,720 --> 00:07:03,280 Speaker 1: And I think that's partically why he got out as 128 00:07:03,360 --> 00:07:06,120 Speaker 1: soon as he could on Monday after this thing broke 129 00:07:06,160 --> 00:07:10,720 Speaker 1: over the holidays, and tried to be reassuring. But I 130 00:07:10,760 --> 00:07:13,480 Speaker 1: also thinks, as G said, I mean, he did use 131 00:07:13,480 --> 00:07:16,440 Speaker 1: the bully pulpit well to also try to get everybody 132 00:07:16,440 --> 00:07:19,840 Speaker 1: to get jabbed to have a vaccine. Um. You know, 133 00:07:19,880 --> 00:07:22,880 Speaker 1: he still lags behind his own goals uh and getting 134 00:07:22,880 --> 00:07:26,800 Speaker 1: the country fully vaccinated. And and this is another example 135 00:07:26,920 --> 00:07:30,160 Speaker 1: of why it's important, you know, with the vaccine, Uh, 136 00:07:30,440 --> 00:07:32,960 Speaker 1: you have you have the ability to trap the virus, 137 00:07:33,000 --> 00:07:37,000 Speaker 1: that is before you takes into something like this. And 138 00:07:37,040 --> 00:07:38,840 Speaker 1: it drives us all crazy to have to learn how 139 00:07:38,880 --> 00:07:43,320 Speaker 1: to speak the Greek alphabet um and uh. The challenge 140 00:07:43,400 --> 00:07:46,640 Speaker 1: is pretty evident. Dr Fauci sounded like he was even 141 00:07:46,680 --> 00:07:49,800 Speaker 1: having trouble with it. But but I think I think 142 00:07:49,840 --> 00:07:54,600 Speaker 1: the president is realizing that he can't he can't let 143 00:07:54,600 --> 00:07:58,400 Speaker 1: this go its course without being positioned politically uh to 144 00:07:58,600 --> 00:08:01,360 Speaker 1: tackle it, and I would have Edgin his Thursday announcement 145 00:08:01,400 --> 00:08:04,840 Speaker 1: from the White House will be even more aggressive Macron, right, 146 00:08:04,880 --> 00:08:07,760 Speaker 1: we're going it's it's a Greek letter, Oh Macron. It 147 00:08:07,800 --> 00:08:10,800 Speaker 1: is not a marvel villain that you somehow did not 148 00:08:10,920 --> 00:08:14,440 Speaker 1: hear of. Let me ask you, guys about the broader 149 00:08:14,600 --> 00:08:17,600 Speaker 1: view here from Washington. These headlines that we just heard 150 00:08:17,600 --> 00:08:20,640 Speaker 1: about j Powell at the FED. He's gonna be testifying 151 00:08:21,080 --> 00:08:23,840 Speaker 1: on Capitol Hill, and we got a peek at his testimony. 152 00:08:23,880 --> 00:08:27,760 Speaker 1: Headlines around the terminal that this variant adds to economic 153 00:08:27,880 --> 00:08:32,040 Speaker 1: risks and inflation uncertainty. This is the backdrop for this 154 00:08:32,080 --> 00:08:35,040 Speaker 1: administration right now, Jeanie, a headline it did not need 155 00:08:35,120 --> 00:08:39,840 Speaker 1: when we start talking about economic risks due to Oh Macron, 156 00:08:40,600 --> 00:08:44,000 Speaker 1: the President tell me, if I'm wrong, is without many 157 00:08:44,040 --> 00:08:48,200 Speaker 1: tools to do anything, either in the case of the 158 00:08:48,240 --> 00:08:50,880 Speaker 1: pandemic in the case of this new variant. And I'm 159 00:08:50,880 --> 00:08:52,640 Speaker 1: going to leave it to you to say it, Joe, 160 00:08:52,640 --> 00:08:55,560 Speaker 1: because you say it beautifully, um or in the case 161 00:08:55,600 --> 00:08:58,440 Speaker 1: of inflation, and and and that headline has got to 162 00:08:58,520 --> 00:09:01,520 Speaker 1: be one that's just sends, you know, shivers through everybody 163 00:09:01,559 --> 00:09:04,640 Speaker 1: in the White House because this is exactly what the 164 00:09:04,679 --> 00:09:09,599 Speaker 1: President doesn't want, the promise no shutdowns and no lockdowns. 165 00:09:09,640 --> 00:09:12,840 Speaker 1: So are we just there then, Rick? I mean, this 166 00:09:13,000 --> 00:09:15,400 Speaker 1: is life with COVID. They're going to be new variants. 167 00:09:15,400 --> 00:09:18,760 Speaker 1: Guess what, get a vaccine, wear a mask. Yeah. I 168 00:09:18,800 --> 00:09:22,200 Speaker 1: think that the reality is that it depends upon how 169 00:09:22,240 --> 00:09:26,200 Speaker 1: they're talking about hard to say, Uh, this virus is 170 00:09:26,400 --> 00:09:28,440 Speaker 1: you know, is this virus a killer or is this 171 00:09:28,600 --> 00:09:31,839 Speaker 1: just like a flu? And uh, and the jury's out, 172 00:09:31,880 --> 00:09:34,640 Speaker 1: you know, biolin Tech reported that they'll take them two 173 00:09:34,640 --> 00:09:37,200 Speaker 1: weeks to really understand the impact. So we've got some 174 00:09:37,280 --> 00:09:40,559 Speaker 1: time to kill in this regard. But but what's vexing 175 00:09:40,640 --> 00:09:44,520 Speaker 1: pal and the administration is you know, this labor market 176 00:09:44,679 --> 00:09:48,040 Speaker 1: that has created all these disruptions in the supply chain, 177 00:09:48,160 --> 00:09:50,240 Speaker 1: you know, people not going back to work, and this 178 00:09:50,400 --> 00:09:53,480 Speaker 1: certainly isn't going to help. Uh. And the Fed has 179 00:09:53,520 --> 00:09:56,800 Speaker 1: already trapped into this notion that you know, they're staking 180 00:09:56,800 --> 00:10:01,280 Speaker 1: out transient inflation. And and the question now is are 181 00:10:01,320 --> 00:10:03,760 Speaker 1: they going to start talking about inflation being something other 182 00:10:03,800 --> 00:10:09,320 Speaker 1: than transing? Does this recalibrate the view on reconciliation? Genie, 183 00:10:09,320 --> 00:10:11,319 Speaker 1: We've got a couple of big headlines coming up. We're 184 00:10:11,320 --> 00:10:14,600 Speaker 1: gonna talk to Emily Wilkins about next the government funding, 185 00:10:14,640 --> 00:10:17,720 Speaker 1: the debt ceiling. There seems to be away beyond them, 186 00:10:18,240 --> 00:10:20,160 Speaker 1: at least for government funding. I don't think anybody has 187 00:10:20,160 --> 00:10:22,320 Speaker 1: figured out that death ceiling. And then then the social 188 00:10:22,360 --> 00:10:26,640 Speaker 1: spending agenda, We'll spending one point seven five trillion dollars 189 00:10:26,800 --> 00:10:30,400 Speaker 1: seem like a bad idea after this, or or money 190 00:10:30,400 --> 00:10:33,680 Speaker 1: that's even more needed. When you speak with Democrats, I think, 191 00:10:33,679 --> 00:10:36,400 Speaker 1: to the person who matters the most, Joe Manchion and 192 00:10:36,480 --> 00:10:38,880 Speaker 1: Kristen Cinema as a second, I think it is going 193 00:10:38,920 --> 00:10:41,400 Speaker 1: to seem like a bad idea. I really do not 194 00:10:41,600 --> 00:10:45,240 Speaker 1: see how in this environment they push that through this year, 195 00:10:45,280 --> 00:10:48,200 Speaker 1: at least before Christmas, with everything else on their plate. 196 00:10:48,440 --> 00:10:52,520 Speaker 1: When I heard about this new variant, I thought immediately 197 00:10:52,760 --> 00:10:55,200 Speaker 1: that that was like the death knell for built back better, 198 00:10:55,280 --> 00:10:58,120 Speaker 1: at least for the short term, at least before Christmas, 199 00:10:58,360 --> 00:11:00,800 Speaker 1: because of the inflationary aspect. After what part of it? 200 00:11:01,160 --> 00:11:05,319 Speaker 1: Because of the inflationary aspect, how could Joe Mansion and 201 00:11:05,400 --> 00:11:08,360 Speaker 1: Kristen Cinema and even some other moderates I have to say, 202 00:11:08,800 --> 00:11:11,640 Speaker 1: sign off on that given what somebody like j Powell 203 00:11:11,760 --> 00:11:14,320 Speaker 1: is saying today and other people are saying, Rick just 204 00:11:14,400 --> 00:11:16,880 Speaker 1: made a great point. This will keep people from going 205 00:11:16,960 --> 00:11:20,000 Speaker 1: back to work. Potentially that's a huge problem for the 206 00:11:20,000 --> 00:11:22,880 Speaker 1: White House has been so focused on employment. Rick, does it? 207 00:11:23,040 --> 00:11:27,160 Speaker 1: Does it gather any momentum for Republicans, Democrats put their 208 00:11:27,200 --> 00:11:28,880 Speaker 1: heads together and deal with the debt ceiling then or 209 00:11:29,120 --> 00:11:31,960 Speaker 1: or Dems still on their own? You know, I think 210 00:11:31,960 --> 00:11:33,880 Speaker 1: the Dems are still on their own. I think that 211 00:11:33,920 --> 00:11:38,079 Speaker 1: this is probably going to be helpful to the Democrats 212 00:11:38,120 --> 00:11:40,560 Speaker 1: when it comes to getting a continuing resolution to fund 213 00:11:40,559 --> 00:11:42,840 Speaker 1: the government right and nobody wants to really make that 214 00:11:42,960 --> 00:11:45,640 Speaker 1: a big problem. Uh. It doesn't mean we're going to 215 00:11:45,720 --> 00:11:49,080 Speaker 1: get a budget anytime soon, but they'll kick that into 216 00:11:49,480 --> 00:11:55,040 Speaker 1: uh probably this week, Uh at least in the House. 217 00:11:55,120 --> 00:11:59,440 Speaker 1: But but the fiscal cliff December is still a problem 218 00:11:59,440 --> 00:12:02,960 Speaker 1: for the debt of you're listening to Bloomberg you sound 219 00:12:03,000 --> 00:12:08,160 Speaker 1: on with Joe Matthew on Bloomberg Radio headline on the 220 00:12:08,280 --> 00:12:12,360 Speaker 1: terminal Democrats, I mid to late January as next stop 221 00:12:12,400 --> 00:12:15,600 Speaker 1: gap deadline. As you may remember, government funding runs out 222 00:12:15,640 --> 00:12:19,280 Speaker 1: Friday right December three, and it does look like lawmakers 223 00:12:19,400 --> 00:12:22,000 Speaker 1: will kick the can once again. But that's only one 224 00:12:22,080 --> 00:12:25,640 Speaker 1: deadline they are facing, and we talk about it all now. 225 00:12:25,800 --> 00:12:28,360 Speaker 1: Now we're coming back from the Thanksgiving break with Bloomberg. 226 00:12:28,360 --> 00:12:32,239 Speaker 1: Government's Emily Wilkins. Good to see you. Speaking of Thanksgiving. 227 00:12:32,280 --> 00:12:33,960 Speaker 1: I hope you had a great one. Let's tick through 228 00:12:34,160 --> 00:12:36,920 Speaker 1: these one at a time. We'll start with government funding 229 00:12:37,559 --> 00:12:41,000 Speaker 1: that runs out Friday. Not a huge shock to see 230 00:12:41,200 --> 00:12:44,240 Speaker 1: lawmakers come up with another short term plan. What do 231 00:12:44,280 --> 00:12:46,640 Speaker 1: you see happening? Yeah, when when lawmakers said that they 232 00:12:46,679 --> 00:12:49,959 Speaker 1: were going to extend the current stopgap measure until December three, 233 00:12:49,960 --> 00:12:53,040 Speaker 1: basically everyone assumed that that would not that be another 234 00:12:53,679 --> 00:12:55,560 Speaker 1: So how long would this go for? It looks like 235 00:12:55,600 --> 00:12:57,880 Speaker 1: we're we're looking at mid to late January. Is that 236 00:12:57,920 --> 00:13:00,000 Speaker 1: going to be enough to make everybody happy? Yeah, I'm 237 00:13:00,240 --> 00:13:02,760 Speaker 1: looked at. Democrats wanted a little bit of a shorter one. 238 00:13:02,800 --> 00:13:04,440 Speaker 1: They wanted to wrap this up by the end of 239 00:13:04,480 --> 00:13:07,320 Speaker 1: the year. But you are hearing Republicans come up and say, 240 00:13:07,360 --> 00:13:09,240 Speaker 1: you don't know what we need more time for this. 241 00:13:09,360 --> 00:13:11,839 Speaker 1: You know, a lot of oxygen in Congress has been 242 00:13:11,880 --> 00:13:15,120 Speaker 1: spent on the Social welfare and tax plan as well 243 00:13:15,160 --> 00:13:18,160 Speaker 1: as the infrastructure bill, and so now they really do 244 00:13:18,280 --> 00:13:20,760 Speaker 1: need to focus and to get some of these top 245 00:13:20,840 --> 00:13:23,080 Speaker 1: line numbers, how much they want to spend for defense, 246 00:13:23,120 --> 00:13:25,199 Speaker 1: how much they want to spend for domestic issues. I mean, 247 00:13:25,240 --> 00:13:27,640 Speaker 1: all that stuff is still in the air at this point. 248 00:13:28,040 --> 00:13:30,800 Speaker 1: And so yeah, there is a sense that they do 249 00:13:30,880 --> 00:13:32,880 Speaker 1: will need some more time, that they will need to 250 00:13:32,960 --> 00:13:36,120 Speaker 1: go into next year to figure out exactly what a 251 00:13:36,280 --> 00:13:39,199 Speaker 1: longer term funding is going to look like. So Democratic 252 00:13:39,280 --> 00:13:41,760 Speaker 1: leaders are essentially buying time to deal with a whole 253 00:13:41,800 --> 00:13:43,760 Speaker 1: bunch of other issues. Right, we also have the debt 254 00:13:43,840 --> 00:13:46,840 Speaker 1: ceiling pegged to December three. Even though I realized the 255 00:13:46,840 --> 00:13:49,120 Speaker 1: Treasury Department and others say that we won't bump into 256 00:13:49,120 --> 00:13:52,200 Speaker 1: the ceiling on that actual day, this still needs to 257 00:13:52,240 --> 00:13:54,000 Speaker 1: be dealt with. Is that going to be another short 258 00:13:54,080 --> 00:13:57,400 Speaker 1: term solution or Democrats going to surprise us with what 259 00:13:57,440 --> 00:13:59,520 Speaker 1: they haven't been willing to do all year and handle 260 00:13:59,520 --> 00:14:01,920 Speaker 1: it on their own. So I think that there's a 261 00:14:01,960 --> 00:14:04,280 Speaker 1: sense that the debt limit does really need to be 262 00:14:04,320 --> 00:14:06,360 Speaker 1: dealt with this time that they can't do out of 263 00:14:06,440 --> 00:14:10,640 Speaker 1: short term stop gap. And you saw that Republican leader 264 00:14:10,640 --> 00:14:14,559 Speaker 1: in the Senate Mitch McConnell and Democratic Majority Leader Chuck Schumer, 265 00:14:14,600 --> 00:14:16,559 Speaker 1: they had a meeting about this before. So what does 266 00:14:16,559 --> 00:14:18,520 Speaker 1: that tell you is Mitch gonna be gonna change this too? 267 00:14:18,520 --> 00:14:20,480 Speaker 1: And here he's been pretty consistent about this. I mean, 268 00:14:20,520 --> 00:14:23,880 Speaker 1: a lot of people were changes to less time exactly, 269 00:14:23,920 --> 00:14:25,920 Speaker 1: but you know, McConnell has been very clear after that 270 00:14:25,920 --> 00:14:27,400 Speaker 1: that you know, it was a short gap, it was 271 00:14:27,440 --> 00:14:30,000 Speaker 1: to buy Democrats time. And even then you really kind 272 00:14:30,000 --> 00:14:33,280 Speaker 1: of saw McConnell struggle to get the ten Republicans on 273 00:14:33,320 --> 00:14:35,560 Speaker 1: board to even do that short term thing. A much 274 00:14:35,600 --> 00:14:38,200 Speaker 1: longer term thing that seems out of the question just 275 00:14:38,240 --> 00:14:41,480 Speaker 1: from a simple are the votes their perspective? And so yeah, 276 00:14:41,480 --> 00:14:43,160 Speaker 1: it does seem like Democrats are going to have to 277 00:14:43,200 --> 00:14:46,480 Speaker 1: do reconciliation. You've you've started to see Democrats, you know, 278 00:14:46,520 --> 00:14:48,800 Speaker 1: some of the leadership admit that, Yeah, that's an option 279 00:14:48,800 --> 00:14:51,440 Speaker 1: on the table. It's something we're looking at. Once again, 280 00:14:51,480 --> 00:14:53,640 Speaker 1: the thing is that you can't just snap your fingers 281 00:14:53,640 --> 00:14:56,920 Speaker 1: and get reconciliation done. You have these super long voter 282 00:14:57,080 --> 00:14:59,760 Speaker 1: ramas to do. You have an entire process to go through, 283 00:15:00,240 --> 00:15:02,720 Speaker 1: and so that is going to take time. So even 284 00:15:02,760 --> 00:15:06,400 Speaker 1: if we're looking at December, that that date that's tragedy. 285 00:15:06,440 --> 00:15:09,280 Speaker 1: Secretary Jenny Yellen put out there. That is going to 286 00:15:09,360 --> 00:15:11,560 Speaker 1: need to be a process that really gets started either 287 00:15:11,640 --> 00:15:13,720 Speaker 1: this week or next week if they want to have 288 00:15:13,760 --> 00:15:15,640 Speaker 1: it done by that. So what's the long game for 289 00:15:15,760 --> 00:15:18,320 Speaker 1: Chuck Schumer on this when when they start dealing with 290 00:15:18,360 --> 00:15:20,240 Speaker 1: debt ceiling again, they don't want to talk about this 291 00:15:20,280 --> 00:15:22,520 Speaker 1: again in two months? Right? Is that? Is that where 292 00:15:22,520 --> 00:15:24,200 Speaker 1: this goes? Or is it is there a chance that 293 00:15:24,240 --> 00:15:26,720 Speaker 1: we have a deal that at least suspends the debt ceilings, 294 00:15:26,720 --> 00:15:29,160 Speaker 1: say through the mid terms. I mean, Democrats know that 295 00:15:29,200 --> 00:15:31,960 Speaker 1: this is not really a great issue for them to 296 00:15:31,960 --> 00:15:34,400 Speaker 1: talk about. Republicans know it too, but it's currently a 297 00:15:34,400 --> 00:15:36,720 Speaker 1: Democrat in the White House, so the ball is very 298 00:15:36,800 --> 00:15:39,160 Speaker 1: much in their court. I mean, I know the last 299 00:15:39,160 --> 00:15:41,160 Speaker 1: time that there was some discussion on this, we were 300 00:15:41,240 --> 00:15:44,760 Speaker 1: talking about the end of two Obviously, that means that 301 00:15:45,080 --> 00:15:47,320 Speaker 1: it would still the ball would still be in Democrats 302 00:15:47,360 --> 00:15:49,600 Speaker 1: court to raise the debt limit. I think at this 303 00:15:49,640 --> 00:15:52,400 Speaker 1: point it's kind of a question mark as far as 304 00:15:52,440 --> 00:15:55,680 Speaker 1: exactly when they might raise the limit to what that 305 00:15:55,840 --> 00:15:58,400 Speaker 1: looks like. Um. I think those are all things that 306 00:15:58,440 --> 00:16:00,520 Speaker 1: are going to wind up being answered in the next 307 00:16:00,520 --> 00:16:02,640 Speaker 1: week or so as we spend time with Bloomberg government. 308 00:16:02,680 --> 00:16:06,360 Speaker 1: Semily Wilkins on sound on the matter of defense spending 309 00:16:06,440 --> 00:16:08,960 Speaker 1: is also in the air, not so much a deadline, 310 00:16:08,960 --> 00:16:10,360 Speaker 1: but they do need to get this done by the 311 00:16:10,440 --> 00:16:13,240 Speaker 1: end of the year, right, yes, And Chuck Schumer again 312 00:16:13,320 --> 00:16:15,560 Speaker 1: is saying that he wants to actually start wrapping things 313 00:16:15,680 --> 00:16:18,800 Speaker 1: up this week, take some procedural and vote motes moving 314 00:16:18,840 --> 00:16:21,440 Speaker 1: forward on it. Of course, there's a big question about, 315 00:16:21,440 --> 00:16:23,520 Speaker 1: you know, whether that's possible. This is a huge bill, 316 00:16:23,960 --> 00:16:27,040 Speaker 1: lots of issues within it, uh, including open up the 317 00:16:27,120 --> 00:16:30,760 Speaker 1: draft to women, UH, including different types of spending and 318 00:16:30,800 --> 00:16:35,320 Speaker 1: different spending levels. So only authorization of use of force, right, 319 00:16:35,360 --> 00:16:38,080 Speaker 1: that could be pretty big. Is that is that controversial? 320 00:16:38,160 --> 00:16:40,400 Speaker 1: Or are those going away when this bill passes in 321 00:16:40,440 --> 00:16:44,080 Speaker 1: whatever form it takes. I mean, you have seen bipartisan 322 00:16:44,200 --> 00:16:47,040 Speaker 1: efforts in the House, in particular to get rid of 323 00:16:47,120 --> 00:16:49,560 Speaker 1: some of these. There is a sense that, you know, 324 00:16:50,160 --> 00:16:52,360 Speaker 1: the support that was there for them is no longer 325 00:16:52,720 --> 00:16:55,520 Speaker 1: there quite as much, and so you are scenes some 326 00:16:55,640 --> 00:16:59,280 Speaker 1: bipartisan support for these measures. I think this is one 327 00:16:59,320 --> 00:17:00,640 Speaker 1: of the things that you know, we're just going to 328 00:17:00,720 --> 00:17:03,040 Speaker 1: have to keep an eye on as this moves forward, 329 00:17:03,440 --> 00:17:06,080 Speaker 1: whether or not some of these provisions wind up surviving 330 00:17:06,320 --> 00:17:08,560 Speaker 1: or getting cut. You just wonder what kind of leverage 331 00:17:08,640 --> 00:17:10,879 Speaker 1: that that leaders might have in there, because this all 332 00:17:10,920 --> 00:17:13,679 Speaker 1: winds up to the big one, and that's Reconciliation, the 333 00:17:13,680 --> 00:17:17,320 Speaker 1: big social spending plan that's essentially kept you employed for 334 00:17:17,320 --> 00:17:19,679 Speaker 1: the last nine months. Not really, but it's been the 335 00:17:19,720 --> 00:17:22,720 Speaker 1: bulk of so many people's coverage in in in so 336 00:17:22,800 --> 00:17:27,080 Speaker 1: many different forms and gyrations. So, Okay, it's in the 337 00:17:27,119 --> 00:17:30,320 Speaker 1: Senate now, it's going to come back, we know, with 338 00:17:30,400 --> 00:17:34,359 Speaker 1: great changes. But when that that's the big question here. 339 00:17:34,440 --> 00:17:37,240 Speaker 1: I mean, initially, the way that you think of it, 340 00:17:37,400 --> 00:17:39,280 Speaker 1: just kind of in Congress in general, is that you 341 00:17:39,320 --> 00:17:42,159 Speaker 1: want to get your legislative stuff done before you hit 342 00:17:42,200 --> 00:17:44,879 Speaker 1: an election year. But we're already seeing here with the 343 00:17:44,880 --> 00:17:47,679 Speaker 1: government funding that that's going to bleed into January, and 344 00:17:47,680 --> 00:17:50,520 Speaker 1: so that absolutely could happen with the social welfare and 345 00:17:50,560 --> 00:17:52,480 Speaker 1: tax plan. I mean, we still have to figure out 346 00:17:52,640 --> 00:17:54,680 Speaker 1: drug pricing, we still have to figure out the state 347 00:17:54,720 --> 00:17:57,840 Speaker 1: and local deductions, we still have to figure out paid 348 00:17:57,880 --> 00:18:00,520 Speaker 1: family leave. These are all things that need to be 349 00:18:00,600 --> 00:18:03,400 Speaker 1: decided on. And while the House was able to get 350 00:18:03,440 --> 00:18:06,800 Speaker 1: it through, there are still huge questions with centers Joe 351 00:18:06,800 --> 00:18:09,159 Speaker 1: Mansion and Kirsten Cinema. As far as what they are 352 00:18:09,240 --> 00:18:12,000 Speaker 1: going to be allowing here to go through, this could 353 00:18:12,040 --> 00:18:14,919 Speaker 1: easily go into next year. I mean certainly something that 354 00:18:14,960 --> 00:18:17,920 Speaker 1: the White House would like to see done before that time, 355 00:18:18,200 --> 00:18:20,520 Speaker 1: but it's not something that has a deadline the way 356 00:18:20,560 --> 00:18:23,640 Speaker 1: that government funding or the debt limit have a hard deadline. 357 00:18:23,840 --> 00:18:26,560 Speaker 1: Bloomberg Governments. Emily Wilkins, thanks for the insights. Let's do 358 00:18:26,600 --> 00:18:29,320 Speaker 1: it against soon. Absolutely, Thanks so much for having me. Joel. 359 00:18:29,640 --> 00:18:31,520 Speaker 1: So you dig into the numbers as we have been 360 00:18:31,880 --> 00:18:35,119 Speaker 1: from the latest Morning Consult poll conducted with Politico, and 361 00:18:35,160 --> 00:18:39,240 Speaker 1: you see some things you expect about the supply chain 362 00:18:39,480 --> 00:18:45,000 Speaker 1: crunch of registered voters blame President Biden for the problem 363 00:18:45,119 --> 00:18:48,480 Speaker 1: supply chains. There are also some surprises in here, though, 364 00:18:49,240 --> 00:18:52,639 Speaker 1: like who Americans blame more. It's not always as obvious 365 00:18:52,720 --> 00:18:55,359 Speaker 1: as you may think. Joining us to talk about it 366 00:18:55,400 --> 00:18:58,399 Speaker 1: is Claire tass in retail and e commerce analyst at 367 00:18:58,400 --> 00:19:01,040 Speaker 1: Morning Consult. I guess I should say Happy Cyber Monday 368 00:19:01,160 --> 00:19:05,000 Speaker 1: to you. Clear, Happy Cyber Monday, the day in the 369 00:19:05,040 --> 00:19:07,239 Speaker 1: retail we're all thanks for having me. Well, it sure is. 370 00:19:07,320 --> 00:19:09,600 Speaker 1: I hope somebody is making money out here. As far 371 00:19:09,680 --> 00:19:13,119 Speaker 1: as the American people are concerned they're spending money in 372 00:19:13,160 --> 00:19:16,359 Speaker 1: many cases online uh and wondering if they're going to 373 00:19:16,440 --> 00:19:19,600 Speaker 1: get their their orders in time for the holidays, if 374 00:19:19,640 --> 00:19:22,679 Speaker 1: it's you know, going to be a bountiful holiday season, 375 00:19:23,119 --> 00:19:25,720 Speaker 1: never mind just the supplies that we need on a 376 00:19:25,800 --> 00:19:29,159 Speaker 1: day to day basis. Here this new poll shows, as 377 00:19:29,200 --> 00:19:33,720 Speaker 1: I mentioned, blamed Joe Biden for the supply crunch, but 378 00:19:33,880 --> 00:19:40,560 Speaker 1: I was surprised to see Congress taking for the blame. Arguably, 379 00:19:40,720 --> 00:19:43,600 Speaker 1: the President and Congress have little to do with the 380 00:19:43,640 --> 00:19:47,920 Speaker 1: immediate supply chain situation. But who got more blame? It 381 00:19:48,000 --> 00:19:51,680 Speaker 1: was large corporations and China. What did you learn clear 382 00:19:53,280 --> 00:19:57,359 Speaker 1: so exactly that we saw that ahead of Biden, how 383 00:19:57,440 --> 00:20:01,600 Speaker 1: of the US Congress voters were more likely same large corporations. 384 00:20:01,640 --> 00:20:04,679 Speaker 1: So certainly the companies that we are clicking at our 385 00:20:04,720 --> 00:20:08,520 Speaker 1: tracking indicators to see if those packages will arrive in time, um, 386 00:20:08,640 --> 00:20:12,240 Speaker 1: the government of China given the manufacturing relationships. But even 387 00:20:12,280 --> 00:20:15,320 Speaker 1: more so than any of those entities, voters are much 388 00:20:15,359 --> 00:20:19,040 Speaker 1: more likely to blame the worker shortages at seventy seventy 389 00:20:19,040 --> 00:20:21,160 Speaker 1: four percent. Excuse me, as voters told us that they 390 00:20:21,200 --> 00:20:25,440 Speaker 1: blame the ongoing worker shortages, and seventy nine percent blamed 391 00:20:25,680 --> 00:20:29,159 Speaker 1: the COVID nineteen pandemic as a whole. So sort of 392 00:20:29,200 --> 00:20:33,680 Speaker 1: the ambient pandemic constraints that are leading to these supply prinches. 393 00:20:33,960 --> 00:20:36,200 Speaker 1: I think that's fascinating. Instead of, you know, the path 394 00:20:36,240 --> 00:20:38,760 Speaker 1: of least resistance, you go to the president, you go 395 00:20:38,800 --> 00:20:41,119 Speaker 1: to the nearest person to blame. Now, I realize to 396 00:20:41,160 --> 00:20:43,879 Speaker 1: your point, in many cases they're clicking on Amazon or 397 00:20:43,920 --> 00:20:46,960 Speaker 1: Walmart and they say, oh, yeah, it's those large corporations. 398 00:20:46,960 --> 00:20:49,679 Speaker 1: But to drill down to worker shortages and connect the 399 00:20:49,720 --> 00:20:54,000 Speaker 1: dots to China seems to me that people are paying attention, 400 00:20:54,080 --> 00:20:57,399 Speaker 1: that people are actually consuming news and understand what might 401 00:20:57,440 --> 00:21:01,000 Speaker 1: be behind this little bit more than you might assume. Absolutely, 402 00:21:01,320 --> 00:21:03,159 Speaker 1: we did some additional start they work on exactly that, 403 00:21:03,280 --> 00:21:06,840 Speaker 1: and found that eighty percent of American consumers were at 404 00:21:06,920 --> 00:21:11,000 Speaker 1: least somewhat aware of the supply chain issues. Not whether 405 00:21:11,080 --> 00:21:13,040 Speaker 1: or not that was impacting their holiday shopping is a 406 00:21:13,040 --> 00:21:17,120 Speaker 1: different story, but there's certainly a good understanding of not 407 00:21:17,240 --> 00:21:20,199 Speaker 1: only how pervasive the issue is, but how intricate it 408 00:21:20,240 --> 00:21:22,919 Speaker 1: is and how many sort of different components are leading 409 00:21:22,920 --> 00:21:26,000 Speaker 1: to some of these supply shortages. And delays, and these 410 00:21:26,040 --> 00:21:28,600 Speaker 1: are registered voters, you pulled nearly two thousand of them 411 00:21:28,640 --> 00:21:32,480 Speaker 1: as opposed to likely voters. Right, that's exactly right. So 412 00:21:32,520 --> 00:21:34,800 Speaker 1: we try to connect the dots to the mid terms 413 00:21:34,880 --> 00:21:37,520 Speaker 1: here and this being the political show, that's what we're 414 00:21:37,560 --> 00:21:40,760 Speaker 1: known to do. And you did the same thing to 415 00:21:40,840 --> 00:21:43,359 Speaker 1: find that voters are looking for candidates who take this 416 00:21:43,480 --> 00:21:48,320 Speaker 1: issue seriously. So you're you're finding actual research to show 417 00:21:48,359 --> 00:21:52,720 Speaker 1: that supply chains will directly impact people's voting decisions next year. 418 00:21:54,080 --> 00:21:58,240 Speaker 1: It will fifty as voters told us that a candidate's 419 00:21:58,359 --> 00:22:00,720 Speaker 1: view on the supply chain issue you and the delivery 420 00:22:00,760 --> 00:22:03,560 Speaker 1: issues will be a major factor in their vote. In 421 00:22:03,560 --> 00:22:07,359 Speaker 1: an intern, I guess all news is local. Huh. It's 422 00:22:07,480 --> 00:22:10,440 Speaker 1: this all comes down to the boxes sitting on your 423 00:22:10,480 --> 00:22:14,520 Speaker 1: front step. But also the connection to inflation. What did 424 00:22:14,520 --> 00:22:19,120 Speaker 1: you learn about that? Clear higher prices, So certainly UM 425 00:22:19,200 --> 00:22:23,159 Speaker 1: certainly seeing that there's a similar constraint with the connection 426 00:22:23,400 --> 00:22:27,280 Speaker 1: to UM to price challenges for consumers are certainly feeling that. 427 00:22:27,320 --> 00:22:29,399 Speaker 1: You know, consumers are feeling that at the pump at 428 00:22:29,400 --> 00:22:32,359 Speaker 1: the grocery store. And I have a sort of a 429 00:22:32,400 --> 00:22:35,400 Speaker 1: similar sense of understanding that that it's a really big 430 00:22:35,440 --> 00:22:38,400 Speaker 1: problem to solve that. Certainly want to see action from. 431 00:22:38,480 --> 00:22:40,840 Speaker 1: There's an office to help them solve it. It's a 432 00:22:40,920 --> 00:22:43,360 Speaker 1: day to day concern, both to the package issues as 433 00:22:43,400 --> 00:22:48,160 Speaker 1: well as the inflation issue. Claire, does one party seemed 434 00:22:48,200 --> 00:22:50,479 Speaker 1: to be feeling the weight of this more than another, 435 00:22:50,560 --> 00:22:53,000 Speaker 1: Democrats being in the majority, for instance, are you pulling 436 00:22:53,000 --> 00:22:57,080 Speaker 1: along party lines? We are, and we are seeing that 437 00:22:57,320 --> 00:23:01,720 Speaker 1: split from across voting lines as well, where we see 438 00:23:01,760 --> 00:23:06,320 Speaker 1: that just of Democratic voters are leaning on their part, 439 00:23:06,400 --> 00:23:08,560 Speaker 1: will say that the candidates views on the supply chain 440 00:23:08,600 --> 00:23:11,480 Speaker 1: will be that factor in their voting decision, versus sixty 441 00:23:11,640 --> 00:23:15,560 Speaker 1: three percent of Republican voters are holding their candidates to 442 00:23:15,600 --> 00:23:19,879 Speaker 1: account on these issues. So certainly seeing that that disparity 443 00:23:19,960 --> 00:23:22,560 Speaker 1: between Democrats and Republicans in the way that they're holding 444 00:23:22,560 --> 00:23:25,960 Speaker 1: their elected officials accountable, well, it's I guess no wonder, Claire, 445 00:23:25,960 --> 00:23:28,879 Speaker 1: why we're hearing the President talk about this on I 446 00:23:28,920 --> 00:23:31,520 Speaker 1: won't see a daily basis for pretty close the references 447 00:23:31,520 --> 00:23:34,240 Speaker 1: to inflation. Certainly, we had a big supply chain event 448 00:23:34,280 --> 00:23:38,360 Speaker 1: today and we expect remarks from him on Wednesday. Uh. 449 00:23:38,400 --> 00:23:41,080 Speaker 1: And in Congress it was certainly Republicans this is the 450 00:23:41,200 --> 00:23:45,320 Speaker 1: attack line against this administration that this president is responsible 451 00:23:45,359 --> 00:23:48,360 Speaker 1: for runaway inflation, yet they are found in your research 452 00:23:48,440 --> 00:23:51,760 Speaker 1: to carry part of the blame. Right. Well, what I'm 453 00:23:51,800 --> 00:23:54,879 Speaker 1: saying is that in our research that Republican voters are 454 00:23:55,560 --> 00:23:59,000 Speaker 1: are placing that uh, that's that's they're looking to their 455 00:23:59,080 --> 00:24:01,200 Speaker 1: leadership to hold them accountable. So it's a sense of 456 00:24:01,440 --> 00:24:04,320 Speaker 1: who the voters are and how that's influencing who they 457 00:24:04,359 --> 00:24:06,800 Speaker 1: planned to vote for, and that would match with Republican 458 00:24:07,200 --> 00:24:11,439 Speaker 1: lawmakers internal voting. It's pretty fascinating. You're gonna keep these 459 00:24:11,480 --> 00:24:16,560 Speaker 1: numbers rolling throughout the midterm cycle. We are, Yes, Clark 460 00:24:16,600 --> 00:24:19,720 Speaker 1: tass in retail and e commerce analyst at Morning Consult. 461 00:24:19,800 --> 00:24:22,080 Speaker 1: I feel like I should have asked what the gift 462 00:24:22,160 --> 00:24:25,920 Speaker 1: of the year was. Thanks for being with us, Claire. 463 00:24:26,760 --> 00:24:30,560 Speaker 1: You're listening to Bloomberg. You sound on with Joe Matthew 464 00:24:30,920 --> 00:24:35,919 Speaker 1: on Bloomberg Radio. It's got a shipping crunch at the 465 00:24:35,960 --> 00:24:39,119 Speaker 1: holidays for the last several years, right, starting with the 466 00:24:39,119 --> 00:24:43,640 Speaker 1: early warnings from the UPS and FedEx, followed by long 467 00:24:43,680 --> 00:24:47,399 Speaker 1: wait times people forced to pay premium for delivery, and 468 00:24:47,400 --> 00:24:51,359 Speaker 1: then eventual disappointment when the gifts don't show up. It 469 00:24:51,480 --> 00:24:54,280 Speaker 1: was never a political issue though, like this year, as 470 00:24:54,320 --> 00:24:57,480 Speaker 1: the supply chain problems are blamed on everyone from President 471 00:24:57,520 --> 00:24:59,679 Speaker 1: Biden to Congress. We were just discussing it with the 472 00:24:59,680 --> 00:25:05,760 Speaker 1: analy they're tasking from Warning consult blaming as well companies, 473 00:25:05,800 --> 00:25:08,600 Speaker 1: the major corporations in China. Let's see what the panel thinks. 474 00:25:08,640 --> 00:25:12,600 Speaker 1: Bloomberg Politics contributors Jeanie Schanzano and Rick Davis back with 475 00:25:12,680 --> 00:25:14,359 Speaker 1: us here. Rick, how much of a risk will this 476 00:25:14,480 --> 00:25:18,920 Speaker 1: be from apparently a fairly well informed electorate for President 477 00:25:18,960 --> 00:25:22,840 Speaker 1: Biden and Democrats going into the midsrooms. Well, I think 478 00:25:22,920 --> 00:25:26,280 Speaker 1: the positive, if there is one, is that in the 479 00:25:26,320 --> 00:25:29,920 Speaker 1: monks in the midst of this blame game, they're blaming everybody, right, 480 00:25:29,920 --> 00:25:33,440 Speaker 1: They're blaming companies, they're blaming China, they're blaming Biden, They're 481 00:25:33,440 --> 00:25:35,919 Speaker 1: blaming Congress. You know, there's a Republican piece to this 482 00:25:36,000 --> 00:25:39,520 Speaker 1: blame in there somewhere. You know. Congress is usually a 483 00:25:39,600 --> 00:25:42,760 Speaker 1: mix of blaming Republicans and Democrats all at the same time. 484 00:25:43,600 --> 00:25:47,920 Speaker 1: It does indicate a very piste off voter population and 485 00:25:48,480 --> 00:25:52,480 Speaker 1: entering into a election like this, if people think the 486 00:25:52,520 --> 00:25:55,680 Speaker 1: country is on the wrong track and are upset it's 487 00:25:55,760 --> 00:25:59,240 Speaker 1: usually really bad news for the party in power. What 488 00:25:59,280 --> 00:26:04,120 Speaker 1: do you think about that nearly blamed the COVID pandemic, 489 00:26:04,800 --> 00:26:07,399 Speaker 1: but Joe Biden is still right there at what was 490 00:26:07,440 --> 00:26:11,879 Speaker 1: it six? Congress is close behind these the kind of decisions, 491 00:26:11,880 --> 00:26:13,800 Speaker 1: the kind of things people consider when they're going into 492 00:26:13,800 --> 00:26:17,280 Speaker 1: the voting booth, and they think about, of course high prices, 493 00:26:17,320 --> 00:26:20,919 Speaker 1: but also not being able to get their stuff. It is, 494 00:26:21,119 --> 00:26:23,520 Speaker 1: you know, obviously the mid term is still a long 495 00:26:23,600 --> 00:26:26,280 Speaker 1: ways away. We have a long way to go, so 496 00:26:26,720 --> 00:26:29,320 Speaker 1: that you know, there is time to a certain extent 497 00:26:29,480 --> 00:26:33,240 Speaker 1: on the Democrats side, and as Rick pointed out, there 498 00:26:33,320 --> 00:26:35,639 Speaker 1: is some you know, a glimmer of good news is 499 00:26:35,680 --> 00:26:38,000 Speaker 1: that they are blaming a lot of people. But the 500 00:26:38,080 --> 00:26:42,280 Speaker 1: reality is, even if this wasn't an issue, the Democrats 501 00:26:42,320 --> 00:26:44,960 Speaker 1: have a very difficult challenge on their hands when it 502 00:26:45,000 --> 00:26:47,320 Speaker 1: comes to the mid term. I mean, you just look 503 00:26:47,320 --> 00:26:50,560 Speaker 1: at the redistricting issue alone, and they are likely to 504 00:26:50,600 --> 00:26:54,080 Speaker 1: lose one or both of the houses in Congress. So that, 505 00:26:54,359 --> 00:26:57,359 Speaker 1: coupled with all of the sort of frustration that people 506 00:26:57,359 --> 00:27:00,840 Speaker 1: are rightly feeling, they are probably going to be looking 507 00:27:01,119 --> 00:27:04,240 Speaker 1: to turn over certain members of Congress, and that's going 508 00:27:04,280 --> 00:27:07,159 Speaker 1: to work to the Democrats disadvantage. Is there something to 509 00:27:07,200 --> 00:27:10,040 Speaker 1: being caught in the act here, though, Rick, in terms 510 00:27:10,119 --> 00:27:12,960 Speaker 1: of President Biden's own approval ratings, the way people see 511 00:27:13,000 --> 00:27:15,439 Speaker 1: him handling this, just talking about it more as he 512 00:27:15,480 --> 00:27:18,640 Speaker 1: has been doing help and if you see some improvement here. 513 00:27:19,080 --> 00:27:21,640 Speaker 1: He was just talking today about, I believe a great 514 00:27:21,680 --> 00:27:24,600 Speaker 1: improvement in the number of containers that are moving through ports. 515 00:27:25,560 --> 00:27:27,800 Speaker 1: You can take the win at some point before the 516 00:27:27,840 --> 00:27:31,000 Speaker 1: mid terms, right, yeah, you, I mean he's got some 517 00:27:31,040 --> 00:27:34,400 Speaker 1: wind at his back, right, I mean, it does look like, uh, 518 00:27:34,840 --> 00:27:36,879 Speaker 1: materials are starting to move through the ports port a 519 00:27:36,920 --> 00:27:40,320 Speaker 1: long beach and others have lesser and lesser delays. UM 520 00:27:40,400 --> 00:27:44,920 Speaker 1: and the and the impact of the trillion plus infrastructure 521 00:27:44,960 --> 00:27:48,240 Speaker 1: bill about putting people back to work will start to, 522 00:27:48,640 --> 00:27:51,919 Speaker 1: you know, be more material than it is today by 523 00:27:52,000 --> 00:27:55,760 Speaker 1: you know, the next election. So he's got some tools 524 00:27:55,800 --> 00:27:58,800 Speaker 1: to work with. UM. But it's pretty clear that the 525 00:27:58,800 --> 00:28:02,040 Speaker 1: American public has figured out that that that supply chain 526 00:28:02,160 --> 00:28:05,639 Speaker 1: is just another metaphor for jobs, and that the fact 527 00:28:05,760 --> 00:28:10,000 Speaker 1: is four million people are still unemployed or unemployed to 528 00:28:10,040 --> 00:28:13,399 Speaker 1: where it was before COVID, and and the patients for 529 00:28:13,480 --> 00:28:16,320 Speaker 1: COVID is running out the President had to spend time 530 00:28:16,320 --> 00:28:20,520 Speaker 1: today on it because of the omnicron virus now and 531 00:28:20,520 --> 00:28:23,400 Speaker 1: and and I think that that all these things conspire 532 00:28:23,480 --> 00:28:26,520 Speaker 1: to be a very difficult challenge, but one that he'll 533 00:28:26,560 --> 00:28:29,560 Speaker 1: have a message to declare. I mean, what are Republicans 534 00:28:29,560 --> 00:28:32,119 Speaker 1: gonna say about putting people back to work other than 535 00:28:32,160 --> 00:28:36,960 Speaker 1: the fact that before COVID they had full employment. So 536 00:28:37,000 --> 00:28:40,480 Speaker 1: if it's a job story here, then Jeanie Thursday's announcement 537 00:28:41,320 --> 00:28:43,400 Speaker 1: is going to be huge. If if the President is 538 00:28:43,400 --> 00:28:45,480 Speaker 1: going to come back again and he's done this a 539 00:28:45,520 --> 00:28:47,480 Speaker 1: couple of times now to roll out the plan to 540 00:28:47,520 --> 00:28:51,880 Speaker 1: fight COVID, albeit it's specific to this winter, it's specific 541 00:28:51,920 --> 00:28:54,480 Speaker 1: to a new variant. But he's got to talk about 542 00:28:54,480 --> 00:28:56,080 Speaker 1: getting people back to work, and they actually have to 543 00:28:56,080 --> 00:28:59,280 Speaker 1: come back this time. They do. And I worry a 544 00:28:59,280 --> 00:29:02,000 Speaker 1: bit about the hype surrounding. You know, what he was 545 00:29:02,000 --> 00:29:04,560 Speaker 1: supposed to say today got pushed off, and now we're gonna, 546 00:29:04,680 --> 00:29:07,000 Speaker 1: you know, hear something on Thursday. I worry a bit 547 00:29:07,040 --> 00:29:10,280 Speaker 1: about it because you know, it wasn't that long ago 548 00:29:10,480 --> 00:29:13,040 Speaker 1: July fourth, around that time when the White House was 549 00:29:13,080 --> 00:29:17,200 Speaker 1: celebrating and then they got independence from the pandemic and 550 00:29:17,240 --> 00:29:20,160 Speaker 1: then you know, they didn't see delta coming. And now 551 00:29:20,200 --> 00:29:22,760 Speaker 1: of course they've got another variant. And you know, the 552 00:29:22,800 --> 00:29:25,920 Speaker 1: irony if you look at how most economists say the 553 00:29:25,920 --> 00:29:29,000 Speaker 1: President's hands are pretty much tied when it comes to inflation. 554 00:29:29,520 --> 00:29:33,400 Speaker 1: The irony of the entire thing is that what's ultimately 555 00:29:33,440 --> 00:29:36,520 Speaker 1: going to end inflation or high inflation in this country 556 00:29:36,600 --> 00:29:39,760 Speaker 1: is exactly what started it, and that's the pandemic. So 557 00:29:40,280 --> 00:29:42,880 Speaker 1: I can't imagine how frustrated the President had to be 558 00:29:42,920 --> 00:29:46,240 Speaker 1: on Nantucket this weekend to learn about this new variant, 559 00:29:46,560 --> 00:29:50,080 Speaker 1: because it really does underscore how important it is for 560 00:29:50,160 --> 00:29:53,560 Speaker 1: him to address the pandemic so he we can find 561 00:29:53,640 --> 00:29:56,680 Speaker 1: his way out of out of this inflation challenge that 562 00:29:56,760 --> 00:29:59,600 Speaker 1: he's facing. And it is a very real challenge. As 563 00:29:59,640 --> 00:30:03,240 Speaker 1: many people have said, you know, everybody, all of us, 564 00:30:03,320 --> 00:30:05,880 Speaker 1: you know, are impacted by inflation in a way not 565 00:30:05,960 --> 00:30:09,280 Speaker 1: all of us are impacted by unemployment. So the pain 566 00:30:09,560 --> 00:30:14,080 Speaker 1: is widespread on inflation, and the political damage is that 567 00:30:14,320 --> 00:30:17,440 Speaker 1: difficult for the president to sort of heal from. Well 568 00:30:17,480 --> 00:30:21,480 Speaker 1: certainly puts tomorrow's testimony in a new light. Powell Yelling, 569 00:30:21,600 --> 00:30:25,320 Speaker 1: as I mentioned, will both be delivering remarks on Capitol Hill. 570 00:30:25,320 --> 00:30:27,360 Speaker 1: They're actually set to talk about the Cares Act. But 571 00:30:27,400 --> 00:30:29,480 Speaker 1: you know how these things go. Lawmakers will ask about 572 00:30:29,480 --> 00:30:31,880 Speaker 1: the news of the day, and they're gonna be asked 573 00:30:31,920 --> 00:30:34,239 Speaker 1: about this variant. And if you hit if you hit 574 00:30:34,240 --> 00:30:36,440 Speaker 1: the terminal, you'll see a little bit of a taste 575 00:30:36,480 --> 00:30:38,160 Speaker 1: of what they're going to say. Is they often will 576 00:30:38,200 --> 00:30:41,240 Speaker 1: release prepared remarks the night before. That's the case here. 577 00:30:41,600 --> 00:30:46,440 Speaker 1: All macron adds to economic risks, inflation uncertainty, says Powell. 578 00:30:47,080 --> 00:30:51,320 Speaker 1: And what we saw from yelling was even more concerning, 579 00:30:51,320 --> 00:30:53,160 Speaker 1: as I read to you earlier this hour, that it 580 00:30:53,240 --> 00:30:57,800 Speaker 1: could eviscerate the recovery here, this new variant could eviscerate 581 00:30:57,840 --> 00:31:01,200 Speaker 1: our COVID recovery. Rick, this is gonna this is gonna 582 00:31:01,280 --> 00:31:04,640 Speaker 1: draw even more attention to the testimony tomorrow on a 583 00:31:04,720 --> 00:31:08,440 Speaker 1: day the President Biden is traveling to promote his social 584 00:31:08,480 --> 00:31:11,280 Speaker 1: spending agenda. This is going to be the hard news. 585 00:31:12,120 --> 00:31:14,560 Speaker 1: How important are these words going to play against what 586 00:31:14,600 --> 00:31:17,640 Speaker 1: the president says later this week? Oh, I think that 587 00:31:17,720 --> 00:31:21,480 Speaker 1: I think they're The potential for conflict is great. Um, 588 00:31:21,520 --> 00:31:24,560 Speaker 1: you know, you had a FED that was talking mostly about, 589 00:31:24,680 --> 00:31:28,760 Speaker 1: you know, just a month ago, transient inflation and tapering programs, right, 590 00:31:28,800 --> 00:31:31,840 Speaker 1: and the economy is coming back and employment is starting 591 00:31:31,840 --> 00:31:35,160 Speaker 1: to resurface. We had a good jobs report in October, 592 00:31:35,800 --> 00:31:38,240 Speaker 1: and now we're a day away from a job's report 593 00:31:38,240 --> 00:31:40,320 Speaker 1: in November that that may or may not be to 594 00:31:40,360 --> 00:31:44,000 Speaker 1: their liking. And it's pretty clear that the the twin 595 00:31:44,800 --> 00:31:48,160 Speaker 1: um reports that are coming out of the financial sector 596 00:31:48,200 --> 00:31:50,640 Speaker 1: of the Biden administration right now are pretty gloom and 597 00:31:50,680 --> 00:31:54,360 Speaker 1: doom and and and yet the Fed itself doesn't have 598 00:31:54,400 --> 00:31:57,080 Speaker 1: that many tools now to work with. They've they've they've 599 00:31:57,120 --> 00:31:59,760 Speaker 1: done as about as much as they can to try 600 00:32:00,040 --> 00:32:03,760 Speaker 1: and pump the economy. Uh and and may have actually 601 00:32:03,760 --> 00:32:06,440 Speaker 1: overstimulated the point where we can't deliver because of the 602 00:32:06,480 --> 00:32:09,400 Speaker 1: supply chain problems. Right. You've got you've got all these 603 00:32:09,440 --> 00:32:14,400 Speaker 1: retailers and suppliers who have enormous demand because people have 604 00:32:14,440 --> 00:32:17,080 Speaker 1: got all this money washing around in their bank accounts 605 00:32:17,120 --> 00:32:20,080 Speaker 1: from the federal government and they can't get materials to sell. 606 00:32:20,360 --> 00:32:22,840 Speaker 1: I mean, that's a that's a unique problem that we 607 00:32:22,880 --> 00:32:25,680 Speaker 1: haven't seen in the twenty one century. And and I 608 00:32:25,720 --> 00:32:29,440 Speaker 1: think that this is probably creating a lot of confusion 609 00:32:29,680 --> 00:32:32,200 Speaker 1: inside the policy councils of the White House, right now 610 00:32:32,200 --> 00:32:34,440 Speaker 1: as to what to do with it, because they've got 611 00:32:34,480 --> 00:32:37,000 Speaker 1: whatever they stake out today has probably got to be 612 00:32:37,080 --> 00:32:40,320 Speaker 1: their position through the year, next year into the elections, 613 00:32:40,480 --> 00:32:44,120 Speaker 1: and and three seats yet to fill here for President Biden. 614 00:32:44,680 --> 00:32:46,200 Speaker 1: I want to straighten out what I was saying, to 615 00:32:46,240 --> 00:32:50,160 Speaker 1: be clear. Jennet Yellen spoke to both issues. Number one, 616 00:32:50,160 --> 00:32:52,680 Speaker 1: as I mentioned COVID, the new variants that the recovery 617 00:32:52,680 --> 00:32:57,080 Speaker 1: cannot be separated from it progress against COVID. The eviscerate 618 00:32:57,120 --> 00:32:59,760 Speaker 1: line Genie was about the debt limit. Failure to address 619 00:32:59,760 --> 00:33:02,320 Speaker 1: the debt limit will eviscerate the recovery. I want to 620 00:33:02,320 --> 00:33:04,720 Speaker 1: be clear about that, because this testimony will be used 621 00:33:04,720 --> 00:33:07,560 Speaker 1: as leverage to get something done on that. Uh. They 622 00:33:07,600 --> 00:33:09,920 Speaker 1: could be gosh as soon as this week. The Treasury 623 00:33:09,960 --> 00:33:13,600 Speaker 1: tells us that we might not potentially default uh for longer. 624 00:33:13,640 --> 00:33:15,520 Speaker 1: I think it was December fift they were looking for, 625 00:33:15,640 --> 00:33:18,800 Speaker 1: but December third is technically when that debt limit is up. 626 00:33:19,160 --> 00:33:21,640 Speaker 1: Will Democrats make it happen or are they going to 627 00:33:21,680 --> 00:33:24,400 Speaker 1: try to force the hand of Republicans again? You know, 628 00:33:24,440 --> 00:33:28,880 Speaker 1: Mitch McConnell has again been very clear in his last 629 00:33:29,000 --> 00:33:32,480 Speaker 1: set of remarks on this that Republicans will not help 630 00:33:32,520 --> 00:33:37,160 Speaker 1: Democrats lift the debt ceiling, and that Democrats have the 631 00:33:37,360 --> 00:33:40,880 Speaker 1: numbers they could do it, and so I do think 632 00:33:41,000 --> 00:33:44,040 Speaker 1: that Democrats have to get this and put it behind 633 00:33:44,080 --> 00:33:46,640 Speaker 1: them at this point, you know, for Janet Yellen, and 634 00:33:46,680 --> 00:33:48,520 Speaker 1: it's such an important point to be coming out and 635 00:33:48,600 --> 00:33:51,200 Speaker 1: using words like a visceray our recovery. If the debt 636 00:33:51,280 --> 00:33:54,920 Speaker 1: ceiling is not addressed, how can Democrats sit and watch 637 00:33:55,000 --> 00:33:57,640 Speaker 1: that happen in some form of like you know, who's 638 00:33:57,640 --> 00:34:01,000 Speaker 1: gonna blink first with the Republicans. So I do hope 639 00:34:01,240 --> 00:34:03,080 Speaker 1: that they get this done because they have a lot 640 00:34:03,160 --> 00:34:05,600 Speaker 1: of other things to address. What do you mean make 641 00:34:05,600 --> 00:34:08,160 Speaker 1: of Mitch McConnell sitting down with Chuck Humor to meet 642 00:34:08,200 --> 00:34:10,880 Speaker 1: on this though Rick Davis could could there be a 643 00:34:10,880 --> 00:34:13,320 Speaker 1: way that Mitch McConnell helps this get done without actually 644 00:34:13,360 --> 00:34:15,239 Speaker 1: having his fingerprints all over it? To the to the 645 00:34:15,239 --> 00:34:18,280 Speaker 1: point that Emily Wilkins was making earlier at least agree 646 00:34:18,320 --> 00:34:20,759 Speaker 1: to maybe tamp down some of the festivities in a 647 00:34:20,800 --> 00:34:22,799 Speaker 1: vote a rama or helped de grease the skids in 648 00:34:22,800 --> 00:34:26,919 Speaker 1: another legislative way. Well. As a surprise to many Republicans, 649 00:34:26,960 --> 00:34:29,840 Speaker 1: Mitch McConnell did just that Joe earlier this year and 650 00:34:29,880 --> 00:34:33,160 Speaker 1: allowed to vote to take place that extended the debt 651 00:34:33,200 --> 00:34:37,000 Speaker 1: limit into December, and so I guess it's not a 652 00:34:37,440 --> 00:34:40,040 Speaker 1: unforeseen circumstance that he would be willing to do it again. 653 00:34:40,120 --> 00:34:44,640 Speaker 1: There's no interest on the part of Republicans to to 654 00:34:44,640 --> 00:34:48,279 Speaker 1: eviscerate the recovery, as General Yelling put it. But when 655 00:34:48,320 --> 00:34:50,560 Speaker 1: she says that she's talking about the Democrats in her 656 00:34:50,560 --> 00:34:53,320 Speaker 1: own caucus, I mean, like this is the the talking 657 00:34:53,360 --> 00:34:56,200 Speaker 1: points are crazy, right, I mean, like the Democrats control 658 00:34:56,280 --> 00:34:58,439 Speaker 1: the House, the Senate, in the White House, and her 659 00:34:58,840 --> 00:35:02,920 Speaker 1: complaint is the they are about to eviscerate this recovery 660 00:35:03,000 --> 00:35:06,239 Speaker 1: by not and she's been ringing this bell for that right, 661 00:35:06,320 --> 00:35:08,359 Speaker 1: And so like, who's she talking to? Is she talking 662 00:35:08,400 --> 00:35:11,480 Speaker 1: to Schumer? She talking to Pelosi? They have the ability 663 00:35:11,560 --> 00:35:15,480 Speaker 1: within their power to do this tomorrow, and for whatever reason, 664 00:35:15,960 --> 00:35:19,920 Speaker 1: they're playing politics with it. Rick Davis, Jeanie Chanzino, get 665 00:35:20,000 --> 00:35:21,719 Speaker 1: us off and running for the week. Like I said, 666 00:35:21,760 --> 00:35:24,080 Speaker 1: maybe no more four day weekends. I can't fit all 667 00:35:24,160 --> 00:35:27,040 Speaker 1: this in one hour. Thanks for being with us. To 668 00:35:27,080 --> 00:35:31,520 Speaker 1: Emily as well, and declare for the view from retail 669 00:35:31,600 --> 00:35:34,280 Speaker 1: on this cyber Monday. Stay with us. We'll check traffic 670 00:35:34,360 --> 00:35:36,239 Speaker 1: in just a moment. Meet you back here tomorrow on 671 00:35:36,280 --> 00:35:39,840 Speaker 1: the fastest hour in politics. I'm Joe Matthew. This is Bloomberg.