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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at

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Speaker 1: noon and five pm Eastern on Applecarclay and Android Auto

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Speaker 1: with the Bloomberg Business App. Listen on demand wherever you

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Speaker 1: get your podcasts, or watch us live on YouTube.

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Speaker 2: What did they talk about at dinner last night? Donald Trump,

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Speaker 2: Jensen Wong. All of a sudden, there's five billion dollars

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Speaker 2: in the air for Intel. We're going to get to

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Speaker 2: that in a moment with Bloomberg's Mike Shepherd, who owns

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Speaker 2: this story.

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Speaker 3: Of course. Welcome.

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Speaker 2: As I mentioned to the Thursday edition on Bloomberg Radio

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Speaker 2: on satellite radio channel one twenty one. We see you

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Speaker 2: on Sirius XM and on YouTube. Search Bloomberg Business News

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Speaker 2: Live if you want to watch the program. We've got

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Speaker 2: some great voices and a lot of breaking news lined

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Speaker 2: up for you. As President Trump raps the big trip,

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Speaker 2: pretty good trip for the president, he seemed to enjoy himself.

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Speaker 2: Yesterday was all about the ceremony, of course, Today was

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Speaker 2: more about the business at hand, including meetings with business

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Speaker 2: leaders who followed the president overseas. Presidents sat down to

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Speaker 2: talk geopolitics with Keir Starmer. They held a bilateral news

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Speaker 2: conference as well. Here's a taste of what the President

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Speaker 2: had to say.

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Speaker 4: Ties between our countries are priceless, and it's really an inheritance.

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Speaker 4: It's beautiful inheritance. Today we're making those ties closer than

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Speaker 4: ever before. We've done some things that financially are great

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Speaker 4: for both countries, and we work together and it keeps

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Speaker 4: us together. And I think it's an unbreakable bond we

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Speaker 4: have regardless of what we're doing today.

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Speaker 2: I think it's unbreakable, an unbreakable bond, said the President.

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Speaker 3: Keir Starmer, also echoing that sentiment.

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Speaker 2: Bloomberg's and Marie hor Dern has been traveling with the

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Speaker 2: President on this trip and joins us right now from

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Speaker 2: outside Windsor Castle, where she's been the last couple of days. Here, Anne, Marie.

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Speaker 2: How's the White House framing this journey?

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Speaker 5: Well, I think they think this journey and this state

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Speaker 5: visit has been a massive win for the US administration.

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Speaker 5: The President continuously talks about how it's unprecedented that he

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Speaker 5: got invited for a second state visit, and that really

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Speaker 5: set the tone for this trip. The hardest part of

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Speaker 5: this was going to be, of course, the bilateral press conference,

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Speaker 5: and I think both of these leaders came out unscathed.

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Speaker 5: There potentially could have been squabbles in front of the

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Speaker 5: press on disagreements. They have given specific policy proposals. At

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Speaker 5: the same time they said that they had some disagreements

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Speaker 5: on some issues, but then left it as such, most

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Speaker 5: notably Joe. When it came to what we expect from

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Speaker 5: the UK government this weekend, Prime Minister Cure Starmer is

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Speaker 5: set to recognize Palestine as a state formally. The President

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Speaker 5: did say this is one of the areas we have

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Speaker 5: a few disagreements, but then he stopped there. He didn't

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Speaker 5: go on to try to change the Prime Minister's mind

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Speaker 5: in front of the press.

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Speaker 6: So I would say they both somehow.

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Speaker 5: Got out of that press conference and a lot of

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Speaker 5: questions from the press unscathed, and they're really viewing this

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Speaker 5: as a monumental trip on the personal front, all the

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Speaker 5: theater that took place with the royal family yesterday, But

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Speaker 5: on the business front, of course, tens of billions of

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Speaker 5: dollars of US tech companies right here coming into the

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Speaker 5: United Kingdom.

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Speaker 2: Well, Anne Marie, I will note that the President was

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Speaker 2: very careful to pick certain individuals from the US Press

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Speaker 2: Corps who asked some pretty friendly questions.

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Speaker 6: You are journalist too, though.

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Speaker 3: Well, no, absolutely, that's true.

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Speaker 2: He didn't get a question from Anne Marie Hordern, though,

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Speaker 2: and that would have been an interesting moment, Am Marie.

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Speaker 2: I want to get to the point of disagreement on Palestine.

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Speaker 2: This is the area in which these two could not

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Speaker 2: find common ground. Listen to President Trump answering a question

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Speaker 2: on this from earlier.

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Speaker 7: If you feel so strongly about officially recognizing Palestine for statehood,

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Speaker 7: why are you waiting for President Trump to leave the country.

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Speaker 8: Well, let me be really clear about habas, our terrorist

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Speaker 8: organization who can have no part in any future governance

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Speaker 8: in Palestine on the question of recognition. I made my

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Speaker 8: position clear at the end of July. Is to the timing,

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Speaker 8: which has got nothing to do with this state visit,

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Speaker 8: and I've discussed it with the President, as you would

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Speaker 8: expect amongst two leaders who respect each other unlike each other.

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Speaker 2: President Trump was asked repeatedly they both were about this,

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Speaker 2: and at what point he might tell Benjaminett and Yahoo

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Speaker 2: to pull out of Gaza.

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Speaker 3: He wouldn't answer that question.

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Speaker 2: Anne Marie, even in light of or has suggested it

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Speaker 2: if all hostages were released.

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Speaker 3: He was not definitive, was he.

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Speaker 9: No?

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Speaker 5: But the President continuously said, and he repeated a lot

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Speaker 5: during his press conference, simply he wants every single hostage

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Speaker 5: being taken out of Gaza right now.

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Speaker 9: We should know.

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Speaker 5: Prime Minister Kure Starmer also said the same Cure Starmer,

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Speaker 5: though put a lot of emphasis as well, what is

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Speaker 5: going on in terms of the tragedy taking place in Gaza,

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Speaker 5: in terms of number of Palestinians due to humanitarian and

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Speaker 5: not getting there in place, And he also wanted to

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Speaker 5: frame his decision this weekend as completely an isolation of

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Speaker 5: the state and visit with President Trump, he said, I

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Speaker 5: said this over the summer, if there was no cease

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Speaker 5: fire agreement between Israel and the Palestinian people have and

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Speaker 5: the conflict in Gaza, then he was going to formally

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Speaker 5: recognize a Palestinian state. So he was framing this as

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Speaker 5: this has already been out in the forefront, a discussion

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Speaker 5: that they have had with a number of their partners,

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Speaker 5: because he has been saying this publicly. The United States,

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Speaker 5: for their part, for the past few weeks, have been

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Speaker 5: talking about the fact that they do not want to

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Speaker 5: see anyone recognize a Palestinian state because they think that

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Speaker 5: gives leverage to Hamas in the negotiating table as well

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Speaker 5: as continues to give leverage to them to continue running Gaza.

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Speaker 5: So this was one area where definitely the two of

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Speaker 5: the President said disagreed, he says, one of the few

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Speaker 5: areas they disagreed, but they didn't debate it in front

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Speaker 5: of the press. Potentially though there's been more of a

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Speaker 5: frank conversation. Kuer Starmer said that the two spoke for

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Speaker 5: at least for an hour one on one and on

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Speaker 5: a number of issues, and of course this was one

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Speaker 5: of them.

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Speaker 3: Fascinating stuff.

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Speaker 2: Emery, we're glad you're there, and Emory, we'll have another

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Speaker 2: update for us an hour from now, live from the

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Speaker 2: UK as the President heads for air Force. One really

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Speaker 2: interesting headline that broke in this trip, knowing that Jensen

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Speaker 2: Wong was sitting right in the front row front row

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Speaker 2: left at that business meeting, an incredible headline here on

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Speaker 2: the terminal that most of us woke up to this morning,

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Speaker 2: in Vidia making a five billion dollar investment in of

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Speaker 2: all companies, Intel, the chip maker. So many had left

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Speaker 2: for dead, and this is a massive stock mover today.

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Speaker 2: A lot of us are wondering how and why this

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Speaker 2: deal emerged, and that's why we turned to Bloomberg's Mike

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Speaker 2: Shepherd for more on this. Was this something they cooked

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Speaker 2: up on the back of a napkin last night?

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Speaker 3: How did it happen?

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Speaker 10: Well, it deals like this don't happen overnight. But the

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Speaker 10: timing is even trying to well, even with Trump. But

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Speaker 10: the timing, of course, you know, there is coincidence and

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Speaker 10: then there is politics. And we see in this moment,

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Speaker 10: just an hour before the two men appear at this

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Speaker 10: tech leaders forum, the news emerge of this five billion

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Speaker 10: dollar investment from Nvidia. It's a crucial shot in the

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Speaker 10: arm for Intel, which so many out there had really,

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Speaker 10: as you put it, left the company for dead, thinking

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Speaker 10: that its prospects for a turnaround remained years away at best.

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Speaker 10: This provides it not only with capital, but also the

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Speaker 10: prospect of a partnership with Nvidia on two new products.

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Speaker 10: We still have very many details on those, but that's

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Speaker 10: just the kind of thing that Intel needs to set

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Speaker 10: itself up to try to build the customer base it

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Speaker 10: is looking for and that it will need for the

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Speaker 10: long haul really interesting.

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Speaker 2: We've come a long way from when the President called

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Speaker 2: for lip Bhutan's immediate resignation, calling him highly conflicted. He

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Speaker 2: wanted him to be fired or resigned. Now we're making

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Speaker 2: multiple deals with the man. Some of the analysis has

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Speaker 2: really interesting. One analyst I'm reading about on this terminal

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Speaker 2: here says, in video's investment less about money and more

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Speaker 2: about influence.

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Speaker 3: Is that what we're talking about here?

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Speaker 10: Well, the influence play in this is not zero, certainly, Joe,

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Speaker 10: and we have seen Jensen Wong really go above and

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Speaker 10: beyond the call of duty for a CEO, typically in

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Speaker 10: trying to build a relationship with President Donald Trump, who

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Speaker 10: views himself in a way as CEO of the United

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Speaker 10: States of America, and he is really trying to run

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Speaker 10: the government in a lot of ways as a business.

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Speaker 10: We heard him today and reference to TikTok saying we

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Speaker 10: will get fee plus from whatever deal that emerges plus.

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Speaker 10: He is trying to negotiate in so many different ways

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Speaker 10: with companies, not only unveiling deals but also attaching terms

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Speaker 10: for the US with him. And when we're thinking of anvideo,

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Speaker 10: we also have to think about the permission that Trump's

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Speaker 10: administration has granted back to the company to sell its

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Speaker 10: H twenty AI chips in China. That comes with a catch,

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Speaker 10: the fifteen percent cut. Right, We'll go to Uncle Sam.

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Speaker 2: Which I'd still love to hear more about once that's

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Speaker 2: actually codified. Mike, we still have a lot to learn,

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Speaker 2: and this is his specialty.

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Speaker 3: Shep.

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Speaker 2: We thank you as always on this one. We're going

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Speaker 2: to have much more to follow here on Balance of Power.

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Speaker 2: Intel shares up over thirty percent when this news hit,

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Speaker 2: and Nvidia is rising as well. If you're in the

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Speaker 2: good graces of the Trump White House, it seems you're

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Speaker 2: good for business. We'll have a lot more ahead on Bloomberg.

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Speaker 2: Stay with us on Balance of Power. We'll have much

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Speaker 2: more coming up after this.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

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Speaker 1: us live weekdays at noon and five pm Eastern on

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Speaker 1: Apple Cocklay and Android Auto with the Bloomberg Business app.

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Speaker 1: flagship New York station. Just say Alexa play Bloomberg eleven thirty.

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Speaker 3: I'm Joe, Matthew and Washington. It's great to have you

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Speaker 3: with us.

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Speaker 2: On the Thursday edition, of balance of power. We're getting there.

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Speaker 2: It's little Friday, and we have a lot to talk about.

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Speaker 2: Pretty interesting situation that's coming out of New York. As

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Speaker 2: we consider this idea of political violence in America being

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Speaker 2: perpetrated only by the radical left, as we hear JD.

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Speaker 2: Vance made that assertion once again last evening on Fox News,

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Speaker 2: as We'll show you, and it lands as a Texas

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Speaker 2: man is arrested charged with making anti Muslim death threats

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Speaker 2: against Zoron Mamdani. Of course, the Democratic candidate for mayor

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Speaker 2: in New York, Jeremy Fistel, now in custody in Texas.

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Speaker 2: The US Marshals and NYPD got their hands after an

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Speaker 2: investigation leading them to four threatening phone calls that he

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Speaker 2: made to Mamdani's queen's office.

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Speaker 3: It reminds us that we have seen.

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Speaker 2: Repeated threats and attacks, even deadly ones in the case

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Speaker 2: of Minnesota, against Democrats as well. So consider the words

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Speaker 2: of the Vice President last evening on Fox News. He

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Speaker 2: was talking about the shooting death of Charlie Kirk and

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Speaker 2: the reaction that we've seen and heard. Listened to the

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Speaker 2: Vice President.

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Speaker 11: This is a person who grew up in a pretty

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Speaker 11: normal family, actually had a pretty good home life, who

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Speaker 11: was radicalized by the far left, by the social networks

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Speaker 11: of the far left, by the ideas of the far left,

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Speaker 11: and got so far down the path of radicalization that

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Speaker 11: he killed my friend.

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Speaker 3: That is not a both sides problem. My friend is

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Speaker 3: dead because of left wing political.

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Speaker 11: Radicalization, and if you want to cut that out.

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Speaker 3: Then be honest about it.

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Speaker 2: Once again, bleeping the Vice President, as we frequently do

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Speaker 2: the President of the United States, and we assemble our

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Speaker 2: political panel to talk about this. Rick Davis is with

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Speaker 2: us live from New York, Bloomberg Politics contributor, Republican strategist

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Speaker 2: and partner at Stone Court Capital, and Archie Sidiki is

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Speaker 2: back with me in Washington today, former senior aide to

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Speaker 2: Speaker Nancy Pelosi, founder CEO Bellweather Government Affairs. It's great

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Speaker 2: to have both of you with us. Are she There's

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Speaker 2: something else that's been going on here as well. There

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Speaker 2: was an attempt in the House of Representatives to send

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Speaker 2: elon Omar and remove her of her committee assignments for

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Speaker 2: criticizing Charlie Kirk. We're in a moment right now that's

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Speaker 2: very confusing for a lot of people. I think Spencer

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Speaker 2: Cox called it an inflection point, one that could lead

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Speaker 2: to something better or something much worse.

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Speaker 6: What is your thought, Well, I think he is.

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Speaker 12: The Governor Cox has shown great I would say, leadership

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Speaker 12: and trying to take down the temperature. Obviously, this is

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Speaker 12: really a personal issue. Not only these acts of violence

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Speaker 12: have become much more common and they're not the exception anymore,

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Speaker 12: but also there are a lot of really strong relationships

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Speaker 12: that we've seen in Washington, d C. Where folks are

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Speaker 12: expressing their grief in real time. And I think that

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Speaker 12: Governor Cox has just done a good job of really

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Speaker 12: just lowering the temperature and showing some leadership in the

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Speaker 12: sense that we could only solve this if we're in

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Speaker 12: it together.

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Speaker 2: What would you say to jd Vance who says this

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Speaker 2: is not a both sides issue.

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Speaker 12: Listen, Obviously the vice president has some very strong feelings

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Speaker 12: and a great deal of grief, so there's no doubt

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Speaker 12: about that.

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Speaker 3: But I think when you.

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Speaker 12: Do look at what happened to Mom Donnie, what I mean,

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Speaker 12: there are examples across the spectrum, and the question becomes

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Speaker 12: is there's two issues I think in play in Washington

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Speaker 12: actually across the country right now. Freedom of speech, and

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Speaker 12: also how do we disagree in a respectful way? And

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Speaker 12: I think that only gets solved as folks join together.

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Speaker 2: Of course, we've already had a lot of opportunity to

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Speaker 2: talk about this since the shooting of Charlie Kirk. And

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Speaker 2: I'm curious your thought on this vote in the House

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Speaker 2: it was a squeaker two fourteen to two thirteen to

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Speaker 2: table the resolution to censure elon Omar.

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Speaker 3: Was that the right thing?

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Speaker 9: You know, these things are always difficult in the House

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Speaker 9: of Representatives, especially no member wants to vote to censer

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Speaker 9: another member, especially throw them off committees. We've seen that

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Speaker 9: happen four in the past, and it's a very very

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Speaker 9: difficult vote for anybody to take rs rd's But there's

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Speaker 9: always an under backstory to these things too, And Nancy

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Speaker 9: Mace brought the resolution to do it, and she's now,

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Speaker 9: you know, last month declared that she's running for governor

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Speaker 9: of South Carolina. And my suspicion is that her political

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Speaker 9: ambitions might have weighed heavily into her current activities on

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Speaker 9: the floor of the House of Representatives. So I think

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Speaker 9: a lot of Republicans shrug their shoulder. They see this

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Speaker 9: as performative, and it doesn't surprise me that it failed.

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Speaker 9: I'm actually surprised that it didn't fail.

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Speaker 2: By more interesting, there's been talk of targeting so called

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Speaker 2: left wing organizations. Everyone reaches for Antifa because I'm not

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Speaker 2: sure anyone really knows what these organizations are are she

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Speaker 2: maybe you can shed some light on this. The President

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Speaker 2: says he will designate Antifa a major terrorist organization.

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Speaker 3: How do you do that? Where's the head office for Antifa?

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Speaker 12: I think for the president and for those on those

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Speaker 12: who are going after some of these organizations, that is

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Speaker 12: actually the piece where not many people know what Antifa is,

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Speaker 12: but they have a negative connotation. Yeah, right, But there

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Speaker 12: are all sorts of other organizations that are well cemented,

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Speaker 12: well founded, and really doing good work out there that

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Speaker 12: this is a message to everybody, and I think that

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Speaker 12: that is where it's creating a chilling effect.

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Speaker 2: But they're being accused of funding political violence and anthodizing.

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Speaker 12: And I would say that it's hard to find the

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Speaker 12: facts there, So I think that makes it the perfect

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Speaker 12: poster child.

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Speaker 3: Do you worry about this targeting? Rick? And what about

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Speaker 3: this Antifa bit? Here? Can you? I mean, can you

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Speaker 3: call the CEO of Antifa on the phone.

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Speaker 2: Aren't these a bunch of guys running around kind of

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Speaker 2: making their own decisions.

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Speaker 9: Yeah, I haven't spent a lot of time on sort

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Speaker 9: of getting to know Antifa, and a little bit of

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Speaker 9: time I have spent, I think I know less now

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Speaker 9: than I did before. Being referred to as an ideology,

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Speaker 9: not an organization, anti fascists, all that stuff makes sense

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Speaker 9: to me. We've gotten inter indoctrinated into the world of

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Speaker 9: domestic terror organizations, even though there's no classification that really

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Speaker 9: calls them that. Proud boys during January six example, everybody

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Speaker 9: can say they know what a proud boy is. Nobody

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Speaker 9: can tell you what an Antifa is. So at the

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Speaker 9: end of the day, the FBI has been making warnings

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Speaker 9: in multiple administrations that the greatest threat is not from

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Speaker 9: terrorist organizations outside the country, but those that are resident

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Speaker 9: inside this country. And if this actually generates a conversation

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Speaker 9: around these radical groups that are not got stability and

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Speaker 9: a normal way of life that most Americans would want

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Speaker 9: to see and not be anarchists in their behavior, I

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Speaker 9: think that's a good conversation to have. Whether or not

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Speaker 9: there is something the administration is going to do specifically

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Speaker 9: on this. I don't know what that would be or

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Speaker 9: who that would be too, but it's worth a conversation

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Speaker 9: because we can't keep sweeping this stuff under the rug.

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Speaker 2: Really interesting that the cancel culture seems to be moving

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Speaker 2: around now speaking brick mentions Proud Boys. Is the head

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Speaker 2: of the Proud who's now leaving phone messages at employers

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Speaker 2: to get people fired for talking about Charlie Kirk?

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Speaker 3: Should both of these.

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Speaker 2: Types of organizations be considered because the White House doesn't

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Speaker 2: seem concerned about the Oathkeepers or the Proud Boys.

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Speaker 3: In fact, many of them are pardoned.

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Speaker 12: Well, I think it's an interesting point how we were

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Speaker 12: talking about domestic terrorism because obviously that there's bipartisan will

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Speaker 12: to really root that out. We've seen the consequences. We

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Speaker 12: saw that in Oklahoma City. We don't want that repeated.

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Speaker 12: There have been smaller incidents. I think the challenger is

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Speaker 12: though again it's the culture of intimidation and where are

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Speaker 12: you going into free speech and political expression but anything

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Speaker 12: else there should there should be a bypart as an effort,

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Speaker 12: and I think there is. You do see that under

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Speaker 12: the radar piece with House with Democrats and Republicans on

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Speaker 12: that front. But this has just expanded at a whole

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Speaker 12: new level, that's for sure.

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Speaker 2: And I always try to connect these kinds of conversations

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Speaker 2: to policy, because that's what we do here at Bloomberg.

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Speaker 2: And I am deeply curious if this corrosion and the

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Speaker 2: relationship between Democrats and Republicans make it more difficult to

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Speaker 2: get anything done in Washington, which brings us to this

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Speaker 2: idea of a shutdown. Rick what happens when if anyone

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Speaker 2: does get to the table, what a Democrats and Republicans

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Speaker 2: tell each other in the spirit of bipartisanship and keeping

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Speaker 2: the government funded when everyone's so angry about all of this.

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Speaker 9: Well, I think you see some of these record retirements,

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Speaker 9: especially in the House of Representatives right now, is indicative

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Speaker 9: of the fact that the caustic environment that they work

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Speaker 9: in now is taking its toll. And you look years ago.

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Speaker 9: We've always had continuing resolutions, you know, in this government

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Speaker 9: for the last fifty years. And the reality is it's

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Speaker 9: a failure of the budget process as much as anything.

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Speaker 9: But there would never be this kind of a debate

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Speaker 9: over a two month continuing resolution like this, where the

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Speaker 9: party in power is basically endorsing spending that was put

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Speaker 9: in place by the party prior to it, and so

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Speaker 9: you really wonder what's the argument here all various policies

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Speaker 9: that they're debating now, ACA insurance subsidies can be dealt

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Speaker 9: with in the appropriations process and should be dealt with

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Speaker 9: in the appropriations process, And so I think Thune has

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Speaker 9: the right idea. Everybody take a step back, Calm down.

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Speaker 9: We're just trying to fund the government for a couple

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Speaker 9: months while we work out the appropriations. That's the proper

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Speaker 9: place to have the debate over what goes and what

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Speaker 9: doesn't go into government spending.

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Speaker 2: Rick really effectively frames what we've been hearing from Republican

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Speaker 2: lawmakers the last couple of days here that conflating a

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Speaker 2: December policy issue with a September funding demand is not productive,

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Speaker 2: and in fact, this is a Biden budget that we

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Speaker 2: would be extending to.

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Speaker 3: Democrats see it differently.

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Speaker 12: Democrats see it very differently, Joe, because the fact of

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Speaker 12: the matter is that there is a real and urgent

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Speaker 12: deadline with these ACA subsidies. So Rick is right, absolutely

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Speaker 12: the expiration days is that the en end of the year.

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Speaker 12: But now states are looking at their premiums and they've

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Speaker 12: worked with the various health insurance plans. We're talking about

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Speaker 12: up to seventy five percent increase in ACA premiums and

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Speaker 12: that's coming down the pike in October and November. So

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Speaker 12: I think Democrats are saying that listen, there was a

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Speaker 12: decision not to include this in the Reconciliation Bill, the

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Speaker 12: Republican Reconcilation Bill. There's a decision not to include this

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Speaker 12: in the CCR. You do need Democratic votes in the Senate,

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Speaker 12: so there should be a back and forth in terms

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Speaker 12: of addressing this issue, because otherwise five million Americans are

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Speaker 12: going to lose their health care if these aren't extended,

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Speaker 12: and that's according to the CBO. But also the premiums

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Speaker 12: are going to be higher, and that is all self inflicted.

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Speaker 12: So there's a way to fix and write the shape.

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Speaker 12: And then the last point I would say is that

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Speaker 12: there are Republicans that actually support this strongly, and if anything,

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Speaker 12: I think the Democrats are being very productive and constructive

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Speaker 12: and pragmatic because they could have been a little bit

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Speaker 12: more aggressive in what they asked for. We have a

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Speaker 12: bill that has a number of Republicans on that.

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Speaker 3: What do you think about that?

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Speaker 7: Rick?

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Speaker 2: Mike Morning made the point earlier that notifications would be

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Speaker 2: going out to people in November, I think the first

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Speaker 2: of November. Are she suggesting that premiums might start rising

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Speaker 2: in advance at the end of the year. Should that

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Speaker 2: hasten the conversation, Well, I certainly think it puts pressure

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Speaker 2: on the appropriators to do something about it. I mean,

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Speaker 2: look at the fundamental level, this is what's wrong with

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Speaker 2: making policy in a reconciliation bill. You know, when when

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Speaker 2: Barack Obama passed ACA on a reconciliation bill party line

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Speaker 2: vote only, they knew that at some point these things

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Speaker 2: would be expiring, or that they'd be in the awkward

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Speaker 2: position of having to ask for the budget to consider them.

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Speaker 2: You know, as they expired in a normal process, if

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Speaker 2: they were done properly and there was a statute in place,

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Speaker 2: we would not be having this conversation.

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Speaker 9: So budget gimmicks come back to buy you. And that's

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Speaker 9: exactly what's happening here today. I think actually the best

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Speaker 9: way for Democrats, and I don't usually give them advice,

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Speaker 9: is to fight the good fight, get the get the

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Speaker 9: but don't stand in the way of a government shutdown.

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Speaker 9: Make sure you're having a conversation around a budget where

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Speaker 9: it's funding the government, and then if the Republicans want

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Speaker 9: to take the hit and let these insurance subsidies expire,

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Speaker 9: it's on them. I mean, like right now, stopping the

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Speaker 9: government funding process is on the Democrats, and I just

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Speaker 9: think they've made the wrong choice.

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Speaker 2: Fascinating, a great conversation, Rick Davis, Archie Sidiki.

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Speaker 3: Stay with us on Balance of Power. We'll have much

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00:22:27,320 --> 00:22:28,520
Speaker 3: more coming up after this.

442
00:22:32,760 --> 00:22:36,240
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

443
00:22:36,280 --> 00:22:39,760
Speaker 1: us live weekdays at noon and five pm Eastern on Apple,

444
00:22:39,800 --> 00:22:42,840
Speaker 1: Cocklay and Android Auto with the Bloomberg Business App. You

445
00:22:42,840 --> 00:22:46,320
Speaker 1: can also listen live on Amazon Alexa from our flagship

446
00:22:46,400 --> 00:22:50,280
Speaker 1: New York station Just Say Alexa played Bloomberg eleven thirty.

447
00:22:51,880 --> 00:22:55,200
Speaker 2: The President did weigh in on the firing of Jimmy Kimmel.

448
00:22:55,320 --> 00:22:58,240
Speaker 3: It was one four am.

449
00:22:57,600 --> 00:23:00,840
Speaker 2: Local time in the United Kingdom, following the day of

450
00:23:00,920 --> 00:23:03,200
Speaker 2: ceremony that we brought to you yesterday. The President on

451
00:23:03,320 --> 00:23:08,320
Speaker 2: truth social great news for America. Congratulations to ABC for

452
00:23:08,400 --> 00:23:10,920
Speaker 2: finally having the courage to do what had to be done.

453
00:23:11,320 --> 00:23:16,960
Speaker 2: Kimmel has zero talents. Quote also now predicting the firings

454
00:23:17,040 --> 00:23:20,480
Speaker 2: of other late night hosts who he's not a fan

455
00:23:20,520 --> 00:23:22,720
Speaker 2: of knowing. Of course, Stephen Colbert has a lot of

456
00:23:22,720 --> 00:23:25,880
Speaker 2: time coming up on his hands. I want to talk

457
00:23:25,880 --> 00:23:28,520
Speaker 2: about some of this and what's happening on Capitol Hill

458
00:23:28,880 --> 00:23:32,720
Speaker 2: with Bloomberg political contributor Patrick McHenry. That would be the

459
00:23:32,760 --> 00:23:36,840
Speaker 2: former Republican Congressman, former chairman, and former Speaker protemn who

460
00:23:36,880 --> 00:23:39,320
Speaker 2: had a big week in the House receiving an important

461
00:23:39,320 --> 00:23:44,119
Speaker 2: award as you are a singular person in history. I

462
00:23:44,119 --> 00:23:47,600
Speaker 2: didn't realize you're the only person who held the gabble

463
00:23:47,640 --> 00:23:48,840
Speaker 2: as speaker ProTem.

464
00:23:49,280 --> 00:23:51,840
Speaker 3: Yes, it's never happened.

465
00:23:53,040 --> 00:23:57,600
Speaker 7: Un serious events, I guess, and I'm the lone speaker protewn.

466
00:23:57,680 --> 00:24:00,560
Speaker 7: I served for twenty three days between Speaker fifty five

467
00:24:00,600 --> 00:24:05,200
Speaker 7: and Speaker of fifty six, Speaker McCarthy and Speaker Johnson,

468
00:24:05,840 --> 00:24:09,040
Speaker 7: and Speaker McCarthy is fond of calling me Speaker of fifty.

469
00:24:08,800 --> 00:24:11,480
Speaker 6: Five and a half. So you gotta have a sense

470
00:24:11,480 --> 00:24:12,760
Speaker 6: of humor even in the midst of.

471
00:24:12,760 --> 00:24:15,080
Speaker 2: I want to note that Kevin McCarthy was there when

472
00:24:15,119 --> 00:24:19,440
Speaker 2: you receive this award from the I want to get

473
00:24:19,520 --> 00:24:22,199
Speaker 2: the it's the Capital Historical Society, right, that's right. The

474
00:24:22,240 --> 00:24:25,040
Speaker 2: twenty twenty five Freedom Award. Everybody's getting along and has

475
00:24:25,040 --> 00:24:26,520
Speaker 2: a chance to laugh about it. Now, it's funny. What

476
00:24:26,520 --> 00:24:27,320
Speaker 2: time does Oh.

477
00:24:27,200 --> 00:24:28,240
Speaker 6: My gosh, time heals.

478
00:24:28,440 --> 00:24:30,760
Speaker 7: Look, everybody says this and washing, Oh, well, it's a

479
00:24:30,800 --> 00:24:32,640
Speaker 7: good old days and blah blah.

480
00:24:32,760 --> 00:24:34,880
Speaker 6: No, there's no such thing like this.

481
00:24:35,160 --> 00:24:38,760
Speaker 7: We have a regulated means of us having a legal

482
00:24:38,800 --> 00:24:42,240
Speaker 7: fistfight in the United States, right and that is our

483
00:24:42,280 --> 00:24:44,560
Speaker 7: set of politics. And that was the cage match of

484
00:24:44,640 --> 00:24:48,040
Speaker 7: the Founder's era, and the fights there they continue today

485
00:24:48,080 --> 00:24:50,000
Speaker 7: and we're in the midst of it right now, talking

486
00:24:50,040 --> 00:24:52,399
Speaker 7: about government funding and all these things of you know,

487
00:24:52,440 --> 00:24:55,920
Speaker 7: the president after the most elegant dinner you can have.

488
00:24:55,880 --> 00:25:01,280
Speaker 6: On the planet. Yes, with the brets, he's tweeting about

489
00:25:01,359 --> 00:25:02,000
Speaker 6: Jimmy Kimmel.

490
00:25:02,040 --> 00:25:05,360
Speaker 7: So there's always politics at play which makes this so dynamic,

491
00:25:05,680 --> 00:25:08,280
Speaker 7: and especially with the commentary we've heard from Anne Marie.

492
00:25:09,200 --> 00:25:12,000
Speaker 7: The best part of the commentary for people like us

493
00:25:12,320 --> 00:25:14,720
Speaker 7: is it Bloomberg because you cut through all this other

494
00:25:15,160 --> 00:25:19,040
Speaker 7: stuff and get to what actually matters, what markets would

495
00:25:19,119 --> 00:25:20,880
Speaker 7: affects the account starting with an investment.

496
00:25:21,240 --> 00:25:22,280
Speaker 3: Yeah, well, what do you.

497
00:25:22,240 --> 00:25:22,719
Speaker 6: Make of that?

498
00:25:22,840 --> 00:25:25,240
Speaker 13: I mean, there seems to be a thread here and

499
00:25:25,359 --> 00:25:29,280
Speaker 13: that corporations are really trying to appease the president to

500
00:25:29,320 --> 00:25:32,119
Speaker 13: an extent we haven't maybe seen in previous years.

501
00:25:32,440 --> 00:25:34,760
Speaker 7: Are they doing the right thing? Oh well, look at

502
00:25:34,760 --> 00:25:37,680
Speaker 7: this is politics at play. And look in Vidia has

503
00:25:37,920 --> 00:25:42,160
Speaker 7: a massive interest in the question of the questions only

504
00:25:42,200 --> 00:25:45,560
Speaker 7: this administration could answer, where can they export chips? That

505
00:25:45,640 --> 00:25:47,600
Speaker 7: is in the say of Treasury, It is in the

506
00:25:47,600 --> 00:25:51,040
Speaker 7: say of a multi agency process called Siphius that twenty

507
00:25:51,080 --> 00:25:55,040
Speaker 7: five years ago no one knew existed and now is

508
00:25:55,560 --> 00:25:59,400
Speaker 7: one of the most important national security functions. The federal

509
00:25:59,440 --> 00:26:03,919
Speaker 7: government has yay or nay over where you export even

510
00:26:04,400 --> 00:26:07,919
Speaker 7: basic chips, much less highly sophisticated ones in videos, and

511
00:26:08,040 --> 00:26:10,520
Speaker 7: so they have a major interest in making sure they're

512
00:26:10,560 --> 00:26:13,680
Speaker 7: aligned with the president and the president's wishes. That's why

513
00:26:14,560 --> 00:26:16,560
Speaker 7: you know, one of the wealthiest men in the world

514
00:26:16,560 --> 00:26:19,240
Speaker 7: and one of the most consequential people for the distribution

515
00:26:19,359 --> 00:26:23,040
Speaker 7: of technology is there to state dinner to make sure

516
00:26:23,040 --> 00:26:25,960
Speaker 7: that he is tight with this administration. It shows really

517
00:26:25,960 --> 00:26:30,439
Speaker 7: the import of President forty seven compared to the dynamics

518
00:26:30,440 --> 00:26:33,600
Speaker 7: of President forty five, where the business community was really

519
00:26:34,200 --> 00:26:36,280
Speaker 7: questioning whether or not they should have connectivity.

520
00:26:37,080 --> 00:26:38,200
Speaker 6: That is no longer the question.

521
00:26:38,200 --> 00:26:40,600
Speaker 7: You want to have deep connectivity with this administration because

522
00:26:40,640 --> 00:26:44,240
Speaker 7: it is kind of major consequence in a generational way.

523
00:26:44,320 --> 00:26:46,720
Speaker 2: Well, you were a chairman of the Financial Services Committee,

524
00:26:46,720 --> 00:26:48,800
Speaker 2: would you be having hearings on this that people are

525
00:26:48,800 --> 00:26:52,560
Speaker 2: calling this state capitalism or worse, you're a conservative Republican,

526
00:26:52,600 --> 00:26:53,960
Speaker 2: does this align with your values?

527
00:26:54,119 --> 00:26:57,760
Speaker 7: Look, Elizabeth Warren and Bernie Sanders wanted this for the

528
00:26:57,840 --> 00:27:00,760
Speaker 7: Chips Act, and there was resistance by part and resistance.

529
00:27:00,800 --> 00:27:04,680
Speaker 7: It's that type of direct investment in these companies. I

530
00:27:04,760 --> 00:27:08,040
Speaker 7: resist this. I think it's really not where we want

531
00:27:08,040 --> 00:27:11,160
Speaker 7: the government to be long term. I don't think that's

532
00:27:11,160 --> 00:27:15,000
Speaker 7: in the interest of the American taxpayer. However, the Trump

533
00:27:15,040 --> 00:27:17,240
Speaker 7: administration was looking at this large pot of money that

534
00:27:17,320 --> 00:27:22,359
Speaker 7: was only going to be gifted to blessed industries for

535
00:27:22,400 --> 00:27:24,600
Speaker 7: the Biden regime. That was part of the Chips Act,

536
00:27:24,960 --> 00:27:28,199
Speaker 7: And so there's really no pure way to distribute distribute

537
00:27:28,200 --> 00:27:33,680
Speaker 7: this money. But a state based capitalism is called socialism.

538
00:27:33,840 --> 00:27:37,040
Speaker 7: This is not exactly in a very traditional economic sense,

539
00:27:37,680 --> 00:27:41,080
Speaker 7: the right approach for that type of connectivity here, and

540
00:27:41,359 --> 00:27:45,359
Speaker 7: also not the best way to get returns for the

541
00:27:45,359 --> 00:27:48,000
Speaker 7: stockholders of these companies, and not the best way to

542
00:27:48,040 --> 00:27:52,040
Speaker 7: get innovation. Certainly not here in the United States, where

543
00:27:52,240 --> 00:27:54,679
Speaker 7: the free flow of capital goes to the highest and

544
00:27:54,720 --> 00:27:58,040
Speaker 7: best use, and more of it goes to higher and

545
00:27:58,080 --> 00:28:04,040
Speaker 7: better use over politicians do an atrocious job traditionally of

546
00:28:04,119 --> 00:28:06,080
Speaker 7: doing this. It was a failure in the Obama administration,

547
00:28:06,200 --> 00:28:09,720
Speaker 7: was a failure in the Biden administration, and I don't

548
00:28:09,760 --> 00:28:11,600
Speaker 7: think a third turn of this is going to be

549
00:28:11,640 --> 00:28:12,160
Speaker 7: for the better.

550
00:28:12,400 --> 00:28:13,560
Speaker 6: Well, there is.

551
00:28:13,520 --> 00:28:15,320
Speaker 13: A thought out there though, that the chip grants did

552
00:28:15,400 --> 00:28:18,639
Speaker 13: help Intel, especially bring out a lot of the manufacturing

553
00:28:18,680 --> 00:28:21,840
Speaker 13: they had abroad stateside, and that ultimately was helpful to

554
00:28:21,920 --> 00:28:24,480
Speaker 13: get to the same goals that Donald Trump is citing

555
00:28:24,520 --> 00:28:27,600
Speaker 13: as his goals, which is making chips on American soil.

556
00:28:28,160 --> 00:28:31,639
Speaker 13: Why is that not still the correct strategy relative to

557
00:28:31,680 --> 00:28:33,560
Speaker 13: a stake, as you say, is not the way the

558
00:28:33,560 --> 00:28:34,360
Speaker 13: Americans do it.

559
00:28:35,080 --> 00:28:39,280
Speaker 7: Look, if you look at technology, we do not lack

560
00:28:39,440 --> 00:28:44,200
Speaker 7: for venture money going into the toughest questions in technology.

561
00:28:44,400 --> 00:28:47,239
Speaker 7: We do not lack investment capital. What we lacked is

562
00:28:47,800 --> 00:28:51,280
Speaker 7: the permitting to bring these things back on shore. And

563
00:28:51,600 --> 00:28:54,560
Speaker 7: permitting is still what is impairing the ability to deliver

564
00:28:54,640 --> 00:28:58,240
Speaker 7: on the Chips Act, and frankly, the Energy Tax credit

565
00:28:58,920 --> 00:29:02,280
Speaker 7: of the Biden administration. It's impaired by the regulatory hurdles

566
00:29:02,280 --> 00:29:04,680
Speaker 7: of doing big things in America, and we've not fixed that.

567
00:29:04,960 --> 00:29:09,760
Speaker 13: But making things in America is famously, very, very expensive.

568
00:29:09,800 --> 00:29:11,480
Speaker 13: So the more money you have to do that, whether

569
00:29:11,480 --> 00:29:14,480
Speaker 13: it's manufacturing, whether it's paying the right talent, is a

570
00:29:14,560 --> 00:29:15,880
Speaker 13: benefit at the end of the day. And that's what

571
00:29:15,920 --> 00:29:17,520
Speaker 13: a lot of the folks are saying. The Chips grants

572
00:29:17,920 --> 00:29:19,200
Speaker 13: afforded in a way that.

573
00:29:19,080 --> 00:29:21,520
Speaker 7: Elet tr policy is this is the rub and this

574
00:29:21,600 --> 00:29:24,080
Speaker 7: is the reason why politicians want to take our tax

575
00:29:24,200 --> 00:29:27,800
Speaker 7: dollars or actually the debt right, the national debt, and

576
00:29:27,840 --> 00:29:30,440
Speaker 7: apply it to things that are politically popular. What I

577
00:29:30,440 --> 00:29:32,840
Speaker 7: would say is, if we're going to look at trade

578
00:29:32,880 --> 00:29:36,480
Speaker 7: and trading arrangements, not everything should be brought on shore.

579
00:29:36,560 --> 00:29:40,040
Speaker 7: We should do the highest value stuff on shore, the

580
00:29:40,080 --> 00:29:44,200
Speaker 7: stuff that is most politically sensitive to national security on shore,

581
00:29:44,640 --> 00:29:47,760
Speaker 7: and incentives around that. That's why the Chips dollars right

582
00:29:47,920 --> 00:29:49,960
Speaker 7: to bring those things on shore. But let's do the

583
00:29:50,000 --> 00:29:55,320
Speaker 7: harder work of litigation reform, of changing the permitting process

584
00:29:55,360 --> 00:29:58,600
Speaker 7: for large and complex deals so we can build roads

585
00:29:58,600 --> 00:30:01,880
Speaker 7: and bridges and railroads, and we can build the highest

586
00:30:02,160 --> 00:30:04,160
Speaker 7: tech manufacturing on the planet here at home.

587
00:30:04,960 --> 00:30:08,480
Speaker 2: As we consider President Trump's of this administration's relationship with

588
00:30:08,520 --> 00:30:11,640
Speaker 2: corporate America, that includes Howard Lutnick as well, who's been

589
00:30:11,680 --> 00:30:13,920
Speaker 2: a big part of some of these arrangements, some of

590
00:30:13,960 --> 00:30:16,400
Speaker 2: which you, I think have expressed some discomfort with. When

591
00:30:16,400 --> 00:30:19,840
Speaker 2: we consider these investments or the fifteen percent, for instance,

592
00:30:19,840 --> 00:30:23,760
Speaker 2: that Nvidia and AMD would provide to the government from

593
00:30:23,840 --> 00:30:27,320
Speaker 2: its sales to China. Is what happened with Jimmy Kimmel

594
00:30:27,360 --> 00:30:29,800
Speaker 2: any different this idea that the president is sort of

595
00:30:29,800 --> 00:30:32,640
Speaker 2: the chairman of America's board. He doesn't like this comedian

596
00:30:32,680 --> 00:30:35,320
Speaker 2: who makes fun of him, and he's apparently going to

597
00:30:35,320 --> 00:30:36,080
Speaker 2: be out of a job.

598
00:30:36,760 --> 00:30:38,520
Speaker 3: Is this from the same file in your view?

599
00:30:39,040 --> 00:30:41,600
Speaker 6: No, No, that's a very very different thing.

600
00:30:41,640 --> 00:30:42,120
Speaker 3: Tell us one.

601
00:30:42,480 --> 00:30:46,200
Speaker 7: Well, if if you look at Secretary Best and Secretary

602
00:30:46,200 --> 00:30:49,640
Speaker 7: of Lutnik, the two very different things, and the President

603
00:30:49,960 --> 00:30:52,640
Speaker 7: likes both of the things that they do. And so

604
00:30:53,040 --> 00:30:56,400
Speaker 7: you see this operationally where Lutnik's trying to get the

605
00:30:56,400 --> 00:30:58,600
Speaker 7: best deal for the American taxpayer and believes that he's

606
00:30:58,680 --> 00:31:01,520
Speaker 7: running a corporate enterprise the present you have to do that,

607
00:31:01,800 --> 00:31:05,360
Speaker 7: and that's how he's delivering, meeting the president's expectations, meeting

608
00:31:05,400 --> 00:31:09,280
Speaker 7: the president's goals, meeting the public objectives, doing so.

609
00:31:09,440 --> 00:31:12,880
Speaker 6: Very very very well. Markets driven guy.

610
00:31:14,200 --> 00:31:17,240
Speaker 7: What you see here is the cultural clashes that have

611
00:31:17,320 --> 00:31:20,560
Speaker 7: been very hot. And this has been very hot since

612
00:31:20,600 --> 00:31:23,240
Speaker 7: the beginning of COVID. This is very hot since President

613
00:31:23,280 --> 00:31:28,160
Speaker 7: Trump entered politics. And everything is fraught with peril when

614
00:31:28,200 --> 00:31:31,120
Speaker 7: you engage in this political process. And it was Republicans

615
00:31:31,160 --> 00:31:33,040
Speaker 7: that were on the losing side of that that lost

616
00:31:33,520 --> 00:31:37,760
Speaker 7: their jobs and lost their affiliations, not just from being

617
00:31:38,360 --> 00:31:41,720
Speaker 7: political commentators. Look at Ronald McDaniel couldn't even be a

618
00:31:41,760 --> 00:31:47,320
Speaker 7: political commentator because she was blackballed by her colleagues at MSNBC.

619
00:31:47,680 --> 00:31:51,360
Speaker 7: So politics has been ripe at play in politics. And

620
00:31:51,400 --> 00:31:56,840
Speaker 7: when these comedians go from being comedians to politicians, their

621
00:31:56,880 --> 00:31:58,400
Speaker 7: consequence is that and you want.

622
00:31:58,280 --> 00:32:00,120
Speaker 3: To enter the frame FIREDO.

623
00:32:00,600 --> 00:32:04,240
Speaker 7: Look at late night TV is exhausting to watch. It

624
00:32:04,280 --> 00:32:09,400
Speaker 7: has been so unfun because they are political commentators. That

625
00:32:09,520 --> 00:32:12,480
Speaker 7: is not what American people want. It's not Johnny Carson

626
00:32:12,680 --> 00:32:15,640
Speaker 7: who separated himself from politics and made fun of everyone,

627
00:32:15,840 --> 00:32:18,840
Speaker 7: made fun of everybody. But this is the difference between

628
00:32:18,880 --> 00:32:22,840
Speaker 7: the two Jimmies, right, and Jimmy Kimmel was a political

629
00:32:22,880 --> 00:32:24,840
Speaker 7: commentator and went into the fray.

630
00:32:24,920 --> 00:32:26,880
Speaker 3: So first, his job, is that what you're saying.

631
00:32:27,120 --> 00:32:29,400
Speaker 7: I think so because if you watch that, he's not

632
00:32:29,440 --> 00:32:32,520
Speaker 7: doing politics. He's doing the silly stuff that you love

633
00:32:32,560 --> 00:32:37,080
Speaker 7: about late night TV that is broadly enjoyable no matter

634
00:32:37,120 --> 00:32:37,960
Speaker 7: your politics.

635
00:32:38,080 --> 00:32:41,320
Speaker 13: I think it's still free speech. Though, is that a

636
00:32:41,400 --> 00:32:42,480
Speaker 13: fireable offense?

637
00:32:42,720 --> 00:32:46,200
Speaker 7: Well? I thought I thought we're past this woke mob

638
00:32:46,360 --> 00:32:49,320
Speaker 7: taking people out. I thought the cancel culture thing was

639
00:32:49,360 --> 00:32:52,920
Speaker 7: like bad, but apparently it's now good because look, you

640
00:32:52,960 --> 00:32:55,680
Speaker 7: know who's getting fired is like the whether or not

641
00:32:56,040 --> 00:32:59,160
Speaker 7: cancel culture is good. I think cancel culture is really bad.

642
00:32:59,440 --> 00:33:01,880
Speaker 7: I think we should have an open forum for debate.

643
00:33:02,560 --> 00:33:04,720
Speaker 7: And don't watch if you don't think it's funny. I

644
00:33:04,720 --> 00:33:06,720
Speaker 7: don't want Jimmy Kimmel. I don't think it's funny. It's

645
00:33:07,080 --> 00:33:11,480
Speaker 7: been very greating to watch and I love I mean,

646
00:33:11,560 --> 00:33:13,200
Speaker 7: if you look like me, you better have a sense

647
00:33:13,240 --> 00:33:16,040
Speaker 7: of humor, right, and so I have a sense of

648
00:33:16,120 --> 00:33:20,800
Speaker 7: humor about politics. But it gets exhausting when they think

649
00:33:20,880 --> 00:33:24,480
Speaker 7: that they can just be on the left and get

650
00:33:24,520 --> 00:33:26,520
Speaker 7: away with the wrap of comedy.

651
00:33:26,560 --> 00:33:27,840
Speaker 6: You better have a sense of humor.

652
00:33:28,000 --> 00:33:29,880
Speaker 2: I can't believe we just talked to Patrick McHenry for

653
00:33:29,920 --> 00:33:31,520
Speaker 2: fifteen minutes. We didn't ask you if the government was

654
00:33:31,520 --> 00:33:34,520
Speaker 2: going to shut down. I think so we got our

655
00:33:34,560 --> 00:33:38,120
Speaker 2: job done. Paron Patrick McKenney, Bloomberg Politics contributor on Bloomberg.

656
00:33:38,200 --> 00:33:40,360
Speaker 2: Stay with us on Balance of Power. We'll have much

657
00:33:40,360 --> 00:33:41,600
Speaker 2: more coming up after this.

658
00:33:46,880 --> 00:33:50,400
Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch

659
00:33:50,440 --> 00:33:53,440
Speaker 1: us live weekdays at noon and five pm Eastern on

660
00:33:53,600 --> 00:33:56,880
Speaker 1: Alma Coarchleay and Android Otto with the Bloomberg Business App.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: We add the voice of Dina Titus. Been looking forward

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Speaker 2: to this conversation to get the view of a democrat.

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Speaker 2: We spoke with Patrick McHenry earlier this hour on exactly

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Speaker 2: what is happening on Capitol Hill. She's from Nevada's first district.

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Speaker 2: Congresswoman Titus, welcome back to Bloomberg TV and Radio. It's

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Speaker 2: great to see you. Are you preparing for a government shutdown?

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Speaker 2: Should our audience be doing the same.

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Speaker 14: Well, we don't know. The vote has been rescheduled several

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Speaker 14: times now it looks like it's going to come tomorrow.

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Speaker 14: The Democrats are voting no though, because there's no consideration

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Speaker 14: of healthcare and putting back some of the cuts that

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Speaker 14: have been made to Medicaid or extending these subsidies for Obamacare.

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Speaker 14: And it would be an easy fix. If you can't

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Speaker 14: help people who need health care, what's the point and

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Speaker 14: you leave the government open. They just take advantage of

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Speaker 14: that and use it to cut more programs. So I

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Speaker 14: think you'll see Democrats sticking together as a no and

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Speaker 14: who knows what their side's going to do.

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Speaker 13: Congresswomen, the CBO came out this morning and said that

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Speaker 13: the extension of those subsidies would cost about three hundred

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Speaker 13: and sixty billion dollars. Is that a number that everyone

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Speaker 13: remembers when the debt ceiling comes back into question.

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Speaker 14: Well, I'm sure it'll be bandied around, but it may

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Speaker 14: be some different number by then. You know, you've got

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Speaker 14: very selective use of statistics, and what they use today

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Speaker 14: may not be what they use tomorrow. You know, this

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Speaker 14: is a time when the Republicans control both houses, they

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Speaker 14: control the president, they control most of what the court's

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Speaker 14: doing at the highest level. So if this shuts down,

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Speaker 14: because they won't provide those subsidies, then they're going to

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Speaker 14: have to do the explaining because it's going to all

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Speaker 14: be on them.

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Speaker 2: Republicans who have joined us a congresswoman, have suggested that

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Speaker 2: there is still time that the current cr that is

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Speaker 2: going to hit the floor expires on the twenty first

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Speaker 2: of November.

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Speaker 3: Of course, the subsidies expire at the end of the year.

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Speaker 2: Would not allow time for a row bus debate around

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Speaker 2: Obamacare subsidies and government funding by the end of the year.

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Speaker 14: Well, it could, if they would allow it, or if

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Speaker 14: they are have any interest in doing it. You've already

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Speaker 14: heard the President say, don't bother with what the Democrats want.

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Speaker 14: There's been no input from our side, so you're really

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Speaker 14: just kicking the can down the road. There's no indication

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Speaker 14: that they'd come to the table lighter, I haven't come

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Speaker 14: to the table up until now. They've had plenty of time.

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Speaker 14: It's not like this came as a surprise that this

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Speaker 14: deadline was here.

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Speaker 6: A congressman.

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Speaker 13: We are just getting some headlines coming from the President

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Speaker 13: as he speaks to a gaggle on Air Force One.

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Speaker 13: If you'll bear with me, I'd like to read them

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Speaker 13: to you. He's talking about taking away the TV licensing,

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Speaker 13: singing it's up to the FCC's Brendan Carr. He also

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Speaker 13: goes on to say the TV licenses should be taken

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Speaker 13: away if it's bad publicity for me. As the course

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Speaker 13: falls the news overnight where we did see Jimmy Kimmel

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Speaker 13: being put on indefinitely from ABC around some of his

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Speaker 13: comments around Charlie Kirk and the assassination there. Congshlman, your

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Speaker 13: response to his comments, Well.

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Speaker 14: It's astounding to me that the president would say we're

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Speaker 14: going to take away freedom of speech for somebody who

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Speaker 14: criticizes me. I mean, it's all about me, me, me

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Speaker 14: with this president. I think somebody quoted that's saying that

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Speaker 14: these regulatory agencies that are supposed to be watchdogs have

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Speaker 14: just become lap dogs. They just do whatever he wants.

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Speaker 14: The Justice Department that's just become his personal lawyer, the FCC,

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Speaker 14: you name it, whatever he wants, that's what they do.

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Speaker 14: What has happened to the Constitution, the Bill of rights.

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Speaker 14: You may not like what Jimmy Kimmel says, maybe it's

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Speaker 14: inappropriate to maybe you disagree with it, but you can't

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Speaker 14: just take away somebody's first Amendment rights. Because they don't

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Speaker 14: like what you're wearing or what you're saying, or you know,

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Speaker 14: making you look bad, then you don't appreciate it. I mean,

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Speaker 14: good God, that's what the Constitution is there for.

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Speaker 2: Well, does this help Las Vegas? Jimmy Kimmel off the air,

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Speaker 2: you can go into residency on the strip.

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Speaker 3: No, Well, Las.

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Speaker 14: Vegas needs some help. I'm glad you've browt that up

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Speaker 14: because with all the uncertainty and the tariffs and insulting

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Speaker 14: our international customers like Canada, and it's hard to make them. Man,

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Speaker 14: there's such nice people. Tourism is down in Las Vegas.

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Speaker 14: Maybe Jimmy Kimmel will park up the strip.

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Speaker 2: That's interesting. Of course, this is your home district. I

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Speaker 2: talked to Derek Stevens about this at CIRCA a couple

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Speaker 2: of weeks ago about some of the declines that we've

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Speaker 2: seen in traffic. Of course, he's doing pretty well at

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Speaker 2: Circa with betting on the rise. And it brings us

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Speaker 2: to an important story that you've got your hands on.

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Speaker 2: A House committee rejected your attempt to restore a full

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Speaker 2: federal tax deduction for gambling losses. We've talked about this

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Speaker 2: Congresswoman on this program before. That's why Derek Stevens joined us,

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Speaker 2: because the President's big beautiful bill would only allow you

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Speaker 2: to deduct ninety percent of losses if I come to

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Speaker 2: your hometown of Las Vegas, not that I ever lose there.

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Speaker 2: You tried to get it attached to the NDAA and

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Speaker 2: it didn't work out that way. And when I talked

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Speaker 2: to Derek Stevens about this at CIRCA, he made clear

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Speaker 2: he was talking to you, Congresswoman and your colleagues in

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Speaker 2: the Nevada delegation in hopes to fix this.

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Speaker 3: I want you to listen to what he said. Listen.

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Speaker 15: It's going to take people that bet frequently, some of

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Speaker 15: the large better some of the professional betters, and even

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Speaker 15: just some of the larger recreational betters, and you're basically

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Speaker 15: forcing them to no longer bet legally.

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Speaker 3: The only ones.

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Speaker 15: That win out of this deal are the illegal bookmakers.

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Speaker 15: Every state loses in this deal, every state and every

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Speaker 15: legalized sports book, as well as the US consumer.

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Speaker 2: I don't know how worried they are about this up

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Speaker 2: in the pools at stadium swim Congresswoman, but do you

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Speaker 2: have a.

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Speaker 14: Plan B Well, I do, and I really appreciate Derek Stevens.

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Speaker 14: He's been a great ally on this and then kind

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Speaker 14: of rounding up the gaming industry because they weren't engaged

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Speaker 14: in it too much from the beginning because they liked

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Speaker 14: other parts of that big, beautiful bill. But he's really

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Speaker 14: gotten them energizing. I completely agree with him. But in

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Speaker 14: the first place, you don't tax somebody on money they

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Speaker 14: don't have. It's like ghost money, phantom money. You know,

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Speaker 14: you're paying taxes on one hundred thousand dollars and you've

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Speaker 14: really only got ninety You know, that doesn't make any sense,

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Speaker 14: and so we've got to restore that full deduction. I'm

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Speaker 14: going to use any mechanism if possible. We've got the

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Speaker 14: bill that stands on its own. We had the Chairman

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Speaker 14: of the Ways and Means Committee saying he wanted to

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Speaker 14: fix it. We've got bipartisan support. The other Republican co

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Speaker 14: chair of the Gaming Caucus is on board with the bill.

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Speaker 14: We can perhaps attach it to another bill come to

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Speaker 14: fix what they did last time that was wrong. Maybe

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Speaker 14: there's a bill at the end of the term. It's

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Speaker 14: not kind of like the Christmas Tree Bill where you

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Speaker 14: do tax extenders. We're not giving up. Now. Remember too,

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Speaker 14: you've got a whole another year. This doesn't go into

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Speaker 14: effect until the end of next year for next year's taxes,

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Speaker 14: so there is time to get this tent. It's a

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Speaker 14: little frustrating though the Republicans stuck this in there. Then

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Speaker 14: they suddenly realize, Oh, where did this come from? This

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Speaker 14: is a bad idea, and there's so many easy ways

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Speaker 14: to fix it. It's like one sentence, and yet they

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Speaker 14: don't seem to want to do it.

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Speaker 2: Huh, Well, it doesn't sound like you're giving up, and

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Speaker 2: you have some time to work with congresswomen. Well, there's

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Speaker 2: a report now that Las Vegas is in talks with

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Speaker 2: the NFL to host the twenty twenty nine Super Bowl.

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Speaker 2: Is that the kind of deal that brings tourism back

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Speaker 2: to the way you want it in Las Vegas?

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Speaker 14: Oh? Absolutely, that'll be right in my district. We have

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Speaker 14: that fabulous Allegiance Stadium. Las Vegas used to just be

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Speaker 14: kind of a gambling entertainment town, but now we're a

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Speaker 14: sports towny Aces and the Knights and the Raiders and

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Speaker 14: the A's so be great to have the Super Bowl.

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Speaker 2: I'm looking forward to seeing that new Baseball stadium, So

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Speaker 2: you you play in the slots of the tables.

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Speaker 3: Congress swim and what's your taste?

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Speaker 14: I kind of like a crap game myself.

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Speaker 3: How about that? Interesting is this?

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Speaker 7: Now?

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Speaker 2: Are you on the Strip or Fremont Street? Where do

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Speaker 2: you go in Las Vegas?

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Speaker 14: Well, you know it's interesting when you live in Las Vegas.

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Speaker 14: A lot of people come to visit you, and I

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Speaker 14: wonder if they're missed in me or they just want

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Speaker 14: to come for Las Vegas. We take them wherever they

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Speaker 14: want to go. Downtown and the Strip are both in

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Speaker 14: my district.

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Speaker 2: All right, we're coming out. We're going to do the

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Speaker 2: show out there and we'll meet you at stadium.

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Speaker 3: Swim.

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Speaker 2: We're going to connect all the dots on this at

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Speaker 2: some point. Congresswoman, thank you. I'd love to stay in

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Speaker 2: touch with you on your fair bet act. Congresswiman Dina Titus,

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Speaker 2: the Democrat from Nevada's first district, which puts you right

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Speaker 2: in the middle of Las Vegas. Thanks for listening to

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Speaker 2: the Balance of Power podcast. Make sure to subscribe if

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00:42:50,480 --> 00:42:53,200
Speaker 2: you haven't already, at Apple, Spotify, or wherever you get

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Speaker 2: your podcasts, and you can find us live every weekday

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Speaker 2: from Washington, DC at New Time Eastern at Bloomberg dot

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Speaker 2: com