1 00:00:01,960 --> 00:00:06,240 Speaker 1: Live from our nation's capital. This is Bloomberg Sound on 2 00:00:07,320 --> 00:00:10,080 Speaker 1: Biden lost a lot of goodwill, He lost a lot 3 00:00:10,200 --> 00:00:12,720 Speaker 1: of the trust that was given to him at the 4 00:00:12,760 --> 00:00:15,520 Speaker 1: outset of this year. The Democratic Party can't find its 5 00:00:15,520 --> 00:00:18,439 Speaker 1: way back to the JFK days because it's so far 6 00:00:18,560 --> 00:00:22,400 Speaker 1: over to the the left. Bloomberg Sound on Politics, Policy of 7 00:00:22,480 --> 00:00:26,680 Speaker 1: perspective from DC's top names. People generally don't have a 8 00:00:26,720 --> 00:00:29,600 Speaker 1: favorable view of Congress, but they do of their own Congressman. 9 00:00:29,680 --> 00:00:32,760 Speaker 1: It's got to be something that all fifty senators, every 10 00:00:32,760 --> 00:00:37,320 Speaker 1: single fifty Senator gets support. Bloomberg Sound On with Joe 11 00:00:37,400 --> 00:00:43,360 Speaker 1: Matthew on Bloomberg Radio Live from Washington, where we are 12 00:00:43,400 --> 00:00:46,760 Speaker 1: gearing up for another working weekend, as the House Budget 13 00:00:46,760 --> 00:00:50,240 Speaker 1: Committee plans a Saturday session to begin its work on 14 00:00:50,280 --> 00:00:53,160 Speaker 1: the reconciliation bill slowly coming into form. Here this hour, 15 00:00:53,280 --> 00:00:56,160 Speaker 1: we will hear from a number of Democrats on that plan, 16 00:00:56,240 --> 00:01:00,320 Speaker 1: including the head of the Progressive Caucus, congresswoman from me 17 00:01:00,440 --> 00:01:02,920 Speaker 1: At Jaia Paul, who I bumped into earlier today on 18 00:01:02,960 --> 00:01:05,679 Speaker 1: the Hill. We'll talk more about it with Congressman Sean Caston, 19 00:01:06,080 --> 00:01:10,440 Speaker 1: Democrat from Illinois. Republican Congressman Warren Davidson also with us 20 00:01:10,440 --> 00:01:12,000 Speaker 1: this hour. He'll give us his view from the other 21 00:01:12,000 --> 00:01:14,080 Speaker 1: side of the aisle, as most members of his party 22 00:01:14,080 --> 00:01:17,360 Speaker 1: prepared to vote no next week on infrastructure. And then 23 00:01:17,400 --> 00:01:20,399 Speaker 1: we'll have our Friday Reporters round table with Bloomberg Government's 24 00:01:20,440 --> 00:01:23,959 Speaker 1: Jack Fitzpatrick and Mario Parker's with us for the hour 25 00:01:24,040 --> 00:01:27,040 Speaker 1: as well Bloomberg Politics team leader, as we dig into 26 00:01:27,400 --> 00:01:30,160 Speaker 1: what we've learned this week and what might happen next week. 27 00:01:30,200 --> 00:01:32,240 Speaker 1: First though, let's check on how the markets wrapped up 28 00:01:32,240 --> 00:01:34,880 Speaker 1: the week here of Friday updates from Charlie Hi, thank 29 00:01:34,920 --> 00:01:37,080 Speaker 1: you very much. Lot to pack in that sorrow, that's 30 00:01:37,080 --> 00:01:39,479 Speaker 1: what they called it the fastest hour. And politics Joe Matthew, 31 00:01:39,560 --> 00:01:41,880 Speaker 1: the dal the SMP hire today nez stack on the 32 00:01:41,920 --> 00:01:44,600 Speaker 1: minor side, a lot of turmoil this week. Who would 33 00:01:44,600 --> 00:01:46,600 Speaker 1: have thought last Monday that we would end the week 34 00:01:46,640 --> 00:01:49,360 Speaker 1: with a gain On the week. SMP did finish with 35 00:01:49,400 --> 00:01:52,680 Speaker 1: a gain of point five percent. Crypto story, Crypto a 36 00:01:52,800 --> 00:01:55,920 Speaker 1: major story today. We have bitcoin uh selling off right now. 37 00:01:55,960 --> 00:01:58,400 Speaker 1: Looking at Bitcoin on the plus side up by less 38 00:01:58,400 --> 00:02:01,880 Speaker 1: than one tenth of one percent, so again, recapping equities 39 00:02:01,920 --> 00:02:04,760 Speaker 1: did advance late day rally pushed the SMP Harroor by 40 00:02:04,840 --> 00:02:07,200 Speaker 1: six points, up by one tenth of one percent, that 41 00:02:07,320 --> 00:02:09,680 Speaker 1: are also up one tenth of one percent, and has 42 00:02:09,760 --> 00:02:12,639 Speaker 1: stacked down less than one tenth of one percent. I'm 43 00:02:12,720 --> 00:02:17,680 Speaker 1: Charlie Pelton Vett is a Bloomberg business flash. Charlie, thank you, 44 00:02:17,919 --> 00:02:20,920 Speaker 1: And of course by that, Charlie means you made it 45 00:02:21,000 --> 00:02:23,720 Speaker 1: to Friday. Now. The next few days will be critical 46 00:02:23,760 --> 00:02:27,239 Speaker 1: to the future of President Biden's economic agenda and Budget 47 00:02:27,240 --> 00:02:30,679 Speaker 1: Committee session, as I mentioned, set for Saturday. Sideline negotiations 48 00:02:30,720 --> 00:02:34,600 Speaker 1: taking place between progressive and moderate Democrats. A lot of 49 00:02:34,680 --> 00:02:37,920 Speaker 1: questions about the timeline that may be answered, and that 50 00:02:37,960 --> 00:02:40,280 Speaker 1: doesn't even include funding the government. Now. In the steps 51 00:02:40,280 --> 00:02:43,360 Speaker 1: of the U. S. House earlier today, I caught up 52 00:02:43,400 --> 00:02:47,040 Speaker 1: with the head of the Progressive Caucus, Congresswoman Permillent Jayapaul 53 00:02:48,120 --> 00:02:52,440 Speaker 1: Washington State, who says he previously promised Monday vote on 54 00:02:52,480 --> 00:02:56,320 Speaker 1: bipartisan infrastructure. Remember that a promise to moderates is not 55 00:02:56,440 --> 00:03:00,240 Speaker 1: going to happen, I mean, because it can't it will, right, 56 00:03:00,320 --> 00:03:02,800 Speaker 1: I mean, does it bother you that we're having conversations 57 00:03:02,800 --> 00:03:05,360 Speaker 1: about democrats trusting democrats when it comes to this or 58 00:03:05,400 --> 00:03:07,600 Speaker 1: is that what this comes down to here. Well, you know, look, 59 00:03:07,639 --> 00:03:11,359 Speaker 1: it's this is hard stuff. It's not easy. We're making 60 00:03:11,480 --> 00:03:15,360 Speaker 1: big decisions that will transform people's lives, and nobody should 61 00:03:15,400 --> 00:03:17,160 Speaker 1: expect that that's going to be easy. At the end 62 00:03:17,160 --> 00:03:19,440 Speaker 1: of the day, as I've said over and over again, 63 00:03:19,760 --> 00:03:22,040 Speaker 1: we're all on the same feat and we've got to 64 00:03:22,080 --> 00:03:24,680 Speaker 1: come together. But we have to come together, and that 65 00:03:24,760 --> 00:03:27,919 Speaker 1: means that the agreements that we're made coming out of 66 00:03:27,960 --> 00:03:30,799 Speaker 1: the Senate when the bipartisan bill passed, that the two 67 00:03:30,800 --> 00:03:34,400 Speaker 1: bills would move together, need to be kept too. And 68 00:03:34,440 --> 00:03:35,880 Speaker 1: that's what we're trying to do right now because this 69 00:03:36,120 --> 00:03:39,760 Speaker 1: days or weeks away then. I mean, I think it's 70 00:03:39,880 --> 00:03:44,320 Speaker 1: all about people's willingness to give us, you know, to engage, 71 00:03:44,320 --> 00:03:46,280 Speaker 1: and I think that's starting to happen. It started with 72 00:03:46,320 --> 00:03:49,960 Speaker 1: the President. I have said, I just said publicly, and 73 00:03:51,000 --> 00:03:53,240 Speaker 1: I would love to sit down with Center Mansion, Center 74 00:03:53,280 --> 00:03:57,000 Speaker 1: Cinema see if that can help move things along, just 75 00:03:57,280 --> 00:04:00,400 Speaker 1: you know, for us to cure each other and see 76 00:04:00,400 --> 00:04:02,680 Speaker 1: where we are and continue the negotiations. Do you still 77 00:04:02,760 --> 00:04:05,720 Speaker 1: believe half the Progressive Caucus would vote against infrastructure if 78 00:04:05,720 --> 00:04:10,200 Speaker 1: it was today, Yes? About that. Congresswoman Jaia Paul with 79 00:04:10,280 --> 00:04:14,720 Speaker 1: the walk and talk. Her Progressive Caucus includes ninety five members, 80 00:04:14,760 --> 00:04:16,520 Speaker 1: by the way, will be very curious to hear if 81 00:04:16,560 --> 00:04:19,680 Speaker 1: and when she holds those sessions, those meetings with Senator's 82 00:04:19,880 --> 00:04:23,279 Speaker 1: mansion and cinema. And we continue the conversation now with 83 00:04:23,400 --> 00:04:28,120 Speaker 1: Congressman Shaun Caston, Democrat from Illinois, pushing for clean energy 84 00:04:28,240 --> 00:04:36,520 Speaker 1: in the reconciliation bill. All right, we actually spoke earlier 85 00:04:36,560 --> 00:04:39,239 Speaker 1: with the congressman casting, but we're gonna get to Warren Davidson. 86 00:04:39,279 --> 00:04:43,640 Speaker 1: I guess as part of the broadcast here, Congressman Davidson, 87 00:04:44,320 --> 00:04:47,560 Speaker 1: welcome back to Bloomberg Radio. Great to join you again 88 00:04:48,000 --> 00:04:52,640 Speaker 1: as we approach potential votes on infrastructure and reconciliation in 89 00:04:52,680 --> 00:04:55,839 Speaker 1: the coming weeks. I guess we'll say, are you planning 90 00:04:55,920 --> 00:04:58,680 Speaker 1: to vote no on both of them? I am, as 91 00:04:58,720 --> 00:05:02,279 Speaker 1: I've seen them so far. Absolutely, So maybe we shouldn't 92 00:05:02,279 --> 00:05:04,400 Speaker 1: be calling it a bipart as an infrastructure bill. What 93 00:05:04,440 --> 00:05:08,920 Speaker 1: do you think? Well, the Senate certainly moved a bipartisan bill. Uh. 94 00:05:08,960 --> 00:05:11,960 Speaker 1: You know, it's one point two trillion dollars, about five 95 00:05:12,279 --> 00:05:15,640 Speaker 1: and fifty billion in new spending, and you know it 96 00:05:15,680 --> 00:05:18,560 Speaker 1: does have some infrastructure in it. I mean it wouldn't 97 00:05:18,600 --> 00:05:21,280 Speaker 1: probably pass muster as a food labeling law. It's got 98 00:05:21,279 --> 00:05:25,400 Speaker 1: about nine traditional infrastructure. If you push that out and say, hey, 99 00:05:25,520 --> 00:05:29,480 Speaker 1: rural broadband, for example, you could get you know, a 100 00:05:29,600 --> 00:05:31,960 Speaker 1: hundred and eighty billion or so out of the out 101 00:05:31,960 --> 00:05:35,360 Speaker 1: of the one point two trillion that this core infrastructure. 102 00:05:35,880 --> 00:05:38,800 Speaker 1: But that's been the thing. It's a tortured definition of infrastructure. 103 00:05:38,839 --> 00:05:41,360 Speaker 1: And of course there's some compromise in it, but the 104 00:05:41,360 --> 00:05:44,680 Speaker 1: the percentage on the compromise is pretty skewed. Have your 105 00:05:44,720 --> 00:05:49,800 Speaker 1: feelings evolved on that when you consider the money for roads, bridges, tunnels, broadband, 106 00:05:49,839 --> 00:05:52,880 Speaker 1: etcetera for your district? No, I mean I would love 107 00:05:52,880 --> 00:05:55,000 Speaker 1: to vote on a clean bill for that and really 108 00:05:55,040 --> 00:05:56,839 Speaker 1: our solution to it. You know, a big part of 109 00:05:56,880 --> 00:05:59,839 Speaker 1: this bill is making use of dollars that are already 110 00:05:59,839 --> 00:06:04,200 Speaker 1: out there, so thankfully, even with the resurgent delta variant, 111 00:06:04,600 --> 00:06:07,360 Speaker 1: so far, most states and localities have said, we don't 112 00:06:07,360 --> 00:06:09,800 Speaker 1: need all of the COVID dollars that we have, or 113 00:06:09,839 --> 00:06:12,840 Speaker 1: we can't spend them with the tight constraints that are 114 00:06:12,880 --> 00:06:14,800 Speaker 1: already on them. And of course they're not going to 115 00:06:14,880 --> 00:06:17,880 Speaker 1: send them back to the treasury, So what can they 116 00:06:17,880 --> 00:06:20,240 Speaker 1: do with them. We've had a bill since June of 117 00:06:20,360 --> 00:06:23,280 Speaker 1: last year that would give flexibility for states and localities 118 00:06:23,320 --> 00:06:26,680 Speaker 1: to use these dollars uh as they you know, would 119 00:06:26,720 --> 00:06:31,200 Speaker 1: be accountable to their constituents locally. In the biggest thing, 120 00:06:31,200 --> 00:06:33,920 Speaker 1: they want to use it for his infrastructure. So it 121 00:06:33,920 --> 00:06:37,440 Speaker 1: looks to me like if Progressives vote no on infrastructure 122 00:06:37,440 --> 00:06:40,919 Speaker 1: because they don't have reconciliation yet and Republicans like you 123 00:06:40,960 --> 00:06:43,640 Speaker 1: are not prepared to support it, this could fail. It 124 00:06:43,760 --> 00:06:47,320 Speaker 1: certainly could. Now, you know, would what a dozen Republicans 125 00:06:47,400 --> 00:06:49,120 Speaker 1: vote for? You know, I don't know. I think in 126 00:06:49,160 --> 00:06:52,360 Speaker 1: the House there's just a lot of reluctance to because 127 00:06:52,800 --> 00:06:57,279 Speaker 1: you know, we very clearly see and Speaker Pelosi very 128 00:06:57,279 --> 00:07:00,159 Speaker 1: clearly pledged that this is just a delivery vehicle for 129 00:07:00,240 --> 00:07:03,640 Speaker 1: three and a half trillion of additional spending. So that's 130 00:07:03,640 --> 00:07:05,760 Speaker 1: been the hang up of the progressives. They're not confident 131 00:07:05,800 --> 00:07:07,520 Speaker 1: that they can get the three and a half trillion 132 00:07:07,560 --> 00:07:10,960 Speaker 1: across that has Look, it's not just the numbers, it's 133 00:07:11,040 --> 00:07:14,000 Speaker 1: the stuff they want to do with the money. You're 134 00:07:14,040 --> 00:07:18,320 Speaker 1: talking about fundamentally transforming the country, and of course that's 135 00:07:18,360 --> 00:07:22,560 Speaker 1: what progressives campaign on. So the logic of our leadership 136 00:07:22,640 --> 00:07:25,720 Speaker 1: thankfully right now is lined with the conservative part of 137 00:07:25,720 --> 00:07:28,600 Speaker 1: our party. It says, let's let's the Democrats figure out 138 00:07:28,600 --> 00:07:30,440 Speaker 1: how to do this on their own, and then if 139 00:07:30,480 --> 00:07:32,520 Speaker 1: you agree to support it, then fine, go ahead and 140 00:07:32,560 --> 00:07:35,440 Speaker 1: support it, but let's not deliver the votes that gets 141 00:07:35,440 --> 00:07:37,800 Speaker 1: them across the finish line, because we feel it we'll 142 00:07:37,800 --> 00:07:41,000 Speaker 1: get a more conservative bill by withholding our support. I 143 00:07:41,080 --> 00:07:43,320 Speaker 1: love to ask you about the debate around the debt ceiling. 144 00:07:44,240 --> 00:07:47,119 Speaker 1: It seems lawmakers can't always agree on whether it pays 145 00:07:47,160 --> 00:07:50,640 Speaker 1: for money already spent or it gives us a threshold 146 00:07:50,720 --> 00:07:53,400 Speaker 1: for more spending in the future. But should not both 147 00:07:53,440 --> 00:07:56,280 Speaker 1: parties be responsible for the full faith and credit of 148 00:07:56,320 --> 00:08:00,160 Speaker 1: the United States Treasury? Yeah, absolutely they should be. And 149 00:08:00,480 --> 00:08:02,559 Speaker 1: part of the problem is they've done a bad job. 150 00:08:02,640 --> 00:08:05,840 Speaker 1: They've spent into oblivion. Uh you know the Federal Reserve's 151 00:08:05,880 --> 00:08:08,239 Speaker 1: balance sheets over eight trillion. I mean, what's the Federal 152 00:08:08,280 --> 00:08:11,760 Speaker 1: Reserve going to do? Not cover it? Um? But essentially 153 00:08:12,480 --> 00:08:15,120 Speaker 1: we're destroying the value of the dollar. It's growing the 154 00:08:15,160 --> 00:08:19,000 Speaker 1: wealth gap. It is a real problem the level of spending. 155 00:08:19,240 --> 00:08:21,880 Speaker 1: And of course that's why there is a debt limit. 156 00:08:21,880 --> 00:08:23,920 Speaker 1: There's a cap much like a business would have a 157 00:08:23,920 --> 00:08:27,240 Speaker 1: line of credit. Banks aren't just gonna willy nilly say, oh, sure, 158 00:08:27,280 --> 00:08:29,840 Speaker 1: go ahead and have a higher line of credit. Uh, 159 00:08:30,080 --> 00:08:33,559 Speaker 1: if one of their big banking corporate customers had a problem, 160 00:08:33,600 --> 00:08:36,240 Speaker 1: they need to or maybe a great success, Hey you're 161 00:08:36,280 --> 00:08:39,679 Speaker 1: growing like crazy. Uh. Recently banks have had to sit 162 00:08:39,679 --> 00:08:42,640 Speaker 1: down with their customers and say, you know, steel or 163 00:08:42,720 --> 00:08:47,640 Speaker 1: lumber or whatever. Freight is now two, three, four times 164 00:08:47,640 --> 00:08:50,160 Speaker 1: as expensive as it used to be. So if you're 165 00:08:50,160 --> 00:08:52,160 Speaker 1: just doing the same book of business, your line of 166 00:08:52,200 --> 00:08:54,400 Speaker 1: credit has got to grow. Well, they don't do that 167 00:08:54,440 --> 00:08:56,880 Speaker 1: without sitting down and talking to the management team and saying, 168 00:08:56,880 --> 00:08:58,640 Speaker 1: how are you going to pay for this? Were you 169 00:08:58,640 --> 00:09:00,400 Speaker 1: going to change to be able to account aitate it? 170 00:09:00,480 --> 00:09:04,120 Speaker 1: How does the profitability of the firm deliver that. That's 171 00:09:04,200 --> 00:09:07,320 Speaker 1: why Congress put the debt limit and a cap on 172 00:09:07,520 --> 00:09:11,000 Speaker 1: the on in the first place. And Democrats just want 173 00:09:11,000 --> 00:09:13,480 Speaker 1: to waive that without having that conversation. But is Nancy 174 00:09:13,520 --> 00:09:17,200 Speaker 1: Pelosi wrong when she says this would also cover Trump 175 00:09:17,280 --> 00:09:20,400 Speaker 1: era spending? Well, of course, I mean that we've already 176 00:09:20,640 --> 00:09:22,520 Speaker 1: spent the money. I mean, and look, some of this 177 00:09:22,640 --> 00:09:26,200 Speaker 1: is still covering Great society spending frankly, Uh, you're talking 178 00:09:26,200 --> 00:09:29,160 Speaker 1: about the Social Security Trust Fund being depleted, medicare not 179 00:09:29,240 --> 00:09:33,360 Speaker 1: being actually early sound it spending to bankruptcy um. So 180 00:09:33,880 --> 00:09:37,320 Speaker 1: these things have been poorly structured forever um. So you know, 181 00:09:37,400 --> 00:09:41,679 Speaker 1: absolutely it's covering prior spending. Going back to the Great Society, 182 00:09:42,000 --> 00:09:44,559 Speaker 1: I'd like to ask you about crypto, Congressman. This is 183 00:09:44,640 --> 00:09:47,679 Speaker 1: of course an issue that's near and dear to your 184 00:09:47,720 --> 00:09:50,959 Speaker 1: heart as the conversation about regulating crypto gets underway here 185 00:09:51,000 --> 00:09:54,520 Speaker 1: for real, apparently in the US with the SEC the 186 00:09:54,559 --> 00:09:58,839 Speaker 1: government in China has declared crypto transactions illegal and we're 187 00:09:58,880 --> 00:10:03,840 Speaker 1: seeing massive latility based on it. How can US regulation 188 00:10:04,000 --> 00:10:07,720 Speaker 1: protect investors from that kind of volatility? Well, one, the 189 00:10:07,800 --> 00:10:09,960 Speaker 1: U s could take this as a great opportunity to 190 00:10:10,000 --> 00:10:13,920 Speaker 1: provide you know, much needed regulatory clarity for American firms. 191 00:10:13,960 --> 00:10:17,960 Speaker 1: And a lot of the you know, cryptoactivity is from 192 00:10:18,000 --> 00:10:22,440 Speaker 1: American citizens who led the innovation in this space, but 193 00:10:22,520 --> 00:10:25,280 Speaker 1: a lot of the investments taking place off shore. Because 194 00:10:25,360 --> 00:10:30,120 Speaker 1: even in America with American citizens, American companies and you know, 195 00:10:30,280 --> 00:10:33,120 Speaker 1: the nexus that we have in places like Silicon Valley 196 00:10:33,160 --> 00:10:38,040 Speaker 1: and capital markets in New York, UM, they're they're moving 197 00:10:38,080 --> 00:10:42,520 Speaker 1: off shore for the investments. And in China. You know, historically, 198 00:10:42,520 --> 00:10:45,600 Speaker 1: when China banned something, it's great for share prices. If 199 00:10:45,600 --> 00:10:48,080 Speaker 1: you're talking about a public company. They tried to ban 200 00:10:48,080 --> 00:10:51,800 Speaker 1: on Twitter, Facebook, Google, you name it. If it allows 201 00:10:51,880 --> 00:10:54,400 Speaker 1: their citizens some degree of freedom, they don't like it. 202 00:10:54,800 --> 00:10:57,440 Speaker 1: And of course bitcoin does that. It provides some degree 203 00:10:57,440 --> 00:10:59,920 Speaker 1: of freedom. It's essentially sort of form of freedom money. 204 00:11:00,400 --> 00:11:03,120 Speaker 1: And China has already tried to ban that. They'd banned mining, 205 00:11:03,320 --> 00:11:05,240 Speaker 1: and they thought, oh, we'll cripple it, will ban all 206 00:11:05,280 --> 00:11:08,400 Speaker 1: the mining activity. It didn't FaZe it. Um so it 207 00:11:08,520 --> 00:11:11,080 Speaker 1: didn't cost a movement in the price, and I think 208 00:11:11,280 --> 00:11:13,360 Speaker 1: a lot of people are looking this as an incredible 209 00:11:13,360 --> 00:11:17,720 Speaker 1: buying opportunity. Congressman Warren Davidson, Republican from Ohio's eighth district, 210 00:11:17,760 --> 00:11:19,319 Speaker 1: We thank you for talking with us today and I 211 00:11:19,320 --> 00:11:21,480 Speaker 1: hope you have a good Weekencer. Yeah, you too, Thank 212 00:11:21,480 --> 00:11:25,000 Speaker 1: you so much. We continue the conversation with Congressman Shaun 213 00:11:25,120 --> 00:11:28,599 Speaker 1: cast and aforementioned a Democrat from Illinois who's going to 214 00:11:28,679 --> 00:11:31,840 Speaker 1: bring us a very different view on this whole debate. Congressman, 215 00:11:31,880 --> 00:11:36,280 Speaker 1: welcome back to Bloomberg. Pleasure to be here. You describe 216 00:11:36,280 --> 00:11:39,920 Speaker 1: yourself on Twitter as a former clean energy entrepreneur and 217 00:11:39,960 --> 00:11:44,400 Speaker 1: a climate nerd, And I'm wondering to start which climate 218 00:11:44,440 --> 00:11:47,240 Speaker 1: initiatives you see making it into the final version of 219 00:11:47,240 --> 00:11:52,160 Speaker 1: this reconciliation bill. Well, so the truth is it's either 220 00:11:52,320 --> 00:11:55,240 Speaker 1: all or none of us are deserving of the job 221 00:11:55,320 --> 00:11:58,520 Speaker 1: we have right now. The practical reality is that what 222 00:11:58,640 --> 00:12:01,920 Speaker 1: is necessary for climate it vastly exceeds what anybody thinks 223 00:12:02,000 --> 00:12:04,440 Speaker 1: is politically possible. And so there's no guarantee we're going 224 00:12:04,480 --> 00:12:07,200 Speaker 1: to get there, but we've we've got to get all 225 00:12:07,240 --> 00:12:11,360 Speaker 1: these things in the centerpieces the clean electricity payment program. Um. 226 00:12:11,800 --> 00:12:13,959 Speaker 1: I feel very good about what we've done in the House, 227 00:12:14,080 --> 00:12:16,120 Speaker 1: not just because it's good for the climate, but because 228 00:12:16,120 --> 00:12:18,640 Speaker 1: it's good for the economy. We are on the cusp 229 00:12:18,679 --> 00:12:21,760 Speaker 1: of the greatest wealth transfer in our nation's history, maybe 230 00:12:21,760 --> 00:12:25,720 Speaker 1: in the world's history, from energy producers to energy consumers. 231 00:12:26,400 --> 00:12:29,760 Speaker 1: That is really good for every single living human being 232 00:12:29,760 --> 00:12:32,240 Speaker 1: who consumes energy. It's going to be a hard fight 233 00:12:32,280 --> 00:12:34,440 Speaker 1: against those who think that we are better off protecting 234 00:12:34,440 --> 00:12:36,760 Speaker 1: those who produce energy. Well, it's been a little bit 235 00:12:36,760 --> 00:12:39,200 Speaker 1: of a hard fight within your party. I know some 236 00:12:39,559 --> 00:12:43,320 Speaker 1: Democratic moderates are threatening to to not vote for this 237 00:12:43,400 --> 00:12:46,760 Speaker 1: reconciliation bill if the if the bipart is an infrastructure 238 00:12:46,800 --> 00:12:50,840 Speaker 1: bill doesn't come up for a vote Monday or shortly thereafter. 239 00:12:50,920 --> 00:12:53,560 Speaker 1: What kind of conversations do you have with your colleagues 240 00:12:53,600 --> 00:12:56,520 Speaker 1: about them? Well, the first thing, which is which is 241 00:12:56,559 --> 00:13:00,120 Speaker 1: just totally tragic, and I wish this wasn't true. But 242 00:13:00,240 --> 00:13:05,040 Speaker 1: if we prioritize bipartisanship, we don't prioritize climate. This is 243 00:13:05,080 --> 00:13:07,800 Speaker 1: being framed as a debate within our party because the 244 00:13:07,960 --> 00:13:11,439 Speaker 1: entirety of the debate about how to make this transition 245 00:13:11,480 --> 00:13:13,240 Speaker 1: in a way that gets the equities right is only 246 00:13:13,240 --> 00:13:17,760 Speaker 1: happening within one party um and that's unfortunate. The Republican 247 00:13:17,760 --> 00:13:19,599 Speaker 1: Party used to be really a leading voice on this. 248 00:13:20,080 --> 00:13:22,800 Speaker 1: The you know, I think you know Bill Ruckles House, 249 00:13:22,800 --> 00:13:24,640 Speaker 1: who was the director of the e p A under Reagan. 250 00:13:25,120 --> 00:13:28,719 Speaker 1: It's some really good change, Bill Riley under Bush. The 251 00:13:29,360 --> 00:13:32,640 Speaker 1: So as we sit right now, what we can say 252 00:13:32,679 --> 00:13:36,880 Speaker 1: with great certainty is that the bipartisan package that was 253 00:13:36,920 --> 00:13:41,160 Speaker 1: negotiated is good for roads and bridges, it is it's 254 00:13:41,200 --> 00:13:43,679 Speaker 1: pretty weak on climate issues. And so we are all 255 00:13:43,720 --> 00:13:46,800 Speaker 1: trying to figure out, right now, how do we make 256 00:13:46,840 --> 00:13:53,400 Speaker 1: sure that those critically important, economically important, environmentally important climate 257 00:13:53,440 --> 00:13:58,000 Speaker 1: provisions in the reconciliation packaged in place. And you know, we, 258 00:13:58,320 --> 00:14:00,640 Speaker 1: those of us in the House, have control of what 259 00:14:00,679 --> 00:14:02,440 Speaker 1: happens in the House. We don't have control over what 260 00:14:02,480 --> 00:14:05,480 Speaker 1: happens in the Senate. And there's a lot of conversation 261 00:14:05,520 --> 00:14:08,800 Speaker 1: about how to ensure that that we get that we 262 00:14:08,840 --> 00:14:10,959 Speaker 1: get both, because if we don't get both, then we 263 00:14:11,080 --> 00:14:14,840 Speaker 1: really don't make any progress on climate. Well, it's interesting 264 00:14:14,880 --> 00:14:17,679 Speaker 1: as we hear a framework for pay for is announced 265 00:14:17,720 --> 00:14:20,760 Speaker 1: by Nancy Pelosi and by Chuck Schumer. Does that not 266 00:14:20,920 --> 00:14:24,080 Speaker 1: give you more hope that some of these initiatives are 267 00:14:24,320 --> 00:14:26,240 Speaker 1: going to end up in the bill because they're paid for. 268 00:14:27,160 --> 00:14:28,800 Speaker 1: There was no reny question about whether these things were 269 00:14:28,800 --> 00:14:30,880 Speaker 1: going to be paid for. We you know, we we 270 00:14:30,920 --> 00:14:33,520 Speaker 1: were very clear the rules that we have passed in 271 00:14:33,560 --> 00:14:35,400 Speaker 1: this Congress, and the last Congress says that we paid 272 00:14:35,440 --> 00:14:38,480 Speaker 1: for our bills as we go um and so we 273 00:14:38,520 --> 00:14:40,200 Speaker 1: always knew that there would be the pay for us 274 00:14:40,240 --> 00:14:41,640 Speaker 1: that are in here. That's not a new thing. Now 275 00:14:41,720 --> 00:14:44,600 Speaker 1: some of the I actually think that most of the 276 00:14:44,640 --> 00:14:48,760 Speaker 1: debate that's happening publicly claims to be about the top line, 277 00:14:48,760 --> 00:14:51,000 Speaker 1: but it's actually an argument about the pay for US. 278 00:14:51,280 --> 00:14:54,280 Speaker 1: The there's a huge pay for in the form of 279 00:14:54,840 --> 00:14:58,120 Speaker 1: giving Medicare the ability to negotiate prescription drug prices with 280 00:14:58,200 --> 00:15:02,360 Speaker 1: pharmaceutical companies. UM. That's a paid for because it saves 281 00:15:02,400 --> 00:15:04,080 Speaker 1: the federal government a lot of money if we pay 282 00:15:04,160 --> 00:15:06,440 Speaker 1: less for pharmaceuticals. By the way, it also saves money 283 00:15:06,440 --> 00:15:09,560 Speaker 1: for people who need to use pharma suticals. UM. That's 284 00:15:09,560 --> 00:15:12,280 Speaker 1: been a debate as the paid for the how much 285 00:15:12,320 --> 00:15:15,080 Speaker 1: do we raise top marginal tax rates, how much do 286 00:15:15,120 --> 00:15:17,960 Speaker 1: we close down on tax bluepoles and tax sheets? But 287 00:15:18,000 --> 00:15:19,920 Speaker 1: both pay for us were always in There was never 288 00:15:19,920 --> 00:15:22,280 Speaker 1: any question about that. Three and a half trillion is 289 00:15:22,280 --> 00:15:24,560 Speaker 1: is one hand clapping if that's what Nember you talked through. 290 00:15:24,600 --> 00:15:27,240 Speaker 1: So I don't think that fundamentally changes the calculus. But 291 00:15:27,360 --> 00:15:31,120 Speaker 1: there are those who have differences of opinion about what 292 00:15:31,160 --> 00:15:33,000 Speaker 1: we should be using to do those pay for US. 293 00:15:33,600 --> 00:15:37,000 Speaker 1: President speaking today about his support he was asked in 294 00:15:37,160 --> 00:15:39,200 Speaker 1: a news conference held to talk about COVID. He was 295 00:15:39,200 --> 00:15:44,800 Speaker 1: asked about taxing unrealized gains among the wealthiest Americans, said 296 00:15:44,880 --> 00:15:47,040 Speaker 1: he's sick and tired of the wealthiest not paying their 297 00:15:47,080 --> 00:15:49,960 Speaker 1: fair share in taxes, do you support them? So it's 298 00:15:50,040 --> 00:15:53,640 Speaker 1: it's certainly part of it. The you know, if you 299 00:15:53,680 --> 00:15:57,560 Speaker 1: look at our Richie Meal has been very articulate on 300 00:15:57,600 --> 00:15:59,560 Speaker 1: this point. If you look over the course of our history, 301 00:16:00,160 --> 00:16:03,640 Speaker 1: federal revenue as a percent of GDP through most of 302 00:16:03,640 --> 00:16:06,320 Speaker 1: our history, at least, you know, in the last several decades, 303 00:16:07,000 --> 00:16:12,280 Speaker 1: has covered in the range, and since the tax cuts, 304 00:16:12,320 --> 00:16:16,920 Speaker 1: it's been in the high teams. And that substantially explains 305 00:16:17,080 --> 00:16:20,000 Speaker 1: much of the much of the deficit we've got right now. 306 00:16:20,520 --> 00:16:23,880 Speaker 1: But it also has allowed it's created a situation where 307 00:16:23,880 --> 00:16:26,120 Speaker 1: the people who benefit from all those federal services like 308 00:16:26,160 --> 00:16:29,000 Speaker 1: our courts, in our highways and our roads and bridges, um, 309 00:16:29,080 --> 00:16:32,400 Speaker 1: are not damn their fair share. And the President has 310 00:16:32,440 --> 00:16:36,400 Speaker 1: been very clear that he will categorically not raise taxes 311 00:16:36,400 --> 00:16:38,560 Speaker 1: on anybody are in less than four hundred thousand dollars 312 00:16:38,560 --> 00:16:41,240 Speaker 1: a year, and there still were a lot of ways 313 00:16:41,320 --> 00:16:43,600 Speaker 1: that he that he can go through do that. And yes, 314 00:16:43,640 --> 00:16:45,440 Speaker 1: a part of it is raising top tax faith. Yes, 315 00:16:45,480 --> 00:16:47,480 Speaker 1: the part of that is looking at you know, things 316 00:16:47,520 --> 00:16:51,200 Speaker 1: like some of these carried interest deductions, UM. A big 317 00:16:51,240 --> 00:16:54,640 Speaker 1: part of it, frankly, that is underscored. I think, actually 318 00:16:54,680 --> 00:16:57,040 Speaker 1: we'll generate a lot more revenue than we scored. Has 319 00:16:57,440 --> 00:17:01,040 Speaker 1: is simply allowing the i R S, giving the i 320 00:17:01,160 --> 00:17:03,360 Speaker 1: R s the tools they need to enforce the laws 321 00:17:03,360 --> 00:17:06,000 Speaker 1: that are on the books. There is a trillion dollar 322 00:17:06,119 --> 00:17:08,560 Speaker 1: gap every year. That's from the trumpet of the I 323 00:17:08,640 --> 00:17:11,040 Speaker 1: R s, by the way, a trillion dollar gap between 324 00:17:11,080 --> 00:17:14,440 Speaker 1: taxes doing taxes collected. And that's because we have we've 325 00:17:14,560 --> 00:17:18,360 Speaker 1: consistently underfunded the i R S. So those are those 326 00:17:18,400 --> 00:17:20,840 Speaker 1: are really important pieces. And pactly the reason that one 327 00:17:20,880 --> 00:17:23,239 Speaker 1: scores lower is because the IRS has been underfunded for 328 00:17:23,280 --> 00:17:27,600 Speaker 1: so long that the CBO is understandably conservative about how 329 00:17:27,600 --> 00:17:30,119 Speaker 1: long it will take for them to get back to 330 00:17:30,200 --> 00:17:32,359 Speaker 1: the size of an organization they need to be in 331 00:17:32,480 --> 00:17:35,480 Speaker 1: order to ensure tax from learns Congressman Kasson, do you 332 00:17:35,560 --> 00:17:37,520 Speaker 1: care about the order of events here? A lot has 333 00:17:37,560 --> 00:17:40,000 Speaker 1: been made about you know which bill gets voted on first, 334 00:17:40,040 --> 00:17:43,960 Speaker 1: the BIFF or the reconciliation. I spoke with Congresswoman Ja 335 00:17:44,000 --> 00:17:46,359 Speaker 1: Paul today. She said there's no vote on Monday, and 336 00:17:46,359 --> 00:17:48,760 Speaker 1: if infrastructure came up right now, it would fail. Is 337 00:17:48,800 --> 00:17:52,119 Speaker 1: that true? I care a lot, Yet we get the 338 00:17:52,160 --> 00:17:55,240 Speaker 1: reconciliation package done and we know what it is. We 339 00:17:55,680 --> 00:17:58,920 Speaker 1: will not get a second bite at this apple. And 340 00:17:59,119 --> 00:18:01,159 Speaker 1: I care a lot that I can look myself in 341 00:18:01,200 --> 00:18:03,720 Speaker 1: the mirror and say, during this brief period of time 342 00:18:03,760 --> 00:18:06,600 Speaker 1: that I had the responsibility to be a member of Congress, 343 00:18:06,600 --> 00:18:09,919 Speaker 1: we did everything we did on climate. That's not a 344 00:18:10,040 --> 00:18:13,719 Speaker 1: sequencing issue. It is a do we trust the United 345 00:18:13,760 --> 00:18:18,040 Speaker 1: States Senate to prioritize the protection of the climate. And 346 00:18:18,080 --> 00:18:20,040 Speaker 1: none of us know the answer to that question right now. 347 00:18:20,080 --> 00:18:22,280 Speaker 1: We know the Senate is committed to preserving the filibuster, 348 00:18:22,880 --> 00:18:25,560 Speaker 1: we don't know if they're committed to protect down the climate. 349 00:18:26,160 --> 00:18:31,920 Speaker 1: San Democrats Republicans are both um well, I mean enough 350 00:18:31,960 --> 00:18:35,119 Speaker 1: members of the Senate to to prioritize these things. It 351 00:18:35,240 --> 00:18:38,560 Speaker 1: is not clear. And again, we are not going to 352 00:18:38,600 --> 00:18:41,679 Speaker 1: get a single Republican vote on this bill because it 353 00:18:41,760 --> 00:18:43,640 Speaker 1: is by partisan to look out for the climate, because 354 00:18:43,640 --> 00:18:46,040 Speaker 1: it is by partisan to lookout for childcare. It's not 355 00:18:46,200 --> 00:18:48,080 Speaker 1: by part is it. It's you know, it's part of 356 00:18:48,119 --> 00:18:51,040 Speaker 1: the deal with the climate. It's partisan, the deal with childcare. 357 00:18:51,040 --> 00:18:53,640 Speaker 1: It's partisan to deal with people's access to health care. 358 00:18:54,000 --> 00:18:56,240 Speaker 1: It's partisan to make sure that our seniors have access 359 00:18:56,280 --> 00:18:58,879 Speaker 1: to medicare that covers dental and visual. I wish that 360 00:18:59,000 --> 00:19:02,240 Speaker 1: wasn't true, but all of those things are only going 361 00:19:02,280 --> 00:19:04,919 Speaker 1: to pass with Democratic votes in the House in the Senate, 362 00:19:05,440 --> 00:19:08,040 Speaker 1: and so yes, we can't afford to lose any votes 363 00:19:08,040 --> 00:19:10,240 Speaker 1: in the Senate. And yes, there are some Democrats who 364 00:19:10,240 --> 00:19:14,360 Speaker 1: are who have differences of opinion on this, But this 365 00:19:14,400 --> 00:19:18,240 Speaker 1: would be much easier if there was a single Republican 366 00:19:18,320 --> 00:19:20,760 Speaker 1: Senator who said it's important for us, probably the better 367 00:19:20,800 --> 00:19:22,600 Speaker 1: planet for our kids than the one we inherited from 368 00:19:22,600 --> 00:19:26,760 Speaker 1: our parents. Congressman, your Clean Energy Amendment passed last Night's 369 00:19:26,800 --> 00:19:29,800 Speaker 1: passed the House as part of the National Defense Authorization Act. 370 00:19:29,840 --> 00:19:32,840 Speaker 1: You're pointing out I noticed today the Department of Vent 371 00:19:32,960 --> 00:19:37,200 Speaker 1: of Defense consume seventy seven percent of all energy used 372 00:19:37,200 --> 00:19:39,960 Speaker 1: by the federal government. How would your amendment change that? 373 00:19:40,680 --> 00:19:42,639 Speaker 1: So I'm really happy this is We actually tried to 374 00:19:42,640 --> 00:19:44,320 Speaker 1: get this in last year and didn't get it through. 375 00:19:45,000 --> 00:19:47,320 Speaker 1: And I spent twenty years in the private sector, and 376 00:19:47,320 --> 00:19:48,960 Speaker 1: one of the things that struck me coming into this 377 00:19:49,040 --> 00:19:53,960 Speaker 1: job is that huge numbers of private employer private sector 378 00:19:54,080 --> 00:19:58,080 Speaker 1: businesses have made a conscious decision to use the strength 379 00:19:58,119 --> 00:20:00,560 Speaker 1: of their balance sheet to accelerate the element of clean 380 00:20:00,640 --> 00:20:04,520 Speaker 1: energy by entering into by committing to be zero carbonent, 381 00:20:04,520 --> 00:20:08,040 Speaker 1: by entering into long term outthurchase agreements. I remember that 382 00:20:08,119 --> 00:20:10,720 Speaker 1: this is probably ten or fifteen years ago when Walmart 383 00:20:10,760 --> 00:20:14,919 Speaker 1: committed to sourcing all of their energy and their stores 384 00:20:14,960 --> 00:20:17,199 Speaker 1: from clean energy, and Walmarts at the time that they 385 00:20:17,240 --> 00:20:20,760 Speaker 1: were the second largest electricity consumer in the country. The 386 00:20:20,760 --> 00:20:23,720 Speaker 1: biggest is the federal government. And so when I came in, 387 00:20:23,800 --> 00:20:27,119 Speaker 1: we said, what can we do to basically get the 388 00:20:27,119 --> 00:20:29,840 Speaker 1: federal government to follow the lead that the private sector 389 00:20:29,880 --> 00:20:32,240 Speaker 1: has given, because if we commit to buying federal buying 390 00:20:32,280 --> 00:20:36,320 Speaker 1: clean energy, UM, what it does is lower the cost 391 00:20:36,359 --> 00:20:39,680 Speaker 1: of capital to developers and the private secrectors who want 392 00:20:39,680 --> 00:20:41,560 Speaker 1: to build these technologies because now they have a long 393 00:20:41,640 --> 00:20:43,840 Speaker 1: term contract with the federal government. It makes these projects 394 00:20:43,880 --> 00:20:45,800 Speaker 1: eminently more financiable than the same way it does if 395 00:20:45,800 --> 00:20:47,479 Speaker 1: you've got a long term contract with Walmart, it's even 396 00:20:47,520 --> 00:20:50,439 Speaker 1: better because we're triple a credit. So basically, what this 397 00:20:50,480 --> 00:20:54,399 Speaker 1: bill does is says that all new buildings, UM, all 398 00:20:54,440 --> 00:20:56,960 Speaker 1: new buildings that are you know, subjects the overview of 399 00:20:56,960 --> 00:21:00,919 Speaker 1: the Department of Defense, have to have to get to 400 00:21:00,960 --> 00:21:03,920 Speaker 1: net zero and have a path to get there, and 401 00:21:04,720 --> 00:21:07,520 Speaker 1: therefore gives us that tool so that we can start 402 00:21:07,600 --> 00:21:10,600 Speaker 1: using the purchasing power of the federal government to uh 403 00:21:11,520 --> 00:21:13,520 Speaker 1: to do right by the environment, do right by the economy, 404 00:21:13,520 --> 00:21:16,199 Speaker 1: and do right by our grandkids. You're worried about a 405 00:21:16,200 --> 00:21:23,199 Speaker 1: government shutdown, commerceman boy, I think we all are. I 406 00:21:23,320 --> 00:21:25,800 Speaker 1: know that we will get a I know that no 407 00:21:25,840 --> 00:21:28,040 Speaker 1: one in our party is going to do anything to 408 00:21:28,200 --> 00:21:31,840 Speaker 1: cause the government to shut down. And you know, sadly, 409 00:21:32,040 --> 00:21:34,800 Speaker 1: every time we get to these points, it becomes a 410 00:21:34,880 --> 00:21:38,280 Speaker 1: politicized debate because, you know, folks realize that they've got 411 00:21:39,520 --> 00:21:41,480 Speaker 1: this may be a chance to use some leverage to 412 00:21:41,480 --> 00:21:43,840 Speaker 1: get something else. And I'll be honest, you know, um 413 00:21:44,400 --> 00:21:47,160 Speaker 1: and the Democrats have been in the majority, in the minority, 414 00:21:47,200 --> 00:21:50,280 Speaker 1: they have sometimes abused that power as well. So there 415 00:21:50,400 --> 00:21:55,320 Speaker 1: is by partisan abuse of that government shutdown. We don't 416 00:21:55,320 --> 00:21:57,000 Speaker 1: want it to happen this time, and we're going to 417 00:21:57,080 --> 00:21:59,119 Speaker 1: do everything in our power to prevent it. I wonder 418 00:21:59,560 --> 00:22:02,280 Speaker 1: through which way the debt ceiling might be handled as well? 419 00:22:02,280 --> 00:22:04,520 Speaker 1: Does that end up in reconciliation getting back to where 420 00:22:04,560 --> 00:22:08,240 Speaker 1: we started, Well, the debt ceiling is you know let's 421 00:22:08,240 --> 00:22:12,040 Speaker 1: be honest, the ceiling should really make us all angry. 422 00:22:12,080 --> 00:22:16,680 Speaker 1: This will completely I mean, it's not that long ago 423 00:22:16,760 --> 00:22:19,920 Speaker 1: that we saw the US have that temporary credit rating 424 00:22:19,960 --> 00:22:22,560 Speaker 1: decline when we when we did trigger the debt ceiling, 425 00:22:23,320 --> 00:22:27,680 Speaker 1: and that's massively disruptive for financial markets. The US is 426 00:22:27,720 --> 00:22:31,080 Speaker 1: one of the few countries where we separate the decision 427 00:22:31,119 --> 00:22:33,960 Speaker 1: about how much money to spend from a decision about 428 00:22:33,960 --> 00:22:36,480 Speaker 1: whether to allow ourselves to borrow money. And it's it's 429 00:22:36,520 --> 00:22:40,440 Speaker 1: really irresponsible. You know, we've you know, if you think 430 00:22:40,440 --> 00:22:42,159 Speaker 1: about the money that we that we owe in the 431 00:22:42,240 --> 00:22:45,639 Speaker 1: national debt right now, that's based on decisions that you know, 432 00:22:45,760 --> 00:22:47,760 Speaker 1: every member of Congress, to the extent they were here 433 00:22:47,760 --> 00:22:50,640 Speaker 1: when the decisions were made, has made over for years, 434 00:22:50,680 --> 00:22:56,440 Speaker 1: decades under multiple administrations. Um to decide that I'm not 435 00:22:56,480 --> 00:22:59,399 Speaker 1: going to pay the debt is a pretty weird abuse 436 00:22:59,480 --> 00:23:02,560 Speaker 1: of federal power. And I'm I'm a co sponsor of 437 00:23:02,600 --> 00:23:05,959 Speaker 1: a bill that Congressman Foster is leading to just eliminate 438 00:23:06,040 --> 00:23:09,200 Speaker 1: that requirement that we should take the decision in Congress 439 00:23:09,200 --> 00:23:12,240 Speaker 1: when we decide to spend money, we should commit ourselves 440 00:23:12,240 --> 00:23:14,560 Speaker 1: to paying for the money we spend. We shouldn't give 441 00:23:14,560 --> 00:23:16,520 Speaker 1: ourselves a second bite at the apple, because all that 442 00:23:16,600 --> 00:23:20,520 Speaker 1: does is diminish us credit standing in the world. And 443 00:23:20,640 --> 00:23:22,800 Speaker 1: given how many things are indexed to the security of 444 00:23:22,800 --> 00:23:26,520 Speaker 1: a federal treasury um, that is just massively disruptive and 445 00:23:26,520 --> 00:23:28,520 Speaker 1: we shouldn't be playing this kind of Russian let with 446 00:23:28,520 --> 00:23:31,159 Speaker 1: the economy. You're confident though, this time around, Congressman, your 447 00:23:31,200 --> 00:23:32,879 Speaker 1: party can get it done in time. I know this 448 00:23:32,960 --> 00:23:35,280 Speaker 1: could take a couple of weeks. We're going to defer 449 00:23:35,320 --> 00:23:37,840 Speaker 1: to people smarter than me on procedure about how to 450 00:23:37,840 --> 00:23:42,400 Speaker 1: get that done. We know. I know John Yarmouth, chair 451 00:23:42,440 --> 00:23:44,680 Speaker 1: the Budget Committee, has been working very hard to figure 452 00:23:44,680 --> 00:23:48,679 Speaker 1: out what other procedural mechanisms we might have, and I'm 453 00:23:48,680 --> 00:23:50,479 Speaker 1: going to defer to his wisdom on that. But I 454 00:23:50,480 --> 00:23:53,480 Speaker 1: can I can certainly guarantee you that there is not 455 00:23:53,560 --> 00:23:57,719 Speaker 1: a Democrat on Capitol Hill who wants us to violate 456 00:23:57,720 --> 00:24:00,080 Speaker 1: our debt obligations, and we're going to use absolutely the 457 00:24:00,160 --> 00:24:02,359 Speaker 1: tool we have to make sure that we don't. Congressman 458 00:24:02,359 --> 00:24:04,680 Speaker 1: Shawn cast and appreciate your time today. I know Hot 459 00:24:04,720 --> 00:24:07,320 Speaker 1: Firk summer is over, but I hope you have a 460 00:24:07,400 --> 00:24:12,639 Speaker 1: great weekend ahead. Thank you and I wish everybody a 461 00:24:12,680 --> 00:24:15,440 Speaker 1: hot firk summer. However you may celebrate. Maybe we'll get 462 00:24:15,480 --> 00:24:18,879 Speaker 1: together for a firks Giving, but we'll see how the 463 00:24:18,920 --> 00:24:23,760 Speaker 1: seasons treat us. Apologies to producer Matt Shirley for coming 464 00:24:23,840 --> 00:24:26,800 Speaker 1: up with the firks Giving. Now we've heard from all 465 00:24:26,880 --> 00:24:30,280 Speaker 1: corners here in the U. S. House, well at least 466 00:24:30,280 --> 00:24:32,320 Speaker 1: of the Democratic Party right. Well, no, we actually had 467 00:24:32,400 --> 00:24:34,960 Speaker 1: Congressman Davidson in there as well, just to tee up 468 00:24:34,960 --> 00:24:37,800 Speaker 1: our reporters round table. Get the views out there will 469 00:24:37,840 --> 00:24:40,399 Speaker 1: distill all of this coming up as we do have 470 00:24:40,480 --> 00:24:42,880 Speaker 1: breaking news and a red headline on the terminal here. 471 00:24:43,560 --> 00:24:47,800 Speaker 1: As I read from the headline, Huawei's man is freed 472 00:24:48,080 --> 00:24:53,560 Speaker 1: by Canadian judge mang Wang. Zoe has been freed, set 473 00:24:53,600 --> 00:24:56,160 Speaker 1: for release. It's actually happened, ending a two year expedition 474 00:24:56,280 --> 00:24:58,359 Speaker 1: or deal. You can read more about it, and we'll 475 00:24:58,720 --> 00:25:01,720 Speaker 1: be talking a lot more our reporters round Table, Bloomberg 476 00:25:01,760 --> 00:25:06,960 Speaker 1: Government's Jack Fitzpatrick and Mario Parker, Bloomberg Politics team leader 477 00:25:07,040 --> 00:25:10,879 Speaker 1: with us coming up after week. Check on the markets 478 00:25:10,880 --> 00:25:13,000 Speaker 1: for you as well. We'll check in with Charlie Pellet ahead. 479 00:25:13,040 --> 00:25:19,720 Speaker 1: I'm Joe Matthew This is Bloomberg broadcasting live from our 480 00:25:19,800 --> 00:25:25,680 Speaker 1: nation's capital, Bloomberg to New York, Bloomberg eleven Trio to Boston, 481 00:25:25,960 --> 00:25:29,760 Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine 482 00:25:29,880 --> 00:25:33,399 Speaker 1: sixty to the country, Serious x M General one ninety 483 00:25:33,720 --> 00:25:36,919 Speaker 1: and around the globe, the Bloomberg Business app and Bloomberg 484 00:25:36,960 --> 00:25:41,600 Speaker 1: Radio dot Com. This is Bloomberg Sound On with Joe 485 00:25:41,640 --> 00:25:45,400 Speaker 1: Matt Hugh, and thanks for spending part of your Friday 486 00:25:45,480 --> 00:25:49,200 Speaker 1: with us on Bloomberg Radio, the Fastest Hour in Politics. 487 00:25:49,200 --> 00:25:51,960 Speaker 1: As we prepared to assemble our Friday Reporters round table 488 00:25:52,480 --> 00:25:55,440 Speaker 1: whe our pal Jack Fitzpatrick from Bloomberg Government. We're also 489 00:25:55,520 --> 00:25:59,640 Speaker 1: joined this hour by Mario Parker, Bloomberg Politics team leader. 490 00:25:59,680 --> 00:26:01,479 Speaker 1: We've got the Boss in the room and he's up 491 00:26:01,480 --> 00:26:03,639 Speaker 1: here next. May have heard my conversation at the beginning 492 00:26:03,640 --> 00:26:06,520 Speaker 1: of the hour with Congresswoman Permillent Giapaul, the head of 493 00:26:06,520 --> 00:26:09,760 Speaker 1: the Progressive Caucus, who said, in no uncertain terms there 494 00:26:09,800 --> 00:26:13,440 Speaker 1: would be no vote on infrastructure on Monday, and that 495 00:26:13,520 --> 00:26:17,400 Speaker 1: she was reaching out calling for meetings with Senators Mansion 496 00:26:17,480 --> 00:26:19,560 Speaker 1: and Cinema to try to at least get on the 497 00:26:19,600 --> 00:26:22,800 Speaker 1: same page when it comes to spending levels and so forth. 498 00:26:23,720 --> 00:26:27,520 Speaker 1: Giapaul was at an event hosted by HOW Speaker Nancy Pelosi. 499 00:26:27,560 --> 00:26:30,600 Speaker 1: They were cheering the benefits of reconciliation for women on 500 00:26:30,640 --> 00:26:34,200 Speaker 1: the House steps, and I also bumped into Congresswoman Aana Pressley, 501 00:26:34,240 --> 00:26:38,400 Speaker 1: of course, Democrat from Massachusetts, member of the squad. As 502 00:26:38,440 --> 00:26:41,800 Speaker 1: they say, talking about the the in fighting, if you will, 503 00:26:41,840 --> 00:26:48,800 Speaker 1: the Democrats versus Democrats on this moderates versus progressives, not 504 00:26:48,960 --> 00:26:52,560 Speaker 1: only arguing about timing here, but of course spending levels 505 00:26:52,560 --> 00:26:55,560 Speaker 1: and what's going to end up in these bills. Yes, again, 506 00:26:56,040 --> 00:26:59,879 Speaker 1: I just there was a deal from the very beginning 507 00:27:00,000 --> 00:27:02,880 Speaker 1: that we would move on a narrow biparson infrastructure package, 508 00:27:02,920 --> 00:27:06,639 Speaker 1: more traditional highways, roads and bridges, you know, broadband, all 509 00:27:06,680 --> 00:27:09,840 Speaker 1: those things are critically important. But we have to also 510 00:27:09,920 --> 00:27:12,720 Speaker 1: move intandem, honoring the original terms of the agreement and 511 00:27:12,760 --> 00:27:20,480 Speaker 1: the expectation of the multi racial, multigenerational coalition that delivered 512 00:27:20,480 --> 00:27:25,159 Speaker 1: the decisive Democratic majority of the House, the Senate, and 513 00:27:25,280 --> 00:27:29,160 Speaker 1: the White House. That majority brings with it a mandate 514 00:27:30,160 --> 00:27:33,520 Speaker 1: and an expectation, and we have a responsibility to meet 515 00:27:33,560 --> 00:27:37,679 Speaker 1: the needs of that movement that made this majority possible 516 00:27:37,960 --> 00:27:41,920 Speaker 1: to be responsive to their needs and that requires bold, 517 00:27:42,200 --> 00:27:47,040 Speaker 1: robust investment. This is the president's agenda, because it is 518 00:27:47,080 --> 00:27:51,879 Speaker 1: the people's agenda. Presley speaking with Bloomberg sound on just 519 00:27:51,920 --> 00:27:54,200 Speaker 1: a little while ago on Capitol Hill. By the way, 520 00:27:54,240 --> 00:27:58,560 Speaker 1: that came only moments after an argument on the House steps, 521 00:27:59,800 --> 00:28:03,920 Speaker 1: but between Representatives Margie Taylor green and and Debbie Dingle 522 00:28:04,280 --> 00:28:07,480 Speaker 1: yelling across the steps at each other about abortion law. 523 00:28:07,680 --> 00:28:11,800 Speaker 1: Was it just seemed to highlight the discord that we're 524 00:28:11,800 --> 00:28:15,879 Speaker 1: seeing in some cases within the House Democratic Party. We're 525 00:28:15,960 --> 00:28:18,840 Speaker 1: joined by the reporter's round table again, Jack Fitzpatrick and 526 00:28:18,880 --> 00:28:21,680 Speaker 1: Mario Parker or with us. What do you make of this? Jack, 527 00:28:21,720 --> 00:28:23,879 Speaker 1: Welcome to both of you. Are we getting to the 528 00:28:23,920 --> 00:28:28,199 Speaker 1: point of like a family Thanksgiving dinner here where everybody's 529 00:28:28,200 --> 00:28:30,040 Speaker 1: out a little too much and they're all on edge. 530 00:28:30,040 --> 00:28:32,320 Speaker 1: It doesn't seem like everybody's getting along. Yeah, no, not 531 00:28:32,400 --> 00:28:35,880 Speaker 1: everybody's getting along. This is a congress in which, since 532 00:28:36,000 --> 00:28:38,560 Speaker 1: January six a lot of people have been frustrated with 533 00:28:38,600 --> 00:28:42,760 Speaker 1: each other. But also now within the Democratic Party they 534 00:28:42,800 --> 00:28:45,680 Speaker 1: really have to figure out what exactly their priorities are. 535 00:28:45,720 --> 00:28:48,280 Speaker 1: Are they all really on the same team. I think 536 00:28:48,360 --> 00:28:51,560 Speaker 1: one source of frustration is a lot of members want 537 00:28:51,600 --> 00:28:54,080 Speaker 1: to get both of these packages done, but some of 538 00:28:54,120 --> 00:28:56,680 Speaker 1: the moderates have basically said, well, I think we should 539 00:28:56,720 --> 00:29:00,320 Speaker 1: go slower rather than you hearing Joe Manchin or Kirsten's Mr, 540 00:29:00,440 --> 00:29:03,200 Speaker 1: some of the House moderates say I would vote for X, 541 00:29:03,320 --> 00:29:06,440 Speaker 1: Y and Z. They're talking about the process and saying 542 00:29:06,480 --> 00:29:08,200 Speaker 1: I don't think we really need to be doing this 543 00:29:08,480 --> 00:29:13,200 Speaker 1: right now, and so that is delaying that uncomfortable Thanksgiving 544 00:29:13,200 --> 00:29:15,720 Speaker 1: dinner where it could actually lead to solutions. Right. Well, 545 00:29:15,760 --> 00:29:18,760 Speaker 1: I guess nobody's walked out yet, Mario, what do you 546 00:29:18,760 --> 00:29:21,080 Speaker 1: make of this? I had a conversation yesterday with Congressman 547 00:29:21,160 --> 00:29:23,880 Speaker 1: Jim McGovern, who chairs the Rules Committee. Of course, pretty 548 00:29:23,920 --> 00:29:26,760 Speaker 1: progressive guy when it comes to to the Democratic Party, said, 549 00:29:26,800 --> 00:29:29,480 Speaker 1: if if this were Europe, we'd be talking about ten 550 00:29:29,520 --> 00:29:31,960 Speaker 1: different parties here, but because it's Washington, we're all trying 551 00:29:31,960 --> 00:29:34,240 Speaker 1: to figure out how to be one. No. And I 552 00:29:34,280 --> 00:29:38,400 Speaker 1: think your your analogy Joe about Thanksgiving dinner is spot on, right. 553 00:29:38,480 --> 00:29:40,880 Speaker 1: Everyone came. That says something about my family, you know, 554 00:29:41,040 --> 00:29:43,200 Speaker 1: I think it says something about all of our families. Right, 555 00:29:43,240 --> 00:29:46,120 Speaker 1: That's an American thing, right, we all get under the 556 00:29:46,240 --> 00:29:49,440 Speaker 1: roof and there's been this, the simmering tensions for a 557 00:29:49,480 --> 00:29:52,560 Speaker 1: while now, and now we're all at the table. And 558 00:29:52,600 --> 00:29:56,880 Speaker 1: some of those simmering tensions between progressives and moderate for 559 00:29:56,920 --> 00:29:59,680 Speaker 1: example in the Democratic Party that a year ago was 560 00:30:00,440 --> 00:30:03,480 Speaker 1: uh to to try to defeat Donald Trump is now 561 00:30:03,560 --> 00:30:06,120 Speaker 1: kind of rear and gets head um now if they 562 00:30:06,160 --> 00:30:09,960 Speaker 1: have the White House and on all of this power consolidated. Yeah, 563 00:30:10,080 --> 00:30:12,400 Speaker 1: we heard from President Biden say he was actually talking 564 00:30:12,440 --> 00:30:15,360 Speaker 1: about COVID, and of course everyone wants to talk about this. 565 00:30:16,080 --> 00:30:18,680 Speaker 1: When he goes to questions, he was asked specifically about 566 00:30:18,680 --> 00:30:21,880 Speaker 1: something that I we just talked about with with the 567 00:30:21,920 --> 00:30:26,680 Speaker 1: two members, including Sean Caston, and this idea of taxing 568 00:30:26,880 --> 00:30:29,280 Speaker 1: unrealized gains to help pay for this. It was just 569 00:30:29,320 --> 00:30:33,280 Speaker 1: interesting the way he worded his answer. Has a proposal 570 00:30:33,800 --> 00:30:37,440 Speaker 1: on annual taxes on billionaires unrealized games? Is that a 571 00:30:37,480 --> 00:30:40,720 Speaker 1: proposal that you support? Yes? I do. I Look, I 572 00:30:40,800 --> 00:30:43,320 Speaker 1: support a lot of these proposals. We don't need all 573 00:30:43,320 --> 00:30:46,080 Speaker 1: the things I support to pay for this, but I 574 00:30:46,120 --> 00:30:48,560 Speaker 1: do support that, Jack, We don't need all the things 575 00:30:48,640 --> 00:30:50,320 Speaker 1: I support to pay for this. Is there that much 576 00:30:50,400 --> 00:30:54,120 Speaker 1: money going around? That depends on how small it's going 577 00:30:54,200 --> 00:30:56,320 Speaker 1: to get because of the moderates. You know, what you've 578 00:30:56,360 --> 00:31:00,520 Speaker 1: seen in the House is two point one trillion dollars 579 00:31:00,640 --> 00:31:03,920 Speaker 1: in revenue, and if you assume the Democrats give themselves 580 00:31:03,960 --> 00:31:06,760 Speaker 1: some credit for economic growth, and even some of the 581 00:31:06,800 --> 00:31:09,240 Speaker 1: moderates like Scott Peters has said, well, for some of 582 00:31:09,240 --> 00:31:12,160 Speaker 1: the climate stuff, we don't need pay for it. You 583 00:31:12,160 --> 00:31:15,280 Speaker 1: can get a big package and easily pay for all 584 00:31:15,320 --> 00:31:19,160 Speaker 1: of this. Uh. If you know, when we talk about mansion, 585 00:31:19,200 --> 00:31:21,560 Speaker 1: we're talking about potentially maybe a one and a half 586 00:31:21,600 --> 00:31:23,720 Speaker 1: trillion dollar measure rather than three and a half trillion. 587 00:31:23,920 --> 00:31:27,120 Speaker 1: It's possible for them to actually be able to comfortably 588 00:31:27,160 --> 00:31:29,200 Speaker 1: pay for this, but it depends how much of the 589 00:31:29,240 --> 00:31:32,880 Speaker 1: moderates shrink it. They can lose some revenue things, and 590 00:31:32,920 --> 00:31:36,280 Speaker 1: it doesn't completely destroy the promise that they're basically going 591 00:31:36,360 --> 00:31:38,480 Speaker 1: to pay for this. Mario for a party that's being 592 00:31:38,480 --> 00:31:43,080 Speaker 1: criticized by the Republicans for for for spending like drunken sailors. Here, 593 00:31:43,600 --> 00:31:45,560 Speaker 1: is that good politics to say, my god, we have 594 00:31:45,640 --> 00:31:47,440 Speaker 1: we have more money than we even need to pay 595 00:31:47,480 --> 00:31:49,400 Speaker 1: for all of this stuff. Or is that the message 596 00:31:49,480 --> 00:31:51,640 Speaker 1: the president should be sending. That seems to me the 597 00:31:51,680 --> 00:31:55,440 Speaker 1: messages the President wants to send. He hosted all of 598 00:31:55,480 --> 00:31:57,920 Speaker 1: these various groups at the White House this week as 599 00:31:57,960 --> 00:32:02,840 Speaker 1: he's risking some his key agenda falling apart before his eyes. 600 00:32:03,800 --> 00:32:07,200 Speaker 1: President Biden has been around Washington for four decades. He 601 00:32:07,280 --> 00:32:10,240 Speaker 1: know how the game is played. He knows exactly. Even 602 00:32:10,240 --> 00:32:12,640 Speaker 1: though he speaks off the cuffs sometimes and he mentions 603 00:32:12,640 --> 00:32:15,280 Speaker 1: that he gets in trouble, he knows what signals he's 604 00:32:15,280 --> 00:32:18,320 Speaker 1: sending when he's taking to the bully pool pity, he 605 00:32:18,440 --> 00:32:21,480 Speaker 1: secretly enjoys getting in trouble, don't you, Jack. That's his style. 606 00:32:21,600 --> 00:32:26,720 Speaker 1: It's his style exactly. Forgive me, forgive me. The meetings 607 00:32:26,760 --> 00:32:30,600 Speaker 1: that Mario mentioned, were they productive it didn't seem like 608 00:32:30,640 --> 00:32:32,440 Speaker 1: a lot came out of them, or was that simply 609 00:32:32,480 --> 00:32:34,400 Speaker 1: just everyone kind of looking each other in the eye 610 00:32:34,400 --> 00:32:36,920 Speaker 1: to say we're doing this right. We didn't hear anything 611 00:32:37,040 --> 00:32:40,760 Speaker 1: fundamentally changed. I think it can help Democrats to meet 612 00:32:41,000 --> 00:32:44,320 Speaker 1: with the President and get that encouragement. Maybe some more 613 00:32:44,640 --> 00:32:47,920 Speaker 1: technical hands on stuff from the White House would be helpful. 614 00:32:48,200 --> 00:32:51,800 Speaker 1: But really the biggest challenges in getting the infrastructure and 615 00:32:51,840 --> 00:32:55,840 Speaker 1: the reconciliation done is the vote count, the timing, and 616 00:32:55,880 --> 00:32:57,640 Speaker 1: the fact that those have kind of branched off and 617 00:32:57,680 --> 00:33:00,320 Speaker 1: become separate, and the differences between the House and Senate. 618 00:33:00,360 --> 00:33:03,400 Speaker 1: This is probably more a problem for congressional leadership than 619 00:33:03,440 --> 00:33:06,520 Speaker 1: for the president himself. We're gonna talk exactly about that, 620 00:33:06,640 --> 00:33:08,920 Speaker 1: the vote count and the timing coming up with Jack 621 00:33:09,040 --> 00:33:11,320 Speaker 1: and Mario Parker with us for the rest of the hour. 622 00:33:11,400 --> 00:33:15,320 Speaker 1: Here are Friday Reporters round Table. This is Sound On. 623 00:33:15,360 --> 00:33:18,000 Speaker 1: I'm Joe Matthew in Washington. Thanks for spending some time 624 00:33:18,040 --> 00:33:19,680 Speaker 1: with us. We'll take a look at the markets with 625 00:33:19,760 --> 00:33:23,880 Speaker 1: Charlie Pellett straight ahead. So stay here. This is Bloomberg. 626 00:33:29,000 --> 00:33:32,840 Speaker 1: You're listening to Bloomberg. You sund On with Joe Matthew 627 00:33:33,200 --> 00:33:38,240 Speaker 1: on Bloomberg Radio. They say life is all about timing, 628 00:33:38,360 --> 00:33:41,200 Speaker 1: right Well, that's certainly the case if you're a Democrat 629 00:33:41,280 --> 00:33:43,280 Speaker 1: on Capitol Hill right now. And that's where we pick 630 00:33:43,360 --> 00:33:47,080 Speaker 1: up with our Friday Reporters round Table. Jack Fitzpatrick is 631 00:33:47,080 --> 00:33:50,240 Speaker 1: with us along with Mario Parker, Bloomberg Politics team leader. 632 00:33:50,280 --> 00:33:51,680 Speaker 1: It's great to have both of you guys here as 633 00:33:51,720 --> 00:33:54,120 Speaker 1: we kind of figure out where we have been this 634 00:33:54,160 --> 00:33:56,760 Speaker 1: week and as I'm leading to here where we might 635 00:33:56,800 --> 00:34:00,240 Speaker 1: be going next week. With all of this, Uh, Jack, 636 00:34:00,280 --> 00:34:02,520 Speaker 1: you've been kind of obsessed over this whole calendar, like 637 00:34:02,560 --> 00:34:04,120 Speaker 1: all of us. There was at one point in to 638 00:34:04,200 --> 00:34:05,800 Speaker 1: be a Monday vote on the by part as an 639 00:34:05,800 --> 00:34:09,160 Speaker 1: infrastructure bill. That was the promise to moderates. We're hearing 640 00:34:09,200 --> 00:34:12,480 Speaker 1: from everyone now that that will be delayed, but of 641 00:34:12,520 --> 00:34:17,520 Speaker 1: course they won't vote for the reconciliation bill until that's 642 00:34:17,560 --> 00:34:20,040 Speaker 1: ready and well. Progressives are saying the same in the 643 00:34:20,080 --> 00:34:22,839 Speaker 1: opposite how that heck is all this going to happen? 644 00:34:22,880 --> 00:34:26,399 Speaker 1: Could they actually orchestrate a tandem vote where these might 645 00:34:26,440 --> 00:34:29,480 Speaker 1: come together on the same day. It is looking very challenging. 646 00:34:29,520 --> 00:34:32,319 Speaker 1: I haven't heard anybody lay out a plan specifically where 647 00:34:32,360 --> 00:34:37,279 Speaker 1: they could align these perfectly. They could try. The challenge, though, 648 00:34:37,480 --> 00:34:41,279 Speaker 1: is various. People want both of these things to be 649 00:34:41,320 --> 00:34:44,960 Speaker 1: tied together. The Moderates want the infrastructure part, the Progressives 650 00:34:45,120 --> 00:34:47,800 Speaker 1: want the reconciliation bill, but the Moderates don't want to 651 00:34:47,840 --> 00:34:50,960 Speaker 1: vote for the reconciliation bill unless they actually think it's 652 00:34:50,960 --> 00:34:53,720 Speaker 1: going to pass the Senate. Now leadership is pushing this along, 653 00:34:53,760 --> 00:34:57,000 Speaker 1: saying we shouldn't try to get a vote on reconciliation 654 00:34:57,040 --> 00:35:00,200 Speaker 1: the big one next week, so you you might think 655 00:35:00,239 --> 00:35:03,080 Speaker 1: you could get these aligned, but clearly they have not 656 00:35:03,160 --> 00:35:06,360 Speaker 1: come to an agreement with the Joe Mansions and Kirsten Cinemas. 657 00:35:06,560 --> 00:35:10,239 Speaker 1: So I thought of your interview earlier this week with 658 00:35:10,320 --> 00:35:12,239 Speaker 1: Henry quay Are where he said, the one thing I 659 00:35:12,280 --> 00:35:14,000 Speaker 1: don't want is to vote on something that I know 660 00:35:14,120 --> 00:35:16,200 Speaker 1: isn't going to become law anyway and take that tough vote. 661 00:35:16,440 --> 00:35:18,680 Speaker 1: That seems to be the plan because they're trying to 662 00:35:18,719 --> 00:35:21,520 Speaker 1: move this along, but clearly we're not at a point 663 00:35:21,560 --> 00:35:24,600 Speaker 1: where there's some bicameral agreement, and that's why it seems 664 00:35:24,640 --> 00:35:26,840 Speaker 1: like things are kind of starting to fall apart in 665 00:35:26,920 --> 00:35:28,840 Speaker 1: terms of their schedule, and so it's a game of 666 00:35:28,840 --> 00:35:32,720 Speaker 1: trust again here, Mario. When you consider that and what 667 00:35:32,719 --> 00:35:35,400 Speaker 1: what Congresswoman Jia Paul told us, if they voted on 668 00:35:35,440 --> 00:35:39,279 Speaker 1: infrastructure today, it would fail. She says, half the progressive 669 00:35:39,280 --> 00:35:42,120 Speaker 1: wing of the party would vote no for that. Are 670 00:35:42,160 --> 00:35:45,640 Speaker 1: there any Republicans or would there be enough to make 671 00:35:45,719 --> 00:35:48,600 Speaker 1: up the difference as of right now? I mean, the 672 00:35:48,640 --> 00:35:50,759 Speaker 1: Republicans have signaled that they're not on board with this 673 00:35:50,880 --> 00:35:53,400 Speaker 1: at all. McCarthy's telling its people to say no right 674 00:35:53,680 --> 00:35:57,840 Speaker 1: exactly exactly, so, which leaves again the Democrats in this 675 00:35:57,840 --> 00:36:00,359 Speaker 1: this tough position where they have to get right there 676 00:36:00,400 --> 00:36:03,279 Speaker 1: caucus and and as Jack mentioned, a lot of this 677 00:36:03,400 --> 00:36:06,440 Speaker 1: boils down to to trust. Right, So how do you 678 00:36:06,800 --> 00:36:09,480 Speaker 1: How do the progressives trust that the moderates are going 679 00:36:09,520 --> 00:36:12,600 Speaker 1: to support their agenda and vice versa. And I'm not 680 00:36:12,719 --> 00:36:15,080 Speaker 1: quite sure how they figure that out. Guys in this 681 00:36:15,200 --> 00:36:17,040 Speaker 1: room don't know that no one up there does either. 682 00:36:17,160 --> 00:36:19,839 Speaker 1: Just between you and I, what's that? Yeah? I mean 683 00:36:19,920 --> 00:36:22,799 Speaker 1: there there are probably gonna end up being some Republicans 684 00:36:22,800 --> 00:36:25,080 Speaker 1: who are willing to vote for this against leadership. But 685 00:36:25,120 --> 00:36:28,280 Speaker 1: the critical thing is that Republican leaders are whipping against 686 00:36:28,320 --> 00:36:31,239 Speaker 1: this vote and saying we are going to stop this 687 00:36:31,360 --> 00:36:34,839 Speaker 1: in as unified way as possible. When this was bipartisan. 688 00:36:35,200 --> 00:36:38,160 Speaker 1: It is a bipartisan bill, but it's so linked with 689 00:36:38,280 --> 00:36:41,759 Speaker 1: the partisan Reconciliation bill that if you're a Republican in 690 00:36:41,760 --> 00:36:44,880 Speaker 1: the House, you would probably think, let's pump the brakes 691 00:36:44,920 --> 00:36:47,880 Speaker 1: on that, and will be pumping the brakes on the 692 00:36:47,920 --> 00:36:50,840 Speaker 1: partisan thing that we absolutely hate. Right. Wow, Well, of 693 00:36:50,880 --> 00:36:53,840 Speaker 1: course the ads are pumping as well. We spoke earlier 694 00:36:53,880 --> 00:36:58,240 Speaker 1: this week with add not optics expert Adam Belmar about 695 00:36:58,239 --> 00:37:00,200 Speaker 1: a big bio. It's like a seven and a half 696 00:37:00,200 --> 00:37:03,600 Speaker 1: million dollar ad by by the American Action Network building 697 00:37:03,680 --> 00:37:06,720 Speaker 1: back together. A Democratic group in this case is dropping 698 00:37:06,960 --> 00:37:10,160 Speaker 1: five million dollars on ads both online and on TV. 699 00:37:11,600 --> 00:37:14,040 Speaker 1: Not to beat up anybody or to throw a phone number, 700 00:37:14,160 --> 00:37:18,160 Speaker 1: you know, tell Josh Gottheimer to slow down on the spending. 701 00:37:18,200 --> 00:37:22,720 Speaker 1: This is actually praising Democrats for supporting the Biden agenda. 702 00:37:23,800 --> 00:37:27,160 Speaker 1: President Biden and Representative Acts Me are fighting to lower 703 00:37:27,239 --> 00:37:31,040 Speaker 1: your costs from healthcare and prescription drugs to childcare and 704 00:37:31,120 --> 00:37:34,919 Speaker 1: utility bills. Iowa Representative Cyndi actsne one of gosh, about 705 00:37:34,920 --> 00:37:38,520 Speaker 1: a dozen lawmakers who are feeling the love Mario and 706 00:37:38,560 --> 00:37:41,000 Speaker 1: the ad wars here, Who does this help you spend 707 00:37:41,080 --> 00:37:43,560 Speaker 1: five million dollars to compliment somebody? Is that just trying 708 00:37:43,560 --> 00:37:45,799 Speaker 1: to keep the caucus together? It is trying to keep 709 00:37:45,800 --> 00:37:50,799 Speaker 1: the caucus together. Speaking to Republicans about this campaign, they 710 00:37:50,920 --> 00:37:54,360 Speaker 1: spun it as wow, it must be some real trouble 711 00:37:54,360 --> 00:37:57,200 Speaker 1: out there. Democrats are spending money to support their own 712 00:37:57,239 --> 00:38:01,400 Speaker 1: plan at this point, Um what but yeah, it's it's 713 00:38:01,440 --> 00:38:05,239 Speaker 1: obviously to to to tow boy uh boy, some of 714 00:38:05,480 --> 00:38:07,839 Speaker 1: these folks and keep them keep the caucus together and 715 00:38:07,840 --> 00:38:10,239 Speaker 1: give them something a write home about, especially as we 716 00:38:10,239 --> 00:38:13,800 Speaker 1: look toward midsterms. Building back together is not alone here either. 717 00:38:14,440 --> 00:38:20,279 Speaker 1: The League of Conservation Voters out with its own campaign here, 718 00:38:20,320 --> 00:38:25,719 Speaker 1: in this case for Representative Stephanie Murphy. You know, i'll 719 00:38:25,760 --> 00:38:29,040 Speaker 1: tell you what they've got going. As Congresswoman Stephanie Murphy 720 00:38:29,040 --> 00:38:32,440 Speaker 1: sets climate change is an existential threat the floor, but 721 00:38:32,520 --> 00:38:36,680 Speaker 1: it's also an opportunity to be seen. You definitely lock 722 00:38:36,840 --> 00:38:39,320 Speaker 1: music playing here. Stephanie Murphy, of course, was one of 723 00:38:39,360 --> 00:38:42,400 Speaker 1: those ten moderates, right Jack, who really pinned down Nancy 724 00:38:42,440 --> 00:38:45,480 Speaker 1: Pelosi on trying to get that infrastructure well in particular, 725 00:38:45,560 --> 00:38:47,680 Speaker 1: she also ended up she's on Ways and Means, which 726 00:38:47,719 --> 00:38:50,400 Speaker 1: is a critical committee, and ended up voting against everything 727 00:38:50,520 --> 00:38:53,640 Speaker 1: they put out. And she's got the really broad complaints 728 00:38:53,719 --> 00:38:56,839 Speaker 1: about this being rushed and not liking the process they've 729 00:38:56,880 --> 00:39:00,960 Speaker 1: gone through. Uh, she's been very vocal about her critiques 730 00:39:01,120 --> 00:39:04,399 Speaker 1: of how this reconciliation process has gone. So those kinds 731 00:39:04,400 --> 00:39:07,400 Speaker 1: of groups, um, you know, maybe rewarding her for what 732 00:39:07,480 --> 00:39:10,080 Speaker 1: she could do, but also pressuring and and saying we 733 00:39:10,160 --> 00:39:13,840 Speaker 1: really want this to become law makes sense. So I 734 00:39:13,840 --> 00:39:15,840 Speaker 1: guess I'll ask both of you guys who are just broadly, 735 00:39:15,960 --> 00:39:19,920 Speaker 1: do you see progress on this next week? We haven't 736 00:39:19,920 --> 00:39:22,799 Speaker 1: even talked about funding the government or dealing with the 737 00:39:22,800 --> 00:39:25,040 Speaker 1: debt ceiling. Both of those are going to be in 738 00:39:25,080 --> 00:39:27,680 Speaker 1: the air next week as well, Mario. Or are they 739 00:39:27,680 --> 00:39:29,239 Speaker 1: going to be closer to the finish line on this 740 00:39:29,320 --> 00:39:31,319 Speaker 1: or does it? Is this the part where it could 741 00:39:31,320 --> 00:39:34,919 Speaker 1: start falling apart? Very well could start falling apart. But 742 00:39:35,000 --> 00:39:38,200 Speaker 1: at least my good is that at this point the 743 00:39:38,280 --> 00:39:41,120 Speaker 1: calendar is going to face forced them to face the 744 00:39:41,280 --> 00:39:45,200 Speaker 1: hard streams. Right, It's gonna force h Speaker Pelosi to 745 00:39:46,120 --> 00:39:49,919 Speaker 1: really um, you know, keep the caucus together, Uh, show 746 00:39:49,960 --> 00:39:53,439 Speaker 1: some of her deal making bona fides. What do you think, Jack, 747 00:39:54,040 --> 00:39:56,799 Speaker 1: I think there's enough pressure so it actually could push 748 00:39:56,840 --> 00:39:59,520 Speaker 1: them forward. But what you mentioned is important on the 749 00:39:59,520 --> 00:40:02,600 Speaker 1: deadline to fund the government, which distracts and takes up 750 00:40:02,640 --> 00:40:05,880 Speaker 1: floor time. Uh. And there's the it's intertwined with the 751 00:40:05,880 --> 00:40:08,120 Speaker 1: debt limit issue. They're going to have to have what 752 00:40:08,280 --> 00:40:11,640 Speaker 1: looks like a guaranteed failed vote in the Senate on 753 00:40:11,760 --> 00:40:13,799 Speaker 1: both of those paired together, and then they need to 754 00:40:13,920 --> 00:40:17,560 Speaker 1: separate them and each chamber vote again. Next week could 755 00:40:17,600 --> 00:40:20,280 Speaker 1: kind of be dominated by the deadline just to avoid 756 00:40:20,360 --> 00:40:23,239 Speaker 1: a shutdown, and that makes all the other stuff they 757 00:40:23,239 --> 00:40:25,200 Speaker 1: want to do a little bit more complicated. What's the 758 00:40:25,280 --> 00:40:27,840 Speaker 1: point of this exercise? You know, people say this is 759 00:40:27,840 --> 00:40:31,800 Speaker 1: why they hate Washington if Democrats know it's going to fail. Mario, 760 00:40:31,960 --> 00:40:34,400 Speaker 1: is this Chuck Schumer just trying to rub the dog's 761 00:40:34,440 --> 00:40:36,719 Speaker 1: face in the pile here? Is this an exercise to 762 00:40:36,760 --> 00:40:41,680 Speaker 1: embarrass Republicans? That's the gambit, right? Uh? Since the beginning 763 00:40:41,719 --> 00:40:45,320 Speaker 1: of this this saga, the Democrats talking point is to 764 00:40:45,440 --> 00:40:49,759 Speaker 1: shame Republicans into their past actions. They've raised the debt, 765 00:40:49,880 --> 00:40:53,040 Speaker 1: voted to raise the debt, sailing before, for example. They 766 00:40:53,280 --> 00:40:56,520 Speaker 1: it's been a bipartisan exercise. And it's also to make 767 00:40:56,560 --> 00:40:59,239 Speaker 1: sure or try to limit the fire that they'll have 768 00:40:59,719 --> 00:41:02,680 Speaker 1: and coming with with ads. It says that Democrats just 769 00:41:02,760 --> 00:41:06,040 Speaker 1: want to spence, spin, spin and raise dead etcetera. What 770 00:41:06,080 --> 00:41:08,640 Speaker 1: do you think about that, Jack? I think clearly the 771 00:41:08,680 --> 00:41:12,080 Speaker 1: Democrats are comfortable with holding a vote and then blaming 772 00:41:12,120 --> 00:41:15,640 Speaker 1: Republicans for blocking action on the dead The payoff you 773 00:41:15,640 --> 00:41:17,640 Speaker 1: make ads out of that later on the terms, I'm 774 00:41:17,640 --> 00:41:19,600 Speaker 1: not sure it's a great payoff. But this has been 775 00:41:19,640 --> 00:41:22,200 Speaker 1: such a slow rolling train where it has become very 776 00:41:22,200 --> 00:41:25,000 Speaker 1: obvious that the votes aren't there, and Democrats haven't changed 777 00:41:25,040 --> 00:41:27,479 Speaker 1: their mind that evidently this is part of the plan. 778 00:41:27,800 --> 00:41:30,040 Speaker 1: The big issue for the debt limit is it does 779 00:41:30,080 --> 00:41:32,480 Speaker 1: not really seem like there is a Plan B. They're 780 00:41:32,520 --> 00:41:34,839 Speaker 1: they're claiming they don't have enough time to go back 781 00:41:34,920 --> 00:41:37,880 Speaker 1: and in a partisan way through reconciliation address the debt limit. 782 00:41:38,200 --> 00:41:40,920 Speaker 1: It does not appear that that's true. Outside experts at 783 00:41:41,000 --> 00:41:44,200 Speaker 1: bipartisan policy centers say if you act now, you probably could, 784 00:41:44,600 --> 00:41:48,440 Speaker 1: but they aren't doing it. So the Plan B is 785 00:41:48,480 --> 00:41:52,319 Speaker 1: just not apparent. Is it in the current reconciliation bill? 786 00:41:52,360 --> 00:41:54,920 Speaker 1: And I'm just because I'm told they're not allowed to 787 00:41:54,960 --> 00:41:57,120 Speaker 1: do to it once? Though? Is that? Is there something 788 00:41:57,120 --> 00:41:59,200 Speaker 1: they could pull off in the House. It's possible to 789 00:41:59,239 --> 00:42:02,560 Speaker 1: do this. What I've heard from everybody is that to 790 00:42:02,600 --> 00:42:05,200 Speaker 1: do it through reconciliation they would need to go back 791 00:42:05,239 --> 00:42:09,440 Speaker 1: and amend their reconciliation instructions. That can be time consuming. 792 00:42:09,440 --> 00:42:11,399 Speaker 1: It seems like they probably have enough time, but they 793 00:42:11,400 --> 00:42:13,279 Speaker 1: need to do the markup again, the vote on the 794 00:42:13,280 --> 00:42:16,080 Speaker 1: instructions again, do the vote Arama in the Senate, and 795 00:42:16,120 --> 00:42:18,319 Speaker 1: then you can have multiple bills you don't even need 796 00:42:18,320 --> 00:42:19,720 Speaker 1: to pair it with your three and a half trillion 797 00:42:19,760 --> 00:42:22,000 Speaker 1: dollar bill. You can vote separately through reconciliation on a 798 00:42:22,040 --> 00:42:25,799 Speaker 1: debt limit measure and avoid a catastrophe. But because it's 799 00:42:25,840 --> 00:42:28,440 Speaker 1: time consuming, they really would It would probably take a 800 00:42:28,440 --> 00:42:30,759 Speaker 1: couple of weeks, and the deadline could be as soon 801 00:42:30,800 --> 00:42:33,239 Speaker 1: as about October fift so they need to do it 802 00:42:33,360 --> 00:42:35,919 Speaker 1: very very soon, and they're not doing it right now. 803 00:42:35,960 --> 00:42:39,360 Speaker 1: Mark's Andy Mario told us yesterday. He says October twenty 804 00:42:39,440 --> 00:42:43,160 Speaker 1: is the date that he's looking at our Democrats actually 805 00:42:43,200 --> 00:42:45,360 Speaker 1: playing with fire here. Is there a chance they wouldn't 806 00:42:45,360 --> 00:42:46,840 Speaker 1: make it in that case if you need two to 807 00:42:46,920 --> 00:42:49,160 Speaker 1: three weeks to get that done. If they don't, we 808 00:42:49,239 --> 00:42:53,040 Speaker 1: saw the last time with Republicans they I mean, this 809 00:42:53,080 --> 00:42:55,279 Speaker 1: is a big gambit for them if they don't meet 810 00:42:55,320 --> 00:42:58,640 Speaker 1: that deadline. I mean, the party in power is the 811 00:42:58,680 --> 00:43:02,719 Speaker 1: one that usually takes the blind a. Deadlines are of 812 00:43:02,760 --> 00:43:05,879 Speaker 1: course movable in this case, but maybe that that deat 813 00:43:05,920 --> 00:43:08,480 Speaker 1: ceiling is the one that that you can't really play with, 814 00:43:08,560 --> 00:43:10,200 Speaker 1: right Jack. I mean, they could kick the can on 815 00:43:10,280 --> 00:43:12,720 Speaker 1: funding the government maybe by a couple of weeks or whatever, 816 00:43:12,920 --> 00:43:15,839 Speaker 1: negotiate something that death ceiling is immovable here. Well, by 817 00:43:15,880 --> 00:43:18,200 Speaker 1: the way, if they if they mess up both of 818 00:43:18,200 --> 00:43:21,160 Speaker 1: these and there somehow ended up being a shutdown and 819 00:43:21,360 --> 00:43:24,040 Speaker 1: a violation of the debt limit, the shutdown wouldn't even 820 00:43:24,040 --> 00:43:27,640 Speaker 1: be the story that that would have negligible impact compared 821 00:43:27,680 --> 00:43:32,000 Speaker 1: to the default on payments. The issue with the debt 822 00:43:32,040 --> 00:43:35,040 Speaker 1: limit is they can't just move this. They can't fudge 823 00:43:35,080 --> 00:43:37,319 Speaker 1: the numbers after a certain point. But they don't know 824 00:43:37,440 --> 00:43:41,239 Speaker 1: exactly what the deadline is October fifteenth, October twenty. They 825 00:43:41,280 --> 00:43:44,560 Speaker 1: really are playing with fire because it is a cliff 826 00:43:44,600 --> 00:43:46,839 Speaker 1: that they fall off, and they don't know exactly where 827 00:43:46,880 --> 00:43:49,360 Speaker 1: the cliff is. But Democrats have promised Mario they're going 828 00:43:49,400 --> 00:43:51,040 Speaker 1: to handle this right, that they will make good on 829 00:43:51,080 --> 00:43:54,120 Speaker 1: this even without Republican support. Yes, and again it goes 830 00:43:54,160 --> 00:43:57,640 Speaker 1: back to Chuck Schumer mentioning that and other Democrats saying 831 00:43:57,640 --> 00:44:01,080 Speaker 1: that they will be the responsible ones here in handling 832 00:44:01,320 --> 00:44:04,759 Speaker 1: the country's day. But they're blowing days at least, if 833 00:44:04,760 --> 00:44:08,440 Speaker 1: not weeks on this exercise with Republicans. And and again 834 00:44:08,600 --> 00:44:11,400 Speaker 1: they're blowing days and weeks with the with the Republicans. 835 00:44:11,400 --> 00:44:14,000 Speaker 1: And then it's just also playing with fire in terms 836 00:44:14,160 --> 00:44:17,960 Speaker 1: of just the political onslaught. As Jack mentioned, if we 837 00:44:17,960 --> 00:44:20,920 Speaker 1: were to shut down, Democrats are likely to own that 838 00:44:21,160 --> 00:44:23,320 Speaker 1: no matter how they try to spend it. The latest 839 00:44:23,360 --> 00:44:26,040 Speaker 1: I've heard, though from the Budget Chairman John Yarmouth is 840 00:44:26,040 --> 00:44:29,280 Speaker 1: there appears to be in agreement by Camerly among Democrats 841 00:44:29,480 --> 00:44:32,960 Speaker 1: not to do reconciliation, and they're just gambling that Republicans 842 00:44:33,000 --> 00:44:36,480 Speaker 1: are going to change their minds. This is why next 843 00:44:36,520 --> 00:44:40,040 Speaker 1: week is gonna be wild. Love talking to you guys, 844 00:44:40,120 --> 00:44:42,920 Speaker 1: and I do appreciate it. Jack Fitzpatrick no stranger to 845 00:44:43,000 --> 00:44:46,080 Speaker 1: this broadcast. And how about Mario Parker come back? See 846 00:44:46,160 --> 00:44:49,759 Speaker 1: us Mario Bloomberg Politics team leader. I'm Joe Matthew. Have 847 00:44:49,880 --> 00:44:52,239 Speaker 1: a weekend. This is Bloomberg