1 00:00:05,680 --> 00:00:10,240 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on. 2 00:00:11,320 --> 00:00:13,240 Speaker 1: Plutin has made it very clear that he wants to 3 00:00:13,240 --> 00:00:16,840 Speaker 1: reunite the Silvan Union. Conde is not ethically constrained. Is 4 00:00:16,920 --> 00:00:20,560 Speaker 1: no such thing as risk free sanctions, but our risk 5 00:00:20,640 --> 00:00:23,400 Speaker 1: polerance has to rized in the face of an actual 6 00:00:23,560 --> 00:00:28,120 Speaker 1: land for India. Bloomberg Sound on Politics, Policy and Perspective 7 00:00:28,280 --> 00:00:31,760 Speaker 1: from DC's top Name. There is society that the economy 8 00:00:31,880 --> 00:00:35,919 Speaker 1: is not super robust. Pennsylvania has there's a structurally deficient 9 00:00:35,960 --> 00:00:38,240 Speaker 1: bridge that the need has been pronounced for a while, 10 00:00:38,280 --> 00:00:41,520 Speaker 1: and Joe Biden got it done. Bloomberg Sound On with 11 00:00:41,680 --> 00:00:46,760 Speaker 1: Joe Matthew on Bloomberg Radio. The drive to band insider 12 00:00:46,840 --> 00:00:51,080 Speaker 1: trading in Congress is gaining momentum, while the diplomatic standoff 13 00:00:51,080 --> 00:00:54,120 Speaker 1: with Russia continues on the other side of the world. 14 00:00:54,120 --> 00:00:58,360 Speaker 1: We'll discuss both with Representative Abigail Spanburger, Democrat from Virginia, 15 00:00:58,480 --> 00:01:02,280 Speaker 1: former CIA officer who now serves on the House Foreign 16 00:01:02,320 --> 00:01:07,080 Speaker 1: Affairs Committee, now sponsoring legislation to banned lawmakers from trading stocks. 17 00:01:07,120 --> 00:01:10,480 Speaker 1: She's up first on the Fastest Hour in Politics, and 18 00:01:10,600 --> 00:01:14,480 Speaker 1: later as Congress debates the future of defense spending post Afghanistan. 19 00:01:14,520 --> 00:01:17,280 Speaker 1: We'll get into the fine print with Todd Harrison from 20 00:01:17,319 --> 00:01:20,440 Speaker 1: the Center for Strategic and International Studies our panel today. 21 00:01:20,720 --> 00:01:24,600 Speaker 1: Bloomberg Politics contributor Republican strategist Rick Davis is with us, 22 00:01:24,600 --> 00:01:29,360 Speaker 1: along with Samantha Carl Yoder, Democratic strategist, policy director at Brownstein, 23 00:01:29,440 --> 00:01:31,640 Speaker 1: Hyatt Farber, and Shrek. The House set to pass a 24 00:01:31,680 --> 00:01:33,240 Speaker 1: short term bill. By the way, I want to mention 25 00:01:33,280 --> 00:01:37,240 Speaker 1: off the top to fund government operations through March eleven. 26 00:01:37,360 --> 00:01:39,120 Speaker 1: That's going to be the deal here then goes to 27 00:01:39,160 --> 00:01:41,160 Speaker 1: the Senate. Leaders seemed to think that will buy them 28 00:01:41,240 --> 00:01:45,280 Speaker 1: enough time to craft an actual budget. We want to 29 00:01:45,280 --> 00:01:48,520 Speaker 1: bring in Representative Abigail Spanburger to start things off, Democrat 30 00:01:48,600 --> 00:01:53,320 Speaker 1: from the northern suburbs of Richmond, Virginia, with some thoughts 31 00:01:53,320 --> 00:01:56,480 Speaker 1: on a few things, including well, let's get started. Congresswoman, 32 00:01:56,520 --> 00:01:59,440 Speaker 1: welcome back to Bloomberg. Thank you so very much for 33 00:01:59,480 --> 00:02:01,400 Speaker 1: having me. I'm looking forward to your thoughts on a 34 00:02:01,400 --> 00:02:04,920 Speaker 1: few things, including your push to ban insider trading in Congress. 35 00:02:05,640 --> 00:02:07,880 Speaker 1: But first, as a member of the Foreign Relations Committee, 36 00:02:07,920 --> 00:02:10,440 Speaker 1: you're dealing with Russia and Ukraine every day, and you 37 00:02:10,520 --> 00:02:13,359 Speaker 1: know more about it than most it, Congresswoman, it does 38 00:02:13,360 --> 00:02:16,480 Speaker 1: not feel like we're moving away from conflict today. We're 39 00:02:16,520 --> 00:02:18,720 Speaker 1: hearing reports now of Russia going so far as to 40 00:02:19,240 --> 00:02:22,480 Speaker 1: even send blood supplies to the Ukrainian border. Do you 41 00:02:22,520 --> 00:02:26,880 Speaker 1: believe Vladimir Putin will invade? So what I do know 42 00:02:27,000 --> 00:02:30,880 Speaker 1: is that Russia continues to take really aggressive depths to 43 00:02:31,040 --> 00:02:34,440 Speaker 1: undermine international norms around the world. I do know that 44 00:02:34,880 --> 00:02:37,920 Speaker 1: at this point Russia has about sevent of their military 45 00:02:37,960 --> 00:02:41,960 Speaker 1: forces and equipment along the Ukrainian border, um and that's 46 00:02:42,080 --> 00:02:45,480 Speaker 1: what would presumably not presumably that's what we know would 47 00:02:45,480 --> 00:02:49,600 Speaker 1: be um necessary for a full scale invasion. UM. So 48 00:02:49,720 --> 00:02:52,440 Speaker 1: at this point in time, you know, we know that 49 00:02:52,520 --> 00:02:56,840 Speaker 1: Russia is preparing for potentially the worst case scenario, and 50 00:02:56,880 --> 00:02:59,120 Speaker 1: so the United States, of course should be as well. 51 00:02:59,360 --> 00:03:01,919 Speaker 1: Our lawmaker is closer to finding agreement on a sanctions 52 00:03:01,919 --> 00:03:05,160 Speaker 1: package now that he's indicated, at least as we understood 53 00:03:05,200 --> 00:03:07,320 Speaker 1: from his public statements, that he's on board with whatever 54 00:03:07,440 --> 00:03:09,480 Speaker 1: the US is planning to do or whatever our NATO 55 00:03:09,520 --> 00:03:12,880 Speaker 1: allies are prepared for. Yeah. So, certainly seeing the President 56 00:03:12,960 --> 00:03:16,680 Speaker 1: Biden and German the German Chancellor kind of giving a 57 00:03:16,800 --> 00:03:21,320 Speaker 1: united message articulating, uh that the United States and our 58 00:03:21,400 --> 00:03:24,280 Speaker 1: our partners are working in long locksteps along with the 59 00:03:24,320 --> 00:03:27,440 Speaker 1: rest of our allies. Is an important signal. Certainly on 60 00:03:27,480 --> 00:03:31,680 Speaker 1: the congressional side, there is broad support and agreement that 61 00:03:31,760 --> 00:03:36,000 Speaker 1: we need to uphold democratic values, ensure a strong stance 62 00:03:36,680 --> 00:03:40,200 Speaker 1: as it relates to an ever aggressive Russia. UM. And 63 00:03:40,280 --> 00:03:43,400 Speaker 1: certainly doing that in a united way with our with 64 00:03:43,520 --> 00:03:48,640 Speaker 1: our European counterparts is an important one. So we're certainly 65 00:03:48,680 --> 00:03:52,880 Speaker 1: moving forward. UH. No, no legislation that will be receiving 66 00:03:52,880 --> 00:03:57,440 Speaker 1: a vote today. UM, but I think notably, UM, we're 67 00:03:57,480 --> 00:03:59,960 Speaker 1: working to make sure everyone's on the same page. It's 68 00:04:00,080 --> 00:04:02,120 Speaker 1: been curious to see this partisan debate about whether to 69 00:04:02,160 --> 00:04:06,800 Speaker 1: trigger sanctions immediately, hold something for later versus holding everything 70 00:04:06,880 --> 00:04:10,240 Speaker 1: for a possible invasion. As a Democrat, are you in 71 00:04:10,320 --> 00:04:13,560 Speaker 1: the hold everything for a possible invasion camp? Well, I 72 00:04:13,600 --> 00:04:16,039 Speaker 1: think my my first frame of references as a former 73 00:04:16,120 --> 00:04:19,839 Speaker 1: CIA officer, former case officer, I worked undercover for the 74 00:04:19,960 --> 00:04:22,599 Speaker 1: entirety of my time with the agency, and UH was 75 00:04:23,040 --> 00:04:26,960 Speaker 1: certainly focused on a whole host of international security issues, UH, 76 00:04:27,440 --> 00:04:30,600 Speaker 1: Russia and our relationship with Russia being among them. So 77 00:04:30,680 --> 00:04:33,400 Speaker 1: I am in the camp of kind of taking the 78 00:04:33,440 --> 00:04:36,440 Speaker 1: right steps at the right time. I am not one 79 00:04:36,560 --> 00:04:39,200 Speaker 1: to predetermine what that what that is because this is 80 00:04:39,480 --> 00:04:43,200 Speaker 1: an ever evolving circumstance and certainly, as we see, we 81 00:04:43,240 --> 00:04:46,520 Speaker 1: should be ready for any possible contingency. We should be 82 00:04:46,560 --> 00:04:49,039 Speaker 1: ready to punch as hard as we can as it 83 00:04:49,080 --> 00:04:52,400 Speaker 1: relates to sanctions UM at whatever point in time we 84 00:04:52,480 --> 00:04:56,479 Speaker 1: decide to move in that direction, and I I'm not 85 00:04:56,560 --> 00:04:58,840 Speaker 1: predetermining what that time is. I want to ask you 86 00:04:58,880 --> 00:05:01,960 Speaker 1: more about your view as a former CIA officer. Do 87 00:05:02,000 --> 00:05:04,680 Speaker 1: we have the intelligence we need on the ground in 88 00:05:04,800 --> 00:05:07,880 Speaker 1: Russia or Ukraine for that matter, but specifically Russia to 89 00:05:07,960 --> 00:05:11,640 Speaker 1: understand what is happening before it happens. I mean, I 90 00:05:11,640 --> 00:05:16,000 Speaker 1: think we certainly have incredibly strong intelligence. Certainly you've seen 91 00:05:16,200 --> 00:05:19,320 Speaker 1: in recent days the administration and the intelligence agencies have 92 00:05:19,400 --> 00:05:23,080 Speaker 1: made public a number of things related to Russian actions, 93 00:05:23,160 --> 00:05:26,320 Speaker 1: Russian plans and intentions UH that would have only been 94 00:05:26,360 --> 00:05:32,080 Speaker 1: garnered through excellent UM and strong intelligence collection. But I 95 00:05:32,120 --> 00:05:36,360 Speaker 1: think any intelligence professional UH present or past, would say 96 00:05:36,400 --> 00:05:38,520 Speaker 1: that you you never fully know what it is you 97 00:05:38,600 --> 00:05:41,840 Speaker 1: don't know UM. So certainly we should always be looking 98 00:05:41,839 --> 00:05:43,440 Speaker 1: with a critical eye towards what it is that we 99 00:05:43,480 --> 00:05:47,160 Speaker 1: do know UM and recognize that there there may always 100 00:05:47,160 --> 00:05:50,320 Speaker 1: be potential UM gaps or additional things that we should 101 00:05:50,320 --> 00:05:53,640 Speaker 1: be collecting on. We're spending time with Congresswoman Abigail span Burger, 102 00:05:53,680 --> 00:05:56,560 Speaker 1: Democrat from Virginia here on Bloomberg Sound On, and I'd 103 00:05:56,600 --> 00:05:58,960 Speaker 1: like to ask you about the personal trading band that 104 00:05:59,000 --> 00:06:01,119 Speaker 1: you're pursuing from members of Congress. It's one of several 105 00:06:01,160 --> 00:06:03,840 Speaker 1: efforts that we've talked about on this program to stop 106 00:06:03,880 --> 00:06:10,400 Speaker 1: insider trading on Capitol Hill. Is this about perception or practice? Congressmen, 107 00:06:10,400 --> 00:06:12,919 Speaker 1: why not just begin by enforcing the laws already on 108 00:06:12,960 --> 00:06:16,520 Speaker 1: the books. Well, so you know, at this point in time, 109 00:06:17,000 --> 00:06:20,359 Speaker 1: I think perception is reality. We as members of Congress 110 00:06:20,360 --> 00:06:23,039 Speaker 1: should want to avoid not only impropriety, but even the 111 00:06:23,200 --> 00:06:27,279 Speaker 1: perception of impropriety UM. And what we do know is 112 00:06:27,360 --> 00:06:31,360 Speaker 1: in the early days, as there were allegations of various 113 00:06:31,400 --> 00:06:35,160 Speaker 1: different members of the House of Representatives and Senators who 114 00:06:35,200 --> 00:06:38,880 Speaker 1: were buying and selling stocks that to the average person 115 00:06:39,279 --> 00:06:43,000 Speaker 1: appeared to be related to the pandemic UM and presumably 116 00:06:43,080 --> 00:06:46,279 Speaker 1: to information they would have had UM as members of 117 00:06:46,320 --> 00:06:49,800 Speaker 1: Congress related to that pandemic. But those individuals have all 118 00:06:49,839 --> 00:06:54,599 Speaker 1: been exonerated of any wrongdoing. Right. But that's that's so 119 00:06:54,720 --> 00:06:58,040 Speaker 1: the you know, the law as it exists is working, 120 00:06:58,200 --> 00:07:02,800 Speaker 1: is functioning. Um. But but what we then continue to 121 00:07:02,839 --> 00:07:05,719 Speaker 1: see is the American public saying, yeah, yeah, that doesn't 122 00:07:05,720 --> 00:07:08,120 Speaker 1: really pass the smell test. That doesn't look right to me. 123 00:07:08,320 --> 00:07:11,240 Speaker 1: That makes me think that Congress is all you know, 124 00:07:11,360 --> 00:07:14,880 Speaker 1: up on Capitol Hill, uh, focused on their own financial 125 00:07:14,920 --> 00:07:16,800 Speaker 1: portfolios more so than they are the needs of the 126 00:07:16,840 --> 00:07:20,640 Speaker 1: American people. And and so this isn't an issue of 127 00:07:20,720 --> 00:07:26,920 Speaker 1: kind of tightening further tightening um uh ramifications of existing law, 128 00:07:26,920 --> 00:07:29,520 Speaker 1: because I would argue to the existing law isn't working. 129 00:07:29,680 --> 00:07:32,040 Speaker 1: The fact that when there are reports out that members 130 00:07:32,080 --> 00:07:34,600 Speaker 1: of Congress or Senators are buying and selling this, and 131 00:07:34,640 --> 00:07:39,400 Speaker 1: the American people collective responces, oh yeah, well that checks out. Um, 132 00:07:39,520 --> 00:07:42,880 Speaker 1: then we're we're obviously not doing enough. And so for me, 133 00:07:43,040 --> 00:07:47,520 Speaker 1: the solution is, um, if the American people, generally speaking 134 00:07:47,560 --> 00:07:50,000 Speaker 1: across the board, view it that us being able to 135 00:07:50,000 --> 00:07:53,400 Speaker 1: buy and sell individual stocks is in impetus or creates 136 00:07:53,400 --> 00:07:55,480 Speaker 1: the space where we might be putting our own priorities, 137 00:07:55,480 --> 00:07:58,520 Speaker 1: our own financial best interests, ahead of the best interesting 138 00:07:58,560 --> 00:08:01,000 Speaker 1: American people, then we shouldn't outright advantage. Do you need 139 00:08:01,040 --> 00:08:02,840 Speaker 1: the support of the Speaker on this? Do you need 140 00:08:02,920 --> 00:08:05,360 Speaker 1: Nancy Pelosi on board? I understand she doesn't see them 141 00:08:05,360 --> 00:08:09,120 Speaker 1: as as necessary, you know, I mean we're working at 142 00:08:09,120 --> 00:08:12,040 Speaker 1: this point in time. We have, um, you know, more 143 00:08:12,120 --> 00:08:15,200 Speaker 1: than I just got notification. We just added another co sponsor. 144 00:08:15,280 --> 00:08:18,080 Speaker 1: So we're forty five or more co sponsors on this 145 00:08:18,160 --> 00:08:24,000 Speaker 1: legislation Democrats and Republicans. Certainly, Chuck Schumer just came out publicly, um, 146 00:08:24,040 --> 00:08:27,280 Speaker 1: saying that, um, you know that that he supports it 147 00:08:27,360 --> 00:08:32,400 Speaker 1: in principle. UM. And you know, really, um, you know 148 00:08:32,440 --> 00:08:35,920 Speaker 1: how to get by partisan momentum going is really it's 149 00:08:36,360 --> 00:08:39,679 Speaker 1: as we move this forward. Um. And so you know, 150 00:08:40,200 --> 00:08:44,920 Speaker 1: my my goal is to make sure that the Speaker 151 00:08:44,920 --> 00:08:47,360 Speaker 1: of the House recognizes just how important this is. Because 152 00:08:47,400 --> 00:08:50,240 Speaker 1: it's certainly important to the American people, it's certainly important 153 00:08:50,280 --> 00:08:52,040 Speaker 1: to the members of Congress that have already taken the 154 00:08:52,040 --> 00:08:54,600 Speaker 1: steps of co sponsoring is, and it appears to be 155 00:08:54,720 --> 00:08:57,960 Speaker 1: ever increasingly important to members of the United States Center. 156 00:08:57,960 --> 00:09:00,880 Speaker 1: And this covers spouses, right, The Trust to Congress acts 157 00:09:00,880 --> 00:09:04,840 Speaker 1: cover spouses of lawmakers. Our bill covers spouses, So it 158 00:09:04,840 --> 00:09:07,720 Speaker 1: would it would make sure it would prohibit members of Congress, 159 00:09:07,760 --> 00:09:11,520 Speaker 1: their spouses, or their dependent children from buying or selling 160 00:09:11,559 --> 00:09:14,960 Speaker 1: individual stocks. If you have stocks when you get to Congress, 161 00:09:15,000 --> 00:09:16,439 Speaker 1: you can sell them before you get here. You can 162 00:09:16,440 --> 00:09:19,360 Speaker 1: put them in a blind trust. Um. It's pretty straightforward. 163 00:09:19,440 --> 00:09:21,240 Speaker 1: Those of us in the financial news business are pretty 164 00:09:21,240 --> 00:09:24,120 Speaker 1: familiar with policies like these, and sometimes I wonder if 165 00:09:24,480 --> 00:09:27,240 Speaker 1: if those are as strict on Capitol Hill, President Biden's 166 00:09:27,280 --> 00:09:29,160 Speaker 1: go into your town, it's your district at least to 167 00:09:29,160 --> 00:09:31,280 Speaker 1: talk about his economic agenda and in a couple of days, 168 00:09:31,760 --> 00:09:35,320 Speaker 1: does that mean Democrats will continue to pursue the Build 169 00:09:35,320 --> 00:09:38,480 Speaker 1: Back Better plan this year? I you know, I I 170 00:09:39,240 --> 00:09:41,280 Speaker 1: can speak to what it is I'm pursuing, which is 171 00:09:41,600 --> 00:09:44,440 Speaker 1: I'm pursuing policies that are going to lower the cost 172 00:09:44,480 --> 00:09:47,920 Speaker 1: of prescription drugs. That's why I support HR three, the 173 00:09:47,960 --> 00:09:50,760 Speaker 1: lower prescription drug costs Now, It's why I was a 174 00:09:50,840 --> 00:09:54,560 Speaker 1: major advocate of the prescription drugs related policies in the 175 00:09:54,559 --> 00:09:56,920 Speaker 1: Build Back Better framework that we passed out of the House, 176 00:09:57,000 --> 00:10:00,240 Speaker 1: or at least parts of Build Back Better, whether whether 177 00:10:00,280 --> 00:10:03,040 Speaker 1: it becomes part of a larger piece of legislation or 178 00:10:03,080 --> 00:10:06,040 Speaker 1: moves the standalone I mean the legislation that we passed 179 00:10:06,040 --> 00:10:08,600 Speaker 1: out of the House UM, either HR three or as 180 00:10:08,600 --> 00:10:11,079 Speaker 1: part of the build deck that are Act framework. I 181 00:10:11,080 --> 00:10:14,880 Speaker 1: mean this. We're talking cost savings. Cost savings not not 182 00:10:14,960 --> 00:10:18,360 Speaker 1: only to the consumer, to the individual that is, you know, 183 00:10:18,400 --> 00:10:21,320 Speaker 1: spending um, you know, months after months wondering how they 184 00:10:21,400 --> 00:10:24,440 Speaker 1: might pay for their prescription drugs, but also cost savings 185 00:10:24,440 --> 00:10:27,600 Speaker 1: to the United States government UM in allowing Medicare to 186 00:10:27,600 --> 00:10:30,640 Speaker 1: be able to negotiate prescription drug costs and UM in 187 00:10:31,040 --> 00:10:35,160 Speaker 1: fact recognizing that the benefit here is not only to 188 00:10:35,200 --> 00:10:39,360 Speaker 1: be individual but to the to the fiscal um kind 189 00:10:39,360 --> 00:10:41,600 Speaker 1: of fiscal future of our country I think is important. 190 00:10:41,720 --> 00:10:43,960 Speaker 1: So you famously said to the New York Times after 191 00:10:44,000 --> 00:10:47,840 Speaker 1: the Virginia elections that nobody elected the president to be FDR. 192 00:10:47,920 --> 00:10:50,480 Speaker 1: They elected him to be normal and stop the chaos. 193 00:10:50,600 --> 00:10:53,600 Speaker 1: That line was repeated a lot of times. It was 194 00:10:53,640 --> 00:10:56,640 Speaker 1: the basis for a lot of political segments as you 195 00:10:56,679 --> 00:10:59,040 Speaker 1: head into the midterm elections. Did the President hear you? 196 00:11:01,480 --> 00:11:03,600 Speaker 1: I believe that the President has heard me. Certainly, I 197 00:11:03,640 --> 00:11:07,040 Speaker 1: know he's talked to me directly about that. UM and uh, 198 00:11:07,320 --> 00:11:09,600 Speaker 1: it sounds almost like something he would say. Actually, did 199 00:11:09,640 --> 00:11:13,400 Speaker 1: he appreciate it. He had a good lap. Actually, we 200 00:11:13,480 --> 00:11:17,439 Speaker 1: had a pretty pretty funny conversation about that. Um And 201 00:11:17,520 --> 00:11:19,720 Speaker 1: you know, and what I was able to communicate to him, 202 00:11:19,760 --> 00:11:22,559 Speaker 1: and certainly I'll reiterate when he comes to our district, 203 00:11:22,640 --> 00:11:24,960 Speaker 1: is that, you know, the American people continue to be 204 00:11:25,040 --> 00:11:29,120 Speaker 1: challenged by the ongoing impact of the pandemic, and um, 205 00:11:29,160 --> 00:11:32,240 Speaker 1: you know, while we're moving in the right direction, while 206 00:11:32,360 --> 00:11:35,600 Speaker 1: the American Rescue Plan allowed us to save businesses kind 207 00:11:35,600 --> 00:11:37,800 Speaker 1: of vote across the country, where the American Rescue Plan 208 00:11:37,840 --> 00:11:40,480 Speaker 1: allowed us to make billions of dollars investments in our 209 00:11:40,520 --> 00:11:43,480 Speaker 1: schools and our localities to really kind of stabilize our communities, 210 00:11:43,559 --> 00:11:47,160 Speaker 1: do massive vaccine programs. You know, people are still facing 211 00:11:47,280 --> 00:11:51,160 Speaker 1: challenges in in everyday life. Congresswoman Abigail span Burger, Democrat 212 00:11:51,200 --> 00:11:53,800 Speaker 1: from Virginia, I thank you for the time. I'm way 213 00:11:53,840 --> 00:11:55,880 Speaker 1: over mine, I know that much. Thanks for being here, 214 00:11:56,120 --> 00:11:59,400 Speaker 1: thanks for having me. Appreciate it. So President Biden's taken 215 00:11:59,440 --> 00:12:03,880 Speaker 1: the next trip outside the bubble so nearby Virginia, promising, 216 00:12:04,559 --> 00:12:06,720 Speaker 1: of course, promising he would be traveling a lot more 217 00:12:06,800 --> 00:12:08,160 Speaker 1: this year. He's been trying to make good on it. 218 00:12:08,240 --> 00:12:12,160 Speaker 1: Axios was first to report, and the congresswoman just confirmed 219 00:12:12,160 --> 00:12:14,560 Speaker 1: here on Bloomberg Sound On that the President will be 220 00:12:14,559 --> 00:12:18,800 Speaker 1: in the Richmond area Thursday to promote his economic plans. 221 00:12:18,880 --> 00:12:20,920 Speaker 1: It's part of a week long drive by the administration 222 00:12:20,920 --> 00:12:24,560 Speaker 1: to address rising prices. Remembering the big inflation report. The 223 00:12:24,559 --> 00:12:27,840 Speaker 1: CPI is out the morning of that event on Thursday, 224 00:12:28,040 --> 00:12:29,800 Speaker 1: and you better believe we'll be talking a lot more 225 00:12:29,840 --> 00:12:32,600 Speaker 1: about it then. Coming up, we assemble the panel. Bloomberg 226 00:12:32,640 --> 00:12:36,760 Speaker 1: Politics contributor Republican strategist Rick Davis, along with Democratic strategist 227 00:12:36,760 --> 00:12:40,160 Speaker 1: Samantha Carl Yodert joining us today on sound On. I'm 228 00:12:40,240 --> 00:12:46,480 Speaker 1: Joe Matthew. This is Bloomberg. You're listening to Bloomberg Sound 229 00:12:46,520 --> 00:12:52,720 Speaker 1: On with Joe Matthew on Bloomberg Radio. One year into 230 00:12:52,800 --> 00:12:56,440 Speaker 1: his presidency, Joe Biden has his lowest approval ratings yet. 231 00:12:57,320 --> 00:13:01,200 Speaker 1: So we'll traveling the country, going to Virginia Congresswoman Span 232 00:13:01,280 --> 00:13:04,959 Speaker 1: Burger's district help him recover. Let's assemble the panel now. 233 00:13:05,000 --> 00:13:08,760 Speaker 1: Bloomberg Politics contributor and Republican strategist Rick Davis is with 234 00:13:08,840 --> 00:13:12,840 Speaker 1: us today along with Democratic strategist Samantha Carl Yoder, policy 235 00:13:12,880 --> 00:13:17,000 Speaker 1: director of Brownstein Hyatt, Farber, Shrek, Welcome to both of you. Rick, 236 00:13:17,080 --> 00:13:19,319 Speaker 1: Is this the best time to restart the sales pitch? 237 00:13:19,440 --> 00:13:22,360 Speaker 1: I guess on build back better when we're engaged in 238 00:13:22,400 --> 00:13:25,679 Speaker 1: an international standoff with Vladimir Putin? Or or is that 239 00:13:25,720 --> 00:13:28,200 Speaker 1: the point? I think the point is that he is 240 00:13:28,280 --> 00:13:30,360 Speaker 1: running out of time, and so as much as he 241 00:13:30,360 --> 00:13:32,679 Speaker 1: would love to have a clear field to articulate a 242 00:13:32,760 --> 00:13:36,120 Speaker 1: message on the economy and not have Russia hanging over him, 243 00:13:36,200 --> 00:13:39,000 Speaker 1: he's got it, and so um in order to take 244 00:13:39,000 --> 00:13:41,319 Speaker 1: advantage of the fact that you only have ten more 245 00:13:41,360 --> 00:13:44,160 Speaker 1: months left in this election cycle, he's got to get out. 246 00:13:44,200 --> 00:13:46,040 Speaker 1: He said he was going to get out and promote 247 00:13:46,040 --> 00:13:48,360 Speaker 1: his plan, and that's exactly what he's doing. And frankly, 248 00:13:48,400 --> 00:13:50,320 Speaker 1: that's probably exactly what he ought to do. I I 249 00:13:50,320 --> 00:13:51,920 Speaker 1: if I were one of his advisors, I tell him, 250 00:13:51,920 --> 00:13:54,880 Speaker 1: don't even come back to Washington, stay out there, because 251 00:13:55,040 --> 00:13:57,199 Speaker 1: right now nobody believes his plan. I mean, he has 252 00:13:57,320 --> 00:14:00,680 Speaker 1: absolutely no confidence in the American public around his un 253 00:14:00,760 --> 00:14:04,160 Speaker 1: economic plan. And unless he improves that, it's very it's 254 00:14:04,200 --> 00:14:06,520 Speaker 1: gonna be very hard for him to make a convincing argument. 255 00:14:06,800 --> 00:14:09,400 Speaker 1: This is why Democrats should still be running Washington. Where 256 00:14:09,440 --> 00:14:12,600 Speaker 1: are you on this, Samantha. Obviously he's had a lot 257 00:14:12,640 --> 00:14:15,599 Speaker 1: of opportunity to play commander in chief lately with the 258 00:14:15,640 --> 00:14:19,160 Speaker 1: whole situation surrounding Ukraine. Does he need to be Uncle Joe? Also, 259 00:14:19,440 --> 00:14:22,720 Speaker 1: you know, traveling the country shaking hands, doing rope lines 260 00:14:22,760 --> 00:14:25,840 Speaker 1: and talking about build back Better, even though it's been 261 00:14:25,920 --> 00:14:29,120 Speaker 1: left on the shelf for now. He's the President of 262 00:14:29,160 --> 00:14:31,600 Speaker 1: the United States, and so his ability to pivot and 263 00:14:31,640 --> 00:14:34,560 Speaker 1: do multiple things is why he is president. I think 264 00:14:34,600 --> 00:14:36,200 Speaker 1: he's doing the right thing. I think he should be 265 00:14:36,240 --> 00:14:38,520 Speaker 1: out in Virginia. He should be out selling his plan, 266 00:14:38,960 --> 00:14:41,480 Speaker 1: showing what he's doing for the American people. The economy 267 00:14:41,520 --> 00:14:44,240 Speaker 1: is in a better place. You have an increase in jobs, 268 00:14:44,680 --> 00:14:47,880 Speaker 1: you have um individuals who are now doing better than 269 00:14:47,920 --> 00:14:51,160 Speaker 1: they were under previous administrations. I think, yes, you have 270 00:14:51,280 --> 00:14:53,320 Speaker 1: some issues for in policy wise. I think they are 271 00:14:53,400 --> 00:14:58,080 Speaker 1: working every angle they possibly can on Russia, Ukraine, on China. 272 00:14:58,440 --> 00:15:01,280 Speaker 1: But frankly, he is working to deliver something and he 273 00:15:01,280 --> 00:15:03,560 Speaker 1: wants to have something that he can say during the 274 00:15:03,560 --> 00:15:05,880 Speaker 1: State of the Union. Justin March, Rick, what did you 275 00:15:05,920 --> 00:15:09,400 Speaker 1: make of the congresswoman's comments on build Back Better? I 276 00:15:09,400 --> 00:15:12,000 Speaker 1: I'm actually kind of surprised that the brand is still 277 00:15:12,120 --> 00:15:15,000 Speaker 1: is still echoing and that we're discussing some of these 278 00:15:15,000 --> 00:15:17,400 Speaker 1: policies that would not likely get the support of the 279 00:15:17,480 --> 00:15:19,840 Speaker 1: Joe Mansions or Kirston cinemas of the world. And has 280 00:15:19,880 --> 00:15:22,200 Speaker 1: any of that change. Yeah, I think the thing that 281 00:15:22,320 --> 00:15:24,440 Speaker 1: the Democrats seem to be focused on is they they're 282 00:15:24,440 --> 00:15:27,680 Speaker 1: convinced these policies are popular, right and so regardless of 283 00:15:27,680 --> 00:15:31,360 Speaker 1: whether it's package inside of a build Back Better pitch, 284 00:15:31,480 --> 00:15:34,600 Speaker 1: when many Democrats have dropped that completely. We certainly know 285 00:15:34,680 --> 00:15:38,560 Speaker 1: Joe Manchin has, but others are talking a lot about 286 00:15:38,640 --> 00:15:41,040 Speaker 1: the need to be able to try and pass legislation 287 00:15:41,120 --> 00:15:44,200 Speaker 1: dealing with the child tax credit and and and you 288 00:15:44,240 --> 00:15:47,400 Speaker 1: know early family even things like that. So, um, they 289 00:15:48,120 --> 00:15:49,640 Speaker 1: look at the polls and they say, Wow, these things 290 00:15:49,640 --> 00:15:52,520 Speaker 1: are really popular. But what they I think missing is, 291 00:15:52,880 --> 00:15:55,640 Speaker 1: uh that this is not what's driving the anxiety of 292 00:15:55,680 --> 00:15:59,320 Speaker 1: the American public right now. It's inflation, it's you know, 293 00:15:59,640 --> 00:16:03,200 Speaker 1: getting through COVID. Uh, there are a whole stack issues 294 00:16:03,240 --> 00:16:06,840 Speaker 1: that are much more priority than than than just the 295 00:16:06,840 --> 00:16:10,160 Speaker 1: popular things in the old Bill Back Better plan. Of course, Samantha, 296 00:16:10,200 --> 00:16:11,960 Speaker 1: the administration would tell you that this is how to 297 00:16:12,000 --> 00:16:14,560 Speaker 1: handle inflation that you did you pass build back better. 298 00:16:15,040 --> 00:16:16,880 Speaker 1: And I wonder if when you look at this and 299 00:16:16,880 --> 00:16:20,040 Speaker 1: pull back a little bit thirty foot view, which components 300 00:16:20,040 --> 00:16:23,040 Speaker 1: of this bill have you constructed in your head when 301 00:16:23,040 --> 00:16:25,200 Speaker 1: you're falling asleep at night. I won't push that too 302 00:16:25,200 --> 00:16:27,920 Speaker 1: far here, but when you know, when you squint your eyes, 303 00:16:27,960 --> 00:16:30,360 Speaker 1: Samantha and you think about Joe Mansion over there, and 304 00:16:30,760 --> 00:16:33,480 Speaker 1: Kirsten Cinema over here, and some of the things that 305 00:16:33,520 --> 00:16:37,160 Speaker 1: we're working pretty well pre K, Universal pre K, like 306 00:16:37,280 --> 00:16:40,240 Speaker 1: Rick mentioned, maybe the expanded child tax credit. What does 307 00:16:40,280 --> 00:16:46,000 Speaker 1: that bill look like? It is increasingly complicated, and I think, 308 00:16:46,040 --> 00:16:48,840 Speaker 1: certainly if you're talking a lot smaller than the one proposed, 309 00:16:48,840 --> 00:16:52,120 Speaker 1: though right, it's going to be smaller than the one proposed, right. 310 00:16:52,200 --> 00:16:53,680 Speaker 1: I think what you're going to look at the end 311 00:16:53,720 --> 00:16:56,400 Speaker 1: of the day. I see energy tax credits, uh, the 312 00:16:56,520 --> 00:16:59,000 Speaker 1: energy portion of that bill sort of floating to the top. 313 00:16:59,360 --> 00:17:01,280 Speaker 1: I think you're gonna have portions of the child tax 314 00:17:01,320 --> 00:17:04,159 Speaker 1: credit that go forward, certainly universal pre K. You know 315 00:17:04,320 --> 00:17:07,560 Speaker 1: the conversations that the President and Senator Mansion have been having. 316 00:17:07,800 --> 00:17:10,080 Speaker 1: I think that's where things are at. I think the 317 00:17:10,160 --> 00:17:12,600 Speaker 1: question is going to be what is it that you 318 00:17:12,640 --> 00:17:16,120 Speaker 1: slice and dice? And I think, certainly from where Senator 319 00:17:16,119 --> 00:17:19,000 Speaker 1: Mansion is and what he's looking at from his constituency, 320 00:17:19,080 --> 00:17:21,240 Speaker 1: the energy tax credits are really where his focus is 321 00:17:21,240 --> 00:17:24,359 Speaker 1: going to be. I think, though you're right to address inflation, 322 00:17:24,480 --> 00:17:27,240 Speaker 1: you need to address these issues to get more people 323 00:17:27,280 --> 00:17:29,439 Speaker 1: back into the workplace so you can spur jobs and 324 00:17:29,440 --> 00:17:31,399 Speaker 1: to actually have economic growth, you need to have some 325 00:17:31,440 --> 00:17:33,200 Speaker 1: of these child tax credits that you can have women 326 00:17:33,240 --> 00:17:36,679 Speaker 1: back in the workforce. Certainly, that's something I personally feel, 327 00:17:36,800 --> 00:17:39,359 Speaker 1: and um, I understand where they're coming from. I think 328 00:17:39,520 --> 00:17:41,600 Speaker 1: all roads right now lead through Senator Mansion, and that's 329 00:17:41,600 --> 00:17:44,240 Speaker 1: where the conversations at. Man, how are you still talking 330 00:17:44,240 --> 00:17:48,560 Speaker 1: about this in February? I feel like I I fell 331 00:17:48,600 --> 00:17:52,280 Speaker 1: into a time warp, Rick, with what you're seeing with Ukraine, 332 00:17:52,280 --> 00:17:55,640 Speaker 1: with Russian Germany's chancellor has left. He had a meeting 333 00:17:55,720 --> 00:17:58,359 Speaker 1: last evening with some of the leaders from Capitol Hill, 334 00:17:58,400 --> 00:18:01,679 Speaker 1: which I find fascinating. Menendez Rich up there talking sanctions 335 00:18:02,160 --> 00:18:05,439 Speaker 1: with Chancellor Shoulza that at the German embassy. Rick, What 336 00:18:05,480 --> 00:18:08,600 Speaker 1: does the president have to do? Uh? If anything? Right now? 337 00:18:08,720 --> 00:18:11,760 Speaker 1: Is the ball in Vladimir Putin's court, does does Joe 338 00:18:11,800 --> 00:18:14,800 Speaker 1: Biden sit back and wait? I think Joe Biden's got 339 00:18:14,800 --> 00:18:17,240 Speaker 1: to keep his foot on the gas pedal. You gotta 340 00:18:17,280 --> 00:18:20,880 Speaker 1: assume that what is currently working might have an impact 341 00:18:21,000 --> 00:18:23,840 Speaker 1: on on on Vladimir Putin because he hasn't rolled the 342 00:18:23,880 --> 00:18:27,520 Speaker 1: tanks yet. And so whether it's uh the French president 343 00:18:27,600 --> 00:18:32,000 Speaker 1: meeting with Putin or having the German Chancellor come here, uh, 344 00:18:32,200 --> 00:18:34,320 Speaker 1: keeping it in the news, keeping it on the forefront, 345 00:18:34,480 --> 00:18:39,280 Speaker 1: keeping the talk about sanctions out there. I would prefer 346 00:18:39,359 --> 00:18:42,960 Speaker 1: that they actually start leveling some sanctions. But um, but 347 00:18:43,080 --> 00:18:46,840 Speaker 1: like the minute they blink, Vladimir Putin's gonna fill that vacuum. 348 00:18:46,880 --> 00:18:50,040 Speaker 1: So I think they have to maintain the intensity for 349 00:18:50,119 --> 00:18:53,360 Speaker 1: some time to come. I only have thirty seconds, Samantha apologize. 350 00:18:53,359 --> 00:18:56,200 Speaker 1: But when do we need to see some details on sanctions? 351 00:18:56,280 --> 00:19:01,119 Speaker 1: Is that this week? The details Wi says are there. Um. 352 00:19:01,160 --> 00:19:03,440 Speaker 1: I am a foreign policy expert. I worked at the 353 00:19:03,480 --> 00:19:06,080 Speaker 1: State Department for almost twenty years. They are keeping their 354 00:19:06,080 --> 00:19:08,159 Speaker 1: foot on the gas and they're engaging with all the 355 00:19:08,200 --> 00:19:10,960 Speaker 1: parties that they need to engage with. The sanctions packages 356 00:19:11,040 --> 00:19:13,480 Speaker 1: are being discussed at the highest levels, and they're being 357 00:19:13,480 --> 00:19:16,320 Speaker 1: shared with our allies and so we know there were 358 00:19:16,359 --> 00:19:18,639 Speaker 1: time for this later, Samantha, want to hear you finish 359 00:19:18,640 --> 00:19:21,760 Speaker 1: your thought and Rick Davis our panel today on Sound On, 360 00:19:21,840 --> 00:19:27,720 Speaker 1: I'm Joe Matthew. This is Bloomberg broadcasting live from our 361 00:19:27,800 --> 00:19:33,680 Speaker 1: nation's capital, Bloomberg to New York, Bloomberg eleven Frio to Boston, 362 00:19:33,960 --> 00:19:37,760 Speaker 1: Bloomberg one, O six one to San Francisco, Bloomberg nine 363 00:19:37,880 --> 00:19:41,240 Speaker 1: sixty to the Country Serious x M General one nine 364 00:19:41,720 --> 00:19:44,919 Speaker 1: and around the globe the Bloomberg Business app and Bloomberg 365 00:19:45,000 --> 00:19:51,040 Speaker 1: Radio dot Com. This is Bloomberg Sound On with Joe Matthew. 366 00:19:52,200 --> 00:19:56,040 Speaker 1: The headlines just wipe themselves. Sometimes lawmakers could end up 367 00:19:56,040 --> 00:19:58,520 Speaker 1: a green do a bigger defense budget than they or 368 00:19:58,800 --> 00:20:03,160 Speaker 1: the president ever asked. Four Where have you heard that before? 369 00:20:03,160 --> 00:20:06,520 Speaker 1: It's being negotiated right now. The omnibus budget will talk 370 00:20:06,520 --> 00:20:09,560 Speaker 1: about what's needed, what's holding things up. With Todd Harrison 371 00:20:10,040 --> 00:20:12,919 Speaker 1: of the Center for Strategic and International Studies, the House 372 00:20:13,200 --> 00:20:15,560 Speaker 1: set to pass a stopgap bill I mentioned a little 373 00:20:15,560 --> 00:20:18,920 Speaker 1: earlier that will fund government operations for a few more 374 00:20:18,960 --> 00:20:22,159 Speaker 1: weeks while a real budget is crafted. It goes to 375 00:20:22,200 --> 00:20:24,240 Speaker 1: the Senate next. It will keep the lights on through 376 00:20:24,320 --> 00:20:26,720 Speaker 1: March eleven is the plan right now, so you get 377 00:20:26,720 --> 00:20:28,480 Speaker 1: three weeks to figure out your life. But now that 378 00:20:28,520 --> 00:20:32,520 Speaker 1: appropriators are really in the throes of this negotiating a budget, 379 00:20:32,560 --> 00:20:34,840 Speaker 1: we wanted to take a look inside the defense portion 380 00:20:34,920 --> 00:20:38,680 Speaker 1: of this bill pentagon spending, with the help of Todd Harrison, 381 00:20:38,800 --> 00:20:43,640 Speaker 1: Senior Fellow at the Center for Strategic and International Studies. Todd, 382 00:20:43,640 --> 00:20:46,440 Speaker 1: thanks for being here. Republicans are insisting on parity as 383 00:20:46,480 --> 00:20:50,120 Speaker 1: this negotiation takes place between defense spending and non defense. 384 00:20:50,720 --> 00:20:52,879 Speaker 1: Does that end up leaving the Pentagon with more money 385 00:20:53,000 --> 00:20:57,160 Speaker 1: than it actually needs? Uh? It is likely to increase 386 00:20:57,200 --> 00:21:02,160 Speaker 1: the Pentagon's budget well above what President initially requested. So 387 00:21:02,600 --> 00:21:06,280 Speaker 1: President's request for this year was seven hundred fifteen billion 388 00:21:06,320 --> 00:21:09,800 Speaker 1: dollars uh, And it looks like they're likely to end 389 00:21:09,880 --> 00:21:13,400 Speaker 1: up appropriating about seven hundred and forty billion dollars plus 390 00:21:13,520 --> 00:21:16,000 Speaker 1: or minus, give or take until we see the final 391 00:21:16,720 --> 00:21:19,439 Speaker 1: legislation come out. But it is going to be a 392 00:21:19,480 --> 00:21:23,280 Speaker 1: substantial increase beyond what the Pentagon was originally planning for. 393 00:21:23,720 --> 00:21:26,280 Speaker 1: So can you explain to our listeners how that happens? 394 00:21:26,280 --> 00:21:28,560 Speaker 1: And you know, another way of asking this is how 395 00:21:28,640 --> 00:21:30,960 Speaker 1: why do we need more money? Now? How is the 396 00:21:31,000 --> 00:21:35,320 Speaker 1: budget bigger despite the end of the war in Afghanistan. Well, 397 00:21:35,440 --> 00:21:38,560 Speaker 1: the truth is that Afghanistan had been UH kind of 398 00:21:38,640 --> 00:21:41,639 Speaker 1: on a low summer for quite a while and wasn't 399 00:21:41,680 --> 00:21:45,240 Speaker 1: really consuming that much of the budget. The vast majority 400 00:21:45,280 --> 00:21:49,359 Speaker 1: of the defense budget, over seven hundred billion of it, 401 00:21:49,400 --> 00:21:53,160 Speaker 1: goes for the steady state peacetime operations of the Department 402 00:21:53,200 --> 00:21:56,760 Speaker 1: of Defense. UH. Funding for Afghanistan had been hovering it 403 00:21:56,800 --> 00:22:00,719 Speaker 1: around fifteen billion a year, including our port to the 404 00:22:00,760 --> 00:22:04,240 Speaker 1: Afghan government UH, you know, to help train and maintain 405 00:22:04,320 --> 00:22:07,760 Speaker 1: their military. Now, some of that funding, UM, you know, 406 00:22:07,840 --> 00:22:10,560 Speaker 1: will still go on in the term in terms of 407 00:22:11,200 --> 00:22:16,080 Speaker 1: intelligence monitoring and keeping an eye on terrorist groups in Afghanistan. UM. 408 00:22:16,119 --> 00:22:19,760 Speaker 1: But really the rest of the budget just continues UH 409 00:22:19,840 --> 00:22:23,679 Speaker 1: and is driven by other factors. It's driven by, you know, 410 00:22:23,720 --> 00:22:27,680 Speaker 1: the pacing threat posed by China in terms of developing 411 00:22:27,720 --> 00:22:31,000 Speaker 1: a higher end, higher tech force UH and the ongoing 412 00:22:31,240 --> 00:22:34,359 Speaker 1: threats that we see from Russia. We talked about the 413 00:22:34,440 --> 00:22:37,720 Speaker 1: National Defense Authorization Acts. It was just weeks ago that 414 00:22:37,840 --> 00:22:40,320 Speaker 1: was wrapped up and finally passed, one of the biggest 415 00:22:40,359 --> 00:22:44,480 Speaker 1: defense spending bills in history. This budget todd just in 416 00:22:44,600 --> 00:22:48,840 Speaker 1: terms of quickly in terms of procedure, this budget unlocks 417 00:22:48,920 --> 00:22:52,160 Speaker 1: that money, right, That's right. So the n b a 418 00:22:52,160 --> 00:22:56,359 Speaker 1: A is an authorization bill. It fundamentally it sets policy 419 00:22:56,760 --> 00:22:59,920 Speaker 1: and it implies a level of funding. But you can 420 00:23:00,000 --> 00:23:03,520 Speaker 1: only provide funding and an appropriations bills. You have to 421 00:23:03,520 --> 00:23:05,760 Speaker 1: have the appropriations bill to actually give you the money 422 00:23:05,800 --> 00:23:09,040 Speaker 1: you spend. Sometimes the two bills are different. What matters 423 00:23:09,080 --> 00:23:11,240 Speaker 1: in the end in terms of the budget is what's 424 00:23:11,280 --> 00:23:14,320 Speaker 1: in the appropriations bill. So the pedestrian question here is 425 00:23:14,320 --> 00:23:16,000 Speaker 1: then what are we getting for the money? Todd what 426 00:23:16,119 --> 00:23:18,119 Speaker 1: more will we get with this budget? What can we 427 00:23:18,160 --> 00:23:21,480 Speaker 1: do we could not do before? Well, you know, it's 428 00:23:21,520 --> 00:23:25,800 Speaker 1: a lot of congressional prerogatives. Uh. And so one of 429 00:23:25,800 --> 00:23:28,919 Speaker 1: the main things you'll see as Congress is restoring money 430 00:23:28,960 --> 00:23:32,880 Speaker 1: that the Biden administration had taken out for ship building. Uh. 431 00:23:32,880 --> 00:23:34,680 Speaker 1: And so you know the Navy is going to get 432 00:23:34,720 --> 00:23:38,359 Speaker 1: more ships than was previously planned. Uh. And that is 433 00:23:38,400 --> 00:23:41,960 Speaker 1: a congressional prerogative. And you know, one of the things 434 00:23:41,960 --> 00:23:44,560 Speaker 1: that I get asked a lot is, hey, is is 435 00:23:44,600 --> 00:23:48,560 Speaker 1: there waste? Is there inefficiency in the defense budget? Absolutely? 436 00:23:48,760 --> 00:23:53,680 Speaker 1: So where's the dead weight government? Right? Um? But the 437 00:23:54,520 --> 00:23:57,600 Speaker 1: key thing to understand is the waste and inefficiency. For 438 00:23:57,640 --> 00:24:01,320 Speaker 1: the most part, it's there by design. It's there because 439 00:24:01,440 --> 00:24:04,480 Speaker 1: members of Congress elected members of Congress in our government 440 00:24:04,760 --> 00:24:08,159 Speaker 1: have decided that they want that. Uh. And so in 441 00:24:08,280 --> 00:24:12,320 Speaker 1: terms of redundancy or or how do you mean that time? Well, 442 00:24:12,400 --> 00:24:15,560 Speaker 1: I can give you one example, uh. Is you know, 443 00:24:15,680 --> 00:24:21,120 Speaker 1: Congress has steadfashionally refused to close unneeded bases and facilities 444 00:24:21,160 --> 00:24:24,160 Speaker 1: within the United States. Your military has asked for that, 445 00:24:24,400 --> 00:24:27,840 Speaker 1: they won't close them, and so the Department is spending 446 00:24:27,880 --> 00:24:32,240 Speaker 1: billions of dollars each year to maintain bases and facilities 447 00:24:32,320 --> 00:24:35,359 Speaker 1: it doesn't need that it's not even able to fully utilize, 448 00:24:35,520 --> 00:24:38,439 Speaker 1: many of which are in areas challenged by climate change. Right, 449 00:24:38,520 --> 00:24:41,720 Speaker 1: that's become a major expense for this Pentagon. It is. 450 00:24:41,760 --> 00:24:44,359 Speaker 1: It is, But you know, members of Congress, that's a prerogative, 451 00:24:44,560 --> 00:24:48,600 Speaker 1: and those bases or in someone's congressional district, that waste 452 00:24:48,720 --> 00:24:52,159 Speaker 1: is actually preserving jobs in someone's district, and so they 453 00:24:52,200 --> 00:24:54,639 Speaker 1: want to hold on to that spending even though it 454 00:24:54,720 --> 00:24:59,000 Speaker 1: might not be efficiently utilized for national security. I read 455 00:24:59,040 --> 00:25:02,000 Speaker 1: that a single F five the fighter jet, costs about 456 00:25:02,000 --> 00:25:04,600 Speaker 1: seventy eight million dollars, which interestingly is less than some 457 00:25:04,680 --> 00:25:06,960 Speaker 1: of our other forays and to sell fighters and so forth. 458 00:25:07,000 --> 00:25:10,920 Speaker 1: But these are being sold on mass Uh. Where where 459 00:25:11,040 --> 00:25:13,800 Speaker 1: is the deadweight when it comes to hardware? Do we 460 00:25:13,880 --> 00:25:18,240 Speaker 1: need what we're buying? Well, you know, I think waste 461 00:25:18,280 --> 00:25:20,720 Speaker 1: and inefficiency and dead weight a lot of that is 462 00:25:20,760 --> 00:25:23,520 Speaker 1: in the eye of the beholder. Um. I think it's 463 00:25:23,680 --> 00:25:27,560 Speaker 1: really about risk tolerance. Where are you willing to take risk? 464 00:25:28,240 --> 00:25:30,920 Speaker 1: We're never going to be completely safe from every type 465 00:25:30,920 --> 00:25:33,480 Speaker 1: of threat. The question is how much risk do you 466 00:25:33,480 --> 00:25:35,920 Speaker 1: want to take? If you're willing to say, you know what, 467 00:25:36,359 --> 00:25:39,000 Speaker 1: I don't think we need to build a military to 468 00:25:39,440 --> 00:25:42,199 Speaker 1: you know, have an invasion and occupation force like we 469 00:25:42,320 --> 00:25:45,240 Speaker 1: used in Iraq in Afghanistan, you say, hey, I don't 470 00:25:45,240 --> 00:25:46,879 Speaker 1: think we're going to need to do that in the 471 00:25:46,920 --> 00:25:50,639 Speaker 1: near future. You could downsize the army and Marine Corps 472 00:25:50,720 --> 00:25:53,399 Speaker 1: just as an example. You'll be taking risk if you 473 00:25:53,480 --> 00:25:56,399 Speaker 1: do that, because it's something like another and nine eleven 474 00:25:56,440 --> 00:25:58,600 Speaker 1: happens you need to go do that type of operation. 475 00:25:59,040 --> 00:26:01,200 Speaker 1: You won't be well prepared for it. Well, so there's 476 00:26:01,200 --> 00:26:03,960 Speaker 1: my big picture question for you. It's yeah, so you 477 00:26:04,000 --> 00:26:07,400 Speaker 1: know we're talking about, for instance, Russian tanks rolling over 478 00:26:07,440 --> 00:26:11,240 Speaker 1: the border into Ukraine. We talked about tank battles possibly 479 00:26:12,000 --> 00:26:16,240 Speaker 1: with China fighter jets that are intercepting each other over 480 00:26:16,280 --> 00:26:19,720 Speaker 1: the North Pole. This is not I mean, look, I'm 481 00:26:19,760 --> 00:26:23,439 Speaker 1: sure there's very modern technology involved, but that's pretty traditional stuff. 482 00:26:23,520 --> 00:26:26,159 Speaker 1: Is that the war the battle we're preparing for or 483 00:26:26,240 --> 00:26:28,360 Speaker 1: is it cyber? Is it digital to something that I've 484 00:26:28,359 --> 00:26:31,440 Speaker 1: never heard of? Yeah, so I think what we're really 485 00:26:31,480 --> 00:26:34,840 Speaker 1: preparing for is more of an asymmetric conflict, right, So 486 00:26:34,920 --> 00:26:38,720 Speaker 1: that's like cyber attacks and defense against cyber attacks. Um, 487 00:26:38,760 --> 00:26:42,679 Speaker 1: you know, defending our space systems from attack has been 488 00:26:42,720 --> 00:26:45,480 Speaker 1: a big priority in recent years. But you know you 489 00:26:45,520 --> 00:26:48,480 Speaker 1: talk about you know, Russian tanks moving over the border. Now, 490 00:26:48,760 --> 00:26:52,280 Speaker 1: we're not obliged by treaty to defend Ukraine. They're not 491 00:26:52,640 --> 00:26:55,320 Speaker 1: certainly need the ally, but if that happens to a 492 00:26:55,359 --> 00:26:58,240 Speaker 1: member of NATO, we would be How do you know? 493 00:26:58,320 --> 00:27:01,400 Speaker 1: It's all of the above. It sound like Todd Harrison, 494 00:27:01,560 --> 00:27:06,080 Speaker 1: a great conversation of Director of Defense Budget Analysis, International 495 00:27:06,119 --> 00:27:12,160 Speaker 1: Security Program, Center for Strategic and International Studies. You're listening 496 00:27:12,200 --> 00:27:16,960 Speaker 1: to Bloomberg Sound On with Joe Matthew on Bloomberg Radio 497 00:27:18,800 --> 00:27:21,280 Speaker 1: with breaking news on the terminal of the House passes 498 00:27:21,400 --> 00:27:26,199 Speaker 1: stop gap government funding bill, sends measure just sentence. So 499 00:27:26,280 --> 00:27:29,359 Speaker 1: that's done. Now. Lawmakers just need to finish up a 500 00:27:29,440 --> 00:27:32,920 Speaker 1: dozen appropriations bills, get an omnibus done by March eleventh. 501 00:27:33,119 --> 00:27:37,199 Speaker 1: Welcome to the Fastest hour in politics. I'm Joe, Matthew 502 00:27:37,240 --> 00:27:39,840 Speaker 1: and Washington and we reassemble the panel now with Bloomberg 503 00:27:39,880 --> 00:27:43,560 Speaker 1: Politics contributor and Republican strategist Rick Davis. Were also joined 504 00:27:43,600 --> 00:27:47,960 Speaker 1: today by Democratic strategist Samantha krl Yoder, policy director at 505 00:27:47,960 --> 00:27:51,600 Speaker 1: Brownstein Hyatt. Samantha, are we having the right conversation here 506 00:27:51,720 --> 00:27:54,840 Speaker 1: about pentagon spending? This is being negotiated now, they're hoping 507 00:27:54,880 --> 00:27:58,480 Speaker 1: to have a breakthrough imminently. It's more money, it appears, 508 00:27:58,760 --> 00:28:02,000 Speaker 1: than anyone asked for for our defense. But are are 509 00:28:02,040 --> 00:28:06,439 Speaker 1: we preparing for the right battle? I think certainly with 510 00:28:06,560 --> 00:28:08,960 Speaker 1: the foreign policy issues going on in the world. You know, 511 00:28:09,000 --> 00:28:12,360 Speaker 1: we're just talking about Russia, Ukraine, We've got China issues. 512 00:28:13,000 --> 00:28:15,920 Speaker 1: You have the news that are out there about how 513 00:28:15,960 --> 00:28:18,640 Speaker 1: a lot of our military equipment is decrepit and aging 514 00:28:18,760 --> 00:28:21,480 Speaker 1: and puts the lives of our military personnel at risk. 515 00:28:22,400 --> 00:28:25,920 Speaker 1: This is a step towards normalization. We are spending more 516 00:28:25,960 --> 00:28:28,840 Speaker 1: money because we need to make sure that we are 517 00:28:29,359 --> 00:28:30,840 Speaker 1: where we are in the world. We need to make 518 00:28:30,880 --> 00:28:33,520 Speaker 1: sure that we are protecting our folks. And frankly, we 519 00:28:33,560 --> 00:28:36,440 Speaker 1: have buypars and support for this. We had buypars and 520 00:28:36,560 --> 00:28:38,680 Speaker 1: vote for the NDAA. We want to share that we're 521 00:28:38,680 --> 00:28:41,000 Speaker 1: spending smartly. We want to make sure that we are 522 00:28:41,480 --> 00:28:45,160 Speaker 1: spending better, faster, not necessarily cheaper. We don't want to 523 00:28:45,160 --> 00:28:47,200 Speaker 1: sacrifice safety and quality, and we want to make sure 524 00:28:47,200 --> 00:28:49,280 Speaker 1: the lives of our men and women are not endangered. 525 00:28:49,520 --> 00:28:51,520 Speaker 1: Based on what you're hearing rich from your sources and 526 00:28:51,600 --> 00:28:54,080 Speaker 1: what we've heard so far this hour, is this smart money? 527 00:28:54,080 --> 00:28:56,960 Speaker 1: Should we be buying more tank ships and planes? Or 528 00:28:56,920 --> 00:29:01,720 Speaker 1: are you more concerned about the digital side of the battlefield? Joe, 529 00:29:01,760 --> 00:29:04,160 Speaker 1: I cannot tell you how many arguments I've seen John 530 00:29:04,200 --> 00:29:06,640 Speaker 1: McCain get into with Trent Lott and others who are 531 00:29:06,680 --> 00:29:10,040 Speaker 1: representing ports that wanted to build ships and he wanted 532 00:29:10,120 --> 00:29:12,440 Speaker 1: to put more things up in space. So, uh, you know, 533 00:29:12,560 --> 00:29:15,960 Speaker 1: it's the it finds its way to being a good policy, right. 534 00:29:16,000 --> 00:29:19,280 Speaker 1: I mean, there's always as um as you heard, the 535 00:29:19,320 --> 00:29:22,840 Speaker 1: congressional preference to have things in their districts or to 536 00:29:22,960 --> 00:29:25,120 Speaker 1: building their ports. But at the end of the day, 537 00:29:25,480 --> 00:29:28,600 Speaker 1: um uh, the Defense Department is shifting to a much 538 00:29:28,640 --> 00:29:31,800 Speaker 1: more asymmetric war which the world is giving it and 539 00:29:31,840 --> 00:29:33,640 Speaker 1: I think they're doing a good job, and more resources 540 00:29:33,640 --> 00:29:35,840 Speaker 1: probably gona help him get there. It doesn't seem to 541 00:29:35,880 --> 00:29:39,080 Speaker 1: be the most controversial. But when we start talking parody, Rick, 542 00:29:39,600 --> 00:29:42,080 Speaker 1: and I'll ask you this as well in a moment, Samantha, 543 00:29:42,440 --> 00:29:46,080 Speaker 1: doesn't that just inherently create waste when we've got non 544 00:29:46,080 --> 00:29:48,240 Speaker 1: defense trying to keep up with defense and vice versa, 545 00:29:48,320 --> 00:29:49,760 Speaker 1: all of a sudden, this thing is getting to be 546 00:29:49,800 --> 00:29:52,680 Speaker 1: top heavy. Yeah, you know, it's an interesting debate right 547 00:29:52,680 --> 00:29:55,040 Speaker 1: now because I'm not sure that there's really actually a 548 00:29:55,040 --> 00:29:57,479 Speaker 1: lot of argument for why we need more money in defense, 549 00:29:57,560 --> 00:29:59,640 Speaker 1: right I think the Defense Department is certainly satisfied with 550 00:29:59,680 --> 00:30:04,040 Speaker 1: an coming into their budget. It's really almost like how 551 00:30:04,120 --> 00:30:07,400 Speaker 1: much domestic spending can we really, you know, say yes 552 00:30:07,440 --> 00:30:09,840 Speaker 1: to if you're a Republican And so I think that's 553 00:30:09,840 --> 00:30:12,600 Speaker 1: a healthy debate. Um you know, the parody debate is 554 00:30:12,640 --> 00:30:15,560 Speaker 1: always there, but I think this one is beyond parody, 555 00:30:15,600 --> 00:30:18,959 Speaker 1: where it's not so much can you live with additional 556 00:30:19,400 --> 00:30:22,160 Speaker 1: domestic spending is how much is enough? It's a great 557 00:30:22,200 --> 00:30:24,600 Speaker 1: double meaning with beyond parody there, Samantha, I hate to 558 00:30:24,640 --> 00:30:27,080 Speaker 1: set you up like that, but does that scare you 559 00:30:27,120 --> 00:30:30,560 Speaker 1: when we're being arbitrary and and and trying to be well, 560 00:30:30,600 --> 00:30:36,760 Speaker 1: I guess fair. It's it's always a complicated process, and 561 00:30:36,800 --> 00:30:38,760 Speaker 1: I think you know, no one is certainly saying that 562 00:30:38,800 --> 00:30:41,160 Speaker 1: we need to spend less on domestic issues. I think 563 00:30:41,240 --> 00:30:43,720 Speaker 1: we Democrats are well aware of the need to spend 564 00:30:43,800 --> 00:30:47,280 Speaker 1: in certain areas domestically. I think it's it's a push pull, 565 00:30:47,440 --> 00:30:49,680 Speaker 1: and it's a way to figure out what it is 566 00:30:49,720 --> 00:30:53,040 Speaker 1: at this point in time that you are able to fund. Um. 567 00:30:53,200 --> 00:30:57,120 Speaker 1: Parody is one thing I think certainly from the defense angle, yes, 568 00:30:57,160 --> 00:31:00,280 Speaker 1: we need to improve our military equipment. I certainly agree 569 00:31:00,280 --> 00:31:02,880 Speaker 1: with Rick on the need to really focus on cyber issues, 570 00:31:02,920 --> 00:31:05,760 Speaker 1: putting things up into space, making sure that we're competitive. 571 00:31:06,120 --> 00:31:07,800 Speaker 1: At the same time, we do need to do that. 572 00:31:07,840 --> 00:31:09,959 Speaker 1: On the domestic side is a push pole, and this 573 00:31:10,040 --> 00:31:11,880 Speaker 1: is why we have lawmakers who are elected to make 574 00:31:11,920 --> 00:31:14,280 Speaker 1: these tough decisions. Rick and Samantha with us on the 575 00:31:14,280 --> 00:31:16,400 Speaker 1: panel here on Bloomberg Sound On. I have to ask 576 00:31:16,440 --> 00:31:18,840 Speaker 1: you both about one of the third rails of politics, 577 00:31:20,240 --> 00:31:23,480 Speaker 1: and that is weed. As I read the headline here 578 00:31:23,520 --> 00:31:26,880 Speaker 1: at Marijuana Moment, this is an organization that feeds articles 579 00:31:26,880 --> 00:31:28,600 Speaker 1: to a lot of newspapers around might be in your 580 00:31:28,600 --> 00:31:31,960 Speaker 1: local paper. They've got their own site. McConnell blast marijuana 581 00:31:32,000 --> 00:31:36,800 Speaker 1: banking in House past China bill, calling it a poison pill. 582 00:31:37,320 --> 00:31:41,360 Speaker 1: It is the sixth time that the so called Safe 583 00:31:41,680 --> 00:31:46,600 Speaker 1: Banking Act has passed the United States House. This time 584 00:31:46,640 --> 00:31:48,600 Speaker 1: it when in the America Competes Act, which we've talked 585 00:31:48,640 --> 00:31:50,400 Speaker 1: a lot about here. That China Competes Bill has got 586 00:31:50,440 --> 00:31:54,400 Speaker 1: the chip ACKed and everything else inside. Congressman Pearl Mutter 587 00:31:54,480 --> 00:31:57,640 Speaker 1: got this thing in there for a sixth time. It 588 00:31:57,760 --> 00:32:00,360 Speaker 1: is not likely to survive. Based on what we heard 589 00:32:00,400 --> 00:32:03,840 Speaker 1: from Senate Minority Leader Mitch McConnell here, he is their 590 00:32:03,920 --> 00:32:06,360 Speaker 1: bill even goes out of its way to include provisions. 591 00:32:06,880 --> 00:32:13,120 Speaker 1: Listen to this marijuana banking. China has been steadily building 592 00:32:13,200 --> 00:32:16,000 Speaker 1: up its military and economic might, and the democrats Are 593 00:32:16,000 --> 00:32:19,760 Speaker 1: answer is to help Americans get high. To be clear, 594 00:32:20,720 --> 00:32:23,280 Speaker 1: the aim of this bill is not to get Americans high, 595 00:32:23,360 --> 00:32:27,080 Speaker 1: but to actually allow existing cannabis companies to use banks 596 00:32:27,080 --> 00:32:30,080 Speaker 1: and have their stocks traded on stock exchanges. That would 597 00:32:30,080 --> 00:32:33,400 Speaker 1: allow the federal government to take tax money from them 598 00:32:33,440 --> 00:32:36,280 Speaker 1: and would prevent them from driving around with hordes of cash, 599 00:32:36,320 --> 00:32:40,200 Speaker 1: which has become inherently dangerous. Rick, you heard the minority 600 00:32:40,280 --> 00:32:45,280 Speaker 1: leader there. How is this so controversial in this day 601 00:32:45,360 --> 00:32:47,880 Speaker 1: and age when we're actually talking about a business a 602 00:32:47,960 --> 00:32:51,080 Speaker 1: pro business bill here? Yeah, how much fun do you 603 00:32:51,120 --> 00:32:55,000 Speaker 1: think he had holding that press conference today on the 604 00:32:55,000 --> 00:32:59,440 Speaker 1: Senate floor? And yeah, it's fantastic. Um, Look, it's just 605 00:32:59,480 --> 00:33:02,320 Speaker 1: split in the Republican Party. I mean, miss McConnell represents 606 00:33:02,360 --> 00:33:04,560 Speaker 1: sort of the old school, which is, hey, we shouldn't 607 00:33:04,600 --> 00:33:07,760 Speaker 1: be promoting people getting high. This is not great. And 608 00:33:07,760 --> 00:33:09,560 Speaker 1: and the fact that we're going to give them access 609 00:33:09,600 --> 00:33:12,680 Speaker 1: to the American banking system is going to proliferate businesses 610 00:33:12,720 --> 00:33:15,920 Speaker 1: all through the country. Right now, in order to even 611 00:33:15,960 --> 00:33:17,680 Speaker 1: do business, you've got to do it in a state 612 00:33:17,760 --> 00:33:20,960 Speaker 1: that's already passed a referendum, and even getting access to 613 00:33:21,000 --> 00:33:23,960 Speaker 1: that bank may be tough. So there are other Republicans 614 00:33:24,000 --> 00:33:26,680 Speaker 1: who think, letter rip, the millennial generation is going to 615 00:33:26,800 --> 00:33:29,560 Speaker 1: change all this anyway. So if it's going to happen before, 616 00:33:29,920 --> 00:33:33,480 Speaker 1: that's true, Samantha, we've got democratic and Republican proposals now 617 00:33:33,520 --> 00:33:37,080 Speaker 1: to at least unlock banking and then let local jurisdictions 618 00:33:37,120 --> 00:33:38,920 Speaker 1: do what they will, but to protect them from being, 619 00:33:39,440 --> 00:33:41,920 Speaker 1: you know, arrested, or or have their places smashed it 620 00:33:42,040 --> 00:33:43,720 Speaker 1: up and robbed and that type of thing. Is that 621 00:33:43,840 --> 00:33:47,840 Speaker 1: smart politics. It seems to me that this bill itself 622 00:33:48,440 --> 00:33:51,360 Speaker 1: is good a number of levels. It's good for law enforcement. 623 00:33:51,440 --> 00:33:55,000 Speaker 1: You're able to track and trace money. You are eradicating 624 00:33:55,040 --> 00:33:57,960 Speaker 1: some of the root causes of money laundering in that industry. 625 00:33:58,280 --> 00:34:02,240 Speaker 1: If you're allowing these companies to access banking and mainstream 626 00:34:02,240 --> 00:34:05,280 Speaker 1: banking services. It's good for businesses. As you said, they 627 00:34:05,280 --> 00:34:07,760 Speaker 1: don't have to worry about carrying around wads of cash 628 00:34:07,800 --> 00:34:11,960 Speaker 1: and being caught on armed robbery, etcetera. And frankly, it 629 00:34:12,200 --> 00:34:15,200 Speaker 1: equalizes the playing field. It gives access to those who 630 00:34:15,239 --> 00:34:17,759 Speaker 1: don't have access to capital, access to markets, which is 631 00:34:17,800 --> 00:34:20,800 Speaker 1: what we need. There are what roughly forty states or 632 00:34:20,840 --> 00:34:23,680 Speaker 1: so that allow cannabis companies to operate in some sort 633 00:34:23,719 --> 00:34:25,759 Speaker 1: of way. It seems to me that it is time 634 00:34:25,840 --> 00:34:27,840 Speaker 1: for this to happen at the federal level. And we 635 00:34:27,880 --> 00:34:30,440 Speaker 1: all know that Congressman Permanent is going to continue this 636 00:34:30,480 --> 00:34:32,360 Speaker 1: fight until the end of the year. Oh yeah, he 637 00:34:32,400 --> 00:34:34,399 Speaker 1: says he's dying on this HILF. One way or the other, 638 00:34:34,440 --> 00:34:37,840 Speaker 1: the democraph from Colorado will not be stopped. But although 639 00:34:37,880 --> 00:34:40,479 Speaker 1: after six times, I don't know what that says about 640 00:34:40,480 --> 00:34:42,759 Speaker 1: the odds, Samantha, the Democratic leadership is part of the 641 00:34:42,800 --> 00:34:46,399 Speaker 1: problem here as well, in in at least this particular form, 642 00:34:46,440 --> 00:34:48,680 Speaker 1: because Chuck Schumer says there needs to be an equity 643 00:34:48,719 --> 00:34:51,160 Speaker 1: component to the bill that we have. We should be 644 00:34:51,200 --> 00:34:54,520 Speaker 1: forgiving marijuana offenses, that we should be helping to lift 645 00:34:54,600 --> 00:34:57,839 Speaker 1: up those in in in challenge communities to be part 646 00:34:57,880 --> 00:35:00,200 Speaker 1: of this new industry instead of just a corporate take. Okiver, 647 00:35:00,280 --> 00:35:02,600 Speaker 1: do you think he's right. I think that's gonna be 648 00:35:02,600 --> 00:35:05,600 Speaker 1: a conversation the Democrats have. I think Congressman Promoter certainly 649 00:35:05,600 --> 00:35:08,680 Speaker 1: has speaker policy support on moving this bill forward this 650 00:35:08,880 --> 00:35:11,279 Speaker 1: You're right, it's probably going to fall out of the 651 00:35:11,280 --> 00:35:13,920 Speaker 1: Competes Act through the conference process. There will be other 652 00:35:14,000 --> 00:35:16,440 Speaker 1: vehicles by which this gets attached. But I think certainly 653 00:35:16,440 --> 00:35:19,560 Speaker 1: the Democrats have to have that conversation about how they 654 00:35:19,560 --> 00:35:22,840 Speaker 1: can address both what Congression Promoter wants and what Senator 655 00:35:22,840 --> 00:35:26,040 Speaker 1: Shimmer wants. Incidentally, our producer Christine is telling me now 656 00:35:26,160 --> 00:35:28,719 Speaker 1: that Congressman Ed Pearl Mutter will be on the broadcast 657 00:35:28,760 --> 00:35:31,920 Speaker 1: on Thursday, So we're gonna have this conversation. I'll be 658 00:35:32,040 --> 00:35:34,520 Speaker 1: I can't wait to hear what he's hearing. Rick, did 659 00:35:34,560 --> 00:35:36,360 Speaker 1: I describe it the right way? Is it actually the 660 00:35:36,360 --> 00:35:38,919 Speaker 1: third rail anymore? Or is just we've seen too much 661 00:35:38,960 --> 00:35:41,600 Speaker 1: and had been through too many things to care. Yeah, 662 00:35:41,719 --> 00:35:44,840 Speaker 1: the third rail would almost assume there's a partisan divide 663 00:35:44,880 --> 00:35:47,400 Speaker 1: on this, and when you look at the state voting 664 00:35:47,400 --> 00:35:50,120 Speaker 1: on this is Samantha pointed out, you've got forty states 665 00:35:50,160 --> 00:35:52,960 Speaker 1: somewhere accepted that that it is not a partisan issue. 666 00:35:53,280 --> 00:35:57,799 Speaker 1: So I think Parlat Murder is smart in sort of saying, hey, 667 00:35:57,840 --> 00:36:02,280 Speaker 1: for Colorado's economy, this is important. He's representing a constituency 668 00:36:02,360 --> 00:36:05,120 Speaker 1: up there in the Rocky Mountain high country and uh, 669 00:36:05,200 --> 00:36:07,520 Speaker 1: and and so, but I just don't think it's I mean, 670 00:36:07,560 --> 00:36:10,680 Speaker 1: like when Schumer gets into these things on merit right, 671 00:36:10,719 --> 00:36:13,319 Speaker 1: and he wants to decriminalize and you know, and then 672 00:36:13,360 --> 00:36:15,400 Speaker 1: they want people to be able to list these stocks 673 00:36:15,400 --> 00:36:18,520 Speaker 1: on the New York Stock Exchange. Uh, you're really this 674 00:36:18,600 --> 00:36:21,680 Speaker 1: is a comprehensive package that the Biden administration needs to 675 00:36:21,719 --> 00:36:24,080 Speaker 1: get their hands around and sort of sort out the 676 00:36:24,120 --> 00:36:27,399 Speaker 1: winners and losers within the Democratic Party, because otherwise it'll 677 00:36:27,440 --> 00:36:29,520 Speaker 1: just get picked to get to death by people with 678 00:36:29,600 --> 00:36:33,160 Speaker 1: different agendas. So it could Chuck Schumer than be the 679 00:36:33,239 --> 00:36:37,120 Speaker 1: undoing of this effort by Democrats. Sure, Chuck Schumer could 680 00:36:37,160 --> 00:36:39,160 Speaker 1: easily slow this down because he's not getting what he 681 00:36:39,200 --> 00:36:41,600 Speaker 1: wants in the bill. And so I think that the 682 00:36:41,680 --> 00:36:44,000 Speaker 1: Democrats need to get together and say, look, we're willing 683 00:36:44,040 --> 00:36:47,000 Speaker 1: to sponsor something, and he'll they'll find Republican co sponsors 684 00:36:47,239 --> 00:36:49,640 Speaker 1: depending upon how many different items are going to put 685 00:36:49,680 --> 00:36:52,440 Speaker 1: into a comprehensive bill. Samanthea seems you you seem to 686 00:36:52,440 --> 00:36:56,000 Speaker 1: think something passes this year. Is that right? I think 687 00:36:56,040 --> 00:36:58,759 Speaker 1: that constion prodi will continue until the end of the year, 688 00:36:58,760 --> 00:37:01,480 Speaker 1: as we know. But I agree Rick that the Democrats 689 00:37:01,520 --> 00:37:03,560 Speaker 1: need to come together with a comprehensive package and that's 690 00:37:03,560 --> 00:37:06,000 Speaker 1: going to take work. I do think the administration needs 691 00:37:06,040 --> 00:37:08,239 Speaker 1: to weigh in, and I think with that maybe you 692 00:37:08,320 --> 00:37:12,720 Speaker 1: get something. But this by itself probably won't go calling 693 00:37:12,800 --> 00:37:16,080 Speaker 1: Corey Booker, let's get back to it. Rick Davis, Great conversation, 694 00:37:16,120 --> 00:37:20,920 Speaker 1: Bloomberg Politics contributor, and many thanks to Samantha Carl Yoder. Samantha, 695 00:37:20,960 --> 00:37:22,640 Speaker 1: I really enjoyed the talk. You should come back and 696 00:37:22,680 --> 00:37:26,879 Speaker 1: see us again. Democratic strategist and policy director Brown Steam 697 00:37:27,000 --> 00:37:31,440 Speaker 1: Hyatt back here tomorrow here on Bloomberg Radio. I'm Joe Matthew. 698 00:37:31,560 --> 00:37:32,799 Speaker 1: This is Bloomberg