1 00:00:01,680 --> 00:00:06,200 Speaker 1: Now from our nation's capital. This is Bloomberg Sound On. 2 00:00:07,000 --> 00:00:12,280 Speaker 1: It's not about accountability, It's about political revenge. Don't come 3 00:00:12,320 --> 00:00:16,320 Speaker 1: here looking at us for anti semitism. Look in your 4 00:00:16,320 --> 00:00:19,599 Speaker 1: own damn mirror, thinking about targeting women of color in 5 00:00:19,680 --> 00:00:23,800 Speaker 1: the in the United States of America. General has expired 6 00:00:24,120 --> 00:00:28,480 Speaker 1: that our country is failing you. Today Bloomberg Sound On, Politics, 7 00:00:28,520 --> 00:00:32,680 Speaker 1: Policy and Perspective from DC's top name. I see a 8 00:00:32,880 --> 00:00:38,519 Speaker 1: shadow on my stage. And so no matter how you measure, 9 00:00:38,880 --> 00:00:43,640 Speaker 1: it's six more weeks of winter weather. You're tough, you're resilient, 10 00:00:44,000 --> 00:00:46,200 Speaker 1: and you know how to have a good time, right 11 00:00:46,360 --> 00:00:51,680 Speaker 1: Bloomberg Sound On with Joe Matthew on Bloomberg Radio. Both 12 00:00:51,680 --> 00:00:54,320 Speaker 1: sides dig in over the debt ceiling after the big meeting. 13 00:00:54,360 --> 00:00:58,760 Speaker 1: Has Congresswoman Elan omar Is thrown off the Foreign Affairs Committee. Today, 14 00:00:59,160 --> 00:01:01,440 Speaker 1: Welcome to the Fast This hour in politics with high 15 00:01:01,520 --> 00:01:03,400 Speaker 1: drama in the House. We'll talk about it ahead with 16 00:01:03,440 --> 00:01:07,280 Speaker 1: Congressman David Schweiker, Republican from Arizona who just quit the 17 00:01:07,319 --> 00:01:11,480 Speaker 1: House Freedom Caucus, and with our panel Bloomberg Politics contributor 18 00:01:11,520 --> 00:01:15,600 Speaker 1: Democratic analyst Jennie Schanzano Along today with Republican strategist John 19 00:01:15,600 --> 00:01:20,240 Speaker 1: Hart of C Three solutions later, the infrastructure law becomes 20 00:01:20,240 --> 00:01:23,200 Speaker 1: the intersection of Washington and Wall Street. We're gonna talk 21 00:01:23,240 --> 00:01:26,600 Speaker 1: with Chris Cellino of Bloomberg Intelligence, who covers the heavy 22 00:01:26,640 --> 00:01:30,240 Speaker 1: equipment makers like Caterpillar at stand and make billions a 23 00:01:30,280 --> 00:01:33,080 Speaker 1: lot of moving parts. Today in Washington, beginning with posturing 24 00:01:33,600 --> 00:01:36,160 Speaker 1: over the debt ceiling after the meeting between President Biden 25 00:01:36,240 --> 00:01:39,040 Speaker 1: Speaker Macarthy, remember the right right at this time yesterday 26 00:01:39,040 --> 00:01:40,759 Speaker 1: he was standing in the driveway of the White House. 27 00:01:40,920 --> 00:01:44,959 Speaker 1: McCarthy says, don't be fooled by his optimism yesterday. There 28 00:01:45,000 --> 00:01:48,560 Speaker 1: will be no standalone debt ceiling bill, whichever way they 29 00:01:48,640 --> 00:01:50,600 Speaker 1: want to talk about it. I'm very clear, we will 30 00:01:50,640 --> 00:01:54,120 Speaker 1: not pass a clean debt ceiling here without some form 31 00:01:54,200 --> 00:01:56,960 Speaker 1: of spending reform. So they'll never be a clean one. 32 00:01:57,200 --> 00:01:59,120 Speaker 1: I don't know how they want to say it. That's fine, 33 00:01:59,320 --> 00:02:00,960 Speaker 1: but at the end of the day, we're gonna get 34 00:02:01,040 --> 00:02:04,320 Speaker 1: spending reforms. I believe you have to lift the debt ceiling, 35 00:02:04,600 --> 00:02:07,120 Speaker 1: but you do not lift the debt ceiling without changing 36 00:02:07,160 --> 00:02:09,880 Speaker 1: your behavior. And that was just where things started today. 37 00:02:09,880 --> 00:02:12,600 Speaker 1: Following the meeting, high drama on the House floor and 38 00:02:12,800 --> 00:02:17,160 Speaker 1: hours of passionate debate over whether to kick Congresswoman Elan 39 00:02:17,240 --> 00:02:20,280 Speaker 1: Omar off the House Foreign Affairs Committee. By the way, 40 00:02:21,480 --> 00:02:23,920 Speaker 1: spoil it for you, she was kicked off the committee. 41 00:02:24,960 --> 00:02:26,240 Speaker 1: And these are just some of the things that we 42 00:02:26,280 --> 00:02:29,000 Speaker 1: want to talk about here with Congressman David Schweikert, Republican 43 00:02:29,040 --> 00:02:31,520 Speaker 1: from Arizona with us on the program. Congressman, welcome back 44 00:02:31,560 --> 00:02:36,799 Speaker 1: to Bloomberg. You know, I'm a big band. Um. It's 45 00:02:36,880 --> 00:02:39,720 Speaker 1: nice kept someone out there at least has some illectual 46 00:02:39,800 --> 00:02:42,440 Speaker 1: capital of the discussion. Well, we're gonna get to some 47 00:02:42,520 --> 00:02:47,480 Speaker 1: capitalism here. You voted to support Kevin McCarthy on every ballot. 48 00:02:47,480 --> 00:02:49,880 Speaker 1: I was just looking at the whole series here. Do 49 00:02:49,919 --> 00:02:52,280 Speaker 1: you feel like he represented your interests when he met 50 00:02:52,320 --> 00:02:54,120 Speaker 1: with President Biden? Did you like what he said when 51 00:02:54,160 --> 00:02:57,520 Speaker 1: he came out. Yeah, Well, first off, for Kevin, no 52 00:02:57,520 --> 00:03:01,000 Speaker 1: matter what you believe you know about him, I've never 53 00:03:01,000 --> 00:03:04,880 Speaker 1: read someone, you know, someone like myself who's conservative, a 54 00:03:04,880 --> 00:03:08,400 Speaker 1: little bit libertarian leaning, and his ability to know the 55 00:03:08,560 --> 00:03:10,760 Speaker 1: things I'm interested in. He seems to be able to 56 00:03:10,800 --> 00:03:13,760 Speaker 1: do that for every number of the conference. You know, 57 00:03:13,880 --> 00:03:16,240 Speaker 1: the discussion at the White House, it was sort of 58 00:03:16,280 --> 00:03:19,160 Speaker 1: the first step of are we going to be adults 59 00:03:19,600 --> 00:03:24,800 Speaker 1: and have a conversation and understand this is actually an opportunity. 60 00:03:25,040 --> 00:03:30,440 Speaker 1: Stressors in modern politics are opportunities to do policy that 61 00:03:30,520 --> 00:03:32,399 Speaker 1: the rest of the time are too difficult to do. 62 00:03:33,200 --> 00:03:36,600 Speaker 1: And my fingers across that when the doors closed and 63 00:03:36,600 --> 00:03:39,800 Speaker 1: the press went away, that there were actually adults talking. 64 00:03:40,200 --> 00:03:43,400 Speaker 1: It's refreshing concept. I was wondering, you know, because he 65 00:03:43,400 --> 00:03:45,240 Speaker 1: he was very optimistic when he came out. He was 66 00:03:45,240 --> 00:03:47,880 Speaker 1: talking about common ground, having respect for each other. I 67 00:03:47,880 --> 00:03:50,960 Speaker 1: didn't know if he'd be criticized by certain elements of 68 00:03:51,000 --> 00:03:53,880 Speaker 1: the party. Congressman and I wonder if your support for 69 00:03:53,920 --> 00:03:56,880 Speaker 1: Speaker McCarthy has anything to do with news today that 70 00:03:56,880 --> 00:03:59,000 Speaker 1: you're leaving the Freedom Caucus that you helped to found 71 00:03:59,520 --> 00:04:02,720 Speaker 1: no up. I think actually you're going to find even 72 00:04:02,760 --> 00:04:06,160 Speaker 1: from the most populous number to the most conservative member too. 73 00:04:06,720 --> 00:04:11,120 Speaker 1: Then the conference, we understand this is going to be 74 00:04:11,360 --> 00:04:13,720 Speaker 1: the dead ceiling is a complex issue for many of us. 75 00:04:13,760 --> 00:04:16,240 Speaker 1: There's a number of moving parts. I have a great 76 00:04:16,279 --> 00:04:19,920 Speaker 1: concern on the structure of US sovereigns. It's a little geeky, 77 00:04:20,080 --> 00:04:22,320 Speaker 1: but you know, how much can we put out long 78 00:04:22,400 --> 00:04:25,279 Speaker 1: on the curve and those things to avoid a future 79 00:04:25,640 --> 00:04:29,200 Speaker 1: of stress. And you can't have those sort of technical 80 00:04:29,320 --> 00:04:33,400 Speaker 1: conversations what we're doing political theater. So if you had 81 00:04:33,440 --> 00:04:36,280 Speaker 1: the speaker come back out and say we actually had 82 00:04:36,279 --> 00:04:39,560 Speaker 1: a real conversation, we didn't just talk around each other 83 00:04:39,920 --> 00:04:43,880 Speaker 1: with you know, partisan platitude, that's a really good thing 84 00:04:44,080 --> 00:04:48,160 Speaker 1: that that's absolutely positive. Is the Freedom Caucus involved in 85 00:04:48,200 --> 00:04:53,520 Speaker 1: political theater. I think every person who is elective, right 86 00:04:53,560 --> 00:04:56,640 Speaker 1: and left, that's how we communicate. And let's be honest, 87 00:04:56,839 --> 00:04:59,000 Speaker 1: any of those in the media, we all we have 88 00:04:59,080 --> 00:05:01,839 Speaker 1: to find a way to be listened to. And sometimes 89 00:05:01,920 --> 00:05:03,599 Speaker 1: the way we get listened to is, you know, we 90 00:05:03,640 --> 00:05:06,160 Speaker 1: shake our hands in the air, we use you know, 91 00:05:06,360 --> 00:05:09,880 Speaker 1: deep tones in the boys um. But it turns out 92 00:05:10,000 --> 00:05:11,719 Speaker 1: a lot of what we have to now do with 93 00:05:12,279 --> 00:05:15,880 Speaker 1: is a calculator, not on a television camera. Is this 94 00:05:15,960 --> 00:05:18,360 Speaker 1: your way of being heard? Because I told you one 95 00:05:18,400 --> 00:05:21,200 Speaker 1: of the reasons I love Bloomberg if I'm allowed to 96 00:05:21,240 --> 00:05:23,680 Speaker 1: geek out, I mean I could think about that a 97 00:05:23,800 --> 00:05:26,560 Speaker 1: moment ago. I was talking about the yield curve and 98 00:05:26,720 --> 00:05:30,200 Speaker 1: you know, the distribution of sovereign Tell me where else 99 00:05:30,240 --> 00:05:33,960 Speaker 1: I can go in modern media and all the listeners say, oh, yeah, 100 00:05:34,000 --> 00:05:36,480 Speaker 1: I know what he's talking about. Well, let's get a 101 00:05:36,520 --> 00:05:38,360 Speaker 1: little deeper into it. Because you sent a letter to 102 00:05:38,400 --> 00:05:42,200 Speaker 1: the Treasury Secretary asking for information on exhausting debt management 103 00:05:42,240 --> 00:05:45,679 Speaker 1: tools to pay outstanding bills if we hit the debt ceiling. 104 00:05:46,240 --> 00:05:49,360 Speaker 1: Do you support prioritizing spending as Summer suggested, you pay 105 00:05:49,440 --> 00:05:51,919 Speaker 1: interest on debt, stop paying other things until this is 106 00:05:52,040 --> 00:05:55,720 Speaker 1: figured out. Um. The reason that was so important and 107 00:05:56,040 --> 00:05:59,600 Speaker 1: the letter was meant, I'm not as a GUTCHU, but 108 00:05:59,720 --> 00:06:04,840 Speaker 1: act a communication tool for everyone to understand. In g 109 00:06:05,120 --> 00:06:10,680 Speaker 1: O provided the then Treasury Secretary authority to prioritize. So 110 00:06:11,000 --> 00:06:13,800 Speaker 1: if you're in a world where you have stunning amounts 111 00:06:13,800 --> 00:06:16,440 Speaker 1: of US sovereigns floating in the US and around the world, 112 00:06:16,839 --> 00:06:19,520 Speaker 1: you don't want an interest rate in inflection because of 113 00:06:19,520 --> 00:06:24,479 Speaker 1: struss and communicating to the market saying even if things 114 00:06:24,480 --> 00:06:29,840 Speaker 1: got very contancrous, US Treasury has the right to take 115 00:06:30,000 --> 00:06:35,240 Speaker 1: inbound revenues and cover those those instruments, cover the bond payments, 116 00:06:35,279 --> 00:06:39,320 Speaker 1: covering the refinancing of those within the caps, and making 117 00:06:39,360 --> 00:06:43,240 Speaker 1: sure that's part of the common understanding out there. Part 118 00:06:43,279 --> 00:06:45,520 Speaker 1: of my goal is just quieting in the market. Take 119 00:06:45,520 --> 00:06:48,640 Speaker 1: a look at long term um US bond futures, they're 120 00:06:48,720 --> 00:06:51,600 Speaker 1: just stay. Let's say the bond traders are like the 121 00:06:51,640 --> 00:06:54,760 Speaker 1: gold standard of i Q. They get it, they understand 122 00:06:54,760 --> 00:06:57,480 Speaker 1: what's going well, it's true. At least that's what always 123 00:06:57,520 --> 00:07:01,159 Speaker 1: tell me. Um, they get it. And some of this 124 00:07:01,480 --> 00:07:05,080 Speaker 1: then is the next part of it. Okay, UM treasury 125 00:07:05,160 --> 00:07:09,200 Speaker 1: yelling our treasure yelling you actually have the authority. Here's 126 00:07:09,279 --> 00:07:13,360 Speaker 1: this members saying you have the right to prioritize what 127 00:07:13,560 --> 00:07:17,040 Speaker 1: have you done in your data system to make it 128 00:07:17,120 --> 00:07:20,800 Speaker 1: so you can execute? And that's again messaging to the markets. 129 00:07:20,840 --> 00:07:22,560 Speaker 1: Are you really want to know that Janet Yellen is 130 00:07:22,560 --> 00:07:25,840 Speaker 1: prepared to make this happen? Um. I think it's actually 131 00:07:25,840 --> 00:07:28,600 Speaker 1: should be a bit of both. And I think, in 132 00:07:29,280 --> 00:07:32,760 Speaker 1: my intense frustration is anyone who runs around uses the 133 00:07:32,800 --> 00:07:36,679 Speaker 1: word default, they're being duplicit. You know, go back to 134 00:07:36,920 --> 00:07:39,960 Speaker 1: your first year business school. You know your finance class. 135 00:07:40,320 --> 00:07:42,840 Speaker 1: Defaults is when you're not paying those payments. Now you 136 00:07:42,840 --> 00:07:45,720 Speaker 1: can go back to Secretary Lou who used to use 137 00:07:45,720 --> 00:07:48,080 Speaker 1: the term, well, it's a technical default. When we're building 138 00:07:48,080 --> 00:07:50,400 Speaker 1: a bridge in Iowa and we're gonna be late in 139 00:07:50,400 --> 00:07:53,760 Speaker 1: our construction payment. That might be a technical default, but 140 00:07:53,880 --> 00:07:56,920 Speaker 1: that is not a default when you thought credit default understand, 141 00:07:57,440 --> 00:08:01,480 Speaker 1: is that good public policy? Yes, when you're floating you 142 00:08:01,520 --> 00:08:05,680 Speaker 1: know how many trillions of dollars of publicly held debt um, 143 00:08:05,720 --> 00:08:08,200 Speaker 1: you don't play games with it? Well, Democrats would say, 144 00:08:08,320 --> 00:08:10,720 Speaker 1: you know, then passive clean debt ceiling limit will will 145 00:08:10,720 --> 00:08:14,320 Speaker 1: be done with the games. Those who actually use that language, 146 00:08:14,440 --> 00:08:17,920 Speaker 1: I think are not being serious, because we need to 147 00:08:17,920 --> 00:08:21,160 Speaker 1: telegraph the markets that we are taking US debt seriously. 148 00:08:21,520 --> 00:08:24,400 Speaker 1: In ten years, we have a two trillion dollar a 149 00:08:24,480 --> 00:08:29,400 Speaker 1: year structural death in today's dollars. If we don't telegraph 150 00:08:29,480 --> 00:08:34,280 Speaker 1: that we're going to start taking US debt growth seriously, um, 151 00:08:34,320 --> 00:08:36,480 Speaker 1: the markets are going to move against it. And so 152 00:08:36,559 --> 00:08:39,080 Speaker 1: you're you're being sandwiched both ways. You're being sandwiched bay 153 00:08:39,160 --> 00:08:41,160 Speaker 1: those and say we'll just give away on the debt 154 00:08:41,160 --> 00:08:43,400 Speaker 1: ceiling telegraphs of the markets. You're don't care. You're just 155 00:08:43,480 --> 00:08:46,560 Speaker 1: going to keep borrowing, or you can do something more elegant. 156 00:08:46,840 --> 00:08:49,240 Speaker 1: You come up with a package saying you're gonna raise 157 00:08:49,280 --> 00:08:51,680 Speaker 1: the debt suitings. But with that, we're going to find 158 00:08:51,800 --> 00:08:55,440 Speaker 1: physical constraints. We're gonna add competition to healthcare markets and 159 00:08:55,480 --> 00:08:58,600 Speaker 1: other things to drive the borrowing, and by that we 160 00:08:58,640 --> 00:09:02,720 Speaker 1: can telegraph that we take future borrowing seriously. Well, obviously 161 00:09:02,800 --> 00:09:04,520 Speaker 1: you're not going to agree with Democrats and they're not 162 00:09:04,559 --> 00:09:06,920 Speaker 1: going to agree with you over dealing with the debt 163 00:09:06,960 --> 00:09:09,760 Speaker 1: ceiling or management of this issue. But there was passionate 164 00:09:09,760 --> 00:09:12,920 Speaker 1: debate today in the House over removing Congresswoman Elon Omar 165 00:09:13,600 --> 00:09:16,800 Speaker 1: from the Foreign Affairs Committee. I believe you voted in favor, Congressman, 166 00:09:17,200 --> 00:09:20,000 Speaker 1: and you you know what it's like to be reprimanded 167 00:09:20,520 --> 00:09:23,280 Speaker 1: as you were in removed from a committee. Why kick 168 00:09:23,320 --> 00:09:27,600 Speaker 1: Omar offers, well, I wasn't removed from a committee in 169 00:09:27,559 --> 00:09:30,120 Speaker 1: plenty plenty. That was a fight with John Bayner many 170 00:09:30,160 --> 00:09:33,600 Speaker 1: many years ago. Um So, look, I have a history 171 00:09:33,600 --> 00:09:36,360 Speaker 1: of sometimes being a bit cantankerous, and I'm working harder 172 00:09:36,400 --> 00:09:40,760 Speaker 1: to be less annoying. But remember, Foreign Affairs Committee gets 173 00:09:40,800 --> 00:09:44,959 Speaker 1: a lot of information we would call from the skip. 174 00:09:45,280 --> 00:09:48,079 Speaker 1: You get a lot of things that may be classified secret. 175 00:09:48,160 --> 00:09:50,520 Speaker 1: But it's because it's the Foreign Affairs Committee more than 176 00:09:50,559 --> 00:09:54,720 Speaker 1: this particular cases is the Republican perspective. But she's not 177 00:09:54,880 --> 00:09:57,040 Speaker 1: unlike what the Democrats did to a number of our 178 00:09:57,160 --> 00:10:02,560 Speaker 1: members were completely removing them from committee. UM Congressman almar 179 00:10:02,840 --> 00:10:05,240 Speaker 1: Can go on all sorts of the committee, but not 180 00:10:05,400 --> 00:10:09,440 Speaker 1: the one that's actually gets to secret information. Congress from 181 00:10:09,480 --> 00:10:12,000 Speaker 1: David schwikertt Republican from Arizona with us here on the 182 00:10:12,040 --> 00:10:14,800 Speaker 1: fastest hour in politics. To be clear, he was removed 183 00:10:14,880 --> 00:10:19,680 Speaker 1: from the Finance Committee in the House back inve that 184 00:10:19,760 --> 00:10:22,680 Speaker 1: was separate from the ethics violations in twenty We appreciate 185 00:10:22,760 --> 00:10:25,680 Speaker 1: the Congressman for being forthcoming as we assemble our panel, 186 00:10:25,720 --> 00:10:28,480 Speaker 1: because boy, we talked about a lot there and we'll 187 00:10:28,520 --> 00:10:31,679 Speaker 1: get started right now with Jeanie Schanzano, of course, Democratic 188 00:10:31,720 --> 00:10:35,400 Speaker 1: analyst in Bloomberg Politics contributor, joined today by Republican strategist 189 00:10:35,440 --> 00:10:39,080 Speaker 1: John Hart, co founder of C three Solutions. Great to 190 00:10:39,080 --> 00:10:42,240 Speaker 1: have you both here and looking forward to the conversation. Uh, Genie, 191 00:10:42,280 --> 00:10:44,320 Speaker 1: I want to start with you on the debt limit. 192 00:10:44,360 --> 00:10:47,480 Speaker 1: We're gonna get into the elan omar bit in in 193 00:10:47,720 --> 00:10:50,560 Speaker 1: just a couple of moments here. But we were together 194 00:10:50,720 --> 00:10:53,680 Speaker 1: on this program last evening when Kevin McCarthy emerged and 195 00:10:53,720 --> 00:10:55,920 Speaker 1: we wondered, you know, how would this go over? Sort 196 00:10:55,920 --> 00:10:58,320 Speaker 1: of the optimistic tone that he was striking in the driveway, 197 00:10:58,360 --> 00:11:01,679 Speaker 1: but he did make it clear today, don't be fooled. Uh, 198 00:11:01,800 --> 00:11:05,320 Speaker 1: no clean debt limit bill. So has anything changed, Yeah, 199 00:11:05,679 --> 00:11:08,520 Speaker 1: nothing has changed. We were maybe a little bit optimistic 200 00:11:08,559 --> 00:11:10,680 Speaker 1: when he came out, but of course we knew that 201 00:11:10,800 --> 00:11:13,079 Speaker 1: was a lot of posturing. And let's face it, where 202 00:11:13,120 --> 00:11:15,840 Speaker 1: are we today in the United States. They are not 203 00:11:15,960 --> 00:11:19,679 Speaker 1: negotiating on spending. They are not even negotiating on raising 204 00:11:19,679 --> 00:11:22,520 Speaker 1: the debt ceiling. They are negotiating on whether, in fact 205 00:11:22,600 --> 00:11:25,720 Speaker 1: to negotiate about those things. And that's how far off 206 00:11:25,760 --> 00:11:29,760 Speaker 1: we are from moving forward to an actual negotiation, if 207 00:11:29,800 --> 00:11:31,880 Speaker 1: that's even in store, because of course the White House 208 00:11:31,880 --> 00:11:34,560 Speaker 1: says no negotiation on the debt ceiling. We want to 209 00:11:34,600 --> 00:11:37,079 Speaker 1: talk about spending, but we don't want those coupled. And 210 00:11:37,160 --> 00:11:40,800 Speaker 1: today Kevin McCarthy clarified once again that they are coupled 211 00:11:40,840 --> 00:11:43,040 Speaker 1: and they will be coupled. And that's where we stand. 212 00:11:43,360 --> 00:11:46,959 Speaker 1: And Mitch McConnell has walked away from the entire thing completely. Well, 213 00:11:47,000 --> 00:11:49,720 Speaker 1: I guess that's right. John Hart. Welcome. It's great to 214 00:11:49,760 --> 00:11:51,959 Speaker 1: have you as part of our conversation. We heard from 215 00:11:52,000 --> 00:11:56,600 Speaker 1: Brian D's today. Of course, the outgoing economic advisor at 216 00:11:56,600 --> 00:11:59,800 Speaker 1: the White House, the president's top economic aide, who said 217 00:11:59,800 --> 00:12:01,920 Speaker 1: on cable news that you know, he thinks they're onto 218 00:12:02,000 --> 00:12:04,400 Speaker 1: something good here, that yesterday's meeting was a good start. 219 00:12:04,920 --> 00:12:06,840 Speaker 1: This town. As you know, what he said is all 220 00:12:06,880 --> 00:12:09,480 Speaker 1: about relationships. This is the beginning of a process to 221 00:12:09,800 --> 00:12:13,680 Speaker 1: these two respect each other coming out of that meeting yesterday. Yeah, 222 00:12:13,720 --> 00:12:16,280 Speaker 1: I think so, just to give your listeners some context, 223 00:12:16,360 --> 00:12:21,480 Speaker 1: is I was Tom Coburn's senator, Coburn his longtime communications director, 224 00:12:21,600 --> 00:12:25,240 Speaker 1: and were not pioneer the strategy of frankly using the 225 00:12:25,320 --> 00:12:30,040 Speaker 1: debt limit to force the very conversation that Congressman Schweikard 226 00:12:30,160 --> 00:12:33,920 Speaker 1: and McCarthy are trying to have today. So I so 227 00:12:34,040 --> 00:12:36,080 Speaker 1: I'm certainly of the mind that it's a very it's 228 00:12:36,080 --> 00:12:40,240 Speaker 1: a very appropriate, very timely conversation if we're talking about 229 00:12:40,280 --> 00:12:42,920 Speaker 1: raising a deut limit. To also couple that with an 230 00:12:42,920 --> 00:12:46,280 Speaker 1: honest conversation with the public about the long term impacts 231 00:12:46,840 --> 00:12:50,679 Speaker 1: of the debt, and there's two really terribly adverse consequences. 232 00:12:51,240 --> 00:12:54,040 Speaker 1: You know, I think the listeners are aware of this 233 00:12:54,120 --> 00:12:57,480 Speaker 1: concept of tail risk, which is the low probability, highly 234 00:12:57,520 --> 00:13:01,000 Speaker 1: adverse situation where if we have a sovereign debt crisis 235 00:13:01,559 --> 00:13:04,959 Speaker 1: or the debt bomb, you know, phenomenon the tender box, 236 00:13:05,000 --> 00:13:08,000 Speaker 1: if you will. That's probably not going to happen. I 237 00:13:08,040 --> 00:13:10,480 Speaker 1: think there's there's a lot of reason to think that 238 00:13:10,480 --> 00:13:15,200 Speaker 1: that we're fairly solid as the world's reserve currency. That 239 00:13:15,240 --> 00:13:18,920 Speaker 1: could change, though, But what we're seeing right now is 240 00:13:19,400 --> 00:13:23,559 Speaker 1: h is an erosion of our ability to finance other priorities. 241 00:13:23,640 --> 00:13:28,000 Speaker 1: And when you're spending four billion dollars every year and 242 00:13:28,040 --> 00:13:29,680 Speaker 1: that number is going to go way up just on 243 00:13:29,800 --> 00:13:34,160 Speaker 1: financing interests of the national debt, that's completely wasted capital 244 00:13:34,240 --> 00:13:36,120 Speaker 1: that should be in the free market. It should be 245 00:13:36,160 --> 00:13:40,640 Speaker 1: available to innovators, entrepreneurs, people doing the creative work of 246 00:13:40,760 --> 00:13:45,680 Speaker 1: providing economic growth, opportunity, better housing, better food. That's the 247 00:13:45,679 --> 00:13:49,360 Speaker 1: engine of economic growth, and so we're literally starving the 248 00:13:49,400 --> 00:13:53,440 Speaker 1: engine of growth by having an excessive debt. You know. 249 00:13:53,520 --> 00:13:56,520 Speaker 1: Ryan Harton rogue Off wrote a book This Time Is Different, 250 00:13:56,520 --> 00:13:59,520 Speaker 1: Eight Centuries of Physical Folly, where they showed that when 251 00:13:59,679 --> 00:14:05,360 Speaker 1: when when countries historically reached debt to GDP threshold, you 252 00:14:05,440 --> 00:14:07,680 Speaker 1: take off about a point of GDP growth, you know, 253 00:14:07,800 --> 00:14:12,720 Speaker 1: So we're looking at uh slowing down on the growth rate, 254 00:14:12,800 --> 00:14:17,040 Speaker 1: and and that's obviously that's terrible for long term economic 255 00:14:17,080 --> 00:14:20,200 Speaker 1: growth and meeting all of our goals, our national security 256 00:14:20,400 --> 00:14:25,760 Speaker 1: goals of containing China, enabling Ukraine to to beat back Russia. 257 00:14:26,400 --> 00:14:29,080 Speaker 1: So it's just it's very destructive on many many levels. 258 00:14:29,080 --> 00:14:30,960 Speaker 1: Tell one of the things that we talked about with 259 00:14:30,960 --> 00:14:35,920 Speaker 1: with Congressman Schweiker was a prioritization uh in in spending 260 00:14:36,040 --> 00:14:38,480 Speaker 1: a genie. We talked about this when it was first 261 00:14:38,480 --> 00:14:40,680 Speaker 1: floated a couple of weeks ago, that you keep paying 262 00:14:41,000 --> 00:14:43,840 Speaker 1: the interest on the debt, you stop funding other agencies. 263 00:14:44,240 --> 00:14:47,520 Speaker 1: You suggested that might not even be legal. You definitely 264 00:14:47,560 --> 00:14:49,720 Speaker 1: don't think it's appropriate. But is that's something that Janet 265 00:14:49,760 --> 00:14:52,520 Speaker 1: Yellen needs to be prepared for. You know, I think 266 00:14:52,560 --> 00:14:55,360 Speaker 1: that they should be prepared for all kinds of scenarios 267 00:14:55,400 --> 00:14:57,480 Speaker 1: At this point. I don't think they could take anything 268 00:14:57,520 --> 00:15:00,440 Speaker 1: for granted, But there's a variety of questions about that, 269 00:15:00,520 --> 00:15:04,560 Speaker 1: and not just the legality you prior prioritize payment. I mean, 270 00:15:04,640 --> 00:15:07,440 Speaker 1: just imagine if you and your family decide you're only 271 00:15:07,480 --> 00:15:09,080 Speaker 1: going to pay your mortgage but you're not going to 272 00:15:09,160 --> 00:15:12,240 Speaker 1: pay your car bill. Doesn't your car company then say, hey, 273 00:15:12,360 --> 00:15:14,680 Speaker 1: I don't know if I can trust this family going forward, 274 00:15:15,000 --> 00:15:18,600 Speaker 1: and then there's retribution there. So, you know, prioritization sounds 275 00:15:18,640 --> 00:15:21,560 Speaker 1: like a good idea sort of theoretically and generically, but 276 00:15:21,640 --> 00:15:23,920 Speaker 1: when you get down to it, the people you're paying 277 00:15:23,920 --> 00:15:26,160 Speaker 1: and the people you're not paying get to react to 278 00:15:26,200 --> 00:15:29,080 Speaker 1: that as well, and that has significant consequences. So you know, 279 00:15:29,160 --> 00:15:32,000 Speaker 1: across the board, it's not a great solution. But should 280 00:15:32,080 --> 00:15:35,200 Speaker 1: Yelling and the Treasury be prepared. Absolutely at this point 281 00:15:35,200 --> 00:15:38,320 Speaker 1: they should be preparing for all kinds of scenarios. John Hart, 282 00:15:38,480 --> 00:15:41,280 Speaker 1: you wrote the book The Debt Bomb, a bold plan 283 00:15:41,360 --> 00:15:45,000 Speaker 1: to stop Washington from bankrupting America. We only have thirty 284 00:15:45,080 --> 00:15:47,200 Speaker 1: seconds here and we're gonna have a lot more time ahead. 285 00:15:47,640 --> 00:15:51,640 Speaker 1: But does prioritization that plan we just talked about delay 286 00:15:51,640 --> 00:15:56,200 Speaker 1: the trigger on a debt bomb? Uh, not not very much. 287 00:15:56,440 --> 00:15:59,840 Speaker 1: You know, the real solution, if if politicians are intellectually honest, 288 00:16:00,320 --> 00:16:02,160 Speaker 1: is you have to put everything on the table. You 289 00:16:02,200 --> 00:16:05,120 Speaker 1: can't trut any area the budget of sacro sanct That 290 00:16:05,280 --> 00:16:08,880 Speaker 1: includes looking at things like how do we structure entitlements 291 00:16:08,920 --> 00:16:10,960 Speaker 1: so that we can keep the promises we've already made. 292 00:16:10,960 --> 00:16:14,760 Speaker 1: Two America Seniors without bankrupting the country and destroying our 293 00:16:14,800 --> 00:16:17,520 Speaker 1: long term ability to have a growing economy. This is 294 00:16:17,520 --> 00:16:20,120 Speaker 1: gonna be a great hour already is with Jeanie and John, 295 00:16:20,160 --> 00:16:22,040 Speaker 1: thank you so much for being part of our panel, 296 00:16:22,080 --> 00:16:23,960 Speaker 1: and thank you for joining us on the fastest hour 297 00:16:24,040 --> 00:16:26,920 Speaker 1: in politics. Onto the debate on the House floor next, 298 00:16:26,920 --> 00:16:33,040 Speaker 1: passions running high, and this is Bloomberg. It's not about accountability, 299 00:16:33,160 --> 00:16:38,800 Speaker 1: It's about political revenge. That is what it's about. We're 300 00:16:38,840 --> 00:16:42,200 Speaker 1: not removing her from other committees. We just do not 301 00:16:42,400 --> 00:16:47,120 Speaker 1: believe when it comes to foreign affairs, especially the responsibility 302 00:16:47,160 --> 00:16:49,960 Speaker 1: of that position around the world. With the comments that 303 00:16:50,000 --> 00:16:53,720 Speaker 1: you make, she shouldn't serve there. My colleagues, I stand 304 00:16:53,760 --> 00:17:02,000 Speaker 1: before you as a proud Jew and and a proud 305 00:17:02,000 --> 00:17:07,959 Speaker 1: friend at colleague of Il han Omar. I don't need 306 00:17:08,040 --> 00:17:12,840 Speaker 1: any of you to defend me against anti Sabbatism. Mr 307 00:17:12,880 --> 00:17:15,800 Speaker 1: Speaker today rides to congratulate my colleagues on voting to 308 00:17:15,840 --> 00:17:19,159 Speaker 1: remove Representative philhan Omar from the Foreign Affairs Committee, the 309 00:17:19,200 --> 00:17:21,639 Speaker 1: passage of HR seventy six, and a strong message that 310 00:17:21,760 --> 00:17:24,480 Speaker 1: we support Israel and the Jewish community. I had a 311 00:17:24,560 --> 00:17:28,000 Speaker 1: member of the Republican Caucus threatened my life and you all, 312 00:17:28,280 --> 00:17:31,159 Speaker 1: and the Republican Caucus rewarded him with one of the 313 00:17:31,200 --> 00:17:35,320 Speaker 1: most prestigious committee assignments in this Congress. Don't tell me 314 00:17:35,520 --> 00:17:38,840 Speaker 1: this is about consistency. Don't tell me that this is 315 00:17:38,880 --> 00:17:42,920 Speaker 1: about an absent a condemnation of anti Semitic remarks. When 316 00:17:42,960 --> 00:17:45,480 Speaker 1: you have a member of the Republican Caucus who's who 317 00:17:45,480 --> 00:17:49,240 Speaker 1: has talked about Jewish space blazers and an entire amount 318 00:17:49,280 --> 00:17:52,000 Speaker 1: of tropes and also elevated her to some of the 319 00:17:52,080 --> 00:17:55,080 Speaker 1: highest committee assignments in this body. This is about targeting 320 00:17:55,080 --> 00:17:59,719 Speaker 1: women of color. The General Woman's time fired, Omar generalmans 321 00:18:00,240 --> 00:18:04,200 Speaker 1: has expired. That our country is failing you today through 322 00:18:04,280 --> 00:18:09,440 Speaker 1: this chamber. The gentlewoman is no longer recognized. My leadership 323 00:18:09,480 --> 00:18:12,880 Speaker 1: and voice will not be diminished. If I am not 324 00:18:13,119 --> 00:18:17,480 Speaker 1: on this committee for one term. My voice will get 325 00:18:17,520 --> 00:18:22,359 Speaker 1: louder and stronger, and my leadership will be celebrated around 326 00:18:22,440 --> 00:18:27,119 Speaker 1: the world as it has been. So take your votes. 327 00:18:27,200 --> 00:18:32,280 Speaker 1: Are not on this vote. The eyes are to eighteen, 328 00:18:32,640 --> 00:18:37,600 Speaker 1: the nays are two eleven, with one answering present. The 329 00:18:37,680 --> 00:18:43,000 Speaker 1: resolution is adopted. High Drauma in the House today some 330 00:18:43,119 --> 00:18:46,240 Speaker 1: of the most passionate debate we've heard in this new Congress, 331 00:18:47,240 --> 00:18:51,720 Speaker 1: with the headline on the terminal gop boots Omar from panel. Indeed, 332 00:18:51,760 --> 00:18:54,160 Speaker 1: it was a party line vote, as she is off 333 00:18:54,160 --> 00:18:58,480 Speaker 1: the Foreign Affairs Committee, just as Speaker McCarthy wanted to 334 00:18:58,520 --> 00:19:04,400 Speaker 1: heard the voices there, Alexandria Costio, Cortez, elan Omar, herself, 335 00:19:06,119 --> 00:19:13,480 Speaker 1: Jan Schakowski yelling at the house about anti Semitism. Came Jeffries, 336 00:19:13,800 --> 00:19:18,280 Speaker 1: and yeah, you heard George Santos in there too, congratulating 337 00:19:18,280 --> 00:19:21,360 Speaker 1: his colleagues on getting this done. To eight team two eleven. 338 00:19:21,440 --> 00:19:24,120 Speaker 1: The vote a key victory for the new Speaker, who 339 00:19:24,160 --> 00:19:30,000 Speaker 1: made last minute deals to make this happen. By the way, 340 00:19:30,040 --> 00:19:34,320 Speaker 1: the one Republican holdout, Congresswoman Nancy Mace of South Carolina, 341 00:19:36,359 --> 00:19:39,680 Speaker 1: voting to alis Omar after McCarthy pledged to back new 342 00:19:39,760 --> 00:19:42,560 Speaker 1: rules requiring an ethics committee vote to remove a member 343 00:19:42,600 --> 00:19:46,800 Speaker 1: from a committee in the future. Let's assemble the panel 344 00:19:46,920 --> 00:19:50,440 Speaker 1: for their thoughts on this. Jennie Chanzano, Democratic analyst and 345 00:19:50,440 --> 00:19:54,639 Speaker 1: Bloomberg Politics contributor, joined today by John Hart, Republican Strategists 346 00:19:54,680 --> 00:19:59,360 Speaker 1: C Three solutions, longtime operative on Capitol Hill. Uh, John 347 00:19:59,400 --> 00:20:02,720 Speaker 1: will start with you here. Republicans had a big message 348 00:20:02,760 --> 00:20:06,439 Speaker 1: to send today. Was it the right one? Well, you know, 349 00:20:06,560 --> 00:20:09,280 Speaker 1: quite frankly, I think the country would have been better off, 350 00:20:09,280 --> 00:20:12,120 Speaker 1: the Republican Party would be better off if we use 351 00:20:12,200 --> 00:20:16,040 Speaker 1: the time we spent on this UH effort and directed 352 00:20:16,240 --> 00:20:19,239 Speaker 1: towards the much greater challenge of trying to figure out 353 00:20:19,320 --> 00:20:21,639 Speaker 1: how to raise the debt limit while putting in some 354 00:20:21,680 --> 00:20:26,120 Speaker 1: physical guardrails. So I'm very sympathetic to those who want 355 00:20:26,119 --> 00:20:30,320 Speaker 1: to condemn Omar for her anti Semitic remarks, her irresponsible 356 00:20:30,359 --> 00:20:33,760 Speaker 1: remarks about eleven. I think the better way to do 357 00:20:33,800 --> 00:20:36,679 Speaker 1: that would have been to to offer a censure resolution 358 00:20:37,560 --> 00:20:40,640 Speaker 1: and then to put Democrats on record not over a 359 00:20:40,680 --> 00:20:44,520 Speaker 1: procedural question of removing somebody from a committee, but by 360 00:20:44,600 --> 00:20:47,520 Speaker 1: keeping it focused on the content of her of her 361 00:20:47,560 --> 00:20:50,479 Speaker 1: repulsive remarks. I think it would have a better use 362 00:20:50,480 --> 00:20:54,000 Speaker 1: of the House's time. Quite frankly, as HACKEM. Jeffries said 363 00:20:54,040 --> 00:20:58,040 Speaker 1: earlier today, or reminded people earlier today, Genie, the Democratic Party, 364 00:20:58,080 --> 00:21:02,720 Speaker 1: the leadership did condemn Alan Omar Uh within hours of 365 00:21:02,760 --> 00:21:07,480 Speaker 1: those comments emerging. Was this about retribution? Yeah, they did, 366 00:21:07,560 --> 00:21:11,600 Speaker 1: and the remarks were reprehensible and she has apologized that 367 00:21:11,720 --> 00:21:14,960 Speaker 1: said my view, and I agree with John on this. 368 00:21:15,200 --> 00:21:17,520 Speaker 1: I was not a supporter of the removal of Marjorie 369 00:21:17,560 --> 00:21:20,080 Speaker 1: Tyler Green or go Sar. I'm not a removal of 370 00:21:20,119 --> 00:21:22,920 Speaker 1: ilhan Omar. That's an important part of this. It is 371 00:21:22,960 --> 00:21:26,760 Speaker 1: a very important part. Hence your question about retribution. Um, 372 00:21:26,840 --> 00:21:29,000 Speaker 1: you know, I do think there is a difference. I 373 00:21:29,040 --> 00:21:31,600 Speaker 1: think there is a difference when you were talking about 374 00:21:31,600 --> 00:21:35,159 Speaker 1: Swallwell and Shift. While I may not support that, the 375 00:21:36,040 --> 00:21:38,520 Speaker 1: Speaker does have the right for those select committees to 376 00:21:38,560 --> 00:21:41,720 Speaker 1: make that decision. But on these committees like Foreign Affairs, 377 00:21:41,800 --> 00:21:43,800 Speaker 1: it is up to Hakim Jeffries, is it up to 378 00:21:43,840 --> 00:21:47,000 Speaker 1: Senny Hoyer. They get to make this decision. The same 379 00:21:47,040 --> 00:21:49,760 Speaker 1: thing goes when it's on the other side. That's you know, 380 00:21:49,840 --> 00:21:52,040 Speaker 1: we talk about a return to regular order when it 381 00:21:52,080 --> 00:21:55,160 Speaker 1: comes to route lawmaking. We should have that here. If 382 00:21:55,200 --> 00:21:58,200 Speaker 1: somebody has done something reprehensible, it should go through ethics. 383 00:21:58,240 --> 00:22:01,359 Speaker 1: They should be publicly buked on the floor. They should 384 00:22:01,359 --> 00:22:04,280 Speaker 1: be you know, go through the ethics process. But don't 385 00:22:04,320 --> 00:22:07,159 Speaker 1: get into these kind of votes. And quite frankly, to 386 00:22:07,280 --> 00:22:11,280 Speaker 1: John's point, it is a waste of everybody's time. Yeah, well, 387 00:22:11,320 --> 00:22:13,520 Speaker 1: here we are. We wasted quite a number of hours 388 00:22:13,520 --> 00:22:16,240 Speaker 1: if you see it that way. In the debate today, John, 389 00:22:16,480 --> 00:22:18,600 Speaker 1: was this really about the fact that it was foreign affairs? 390 00:22:18,600 --> 00:22:23,320 Speaker 1: Would you feel differently if it was a less sensitive committee. Well, look, 391 00:22:23,400 --> 00:22:26,399 Speaker 1: I you know, I'm I agree. I think taking members 392 00:22:26,440 --> 00:22:29,400 Speaker 1: off Intel is an appropriate staff if there's a clear 393 00:22:29,480 --> 00:22:33,200 Speaker 1: violation or even a question from the FBI, which there 394 00:22:33,320 --> 00:22:36,159 Speaker 1: was in the cases that that the speaker addressed was 395 00:22:36,320 --> 00:22:41,040 Speaker 1: Swallowell and one other. Uh, that's appropriate. That's he has 396 00:22:41,080 --> 00:22:44,360 Speaker 1: the authority to do that as speaker. But I think 397 00:22:44,400 --> 00:22:48,359 Speaker 1: in this case, Uh, it's it's a legitimate question to raise, 398 00:22:48,600 --> 00:22:52,880 Speaker 1: but I think it's a better issue again to address 399 00:22:52,960 --> 00:22:56,840 Speaker 1: through more a more formal censure process. So, yes, it's 400 00:22:56,920 --> 00:23:01,200 Speaker 1: it's unique that it's foreign affairs. Uh, but the allegation 401 00:23:01,359 --> 00:23:07,320 Speaker 1: didn't necessarily focus on her misuse of of intelligence or 402 00:23:07,359 --> 00:23:12,840 Speaker 1: mishandling intelligence, which makes it a different matter from anti Semitic, inappropriate, 403 00:23:12,960 --> 00:23:17,320 Speaker 1: irresponsible rhetoric. You mentioned Eric Swalwell, who was removed from 404 00:23:17,320 --> 00:23:21,320 Speaker 1: the Intel Committee, as both Jeannie and John referenced here 405 00:23:21,359 --> 00:23:23,639 Speaker 1: along with Adam Schiff. He was on the floor today, 406 00:23:24,119 --> 00:23:27,080 Speaker 1: had the easel up with the visuals and a tweet 407 00:23:27,200 --> 00:23:30,639 Speaker 1: from the Judiciary Committee that you might remember, the Republican 408 00:23:30,680 --> 00:23:32,960 Speaker 1: Judiciary Committee. And so I thought, we're gonna hold someone 409 00:23:32,960 --> 00:23:36,560 Speaker 1: accountable for anti Semitism. Surely it's the author of this 410 00:23:36,640 --> 00:23:41,760 Speaker 1: tweet Kanye elon Trump October six, written by Chairman Jim 411 00:23:41,840 --> 00:23:45,640 Speaker 1: Jordan's October eight. What does Kanye say, I'm gonna declare 412 00:23:45,880 --> 00:23:49,200 Speaker 1: death con three on the Jews. So surely this tweet 413 00:23:49,240 --> 00:23:53,080 Speaker 1: came down, right, came down, was deleted, No, two more months. 414 00:23:53,119 --> 00:23:57,840 Speaker 1: It was kept up two more months. So don't come 415 00:23:57,880 --> 00:24:01,880 Speaker 1: here looking at us for anti Semitism. Look in your 416 00:24:01,920 --> 00:24:05,200 Speaker 1: own damn mire before you ever come over here. Not 417 00:24:05,320 --> 00:24:08,399 Speaker 1: your back. It's got pretty chippy here. Everybody got a minute. 418 00:24:08,720 --> 00:24:10,320 Speaker 1: We we we heard and saw a lot of that 419 00:24:10,359 --> 00:24:14,360 Speaker 1: kind of stuff today. Genie, you heard Alexandra Casto Cortez 420 00:24:14,440 --> 00:24:18,080 Speaker 1: referring to the Jewish space lasers, Marjorie Taylor Green and 421 00:24:18,119 --> 00:24:21,760 Speaker 1: so forth. Uh is there a point here? Is there 422 00:24:21,800 --> 00:24:24,159 Speaker 1: a double standard? Or or is this in fact the 423 00:24:24,160 --> 00:24:27,000 Speaker 1: committee assignment we're talking about. Yeah, I mean this is 424 00:24:27,040 --> 00:24:29,159 Speaker 1: where we are. We're going to these tips attached. You know, 425 00:24:29,320 --> 00:24:33,480 Speaker 1: Alexander Kazio Cortez rightly raised the issue of Marjorie Taylor Green, 426 00:24:33,560 --> 00:24:37,399 Speaker 1: the space lasers, also the wildfires in California. You know, 427 00:24:37,560 --> 00:24:40,440 Speaker 1: the anti Semitic conspiracy that you know she claimed or 428 00:24:40,440 --> 00:24:43,359 Speaker 1: tweeted in twenty eighteen led to that. You know, we 429 00:24:43,440 --> 00:24:45,560 Speaker 1: can keep going back and back, you know, tip for 430 00:24:45,680 --> 00:24:48,040 Speaker 1: tat on all of this, but it is not the 431 00:24:48,119 --> 00:24:50,600 Speaker 1: way to run a Congress. It's not the way to 432 00:24:50,680 --> 00:24:53,480 Speaker 1: run the House. You should follow the rules that are 433 00:24:53,520 --> 00:24:56,320 Speaker 1: in place. If that speaker has the right to put 434 00:24:56,359 --> 00:24:59,320 Speaker 1: people on committees, he or she has that right. If 435 00:24:59,440 --> 00:25:02,040 Speaker 1: it is to the leader of that party, they should 436 00:25:02,040 --> 00:25:04,399 Speaker 1: have that right. If there's an ethics question, it should 437 00:25:04,400 --> 00:25:07,560 Speaker 1: go to ethics. This is not complicated, but it is 438 00:25:07,640 --> 00:25:10,840 Speaker 1: going to lead to a spiral of retribution and that 439 00:25:11,000 --> 00:25:13,760 Speaker 1: is I think a real fear. And that's what Republicans 440 00:25:13,760 --> 00:25:16,560 Speaker 1: are really going to confront when Democrats take over again. 441 00:25:16,640 --> 00:25:20,280 Speaker 1: That's the question, John Hart, Is this the new norm? Well, 442 00:25:20,320 --> 00:25:22,080 Speaker 1: hopefully not. I look, I think you do have the 443 00:25:22,119 --> 00:25:26,520 Speaker 1: fault Speaker Pelosi for for her somewhat authoritarian tactics. You know, 444 00:25:27,200 --> 00:25:29,879 Speaker 1: having worked on Capitol Hill for a long time, the 445 00:25:29,960 --> 00:25:33,840 Speaker 1: role of the speaker changed dramatically and we went from 446 00:25:33,880 --> 00:25:36,680 Speaker 1: an era where we had open rules and open rule 447 00:25:36,760 --> 00:25:41,280 Speaker 1: means any member can offer an amendment, and the regulator 448 00:25:41,320 --> 00:25:43,760 Speaker 1: on the number of amendments that are offered is time 449 00:25:43,800 --> 00:25:46,960 Speaker 1: on the clock, and also peer pressure from a member's colleague, 450 00:25:46,960 --> 00:25:49,879 Speaker 1: so that there were instances when when Coburn was a 451 00:25:49,920 --> 00:25:52,399 Speaker 1: member of the House, he would offer hundreds of amendments 452 00:25:52,400 --> 00:25:56,240 Speaker 1: to appropriations bills because he wanted to have debates about 453 00:25:56,280 --> 00:25:59,960 Speaker 1: particular policies, and and he would push it to the 454 00:26:00,119 --> 00:26:03,240 Speaker 1: limit of making his point, and then sometimes he went 455 00:26:03,280 --> 00:26:05,560 Speaker 1: too far. Sometimes he would dial it back. But he 456 00:26:05,640 --> 00:26:08,879 Speaker 1: was very aware of the of that challenge. And but 457 00:26:09,040 --> 00:26:12,320 Speaker 1: the speaker is important because the speaker allowed that to happen. 458 00:26:12,720 --> 00:26:16,080 Speaker 1: And what happened with Nancy Pelosi, she shut down the 459 00:26:16,160 --> 00:26:18,439 Speaker 1: open amendment process. And so part of the reason we 460 00:26:18,520 --> 00:26:22,719 Speaker 1: see we're in this era of one upsmanship retribution performative 461 00:26:22,760 --> 00:26:28,200 Speaker 1: politics is Nancy Pelosi and the Democratic Party essentially shut 462 00:26:28,240 --> 00:26:31,320 Speaker 1: down debate. And so what that does isn't it incentivizes 463 00:26:32,000 --> 00:26:34,760 Speaker 1: members to be performance artists because if they can't voice 464 00:26:34,760 --> 00:26:37,320 Speaker 1: their concerns through amendments, then they're going to do it 465 00:26:37,320 --> 00:26:40,280 Speaker 1: through tweets another And so it's it's a deeper cultural problem. 466 00:26:40,359 --> 00:26:43,960 Speaker 1: Quite frankly and but both sides are to blame. But 467 00:26:43,960 --> 00:26:46,840 Speaker 1: but there are, But each side has some unique dysfunctions 468 00:26:46,840 --> 00:26:50,680 Speaker 1: that they've contributed to. Nancy Pelosi contributed a lot of 469 00:26:50,720 --> 00:26:54,600 Speaker 1: authoritarian dysfunction of the House of John Hart. Jennie Chanzano. 470 00:26:54,680 --> 00:26:56,920 Speaker 1: More to follow with our panel. We're gonna talk next 471 00:26:56,960 --> 00:27:00,639 Speaker 1: with Bloomberg Intelligence about the Infrastructure Law. We follow the 472 00:27:00,680 --> 00:27:04,240 Speaker 1: money from Washington to all over the country and which 473 00:27:04,280 --> 00:27:09,119 Speaker 1: companies are here to benefit. You're listening to Bloomberg Sound 474 00:27:09,160 --> 00:27:15,280 Speaker 1: On with Joe Matthew on Bloomberg Radio. President Biden has 475 00:27:15,280 --> 00:27:18,879 Speaker 1: been on the road promoting investments from the Infrastructure Law lately. 476 00:27:18,880 --> 00:27:20,760 Speaker 1: He was in New York just this week to tout 477 00:27:20,760 --> 00:27:24,359 Speaker 1: the Gateway rail tunnel projects. The busiest carter in the 478 00:27:24,400 --> 00:27:27,399 Speaker 1: United States of America and one of the busiest in 479 00:27:27,440 --> 00:27:30,679 Speaker 1: the world. And the problem a problem anywhere along the 480 00:27:30,760 --> 00:27:33,240 Speaker 1: line means the lays up and down the East Coast 481 00:27:33,320 --> 00:27:35,760 Speaker 1: for folks trying to get to work. Therefore billions of 482 00:27:35,800 --> 00:27:39,119 Speaker 1: dollars to invest in the project. And he'll surely be 483 00:27:39,160 --> 00:27:41,960 Speaker 1: talking about this in next week's State of the Union address. 484 00:27:42,320 --> 00:27:44,720 Speaker 1: But you know who else is talking about it? Caterpillar 485 00:27:45,040 --> 00:27:48,160 Speaker 1: other heavy equipment makers, construction companies that stand, of course, 486 00:27:48,200 --> 00:27:51,439 Speaker 1: all to make billions of dollars on projects for the 487 00:27:51,480 --> 00:27:54,240 Speaker 1: next several years. That's why many of them supported the 488 00:27:54,280 --> 00:27:56,639 Speaker 1: bill here in Washington. And we've been hearing a lot 489 00:27:56,720 --> 00:27:59,720 Speaker 1: more about it this earning season and wanted to put 490 00:27:59,720 --> 00:28:01,760 Speaker 1: a five her point on this with an expert. Bloomberg 491 00:28:01,760 --> 00:28:05,399 Speaker 1: Intelligence analyst Chris Cellino covers this group and he's with 492 00:28:05,480 --> 00:28:07,800 Speaker 1: us right now. Chris, appreciate the time here, help us 493 00:28:07,800 --> 00:28:10,679 Speaker 1: put this in perspective. Just to start off here broadly, 494 00:28:10,720 --> 00:28:13,000 Speaker 1: how much of a boon is this for companies like Caterpillar. 495 00:28:14,119 --> 00:28:16,600 Speaker 1: It's big, it's real big, UM, and we think Cats 496 00:28:16,680 --> 00:28:19,840 Speaker 1: kind of uniquely position here to benefit not only from 497 00:28:19,880 --> 00:28:23,600 Speaker 1: the infrastructure law, but this wave of government spending. UM. 498 00:28:23,640 --> 00:28:26,800 Speaker 1: We're also talking to the Inflation Reduction Act, the Chips Act. 499 00:28:26,960 --> 00:28:29,760 Speaker 1: It's hundreds of billions of dollars over the next five 500 00:28:29,800 --> 00:28:35,119 Speaker 1: plus years. These large infrastructure related projects are equipment intensive, 501 00:28:35,320 --> 00:28:39,640 Speaker 1: and we think Cats, with its scale, its market leadership position, UM, 502 00:28:39,680 --> 00:28:42,880 Speaker 1: it's full product lineup and expansive dealer network, is really 503 00:28:43,000 --> 00:28:46,480 Speaker 1: best position to capitalize on these investments. And we're only 504 00:28:46,560 --> 00:28:48,840 Speaker 1: just beginning to see some of the funds trickle into 505 00:28:48,840 --> 00:28:52,600 Speaker 1: their backlogs now. So even with the economy slowing this year, 506 00:28:52,920 --> 00:28:56,239 Speaker 1: these bills should provide some mitigation in a downturn and 507 00:28:56,240 --> 00:28:59,240 Speaker 1: really provide a nice multi year growth opportunity. Yeah, we 508 00:28:59,320 --> 00:29:01,440 Speaker 1: say multi year. And the question off and here in 509 00:29:01,480 --> 00:29:03,520 Speaker 1: Washington is, hey, you know, when are people going to 510 00:29:03,560 --> 00:29:06,640 Speaker 1: see cranes and and projects in their own communities that 511 00:29:06,720 --> 00:29:10,520 Speaker 1: might help politically help Democrats and some Republicans have voted 512 00:29:10,520 --> 00:29:12,880 Speaker 1: for this politically, But but on the corporate level when 513 00:29:12,880 --> 00:29:15,120 Speaker 1: it comes to making money, how many years are we 514 00:29:15,160 --> 00:29:19,240 Speaker 1: talking about here, because we're just getting started, Chris, You're right, 515 00:29:19,320 --> 00:29:21,760 Speaker 1: I mean it takes time. Um, you know, like I said, 516 00:29:21,760 --> 00:29:24,080 Speaker 1: we're just beginning to hear a funds trick into the 517 00:29:24,080 --> 00:29:28,560 Speaker 1: backlogs now. So you're looking at probably back half three 518 00:29:28,720 --> 00:29:31,480 Speaker 1: before you're starting to see any kind of like meaningful 519 00:29:31,520 --> 00:29:34,880 Speaker 1: financial impact to a lot of these manufacturers. And I 520 00:29:34,880 --> 00:29:36,640 Speaker 1: think that the real tail when it is going to 521 00:29:36,720 --> 00:29:40,400 Speaker 1: be more in four um with kind of sustained strength 522 00:29:40,440 --> 00:29:45,000 Speaker 1: into caterpillars the poster child right when it comes to 523 00:29:45,080 --> 00:29:48,080 Speaker 1: earth moving companies or heavy equipment makers, how big is 524 00:29:48,120 --> 00:29:51,240 Speaker 1: this group? How many companies are there that stand to 525 00:29:51,320 --> 00:29:56,040 Speaker 1: benefit and are competing for that cash. There's really two 526 00:29:56,080 --> 00:29:59,280 Speaker 1: at the top, Caterpillar being the market leader, UM, and 527 00:29:59,320 --> 00:30:02,800 Speaker 1: then there's also Kamatsu, a Japanese player who's has a 528 00:30:02,920 --> 00:30:08,080 Speaker 1: large position in construction equipment here in the US. UM. 529 00:30:08,120 --> 00:30:12,120 Speaker 1: They're the biggest beneficiaries just from a scale perspective, UM, 530 00:30:12,120 --> 00:30:15,320 Speaker 1: but there's also numerous other companies that will benefit from this. 531 00:30:15,440 --> 00:30:18,120 Speaker 1: If you think about some of the aerial equipment makers 532 00:30:18,120 --> 00:30:21,160 Speaker 1: like a Terex and an osh kosh UM. Don't forget 533 00:30:21,200 --> 00:30:24,520 Speaker 1: Dear Deer has a large construction business and growing. They 534 00:30:24,520 --> 00:30:28,040 Speaker 1: made acquisition of Verkan a number of years back, which 535 00:30:28,080 --> 00:30:31,120 Speaker 1: got them into road paving equipment. And then c NH 536 00:30:31,200 --> 00:30:34,240 Speaker 1: Industrial as well also has a construction business. So it 537 00:30:34,320 --> 00:30:36,880 Speaker 1: certainly will benefit the the group overall. But if you're 538 00:30:36,880 --> 00:30:39,800 Speaker 1: thinking about the large players here, it's it's Caterpillar in 539 00:30:39,840 --> 00:30:42,840 Speaker 1: Kamatsu and they've just got multi year backlogs now right 540 00:30:42,920 --> 00:30:45,120 Speaker 1: or are they still learning exactly what it's going to 541 00:30:45,200 --> 00:30:48,080 Speaker 1: look like for the next few years? You know, we 542 00:30:48,080 --> 00:30:51,920 Speaker 1: we just had Caterpillar report this week and interesting, UM, 543 00:30:52,200 --> 00:30:56,040 Speaker 1: we saw orders and backlogs increase not only year over year, 544 00:30:56,080 --> 00:31:00,920 Speaker 1: but Sequentially, demand remains very strong. Um. We're over I 545 00:31:00,920 --> 00:31:03,719 Speaker 1: think thirty billion now in the backlog for Caterpillar. This 546 00:31:03,800 --> 00:31:07,800 Speaker 1: is above average production visibility and has really been constrained 547 00:31:07,800 --> 00:31:10,520 Speaker 1: by the supply chain. With the supply chain is improving, 548 00:31:10,760 --> 00:31:14,080 Speaker 1: but it's they're still bottlenecks out there in the manufacturing 549 00:31:14,120 --> 00:31:17,520 Speaker 1: efficiencies of getting product out the door. UM. So, so 550 00:31:17,560 --> 00:31:20,000 Speaker 1: that should improve as the year progresses, and maybe that 551 00:31:20,040 --> 00:31:24,400 Speaker 1: potentially delays some of the financial impact of this infrastructure law. UM, 552 00:31:24,480 --> 00:31:27,000 Speaker 1: but I think it's more of a timing issue than anything. 553 00:31:27,280 --> 00:31:30,240 Speaker 1: Spending some time with Christie Leino of Bloomberg Intelligence here 554 00:31:30,280 --> 00:31:34,360 Speaker 1: on sound On, it's the intersection truly of Washington and 555 00:31:34,360 --> 00:31:36,320 Speaker 1: Wall Street. You hear the president in one year, then 556 00:31:36,360 --> 00:31:37,920 Speaker 1: you hear the earnings report in the other year. If 557 00:31:37,960 --> 00:31:41,360 Speaker 1: you're on the terminal, you can't miss the two of them. Chris, 558 00:31:41,360 --> 00:31:44,240 Speaker 1: what's the what's the sweet stuff? What's the most lucrative 559 00:31:44,240 --> 00:31:46,280 Speaker 1: type of job here? They're doing a lot of different 560 00:31:46,280 --> 00:31:49,800 Speaker 1: work when it comes to Rhodes bridges, tunnels replacing pipes, 561 00:31:50,120 --> 00:31:54,080 Speaker 1: were are the fattest margins in all of this, You know, 562 00:31:54,160 --> 00:31:59,320 Speaker 1: the infrastructure law just being your more traditional physical infrastructure 563 00:31:59,640 --> 00:32:03,680 Speaker 1: road bridges, tunnels, UM. That tends to have the most 564 00:32:03,720 --> 00:32:06,800 Speaker 1: tangible impact. UM. You know, historically what we've seen is 565 00:32:06,880 --> 00:32:09,800 Speaker 1: roughly kind of five to seven cents of every dollar 566 00:32:09,920 --> 00:32:14,280 Speaker 1: spent on infrastructure goes towards construction equipment. So we think 567 00:32:14,440 --> 00:32:17,680 Speaker 1: just the infrastructure law alone creates kind of an incremental 568 00:32:17,880 --> 00:32:22,240 Speaker 1: call it thirty billion dollar opportunity for this group UM. 569 00:32:22,280 --> 00:32:25,320 Speaker 1: But then when you add in you know, inflation reduction 570 00:32:25,480 --> 00:32:28,400 Speaker 1: chips act. While the benefit may not be as great 571 00:32:28,440 --> 00:32:32,320 Speaker 1: as some of that more physical type infrastructure, it's still 572 00:32:32,360 --> 00:32:35,719 Speaker 1: meaningful and the dollar amounts are are quite significant, so 573 00:32:35,920 --> 00:32:38,959 Speaker 1: it does have a compounding effect over time. He's been 574 00:32:38,960 --> 00:32:41,600 Speaker 1: writing about it since last summer, well even before that, 575 00:32:41,640 --> 00:32:45,720 Speaker 1: but since this whole infrastructure law took shape at Bloomberg Intelligence. 576 00:32:45,720 --> 00:32:47,440 Speaker 1: If you want to stay ahead of the game, follow Chris, 577 00:32:47,440 --> 00:32:49,840 Speaker 1: and we'd love to stay in touch with you, Chris, because, 578 00:32:49,880 --> 00:32:51,600 Speaker 1: as I think we just pointed out, we're gonna be 579 00:32:51,600 --> 00:32:55,920 Speaker 1: talking about this literally for years. Chris Chelino also congrats 580 00:32:55,960 --> 00:32:58,560 Speaker 1: and pronounced the name the right way anyone else would 581 00:32:58,560 --> 00:33:01,760 Speaker 1: have said. Celina right, Bloomberg Intelligence, Thank you, Chris, don't 582 00:33:01,760 --> 00:33:03,800 Speaker 1: be a stranger. I'd love to hear quickly from our 583 00:33:03,840 --> 00:33:06,600 Speaker 1: two panelists on this, because it's important stuff for our 584 00:33:06,600 --> 00:33:09,400 Speaker 1: Bloomberg audience, Jennie Chanzano and John Hart. This is what 585 00:33:09,480 --> 00:33:11,880 Speaker 1: Joe Biden is talking about. Jennie, how does he get 586 00:33:11,880 --> 00:33:14,360 Speaker 1: a conversation like that across to the American people next 587 00:33:14,360 --> 00:33:17,920 Speaker 1: Tuesday night without totally walking out? Yeah, I mean it's 588 00:33:17,920 --> 00:33:20,800 Speaker 1: going to be a challenge, but it's a really important 589 00:33:20,840 --> 00:33:23,280 Speaker 1: part of what he wants to say, not only next 590 00:33:23,360 --> 00:33:25,280 Speaker 1: Tuesday in the State of the Union, but in his 591 00:33:25,480 --> 00:33:29,000 Speaker 1: potential campaign if he chooses to run. And that's about 592 00:33:29,040 --> 00:33:32,160 Speaker 1: the implementation phase of what he was able to accomplish 593 00:33:32,160 --> 00:33:34,480 Speaker 1: over the last two years. This whole sort of theme 594 00:33:34,520 --> 00:33:37,680 Speaker 1: that we're seeing emerge about America reborn, and a big 595 00:33:37,720 --> 00:33:41,200 Speaker 1: part of that is improving our infrastructure, which is wildly 596 00:33:41,400 --> 00:33:44,200 Speaker 1: in need of repair. I live in New York and 597 00:33:44,240 --> 00:33:46,920 Speaker 1: I could tell you firsthand so much needs to be 598 00:33:46,960 --> 00:33:49,280 Speaker 1: done on the roads, bridges, tunnels, and everything else here 599 00:33:49,280 --> 00:33:51,400 Speaker 1: and across the country. So he wants to talk about 600 00:33:51,400 --> 00:33:53,960 Speaker 1: the implementation phase, and he wants to make that a 601 00:33:54,040 --> 00:33:57,720 Speaker 1: huge part of what he's talking about going forward. This listen. 602 00:33:57,760 --> 00:34:00,360 Speaker 1: He's working on that Gateway tunnel for you. Thank you. 603 00:34:00,520 --> 00:34:02,720 Speaker 1: Next time you're on the train, think about it, John, 604 00:34:02,760 --> 00:34:05,600 Speaker 1: This is a bipartisan bill. President Biden likes to remind 605 00:34:05,640 --> 00:34:08,120 Speaker 1: everybody and know that a majority of Republicans did not 606 00:34:08,239 --> 00:34:10,400 Speaker 1: vote for it. But how much of help could this 607 00:34:10,440 --> 00:34:13,680 Speaker 1: be for Republicans on the campaign trail next election? Well 608 00:34:13,719 --> 00:34:15,919 Speaker 1: it could be a big help. Look, you know, constitutional 609 00:34:15,920 --> 00:34:18,360 Speaker 1: conservatives will tell you that there's two things the government 610 00:34:18,360 --> 00:34:21,200 Speaker 1: should be able to do under our constitution. One is 611 00:34:21,239 --> 00:34:24,120 Speaker 1: defense spending. The second is regulated interstate commerce. So there 612 00:34:24,239 --> 00:34:28,799 Speaker 1: is there's a much deeper support for infrastructure spending on 613 00:34:28,880 --> 00:34:32,400 Speaker 1: the right than I think than people understand. There's a 614 00:34:32,760 --> 00:34:37,000 Speaker 1: there's an acceptance that smart infrastructure spending has an incredibly 615 00:34:37,080 --> 00:34:40,120 Speaker 1: high multiplier effect, you know, one point seven six if 616 00:34:40,120 --> 00:34:41,719 Speaker 1: there's a lot of different studies on it, but it's 617 00:34:42,120 --> 00:34:45,799 Speaker 1: it's big and it's significant, and you know, but you 618 00:34:45,840 --> 00:34:48,800 Speaker 1: have to translate that to common language. So a phrase 619 00:34:48,920 --> 00:34:50,360 Speaker 1: is banged for the buck. You get a lot of 620 00:34:50,400 --> 00:34:53,080 Speaker 1: bang for your buck for certain types of spending. Not 621 00:34:53,160 --> 00:34:55,759 Speaker 1: all spending is created equal. This is where the Keynesians, 622 00:34:56,160 --> 00:34:58,760 Speaker 1: you know, dropped the ball. Because if you hire somebody 623 00:34:58,880 --> 00:35:02,000 Speaker 1: to to take a bucket and pull water from one 624 00:35:02,040 --> 00:35:04,480 Speaker 1: side of a pool and report and side of the pool. 625 00:35:04,680 --> 00:35:07,160 Speaker 1: You're not creating any wealth. But if you're as a family, 626 00:35:07,200 --> 00:35:10,840 Speaker 1: if you're investing in your own education, your child's education, 627 00:35:11,600 --> 00:35:15,839 Speaker 1: that dollars can translate into twenty million over the life 628 00:35:15,840 --> 00:35:19,200 Speaker 1: Fiber two, John Hart, Jennie Chanzy. No great conversation and 629 00:35:19,400 --> 00:35:26,400 Speaker 1: closing thoughts straight ahead. This is Bloomberg. You're listening to Bloomberg. 630 00:35:26,480 --> 00:35:34,120 Speaker 1: You sound on with Joe Matthew on Bloomberg Radio. Bloomberg 631 00:35:34,160 --> 00:35:36,560 Speaker 1: Sound On brought to you by Innovation Refunds. It's your 632 00:35:36,600 --> 00:35:39,759 Speaker 1: daily reminder. Yeah, from Innovation Refunds. There is still time 633 00:35:39,800 --> 00:35:42,880 Speaker 1: to claim the Employee Retention Credit. Unlike the p p P, 634 00:35:43,120 --> 00:35:46,359 Speaker 1: the e r C is not alone. Business owners can 635 00:35:46,440 --> 00:35:49,520 Speaker 1: use the e r C to expand their company, payoff debts, 636 00:35:49,600 --> 00:35:51,400 Speaker 1: hire new talent. The money is there to help your 637 00:35:51,440 --> 00:35:54,600 Speaker 1: business as you see fit. Learn more at get refunds 638 00:35:54,680 --> 00:35:59,520 Speaker 1: dot com. So happy groundhog. I see a shadow on 639 00:35:59,600 --> 00:36:04,719 Speaker 1: my day and so no matter how you measure, it's 640 00:36:04,760 --> 00:36:10,200 Speaker 1: six more weeks of winter weather. Yeah, Punsitani. Phil saw 641 00:36:10,239 --> 00:36:14,239 Speaker 1: the shadow in Pennsylvania's new governor, Joshapiro, tried to make 642 00:36:14,239 --> 00:36:17,319 Speaker 1: the best of it. Phil, maybe the draw, but you're 643 00:36:17,360 --> 00:36:21,640 Speaker 1: the reason I'm here because you're the very best to Pennsylvania. 644 00:36:22,120 --> 00:36:25,880 Speaker 1: You're tough, you're resilient, and you know how to have 645 00:36:25,960 --> 00:36:28,880 Speaker 1: a good time. Right, Okay, with six more weeks? I 646 00:36:28,880 --> 00:36:33,160 Speaker 1: don't know, But who says we need to follow Phil? 647 00:36:34,400 --> 00:36:38,160 Speaker 1: Just like politics, you know, there's a groundhog for every 648 00:36:38,200 --> 00:36:42,960 Speaker 1: point of view. Enter Moura Healey, in one of her 649 00:36:43,040 --> 00:36:47,520 Speaker 1: first acts as the governor of Massachusetts, travels out to 650 00:36:47,560 --> 00:36:52,759 Speaker 1: a farm in Lincoln to be with Miss g the 651 00:36:52,840 --> 00:37:01,319 Speaker 1: Massachusetts groundhog, who I guess had better news official groundhog, 652 00:37:03,160 --> 00:37:08,759 Speaker 1: and I declare miss is not a spear, have observed 653 00:37:08,920 --> 00:37:15,759 Speaker 1: her shadow, and therefore coming well springs. Spring's Okay, wait 654 00:37:15,760 --> 00:37:17,239 Speaker 1: a minute, what do you mean first spring is on 655 00:37:17,280 --> 00:37:23,319 Speaker 1: its way? You mean in six weeks? The question I 656 00:37:23,360 --> 00:37:27,759 Speaker 1: have beyond politicians making events like these somehow relevant to 657 00:37:27,840 --> 00:37:31,920 Speaker 1: their public schedules. Are we in for six more weeks 658 00:37:32,000 --> 00:37:35,680 Speaker 1: or more of political winter? Because after what we saw 659 00:37:35,719 --> 00:37:37,440 Speaker 1: today on the House floor, I think it's going to 660 00:37:37,480 --> 00:37:41,279 Speaker 1: be a lot more than that. Genie Chantono and John 661 00:37:41,280 --> 00:37:44,200 Speaker 1: Hart with some final thoughts here. Genie, I know you're 662 00:37:44,239 --> 00:37:47,760 Speaker 1: an optimist. You're probably following Miss G. I am following 663 00:37:47,800 --> 00:37:50,360 Speaker 1: Miss G. I can't believe she and Phil have disagreed. 664 00:37:50,440 --> 00:37:53,200 Speaker 1: We need to get them together to sort this out right. 665 00:37:53,400 --> 00:37:56,000 Speaker 1: Groundhog Day one of my favorite political days of the 666 00:37:56,120 --> 00:37:59,560 Speaker 1: year every year. I love it. The mishaps and everything else. 667 00:37:59,600 --> 00:38:02,960 Speaker 1: I know, talk about geeking out. I'm with Representative Schweiker. Yep, 668 00:38:03,440 --> 00:38:06,879 Speaker 1: I'm there. Nobody got bit today though, at least but 669 00:38:06,960 --> 00:38:10,759 Speaker 1: you know, John, in all seriousness, we've we've got a 670 00:38:10,840 --> 00:38:14,360 Speaker 1: dialogue that's starting here apparently between the Speaker and the President. 671 00:38:14,400 --> 00:38:16,680 Speaker 1: But the some of the vitriols, the anger that we 672 00:38:16,719 --> 00:38:19,319 Speaker 1: saw today on the House floor, back and forth over 673 00:38:19,360 --> 00:38:25,319 Speaker 1: this elon Omar incident yesterday about condemning the horrors of socialism, 674 00:38:25,360 --> 00:38:27,959 Speaker 1: don't give you a lot of hope for the next year, 675 00:38:28,719 --> 00:38:31,720 Speaker 1: do they. Well, Look, I think voters want to see results, 676 00:38:31,719 --> 00:38:34,480 Speaker 1: and I think they'll they'll correct our political economy and 677 00:38:34,520 --> 00:38:37,160 Speaker 1: just you know, two geek out a minute. I think 678 00:38:37,160 --> 00:38:39,720 Speaker 1: the multiplier effect issues really important. I think when people 679 00:38:39,719 --> 00:38:43,640 Speaker 1: see results from certain types of investments, I think that's 680 00:38:43,640 --> 00:38:45,279 Speaker 1: a good thing. We just have to get our our 681 00:38:45,320 --> 00:38:48,719 Speaker 1: deficit under control so we can do other things like 682 00:38:48,960 --> 00:38:53,040 Speaker 1: upgrader transmission lines. Do other infrastructure that's gonna benefit and 683 00:38:53,040 --> 00:38:55,279 Speaker 1: that will start to change the political culture when they 684 00:38:55,320 --> 00:38:58,520 Speaker 1: see positive results coming out of Washington. I guess I 685 00:38:58,560 --> 00:39:01,840 Speaker 1: failed to mention Staaten Island. Chuck, does every state have 686 00:39:02,040 --> 00:39:04,640 Speaker 1: I mean, should there be like a groundhog convention? He 687 00:39:04,680 --> 00:39:07,520 Speaker 1: says early spring to Gennie, this is tilting in your favor. 688 00:39:08,120 --> 00:39:10,440 Speaker 1: That's right, And I usually do go with Chuck. I 689 00:39:10,600 --> 00:39:14,759 Speaker 1: favorite Chuck, and I like John's very optimistic tone, by 690 00:39:14,800 --> 00:39:17,399 Speaker 1: the way YE mean to I didn't feel that way 691 00:39:17,400 --> 00:39:19,799 Speaker 1: after listening to them today, and I was thinking that 692 00:39:19,800 --> 00:39:21,719 Speaker 1: when the stakes get higher, it's going to get worse. 693 00:39:21,760 --> 00:39:23,719 Speaker 1: But hopefully John is right and things are going to 694 00:39:23,800 --> 00:39:27,200 Speaker 1: turn around. Boy, listen to you, two guys with good 695 00:39:27,200 --> 00:39:30,359 Speaker 1: feelings maybe about the state of the union. Next week, 696 00:39:30,400 --> 00:39:33,319 Speaker 1: they're all going to be forced into one room. Hey, John, 697 00:39:33,320 --> 00:39:34,799 Speaker 1: don't be a stranger. It was great to have you 698 00:39:34,840 --> 00:39:38,640 Speaker 1: with us. John Bark, Republican strategist, co founder C three Solutions, 699 00:39:38,640 --> 00:39:41,880 Speaker 1: And you know, Genie shan Zano, there's only one Bloomberg 700 00:39:41,880 --> 00:39:44,799 Speaker 1: politics contributor and Democratic analysts. You're the best. Jennie. Thank you. 701 00:39:45,120 --> 00:39:48,000 Speaker 1: We'll do it again tomorrow. On the fastest hour in politics. 702 00:39:48,560 --> 00:39:50,719 Speaker 1: And we will talk more about not only is it 703 00:39:50,840 --> 00:39:54,200 Speaker 1: Jobs Day already yet Job's Day with expert analysis and 704 00:39:54,239 --> 00:39:57,960 Speaker 1: the political side of those numbers, but also an important 705 00:39:58,239 --> 00:40:00,640 Speaker 1: look ahead to next week. It's gonna be a big one, 706 00:40:01,080 --> 00:40:04,359 Speaker 1: the Political super Bowl, the super Bowl of politics next 707 00:40:04,400 --> 00:40:06,800 Speaker 1: Tuesday night, with special coverage here on the State of 708 00:40:06,800 --> 00:40:09,600 Speaker 1: the Union. Joe Matthew, I'll meet you back here tomorrow. 709 00:40:09,840 --> 00:40:11,080 Speaker 1: This is Bloomberg