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Speaker 1: Now from our nation's capital. This is Bloomberg's Sound On.

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Speaker 1: It just reminds me of what my father always told me.

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Speaker 1: It's not how you start, it's how you sent it.

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Speaker 1: Mr McCarthy doesn't have the votes today. He will not

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Speaker 1: have the votes tomorrow. No member elect haven't received the

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Speaker 1: majority of the votes cast a speaker has not been elect.

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Speaker 1: Bloomberg Sound On Politics, Policy and perspective from DC's top

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Speaker 1: Names three years ago on January the six our democracy.

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Speaker 1: For many in the Congress and across our country, the physical, psychological,

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Speaker 1: and emotional scars are still wrong. Bloomberg Sound On with

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Speaker 1: Joe Matthew on Bloomberg Radio. Kevin McCarthy is changing minds,

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Speaker 1: but he's not there yet. Welcome to the fastest hour

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Speaker 1: in politics, as McCarthy flips more than a dozen Republican

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Speaker 1: holdouts following a series of concessions and now thirteen rounds

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Speaker 1: of voting, with more on the way. Tonight, we'll get

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Speaker 1: the latest from Capitol Hill and Bloomberg's Laura Davison, with

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Speaker 1: analysis from Republican strategist Adam Goodman and our signature panel

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Speaker 1: Bloomberg Politics contributors Rick Davis and Genie Schanzano are with

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Speaker 1: us later. My conversation with Labor Secretary Marty Walsh on

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Speaker 1: today's jobs report and not so quiet hopes on Wall

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Speaker 1: Street for lower wages. I cannot tell you who the

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Speaker 1: next Speaker of the House will be, but I can

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Speaker 1: tell you it's going to be a late night. As

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Speaker 1: we learned after an historic thirteen round of voting, a

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Speaker 1: thirteen ballot pass today that saw Kevin McCarthy a lot

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Speaker 1: closer to two eighteen votes than he was this time yesterday,

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Speaker 1: but not there yet. On this vote, the aids are two,

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Speaker 1: the nays are two hundred and twelve. The motion is

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Speaker 1: adopted accordingly. The House stands adjourned until ten pm tonight.

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Speaker 1: Ten pm tonight, yes a motion to adjourn There listen

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Speaker 1: to the chamber after Representative Steve's Galise moved to the

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Speaker 1: journe until ten. The question now our cars on the

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Speaker 1: motion of the gentleman from Louisiana. Those in favors say, I, okay,

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Speaker 1: that's pretty good. The post say no, no, God in

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Speaker 1: the open. What you want to stay the ten We'll

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Speaker 1: come back at ten. Popcorn, blankets, alcohol. In the opinion

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Speaker 1: of the chair, the nose have it, Madam Clark, I

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Speaker 1: request the he's galise, yeah, well the as one of smiling.

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Speaker 1: Kevin McCarthy spoke with reporters afterward, knowing he's got some

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Speaker 1: time here, right, he's cleared out. Well at that point

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Speaker 1: six hours to twist just all we need what two

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Speaker 1: more arms here to make it work? Mr Leader. It

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Speaker 1: just reminds me of what my father always told me.

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Speaker 1: It's not how you start, it's how you finish. And

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Speaker 1: now we have to finish for the American public. What

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Speaker 1: wasn't the tartar out? What was the breaking point in

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Speaker 1: these and I goes I think getting together and just

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Speaker 1: finding the ability to how we're all gonna work together.

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Speaker 1: It's it's new for us one being in the majority,

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Speaker 1: but being in a tight majority. I think at the

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Speaker 1: end of the day, we're going to be more effective,

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Speaker 1: more efficient, and it definitely a government's going to be

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Speaker 1: more accountable. It's like the best thing that gonna happen. Right.

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Speaker 1: Laura Davison joins us from the middle of all of this.

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Speaker 1: Bloomberg Congress reporters still up there, Laura, I'm sorry, it's

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Speaker 1: going to be a late night. I guess for you,

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Speaker 1: it's time to order some take out, but first tell

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Speaker 1: us what's going to happen later. Well, the household journey

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Speaker 1: at about ten o'clock tonight, come back and do one

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Speaker 1: another one of those votes that we've seen play out

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Speaker 1: over the past several days. UM. Kevin McCarthy is hoping

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Speaker 1: that this will be the one and if not this

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Speaker 1: first vote, maybe another couple more uh and that by

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Speaker 1: you know, either by midnight or in the wee hours

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Speaker 1: of the morning, he will be elected speaker. There's a

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Speaker 1: couple of things that happened before that, namely getting two

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Speaker 1: more people on his on his side. Well, who all right,

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Speaker 1: so the names some names here I already mentioned a few.

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Speaker 1: Paul Gossar, Alf Norman got a massive ovation hip Roy

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Speaker 1: Big Ovation. Who's the latest. Yeah, so of the the

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Speaker 1: we start of the day with with twenty people opposing

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Speaker 1: him in earlier today he got fifteen uh folks on

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Speaker 1: his side. Some of those names you just mentioned. A

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Speaker 1: couple of the outstanding people who are who are still

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Speaker 1: holding out are people like Matt Gates of Florida, Lauren

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Speaker 1: Boebert of Colorado, Matt Rosendale of Montana. Uh. There's six

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Speaker 1: of them in total, and McCarthy just needs to get

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Speaker 1: two more of them. Well, I guess this is going

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Speaker 1: to be an all nighter unless they come back with

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Speaker 1: a deal. Right, at what point does this talk of

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Speaker 1: a deal become something we can actually hold in our

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Speaker 1: hands and read, Laura, that's really a question. This This

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Speaker 1: deal has been very elusive, and what people are are

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Speaker 1: considering a deal is really in the eye of the

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Speaker 1: beholder here. But what is giving McCarthy optimism as well

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Speaker 1: as all the reporters who have been here, uh, you know,

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Speaker 1: days on end, is that, you know, some of the

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Speaker 1: people who are the most entrenched, like Matt Gates, came

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Speaker 1: off the floor a couple of hours ago and said,

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Speaker 1: it looks like, you know, it was heading towards resolution.

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Speaker 1: That looked like something be worked out tonight. Some of

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Speaker 1: the specifics are still being hammered out, but we'll know

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Speaker 1: more in a couple of hours. Was that suggest then,

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Speaker 1: that that Gates is flippable or does he just need

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Speaker 1: to get the others around him? Unclear? Gates wouldn't say, um,

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Speaker 1: you know, but it either suggests that, you know that

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Speaker 1: Gates would theoretically vote for McCarthy or maybe just vote present,

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Speaker 1: you know, not necessarily supporting him, but also not opposing

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Speaker 1: him or his colleagues may be working. He worked out

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Speaker 1: a deal with some of those as well. Great Laura,

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Speaker 1: thank you, Laura Davis and Bloomberg Congress reporter with us

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Speaker 1: throughout this week. She's gonna have some stories to tell

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Speaker 1: her kids someday. Matt Gates, Yeah, he was playing with

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Speaker 1: Kevin McCarthy. Actually stood up and created a bit of

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Speaker 1: a stir. Half of Kevin McCarthy's supporters walked out of

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Speaker 1: the chamber when the gentleman from Florida started pointing fingers.

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Speaker 1: You only earn the position of Speaker of the House

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Speaker 1: if you can get the votes. Mr McCarthy doesn't have

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Speaker 1: the votes today, He will not have the votes tomorrow,

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Speaker 1: and he will not have the votes next week, next month,

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Speaker 1: next year. And so one must wonder, Madam Clerk, is

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Speaker 1: this an exercise in vanity? That was right around the

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Speaker 1: time they started walking out. Not everybody did, but plenty.

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Speaker 1: Laura mentions Congressman Matt Rosendale, he's not there yet either,

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Speaker 1: but he had some fun playing with Kevin McCarthy. This

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Speaker 1: was when it was a rolling This is in the

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Speaker 1: twelve round or rolling series. Of holdouts flipping from McCarthy

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Speaker 1: and big rounds of applause. Rosendale gets called and he

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Speaker 1: had a Kevin her. He walks down the aisle and

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Speaker 1: made everybody wait her, not McCarthy. And he may not

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Speaker 1: be flippable. There are a few left here apparently that

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Speaker 1: you know, may but of course he can afford five

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Speaker 1: and still make this happen. Thank god we have the panel,

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Speaker 1: Gennie Schanzana when Rick Davis are with us Bloomberg Politics

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Speaker 1: contributors are signature panel on an historic week, Rick, what

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Speaker 1: are you hearing? Is he gonna come back with to

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Speaker 1: eighteen at ten o'clock? Yeah, I think he'll. He'll come

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Speaker 1: back at to eighteen. Uh. If he doesn't get to eighteen,

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Speaker 1: you'll have to seventeen and somebody will walk out, So

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Speaker 1: you know, they'll I think they'll find a way to um,

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Speaker 1: get everybody done with this, uh tonight or first seeing

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Speaker 1: you know, Saturday morning. Um. But but I think it

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Speaker 1: is on a trajectory to be concluded. Um. The thing

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Speaker 1: is interesting about Matt Rosendale. When we first started this

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Speaker 1: and you had the group of five, he was one

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Speaker 1: of the original group of five along with Biggs and

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Speaker 1: Bow Burt and Gats and good and and everyone thought

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Speaker 1: he'd be the guy that caved. Everyone thought Rosendale he's

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Speaker 1: the most reasonable one there, and now he's toying with him.

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Speaker 1: So my guess is the two targets I'd have or

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Speaker 1: Eli Crane who actually owes his vote to UM, to

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Speaker 1: McCarthy because the NRCC spent millions of dollars getting him elected.

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Speaker 1: So this is this is a bit of a push

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Speaker 1: for this new freshman from Arizona to cause this much

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Speaker 1: pain UM. And then I'd still focus on Rosendale. I mean,

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Speaker 1: he's a lot like Chip Roy. And you know, if

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Speaker 1: Roy is willing to take the walk down Aisle to

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Speaker 1: to vote for UM McCarthy, I I can imagine Rosendale

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Speaker 1: can see his way to doing the same thing. And

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Speaker 1: if you got ghosts sor I mean, I don't know, Genie,

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Speaker 1: it seems like we're pretty close here. Uh. It's a

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Speaker 1: very different feel and a different conversation than it was

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Speaker 1: this time yesterday. Do they just want to apply enough

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Speaker 1: pain though, to make him suffer for as many hours

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Speaker 1: tonight as possible? Yeah? I mean, you know, listen, we're

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Speaker 1: waiting on ken Buck and Leslie Hunt to travel back.

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Speaker 1: That's why they're reconvening at ten pm. He needs those.

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Speaker 1: He's you know, they're gonna try to flip Rosendale and Crane.

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Speaker 1: You know, Rosendale wants to run for Senate in Montana,

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Speaker 1: so he may be flippable. Who knew he was such

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Speaker 1: a comedian? That was you know, probably not why he

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Speaker 1: was elected from his district, But you know, I just

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Speaker 1: have to you know, it is head scratching to listen

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Speaker 1: to Kevin McCarthy talk about how because this took so long,

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Speaker 1: he learned, we all learned how to govern. Let's not

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Speaker 1: forget this is the easiest vote that needs to be

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Speaker 1: taken in the next two years. Who's going to lead you?

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Speaker 1: And he suggesting that this allowed him to learn how

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Speaker 1: to govern is a bit scary to listen to. We're

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Speaker 1: in a divided government. All the things coming down the pike.

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Speaker 1: Who knows what he gave away? Everything from you mentioned

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Speaker 1: defense spending, Ukraine funding, the debt ceiling. The list goes

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Speaker 1: on and on. How are they going to get to

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Speaker 1: to eighteen? Ever, if they can't even get it for

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Speaker 1: this long in the easiest vote they're going to be taking, well,

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Speaker 1: do you not see it happening tonight. Is that not

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Speaker 1: your expectations? Oh? I you know it could happen tonight.

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Speaker 1: It happened early tomorrow, God willing. These people need to

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Speaker 1: go back to their districts. We know they're going to

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Speaker 1: have to choose the speaker at some point. So yeah,

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Speaker 1: it happens tonight, it happens tomorrow morning. But the reality

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Speaker 1: is this is no victory. This is a paric victory

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Speaker 1: at the best. I mean, this is the definition of

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Speaker 1: a direct victory. He's taking a victory lap, and he

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Speaker 1: will when he's elected. But this is not the job

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Speaker 1: you want. Matt Gates was all about beaming when he

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Speaker 1: got off the floor, saying, we pretty much straight jacket

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Speaker 1: did this guy. He's a naked speaker. He is speaker

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Speaker 1: in name only when he's elected. That's a pretty bad

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Speaker 1: way to start out your leadership. He did use that

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Speaker 1: term straight jacketed Rick, what do you think of that?

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Speaker 1: This is going to be a different speakership? You could argue,

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Speaker 1: then Nancy Felosi's well, I mean, look, Nancy Pelosi had

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Speaker 1: had a tenure speaker where she had a one vote margin,

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Speaker 1: you know, to uh to be recalled. So um, people

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Speaker 1: survived those things. This nobody's looking back and say, wow,

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Speaker 1: that was a worse speakership when she had to do that. Um,

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Speaker 1: I think I think this is Look, there's a lot

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Speaker 1: of bluster. We don't even know what these deals are,

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Speaker 1: and we may never know what these deals are. It's

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Speaker 1: not like they have to be made public. Uh. It

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Speaker 1: kind of reminds me of Mansion negotiating with Schumer. You know,

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Speaker 1: there were all kinds of deals written down and signed

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Speaker 1: that Ye right, yeah, So, um, you know, I think

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Speaker 1: people need to take a deep breath. Yes, we've just

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Speaker 1: witnessed history. Uh. It is both an ugly underside of politics,

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Speaker 1: but it is also a affirmation that you've got to

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Speaker 1: force people to sit in a room and get together.

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Speaker 1: And that's exactly what we're doing. That's a democracy. Just

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Speaker 1: imagine if this were still COVID times and everybody was

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Speaker 1: on zoom. I don't know how we would have gotten

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Speaker 1: through this at all. But Rick makes a great point, Genie,

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Speaker 1: and it's money same point mac Gates made in his

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Speaker 1: own way on the floor. They believe that Mr McCarthy

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Speaker 1: has earned the position of Speaker of the House because

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Speaker 1: he raised half a billion dollars to get Republicans elected.

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Speaker 1: This got everyone really upset, people yelling at mac gates.

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Speaker 1: The clerk had to shut it down because to get personal.

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Speaker 1: But you know, yeah, well when it does get like that,

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Speaker 1: Genie though, you know you're getting closer to the truth here, right,

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Speaker 1: That's right, and that is the role of a leader.

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Speaker 1: And Kevin McCarthy has done that. You know, there was

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Speaker 1: a truth social that Donald Trump sent out not that

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Speaker 1: long ago talking about Nancy Pelosi losing the House twice

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Speaker 1: and that was historic and it was and the reason

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Speaker 1: that Republicans got it back was largely Kevin McCarthy fundraising,

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Speaker 1: including this year, and not in his big numbers. They

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Speaker 1: got it back as they wanted to. But he did

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Speaker 1: raise a lot of money from and gave it to

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Speaker 1: a lot of the very people who voted against him,

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Speaker 1: and some of them turned around today. But the reality is,

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Speaker 1: if anybody thinks we're gonna come up to a debt

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Speaker 1: ceiling fight and he is not going to have a

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Speaker 1: mutiny on his hands, that is what we are facing

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Speaker 1: at this point. Forget about getting anything else done. Investigations,

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Speaker 1: those things will go on, but that is what we

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Speaker 1: are talking about. Emotion to vacate at one is also

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Speaker 1: what we're talking about if the what we're hearing the

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Speaker 1: deals were are to be believed. So it is going

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Speaker 1: to be as difficult for him as it was for

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Speaker 1: Bayner and Brian before him, maybe even more difficult. And

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Speaker 1: that's a far cry from what Nancy Pelosi was facing. Well,

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Speaker 1: so let's let's explore that just for a minute, Rick,

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Speaker 1: because people did say weeks ago that if this motion

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Speaker 1: to vacate got down to one or even five, and

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Speaker 1: knowing that Kevin McCarthy was, you know, in a very

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Speaker 1: difficult or challenge relationship with a good chunk of his caucus,

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Speaker 1: that he would be fired before the end of the

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Speaker 1: year because when he makes a deal over the dead ceiling.

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Speaker 1: Now that we're kind of there and you see the

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Speaker 1: motion of vacate down to one and it looks like

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Speaker 1: he will probably be being made speaker, is that still

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Speaker 1: a real possibility? Uh? Sure, I mean, of course it's

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Speaker 1: a possibility, I would say, especially on the dead ceiling.

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Speaker 1: At least he knows what votes he has, right, I mean, like,

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Speaker 1: if he does the things that he's agreed to, he

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Speaker 1: at least has the ability to go to these guys

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Speaker 1: and say, Okay, I've done exactly what you've told me

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Speaker 1: to do as far as limits on spending, which ought

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Speaker 1: to be a conversation as Congress has and um, and

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Speaker 1: now you gotta vote for the death ceiling. Like up

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Speaker 1: until this point in time, those guys have had a

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Speaker 1: free option to just wreck havoc. And now they have

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Speaker 1: a deal they're supposed to support. Now, I don't believe

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Speaker 1: they're good is their word, because their word hasn't been

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Speaker 1: good for anything. And and so I I suspect they

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Speaker 1: will be the first ones to break the deal. Not

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Speaker 1: Kevin McCarthy. Yeah, but I mean, what if the Senate

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Speaker 1: doesn't play along with any of this, which is entirely possible, Genie,

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Speaker 1: then he gets sandbag for not making good on a

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Speaker 1: deal on the death ceiling or on spending levels, and

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Speaker 1: he gets fired. Yeah. And I don't know if you

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Speaker 1: guys have been thinking about this, but as we hear

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Speaker 1: the about these details, and they're dripping out what we're hearing,

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Speaker 1: these are things that Kevin McCarthy cannot guarantee. He can't

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Speaker 1: guarantee a cut and defense spending unilaterally, He can't guarantee

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Speaker 1: you know much of what we're hearing. I mean, he

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Speaker 1: can guarantee rule changes potentially those things. So they are

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Speaker 1: going to be angry at him. If he can't deliver,

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Speaker 1: He's gonna have to look to work with Democrats. He's

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Speaker 1: gonna have to look work with the Senate, and he's

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Speaker 1: gonna have to work with the White House. And the

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Speaker 1: minute he does that, he is going to face more

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Speaker 1: than just the recalcitrant three or four that will remained tonight.

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Speaker 1: He is going to face that twenty that we're initially

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Speaker 1: appe is to him and have to go back to

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Speaker 1: these conservative districts. And they don't want to go back,

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Speaker 1: saying they worked with Kevin McCarthy, who was working with Democrats.

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Speaker 1: Rick picking chairmanships was apparently the line for a lot

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Speaker 1: of moderates. Right, You're not just putting anyone in front

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Speaker 1: of these important committees just because you needed them to

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Speaker 1: vote for you for speaker. Is that going to remain

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Speaker 1: the case or are we going to wake up tomorrow

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Speaker 1: morning to news of of chairs you never imagined. No,

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Speaker 1: I don't think you'll have a big musical chairs episode, um,

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Speaker 1: but you will have people showing up in subcommittees and

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Speaker 1: as chairman, and you will be seeing people from this

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Speaker 1: list of of rebels showing up on the Rules committee

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Speaker 1: more than you would have u Look, I mean, under

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Speaker 1: normal circumstances, you would have probably you know, taken a

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Speaker 1: few of these people like Matt Gatts and Lauren Bobberton

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Speaker 1: and and and denied them a committee right, and not

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Speaker 1: even not even seated them, because that's how you discipline them.

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Speaker 1: But in this case that could still happen though with

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Speaker 1: these two, right, as soon as he doesn't need their votes.

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Speaker 1: Seems to me they're in a lot of trouble, Rick,

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Speaker 1: I would hope. So, I mean, look, let's hope he

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Speaker 1: hasn't sold every vertebrae he has in his spine at

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Speaker 1: this point. Sure, Genie, I would want to be mc

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Speaker 1: gates or Lauren Bobert. I mean, I guess they can

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Speaker 1: always raise money on this when they actually see him

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Speaker 1: become speaker. Yeah, that's right. And you know, they they

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Speaker 1: they made their bed, they're gonna lie in it. They

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Speaker 1: have been fundraising off of it. Um, you know, apparently

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Speaker 1: they don't care, they don't want to play along. And

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Speaker 1: let's not forget these are two of the most unpopular

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Speaker 1: people in the House of Representatives, maybe in history. At

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Speaker 1: this point, I suppose they could always call Donald Trump,

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Speaker 1: tell him to get involved, Call off Kevin. We'll keep

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Speaker 1: the panel, of course, for the hour, our signature panel

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Speaker 1: with Rick and Genie here on sound on, and we're

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Speaker 1: gonna be joined next by Adam Goodman as well. The

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Speaker 1: view from a Republican strategist with what's happening tonight inside

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Speaker 1: the bubble. I'm Joe Matthew. This is Bloomberg. For what

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Speaker 1: purpose does the gentleman from Kentucky rise arisal behalf of

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Speaker 1: the Republican Party to nominate Kevin mcca arthy for Speaker

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Speaker 1: of the You only earn the position of Speaker of

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Speaker 1: the House if you can get the votes. Mr McCarthy

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Speaker 1: doesn't have the votes today, he will not have the

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Speaker 1: votes tomorrow, and he will not have the votes next week,

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Speaker 1: next month, next year. And so one must wonder, Madam clerk,

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Speaker 1: is this an exercise in vanity? The reading clerk will

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Speaker 1: call the road Donald's McCarthy, Clyde McCarthy, Go, Sarr McCarthy,

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Speaker 1: Luna McCarthy, Miller of Illinois, Yeah McCarthy, Norman McCarthy, Perry McCarthy,

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Speaker 1: Roy McCarthy, Roy got Sar Norman Perry. They flipped one

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Speaker 1: after the other day remarkable. In the twelfth round, we

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Speaker 1: got through thirteen out of another. Now Kevin McCarthy is

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Speaker 1: in a situation. He just has to peel off a

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Speaker 1: couple more and they have a journey till ten p m.

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Speaker 1: Washington time. That's when they're back the chamber to take

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Speaker 1: another swing at this. We'll get back to the panel

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Speaker 1: in just a moment. But always a pleasure to spend

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Speaker 1: some time as well with Adam Goodman, who joins US

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Speaker 1: Republican strategist partner at Ballard Edward Armurow, Senior Fellow at

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Speaker 1: Tufts University. Adam is great to have you back. Listen

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Speaker 1: to what Kevin McCarthy said as he walked out of

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Speaker 1: the chamber, smiling, feeling good, knowing that he was or

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Speaker 1: at least suggesting that he was gonna win when asked,

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Speaker 1: you know, hey, this took a long time. This is ugly,

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Speaker 1: it was chaotic. People said it was embarrassing. See this,

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Speaker 1: this is a great part because it took this long.

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Speaker 1: Now we learned how to govern, so now we'll be

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Speaker 1: able to get the job done. So how about it

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Speaker 1: Adam Goodman. It took this to learn how to govern.

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Speaker 1: Keep doing it until you get it right. It was.

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Speaker 1: It's the classic saying show. I mean, obviously this is

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Speaker 1: has been great for ratings for c Spen, it's been great.

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Speaker 1: Some of the center's right. We'll call him to the centers.

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Speaker 1: For the disruptors, Uh, these were not household names, Chip Roy, Michael,

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Speaker 1: cloud Key, they all have your time in the time

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Speaker 1: Uh that we'll call him to the centers. The center

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Speaker 1: is actually have already prevailed, because what they've actually achieved

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Speaker 1: is a voice, uh at a role in the Congress

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Speaker 1: moving forward. Yet to be determined whether that's good for

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Speaker 1: either the party, the Congress, or America. But they certainly

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Speaker 1: have prevailed. And you see that in what is essentially

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Speaker 1: leaked out as the outline to the agreement between the

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Speaker 1: Speaker designate Kevin McCarthy and this group which led to

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Speaker 1: fifteen flipping on the last vote. So what does this mean?

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Speaker 1: I think it's been very interesting for a lot of

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Speaker 1: people in America, Joe, because in a way, you're seeing

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Speaker 1: how the sausage is made right, and and you're a

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Speaker 1: lot of people kind of got into that a little bit.

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Speaker 1: But I didn't know it that when you had to

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Speaker 1: build how the bill came to a floor, and that

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Speaker 1: there wasn't any cooling all period, and they didn't know that.

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Speaker 1: Basically seemed to be a small collection people that were

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Speaker 1: deciding for the whole. So there were some lessons learned.

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Speaker 1: But wow, the impact of this forward right, well, let's

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Speaker 1: talk about the impact. But I do I mean, first

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Speaker 1: of all, do you think this is done? Is he

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Speaker 1: coming back tonight with a win? Yeah? I think so.

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Speaker 1: I mean basically you've now circle the wagons, and what

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Speaker 1: the dissenters can now do, uh to say faces vote present,

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Speaker 1: which brings down the number eighted for the majority. You

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Speaker 1: have two members coming back n Buck and Wesley Hunt.

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Speaker 1: So you've got to two sixteen tonight at least out

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Speaker 1: of to eighteen if you need to eighteen. If the

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Speaker 1: sixty centers go present, you have a Speaker of the

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Speaker 1: House that's now inevitable. And I think a lot of

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Speaker 1: those who have already h come off the rails uh

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Speaker 1: and gotten behind the speaker design that Uh, they've achieved

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Speaker 1: again Joe, what they want. They've got major rule changes, Uh,

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Speaker 1: they have a sense of inclusion. You've got a lot

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Speaker 1: of them, a number of them. Rather, we'll be sitting

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Speaker 1: on the Rules Committee. That's very big. There's gonna be

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Speaker 1: an investigative aggressiveness to this Congress. They're all behind the

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Speaker 1: weaponization of the federal government project, just Frank Church like,

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Speaker 1: there'll be fiscal prudence, so the CBO is gonna have

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Speaker 1: to account for every bill's impact not just on the

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Speaker 1: budget but inflation. And there's politics and the politics of this.

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Speaker 1: We saw a couple of days ago when there was

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Speaker 1: apparently an agreement between the Club for Growth and the

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Speaker 1: Leadership Funds packed they would not go after conservatives and primaries.

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Speaker 1: So if you had a checklist, Joe, of things that

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Speaker 1: these members wanted, they've actually scored big already. Now the

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Speaker 1: question is and the Speaker of the House to be

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Speaker 1: let's say it's Kevin McCarthy. Can he govern Um with

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Speaker 1: essentially a non majority majority. I don't know, except it

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Speaker 1: suggests one thing, Joe. It suggests that for him to

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Speaker 1: be successful, he's gonna have to create a critical mass

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Speaker 1: of support on major legislation that goes beyond does his caucus.

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Speaker 1: It probably means he's gonna have to get Democrats on

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Speaker 1: board as well maybe, just maybe. I know it sounds crazy,

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Speaker 1: this could be a breakthrough thos sorts and getting Congress

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Speaker 1: to work with themselves again at a time when the

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Speaker 1: approval ratings are still pretty much in the tank. I think, okay, so,

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Speaker 1: but in terms of impact and that that sounds nice

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Speaker 1: if it forces people to work together. But you know,

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Speaker 1: as soon as you make the dissenters as you call them, happy,

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Speaker 1: you start losing moderates and vice versa. If he makes

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Speaker 1: a deal with the dissenters on the debt ceiling, are

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Speaker 1: we heading for a government shutdown? Yeah? See, I I

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Speaker 1: was going right there. The first real evidence of what

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Speaker 1: this all means, I think in a major way is

426
00:23:44,840 --> 00:23:48,480
Speaker 1: going to be the debt ceiling. I, like many Republicans,

427
00:23:48,480 --> 00:23:50,480
Speaker 1: hope it doesn't go that way, where we have a

428
00:23:50,480 --> 00:23:54,560
Speaker 1: showdown and a potential shutdown that's never worked well politically

429
00:23:54,920 --> 00:23:58,159
Speaker 1: or economically for the for the party in play or

430
00:23:58,280 --> 00:24:00,600
Speaker 1: the country. I think that's the US one up. But

431
00:24:00,640 --> 00:24:03,719
Speaker 1: then you have other things like just basic funding of

432
00:24:03,760 --> 00:24:06,880
Speaker 1: like the military. Is that going to be under the microscope?

433
00:24:07,000 --> 00:24:10,760
Speaker 1: Our support for Ukraine? Is that going to be dramatically impacted?

434
00:24:10,960 --> 00:24:13,840
Speaker 1: And then you have all this stuff on the investigative

435
00:24:13,880 --> 00:24:15,960
Speaker 1: and which I don't want to This guy and over

436
00:24:16,160 --> 00:24:18,679
Speaker 1: were on Bloomberg and it's for me, it's you know,

437
00:24:18,720 --> 00:24:22,600
Speaker 1: it's all economy pacty all the time. The investigative aggressive.

438
00:24:22,640 --> 00:24:25,959
Speaker 1: This that's going to happen from this Congress should not

439
00:24:26,040 --> 00:24:29,360
Speaker 1: be under It might mean that we take our eye

440
00:24:29,359 --> 00:24:30,879
Speaker 1: off the ball of a lot of other things we

441
00:24:30,960 --> 00:24:33,600
Speaker 1: need to do in favor of things that seem to

442
00:24:34,080 --> 00:24:37,520
Speaker 1: be the flavor of the day. And thanks for checking in.

443
00:24:37,560 --> 00:24:39,640
Speaker 1: Happy new year if it isn't too late yet. Adam

444
00:24:39,640 --> 00:24:43,320
Speaker 1: Goodman with this Republican strategistic partner at Ballard, I want

445
00:24:43,320 --> 00:24:45,160
Speaker 1: to hear from the panel quickly on this. We haven't

446
00:24:45,200 --> 00:24:49,680
Speaker 1: talked about defense spending. Rick Davis, uh seventy five billion

447
00:24:49,720 --> 00:24:53,360
Speaker 1: dollar cut in defense spending supposedly part of reportedly part

448
00:24:53,400 --> 00:24:56,440
Speaker 1: of this deal. How's that going to get through committee?

449
00:24:56,480 --> 00:24:58,800
Speaker 1: How's that going to get through the Senate? Well, I

450
00:24:58,840 --> 00:25:01,240
Speaker 1: won't get through the Senate. It's really great to hear

451
00:25:01,320 --> 00:25:05,080
Speaker 1: Adam Goodman's analysis of this. He's such a sage and

452
00:25:05,119 --> 00:25:08,000
Speaker 1: the Republican Party and I think you know has really

453
00:25:08,040 --> 00:25:11,000
Speaker 1: tempered his remarks today to to to find a pathway

454
00:25:11,040 --> 00:25:13,560
Speaker 1: through the hysteria. So thank you for that. Well, he

455
00:25:13,600 --> 00:25:15,640
Speaker 1: seems to feel pretty good about it. A. Yeah, Well,

456
00:25:15,640 --> 00:25:17,639
Speaker 1: this is what I was making yesterday, right, They were

457
00:25:17,680 --> 00:25:19,320
Speaker 1: going to be some positives that come out of this

458
00:25:19,400 --> 00:25:22,639
Speaker 1: once the smoke clears and everybody gets off the issue

459
00:25:22,640 --> 00:25:26,200
Speaker 1: of the horse race for speaker, Uh, there may actually

460
00:25:26,200 --> 00:25:28,800
Speaker 1: be some functionality that comes out of this, and and

461
00:25:28,800 --> 00:25:32,000
Speaker 1: and you know, but being able to deliver on a

462
00:25:32,040 --> 00:25:35,680
Speaker 1: promise is not the promise. The promises to bring it

463
00:25:35,760 --> 00:25:37,840
Speaker 1: up in the House. The promises to say, Okay, we're

464
00:25:37,840 --> 00:25:40,919
Speaker 1: gonna get an up or down vote on a you know,

465
00:25:41,200 --> 00:25:45,280
Speaker 1: seventy billion plus uh cut in defense spending. He can't

466
00:25:45,280 --> 00:25:46,960
Speaker 1: even get that through the House. He's not going to

467
00:25:47,040 --> 00:25:49,600
Speaker 1: get that anywhere through his caucus. You know, he's gonna

468
00:25:49,600 --> 00:25:51,560
Speaker 1: have two thirds of his caucus vote against that. So

469
00:25:52,040 --> 00:25:54,720
Speaker 1: the reality is that it's never gonna come up to

470
00:25:54,760 --> 00:25:56,960
Speaker 1: a debate with the Senate because he can't deliver that

471
00:25:57,000 --> 00:25:59,480
Speaker 1: in the House. And and depending upon what it is,

472
00:25:59,520 --> 00:26:02,640
Speaker 1: some of these things, you know, with spending limits on

473
00:26:02,640 --> 00:26:05,440
Speaker 1: on on on federal government spending that might be a

474
00:26:05,440 --> 00:26:07,640
Speaker 1: trade off for the debt ceiling may actually get through.

475
00:26:07,720 --> 00:26:11,480
Speaker 1: So it's not all bad um and and and you

476
00:26:11,520 --> 00:26:14,760
Speaker 1: know we heard Chip Roy arguing for regular order. They

477
00:26:14,800 --> 00:26:17,840
Speaker 1: should be doing that. We heard you know, Matt Rosendel

478
00:26:18,000 --> 00:26:22,520
Speaker 1: argue for you know, going back to passing twelve appropriations

479
00:26:22,560 --> 00:26:25,879
Speaker 1: bills like they're supposed to do. Ye not the most

480
00:26:25,920 --> 00:26:29,280
Speaker 1: exotic idea, there is functionality. What we get out of

481
00:26:29,280 --> 00:26:32,640
Speaker 1: this genie? I am not sure yet. I don't think

482
00:26:32,680 --> 00:26:35,600
Speaker 1: anybody knows. You know, it would be great if we

483
00:26:35,640 --> 00:26:38,920
Speaker 1: could get a budget passed on time through the appropriate process.

484
00:26:39,000 --> 00:26:42,280
Speaker 1: That hasn't happened in the Congress in a long time,

485
00:26:42,640 --> 00:26:45,000
Speaker 1: mostly in the modern era. It has not happened. So

486
00:26:45,240 --> 00:26:48,359
Speaker 1: the idea that this holdout to choose a leader is

487
00:26:48,400 --> 00:26:52,240
Speaker 1: going to lead to that that is incredibly optimistic thinking.

488
00:26:52,600 --> 00:26:56,200
Speaker 1: And let's not forget it is Democrats progressives who wanted

489
00:26:56,240 --> 00:26:59,720
Speaker 1: to decrease defense spending. So you gotta wonder are these

490
00:26:59,720 --> 00:27:03,760
Speaker 1: people working for the Democrats or what it is Republicans

491
00:27:03,760 --> 00:27:06,680
Speaker 1: who have traditionally wanted to keep that defense spending at

492
00:27:06,720 --> 00:27:09,280
Speaker 1: the rates that it is. And so I think this

493
00:27:09,359 --> 00:27:11,280
Speaker 1: is going to be a hard fought battle. And the

494
00:27:11,359 --> 00:27:14,840
Speaker 1: minute McCarthy is forced to reach across the island to Democrats,

495
00:27:15,320 --> 00:27:17,880
Speaker 1: they are going to hit him with emotion to vacate.

496
00:27:18,400 --> 00:27:20,280
Speaker 1: It may not work, but they're going to hit him

497
00:27:20,280 --> 00:27:22,840
Speaker 1: over and over and eventually it's going to make it

498
00:27:22,920 --> 00:27:24,800
Speaker 1: very hard for him to lead, if he can lead

499
00:27:24,800 --> 00:27:27,080
Speaker 1: at all. I'm liking this balance in the panels today.

500
00:27:27,119 --> 00:27:29,120
Speaker 1: I think this is good. I think we have something here.

501
00:27:29,359 --> 00:27:31,760
Speaker 1: That's of course why Rick and Janie are here every day.

502
00:27:31,800 --> 00:27:33,440
Speaker 1: And we'll be back in just a moment. We're gonna

503
00:27:33,520 --> 00:27:36,480
Speaker 1: also talk to the Labor secretary. How about a late

504
00:27:36,560 --> 00:27:38,760
Speaker 1: check in. You see Marty Walsh doing these rounds. They

505
00:27:38,760 --> 00:27:40,480
Speaker 1: put him out there in front of the Labor Department.

506
00:27:40,520 --> 00:27:43,120
Speaker 1: He's talking to all the John Farrows of the world.

507
00:27:43,440 --> 00:27:45,560
Speaker 1: I've got a couple of questions for the Labor Secretary

508
00:27:45,600 --> 00:27:48,040
Speaker 1: about this whole narrative about the job market needing to

509
00:27:48,080 --> 00:27:52,480
Speaker 1: be crushed to beat inflation. You're listening to Bloomberg, you

510
00:27:52,600 --> 00:27:59,040
Speaker 1: sound on with Joe Matthew on Bloomberg Radio. Market certainly

511
00:27:59,080 --> 00:28:02,320
Speaker 1: likes the jobs for today. Pay rolls up two three

512
00:28:02,400 --> 00:28:06,359
Speaker 1: thousand in December, the unemployment right down tick three point five.

513
00:28:07,840 --> 00:28:10,720
Speaker 1: That's not what got the markets excited, though, and we

514
00:28:10,760 --> 00:28:13,960
Speaker 1: wanted to talk about it with the Labor Secretary Marty Walsh,

515
00:28:14,040 --> 00:28:16,760
Speaker 1: who I who I still want to call mayor is

516
00:28:16,760 --> 00:28:19,360
Speaker 1: with us on this job's day. Mr Secretary, welcome back

517
00:28:19,359 --> 00:28:21,560
Speaker 1: to sound On. Thank you, It's great to be back

518
00:28:21,560 --> 00:28:23,600
Speaker 1: and happy knew yet everyone. Happy new year to you two.

519
00:28:23,640 --> 00:28:26,280
Speaker 1: You see him pleased with today's report lower unemployment, right

520
00:28:26,320 --> 00:28:29,920
Speaker 1: and as you noted earlier, gains in construction, hospitality, leisure,

521
00:28:30,119 --> 00:28:33,080
Speaker 1: education and health. Pretty good story to tell here, But

522
00:28:33,119 --> 00:28:35,920
Speaker 1: the markets seem to be happy about slowing wage growth.

523
00:28:36,720 --> 00:28:38,520
Speaker 1: And as a long time labor leader, I want to

524
00:28:38,520 --> 00:28:40,880
Speaker 1: just point in a slightly different direction than than usual

525
00:28:40,920 --> 00:28:43,000
Speaker 1: in these interviews. Are you getting tired of the narrative

526
00:28:43,000 --> 00:28:47,280
Speaker 1: on Wall Street that a weak job market is desirable

527
00:28:47,320 --> 00:28:49,480
Speaker 1: because it will mean lower inflation. Who are we trying

528
00:28:49,520 --> 00:28:52,440
Speaker 1: to please here? Yeah? I just think I think that

529
00:28:52,720 --> 00:28:54,920
Speaker 1: you know, I'm not an economist, but we're living in

530
00:28:54,920 --> 00:28:57,240
Speaker 1: a very different time. I think that you know, we're

531
00:28:57,240 --> 00:29:00,959
Speaker 1: trying to compare. Some people are comparing this to a recession.

532
00:29:01,480 --> 00:29:04,080
Speaker 1: And you know, when you're generally go into recession, you

533
00:29:04,120 --> 00:29:07,120
Speaker 1: don't have a good job gains that month of a

534
00:29:07,200 --> 00:29:11,480
Speaker 1: month um and you usually see industries more than one

535
00:29:11,840 --> 00:29:14,680
Speaker 1: laying off in big ways. We're not seeing that here.

536
00:29:15,080 --> 00:29:17,040
Speaker 1: I think there's a lot of people concerned about what

537
00:29:17,080 --> 00:29:20,640
Speaker 1: the economy will look like. In certainly we're all concerned

538
00:29:20,640 --> 00:29:24,000
Speaker 1: about what the economy looks like. But I think that

539
00:29:24,040 --> 00:29:25,840
Speaker 1: we're going to I'm going to continue to do my

540
00:29:25,920 --> 00:29:29,160
Speaker 1: job as the Labor Secretary to prepare people to get

541
00:29:29,160 --> 00:29:33,960
Speaker 1: into better paying jobs. The President um past historic legislation

542
00:29:34,440 --> 00:29:37,880
Speaker 1: over the last two years, from infrastructure to the Chips

543
00:29:37,920 --> 00:29:41,000
Speaker 1: built the chips and science back to the to the

544
00:29:41,040 --> 00:29:44,720
Speaker 1: Inflation Reduction Act that is going to produce UM both

545
00:29:44,840 --> 00:29:50,120
Speaker 1: construction projects in long term industry growth such as manufacturing,

546
00:29:50,200 --> 00:29:55,080
Speaker 1: chip manufacturing, environmental and energy and manufacturing. So there's a

547
00:29:55,120 --> 00:29:58,400
Speaker 1: lot of opportunity here to really continue to move our

548
00:29:58,440 --> 00:30:00,640
Speaker 1: economy in a very strong positi of way over the

549
00:30:00,640 --> 00:30:03,600
Speaker 1: course of the next next several years and then beyond that. Well,

550
00:30:03,600 --> 00:30:05,760
Speaker 1: I ask you that because the investment community, and I'm

551
00:30:05,760 --> 00:30:07,520
Speaker 1: sure you hear it louder than I do, is is

552
00:30:07,560 --> 00:30:11,120
Speaker 1: literally calling for slack in jobs. The market wants to

553
00:30:11,160 --> 00:30:13,520
Speaker 1: see weakness so it doesn't have to worry about inflation.

554
00:30:13,880 --> 00:30:17,760
Speaker 1: How does that square with good public policy? Well, if

555
00:30:17,760 --> 00:30:19,160
Speaker 1: you look at if you look at the last few

556
00:30:19,160 --> 00:30:22,280
Speaker 1: months there. We have had good jobs, strong job growth,

557
00:30:23,200 --> 00:30:26,360
Speaker 1: We have a near fifty year low in um in

558
00:30:27,120 --> 00:30:31,240
Speaker 1: um unemployment numbers, and we also have been able to

559
00:30:31,280 --> 00:30:34,920
Speaker 1: bring down gas prices. We've been able to knock down inflation.

560
00:30:35,800 --> 00:30:38,000
Speaker 1: We've been able to not quite where we wanted to be,

561
00:30:38,200 --> 00:30:40,520
Speaker 1: but we've been able to knock down inflation while adding

562
00:30:40,600 --> 00:30:43,520
Speaker 1: job growth and having waste gain, so that it can

563
00:30:43,560 --> 00:30:45,840
Speaker 1: be done. Uh. And I just think we need to

564
00:30:45,840 --> 00:30:49,000
Speaker 1: stay very focused on this and not take anything for granted.

565
00:30:49,440 --> 00:30:51,640
Speaker 1: Uh And and move forward. I think that that's going

566
00:30:51,680 --> 00:30:54,560
Speaker 1: to be the key to us moving forward. And inflationary

567
00:30:54,600 --> 00:30:58,240
Speaker 1: pressures weren't caused by economic policies. A lot of them

568
00:30:58,240 --> 00:31:00,240
Speaker 1: are caused by a pandemic, and I think that we

569
00:31:00,280 --> 00:31:02,560
Speaker 1: can't lose sight of that either. Well, it sounds like

570
00:31:02,600 --> 00:31:04,720
Speaker 1: a story of moderation here. And I'm not I'm not

571
00:31:04,880 --> 00:31:07,680
Speaker 1: some sort of pro inflation guy. I just wonder how

572
00:31:07,680 --> 00:31:11,320
Speaker 1: many of these analysts and economists secretary would be willing

573
00:31:11,320 --> 00:31:14,000
Speaker 1: to give up their jobs. First, you know, yeah, well

574
00:31:14,040 --> 00:31:16,160
Speaker 1: that Develd smile. But I and again, I think that

575
00:31:16,240 --> 00:31:20,120
Speaker 1: they're all everyone's trying to figure out the economy. And

576
00:31:20,160 --> 00:31:22,160
Speaker 1: I think that what We've had an economy for the

577
00:31:22,200 --> 00:31:24,800
Speaker 1: last fifty years that has been up and down and

578
00:31:25,040 --> 00:31:28,680
Speaker 1: at some point strong and and and and then weak. Uh.

579
00:31:28,920 --> 00:31:32,080
Speaker 1: But this is unlike anything that any economist that's alive

580
00:31:32,120 --> 00:31:34,880
Speaker 1: have ever dealt with the last time we dealt with

581
00:31:34,920 --> 00:31:36,920
Speaker 1: an economy quite honestly like this, when I stay an

582
00:31:36,920 --> 00:31:40,080
Speaker 1: economy at time like this was back in nineteen sixteen,

583
00:31:40,160 --> 00:31:42,720
Speaker 1: seventeen and eighteen UM. And if you look at what

584
00:31:42,760 --> 00:31:45,000
Speaker 1: happened in the pandemic then, and you look at the

585
00:31:45,000 --> 00:31:48,000
Speaker 1: pandemic now, there's a lot of similar trends UM, and

586
00:31:48,000 --> 00:31:51,280
Speaker 1: there's a lot of concern still UM. And I think

587
00:31:51,320 --> 00:31:54,120
Speaker 1: the difference is this time we have we have a

588
00:31:54,200 --> 00:31:57,440
Speaker 1: president that really laid out an aggressive agenda to get

589
00:31:57,480 --> 00:32:00,080
Speaker 1: from getting shots and arms the people into work and

590
00:32:00,080 --> 00:32:02,360
Speaker 1: and creating an economy from the bottom up, in the

591
00:32:02,360 --> 00:32:05,240
Speaker 1: middle out. And you know, in the whole cabinet, you know,

592
00:32:05,280 --> 00:32:07,680
Speaker 1: we had we had a conversation yes today and we

593
00:32:08,080 --> 00:32:10,560
Speaker 1: all have very important parts of the economy. You know,

594
00:32:11,200 --> 00:32:15,160
Speaker 1: my my pot is job training, workforce development, UH and

595
00:32:15,200 --> 00:32:18,880
Speaker 1: making sure that that moves forward. UH. Secretary Buda is

596
00:32:18,920 --> 00:32:21,160
Speaker 1: making sure the infrastructure projects to being put out there

597
00:32:21,160 --> 00:32:23,120
Speaker 1: a Secretary of Mindo's making sure that the Chips and

598
00:32:23,200 --> 00:32:26,080
Speaker 1: Science Acts being amplemented. You know, Secretary of Bill Staka

599
00:32:26,120 --> 00:32:29,240
Speaker 1: is working on the food supply and the pressures there.

600
00:32:29,360 --> 00:32:31,640
Speaker 1: So you know, you know, you have some really dedicated

601
00:32:31,680 --> 00:32:34,800
Speaker 1: folks that the President has assembled to really do do

602
00:32:34,880 --> 00:32:37,880
Speaker 1: the America's America's work. Not again, not to suggest that

603
00:32:37,920 --> 00:32:39,880
Speaker 1: inflation is not a problem. We see the ugly side

604
00:32:39,920 --> 00:32:42,040
Speaker 1: to it. It's been such a big story the last

605
00:32:42,080 --> 00:32:45,320
Speaker 1: couple of years and and just a major problem that

606
00:32:45,400 --> 00:32:49,280
Speaker 1: the administration needs to deal with. It's in itself can

607
00:32:49,360 --> 00:32:51,440
Speaker 1: lead to job loss, and I wonder if that if

608
00:32:51,480 --> 00:32:53,840
Speaker 1: you see that's what we're seeing in the tech sector

609
00:32:54,080 --> 00:32:56,840
Speaker 1: with companies like Amazon announcing thousands of layoffs, is this

610
00:32:56,920 --> 00:32:59,640
Speaker 1: the other side of the story? Well, what concerns me

611
00:32:59,880 --> 00:33:01,800
Speaker 1: is all of the talk of a soa conver session.

612
00:33:01,840 --> 00:33:04,280
Speaker 1: What does that do that the psyche of businesses in

613
00:33:04,280 --> 00:33:06,520
Speaker 1: the country that that that concerns me? I think with

614
00:33:06,920 --> 00:33:08,640
Speaker 1: with the tech sector laughs, I think there's a little

615
00:33:08,640 --> 00:33:10,520
Speaker 1: more there to it. I think that you know, they

616
00:33:10,560 --> 00:33:13,120
Speaker 1: have their own reasons for doing it, and you know,

617
00:33:13,120 --> 00:33:15,280
Speaker 1: we're gonna watch that month by month and hopefully in

618
00:33:15,320 --> 00:33:18,160
Speaker 1: the next couple of months those jobs returned. Uh, and

619
00:33:18,200 --> 00:33:20,000
Speaker 1: we don't see those jobs. We don't see that long

620
00:33:20,080 --> 00:33:22,200
Speaker 1: term lay off in that industry because that's in the

621
00:33:22,240 --> 00:33:25,560
Speaker 1: tech sector is an important industry for the entire country,

622
00:33:25,720 --> 00:33:27,680
Speaker 1: but it really is important in a lot of regions

623
00:33:27,680 --> 00:33:29,960
Speaker 1: of the country as well, that that is more concentrated,

624
00:33:30,000 --> 00:33:31,760
Speaker 1: and you don't want to see those folks being laid

625
00:33:31,800 --> 00:33:33,680
Speaker 1: off and losing their job. That's a lot of people,

626
00:33:33,680 --> 00:33:37,440
Speaker 1: and these are not millionaires we're talking about either. I know, Secretary,

627
00:33:37,480 --> 00:33:39,120
Speaker 1: before you leave US, I have to ask you about

628
00:33:39,160 --> 00:33:41,480
Speaker 1: what's happening on the other end of Pennsylvania Avenue. I'm

629
00:33:41,480 --> 00:33:43,920
Speaker 1: sure the administration has its own ideas about what's going

630
00:33:43,960 --> 00:33:45,840
Speaker 1: on in the US House right now, but there are

631
00:33:45,840 --> 00:33:47,360
Speaker 1: a lot of people who work up there. There's a

632
00:33:47,400 --> 00:33:50,080
Speaker 1: lot of people who are not getting paid because of this.

633
00:33:50,520 --> 00:33:52,920
Speaker 1: And I wonder if if this falls under your purview,

634
00:33:52,960 --> 00:33:55,520
Speaker 1: federal workers going without a paycheck because we can't figure

635
00:33:55,560 --> 00:33:58,040
Speaker 1: out how to run the government now, it doesn't fall

636
00:33:58,040 --> 00:34:00,120
Speaker 1: into my purview, but I think as an American and

637
00:34:00,200 --> 00:34:02,360
Speaker 1: as as a Secretary of Labor, I think it's really

638
00:34:02,360 --> 00:34:06,320
Speaker 1: important that that that just gets figured out quickly because

639
00:34:06,360 --> 00:34:09,399
Speaker 1: I think that the work of the people is put

640
00:34:09,440 --> 00:34:11,600
Speaker 1: on hold every day that that you can't get a

641
00:34:11,719 --> 00:34:14,279
Speaker 1: leader of the House, and I think that, you know,

642
00:34:14,640 --> 00:34:16,680
Speaker 1: you know, I think the first couple of days here

643
00:34:16,840 --> 00:34:19,640
Speaker 1: of the new year, um, you know, we're okay. But

644
00:34:19,680 --> 00:34:22,600
Speaker 1: if this thing is on into next week and beyond that,

645
00:34:22,640 --> 00:34:24,759
Speaker 1: they will have some major problems at that point. And

646
00:34:24,800 --> 00:34:27,680
Speaker 1: I think on so many different levels. So I hope

647
00:34:27,719 --> 00:34:30,880
Speaker 1: that they can figure it out and elect somebody to

648
00:34:30,880 --> 00:34:34,399
Speaker 1: be Speaker of the House. Secretary Marty Walsh, it's great

649
00:34:34,400 --> 00:34:36,399
Speaker 1: to have you back with us on Bloomberg. I hope

650
00:34:36,400 --> 00:34:37,680
Speaker 1: we can do this a little more often in the

651
00:34:37,680 --> 00:34:42,759
Speaker 1: new year. Thanks for joining, of course, hopefully won't ling

652
00:34:42,760 --> 00:34:45,000
Speaker 1: your on. We apparently have a deal in the works

653
00:34:45,640 --> 00:34:49,080
Speaker 1: in the US House that will lead to a speaker

654
00:34:49,160 --> 00:34:52,200
Speaker 1: Kevin McCarthy. They were journed until ten PM, and we're

655
00:34:52,239 --> 00:34:54,080
Speaker 1: not going to know a lot until then unless things

656
00:34:54,080 --> 00:34:57,520
Speaker 1: start leaking real bad. Some thoughts quickly from the panel

657
00:34:57,600 --> 00:35:01,319
Speaker 1: here on jobs. Jennie Chanzino, this is the one part

658
00:35:01,320 --> 00:35:04,920
Speaker 1: of the economy that continues to defy gravity and make

659
00:35:04,960 --> 00:35:07,799
Speaker 1: this president look good. That's right, and these were very

660
00:35:07,800 --> 00:35:10,080
Speaker 1: good numbers for him today. You know, I think that

661
00:35:10,160 --> 00:35:13,560
Speaker 1: the you know, the idea that there is job growth

662
00:35:13,600 --> 00:35:16,840
Speaker 1: but low unemployment and rages where they are, it was

663
00:35:16,880 --> 00:35:21,120
Speaker 1: a really good New Year's gift for this administration, and

664
00:35:21,160 --> 00:35:23,319
Speaker 1: I think we're going to see them. I think Marty

665
00:35:23,400 --> 00:35:25,120
Speaker 1: Walsh is right when he says they want to stay

666
00:35:25,160 --> 00:35:28,160
Speaker 1: focused and take nothing for granted. That's the absolute right

667
00:35:28,200 --> 00:35:31,120
Speaker 1: attitude and just keep praying that these numbers keep moving

668
00:35:31,120 --> 00:35:34,520
Speaker 1: in the right direction. And of course, the complications with

669
00:35:34,560 --> 00:35:36,560
Speaker 1: inflation is that this is where it gets tough. Rick.

670
00:35:36,600 --> 00:35:39,000
Speaker 1: If we're going into an election season, you hit a

671
00:35:39,040 --> 00:35:43,040
Speaker 1: recession and you're dealing with a downturn in the job market,

672
00:35:43,080 --> 00:35:46,880
Speaker 1: while Wall Street is celebrating slowing wage growth, how do

673
00:35:46,920 --> 00:35:50,399
Speaker 1: you reconcile that as the commander in chief. Yeah, this

674
00:35:50,480 --> 00:35:53,080
Speaker 1: is the tough narrative, right, is that they want to

675
00:35:53,120 --> 00:35:57,000
Speaker 1: crow about this job's report. It does put some limits

676
00:35:57,040 --> 00:35:59,440
Speaker 1: on what you can accomplish with trying to fight inflation.

677
00:35:59,680 --> 00:36:01,840
Speaker 1: And and at the same time, look at the reaction,

678
00:36:01,960 --> 00:36:05,359
Speaker 1: as you say to from the market. So look, this

679
00:36:05,480 --> 00:36:07,960
Speaker 1: administration has been pretty nimble. I mean give credit to

680
00:36:08,000 --> 00:36:10,440
Speaker 1: the Fed. They said it's the Fed's job, and the

681
00:36:10,440 --> 00:36:12,120
Speaker 1: FED seems to be doing their job and keeping the

682
00:36:12,160 --> 00:36:15,080
Speaker 1: momentum going while still trying to tighten it down. It's

683
00:36:15,120 --> 00:36:19,400
Speaker 1: not just Jobs Day, it is also January six, an

684
00:36:19,400 --> 00:36:21,600
Speaker 1: important today at the event today at the White House,

685
00:36:21,640 --> 00:36:24,840
Speaker 1: also equally as important at the Capitol. Will bring you

686
00:36:24,840 --> 00:36:29,920
Speaker 1: there next. I'm Joe Matthew. This is Bloomberg. You're listening

687
00:36:29,960 --> 00:36:34,720
Speaker 1: to Bloomberg you Sound on with Joe Matthew on Bloomberg Radio.

688
00:36:36,400 --> 00:36:39,600
Speaker 1: Bloomberg Sound On brought to you by Innovation Refunds. You're

689
00:36:39,600 --> 00:36:41,840
Speaker 1: looking for ways to grow your business get back the

690
00:36:41,880 --> 00:36:44,319
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691
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Speaker 1: Employee Retention Credit. Sign up now before it's too late.

692
00:36:48,040 --> 00:36:50,879
Speaker 1: See if your business qualifies for e r C. Assistant said,

693
00:36:50,920 --> 00:36:54,920
Speaker 1: get Refunds dot com. So here we are in sports,

694
00:36:55,200 --> 00:36:58,280
Speaker 1: hurry up and wait. The House adjourned until ten pm.

695
00:36:58,560 --> 00:37:02,680
Speaker 1: The bottom line Member elect having received the majority of

696
00:37:02,719 --> 00:37:06,799
Speaker 1: the votes cast. A speaker has not been elected. Clerk

697
00:37:06,960 --> 00:37:09,920
Speaker 1: Cheryl Johnson continuing to do a masterful job. No, we

698
00:37:09,960 --> 00:37:12,320
Speaker 1: still don't have a speaker. But boy, Kevin McCarthy is

699
00:37:12,360 --> 00:37:15,719
Speaker 1: awfully close, and it does appear there is a deal

700
00:37:15,760 --> 00:37:17,759
Speaker 1: in the works that will allow him to close the

701
00:37:17,800 --> 00:37:21,759
Speaker 1: deal on this tonight early tomorrow, they'll be back at ten.

702
00:37:23,360 --> 00:37:25,600
Speaker 1: There's so much news today, not only this, of course

703
00:37:25,719 --> 00:37:28,800
Speaker 1: Job's Day, as we just discussed with Secretary Walls, a

704
00:37:28,920 --> 00:37:32,920
Speaker 1: huge deal on Wall Street. But we must also remember

705
00:37:34,880 --> 00:37:38,160
Speaker 1: that it is the anniversary of the January six attacks,

706
00:37:39,360 --> 00:37:42,440
Speaker 1: the insurrection at the US Capital. President Biden marked the

707
00:37:42,480 --> 00:37:46,040
Speaker 1: anniversary today in a special ceremony in the East Room.

708
00:37:46,120 --> 00:37:50,880
Speaker 1: Three years ago on January the six, our democracy was attacked.

709
00:37:51,200 --> 00:37:54,400
Speaker 1: There's no other way of seeing it. The US Capital

710
00:37:54,480 --> 00:37:57,600
Speaker 1: was breached, which had never happened before in the history

711
00:37:57,640 --> 00:38:00,640
Speaker 1: of the United States America, even during the war. He

712
00:38:00,719 --> 00:38:04,719
Speaker 1: honored a group of police officers who survived that day,

713
00:38:04,760 --> 00:38:09,640
Speaker 1: and elections officials as well. And just what a dynamic

714
00:38:09,760 --> 00:38:12,799
Speaker 1: situation you know here in Washington, particularly as I sit

715
00:38:12,920 --> 00:38:15,719
Speaker 1: directly in the middle of these two institutions, with that

716
00:38:15,840 --> 00:38:19,239
Speaker 1: happening at the White House and the madness going on

717
00:38:19,440 --> 00:38:22,960
Speaker 1: in the US House in the other direction. There's nothing

718
00:38:23,000 --> 00:38:28,840
Speaker 1: like your nation's capital in action. Rick Davis and Jeannie Schanzanos.

719
00:38:28,840 --> 00:38:31,520
Speaker 1: It's an important day, and I wonder if this ends

720
00:38:31,560 --> 00:38:35,200
Speaker 1: up being something that we do mark every year on

721
00:38:35,280 --> 00:38:38,319
Speaker 1: both ends of Pennsylvania Avenue Rick, is that is that

722
00:38:38,320 --> 00:38:42,440
Speaker 1: what we're in for. Yeah, certainly in the near future. UM,

723
00:38:42,760 --> 00:38:44,759
Speaker 1: I would think that this is still going to be

724
00:38:44,880 --> 00:38:47,719
Speaker 1: top of mind when people come to this time of

725
00:38:47,719 --> 00:38:52,000
Speaker 1: the year and wanna remember what the attack on our

726
00:38:52,040 --> 00:38:55,319
Speaker 1: democracy look like. And I can't imagine either party wants

727
00:38:55,320 --> 00:38:57,560
Speaker 1: to forget that, because the minute you start to forget

728
00:38:57,600 --> 00:39:01,880
Speaker 1: these kinds of UH anniversary, they tend to repeat themselves.

729
00:39:01,880 --> 00:39:05,080
Speaker 1: And so in order to avoid that, I think that

730
00:39:05,680 --> 00:39:09,480
Speaker 1: people have an obligation, if not a desire, to bring

731
00:39:09,480 --> 00:39:11,759
Speaker 1: these back into the front of your memory. And I

732
00:39:11,800 --> 00:39:15,839
Speaker 1: would say, uh, it is unfortunate that we had this

733
00:39:15,920 --> 00:39:18,520
Speaker 1: distraction in the House of Representatives, because if there's one

734
00:39:18,560 --> 00:39:21,759
Speaker 1: place that needs to remember this anniversary, it's the House

735
00:39:21,760 --> 00:39:25,440
Speaker 1: of Representatives, where many of the participants in the current

736
00:39:26,040 --> 00:39:31,320
Speaker 1: UH lock up on the Speaker's job were culpable in

737
00:39:31,320 --> 00:39:34,560
Speaker 1: in supporting the kind of insurrectionist activity that occurred and

738
00:39:34,600 --> 00:39:38,120
Speaker 1: still will not apologize for it. The President today awarded

739
00:39:38,160 --> 00:39:41,080
Speaker 1: the Presidential Citizens Medal to fourteen people in total, three

740
00:39:41,120 --> 00:39:45,280
Speaker 1: posthumously UH as I mentioned, including officers from d C Police,

741
00:39:45,280 --> 00:39:48,280
Speaker 1: from Capitol Police, as well as state and local elections officials.

742
00:39:48,760 --> 00:39:51,000
Speaker 1: An important day here, Genie, is it one that should

743
00:39:51,000 --> 00:39:53,960
Speaker 1: continue annually? It should. And that's what I think was

744
00:39:54,000 --> 00:39:56,440
Speaker 1: so important about what the President did today is that

745
00:39:56,520 --> 00:39:59,040
Speaker 1: he honored both the officers who were on the floor.

746
00:39:59,040 --> 00:40:01,120
Speaker 1: Ast Rick was just talking about who are fighting to

747
00:40:01,160 --> 00:40:04,759
Speaker 1: defend the capital, but also people who defended democracy and

748
00:40:04,840 --> 00:40:08,360
Speaker 1: the run up to that insurrection, people like election workers

749
00:40:08,360 --> 00:40:11,360
Speaker 1: at the state and local level who stood there against

750
00:40:11,400 --> 00:40:14,000
Speaker 1: odds and against their own party. Many cases these were

751
00:40:14,040 --> 00:40:17,520
Speaker 1: Republicans and that is something that we have to remember.

752
00:40:17,600 --> 00:40:20,520
Speaker 1: And because these people are really unsung heroes. Well, I

753
00:40:20,560 --> 00:40:22,479
Speaker 1: do want to be clear. There was a ceremony also

754
00:40:23,040 --> 00:40:25,160
Speaker 1: over at the Capitol happened very early this morning and

755
00:40:25,200 --> 00:40:28,439
Speaker 1: the steps of the House in which HACKEM. Jeffreys brought

756
00:40:28,480 --> 00:40:31,680
Speaker 1: up family members of the fallen to read their names.

757
00:40:32,000 --> 00:40:35,360
Speaker 1: Let's listen now, invite the families and loved ones of

758
00:40:35,400 --> 00:40:38,799
Speaker 1: the officers who are no longer with us to read

759
00:40:38,840 --> 00:40:52,879
Speaker 1: their names. Brian David sick Nick, How are Charles leaving good?

760
00:40:57,719 --> 00:41:03,360
Speaker 1: Metropolitan Police Department officers Gunther Hashidah, Kyle dfry Tag and

761
00:41:03,440 --> 00:41:17,000
Speaker 1: Jeffrey Smith, Officer Billy Evans. May God continue to bless

762
00:41:17,040 --> 00:41:17,920
Speaker 1: America