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Speaker 1: Good morning. I'm Brian Curtis and I'm Doug Prisner. Here

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Speaker 1: are the stories we're following today.

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Speaker 2: The House of Representatives has passed the continuing Resolution to

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Speaker 2: fund the government that will get us past that Friday deadline.

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Speaker 3: At Baxter with the story in the nine to sixty

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Speaker 3: newsroom ed.

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Speaker 4: Yeah, exactly right, Brian. Now this this does kick the

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Speaker 4: issues presumably to January and February, regarding funding as a

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Speaker 4: whole and individually. Today's vote took a bipartisan support to

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Speaker 4: get it, with Democrats crossing party lines the vote three

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Speaker 4: hundred and thirty six two ninety five to pass it.

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Speaker 4: Now Speaker Mike Johnson said it had to happen this way.

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Speaker 1: When you have a small majority, it requires some things

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Speaker 1: are going to have to be bipartisan.

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Speaker 4: But I think these are issues that every member of

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Speaker 4: Congression agree on.

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Speaker 3: We are on an unsustainable track with our debt.

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Speaker 4: So this could be a landmark day or it could

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Speaker 4: be just a blip on a screen of animosity. It's

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Speaker 4: you know that they've worked together, bipartisan moving forward. Bloomberg

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Speaker 4: Gregory Corte says it looks as if it will sail

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Speaker 4: through the Senate and then the President will sign it.

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Speaker 5: President Biden did not come out with a veto threat

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Speaker 5: of this House Republican plan. It sent the signal pretty

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Speaker 5: clearly to Democrats in the House but also in the

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Speaker 5: Senate that this is something the White House can live with.

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Speaker 5: It does not deliver on the key priorities of President

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Speaker 5: Biden to fund Ukraine, to fund Israel, and he threw

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Speaker 5: in funding security at the southern border as a deal sweetener.

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Speaker 4: Yeah, so it's not done yet, but it looks like

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Speaker 4: the Senate will go along because Chuck Schumer, the Senate

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Speaker 4: majority leader, did say earlier today that he was very

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Speaker 4: pleased and the President, as Gregory said, said he will

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Speaker 4: not veto it. So it will get done. Hopefully it

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Speaker 4: can get done before Friday. The government is due to

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Speaker 4: run out of funding at midnight on Friday. Israel facing

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Speaker 4: mounting global pressure regarding attacks on Gaza hospitals. This is

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Speaker 4: forces continue to surround Al Shaefa hospital. Bloomberg's Oliver Cook

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Speaker 4: says the fighting rages on.

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Speaker 6: The Defense Minister of Israel says that Hamas has lost

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Speaker 6: control of Gaza at this stage. But really, as you say,

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Speaker 6: the focus is on these hospitals and really beginning to

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Speaker 6: test the limits of where the limit of self defense is,

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Speaker 6: which has been really a question I think for everybody

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Speaker 6: since the beginning of this conflict, and everyone has a

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Speaker 6: different answer to that. But we're starting to see that

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Speaker 6: progress a little bit, particularly with the United States, was,

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Speaker 6: as we know, is a key ally for Israel in

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Speaker 6: this battle.

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Speaker 4: But he says a tone of the criticisms of the

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Speaker 4: hospital attacks has changed.

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Speaker 6: The question is where does it reach its limit? Again,

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Speaker 6: So a lot of this stuff is going to be

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Speaker 6: behind the closed doors, the discussions with Biden and Netanya

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Speaker 6: who not taken out into the public, but you're starting

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Speaker 6: to notice it in a lot of the public statements

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Speaker 6: we're hearing from US officials.

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Speaker 4: Meanwhile, the US Pentagon says it has intelligence regarding Al Shifa,

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Speaker 4: spoke to when Sabrina.

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Speaker 7: Saying Hamas and PIJ members operate a command and control

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Speaker 7: node from Al Shifa Hospital in Gaza City. They have

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Speaker 7: weapons stored there and are prepared to respond to an

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Speaker 7: Israeli military operation against the facility.

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Speaker 4: An Singh also says the US is efforting to try

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Speaker 4: to stop the spread of the war as well.

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Speaker 7: There have been twenty seven attacks against US forces in

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Speaker 7: I Rock and twenty eight attacks in Syria.

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Speaker 4: And says the US will defend itself global news twenty

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Speaker 4: four hours a day and whenever you want it with

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Speaker 4: Bloomberg News now in San Francisco. I'm Ed Baxter in

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Speaker 4: this is Bloomberg.

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Speaker 2: US inflation broadly slowed in October, and traders are now

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Speaker 2: betting that the Fed's aggressive rate hiking cycle is over. However,

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Speaker 2: a Citadel founder Ken Griffin says that cutting interest rates

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Speaker 2: too quickly would be risky for the FED.

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Speaker 8: The key from my perspective is the FED needs to

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Speaker 8: stay on message that they're going to put the inflation

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Speaker 8: genie back in the bottle, and so if they if

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Speaker 8: they cut too soon, I think they risk losing credibility

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Speaker 8: around their commitment to a two percent inflation target.

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Speaker 3: That Citadel founder Ken Griffin.

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Speaker 2: If you look at the work function on the Bloomberg terminal,

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Speaker 2: you'll see that there is zero expectation for a hike

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Speaker 2: in December or at any meeting next year. Meantime, some

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Speaker 2: FED officials are not convinced that the fight against inflation

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Speaker 2: is over. Chicago Fed President Austin Goolsby and is Richmond

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Speaker 2: counterpart Thomas Bark and welcome the CPI report, calling it progress,

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Speaker 2: but both predicted a bumpy road in getting prices down

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Speaker 2: even more.

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Speaker 1: China's President shi Jinping has arrived at the San Francisco

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Speaker 1: International Airport. He was greeted there by US Treasury Secretary

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Speaker 1: Janet Yellen and California Governor Gavin Newsom. Now tomorrow, Presidents

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Speaker 1: Biden and she will be meeting for the first time

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Speaker 1: in a year. This, of course, will be happening on

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Speaker 1: the sidelines of the APEC Summit. Today, President Biden said

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Speaker 1: he's hoping for constructive talks. We're not trying to decouple

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Speaker 1: from China, but we're What we're trying to do is

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Speaker 1: change the relationship for the better. President b there he

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Speaker 1: did say that President Chijinping needs to ease the criteria

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Speaker 1: for American companies investing in China and not requiring those

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Speaker 1: companies to turn over trade secrets. Biden also said the

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Speaker 1: US is interested in helping China's struggling economy, but not

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Speaker 1: at the expense of American intellectual property ran in.

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Speaker 2: Some of the biggest names doug in American business are

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Speaker 2: attending the APEX Summit, and they'll have an audience with

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Speaker 2: Chinese President She and with other Asian leaders. The CEOs

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Speaker 2: include City Group's Jane Fraser, Exxon's Darren Woods, Microsoft, Satya Nodela,

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Speaker 2: and Tesla's Elon Musk. We get more on the story

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Speaker 2: from Bloomberg's and Kates.

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Speaker 9: A CEO summit on the sidelines of the APEC meeting

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Speaker 9: will coincide with the most challenging trade climate in a generation.

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Speaker 9: From tech to logistics to oil and finance, companies are

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Speaker 9: struggling to maintain access to Chinese customers even as they

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Speaker 9: try to navigate a growing list of regulations, tarifs, and

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Speaker 9: export controls. Some of the executives have been invited to

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Speaker 9: dine with She, a chance for them to air their

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Speaker 9: concerns and ambitions in a less formal setting. In Washington

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Speaker 9: and Kates Bloomberg.

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Speaker 1: Radio, China is said to be planning a form of

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Speaker 1: helicopter money remember that term, as a way of helping

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Speaker 1: China's ailing housing market. The story from Bloomberg's ivon Men

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Speaker 1: in Hong Kong.

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Speaker 10: Sources say China is looking to provide one hundred and

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Speaker 10: thirty seven billion dollars of financing for urban village renewal.

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Speaker 10: The funds would be injected in phases through policy banks.

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Speaker 10: Officials are said to be considering using a controversial program

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Speaker 10: called Pledge Supplemental Lending or PSL. The PSL has been

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Speaker 10: dubbed by some as helicopter money, and allows a central

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Speaker 10: bank to provide low cost funds to developers of shantytown

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Speaker 10: renovation projects. It was deployed in twenty fourteen to reverse

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Speaker 10: a property downturn, but was later criticized for inflating a bubble.

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Speaker 10: In any case, the move is another push to put

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Speaker 10: a floor under the biggest property downturn in decades in

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Speaker 10: Hong Kong. I'm von Mann Bloomberg Radio.

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Speaker 2: Meantime, Bloomberg Economics says that China's activity data for October

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Speaker 2: will probably show the recovery needs more support. Bloomberg's Joan

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Speaker 2: Wong has the story.

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Speaker 11: Our economists predicted the data will reinforce earlier signals that

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Speaker 11: the economy is struggling to rebound. Output and fixed asset

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Speaker 11: investment growth probably slowed. A likely pick up in retail

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Speaker 11: sales had more to do with a low base of

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Speaker 11: comparison than stronger consumption on industrial production. Bloomberg Economics estimates

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Speaker 11: that grows a three point nine percent year on year.

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Speaker 11: That'd be down from a four and a half percent

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Speaker 11: rise in September in Taipei. I'm Joan Wong Bloomberg Radio.

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Speaker 2: Bloomberg Economics expects a rate cut by the PBOC to

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Speaker 2: two point four percent. That data or that decision coming

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Speaker 2: up a little bit later today. The market consensus, though,

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Speaker 2: is for another hold by the PBOC. Let's get to

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Speaker 2: our guest. Now we would welcome to the airwaves Jody Schneider,

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Speaker 2: political news director for Bloomberg Television and Radio, to discuss

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Speaker 2: the risk for it US government shut down. I'm Brian Curtis,

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Speaker 2: along with Paul Allen. Jody, thanks so much for joining us. Well,

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Speaker 2: big news that leading Democrats came out here in support

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Speaker 2: of the Speaker's proposal. Before we get to the possible

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Speaker 2: blowback from Republicans which may be coming, let's look at

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Speaker 2: why the Dems supported it. The vote was three thirty

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Speaker 2: six to ninety five.

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Speaker 12: Yeah, we had a great number of Democrats supporting it, Brian,

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Speaker 12: and some a fair number of Republicans voting against it,

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Speaker 12: but partly because they could they had cover in essence,

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Speaker 12: and the House Democrats basically bailed out the newly elected Speaker,

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Speaker 12: Mike Johnson. They basically decided to go along with this

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Speaker 12: legislation because it didn't contain big spending cuts that they

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Speaker 12: couldn't you couldn't accept, and also it was not really

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Speaker 12: time to anything. There were what they called poison pills

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Speaker 12: in it. And it's going to be an election year

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Speaker 12: and Democrats think they might be able to take back

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Speaker 12: the House after all the speakership ruck us or earlier

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Speaker 12: this year. And also they're really hoping that they can

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Speaker 12: show that they are kind of the governing party. So

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Speaker 12: I think that was their thinking and this, and let's

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Speaker 12: not discount the fact that they all want to get

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Speaker 12: home for Thanksgiving. They they didn't want to be dragged

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Speaker 12: into a shutdown, which frankly tends to with voters benefit

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Speaker 12: neither party. It still has to go to the Senate

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Speaker 12: and the next few days it may look at times

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Speaker 12: like it's not going to do so well in the

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Speaker 12: Senate because it gets very procedural over there. They may

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Speaker 12: be able to get this on the floor in a

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Speaker 12: day or so, or it may be a few days

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Speaker 12: and right up to the deadline. But the Senate Democrats

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Speaker 12: sound like they're going to go the same way as

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Speaker 12: their their brethren in the House and pass this fairly readily.

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Speaker 13: Yeah, and in terms of the exhaustion factor, I am

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Speaker 13: put in the mind of a famous saying in politics

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Speaker 13: here in Australia, always back the horse named self interest.

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Speaker 13: But are setting ourselves up pier for Groundhog Day early

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Speaker 13: in twenty twenty four, literally on Groundhog Day?

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Speaker 12: Yeah, well, part of the bill. See, it's this dual

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Speaker 12: kind of deadlines here. That bill funds some parts of

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Speaker 12: the government through January nineteenth and others through February second,

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Speaker 12: Groundhog Day, as you say, setting up the possibility of

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Speaker 12: another shutdown. And you know we've been through this a

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Speaker 12: lot this year, right, I keep running right up to

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Speaker 12: the deadline. But it's possible. Although that is an election

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Speaker 12: year and you know, people will be looking very closely

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Speaker 12: at what they think their constituents and their districts are

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Speaker 12: going to think of a shutdown. So this takes us

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Speaker 12: somewhat toward there. The real question, another real question for

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Speaker 12: Democrats is how do they get their Ukraine and Israel

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Speaker 12: emergency funding which is not in this legislation.

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Speaker 3: Yeah, yeah, that was my next question.

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Speaker 2: What is the process for that because not only Ukraine,

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Speaker 2: but no funding for Israel law, so that does complicate things.

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Speaker 3: How does proceed then?

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Speaker 12: Yeah, so the Republicans want to tie money for Ukraine

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Speaker 12: to Republican demands on border security. Those would be tough

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Speaker 12: to negotiate between the parties. They include things like reducing

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Speaker 12: the right of migrants to seek asylum in the US.

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Speaker 12: So that's a real question. That's what the Republicans want.

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Speaker 12: The Democrats, I would presume, got something for their votes here.

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Speaker 12: I don't think they'd be going along with this, and

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Speaker 12: I don't think the White House which decided not to

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Speaker 12: issue a veto threat. They said they didn't like the bill,

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Speaker 12: but they didn't you issue a veto threat, and they

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Speaker 12: had the opportunity to do so. I presume there were

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Speaker 12: some negotiations that would allow some of this funding to

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Speaker 12: move forward before the end of the year.

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Speaker 13: Well, let's get back to that breakdown of the vote,

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Speaker 13: three thirty six to ninety five. And if you look

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Speaker 13: at the headline, it all seems super duper, but a

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Speaker 13: lot of GOP members voting against their own.

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Speaker 3: Speaker.

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Speaker 13: Chip Roy of Texas called this asinine, Warren Davidson saying

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Speaker 13: it's too early to take Johnson down. And I mean,

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Speaker 13: what's the future for Mike Johnson here? Is he in

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Speaker 13: a honeymoon period of is his job safe?

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Speaker 12: Yeah, that's the real question here, because of course, relying

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Speaker 12: on Democratic votes is part of what lost or a

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Speaker 12: good part of what lost Kevin McCarthy his speakership when

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Speaker 12: he did that with the earlier with you know, the

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Speaker 12: earlier vote on the to fund the government. One would

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Speaker 12: think that I think there's a couple of things happening here.

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Speaker 12: One is that it is this kind of they had

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Speaker 12: that you know, really you know, a very very you know,

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Speaker 12: visual very messy vote to get a speaker, and nobody

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Speaker 12: wants to go through that again. And so I think

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Speaker 12: they realize that they've picked their their their person, and

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Speaker 12: they're going to stick by him, at least for a while.

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Speaker 12: The other thing that's happening here is they you know,

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Speaker 12: they all have to run next year as well, and

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Speaker 12: they being the party of you know, raucous debates and

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Speaker 12: not being able to do anything because you don't have

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Speaker 12: a speaker. I don't think they want that. There were

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Speaker 12: a lot of votes against this, but again they could

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Speaker 12: do that because they got the Democrats to vote for it,

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Speaker 12: and so I think it's you know, there was more

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Speaker 12: support for it than it may appear, but by being

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Speaker 12: able to vote against it, they were saying, well, we

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Speaker 12: you know, we want things like spending cuts, we want

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Speaker 12: border controls. So I don't think he's in a lot

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Speaker 12: of danger here. You know, he was kind of doing

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Speaker 12: what was needed to get done. But of course there's

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Speaker 12: some in the flank, those hardliners, that could make his

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Speaker 12: life very difficult.

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Speaker 2: So what happens then to those requests for the spending

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Speaker 2: cuts and for action on immigration law. Does that find

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Speaker 2: its way back separate or how does that work?

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Speaker 12: Yeah, I think that's a that's a good question. Some

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Speaker 12: of that may be another legislation. You often want to

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Speaker 12: tie it to spending bills because those have to go right.

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Speaker 12: We call them writers or hitchhikers. So we may see

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Speaker 12: that on those bills in January and February, which of

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Speaker 12: course would complicate their passage because that's what the Democrats

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Speaker 12: say they won't go for.

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Speaker 2: This is Bloomberg Daybreak Asia, your morning brief on the

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