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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin in Washington, where President Trump's massive tax

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Speaker 3: and spending cut bill is now.

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Speaker 4: Back before the House.

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Speaker 3: The legislation barely passed the Senate with a tie breaking

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Speaker 3: vote from Vice President jd Vance, but now it's running

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Speaker 3: into resistance from Republicans who don't like some of the

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Speaker 3: changes to the bill. House Speaker Mike Johnson says he's

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Speaker 3: not surprised.

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Speaker 5: We knew we would come to this moment. We knew

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Speaker 5: the Senate would amend the House product. I encouraged him

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Speaker 5: to amend it as lightly as possible. They went a

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Speaker 5: little further than many of us would have preferred.

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Speaker 3: House Speaker Mike Johnson says moderates in his caucus are

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Speaker 3: worried about the scale of Medicaid cuts, while ultra conservatives

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Speaker 3: are vowing to oppose the bill over its deficit impact.

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Speaker 3: President Trump is calling resistant republicans grand standards. GOP leaders

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Speaker 3: hope to vote on the bill today to get it

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Speaker 3: to the President's desk by the end of the week.

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Speaker 2: Meanwhile, Nathan. There's just one week left until President Trump's

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Speaker 2: July ninth deadline to raise tariff rates on dozens of countries.

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Speaker 2: The President says he's not considering any delays, and he's

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Speaker 2: renewing his threat to cut off talks and impose higher

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Speaker 2: rates on several nations, including Japan. President Trump is sounding

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Speaker 2: more optimistic about reaching a deal with India. He says

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Speaker 2: it's possible to lower the country's tariffs if India allows

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Speaker 2: US companies to compete in its market.

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Speaker 4: Let's turned to new developments in the Middle East. Karen.

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Speaker 3: President Trump says Israel's agreed to terms for a sixty

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Speaker 3: day ceasefire in Gazap. He's warning Hamas to accept the

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Speaker 3: deal before conditions get worse. But Bloomberg Jerusalem reporter Dan

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Speaker 3: Williams says there is no sign the militant's group position

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Speaker 3: has changed.

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Speaker 6: It would appear its conditions remain firm. Those conditions are

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Speaker 6: for full as ready withdrawal or actually, more precisely, and

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Speaker 6: this really declaration that this war is over with a

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Speaker 6: full withdrawal of troops and tanks from the gods strip effects.

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Speaker 6: We hum us once a guarantee that once it delivers

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Speaker 6: all the hostages it still holds some fifty people, then

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Speaker 6: it will be effectively provided immunity from an Israeli offensive

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Speaker 6: design from the outset to topple it from power and

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Speaker 6: to disarm it.

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Speaker 3: Bloomberg's Dan Williams says Israeli Prime Minister Benjamin Netanyahoo plans

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Speaker 3: to visit the White House next week.

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Speaker 2: As for the war in u Ukraine and Nathan, the

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Speaker 2: Trump administration has halted weapons transfers to Kiev as Russia's

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Speaker 2: attacks intensify. The White House confirmed or report from Politico,

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Speaker 2: which said the Pentagon's under Secretary for Policy spearheaded the

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Speaker 2: move on concerns US stockpiles had run too low. The

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Speaker 2: move comes days after Russia launched its heaviest attack yet

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Speaker 2: over the weekend, a record five hundred and thirty seven

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Speaker 2: drones and missiles fired across Ukraine. Following the weapons review,

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Speaker 2: the White House issued a statement saying, this strength of

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Speaker 2: US armed forces remains unquestioned. Just ask you run.

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Speaker 4: Certain markets now.

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Speaker 3: Karen futures are higher just a bit ahead of to

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Speaker 3: my Irro's key jobs report, FED Chair J. Powell says

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Speaker 3: the Central Bank would likely have already cut interest rates

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Speaker 3: this year if not for President Trump's use of tariffs.

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Speaker 4: Powell spoke at the European Central Bank Forum in Central Portugal.

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Speaker 7: In effect, we went on hold when we saw the

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Speaker 7: size of the tariffs and where and essentially all inflation

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Speaker 7: forecasts for the United States went up materially as a

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Speaker 7: consequence of the.

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Speaker 4: Tariffs and remarks heard live here on Bloomberg.

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Speaker 3: Fed Shair Jay Powell said he's focused on maintaining the

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Speaker 3: Fed's duel mandate despite political pressure to move on rates.

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Speaker 4: The fed's next rate decision is July thirtieth.

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Speaker 2: Nathan, We're keeping an eye on bank shares this morning

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Speaker 2: after Wall Street's biggest lenders boosted their dividends, and we

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Speaker 2: bring in Bloomberg's John Tucker with more.

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Speaker 4: John, Good Morning, Good morning Caring.

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Speaker 8: JP morgan Chase, Goldman, Sachs, and Bank of America among

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Speaker 8: the big Wall Street lenders that are raising their quarterly

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Speaker 8: payouts now. This payday for investors also includes a fifty

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Speaker 8: billion dollars share buyback from JP morgan Chase. The move

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Speaker 8: comes after the bank's pass that's the annual FED stress

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Speaker 8: test product at a two thousand and eight financial crisis,

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Speaker 8: The Fed's exam sets the tone for how aggressive banks

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Speaker 8: are in returning capital to shareholders. All twenty two banks

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Speaker 8: comfortably passed after determining they could withstand more than five

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Speaker 8: hundred and fifty billion dollars in losses if some financial

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Speaker 8: disaster took place. The FED said the results showed that

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Speaker 8: the large banks are well positioned to weather a severe recession.

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Speaker 8: It's important to know if the test didn't get easier

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Speaker 8: this time around. Among the shares trading this morning pre market,

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Speaker 8: JP Morgan Chase up one half of a percent. I'm

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Speaker 8: John Tucker, Bloomberg Radio.

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Speaker 3: All right, John, thanks for also watching shares of Senteen

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Speaker 3: this morning. They are plunging nearly twenty six percent. The

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Speaker 3: Health INSURAN polled its twenty twenty five guidance centen focuses

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Speaker 3: mostly on Medicaid and the Affordable Care Act insurance marketplaces.

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Speaker 3: It says in early analysis of data showed a significant

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Speaker 3: revenue hit.

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Speaker 2: Nathan Tesla delivers his latest quarterly sales report later this morning.

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Speaker 2: Analyst expected to teve percent drop from last year. The

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Speaker 2: stock is off to a rough start for the third quarter,

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Speaker 2: with Elon Musk and President Trump renewing their feud over

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Speaker 2: the tax and Spending cut Bill. Tesla shareslaw more than

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Speaker 2: five percent yesterday. They're hired this morning up one percent.

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Speaker 3: And Karen Paramount Globals reached a settlement with the President

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Speaker 3: over his lawsuit alleging election interference by CBS News. The

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Speaker 3: network showed two versions of a sixty minutes interview with

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Speaker 3: then Vice President Kamala Harris back in October. Paramount agreed

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Speaker 3: to pay sixteen million dollars including plaintiff's fees, with the

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Speaker 3: rest going to a future presidential library. President Trump was

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Speaker 3: seeking twenty billion dollars. No money will go to him directly,

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Speaker 3: but this deal is seen as critical for Paramount to

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Speaker 3: gain federal approval for its pending merger with Skydance Media.

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Speaker 2: Time now for a look at some of their stories

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Speaker 2: making news in New York and around the world, and

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Speaker 2: for that we're joined by Bloomberg's Michael Barr.

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Speaker 4: Michael, Good Morning, Good morning, Karen.

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Speaker 9: A federal jury deliberating the fate of music mogul Sean

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Speaker 9: Diddy Combs in New York will returned for a third

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Speaker 9: day of deliberations today. The jury reached verdicts Tuesday on

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Speaker 9: all but one of the five counts. The hip hop

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Speaker 9: mogul faces the top charge of racketeering conspiracy. The judge

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Speaker 9: ordered the jury to continue deliberating. Robert Mintz is a

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Speaker 9: partner at McCarter and English and spoke with Bloomberg Law

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Speaker 9: host June Grosso.

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Speaker 10: It would suggest that perhaps they have found unanimity on

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Speaker 10: the other charges in the sense that they have returned

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Speaker 10: a guilty verdict. That would be probably what most prosecutors

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Speaker 10: would read into that decision, but we won't know until

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Speaker 10: the verdict is actually read in open court.

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Speaker 9: Robert Mintz with Macarter in English, speaking with Bloomberg Law

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Speaker 9: host June Grosso. The jury's partial verdict remains under wraps

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Speaker 9: for now. Brian Coberger has agreed to plead guilty to

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Speaker 9: murdering four University of idahost students as part of a

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Speaker 9: deal with the prosecutors to avoid the death penalty. A

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Speaker 9: change of place hearing is set for today. The thirty

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Speaker 9: year old Coburger is accused in the stabbing debts at

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Speaker 9: a rental home near campus in Moscow, Idaho, in November

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Speaker 9: of twenty twenty two. The police has deeply divided the victims' families.

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Speaker 9: Steve Consalvis The father of one of the victims, Kailey Consalvas,

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Speaker 9: says he is strongly against it.

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Speaker 11: Shut up and get on board and deal with it.

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Speaker 11: That's really what they told. They failed me, They failed

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Speaker 11: my whole family. It's our children. How can you How

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Speaker 11: can you say it's just when you haven't even talked

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Speaker 11: to us to see what justice looks like.

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Speaker 9: The other victims included Ethan Chapin, xanak Coordinidle, and Madison Mogulden.

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Speaker 9: The Trump administration is holding back close to seven billion

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Speaker 9: dollars in support of students learning English, summer programs and

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Speaker 9: after school programs. The Education Department is notified state education

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Speaker 9: agencies that the funds would not be available. Little explanation

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Speaker 9: has been given as to state officials are expected to

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Speaker 9: challenge the moves as illegal. Global News twenty four hours

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Speaker 9: a day and whenever you want it with Bloomberg News Now.

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Speaker 9: I'm Michael Barn. This is Bloomberg Carrot.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports Update, brought to you by Flushing Bank. Here's

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Speaker 2: John stash Hour, John, Good morning.

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Speaker 12: Good morning, karreon Yankees play at Canada Day matinee in Toronto.

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Speaker 12: They led to nothing early, then trail four to two,

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Speaker 12: tied the game top of the seventh inning, but in

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Speaker 12: the bottom James re took the lead in We're hardly

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Speaker 12: done there.

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Speaker 4: George Springer is up.

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Speaker 9: There is energy in this ballpark right.

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Speaker 4: Now center field.

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Speaker 6: It's going.

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Speaker 4: It is gone. What a see here at the Rogers Center.

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Speaker 4: George Springer with a clean slam.

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Speaker 12: Took blow it open on TSN seven RBIs for Springer.

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Speaker 12: The Jays one by seven, twelve to five. They've won

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Speaker 12: five to the last six, twenty one of thirty one.

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Speaker 12: The Yanks over the last two and a half weeks

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Speaker 12: just six and eleven in Toronto, only one game behind Tampa.

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Speaker 12: Bay lost the race field by game and a half.

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Speaker 12: Rainouts throughout the Northeast. Mets and Brewers will now have

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Speaker 12: a city Field Day night doubleheader today, also post Plumman's

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Speaker 12: in Philadelphia and Washington and Boston. The Red Sox led

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Speaker 12: the Reds two to one fourth inning when they couldn't finish.

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Speaker 12: They'll do so today. They'll start the second round at

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Speaker 12: Wimbledon today. The first round saw four of the top

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Speaker 12: nine seeds in both the men's and women's singles lose,

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Speaker 12: including Coco Goff, who just won the French Open, Jess Pagoula,

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Speaker 12: who just won the grass Court tune up in Germany.

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Speaker 12: Pegoula had not had a first round Grand Slam defeat

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Speaker 12: since twenty twenty. Alex Savera had not had one since

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Speaker 12: twenty nineteen.

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Speaker 4: He lost as well.

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Speaker 12: Miles Turner, with Indiana for a decade, just helped them

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Speaker 12: get to the finals, leaving the Pacers to sign with

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Speaker 12: the Bucks Milwaukee Wave. Damian Lillard he becomes a free agent.

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Speaker 12: He's unlikely to play next season due to his achilles injury.

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Speaker 12: Shay Gilgess Alexander that a season where he won the

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Speaker 12: scoring title, the regular season MVP and the finals MVP.

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Speaker 12: Only others to do that. Kareem Michael and Shaq Sga

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Speaker 12: cashing in super max deal with Oklahoma City that will

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Speaker 12: pay him seventy one million dollars a year.

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Speaker 4: John stash Elwer Bloomberg.

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Speaker 1: Sports Coast to Coast on Bloomberg Radio nationwide, on Serious

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Speaker 1: Exam and around the world on Bloomberg dot Com, and

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Speaker 1: the Bloomberg Business album. This is Bloomberg Daybreak.

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Speaker 3: Good Morning, I'm Nathan Hager, and President Donald Trump's One Big,

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Speaker 3: Beautiful bill is running into new resistance from Republicans now

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Speaker 3: that it is back before the House with changes from

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Speaker 3: the Senate. House Speaker Mike Johnson says his members are

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Speaker 3: headed back to Washington though for a final vote that

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Speaker 3: he hopes to pull off today.

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Speaker 5: They're on the way back. Of course, we have weather

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Speaker 5: delays all around the countries. There's seen lots of complications.

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Speaker 5: But welcome to Congress.

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Speaker 3: Welcome to Congress, says House Speaker Mike Johnson. Joining us

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Speaker 3: now Bloomberg News Global Business editor Josh Galoo. You can

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Speaker 3: have multiple meanings to welcome to Congress, just from the

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Speaker 3: fact of seeing how the sausage is made.

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Speaker 4: Josh, good morning. Is this a case of here we

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Speaker 4: go again with this bill?

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Speaker 13: It looks like it. You know, the House voted, of

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Speaker 13: course in May on the initial bill, and then it

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Speaker 13: went to the Senate and had several changes, and every

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Speaker 13: indication from some of the Republican holdouts, both from May

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Speaker 13: and since then that have been you know, some of

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Speaker 13: the skeptics, every indication is that they're still against many

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Speaker 13: of the main provisions of this bill. So I think

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Speaker 13: Johnson has a very very steep hill to climb today

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Speaker 13: if they're going to try and pass it. You know,

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Speaker 13: many of the ways that they're trying to pay for

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Speaker 13: these big tax cuts hit programs like Medicaid or food

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Speaker 13: assistance programs that impact several constituents in republic in lawmakers' districts.

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Speaker 13: So they're loath to get on board with something like that.

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Speaker 13: And we'll have to see today. You know, it'll be

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Speaker 13: a tough day of debate, but there are strong indications

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Speaker 13: that they're not going to be able to get over

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Speaker 13: the over the line today. I mean, he can only

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Speaker 13: afford to lose three Republican votes to get this through,

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Speaker 13: so and there are certainly more than that that are

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Speaker 13: voicing some skepticism.

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Speaker 3: And you've got to think, Josh, that those moderate Republicans

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Speaker 3: who might be concerned about the Medicaid cuts are feeling

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Speaker 3: sort of dueling political pressures here from their constituents who

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Speaker 3: might be concerned about some of those cuts, and from

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Speaker 3: President Trump, who can put his own thumb on the

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Speaker 3: scale pretty severely.

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Speaker 13: Absolutely, he has he is this is a central pillar

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Speaker 13: of his domestic policy agenda, and he hasn't he's you know,

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Speaker 13: he's he's said as much that he's going to go

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Speaker 13: after people who in primaries, et cetera, who don't get

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Speaker 13: on board with this bill. And you know, we've seen

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Speaker 13: in the past he's able to twist people's arms and

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Speaker 13: get it done so well. This is a real test

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Speaker 13: of you know, Republican solidarity here and how far people

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Speaker 13: are willing to go to stand up for certain principles

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Speaker 13: that they're really committed to, as opposed to going along

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Speaker 13: with the President who has some other ideas.

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Speaker 3: Speaking of other ideas, you've got on the other side,

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Speaker 3: the ultra conservatives who are sounding like they're standing pretty firm,

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Speaker 3: at least some of them sound like they may be

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Speaker 3: just because of the deficit impact from this. I mean,

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Speaker 3: this is a pretty wide herd of cats for House

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Speaker 3: Speaker Johnson to try to corral around.

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Speaker 9: Yeah.

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Speaker 13: Absolutely, there's no one single issue that's going to get

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Speaker 13: all those Republican skeptics on board, right and as you

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Speaker 13: say that this is going to add trillions to the

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Speaker 13: deficit over time, and you know, some of the assumptions

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Speaker 13: that are built into the models for this about grown

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Speaker 13: growth and how that's going to pan out with tax

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Speaker 13: cuts are hotly debated, not just by Democrats, but also

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Speaker 13: by Republicans. And we've already seen, you know, early when

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Speaker 13: this first began in April, we saw the bond market

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Speaker 13: reacting quite starkly. So the physical conservatives are definitely not

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Speaker 13: happy with the kind of the kind of debt this

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Speaker 13: is going to pile on the country in the long term.

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Speaker 3: Okay, So while President Trump is trying to twist arms

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Speaker 3: with his own Republicans, it sounds like he's trying to

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Speaker 3: trust some arms as well ahead of the July ninth

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Speaker 3: tariff deadline, particularly with Japan.

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Speaker 4: How's that going.

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Speaker 13: So Japan is the latest target here, and you know,

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Speaker 13: Trump has said that they he's trying to push for

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Speaker 13: them to open up to US rice exports. Japan is

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Speaker 13: standing pretty firm right now, and the question is whether

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Speaker 13: what tack they're going to take, you know, if they're

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Speaker 13: going to continue to have sort of a friendly exchange,

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Speaker 13: or if this is going to push them to back

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Speaker 13: up against the wall, to stand firmer against his demands.

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Speaker 13: And you know, they are part of a whole range

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Speaker 13: of countries that have been wrapped up in negotiations since

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Speaker 13: he paused these broad tariffs in April for ninety days,

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Speaker 13: and the deadline is coming right, so similar to the

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Speaker 13: tax bill, he wants to after the July fourth weekend

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Speaker 13: come out with his one big, beautiful bill, and he

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Speaker 13: also next week wants to roll out all these trade agreements.

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Speaker 13: But really the UK and China are the only two

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Speaker 13: that have shown significant progress and deals, so I think

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Speaker 13: the administration is also quite aware that they're about to

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Speaker 13: miss some targets and want to have something to show

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Speaker 13: for it, and trying to pick up the pressure.

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