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

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Speaker 1: the same people who gave five low box and approval.

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Speaker 1: It gave extremely high marks to the Heart Infrastructure Bill.

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Speaker 1: Democrats didn't show up. They were not motivated, they're not excited.

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

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Speaker 1: the National Transit. The Democrat Party definitely woke a lot

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Speaker 1: of people up that they needed to get out in

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Speaker 1: both The Biden administration seems to hate the owned gas

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Speaker 1: industry and it's one of the reasons gas prices are

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Speaker 1: so high. Bloomberg Sound On with Joe Matthew on Bloomberg Radio.

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Speaker 1: All right, welcome to Sound On. I'm Jack Fitzpatrick, subbing

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Speaker 1: in today as guest hosts along with Emily Wilkins, my

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Speaker 1: colleague at Bloomberg Government. We're here in place of Joe Matthew,

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Speaker 1: and we're looking for big news today from the Congressional

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Speaker 1: Budget Office. No, not just because I'm a nerd and

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Speaker 1: I like reading CBO reports, but because this is what

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Speaker 1: the moderate Democrats are waiting for before they're okay with

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Speaker 1: a vote on the House floor as soon as tonight

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Speaker 1: maybe on the major Democratic tax and spending bill. I'm

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Speaker 1: looking at the Ways and Means report. We're waiting for

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Speaker 1: the whole overall score. Emily, what's on your radar? What

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Speaker 1: should be we'd be looking for tonight or tomorrow or

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Speaker 1: whenever we actually get a vote. Jack, this is what

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Speaker 1: we've all been waiting for for like two weeks at

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Speaker 1: this point, I mean two weeks ago. The House was like,

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Speaker 1: we're going to pass this bill, and then moderates for like,

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Speaker 1: hold up, we want to see what the spending and

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Speaker 1: revenues are going to be. And so I really think

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Speaker 1: at this point it's not so much what the report says,

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Speaker 1: it's more of our your moderates in the House right

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Speaker 1: to go ahead and take that vote. All right, Well,

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Speaker 1: coming up, we're gonna hear from Congressman David Price, Democrat

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Speaker 1: from North Carolina, who is actually a key lawmaker in

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Speaker 1: terms of infrastructure funding. There was actually a round of

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Speaker 1: applause on the House floor earlier today for House Majority

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Speaker 1: Stenny Hoyer when he told lawmakers they may actually be

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Speaker 1: able to hold this key vote in the House as

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Speaker 1: soon as tonight and then leave for Thanksgiving break and

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Speaker 1: get out of here. That always gets a round of

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Speaker 1: applause when you might be able to leave before Friday.

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Speaker 1: Let's hear what the Majority leader had to say when

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Speaker 1: he laid out the schedule for what's coming up in

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Speaker 1: the House. It is my hope that we will complete

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Speaker 1: uh this legislation today so that this would be the

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Speaker 1: last legislative day prior to the Thanksgiving work period. Um.

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Speaker 1: We will, However, I want to make sure everybody understands

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Speaker 1: complete build back better before we go home. I'm hopeful

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Speaker 1: and believe that I think most members are hopeful that

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Speaker 1: we can do that tonight, whether you're forward against it alright,

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Speaker 1: So on the line, we have Congressman David Price, Democrat

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Speaker 1: from North Carolina. He's on the Appropriations Committee. That's such

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Speaker 1: an important committee that because he has a subcommittee, they

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Speaker 1: call him a cardinal because he's just below the pope

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Speaker 1: in terms of government funding. Uh. Congressman, thank you so

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Speaker 1: much for joining us. Key question, it seems is if

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Speaker 1: you are going to be able to vote tonight and

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Speaker 1: then get out of town. Is is that looking likely? Well?

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Speaker 1: I was one of those a floating so I certainly

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Speaker 1: hope so, and it is looking increasingly likely. We've been

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Speaker 1: told that the Rules Committee is going to meet very

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Speaker 1: shortly here, which the significance of that is that they

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Speaker 1: will they will pass a rule which governs the Floridabate

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Speaker 1: on this on this measure as we as we have

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Speaker 1: to have and and and that rule will probably incorporate

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Speaker 1: whatever changes in the bill that the Senate Parliamentarian has

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Speaker 1: said are necessary in order for it to survive this

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Speaker 1: very arcane reconciliation process. All that by way of saying

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Speaker 1: that I think the coast is clear, I would ever

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Speaker 1: say that definitively, but it's looking that way. Okay, So

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Speaker 1: we're prepping for the Senate, hoping to see a vote tonight.

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Speaker 1: I'm looking through these CBO reports. The Ways and Means measure,

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Speaker 1: which seems to be sort of the critical measure before

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Speaker 1: we get the top line numbers on the whole bill.

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Speaker 1: Doesn't seem to have any surprises that I can find

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Speaker 1: on I R. S enforcement or drug pricing. Is there

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Speaker 1: anything to your knowledge that could actually throw a wrench

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Speaker 1: into this process from the CBO report? Are we really

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Speaker 1: just waiting for them to put that out there to

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Speaker 1: please the moderates and then you're you're good to go.

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Speaker 1: I believe it's good to go I um, I don't know,

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Speaker 1: of course, but the there were there were some disputes

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Speaker 1: about the scoring of the improved enforcement provisions. Those are

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Speaker 1: important aspects of the bill, an important way of paying

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Speaker 1: for the bill, and and widely accepted politically. You know

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Speaker 1: that people need to be paying their fair share of taxes,

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Speaker 1: and they need to be saying what they Oh, so

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Speaker 1: Republicans sometimes kind of demonized the I R S. But

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Speaker 1: in this case, we need to support the R S

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Speaker 1: and and and make sure they do their jobs. So, yes,

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Speaker 1: there were gonna be some some questions about exactly what

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Speaker 1: the score looks like on that. The news I have

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Speaker 1: just recently is that those numbers are in line. So

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Speaker 1: I hope that's true. Yeah, And we're even hearing from

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Speaker 1: some of them are moderate members that even if the

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Speaker 1: numbers don't quite match up, they're willing to let some flexibility.

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Speaker 1: Is obviously this bill will be headed to the Senate,

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Speaker 1: changes will be made. Congressman, this is certainly not the

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Speaker 1: last time you will be voting on it. But I

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Speaker 1: wanted to pivot for a minute to the topic of retirements.

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Speaker 1: We are hearing a couple number of Democrats recently just

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Speaker 1: announced their retirement Patrick Lahy among them. Also your colleague G. K.

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Speaker 1: Butterfield and yourself Congressman have announced. I'm wondering in what

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Speaker 1: context should we be viewing these announcements. Is this a

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Speaker 1: writing on the wall for two when Republicans have several

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Speaker 1: advantages going into the mid terms. I don't think so.

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Speaker 1: I mean, with Patrick Leahy and and myself, I happen

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Speaker 1: to know we're both eighty one. That's probably all you

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Speaker 1: need to know, right, I mean, it's not not not

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Speaker 1: a great mystery why we would think this might be

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Speaker 1: a good time to pass the baton. Uh, I'm a

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Speaker 1: very mixed feelings about my friend G. K. Butterfield retiring.

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Speaker 1: He's um, he's a key member, and there there are

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Speaker 1: are questions about, uh, the way the gerrymandering is working

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Speaker 1: in North Carolina and the kind of situation it might create.

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Speaker 1: But I think the retirements that I've seen thus far

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Speaker 1: are basically explainable by other factors A and B. Most

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Speaker 1: of these districts aren't aren't going to be affected in

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Speaker 1: the way they vote by these incumbents retiring. Most of

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Speaker 1: these are, at least so far, are democratic districts. So

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Speaker 1: what are you in your colleagues thinking about when you

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Speaker 1: do start thinking about then, if these retirements aren't writing

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Speaker 1: on the wall, what are you What are your thoughts

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Speaker 1: as far as what Democrats need to do to continue

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Speaker 1: to hold onto the House and protect your very slight

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Speaker 1: majority there, that's a that's a very good question, and

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Speaker 1: you're right, Uh, it's on our minds. We um we

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Speaker 1: need to first of all, ensure a fair election, and

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Speaker 1: that includes fair districts. That's um. That's a big if

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Speaker 1: whether those districts will be UM will be done in

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Speaker 1: a in a fair way. And the certainly the news

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Speaker 1: from North Carolina is not good. We're going to be

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Speaker 1: mounting a very vigorous legal challenge immediately where you know,

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Speaker 1: evenly divided state ends up with a map designed to

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Speaker 1: produce three Democrats and eleven Republicans. You know, there's something

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Speaker 1: wrong with that picture. And they did it ten years

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Speaker 1: ago as well. We've had had redrawn districts now three

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Speaker 1: times since then. You know, we keep going to court,

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Speaker 1: they keep redrawing. That is not acceptable and so we

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Speaker 1: need to get it right the first time. And we

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Speaker 1: need a vigorous Justice department and a vigorous litigation strategy

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Speaker 1: to challenge these districts where we need to. And then secondly,

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Speaker 1: we need to go to the public with a convincing message.

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Speaker 1: And that's where build Back Better comes in. Uh. Let's

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Speaker 1: get past the UH you know, the top line numbers

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Speaker 1: and the scoring and the political UH conflicts that you

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Speaker 1: know that anything like this inevitably involves. Let's get past

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Speaker 1: that and to what this actually achieves. This is a

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Speaker 1: historic achievement. It is going to make a big difference

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Speaker 1: in people's lives, and we need to figure out a

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Speaker 1: way to bring that home. Well, Congressman, looking ahead, not

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Speaker 1: quite as far as the mid terms, but if this

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Speaker 1: is going to get wrapped up the Build Back Better agenda,

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Speaker 1: I guess the goal is this year. UH. You are

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Speaker 1: an appropriator, you also have to fund the government. The

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Speaker 1: next deadline is December three. There's sort of an unclear

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Speaker 1: debt limit deadline that maybe December. There's defense authorization, there's

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Speaker 1: this Yu Seka China Competitiveness Bill. Can you take us

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Speaker 1: through just briefly what December is going to look like,

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Speaker 1: and in particular on on your end on appropriations, is

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Speaker 1: there any reason to think there's going to be a

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Speaker 1: spending deal are we just going to rely on a

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Speaker 1: stop gap for months and months and months. Well, you know,

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Speaker 1: in talking about the Biden agenda and Congress' is agenda,

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Speaker 1: you're right to include the budget for two and that

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Speaker 1: may go without saying. But I don't know. With all

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Speaker 1: the focus on Build Back Better and the infrastructure bill

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Speaker 1: and the relief bill, the earlier very important relief bill

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Speaker 1: post pandemic, you know, you almost forget that we do

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Speaker 1: pass to appropriate sations bills each year. And I know

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Speaker 1: for the bill that I preside over, the Transportation Housing Bill,

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Speaker 1: that that bill is a great down payment on a

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Speaker 1: bill back Better, and it's very important to get it

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Speaker 1: to get it through. We passed it last summer. Our

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Speaker 1: Senate friends didn't do quite as well. So now we

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Speaker 1: are confronted, as you say, with the question in December

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Speaker 1: of whether we can get off of this continuing resolution

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Speaker 1: which has kept the government open since the new fiscal

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Speaker 1: you're started October one, Whether we can get past continuing

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Speaker 1: resolutions and actually put these bills into a full force.

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Speaker 1: That's my hope that we can do that with some

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Speaker 1: substantial number of those of those bills. In Congressman, you

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Speaker 1: definitely do have much, you know how much how much

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Speaker 1: of this can we get done? And and these other things,

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Speaker 1: of course can can complicate the picture. And you do

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Speaker 1: definitely have a busy December. Congressman, I don't want to

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Speaker 1: ask quickly before we get to December. You'll be headed

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Speaker 1: home next week to your constituents and they're going to

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Speaker 1: be facing with the American Farm Bureau has showed as

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Speaker 1: an increasingly costly Thanksgiving dinner. Inflation is really hitting Americans.

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Speaker 1: What's your message to your constituents. Well, my message is

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Speaker 1: that we we take those kinds of day to day

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Speaker 1: costs very seriously and and we we know that we

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Speaker 1: know what's causing them. Uh. It has to do with

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Speaker 1: the pent up demand after the pandemic and the and

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Speaker 1: the supply chain challenges that we're working on around the clock.

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Speaker 1: And that is um that that doesn't provide much comfort,

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Speaker 1: but it does provide an understanding that these are these

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Speaker 1: are challenges that we are aware of and that we

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Speaker 1: are addressing. Certainly, the Build Back Better Bill will will

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Speaker 1: ease a lot of these pressures. For example, on housing costs,

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Speaker 1: I worked on that directly. I know that that's true. Um,

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Speaker 1: but you know, we were going to uh, we're going

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Speaker 1: to be working very very hard to relieve these pressures

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Speaker 1: and to bring the economy back in other ways as well.

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Speaker 1: So every reason to express um concern about this, but

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Speaker 1: not to um, not to give way to you know,

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Speaker 1: sound bites that offer cheap shots by way of explanation,

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Speaker 1: which seems to be what the Republicans specialized in these days.

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Speaker 1: Let's just let's just understand what Congressman led us to

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Speaker 1: this point. Thank you so much to do and have

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Speaker 1: for him to deal with. He to cut you off,

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Speaker 1: But that's Congressman. David Price will be right back talking

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Speaker 1: to Greg Darrow with BIGOV. This is Bloomberg. You're listening

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Speaker 1: to Bloomberg you sound on with Joe matthew on Bloomberg Radio.

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Speaker 1: Sound On is brought to you by s c I.

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Speaker 1: I am at. This is Emily Wilkins with Bloomberg Government.

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Speaker 1: I am Billian in today for Joe Matthew on sound On.

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Speaker 1: Joining me as usual is Jack Fitzpatrick and also joining

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Speaker 1: us on now are Bloomberg Politics contributor Genie Cienzano and

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Speaker 1: Bill McGinley, a principal at the Vogel Group, any former

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Speaker 1: deputy council at the Republican National Committee. Thank you both

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Speaker 1: so much for joining us today. We've just heard from

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Speaker 1: Congressman Price, Democrat from North Carolina, and Genie. I just

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Speaker 1: wanted to hone in on what I think is the

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Speaker 1: biggest news right now. It sounds like there is going

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Speaker 1: to be a vote either tonight or tomorrow on President

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Speaker 1: Biden's signature policy agenda, that social welfare and tax package.

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Speaker 1: But Jennie, how big is this stuff really? Given that

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Speaker 1: the bill, after it the House is done with it

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Speaker 1: still has to go to the Senate. Emily, you, Jack

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Speaker 1: and Congressman Price have me so optimistic. I can't believe

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Speaker 1: that I am sitting here. Is this actually going to happen.

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Speaker 1: That's why I felt listening to you all, so I

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Speaker 1: hope it's not just wishful thinking. It looks like we

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Speaker 1: do get the full readout from the CBO, hopefully by

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Speaker 1: five pm, and then they're very well could be a vote.

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Speaker 1: I think Thanksgiving has, you know, the prospect of Thanksgiving

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Speaker 1: has got people really excited to get out of d C.

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Speaker 1: And you know, I do think you're right. It's going

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Speaker 1: to go to the Senate. There's going to be changes,

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Speaker 1: the House will have another go at it. But I

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Speaker 1: don't think you could underestimate what an important step forward

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Speaker 1: this is. And the fact that at least as of

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Speaker 1: this moment, and I hope I don't eat these words,

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Speaker 1: we're not seeing a good deal of in fighting between

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Speaker 1: the moderates and the progressives. Everybody seems that most people

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Speaker 1: seem to be on the same page to move this

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Speaker 1: thing forward and get it out to the Senate, hopefully

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Speaker 1: today or tomorrow. Yeah, jor definitely right to to peg

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Speaker 1: it to that Thanksgiving break. It seems like the like

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Speaker 1: Congress's favorite thing is not being in Congress. Get getting

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Speaker 1: those recess breaks. Um. I Also, we've got these CBO

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Speaker 1: numbers that are coming out the nonpartisan Congressional Budget Office

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Speaker 1: showing how much the bill spe and showing how much

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Speaker 1: it will raise bill. What are you looking for when

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Speaker 1: you look at these reports and how important are they

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Speaker 1: really to to the overall bill. Look, I think they're

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Speaker 1: quite important. But the people that I'm gonna be looking

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Speaker 1: at the most are going to be Senator's Mansion and Senema.

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Speaker 1: They've been the two that have really kind of held

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Speaker 1: up the President's agenda. Uh, Senator Mansion. Recently, it came

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Speaker 1: out and said that the Build Back Better Bill, the

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Speaker 1: Social Spending and Tax BILLUM, contained a lot of shell

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Speaker 1: games in terms of the costs and whether it was

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Speaker 1: going to have an impact on the deficit. UM. You know,

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Speaker 1: in recent days there's been quite a bit of talk

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Speaker 1: about the tax impact on the middle class. And you

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Speaker 1: know the fact that the House of Representatives might schedule

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Speaker 1: the vote tonight so that they can get out of

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Speaker 1: town tells you that, Um, they're probably still counting the

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Speaker 1: votes now that CBO numbers have been out, and I

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Speaker 1: think you know, whether they schedule the vote tonight or

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Speaker 1: tomorrow is going to tell you what sort of difficulties

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Speaker 1: they have. Remember, the House Democrats only have three vote margins,

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Speaker 1: so they really don't have anything to give. And unlike

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Speaker 1: the BIFF legislation, the Bipartisan Infrastructure legislation, UM, there's gonna

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Speaker 1: be no vote Republican votes to help the Democrats get

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Speaker 1: it's across the finish line. So this really is a

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Speaker 1: democratic bill and they're going to have to make sure

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Speaker 1: that all factions are satisfied with it. Well, I'm curious, Genie,

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Speaker 1: what you make you know, following up on the point

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Speaker 1: bill made about some of the sort of sort of

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Speaker 1: gimmicky nous of how this bill is structured. You know,

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Speaker 1: it is supposed to be paid for originally, Now there

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Speaker 1: seems to be skepticism that itself can even be paid for.

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Speaker 1: But that's even considering that major programs like the child

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Speaker 1: tax credit is only extended for a year, and there's

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Speaker 1: the plan to re extend this which would obviously add cost.

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Speaker 1: Are are we just assuming at this point that none

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Speaker 1: of the Democrats, even the moderate it's totally care if

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Speaker 1: this is paid for, Genie, or is that an issue

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Speaker 1: at all? I think it still remains an issue. They

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Speaker 1: really wanted the CBO estimates to generally match up with

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Speaker 1: what the White House had projected, and there's that's not

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Speaker 1: going to be completely the reality. But I think, you know,

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Speaker 1: even beyond that, you know, the big sticking point. I

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Speaker 1: live in New York and hearing many of our congress

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Speaker 1: people on the Democratic side is the salt deduction that

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Speaker 1: it remains I think a huge sticking point and listening

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Speaker 1: to what Bernie Sanders and I think Bill is right.

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Speaker 1: You've got to have like this camera on Joe mansion.

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Speaker 1: I also think Kristen cinema, but also Bernie Sanders as

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Speaker 1: it pertains to the salt because that's something that could

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Speaker 1: cost the some of the moderate support in the House,

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Speaker 1: and as Bill said, they can't afford to lose that much.

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Speaker 1: So there are still real sticking points here, but hopefully

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Speaker 1: they are able to iron those out and move it

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Speaker 1: back to the House for a vote. Yeah, and Blosi

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Speaker 1: said today that she is she's ready for a fight

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Speaker 1: when it comes to that salt tax. She's willing to

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Speaker 1: defend it, probably because she can count votes in her

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Speaker 1: caucus and she knows that they don't have them if

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Speaker 1: they don't do something with that cap Uh. Bill. I'm

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Speaker 1: wondering kind of going forward here, the timing element of this. Obviously,

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Speaker 1: the House took a while with this bill. Now they're

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Speaker 1: heading to the Senate. When does this need to be

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Speaker 1: done by well there, I think they're going to try

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Speaker 1: and do it before they have to do the government spending,

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Speaker 1: but I'm not quite sure they're going to have the

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Speaker 1: time to do that with the Thanksgiving holiday coming up.

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Speaker 1: I mean, basically, what we're seeing is the build up

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Speaker 1: to a pretty dramatic December in Washington, d C. In

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Speaker 1: terms of legislation. You know, everything from the government funding

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Speaker 1: to the debt limit, to the n D A a UM,

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Speaker 1: you know, all the supply chain issues. But this build

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Speaker 1: back better legislation really seems to suck a lot of

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Speaker 1: the oxygen out of the room, um in terms of

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Speaker 1: both the House and the Senate. And so we're going

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Speaker 1: to see what happens here. We've got really a lot

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Speaker 1: going to slow down in the Senate, and it's got

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Speaker 1: a lot more coming that Congress has to deal with

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Speaker 1: as well. We're gonna come back to talk with Genie

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Speaker 1: and Bill a little later. Up next Bloomberg Government. Greg

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Speaker 1: Darrow is going to join us to break down that

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Speaker 1: ever crucial redistricting process. I'm Emily Wilkins here with Jack Fitzpatrick.

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Speaker 1: This is Bloomberg Radio broadcasting live from our nation's capital,

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Speaker 1: Bloomberg to New York, Bloomberg eleven Frio to Boston, Bloomberg

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Speaker 1: one O six one to San Francisco, Bloomberg nine sixty

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Speaker 1: to the Country Serious x M General one nine and

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Speaker 1: around the globe, the Bloomberg Business app and Bloomberg Radio

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Speaker 1: dot Com. This is Bloomberg Sound On with Joe Matthew.

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Speaker 1: I'm Jack Fitzpatrick. Here's subbing in with Emily Wilkins of

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Speaker 1: Bloomberg Government in for Joe Today. Coming up, we're gonna

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Speaker 1: talk to Greg Jarrow, who covers Congress and elections for

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Speaker 1: Bloomberg Government, about the two mid term landscape. Will also

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Speaker 1: keep talking to Genie Sheenzano, Bloomberg Politics contributor, and Bill

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Speaker 1: McGinley of the Vogel Group. And let's bring in Greg Jarrow,

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Speaker 1: who's on the line. He covers elections in Congress for

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Speaker 1: Bloomberg Government. He is also really really good at trivia.

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Speaker 1: That's just a fun act about him. Greg. Yes, it's

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Speaker 1: it's a trivial fact. Greg. Can you walk us through,

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Speaker 1: especially because we were talking to Congressman Price about his retirement,

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Speaker 1: about the retirement news from his colleague from North Carolina,

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Speaker 1: G K. Butterfield. Walk us through North Carolina. I want

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Speaker 1: to hear about the redistricting landscape there. That's that's an

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Speaker 1: area where Republicans seem to be able to make a

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Speaker 1: really big push. What's going on in North Carolina with redistricting. Yeah, well,

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Speaker 1: North Carolina is one of the biggest prizes for Republicans

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Speaker 1: and redistricting. They control more state legislatures and governorships than Democrats,

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Speaker 1: and let's put Republicans and advantage to UM try and

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Speaker 1: take over control of the House represents. The election in

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Speaker 1: North Carolina, Republicans. Republicans control the legislature and North Carolina

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Speaker 1: gained one seat to go from thirteen to fourteen districts,

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Speaker 1: and the map that Republicans are drawing hopes to give them,

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Speaker 1: you know, maybe ten of those fourteen seats in the delegation.

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Speaker 1: They did redraw Congressman G. K Butterfields district in northeastern

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Speaker 1: North Carolina to be slightly less Democratic leaning. Um, it

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Speaker 1: would still have voted for Joe Biden narrowly in the election,

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Speaker 1: but uh, it's in a midterm election year. With Joe

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Speaker 1: Biden's numbers where they are, that seat is vulnerable for

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Speaker 1: Democrats and Republicans will have a shot at flipping it.

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Speaker 1: So uh, North Carolina big prize for Republicans and redistrict

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Speaker 1: along with other mega states like Texas and Florida, and

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Speaker 1: Republicans are trying to parlay those advantages and redistricting into

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Speaker 1: winning control of the House representatives in a year, and

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Speaker 1: they only need a five seat n game to do it. Yeah, Greg,

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Speaker 1: let's let's go abroad here for a minute, because I

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Speaker 1: know that there are a number of states that are

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Speaker 1: still working on what their new congressional maps are gonna

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Speaker 1: look like, but more than it doesen't have finished at

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Speaker 1: this point. What are just some early takeaways from you

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Speaker 1: with what these maps are telling us. Yeah, we've got

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Speaker 1: about a third of the states done. Forty four states

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Speaker 1: have to re draw lines. Six states have one district

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Speaker 1: and therefore don't need to read draw lines. But over

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Speaker 1: the fifteen states that have completed congressional redistricting, and I

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Speaker 1: just want to point out that doesn't preclude a litigation

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Speaker 1: in states that could block maps, but fifteen states that

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Speaker 1: have finished. Some trends were seeing our Republicans in control

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Speaker 1: of redistricting or trying to solidify their members from marginal

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Speaker 1: districts and try and put them off the table, keep

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Speaker 1: them away from democratic the possibility of democratic victory in

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Speaker 1: two and the rest of the decade. In states like Arkansas,

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Speaker 1: french Hill from the Little Rock area had a close

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Speaker 1: race last couple of elections, probably won't in victorious sparks

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Speaker 1: of first term member from metro Indianapolis, Indiana one a

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Speaker 1: close race in probably won't have one in a number

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Speaker 1: of incumbents in Texas. A lot of Texas suburban districts

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Speaker 1: became very competitive during the decade after they traditionally thought

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Speaker 1: they'd be strongly Republican. Republicans short up their members there,

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Speaker 1: like Beth Vandyne uh in the Dallas Worth the area

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Speaker 1: Burgess owns in Utah. So yeah, the list goes on.

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Speaker 1: So we're seeing Republicans trying to solidify their members from

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Speaker 1: marginal seats and also try and target some Democratic incumbents

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Speaker 1: for defeat. Uh in some other states like Lucy macbeth

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Speaker 1: and Georgia and Christmas in New Hampshire. Yeah, I know,

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Speaker 1: Uh in Georgia, Lucy Macbeth and Carol Embardo could potentially

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Speaker 1: face a really tough re election there if they both

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Speaker 1: decided to run. But Greg, this kind of sounds like

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Speaker 1: redistricting is absolutely going in Republicans favor. I mean, is

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Speaker 1: there any sense here that Democrats are also going to

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Speaker 1: be able to solidify a couple of seats I'm looking

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Speaker 1: at the map. I see that New York and California

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Speaker 1: aren't done yet. Right. California's kind of a wild card there.

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Speaker 1: You have a commission redrawing lines there. California is going

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Speaker 1: from fifty three to fifty two districts. So that's that's

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Speaker 1: quite a lot. That's about one out of every eight

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Speaker 1: members of Congress, but a big wild cards. You just

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Speaker 1: don't really know what that commission is going to do,

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Speaker 1: although they have released some prelimit are maps kind of

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Speaker 1: give us an inkling of what might go on there.

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Speaker 1: Democrats do have some targets of their own. Illinois, they

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Speaker 1: have passed a congressional map there that they're trying to

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Speaker 1: give themselves, uh, you know, all but maybe three of

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Speaker 1: the districts in Illinois. Um, they try to shore up

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Speaker 1: some of their vulnerable members. New York has a commission

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00:24:19,520 --> 00:24:23,480
Speaker 1: that's only advisory, and the Democratic majority legislature there could

431
00:24:23,920 --> 00:24:27,359
Speaker 1: uh and expected to just implement its own map instead

432
00:24:27,400 --> 00:24:30,480
Speaker 1: of what the commission does. So Democrats have their own targets,

433
00:24:30,480 --> 00:24:34,680
Speaker 1: but Republicans are in control of many more districts uh

434
00:24:34,720 --> 00:24:38,560
Speaker 1: to redraw than Democrats because they control more state legislators.

435
00:24:38,560 --> 00:24:41,040
Speaker 1: And governorships, which in most states is what you want

436
00:24:41,040 --> 00:24:44,439
Speaker 1: to have when you're in charge of redrawing lines. So, Greg,

437
00:24:44,480 --> 00:24:48,480
Speaker 1: you mentioned the lawsuits that these that that jerrymandering or

438
00:24:48,480 --> 00:24:51,560
Speaker 1: anything that can be construed as jerry mandering can attract.

439
00:24:52,160 --> 00:24:53,560
Speaker 1: But can you lay out for us you know, I

440
00:24:53,880 --> 00:24:57,320
Speaker 1: remember over the last ten years there were lawsuits that

441
00:24:57,359 --> 00:25:01,399
Speaker 1: went on for roughly half the debt. So it seems

442
00:25:01,440 --> 00:25:03,240
Speaker 1: that if one of these states are a bunch of

443
00:25:03,280 --> 00:25:06,840
Speaker 1: these states draw very very favorable lines for one party,

444
00:25:07,800 --> 00:25:11,600
Speaker 1: I mean, to what extent can lawsuits undo that? They

445
00:25:11,600 --> 00:25:13,440
Speaker 1: really can? And you're right, it seems like a litigation

446
00:25:13,440 --> 00:25:15,920
Speaker 1: can stretch on not just for one election, but over

447
00:25:16,000 --> 00:25:19,720
Speaker 1: several elections. And in some states we've seen multiple UH

448
00:25:19,960 --> 00:25:22,760
Speaker 1: congressional maps held throughout a decade, you know, states like

449
00:25:22,840 --> 00:25:27,760
Speaker 1: North Carolina. UM, we saw some lawsuits litigation in North

450
00:25:27,800 --> 00:25:31,680
Speaker 1: Carolina and Florida and Pennsylvania that favored Democrats and got

451
00:25:31,720 --> 00:25:37,240
Speaker 1: more favorable maps for Democrats in the election. So we'll

452
00:25:37,280 --> 00:25:41,679
Speaker 1: see a lot of lawsuits filed. UM. One change is

453
00:25:41,760 --> 00:25:45,680
Speaker 1: that UM, the US Supreme Court ruled in twenty nineteen

454
00:25:45,800 --> 00:25:50,520
Speaker 1: that you could not bring political jerrymandering cases to federal courts.

455
00:25:51,000 --> 00:25:53,280
Speaker 1: But so I think what you will see our more

456
00:25:53,320 --> 00:25:57,679
Speaker 1: political jerrymandering lawsuits brought in state courts. Um, so you

457
00:25:57,720 --> 00:26:00,440
Speaker 1: may see that. And of course you still have um

458
00:26:00,600 --> 00:26:03,320
Speaker 1: racial and ethnic jerry mandarin claims that are going to

459
00:26:03,320 --> 00:26:05,560
Speaker 1: be uh, there's gonna be a lot of those in

460
00:26:05,600 --> 00:26:08,119
Speaker 1: the courts as well. Because redrawing lines and how they

461
00:26:08,160 --> 00:26:11,199
Speaker 1: affect um the voting power of people of color has

462
00:26:11,240 --> 00:26:14,720
Speaker 1: always been a very It's always been a major issue onces,

463
00:26:14,720 --> 00:26:19,399
Speaker 1: been much litigated. So real redistricting aside greg real quick

464
00:26:19,440 --> 00:26:22,520
Speaker 1: to what extent is the House and the Senate leaning

465
00:26:22,560 --> 00:26:26,320
Speaker 1: Republicans way in two? It seems very significant, right, Yes,

466
00:26:26,359 --> 00:26:28,640
Speaker 1: Republicans are strongly favored to win control of the House.

467
00:26:28,640 --> 00:26:30,880
Speaker 1: They just need a five net gain of five seats

468
00:26:31,080 --> 00:26:34,720
Speaker 1: to win control. We're going into a mid term election

469
00:26:35,240 --> 00:26:37,920
Speaker 1: on the opposition party, the party opposite the White House.

470
00:26:37,920 --> 00:26:41,120
Speaker 1: In a midterm election, the average, again since World War Two,

471
00:26:41,160 --> 00:26:43,359
Speaker 1: is a net gain of more than twenty five seats.

472
00:26:43,560 --> 00:26:47,119
Speaker 1: The Senators fifty fifty Republicans have twenty seats to defend

473
00:26:47,200 --> 00:26:51,359
Speaker 1: compared just fourteen for Democrats. But it's not it's not

474
00:26:51,480 --> 00:26:53,879
Speaker 1: certain that Democrats can hold the Senate either. It's going

475
00:26:53,920 --> 00:26:56,119
Speaker 1: to be very close. Greg jor O, thank you so

476
00:26:56,200 --> 00:26:58,159
Speaker 1: much for joining us. Coming up next, we're gonna keep

477
00:26:58,200 --> 00:27:00,879
Speaker 1: talking to Jeannie she and Zano and Bill McGinley with

478
00:27:00,920 --> 00:27:07,800
Speaker 1: Emily Wilkins. I'm Jack Fitzpatrick. This is Bloomberg. You're listening

479
00:27:07,840 --> 00:27:13,840
Speaker 1: to Bloomberg Sound On with Joe Matthew on Bloomberg Radio.

480
00:27:16,640 --> 00:27:20,639
Speaker 1: The White House has some breaking news today, finally announcing

481
00:27:20,680 --> 00:27:24,720
Speaker 1: the nominees for the turkey pardon later this week. I'm

482
00:27:24,760 --> 00:27:27,200
Speaker 1: sorry for all of you Fed chair watchers. We still

483
00:27:27,440 --> 00:27:30,560
Speaker 1: do not have an update on that. We do know

484
00:27:30,600 --> 00:27:32,240
Speaker 1: the names of the turkeys though that are going to

485
00:27:32,320 --> 00:27:35,919
Speaker 1: be pardoned, Peanut, butter and jelly. But we are we

486
00:27:36,040 --> 00:27:39,320
Speaker 1: are staying on top of the Fed chair stuff. I'm

487
00:27:39,359 --> 00:27:42,320
Speaker 1: Emily Wilkins here with Jack Fitzpatrick, fill in for Joe

488
00:27:42,400 --> 00:27:45,120
Speaker 1: Matthew tonight. Uh. And we had another one of our

489
00:27:45,160 --> 00:27:48,520
Speaker 1: colleagues at Bloomberg, Josh wing Grove. He attempted to get

490
00:27:48,560 --> 00:27:51,480
Speaker 1: some clarity today on the timing of that Fed Chair

491
00:27:51,560 --> 00:27:56,320
Speaker 1: decision from White House Press Secretary Jen Saki. It still remains,

492
00:27:56,320 --> 00:27:59,480
Speaker 1: as Chris said yesterday, that he intends to make a

493
00:27:59,520 --> 00:28:02,439
Speaker 1: decision in advance of Thanksgiving, and hopefully all of you

494
00:28:02,560 --> 00:28:05,520
Speaker 1: financial reporters can rest easily with your turkey and mashed

495
00:28:05,560 --> 00:28:08,240
Speaker 1: potatoes or whatever you like to eat that you don't

496
00:28:08,280 --> 00:28:10,960
Speaker 1: have to be chasing it. By then we can expect

497
00:28:10,960 --> 00:28:12,760
Speaker 1: to be for the other open positions, or is than

498
00:28:12,840 --> 00:28:16,560
Speaker 1: just the chairs. I don't have an update beyond that,

499
00:28:16,600 --> 00:28:19,600
Speaker 1: but I think you can certainly expect the nominee for

500
00:28:19,640 --> 00:28:21,639
Speaker 1: the that he will make a decision and will have

501
00:28:21,680 --> 00:28:24,800
Speaker 1: more to say before Thanksgiving on the chair. All right, well,

502
00:28:24,920 --> 00:28:27,600
Speaker 1: there it is. Saki has told it. Our Thanksgiving turkey,

503
00:28:27,640 --> 00:28:31,280
Speaker 1: our mashed potatoes are safe this year. We are joined

504
00:28:31,280 --> 00:28:35,440
Speaker 1: now by Bloombert Politics contributor geniechi and Zano and Bill McGinley,

505
00:28:35,480 --> 00:28:38,160
Speaker 1: a principle at the Vocal Group, former Deputy Council at

506
00:28:38,160 --> 00:28:42,239
Speaker 1: the National Republican Committee. Bill, Why is it taking so

507
00:28:42,280 --> 00:28:44,920
Speaker 1: long here for President Biden to come to a decision

508
00:28:45,040 --> 00:28:47,520
Speaker 1: on who he wants to nominate for FED chair? It

509
00:28:47,600 --> 00:28:49,800
Speaker 1: feels like this decision has been dragging out for weeks.

510
00:28:49,840 --> 00:28:52,880
Speaker 1: We know they already met the White House. Why why

511
00:28:52,960 --> 00:28:56,120
Speaker 1: is it taking so long? Well, I think trying to

512
00:28:56,200 --> 00:28:58,360
Speaker 1: decide who's going to be chair of the Federal Reserve

513
00:28:58,440 --> 00:29:00,640
Speaker 1: Board is one of the most consequential as the president

514
00:29:00,680 --> 00:29:03,640
Speaker 1: can make because it really does have an impact on

515
00:29:03,680 --> 00:29:06,160
Speaker 1: a president's term in terms of the economy and the

516
00:29:06,160 --> 00:29:09,360
Speaker 1: financial position of the markets. And so I think that

517
00:29:09,440 --> 00:29:11,680
Speaker 1: a lot of this is happening because there's also some

518
00:29:11,760 --> 00:29:14,880
Speaker 1: cross currents within the Democratic hackets. Some of the more

519
00:29:14,880 --> 00:29:17,760
Speaker 1: progressive members may be pulling for somebody other than the

520
00:29:17,800 --> 00:29:22,200
Speaker 1: current chair, Jerome Pal and maybe looking for uh miss

521
00:29:22,280 --> 00:29:25,360
Speaker 1: Brainer to basically be get the nod for that. She's

522
00:29:25,480 --> 00:29:28,280
Speaker 1: viewed um as somebody who may be a little bit

523
00:29:28,320 --> 00:29:31,400
Speaker 1: more political and more friendly to the Biden White House

524
00:29:31,400 --> 00:29:34,280
Speaker 1: in terms of whether or not to raise interest rates,

525
00:29:34,360 --> 00:29:37,520
Speaker 1: and so also the progressives are going to be, I think,

526
00:29:38,040 --> 00:29:41,080
Speaker 1: really behind her and not Jerome Pal, who may be

527
00:29:41,680 --> 00:29:44,360
Speaker 1: more of a pick that the markets may may appreciate.

528
00:29:44,640 --> 00:29:46,840
Speaker 1: I don't think there's a lot of difference between the two.

529
00:29:47,200 --> 00:29:49,280
Speaker 1: But on balance, if the White House is trying to

530
00:29:49,280 --> 00:29:54,200
Speaker 1: weigh the equities and keep the moderates in place, um,

531
00:29:54,400 --> 00:29:57,040
Speaker 1: there may be uh still some vetting going on to

532
00:29:57,120 --> 00:30:00,320
Speaker 1: try and feel out which pick may have been the

533
00:30:00,320 --> 00:30:03,120
Speaker 1: better shot of getting this through pretty quickly. Well, if

534
00:30:03,160 --> 00:30:07,920
Speaker 1: they are then relying on Republican votes to back up

535
00:30:08,960 --> 00:30:13,000
Speaker 1: Jerome Powell if he is indeed re UH nominated and

536
00:30:13,080 --> 00:30:15,400
Speaker 1: they need to go to Republicans because of the progressives

537
00:30:15,400 --> 00:30:18,560
Speaker 1: who say they don't want him to to stay in place.

538
00:30:19,280 --> 00:30:22,600
Speaker 1: What kind of challenges does that raise, Genie, and in

539
00:30:22,640 --> 00:30:26,080
Speaker 1: particular I'm thinking of I asked Senator Richard Shelby, who's

540
00:30:26,120 --> 00:30:28,680
Speaker 1: on the Banking Committee, about this, and he brought up

541
00:30:28,840 --> 00:30:32,280
Speaker 1: the inflation. I mean, does does Jerome Powell take the

542
00:30:32,320 --> 00:30:36,280
Speaker 1: blame for inflation and then have trouble getting Republican support

543
00:30:36,360 --> 00:30:39,240
Speaker 1: or do you think he actually just gets a significant

544
00:30:39,240 --> 00:30:42,920
Speaker 1: amount of Republican support in addition to many Democrats. Well,

545
00:30:42,960 --> 00:30:46,920
Speaker 1: I think inflation, you're exactly right, is a critical issue here,

546
00:30:47,080 --> 00:30:51,600
Speaker 1: and I actually view it slightly differently, which is that

547
00:30:51,960 --> 00:30:56,640
Speaker 1: these bad inflation numbers for Joe Biden have made him

548
00:30:57,120 --> 00:31:01,360
Speaker 1: UH a little bit more potentially really likely to go

549
00:31:01,520 --> 00:31:04,960
Speaker 1: with Powell than with Brainerd. Um. I agree with Bill.

550
00:31:05,080 --> 00:31:09,040
Speaker 1: I don't think there's a huge amount of difference between them.

551
00:31:09,280 --> 00:31:14,320
Speaker 1: They're both incredibly respected, they have great experience, um they're

552
00:31:14,360 --> 00:31:17,600
Speaker 1: both qualified. You know, Brainerd is an economist, Powell is

553
00:31:17,640 --> 00:31:21,200
Speaker 1: a lawyer. There's some differences there. But I do think

554
00:31:21,400 --> 00:31:24,560
Speaker 1: that the inflation issue is top of mind because it's

555
00:31:24,600 --> 00:31:28,480
Speaker 1: going to impact the mid term election, and Joe Biden

556
00:31:28,600 --> 00:31:31,760
Speaker 1: knows that, and I think for that reason he may,

557
00:31:31,880 --> 00:31:34,800
Speaker 1: as the betting markets tell us, be slightly more likely

558
00:31:34,840 --> 00:31:37,400
Speaker 1: to go with Powell in this instance. But we should

559
00:31:37,440 --> 00:31:40,800
Speaker 1: also note that you know, he is facing pushback from

560
00:31:40,960 --> 00:31:45,160
Speaker 1: progressives in particular on this, and one key issue is

561
00:31:45,200 --> 00:31:48,320
Speaker 1: the issue of diversity. Um they want to see much

562
00:31:48,320 --> 00:31:51,080
Speaker 1: more diversity on the FED, and so he has those

563
00:31:51,080 --> 00:31:52,840
Speaker 1: other picks in which he could do that, but that's

564
00:31:52,840 --> 00:31:55,960
Speaker 1: got to be weighing on his mind as well. Absolutely.

565
00:31:56,160 --> 00:31:59,480
Speaker 1: Another big piece of news that happened today is that

566
00:31:59,600 --> 00:32:03,720
Speaker 1: President Biden met with his counterparts presence of Canada as

567
00:32:03,760 --> 00:32:07,200
Speaker 1: well as Mexico, and one very interesting piece of news

568
00:32:07,400 --> 00:32:10,200
Speaker 1: that came out of that is that Biden said he

569
00:32:10,280 --> 00:32:16,760
Speaker 1: was considering a diplomatic boycott of the Beijing Olympics bill.

570
00:32:17,200 --> 00:32:20,160
Speaker 1: We just saw Ryan Biden she sit down earlier this

571
00:32:20,200 --> 00:32:24,000
Speaker 1: week and have this three hour virtual summit. What what

572
00:32:24,160 --> 00:32:29,360
Speaker 1: does it mean that now he's considering a boycott. It

573
00:32:29,400 --> 00:32:34,440
Speaker 1: means that we view the actions of China become far

574
00:32:34,480 --> 00:32:38,040
Speaker 1: more aggressive with respect to Taiwan. UM that they've actually

575
00:32:38,080 --> 00:32:41,239
Speaker 1: taken a lot of steps to kind of show up

576
00:32:41,280 --> 00:32:46,080
Speaker 1: their nationalist ambitions UM and I think that it tells

577
00:32:46,120 --> 00:32:50,000
Speaker 1: you that the Biden administration is actually beginning to view

578
00:32:50,840 --> 00:32:54,600
Speaker 1: UM China as a challenge that they need to to

579
00:32:54,600 --> 00:32:58,840
Speaker 1: try and confront in some ways diplomatically. And a boycott

580
00:32:58,840 --> 00:33:02,840
Speaker 1: of the Olympics is to republic statement UM that would

581
00:33:03,160 --> 00:33:07,200
Speaker 1: embarrass China, but also be a kind of a peaceful

582
00:33:07,240 --> 00:33:10,520
Speaker 1: way of pushing back on some of their aggressive moves

583
00:33:10,560 --> 00:33:14,240
Speaker 1: that they've taken lately. I find it very interesting that

584
00:33:14,360 --> 00:33:18,600
Speaker 1: this is coming out after the Virtual Summit, which tells

585
00:33:18,600 --> 00:33:21,440
Speaker 1: you that it really wasn't kind of as productive as

586
00:33:21,520 --> 00:33:23,880
Speaker 1: maybe the White House hoped. I think they're going to

587
00:33:23,960 --> 00:33:26,040
Speaker 1: try and keep the lines of communication open, but it

588
00:33:26,080 --> 00:33:27,760
Speaker 1: tells you that this is going to be a continuing

589
00:33:27,840 --> 00:33:31,440
Speaker 1: challenge for the Biden administration as they go forward. Uh.

590
00:33:31,480 --> 00:33:34,400
Speaker 1: The Olympics are coming up in February, UM and so

591
00:33:34,440 --> 00:33:37,280
Speaker 1: they're going to have to make a decision pretty soon. Genie,

592
00:33:37,320 --> 00:33:40,040
Speaker 1: I want to follow up with you on the context

593
00:33:40,160 --> 00:33:43,000
Speaker 1: around this news on a potential Olympic boycotting. It does

594
00:33:43,040 --> 00:33:45,560
Speaker 1: seem like we're kind of going back and forth between

595
00:33:45,640 --> 00:33:48,160
Speaker 1: pretty good news and not so good news. We saw

596
00:33:48,280 --> 00:33:55,200
Speaker 1: the cooperative statement on a strategic petroleum reserve release from

597
00:33:55,320 --> 00:33:59,800
Speaker 1: China following the virtual meeting between President Biden and President

598
00:34:00,440 --> 00:34:02,880
Speaker 1: but we also saw a statement sort of a flood

599
00:34:02,880 --> 00:34:06,720
Speaker 1: by President Biden using the word independent to describe Taiwan,

600
00:34:06,760 --> 00:34:09,040
Speaker 1: which you kind of had to walk back. Uh. Then

601
00:34:09,160 --> 00:34:12,360
Speaker 1: you you see a harsher stance potentially on the Olympics.

602
00:34:12,520 --> 00:34:14,520
Speaker 1: How do you make sense of this? And is there

603
00:34:14,680 --> 00:34:17,400
Speaker 1: sort of a coherent strategy there? I mean, it seems

604
00:34:17,400 --> 00:34:20,920
Speaker 1: like we're going very back and forth on China news.

605
00:34:21,840 --> 00:34:24,239
Speaker 1: We are, and you know, I think it reflects what

606
00:34:24,400 --> 00:34:27,520
Speaker 1: is the reality of our relationship now and I think

607
00:34:27,640 --> 00:34:30,879
Speaker 1: at least for the foreseeable future with China is it's

608
00:34:30,920 --> 00:34:33,840
Speaker 1: not going to be all black or white. We need China.

609
00:34:33,960 --> 00:34:37,240
Speaker 1: We need to work with China on certain things, for example,

610
00:34:37,360 --> 00:34:41,560
Speaker 1: climate with which John Kerry has been able to move forward. Um.

611
00:34:41,680 --> 00:34:43,880
Speaker 1: We we certainly need to work with them in the

612
00:34:43,880 --> 00:34:47,240
Speaker 1: economic in the trade realm, but we also have grave

613
00:34:47,360 --> 00:34:50,719
Speaker 1: differences with them. And you mentioned the Taiwan issue, the

614
00:34:50,760 --> 00:34:53,680
Speaker 1: flub the President made the other day. We certainly are

615
00:34:53,760 --> 00:34:56,120
Speaker 1: odds there. We are at odds and human rights. So

616
00:34:56,440 --> 00:34:59,759
Speaker 1: I think it's reflective of where our relationship is. And

617
00:35:00,000 --> 00:35:02,399
Speaker 1: you know, it's one of the rare areas where there

618
00:35:02,480 --> 00:35:06,480
Speaker 1: is bipartisan agreement in this country, which is the danger

619
00:35:06,600 --> 00:35:10,320
Speaker 1: and the challenge that China, you know, really uh presents

620
00:35:10,360 --> 00:35:12,600
Speaker 1: to the United States. And on this issue of the

621
00:35:12,600 --> 00:35:17,080
Speaker 1: Olympic boycott, you see Republican lawmakers really pushing for a boycott,

622
00:35:17,160 --> 00:35:20,240
Speaker 1: Tom Cotton, Mitt Romney and others, and you see Nancy

623
00:35:20,280 --> 00:35:24,279
Speaker 1: Pelosi agreeing with it. I think the Biden administration is

624
00:35:24,320 --> 00:35:28,200
Speaker 1: smart to consider a diplomatic boycott versus a you know,

625
00:35:29,520 --> 00:35:32,040
Speaker 1: full boycott, which I think would be a big mistake.

626
00:35:32,320 --> 00:35:35,000
Speaker 1: But one question I still have, which the State Department

627
00:35:35,040 --> 00:35:37,200
Speaker 1: said they're not doing in April, but we may see

628
00:35:37,200 --> 00:35:39,600
Speaker 1: in the near future, is whether they're going to push

629
00:35:39,640 --> 00:35:42,879
Speaker 1: allies for a joint boycott, because that I think would

630
00:35:42,920 --> 00:35:45,759
Speaker 1: also send a much broader message, or at least a

631
00:35:46,040 --> 00:35:50,520
Speaker 1: joint diplomatic boycott a much broader message to China. We

632
00:35:50,600 --> 00:35:54,080
Speaker 1: also are now just getting news that the Congressional Budget

633
00:35:54,120 --> 00:35:58,439
Speaker 1: Office has released that long awaited score of the entire bill.

634
00:35:59,160 --> 00:36:02,319
Speaker 1: We're having some orders crunched the numbers. It looks like

635
00:36:02,440 --> 00:36:06,120
Speaker 1: it would increase the deficit by three hundred sixty seven

636
00:36:06,160 --> 00:36:09,360
Speaker 1: billion dollars. I mean, this is not what lawmakers wanted.

637
00:36:09,440 --> 00:36:11,960
Speaker 1: They wanted to say it was revenue neutral. But this

638
00:36:12,080 --> 00:36:15,040
Speaker 1: also isn't the end of the road for the bill.

639
00:36:15,120 --> 00:36:16,960
Speaker 1: I mean, Jack, I, I know we're just starting to

640
00:36:17,000 --> 00:36:20,279
Speaker 1: get details on this, but but what are your initial thoughts? Yes,

641
00:36:20,400 --> 00:36:23,919
Speaker 1: So a credit to our colleague Eric Watson at Bloomberg News,

642
00:36:23,920 --> 00:36:28,040
Speaker 1: who particularly covers this fiscal kind of issue um deficit

643
00:36:28,160 --> 00:36:32,600
Speaker 1: increase of three hundred sixty billion dollars that obviously it

644
00:36:32,680 --> 00:36:36,160
Speaker 1: doesn't sound great for the Democratic Party that went around

645
00:36:36,160 --> 00:36:39,239
Speaker 1: saying this is going to be paid for, especially considering

646
00:36:39,280 --> 00:36:42,359
Speaker 1: that a number of these provisions expire and they would

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00:36:42,360 --> 00:36:45,920
Speaker 1: want to re up them, uh, thereby increasing the costs

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00:36:46,360 --> 00:36:48,880
Speaker 1: in the future. So you know, we're we're gonna delve

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00:36:48,920 --> 00:36:51,440
Speaker 1: into the details, and what really matters is how moderate

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00:36:51,480 --> 00:36:55,440
Speaker 1: Democrats perceive this. But it's it's not ideal news to

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00:36:55,600 --> 00:36:59,640
Speaker 1: point to that three hundred sixty billion dollar figure for Democrats,

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00:36:59,680 --> 00:37:02,920
Speaker 1: although I'm now also seen Eric reporting that this doesn't

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00:37:02,960 --> 00:37:08,080
Speaker 1: count the funding that could come revenue from provisions strengthening

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00:37:08,160 --> 00:37:10,719
Speaker 1: the I R S which granted our our controversial and

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00:37:10,960 --> 00:37:14,960
Speaker 1: again just worth noting that on things like that, on salt,

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00:37:15,120 --> 00:37:18,560
Speaker 1: on paid family leave, all of this could change in

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00:37:18,600 --> 00:37:21,799
Speaker 1: the U. S. Senate. So this number, it's not a

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00:37:21,880 --> 00:37:24,760
Speaker 1: final number here for how much that that's going to add,

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00:37:26,239 --> 00:37:30,120
Speaker 1: plus changes coming up in the Senate. Of course, there's

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00:37:30,120 --> 00:37:32,680
Speaker 1: gonna have to be a whole other House vote coming

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00:37:32,760 --> 00:37:36,520
Speaker 1: up after the Senate makes changes, which is essentially inevitable.

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00:37:36,600 --> 00:37:39,520
Speaker 1: So yeah, we're not near the finish line on this bill,

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00:37:39,760 --> 00:37:44,799
Speaker 1: even though this initial official score from CBO is I

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00:37:44,800 --> 00:37:47,319
Speaker 1: would say, kind of inconvenient for demo exactly. And we're

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00:37:47,320 --> 00:37:49,479
Speaker 1: gonna see at least one more vote tonight in the House.

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00:37:49,719 --> 00:37:52,880
Speaker 1: Not yet nothing announced yet for that social welfare and

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00:37:52,920 --> 00:37:55,279
Speaker 1: tax bill, but we're gonna have to leave it there.

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00:37:55,680 --> 00:37:59,279
Speaker 1: Dincion Zano, Bill, thank you so much for taking the

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00:37:59,320 --> 00:38:02,000
Speaker 1: time and owning us today. Bill McGinley over at the

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00:38:02,080 --> 00:38:05,080
Speaker 1: Vocal Group, Jack, thank you so much for co hosting

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00:38:05,120 --> 00:38:07,960
Speaker 1: with me. We're filling in today for Joe Matthew. Uh,

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00:38:08,120 --> 00:38:10,799
Speaker 1: we'll be back our Jack will be back tomorrow. This

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Speaker 1: is Bloomberg