1 00:00:01,960 --> 00:00:06,240 Speaker 1: Live from our nation's capital. This is Bloomberg Sound on. 2 00:00:07,360 --> 00:00:10,080 Speaker 1: Biden lost a lot of goodwill, He lost a lot 3 00:00:10,200 --> 00:00:12,800 Speaker 1: of the trust that was given to him at the 4 00:00:12,840 --> 00:00:15,600 Speaker 1: outset of this year. The Democratic Party can't find its 5 00:00:15,600 --> 00:00:18,520 Speaker 1: way back to the JFK days because it's so far 6 00:00:18,640 --> 00:00:23,160 Speaker 1: over to last. Bloomberg Sound on Politics, Policy and perspective 7 00:00:23,360 --> 00:00:27,240 Speaker 1: from DC's top name. People generally don't have a favorable 8 00:00:27,320 --> 00:00:29,680 Speaker 1: view of Congress, but they do of their own Congressman. 9 00:00:29,720 --> 00:00:32,840 Speaker 1: It's got to be something that all fifties Senators, every 10 00:00:32,840 --> 00:00:37,400 Speaker 1: single fifty Senator can support. Bloomberg Sound On with Joe 11 00:00:37,479 --> 00:00:42,400 Speaker 1: Matthew on Bloomberg Radio. One day closer to a possible 12 00:00:42,479 --> 00:00:46,440 Speaker 1: shutdown with no confirmed solution, but now just twenty days 13 00:00:46,479 --> 00:00:50,480 Speaker 1: to a possible default with no confirmed plan to handle 14 00:00:50,479 --> 00:00:54,160 Speaker 1: the debt ceiling. Welcome to Tuesday. As Democrats head back 15 00:00:54,200 --> 00:00:56,520 Speaker 1: to the drawing board after the government funding bill and 16 00:00:56,600 --> 00:00:59,240 Speaker 1: the suspension of the debt ceiling failed to pass the 17 00:00:59,280 --> 00:01:03,040 Speaker 1: Senate just like everyone expected, and as we draw closer 18 00:01:03,080 --> 00:01:05,200 Speaker 1: to a House vote this week on infrastructure and the 19 00:01:05,240 --> 00:01:09,480 Speaker 1: presentation of what Democratic leaders are calling a framework for reconciliation. 20 00:01:09,560 --> 00:01:12,600 Speaker 1: Will bring you inside Washington this hour, we're gonna hear 21 00:01:12,600 --> 00:01:15,520 Speaker 1: from the leaders. Will talk with Senator John Also, Democrat 22 00:01:15,560 --> 00:01:19,760 Speaker 1: from Georgia about his solar energy proposal for reconciliation at 23 00:01:19,760 --> 00:01:21,920 Speaker 1: AIMS at China, and we'll talk more about the process 24 00:01:21,959 --> 00:01:25,039 Speaker 1: coming up with Congressman Dan Kilde of Flint, Michigan will 25 00:01:25,120 --> 00:01:27,480 Speaker 1: join us live on the line the Classic Panel today. 26 00:01:27,840 --> 00:01:31,480 Speaker 1: Bloomberg Politics contributors Jeanie Schanzano and Rick Davis with us 27 00:01:31,480 --> 00:01:34,080 Speaker 1: for the hour. The voices are echoing louder in the 28 00:01:34,080 --> 00:01:37,320 Speaker 1: halls of Congress as deadlines draw closer. I was in 29 00:01:37,360 --> 00:01:40,559 Speaker 1: the capital couple of hours today. The energy is matching 30 00:01:40,600 --> 00:01:44,200 Speaker 1: the moment with questions about government funding, the debt ceiling, 31 00:01:44,240 --> 00:01:49,640 Speaker 1: infrastructure reconciliation. Speaker Nancy Pelosi acknowledging earlier infrastructure will get 32 00:01:49,640 --> 00:01:53,160 Speaker 1: a vote before reconciliation, but she's still promising progressives, as 33 00:01:53,200 --> 00:01:56,840 Speaker 1: I mentioned, this framework for what reconciliation will look like, 34 00:01:57,720 --> 00:02:00,480 Speaker 1: even as they build the plane in flight. And that's 35 00:02:00,480 --> 00:02:03,120 Speaker 1: where we start with Congressman Dan Kilty, Democrat from Michigan, 36 00:02:03,160 --> 00:02:06,560 Speaker 1: who serves on the House Ways and Means and Budget committees, 37 00:02:07,280 --> 00:02:09,400 Speaker 1: making him a very busy man and putting him in 38 00:02:09,400 --> 00:02:12,520 Speaker 1: the center of this grand debate. Congressman, welcome. I'll asking 39 00:02:12,520 --> 00:02:15,440 Speaker 1: a moment about the solver manufacturing legislation you and Senator 40 00:02:15,480 --> 00:02:18,400 Speaker 1: also unveiled this morning. First, though, I wonder if you 41 00:02:18,400 --> 00:02:20,880 Speaker 1: can tell us where things stand after the government funding 42 00:02:20,919 --> 00:02:23,240 Speaker 1: bill failed last night in the Senate. Will Democrats have 43 00:02:23,280 --> 00:02:26,800 Speaker 1: a plan be ready by Thursday at midnight? We will, 44 00:02:26,840 --> 00:02:29,760 Speaker 1: and I think we're down to maybe Plan C or 45 00:02:29,840 --> 00:02:33,320 Speaker 1: D at this point. Uh. You know, the expectation is 46 00:02:33,360 --> 00:02:35,120 Speaker 1: that when it comes to the death ceiling and when 47 00:02:35,120 --> 00:02:38,560 Speaker 1: it comes to simply keeping the doors of government opened 48 00:02:38,600 --> 00:02:42,320 Speaker 1: by continuing current funding levels, that we get those things done. 49 00:02:42,400 --> 00:02:44,760 Speaker 1: Of course, you know, since I've been here in Congress, 50 00:02:44,800 --> 00:02:47,840 Speaker 1: I've seen things that are not really inherently partisan or 51 00:02:47,840 --> 00:02:52,359 Speaker 1: political become very political and very partisan. And unfortunately that's 52 00:02:52,360 --> 00:02:55,679 Speaker 1: what we're seeing now. We have very slim majorities in 53 00:02:55,720 --> 00:02:58,760 Speaker 1: the House and the Senate, we have different views among Democrats. 54 00:02:59,280 --> 00:03:02,000 Speaker 1: So if it's just left to us, which unfortunately it 55 00:03:02,040 --> 00:03:05,760 Speaker 1: appears it's been just left to Democrats to solve these problems, 56 00:03:06,480 --> 00:03:09,440 Speaker 1: it's like threading a needle. We'll get there, but it's 57 00:03:09,480 --> 00:03:12,120 Speaker 1: not going to be pretty. Government funding itself is hopefully 58 00:03:12,160 --> 00:03:15,440 Speaker 1: not controversial as a standalone bill right that should pass 59 00:03:15,919 --> 00:03:19,640 Speaker 1: with bipart doesn't support well, one would hope. One would 60 00:03:19,639 --> 00:03:22,480 Speaker 1: hope that a continuing resolution, which means we're not getting 61 00:03:22,520 --> 00:03:27,520 Speaker 1: into new programs, new spending, new ideas, that even though uh, 62 00:03:27,680 --> 00:03:29,720 Speaker 1: you know, some may disagree with what we're doing right now, 63 00:03:29,960 --> 00:03:31,920 Speaker 1: the fact is those decisions have been made, and the 64 00:03:31,919 --> 00:03:35,800 Speaker 1: only question on a continuing resolution it should be anyway, 65 00:03:35,800 --> 00:03:39,000 Speaker 1: if it's a clean so called clean CR, is just 66 00:03:39,080 --> 00:03:40,840 Speaker 1: do we keep the doors open until we can come 67 00:03:40,920 --> 00:03:44,720 Speaker 1: up with a more full spending plan for I hope, 68 00:03:45,160 --> 00:03:46,760 Speaker 1: I hope that we were able to get this through. 69 00:03:46,800 --> 00:03:49,440 Speaker 1: I think we will. I think push comes to shove typically, 70 00:03:49,440 --> 00:03:51,760 Speaker 1: I've been through this a few times. Our backs are 71 00:03:51,760 --> 00:03:54,280 Speaker 1: against the wall, and we'll get it done. But I 72 00:03:55,160 --> 00:03:58,920 Speaker 1: regret that so much energy has to go into you know, 73 00:03:59,000 --> 00:04:02,000 Speaker 1: the death ceiling and the continuing resolution when those really 74 00:04:02,000 --> 00:04:05,440 Speaker 1: should be fairly automatic and and some big stuff at hand. 75 00:04:05,480 --> 00:04:07,560 Speaker 1: I'd like to Congressman just tick through a couple of 76 00:04:07,560 --> 00:04:10,880 Speaker 1: them quickly, as will follow priorities by deadline. How about 77 00:04:10,920 --> 00:04:13,560 Speaker 1: that there's an infrastructure vote, of course, set for Thursday. 78 00:04:14,520 --> 00:04:18,600 Speaker 1: Will it pass the House? Even though reconciliation is not ready. 79 00:04:19,120 --> 00:04:22,640 Speaker 1: I'm not sure that that will a vote will be 80 00:04:22,640 --> 00:04:25,800 Speaker 1: called without reconciliation being ready. I think the deadline for 81 00:04:25,880 --> 00:04:30,239 Speaker 1: reconciliation the framework to be in place is the House 82 00:04:30,320 --> 00:04:33,760 Speaker 1: vote on the infrastructure bill, because so many members have 83 00:04:33,839 --> 00:04:37,039 Speaker 1: said they won't vote for one without the other. I'm 84 00:04:37,040 --> 00:04:40,040 Speaker 1: not in that camp. Just to be clear, I I 85 00:04:40,080 --> 00:04:42,680 Speaker 1: believe if we put a bill on the floor that 86 00:04:42,760 --> 00:04:47,480 Speaker 1: has bipartisan support that moves us forward on infrastructure. Uh, 87 00:04:47,520 --> 00:04:51,840 Speaker 1: it's an opportunity that we should embrace, knowing that we 88 00:04:51,920 --> 00:04:54,600 Speaker 1: will have other items to take up the Build Back 89 00:04:54,680 --> 00:04:59,239 Speaker 1: Better Act. And I don't believe the views dramatically change 90 00:04:59,440 --> 00:05:03,360 Speaker 1: on the the content of that legislation based on whether 91 00:05:03,400 --> 00:05:06,560 Speaker 1: or not we can pass the infrastructure bill. And to 92 00:05:06,640 --> 00:05:09,560 Speaker 1: be clear, what this really comes down to is what 93 00:05:09,640 --> 00:05:13,040 Speaker 1: the Democrats in the Senate can put fifty votes together. Well, 94 00:05:13,080 --> 00:05:14,760 Speaker 1: that was my next question. Are we at the point 95 00:05:14,760 --> 00:05:17,120 Speaker 1: where we're just waiting for the Senate to set the 96 00:05:17,160 --> 00:05:20,599 Speaker 1: line on a price tag? Congressman, it would help if 97 00:05:20,640 --> 00:05:24,760 Speaker 1: if we would hear less about what people oppose and 98 00:05:24,800 --> 00:05:28,239 Speaker 1: more about what they would support. And you know, obviously 99 00:05:28,240 --> 00:05:30,960 Speaker 1: there are two Democratic senators that have been, you know, 100 00:05:31,040 --> 00:05:34,200 Speaker 1: quite focused on pushing back against the three point five 101 00:05:34,200 --> 00:05:37,000 Speaker 1: trillion dollar package. I get that that's a number that 102 00:05:37,520 --> 00:05:40,279 Speaker 1: it may be too big to get through a government 103 00:05:40,320 --> 00:05:43,039 Speaker 1: that is this divided as it is. But what I 104 00:05:43,080 --> 00:05:45,320 Speaker 1: want to hear is not what we won't do or 105 00:05:45,360 --> 00:05:47,320 Speaker 1: what they can't do. I want to hear what they 106 00:05:47,360 --> 00:05:49,560 Speaker 1: will do, because I think we can get our arms 107 00:05:49,560 --> 00:05:51,960 Speaker 1: around that. I know the ways it means. Committee pastor 108 00:05:51,960 --> 00:05:55,240 Speaker 1: your legislation to expand tax credits for buying electric vehicles. 109 00:05:55,880 --> 00:05:58,480 Speaker 1: Bloomberg's David Weston today spoke with the boss at Ford, 110 00:05:58,800 --> 00:06:02,240 Speaker 1: Jim Farley, about ford eleven billion dollar investment. It was 111 00:06:02,279 --> 00:06:04,280 Speaker 1: a pretty big announcement in new plants to build e 112 00:06:04,400 --> 00:06:07,359 Speaker 1: vs and batteries. I'd like to you to hear what 113 00:06:07,400 --> 00:06:09,720 Speaker 1: he said, and then I'll ask you about it. Here's 114 00:06:09,760 --> 00:06:12,719 Speaker 1: Jim Farley. We at Ford. We were the leader of 115 00:06:12,800 --> 00:06:17,080 Speaker 1: integrated manufacturing at the RUS. We introduced this moving assembly 116 00:06:17,080 --> 00:06:19,720 Speaker 1: line at the peacapp plant where my grandfather worked. And 117 00:06:19,760 --> 00:06:22,360 Speaker 1: this is a chance for us to redo, you know, 118 00:06:22,800 --> 00:06:26,080 Speaker 1: manufacturing in this country. Congressman, killed you are you and 119 00:06:26,120 --> 00:06:29,080 Speaker 1: other members working with companies like Ford and GM to 120 00:06:29,160 --> 00:06:33,719 Speaker 1: expand manufacturing of evs we are. One of the pieces 121 00:06:33,760 --> 00:06:36,480 Speaker 1: that I'm working on is the consumer credit for a 122 00:06:36,600 --> 00:06:39,880 Speaker 1: purchase of an electric vehicle. And what we think that 123 00:06:39,920 --> 00:06:43,920 Speaker 1: a robust consumer credit will do is give companies like 124 00:06:44,000 --> 00:06:48,039 Speaker 1: Ford and GM and Statlantis and others the confidence that 125 00:06:48,160 --> 00:06:52,400 Speaker 1: they can make the capital investment that it takes to 126 00:06:52,520 --> 00:06:56,479 Speaker 1: make this transition to electrification. And now, of course, seeing 127 00:06:56,560 --> 00:06:59,800 Speaker 1: Ford and GM and others doing this is evidence that 128 00:07:00,000 --> 00:07:02,800 Speaker 1: if we can put together a framework that says we 129 00:07:02,880 --> 00:07:06,400 Speaker 1: have an industrial policy, we're going to support domestic manufacturing. 130 00:07:06,600 --> 00:07:10,400 Speaker 1: We're not going to let China own the domestic or 131 00:07:10,520 --> 00:07:14,400 Speaker 1: I'm sorry, I own the global electric vehicle market. We're 132 00:07:14,400 --> 00:07:16,800 Speaker 1: going to claim this as our own. We have to 133 00:07:16,840 --> 00:07:19,000 Speaker 1: make decisions to get us there. It's good to see 134 00:07:19,040 --> 00:07:21,560 Speaker 1: Ford doing what they're doing. We want to put fuel, 135 00:07:21,680 --> 00:07:24,200 Speaker 1: if you don't mind the analogy. We want to put 136 00:07:24,200 --> 00:07:27,840 Speaker 1: more fuel into that by by having this really robust 137 00:07:28,240 --> 00:07:31,080 Speaker 1: consumer credit. I was in the Senate gallery today when 138 00:07:31,120 --> 00:07:34,080 Speaker 1: you and Senator also off rolled out legislation along with 139 00:07:34,560 --> 00:07:37,400 Speaker 1: several of your colleagues to boost manufacturing of solar panels 140 00:07:37,400 --> 00:07:40,440 Speaker 1: here in the US. Similar your comments about China sound 141 00:07:40,560 --> 00:07:43,400 Speaker 1: very similar to this story as well. How does this 142 00:07:44,520 --> 00:07:48,760 Speaker 1: Solar Manufacturing Act help companies in Michigan compete with China? Well, 143 00:07:48,840 --> 00:07:53,160 Speaker 1: right now, we compete like for example, Hemlock Semiconductor from 144 00:07:53,200 --> 00:07:55,880 Speaker 1: from Michigan right right in my just the area of 145 00:07:55,880 --> 00:08:00,360 Speaker 1: my district. They compete with UH with pobably so account 146 00:08:00,480 --> 00:08:05,040 Speaker 1: produced by forced labor in shin John, China. There's no 147 00:08:05,160 --> 00:08:09,760 Speaker 1: way that an American company with American workers and decent 148 00:08:09,760 --> 00:08:13,600 Speaker 1: wages can compete with essentially slave labor. So what we 149 00:08:13,600 --> 00:08:16,520 Speaker 1: want to do is two things. One, enforced existing law 150 00:08:16,680 --> 00:08:22,440 Speaker 1: to prevent the import of Chinese made goods that exploited 151 00:08:22,440 --> 00:08:26,200 Speaker 1: workers in order to undercut our costs. But the most 152 00:08:26,240 --> 00:08:28,400 Speaker 1: important piece and the reason Senator as Off and I 153 00:08:28,560 --> 00:08:32,840 Speaker 1: introduced this legislation, is to not just get the panel production, 154 00:08:32,920 --> 00:08:37,600 Speaker 1: but the entire supply chain for the solar industry reshored 155 00:08:37,679 --> 00:08:40,320 Speaker 1: into the United States so that we're not in the 156 00:08:40,400 --> 00:08:46,160 Speaker 1: position of being held captive by China or other foreign 157 00:08:46,240 --> 00:08:51,280 Speaker 1: production for our own efforts to rebuild and do so 158 00:08:51,360 --> 00:08:53,440 Speaker 1: in a way that's good for both the economy and 159 00:08:53,520 --> 00:08:56,480 Speaker 1: the environment. If we can reshore this entire supply chain, 160 00:08:57,160 --> 00:08:59,720 Speaker 1: not only would we put lots of Americans to work 161 00:08:59,760 --> 00:09:03,200 Speaker 1: with and paying jobs, but we accelerate the transition to 162 00:09:03,320 --> 00:09:06,880 Speaker 1: renewable energy, which is obviously good for everyone. I know 163 00:09:06,920 --> 00:09:10,439 Speaker 1: that you're playing in the congressional baseball game tomorrow. Somebody, 164 00:09:10,440 --> 00:09:12,440 Speaker 1: a little Bertie told me there was a practice tonight. 165 00:09:13,320 --> 00:09:17,160 Speaker 1: You're gonna be cutting deals in the dugout. So the 166 00:09:17,200 --> 00:09:21,200 Speaker 1: Democrats we practice early in the morning. We practice. We 167 00:09:21,280 --> 00:09:24,280 Speaker 1: hear the Republicans have got a practice tonight. What we're doing. 168 00:09:24,720 --> 00:09:26,920 Speaker 1: We do have a practice tomorrow morning. We will cut 169 00:09:26,960 --> 00:09:30,080 Speaker 1: some deals in the dugout, that's for sure. I mean, 170 00:09:30,120 --> 00:09:33,800 Speaker 1: baseball is an analogy for the for society here, and 171 00:09:34,320 --> 00:09:36,880 Speaker 1: so I love the game and I'm looking forward to it. 172 00:09:36,920 --> 00:09:39,920 Speaker 1: And actually, in the midst of all of this, it's 173 00:09:39,960 --> 00:09:42,840 Speaker 1: a chance for Democrats and Republicans to come together and 174 00:09:42,920 --> 00:09:46,359 Speaker 1: have have a contest that is not quite as consequential 175 00:09:46,440 --> 00:09:48,679 Speaker 1: as most of the debates that we engage in. They 176 00:09:48,720 --> 00:09:52,240 Speaker 1: hear you're catching. No, I am a first baseman and 177 00:09:52,960 --> 00:09:55,160 Speaker 1: need hitter. I can get down to catch, but I 178 00:09:55,160 --> 00:09:57,920 Speaker 1: can't get back up again. Congress have been Dan Kilty, 179 00:09:58,000 --> 00:10:00,880 Speaker 1: Democrat from Michigan, thank you for being with us on Bloomberg. 180 00:10:00,920 --> 00:10:02,720 Speaker 1: Good luck on the field. As I mentioned, congress Man 181 00:10:02,800 --> 00:10:06,800 Speaker 1: Kelty is coastponsoring the solar legislation with Senator John Ausoft, 182 00:10:06,840 --> 00:10:09,000 Speaker 1: Democrat from Georgia. He showed up this morning in the 183 00:10:09,040 --> 00:10:13,320 Speaker 1: Senate Gallery with the Chairman of the Senate Finance Committee. Listen, 184 00:10:14,600 --> 00:10:18,240 Speaker 1: it's a big deal that we are joined today by 185 00:10:18,520 --> 00:10:22,200 Speaker 1: the chair of the Senate Finance Committee to urge the 186 00:10:22,200 --> 00:10:27,840 Speaker 1: inclusion of this vital solar legislation in reconciliation. Senator Ron 187 00:10:27,840 --> 00:10:30,760 Speaker 1: Wyden considered an important endorsement at this stage the proposal 188 00:10:30,800 --> 00:10:33,240 Speaker 1: and again at bringing manufacturing of solar panels to the 189 00:10:33,360 --> 00:10:37,560 Speaker 1: US from China, ending imports Chinese made solar panels made, 190 00:10:38,120 --> 00:10:40,959 Speaker 1: they say, with slave labor. I asked Senator ass Off 191 00:10:40,960 --> 00:10:42,880 Speaker 1: a few questions off to the side, like how long 192 00:10:42,880 --> 00:10:45,880 Speaker 1: it could take for US solar production to get up 193 00:10:45,880 --> 00:10:49,360 Speaker 1: and running on that scale. We need to be energy independent, 194 00:10:49,400 --> 00:10:51,360 Speaker 1: we need to be able to meet the strategic comparative 195 00:10:51,360 --> 00:10:55,880 Speaker 1: of addressing climate change without relying upon imports. And because 196 00:10:55,920 --> 00:11:01,400 Speaker 1: of the severe and growing concerns about the potential extent 197 00:11:01,840 --> 00:11:06,679 Speaker 1: of forced labor um in particular Chinese poblic silicon manufacturing, 198 00:11:06,760 --> 00:11:09,800 Speaker 1: so it could be years, not months, too achieve that 199 00:11:09,880 --> 00:11:15,680 Speaker 1: level more, we will begin to see immediate effects from 200 00:11:15,679 --> 00:11:20,160 Speaker 1: the moment that this becomes law. Um. But across a 201 00:11:20,240 --> 00:11:23,840 Speaker 1: supply chain, there's going to be variability in terms of 202 00:11:23,840 --> 00:11:27,120 Speaker 1: the time it will take to scale to full capacity, 203 00:11:27,240 --> 00:11:29,680 Speaker 1: but that the work has to begin immediately. What do 204 00:11:29,720 --> 00:11:33,720 Speaker 1: you tell your moderate Democratic colleagues who are calling to 205 00:11:33,760 --> 00:11:37,000 Speaker 1: shrink the size of this reconciliation bill as you're looking 206 00:11:37,040 --> 00:11:40,760 Speaker 1: to add to it. Well, I think what you heard 207 00:11:40,800 --> 00:11:45,840 Speaker 1: today was UM, a united front across House and Senate 208 00:11:46,160 --> 00:11:53,440 Speaker 1: that as negotiations continue, this legislation must be integral to 209 00:11:53,559 --> 00:11:59,040 Speaker 1: the reconciliation package. Um. We have no choice but to 210 00:11:59,280 --> 00:12:02,680 Speaker 1: meet the child inposed by climate change, and to do 211 00:12:02,800 --> 00:12:06,400 Speaker 1: it now. This is a vital component of that effort, 212 00:12:07,080 --> 00:12:09,360 Speaker 1: and it needs to be in the bill. Will add 213 00:12:09,360 --> 00:12:18,080 Speaker 1: to the cost UH investment in scaling solar manufacturing capacity. Um, 214 00:12:18,240 --> 00:12:22,200 Speaker 1: We'll have a positive return for a taxpayer and in jobs. 215 00:12:22,480 --> 00:12:25,640 Speaker 1: It's a wise investment for us to make now. Senator 216 00:12:25,720 --> 00:12:29,000 Speaker 1: John aus Off speaking with us today on Bloomberg Sound On. 217 00:12:30,320 --> 00:12:34,120 Speaker 1: You're listening to Bloomberg you sound on with Joe Matthew 218 00:12:34,480 --> 00:12:39,560 Speaker 1: on Bloomberg Radio. Thanks for being with us. The fastest 219 00:12:39,600 --> 00:12:44,040 Speaker 1: hour in politics. I think we're losing some people as 220 00:12:44,080 --> 00:12:49,160 Speaker 1: the legislative soup gets a little more murky, makes you 221 00:12:49,160 --> 00:12:51,520 Speaker 1: want to spend back an old episode of Schoolhouse Rock. 222 00:12:53,840 --> 00:12:57,640 Speaker 1: I'm just a bill. Yes, I'm only a bill, and 223 00:12:57,760 --> 00:13:01,959 Speaker 1: I'm sitting here on Capitol. But of course none of 224 00:13:02,000 --> 00:13:06,760 Speaker 1: that applies anymore. It's a new legislative age here where 225 00:13:06,840 --> 00:13:11,240 Speaker 1: sometimes a bill comes from a very different process like now. 226 00:13:12,520 --> 00:13:15,440 Speaker 1: And before we move any further, I thought it was 227 00:13:15,600 --> 00:13:18,040 Speaker 1: important to make sure everybody understands what we're talking about here. 228 00:13:18,040 --> 00:13:20,680 Speaker 1: There are two different deadlines we are facing. None of this, 229 00:13:20,800 --> 00:13:24,880 Speaker 1: by the way, has to do with infrastructure. Here two 230 00:13:24,920 --> 00:13:28,680 Speaker 1: different problems. One is funding the government, as we just 231 00:13:28,760 --> 00:13:32,520 Speaker 1: heard from the congressman. The Continuing Resolution the CRS they 232 00:13:32,520 --> 00:13:35,000 Speaker 1: call it, would pay for government operations when things run 233 00:13:35,000 --> 00:13:37,679 Speaker 1: out Friday at twelve o one am. I'm guessing most 234 00:13:37,760 --> 00:13:40,440 Speaker 1: of our listeners at Washington and the federal workforce get this. 235 00:13:41,240 --> 00:13:44,800 Speaker 1: The other is the debt ceiling, raising or suspending. It 236 00:13:44,800 --> 00:13:47,679 Speaker 1: would establish a new line of credit, as they say, 237 00:13:47,679 --> 00:13:50,000 Speaker 1: to pay our bills before we potentially default next month. 238 00:13:50,040 --> 00:13:54,520 Speaker 1: Treasury Secretary says October. They just happened to be bundled 239 00:13:54,520 --> 00:13:58,839 Speaker 1: together in an exercise and futility this week on Capitol Hill. 240 00:14:00,360 --> 00:14:02,400 Speaker 1: All of this with apologies to the panel because they 241 00:14:02,400 --> 00:14:09,400 Speaker 1: are experts. Bloomberg Politics contributors Genie Chanzano and Rick Davis. Genie, 242 00:14:09,440 --> 00:14:11,840 Speaker 1: I don't know where to start after everything we've heard 243 00:14:11,880 --> 00:14:13,800 Speaker 1: in the last twenty minutes here, but we really have 244 00:14:13,920 --> 00:14:16,880 Speaker 1: not moved the ball very much in the last week. 245 00:14:17,280 --> 00:14:19,960 Speaker 1: I looked back to what we were talking about last Tuesday, 246 00:14:20,040 --> 00:14:22,040 Speaker 1: and that was the day we learned Democrats would attach 247 00:14:22,120 --> 00:14:24,960 Speaker 1: the debt ceiling to the continuing Resolution? Did we just 248 00:14:25,040 --> 00:14:28,600 Speaker 1: waste a whole week? We did? And and that song 249 00:14:28,680 --> 00:14:31,480 Speaker 1: brought back a lot of fond memories at a time 250 00:14:31,480 --> 00:14:34,600 Speaker 1: when Bill would sit on the hill and and wait 251 00:14:34,640 --> 00:14:37,680 Speaker 1: to be passed, and then doesn't look like that's happening here. Um. 252 00:14:38,320 --> 00:14:41,680 Speaker 1: You know, I think Representative Kildee and your excellent conversation 253 00:14:41,760 --> 00:14:44,280 Speaker 1: with him, I mean, you two were it was fascinating 254 00:14:44,400 --> 00:14:48,320 Speaker 1: to listen because you're talking about Kenna clean continuing resolution 255 00:14:48,640 --> 00:14:52,320 Speaker 1: that everybody supports actually passed. I mean, that's what we've 256 00:14:52,360 --> 00:14:55,560 Speaker 1: gotten too, you know, just you know now hours we 257 00:14:55,560 --> 00:14:58,280 Speaker 1: could put it in hours before the government shut down 258 00:14:58,520 --> 00:15:00,280 Speaker 1: and I have to say I spent much of my 259 00:15:00,360 --> 00:15:04,240 Speaker 1: day today trying to explain all of this undergraduate. I'm 260 00:15:04,280 --> 00:15:06,960 Speaker 1: so sorry who look at you with you know and 261 00:15:06,960 --> 00:15:10,920 Speaker 1: and say what, why? Why? And it's hard to explain 262 00:15:10,960 --> 00:15:13,560 Speaker 1: it to any thinking person as to why we're in 263 00:15:13,600 --> 00:15:16,480 Speaker 1: this situation when you look at the totality of what 264 00:15:16,720 --> 00:15:19,960 Speaker 1: is facing Congress this week. Wait, so to be clear, 265 00:15:20,000 --> 00:15:22,480 Speaker 1: by the way yelling of Jenny Ellen said the eighteenth 266 00:15:22,480 --> 00:15:24,240 Speaker 1: of October, and it's going to be in and around 267 00:15:24,320 --> 00:15:26,520 Speaker 1: that day. Mark's Andy yesterday told us the twentieth I 268 00:15:26,560 --> 00:15:29,080 Speaker 1: don't know if that matters to you. Rape Davis is 269 00:15:29,200 --> 00:15:31,760 Speaker 1: simply paying for the government. Forget the debt ceiling from 270 00:15:31,760 --> 00:15:35,160 Speaker 1: one moment a controversial item. Right now, I don't think 271 00:15:35,160 --> 00:15:37,880 Speaker 1: the debt ceiling on its own is controversial. But then again, 272 00:15:37,920 --> 00:15:40,280 Speaker 1: as you point out, Joe, none of this is actually 273 00:15:40,360 --> 00:15:45,040 Speaker 1: controversial as a policy on its own. It's just politics 274 00:15:45,160 --> 00:15:48,600 Speaker 1: and and everybody's playing politics. I mean, Schumer put a 275 00:15:49,280 --> 00:15:53,520 Speaker 1: joint debt relief ceiling raising and a CR in front 276 00:15:53,520 --> 00:15:56,880 Speaker 1: of the Senate. Republicans voted against it. It couldn't make 277 00:15:56,920 --> 00:16:00,120 Speaker 1: the number. Then Miss McConnell, the minority leader, put a 278 00:16:00,160 --> 00:16:03,040 Speaker 1: clean CR on the table, Democrats voted against it couldn't 279 00:16:03,040 --> 00:16:05,720 Speaker 1: get the number. All of these things will wind up passing. 280 00:16:06,360 --> 00:16:09,440 Speaker 1: Everyone's going through the political machinations to be able to 281 00:16:09,480 --> 00:16:13,040 Speaker 1: say I told you so, uh and point the finger. Uh. 282 00:16:13,080 --> 00:16:16,520 Speaker 1: If only we could have a blackout in Washington until 283 00:16:16,640 --> 00:16:20,680 Speaker 1: midnight on Friday, UM, then then the American public would 284 00:16:20,720 --> 00:16:23,960 Speaker 1: be spared, you know, the dirty business of politics. But 285 00:16:23,960 --> 00:16:26,600 Speaker 1: but these are things that I think Congress has done 286 00:16:26,680 --> 00:16:29,000 Speaker 1: over and over and over for for longer than you 287 00:16:29,040 --> 00:16:31,680 Speaker 1: and I've been hanging around, and and they will continue 288 00:16:31,720 --> 00:16:33,960 Speaker 1: to do so, it's just this time around. And I 289 00:16:34,000 --> 00:16:37,600 Speaker 1: think Congressman Kilty made this point. Um, it's just overly 290 00:16:37,640 --> 00:16:40,160 Speaker 1: politicized and it doesn't really need to be based on 291 00:16:40,200 --> 00:16:41,800 Speaker 1: the state of the power grid right now. I suppose 292 00:16:41,800 --> 00:16:44,240 Speaker 1: anything as possible. But you guys here and talk about 293 00:16:44,280 --> 00:16:47,720 Speaker 1: the fourteenth Amendment with regard to the debt ceiling, because 294 00:16:47,760 --> 00:16:50,080 Speaker 1: by the way, this hasn't changed any They haven't solved 295 00:16:50,120 --> 00:16:51,880 Speaker 1: exactly how they're going to do this. Looks like there'll 296 00:16:51,920 --> 00:16:56,160 Speaker 1: be a standalone clean CR fund the government. Unclear exactly 297 00:16:56,200 --> 00:16:59,400 Speaker 1: how Democrats handled the debt ceiling. If that's done through reconciliation, 298 00:16:59,480 --> 00:17:03,800 Speaker 1: some saying now we're hearing about the fourteenth Amendment. Speaker 299 00:17:03,880 --> 00:17:06,920 Speaker 1: Nancy Pelosi was asked about it today in a briefing. 300 00:17:06,920 --> 00:17:10,280 Speaker 1: Here's what she said. Is that something that's you're thinking about. 301 00:17:10,640 --> 00:17:13,240 Speaker 1: I'll let you know soon. No. I mean the point 302 00:17:13,320 --> 00:17:15,760 Speaker 1: is is it's in the constitution. We really do not 303 00:17:16,280 --> 00:17:19,439 Speaker 1: have to go through this all the time. It's a 304 00:17:19,560 --> 00:17:22,720 Speaker 1: complicated matter here, but the fourteenth Amendments is the validity 305 00:17:22,840 --> 00:17:26,240 Speaker 1: of the public debt of the United States, authorized by law, 306 00:17:26,760 --> 00:17:29,560 Speaker 1: including debts incurred for payment of pensions and bounties for 307 00:17:29,600 --> 00:17:34,119 Speaker 1: services in suppressing insurrection or rebellion, shall not be questioned. 308 00:17:34,560 --> 00:17:37,359 Speaker 1: This was written three years after the Civil War ended. Genie, 309 00:17:37,400 --> 00:17:40,080 Speaker 1: is this for real? It is for real, And we 310 00:17:40,200 --> 00:17:42,439 Speaker 1: give the president power, by the way, to to just 311 00:17:42,560 --> 00:17:46,040 Speaker 1: let this keep rioting. We'd have no debt ceiling, that's right, 312 00:17:46,119 --> 00:17:49,439 Speaker 1: and we didn't for a long period of American history. 313 00:17:49,480 --> 00:17:52,040 Speaker 1: I mean this, this a debt ceiling was actually put 314 00:17:52,080 --> 00:17:55,440 Speaker 1: in to help make a government work, and it did 315 00:17:55,480 --> 00:17:58,440 Speaker 1: that for many, many decades, and that as well as 316 00:17:58,440 --> 00:18:01,359 Speaker 1: we sit here today, has stopped happening. So I think, 317 00:18:01,560 --> 00:18:04,399 Speaker 1: you know, thinking about the Fourteenth amendment at this point 318 00:18:04,720 --> 00:18:07,480 Speaker 1: makes a good deal of sense. And we've got to say, 319 00:18:07,680 --> 00:18:09,879 Speaker 1: did what worked? You know when this was put in 320 00:18:09,880 --> 00:18:12,720 Speaker 1: in the early nineteen hundreds, does that still continue today? 321 00:18:12,760 --> 00:18:15,320 Speaker 1: And the answer seems to be no, because here we 322 00:18:15,400 --> 00:18:17,919 Speaker 1: are facing, you know, in a matter of weeks at 323 00:18:18,000 --> 00:18:20,359 Speaker 1: least reaching the debt ceiling. We only have a minute, 324 00:18:20,359 --> 00:18:22,639 Speaker 1: but I bet you Rick Davis knows about this. This 325 00:18:22,760 --> 00:18:25,560 Speaker 1: came up in the Clinton administration, that came up beginning 326 00:18:25,560 --> 00:18:27,720 Speaker 1: the Obama administration where they had lawyers take a look 327 00:18:27,760 --> 00:18:30,240 Speaker 1: at this. Rick, Yeah, I mean everybody has been trying 328 00:18:30,240 --> 00:18:32,480 Speaker 1: to figure out a way to paper over the idea 329 00:18:32,480 --> 00:18:34,240 Speaker 1: that we have to go through this every year, and 330 00:18:34,240 --> 00:18:37,440 Speaker 1: and there are legislative fixes to this. UH. No party 331 00:18:37,480 --> 00:18:39,720 Speaker 1: has been willing to be the one that says we're 332 00:18:39,720 --> 00:18:42,199 Speaker 1: not going to make this UH an issue anymore. And 333 00:18:42,280 --> 00:18:46,000 Speaker 1: so I do think after this we're gonna have to 334 00:18:46,040 --> 00:18:47,960 Speaker 1: look at that. But right now there is a clear 335 00:18:48,000 --> 00:18:50,199 Speaker 1: way to fix this, and Congress needs to fix it 336 00:18:50,560 --> 00:18:53,080 Speaker 1: the realists as ever. Rick Davis with us and Jeannie 337 00:18:53,080 --> 00:18:56,520 Speaker 1: Schanzano for the hour our panel Here are classic panel 338 00:18:56,560 --> 00:18:58,800 Speaker 1: on sound on. Coming up, we'll talk with Gordon Gray, 339 00:18:59,119 --> 00:19:02,280 Speaker 1: director of fiscal policy at the American Action Forms. See 340 00:19:02,280 --> 00:19:05,680 Speaker 1: how these ideas fly with him. Stay here, we'll check 341 00:19:05,760 --> 00:19:09,040 Speaker 1: markets and traffic on the way. I'm Joe Matthew. This 342 00:19:09,280 --> 00:19:17,760 Speaker 1: is Bloomberg broadcasting live from our nation's capital, Bloomberg to 343 00:19:17,920 --> 00:19:22,120 Speaker 1: New York, Bloomberg eleven Frio to Boston, Bloomberg one oh 344 00:19:22,160 --> 00:19:25,879 Speaker 1: six one to San Francisco, Bloomberg nine sixty to the 345 00:19:25,920 --> 00:19:30,080 Speaker 1: country Sirius XM Channel one, and around the globe the 346 00:19:30,119 --> 00:19:34,320 Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is 347 00:19:34,359 --> 00:19:39,680 Speaker 1: Bloomberg Sound On with Joe Matthew. The headline on the 348 00:19:39,800 --> 00:19:44,280 Speaker 1: terminal Progressives DeFi Pelosi vow to vote no on infrastructure, 349 00:19:44,960 --> 00:19:49,520 Speaker 1: and nothing changed magically overnight. As I told the Great 350 00:19:49,560 --> 00:19:51,760 Speaker 1: Tom Keene this morning, I woke up to the sounds 351 00:19:51,760 --> 00:19:54,280 Speaker 1: of Sonny and Share this morning like a scene from 352 00:19:54,280 --> 00:19:58,160 Speaker 1: Groundhog Day. As I read from the Bloomberg this afternoon, 353 00:19:58,240 --> 00:20:01,879 Speaker 1: House progressives are lining up to defy Speaker Pelosi and 354 00:20:01,920 --> 00:20:06,720 Speaker 1: opposed a bipartisan infrastructure bill Thursday, Congressman Dan Kilty telling 355 00:20:06,760 --> 00:20:09,080 Speaker 1: us last our last half hour, I should say that 356 00:20:09,160 --> 00:20:12,080 Speaker 1: vote may not even happen now, and we'll talk about 357 00:20:12,080 --> 00:20:14,359 Speaker 1: it next with Gordon Gray, director of fiscal research at 358 00:20:14,400 --> 00:20:17,639 Speaker 1: the American Action. The debt ceiling will not be resolved today, 359 00:20:17,760 --> 00:20:20,119 Speaker 1: even with a trillion dollar coin. Did you hear about 360 00:20:20,119 --> 00:20:22,800 Speaker 1: that one? Search for it on the terminal. And it 361 00:20:22,800 --> 00:20:26,440 Speaker 1: seems infrastructure will also not be solved. Today's statement out 362 00:20:26,440 --> 00:20:29,200 Speaker 1: this afternoon from Congresswoman Promilagia Paul, the head of the 363 00:20:29,200 --> 00:20:32,239 Speaker 1: Progressive Caucus, and we've been watching and listening to very 364 00:20:32,280 --> 00:20:36,920 Speaker 1: closely lately. Quote Progressives will vote for both bills, referring 365 00:20:36,960 --> 00:20:41,320 Speaker 1: to the bipart is an infrastructure and the reconciliation But 366 00:20:41,560 --> 00:20:44,399 Speaker 1: she writes, a majority of our members will only vote 367 00:20:44,400 --> 00:20:48,320 Speaker 1: for the infrastructure bill after the President's visionary Build Back 368 00:20:48,440 --> 00:20:54,000 Speaker 1: Better Act passes. Will only vote for it after not 369 00:20:54,200 --> 00:20:57,680 Speaker 1: the reconciliation framework, but after the bill passes, she writes, 370 00:20:59,160 --> 00:21:02,040 Speaker 1: And as we heard again from Congressman Kildee, maybe there 371 00:21:02,119 --> 00:21:04,200 Speaker 1: is no vote on Thursday now, So then what happens 372 00:21:05,320 --> 00:21:08,880 Speaker 1: to the moderates. That's where we start with Gordon Gray, 373 00:21:08,920 --> 00:21:11,200 Speaker 1: director of fiscal policy at the American Action for him 374 00:21:11,200 --> 00:21:15,160 Speaker 1: and former senior policy advisor to Senator Rob Portman. Gordon, 375 00:21:15,240 --> 00:21:17,240 Speaker 1: it's great to have you with a Senator Portman has 376 00:21:17,280 --> 00:21:19,320 Speaker 1: been a deal maker. In fact, he was a dealmaker 377 00:21:19,320 --> 00:21:24,160 Speaker 1: in the beginnings of this bipartisan infrastructure bill. He understands 378 00:21:24,440 --> 00:21:26,439 Speaker 1: the process. Here, are we going to see a break 379 00:21:27,160 --> 00:21:29,879 Speaker 1: between moderates and progressives in the other party and the 380 00:21:29,920 --> 00:21:32,040 Speaker 1: Democratic Party here to make something happen? Or have you 381 00:21:32,080 --> 00:21:36,480 Speaker 1: counted this out? So first, thanks so much for having 382 00:21:36,480 --> 00:21:39,640 Speaker 1: me on. And and I think what we're what we're 383 00:21:39,640 --> 00:21:43,000 Speaker 1: gonna see this week is you know, Congress has one 384 00:21:43,080 --> 00:21:45,280 Speaker 1: critical deadline this week, and that's the end of the 385 00:21:45,320 --> 00:21:48,360 Speaker 1: fiscal year. Uh and by the end of that they 386 00:21:48,359 --> 00:21:50,480 Speaker 1: have to fund the government. So there's only one real 387 00:21:50,600 --> 00:21:53,920 Speaker 1: deadline this week, and then you have another very real 388 00:21:54,040 --> 00:21:56,920 Speaker 1: deadline in three weeks with the debt limit. Well before 389 00:21:56,920 --> 00:21:59,520 Speaker 1: you even get that far, is the government funding bill 390 00:21:59,560 --> 00:22:01,800 Speaker 1: going to pass or we actually is that become a 391 00:22:01,840 --> 00:22:06,560 Speaker 1: controversy so that one's going to pass. I think both 392 00:22:06,600 --> 00:22:10,480 Speaker 1: parties recognize that they've got a bigger fight to have 393 00:22:10,560 --> 00:22:13,399 Speaker 1: over the debt ceiling in in three weeks. Neither party 394 00:22:13,720 --> 00:22:16,320 Speaker 1: thinks it's in either either of their interests to shut 395 00:22:16,320 --> 00:22:19,400 Speaker 1: the government down. Particularly you know, while we're still grappling 396 00:22:19,400 --> 00:22:22,600 Speaker 1: with a pandemic, there's already been discussions among congressional leadership 397 00:22:22,640 --> 00:22:25,160 Speaker 1: about how to how to pass the clean cr get 398 00:22:25,160 --> 00:22:27,919 Speaker 1: the government funded through early December, and then live to 399 00:22:27,960 --> 00:22:30,040 Speaker 1: fight another day. And that's what they're gonna do. So 400 00:22:30,080 --> 00:22:33,320 Speaker 1: you see that happening. Essentially a short thing. It has 401 00:22:33,359 --> 00:22:35,800 Speaker 1: to happen, and the Democrats have promised that it will. 402 00:22:36,160 --> 00:22:38,000 Speaker 1: As far as the debt ceiling goes, will that be 403 00:22:38,600 --> 00:22:41,600 Speaker 1: Democrats only to handle as well? And how what's the vehicle? 404 00:22:41,600 --> 00:22:44,199 Speaker 1: How do they do it? So that so that's the 405 00:22:44,240 --> 00:22:48,280 Speaker 1: real challenge. And I think we're as close to risking 406 00:22:49,320 --> 00:22:53,080 Speaker 1: a potential technical default since we've been in in ten years. 407 00:22:53,800 --> 00:22:56,160 Speaker 1: And part of that is because both sides have sort 408 00:22:56,200 --> 00:22:59,880 Speaker 1: of painted themselves into rhetorical corner corners and it's unclear 409 00:23:00,080 --> 00:23:02,359 Speaker 1: how they're going to get themselves out of it. Democrats 410 00:23:02,520 --> 00:23:06,280 Speaker 1: do have the opportunity and the ability procedurally to do 411 00:23:06,320 --> 00:23:09,520 Speaker 1: this on their own. They chose not to put a 412 00:23:09,520 --> 00:23:13,760 Speaker 1: dead limit increase in their reconciliation in the budget resolution 413 00:23:13,800 --> 00:23:15,960 Speaker 1: they gave rise to the reconciliation bill. They chose not 414 00:23:16,000 --> 00:23:18,000 Speaker 1: to do it over the summer. They still have time 415 00:23:18,040 --> 00:23:20,000 Speaker 1: to do it, and that's what Republicans are counting on. 416 00:23:21,320 --> 00:23:22,920 Speaker 1: I have to tell you, Gordon, I thought more than 417 00:23:22,960 --> 00:23:26,679 Speaker 1: once this week that maybe this is the moment, Maybe 418 00:23:26,680 --> 00:23:30,320 Speaker 1: this is the time we should actually believe everything that 419 00:23:30,320 --> 00:23:33,000 Speaker 1: people are saying in Washington. Maybe they actually mean what 420 00:23:33,040 --> 00:23:36,440 Speaker 1: they say. Maybe people vote the way they're speaking right 421 00:23:36,480 --> 00:23:40,199 Speaker 1: now and continue with their heels dug in on this stuff, 422 00:23:40,520 --> 00:23:45,000 Speaker 1: and the Biden economic agenda potentially falls apart. Are you 423 00:23:45,040 --> 00:23:47,840 Speaker 1: playing those odds? So? I think I think there are 424 00:23:47,840 --> 00:23:50,760 Speaker 1: some very real risks here, and I think you're absolutely correct. 425 00:23:50,920 --> 00:23:53,479 Speaker 1: Is you know Senator McConnell has been saying for months 426 00:23:53,880 --> 00:23:57,520 Speaker 1: that there aren't Republicans vote for a dead limit increase, 427 00:23:57,960 --> 00:24:01,160 Speaker 1: and so I agree it is It is risky for 428 00:24:01,400 --> 00:24:05,520 Speaker 1: the congressional leadership, the Democratic majority to not heed that warning. 429 00:24:05,760 --> 00:24:07,680 Speaker 1: They have the ability to do it on their own 430 00:24:08,200 --> 00:24:11,119 Speaker 1: and given the stakes, and you know, they're really playing 431 00:24:11,119 --> 00:24:13,240 Speaker 1: with fire here as as we've seen how the markets 432 00:24:13,240 --> 00:24:15,800 Speaker 1: have reacted. You know, you can't you can't mess around 433 00:24:15,800 --> 00:24:17,880 Speaker 1: with the dead limit. There's a real costs here. So 434 00:24:18,600 --> 00:24:21,080 Speaker 1: I agree completely is that they ought to be listening 435 00:24:21,080 --> 00:24:23,560 Speaker 1: to each other because there's some real serious risks. Well, 436 00:24:23,600 --> 00:24:26,880 Speaker 1: that goes for infrastructure reconciliation, is is well, Gordon Gray, 437 00:24:26,920 --> 00:24:29,760 Speaker 1: I I saw today that the President Biden met with 438 00:24:29,840 --> 00:24:35,080 Speaker 1: both Senators Mansion and Cinema, who have apparently been still 439 00:24:35,160 --> 00:24:37,280 Speaker 1: holding the steering wheel when it comes to this debate 440 00:24:37,320 --> 00:24:40,680 Speaker 1: and setting the level for spending. As someone who worked 441 00:24:41,040 --> 00:24:43,720 Speaker 1: as a senior policy adviser to Senator Rob Portman and 442 00:24:43,760 --> 00:24:47,359 Speaker 1: as now a watcher of of fiscal policy, what impact 443 00:24:47,400 --> 00:24:49,280 Speaker 1: will those meetings have? You think we get a price 444 00:24:49,359 --> 00:24:53,119 Speaker 1: tag at least out of these sessions today. So I 445 00:24:53,160 --> 00:24:57,600 Speaker 1: think it's very hard if you're an individual senator, particularly 446 00:24:57,680 --> 00:25:00,560 Speaker 1: you know, all eyes are on Mansion in Cinema. Uh. 447 00:25:00,600 --> 00:25:02,399 Speaker 1: You know, they have been clear that they're not on 448 00:25:02,480 --> 00:25:05,600 Speaker 1: board with what the House is doing, but they certainly 449 00:25:05,640 --> 00:25:07,760 Speaker 1: haven't ruled out a lot of the spending and a 450 00:25:07,800 --> 00:25:09,920 Speaker 1: lot of the tax increases that are in this bill. 451 00:25:10,280 --> 00:25:13,240 Speaker 1: So my own view is that, you know, the reconciliation 452 00:25:13,320 --> 00:25:16,240 Speaker 1: bill is going to look different when it is on 453 00:25:16,359 --> 00:25:20,160 Speaker 1: President Biden's desk. But I do think eventually Senator's Mansion 454 00:25:20,200 --> 00:25:22,560 Speaker 1: in Cinema, they're still Democrats, are still going to get 455 00:25:22,600 --> 00:25:24,439 Speaker 1: to get to yes. They're not going to defy a 456 00:25:24,480 --> 00:25:27,160 Speaker 1: president in his h in his first year in office. 457 00:25:27,200 --> 00:25:30,520 Speaker 1: So it's gonna change, but it's gonna get signed. So Gordon, 458 00:25:30,640 --> 00:25:33,720 Speaker 1: when when people like Senator Portman and other dealmakers in 459 00:25:33,760 --> 00:25:36,359 Speaker 1: this case, mansion in cinema sit down over a piece 460 00:25:36,359 --> 00:25:39,360 Speaker 1: of legislation like this. Is it about looking at each 461 00:25:39,359 --> 00:25:43,840 Speaker 1: individual item and shrinking them or adjusting their timeline, tweaking numbers, 462 00:25:43,920 --> 00:25:46,920 Speaker 1: or is it about cutting off whole limbs eliminating whole 463 00:25:46,920 --> 00:25:49,680 Speaker 1: parts of the bill. It's gonna be a it's gonna 464 00:25:49,720 --> 00:25:52,080 Speaker 1: be a bit of both. Uh. You know, we're some 465 00:25:52,200 --> 00:25:56,560 Speaker 1: of the the very largest policies in here there. You know, 466 00:25:56,600 --> 00:25:59,720 Speaker 1: one of the biggest policies in here is about prescription 467 00:25:59,800 --> 00:26:04,320 Speaker 1: drew negotiations and there's already some no votes there in 468 00:26:04,359 --> 00:26:06,440 Speaker 1: the House. So that was a big part of this bill, 469 00:26:06,480 --> 00:26:08,600 Speaker 1: and and I don't expect to see that get across 470 00:26:08,640 --> 00:26:12,320 Speaker 1: the finish line. Then you have vision and dental, UH 471 00:26:12,480 --> 00:26:17,400 Speaker 1: care and medicare. It's very expensive. I see that probably 472 00:26:17,440 --> 00:26:20,159 Speaker 1: not making it over the finish line. And then on 473 00:26:20,200 --> 00:26:23,320 Speaker 1: the margins you could see some changes to the length 474 00:26:23,359 --> 00:26:25,800 Speaker 1: of some policies that really can affect the cost. So 475 00:26:25,880 --> 00:26:27,920 Speaker 1: you're gonna have a little bit of both. Some some 476 00:26:27,960 --> 00:26:30,280 Speaker 1: things that the House wants just aren't gonna get in there. 477 00:26:30,560 --> 00:26:32,800 Speaker 1: And then I think some other aspects of this are 478 00:26:32,800 --> 00:26:35,639 Speaker 1: gonna just get the scope and scale is gonna is 479 00:26:35,680 --> 00:26:38,000 Speaker 1: gonna come down a little bit. And and like I said, 480 00:26:38,040 --> 00:26:40,440 Speaker 1: I eventually do think that senators mentioned in Cinema get 481 00:26:40,480 --> 00:26:42,680 Speaker 1: to guess. I bet you're glad I didn't ask you 482 00:26:42,680 --> 00:26:48,000 Speaker 1: about the fourteenth Amendment. Uh, yes, I am glad on 483 00:26:48,040 --> 00:26:50,840 Speaker 1: that front. Um with with respect to the to the 484 00:26:50,880 --> 00:26:53,480 Speaker 1: debt limit. Um, I don't think that's the legal theory 485 00:26:53,520 --> 00:26:59,320 Speaker 1: that's gonna end. Gordon Gray, thanks for for for playing along, 486 00:26:59,359 --> 00:27:02,879 Speaker 1: Director of FIST Policy at the American Action Forum and 487 00:27:03,080 --> 00:27:05,920 Speaker 1: for adding some real analysis to what we're seeing here 488 00:27:05,960 --> 00:27:09,760 Speaker 1: behind the scenes. You're listening to Bloomberg. You sound on 489 00:27:10,280 --> 00:27:16,240 Speaker 1: with Joe Matthew on Bloomberg Radio. The FED chair testifies 490 00:27:16,320 --> 00:27:19,960 Speaker 1: on Capitol Hill and gets an earful. Its just about 491 00:27:20,000 --> 00:27:25,000 Speaker 1: tapering or interest rates, but on regulating banks. As I 492 00:27:25,040 --> 00:27:28,640 Speaker 1: read on the terminal, Biden choice on Powell comes down 493 00:27:28,680 --> 00:27:32,879 Speaker 1: to heating, yelling or Warren. As Senator Elizabeth Warren, of course, 494 00:27:33,359 --> 00:27:38,879 Speaker 1: Democrat from Massachusetts, leans into j Powell during the Senate 495 00:27:38,920 --> 00:27:42,959 Speaker 1: Banking Committee hearing. Here's what she said. Your record gives 496 00:27:42,960 --> 00:27:47,639 Speaker 1: me grave concern. Over and over you have acted to 497 00:27:47,760 --> 00:27:51,560 Speaker 1: make our banking system less safe, and that makes you 498 00:27:51,640 --> 00:27:54,640 Speaker 1: a dangerous man to head up to FED. And it's 499 00:27:54,640 --> 00:27:59,919 Speaker 1: why I will oppose your renomination. Wow direct a Dane 500 00:28:00,080 --> 00:28:03,880 Speaker 1: risk Man. That is a line. It got everyone's attention. 501 00:28:05,400 --> 00:28:08,800 Speaker 1: Reminded me of Iceman and top Gun. I don't like 502 00:28:08,880 --> 00:28:14,600 Speaker 1: you because you're dangerous. That that's right, man. And so 503 00:28:14,640 --> 00:28:19,080 Speaker 1: we reassemble the panel with Bloomberg Politics contributors Jeanie Schanzano 504 00:28:19,160 --> 00:28:22,919 Speaker 1: and Rick Davis. All the foom remember that movie, Genie? 505 00:28:22,920 --> 00:28:24,359 Speaker 1: What are we talking about here? Is this going to 506 00:28:24,440 --> 00:28:28,359 Speaker 1: be a standoff now with the White House, Elizabeth Warren, 507 00:28:28,359 --> 00:28:32,000 Speaker 1: maybe other progressives who have been complaining about the way 508 00:28:32,320 --> 00:28:36,160 Speaker 1: j Powell, for instance, has regulated banks. Yeah, I mean 509 00:28:36,200 --> 00:28:39,959 Speaker 1: Elizabeth Warren has you know, come out strong today. Um, 510 00:28:40,000 --> 00:28:42,240 Speaker 1: But she is not alone, and I think that's what's 511 00:28:42,240 --> 00:28:45,280 Speaker 1: important to keep in mind. We also heard people like 512 00:28:45,360 --> 00:28:49,160 Speaker 1: Senator Menendez from New Jersey take on Powell about the 513 00:28:49,240 --> 00:28:52,480 Speaker 1: lack of diversity at the Central Bank, and that is 514 00:28:52,560 --> 00:28:55,800 Speaker 1: something else that Joe Biden is stealing pressure on. So 515 00:28:55,880 --> 00:28:58,320 Speaker 1: I do think the White House they seem to want 516 00:28:58,360 --> 00:29:02,360 Speaker 1: to you know, retain Powell um. That seems to be 517 00:29:02,400 --> 00:29:04,880 Speaker 1: their inclination. Although it's hard to read, but I do 518 00:29:04,960 --> 00:29:07,800 Speaker 1: think Warren's remarks today, in the statements we heard from 519 00:29:07,840 --> 00:29:11,400 Speaker 1: other senators today are going and these are the public statements. 520 00:29:11,400 --> 00:29:13,880 Speaker 1: I can't imagine what she says privately and what said privately, 521 00:29:14,080 --> 00:29:16,200 Speaker 1: but I think they are going to put some pressure 522 00:29:16,240 --> 00:29:18,560 Speaker 1: on the White House to think about how they move 523 00:29:18,600 --> 00:29:21,520 Speaker 1: forward on this. Rick I read on the Bloomberg the 524 00:29:21,520 --> 00:29:24,920 Speaker 1: President must not choose between Powell, supported by yelling Janet Yellen, 525 00:29:24,960 --> 00:29:28,360 Speaker 1: the Treasury Secretary who also testify today and regarded as 526 00:29:28,360 --> 00:29:32,720 Speaker 1: a shoe in for bipartisan confirmation, or mollifying the progressive 527 00:29:32,720 --> 00:29:34,840 Speaker 1: wing of the party embodied by Warren with a risky 528 00:29:34,960 --> 00:29:39,520 Speaker 1: or more liberal nominee. That sounds like Joe Biden to you. Yeah, 529 00:29:39,600 --> 00:29:41,360 Speaker 1: it sounds like Joe Biden to me. And it sounds 530 00:29:41,400 --> 00:29:44,600 Speaker 1: like Elizabeth Warren is finally resurfaced as the Elizabeth Warren 531 00:29:44,640 --> 00:29:48,120 Speaker 1: we all love. I mean, you know, she's she's She's 532 00:29:48,280 --> 00:29:51,640 Speaker 1: enters into the debate today attacking the Federal Reserve chairman 533 00:29:51,680 --> 00:29:54,360 Speaker 1: at a time when we have all these fiscal cliff deadlines, 534 00:29:54,840 --> 00:29:58,360 Speaker 1: pursuing US and and at a time when the left 535 00:29:58,360 --> 00:30:01,960 Speaker 1: wing of the Democratic Party, the aggressives, which aren't being 536 00:30:02,040 --> 00:30:05,040 Speaker 1: very progressive right now, have basically put a full stop 537 00:30:05,600 --> 00:30:10,800 Speaker 1: to the Biden economic agenda, the Infrastructure package, and the 538 00:30:10,840 --> 00:30:16,240 Speaker 1: Reconciliation Bill, I mean really all on their own and so, uh, look, 539 00:30:16,280 --> 00:30:18,360 Speaker 1: we always knew that they would show up at some 540 00:30:18,440 --> 00:30:21,800 Speaker 1: point in the Biden administration, but they've shown up in 541 00:30:21,800 --> 00:30:24,880 Speaker 1: a big way this week. And it's not productive for him, 542 00:30:24,960 --> 00:30:27,760 Speaker 1: it's not productive for the country. And and my guess 543 00:30:27,840 --> 00:30:30,360 Speaker 1: is everyone's going to take a hit at this UM. 544 00:30:30,720 --> 00:30:32,880 Speaker 1: I would not be surprised that this isn't a wood 545 00:30:32,920 --> 00:30:36,840 Speaker 1: said session with Speaker Pelosi, because we know how that 546 00:30:36,880 --> 00:30:39,760 Speaker 1: she feels about the progressive wing and what they're doing 547 00:30:39,840 --> 00:30:43,240 Speaker 1: with this agenda. And if it's not rained in this 548 00:30:43,240 --> 00:30:45,240 Speaker 1: this administration could get to the end of this year 549 00:30:45,560 --> 00:30:48,040 Speaker 1: and being a shambles boy when it comes to the 550 00:30:48,080 --> 00:30:52,000 Speaker 1: Fed genie is, does this mean lail brainard rising In 551 00:30:52,000 --> 00:30:55,600 Speaker 1: your view? It very well could? I do think you know. 552 00:30:55,680 --> 00:30:59,160 Speaker 1: My view of this is is that Biden's natural inclination 553 00:30:59,480 --> 00:31:02,400 Speaker 1: is it's specially at this point as things are so 554 00:31:02,520 --> 00:31:05,520 Speaker 1: rocky at this point to hold the line, toe the line, 555 00:31:05,520 --> 00:31:07,760 Speaker 1: and keep Powell where he is. I think that's Biden's 556 00:31:07,840 --> 00:31:11,160 Speaker 1: natural moderate instincts. But I do think he is going 557 00:31:11,200 --> 00:31:14,000 Speaker 1: to have to deal with progressives on this, and we 558 00:31:14,080 --> 00:31:17,440 Speaker 1: may see him go in another direction. So I don't 559 00:31:17,480 --> 00:31:19,959 Speaker 1: I thought I thought Paul was a shoe in maybe 560 00:31:20,080 --> 00:31:22,920 Speaker 1: four months ago, but I'm not so certain today. And 561 00:31:22,960 --> 00:31:26,400 Speaker 1: I think the vocal nature of Elizabeth Warren's takedown today, 562 00:31:26,480 --> 00:31:29,080 Speaker 1: if you will, I think it again, is going to 563 00:31:29,160 --> 00:31:31,840 Speaker 1: resonate with the White House. And you know, I do 564 00:31:31,960 --> 00:31:34,680 Speaker 1: think that, you know, we will see Janet Yellen and 565 00:31:34,720 --> 00:31:37,400 Speaker 1: others you know, be be talking to the President as well, 566 00:31:37,440 --> 00:31:41,360 Speaker 1: obviously privately, but Elizabeth Warren is saying it publicly, and 567 00:31:41,400 --> 00:31:43,160 Speaker 1: the President would have to push back on that if 568 00:31:43,160 --> 00:31:45,240 Speaker 1: he doesn't go along with her. As we spend time 569 00:31:45,280 --> 00:31:47,000 Speaker 1: with Rick and Genie the panel for the rest of 570 00:31:47,000 --> 00:31:50,080 Speaker 1: the hour here on Bloomberg Sound On, of course, anything 571 00:31:50,120 --> 00:31:53,120 Speaker 1: could happen with what we have planned tomorrow night in Washington, 572 00:31:53,840 --> 00:31:56,240 Speaker 1: as we discussed with Congressman Kilty at the beginning of 573 00:31:56,240 --> 00:31:59,840 Speaker 1: the hour, it has been a Washington tradition since n nine. 574 00:32:01,800 --> 00:32:06,440 Speaker 1: The Congressional Baseball Game, an annual bipartisan affair that reminds 575 00:32:06,520 --> 00:32:10,280 Speaker 1: us of something bigger, something American, and back after a 576 00:32:10,360 --> 00:32:14,480 Speaker 1: hiatus during COVID. It raises money for charity, It gives 577 00:32:14,560 --> 00:32:18,000 Speaker 1: Democrats and Republicans a reason to throw the ball around 578 00:32:18,120 --> 00:32:22,320 Speaker 1: where funny looking uniforms, and the official website says it's 579 00:32:22,400 --> 00:32:27,080 Speaker 1: enjoyed by thousands. But there are now questions that in 580 00:32:28,000 --> 00:32:33,960 Speaker 1: one even this bipartisan tradition maybe on the rocks. As 581 00:32:34,000 --> 00:32:36,560 Speaker 1: I'm walking through the House today, there was a briefing 582 00:32:36,600 --> 00:32:39,320 Speaker 1: by Congressman HACKEM. Jeffreys, Democrat from New York. He is 583 00:32:39,360 --> 00:32:41,720 Speaker 1: part of the leadership, and he was talking about infrastructure 584 00:32:41,760 --> 00:32:44,680 Speaker 1: and reconciliation, what we're gonna do with the debt ceiling, 585 00:32:44,680 --> 00:32:48,400 Speaker 1: and of course he was asked about the baseball game 586 00:32:48,480 --> 00:32:51,800 Speaker 1: and whether people would even be able to get along 587 00:32:52,200 --> 00:32:58,480 Speaker 1: in this world of progressives fighting with moderates, fighting with conservatives. 588 00:32:58,520 --> 00:33:02,080 Speaker 1: Here's what Congressman jeff reset, We're going to keep the 589 00:33:02,160 --> 00:33:06,640 Speaker 1: focus on the reason why the game takes place, which is, 590 00:33:07,320 --> 00:33:10,680 Speaker 1: you know, to raise hundreds of thousands of dollars for 591 00:33:10,920 --> 00:33:14,080 Speaker 1: at risk young people in the Washington, d c. Area, 592 00:33:14,680 --> 00:33:19,320 Speaker 1: along with being able to um you know, participate in 593 00:33:19,320 --> 00:33:25,880 Speaker 1: America's pastime and hopefully people will leave the politics, you know, 594 00:33:26,000 --> 00:33:29,200 Speaker 1: under the Capitol Dome. Keep the politics under the dome 595 00:33:29,360 --> 00:33:32,360 Speaker 1: and off the diamond. Rick Davis, you probably went to 596 00:33:32,400 --> 00:33:35,360 Speaker 1: a couple of those games. Congressman Kilde was talking about 597 00:33:35,360 --> 00:33:37,240 Speaker 1: maybe a deal and the dugout. I wasn't trying to 598 00:33:37,280 --> 00:33:39,280 Speaker 1: be too cute about that. Are we at the point 599 00:33:39,280 --> 00:33:42,000 Speaker 1: where we can't play a ball game? Oh? I think 600 00:33:42,000 --> 00:33:44,600 Speaker 1: we're going to have a ball game. Uh, it may 601 00:33:44,640 --> 00:33:47,320 Speaker 1: actually be even more competitive than most of the Nationals 602 00:33:47,360 --> 00:33:50,840 Speaker 1: games that we've watched lately around here. So maybe maybe 603 00:33:50,880 --> 00:33:54,320 Speaker 1: thousands of people turn into hundreds of thousands of people 604 00:33:54,360 --> 00:33:56,920 Speaker 1: to tune in. But look, it's one of the traditions. 605 00:33:57,400 --> 00:33:59,840 Speaker 1: We're in a hyperpartisan environment, no doubt about it. It 606 00:34:00,080 --> 00:34:03,000 Speaker 1: stopping good things from happening. But this is one thing 607 00:34:03,040 --> 00:34:05,600 Speaker 1: that I think these guys pulled together. They don't hate 608 00:34:05,640 --> 00:34:08,000 Speaker 1: each other, They just like to fight, and fight on 609 00:34:08,040 --> 00:34:10,120 Speaker 1: the diamond is just fine with the rest of us. 610 00:34:10,520 --> 00:34:12,479 Speaker 1: Is there some good to this, though, Genie, At least 611 00:34:12,480 --> 00:34:16,399 Speaker 1: just the image of members of Congress doing something other 612 00:34:16,800 --> 00:34:19,799 Speaker 1: than arguing about policy and maybe even agreeing on some 613 00:34:19,880 --> 00:34:22,759 Speaker 1: policy as they walk out of the park tomorrow. There 614 00:34:22,760 --> 00:34:25,279 Speaker 1: absolutely is, and that's why I'm so thrilled you're talking 615 00:34:25,320 --> 00:34:28,040 Speaker 1: about it. It It doesn't get enough attention. So many of 616 00:34:28,080 --> 00:34:30,680 Speaker 1: these traditions seem to have fallen by the wayside or 617 00:34:30,719 --> 00:34:34,120 Speaker 1: are done in private, so Americans don't get to see 618 00:34:34,400 --> 00:34:37,120 Speaker 1: people from different parties and different walks of life in 619 00:34:37,200 --> 00:34:41,000 Speaker 1: Washington gathering together um to do something other than fight. 620 00:34:41,160 --> 00:34:45,800 Speaker 1: So this is America's pastime and so I'm I'm thrilled 621 00:34:45,840 --> 00:34:48,240 Speaker 1: that it's going forward and it's getting attention. It should 622 00:34:48,239 --> 00:34:50,120 Speaker 1: go forward. These are the kinds of things that need 623 00:34:50,200 --> 00:34:53,239 Speaker 1: to happen because these people have to deal with each 624 00:34:53,280 --> 00:34:55,640 Speaker 1: other for all of our sakes. They have to deal 625 00:34:55,719 --> 00:34:59,080 Speaker 1: with with each other, make compromises and make deals, and 626 00:34:59,160 --> 00:35:01,759 Speaker 1: you know, as we think about the government shutdown, they 627 00:35:01,800 --> 00:35:03,440 Speaker 1: need to do it pretty fast. So I hope this 628 00:35:03,480 --> 00:35:05,920 Speaker 1: game is a good one. Well, yes, right, So okay, 629 00:35:06,000 --> 00:35:08,360 Speaker 1: let's let's fast forward to this time tomorrow. They're getting 630 00:35:08,360 --> 00:35:10,640 Speaker 1: ready to to swing away and have a good night 631 00:35:10,760 --> 00:35:14,320 Speaker 1: at at nat Stadium. But Rick, what needs to happen 632 00:35:14,360 --> 00:35:16,560 Speaker 1: in the next twenty four hours. If you're a lawmaker 633 00:35:16,600 --> 00:35:18,640 Speaker 1: here and you know, there's got to be a vote 634 00:35:18,640 --> 00:35:22,360 Speaker 1: Thursday at some point into Thursday night on a continuing resolution, 635 00:35:22,400 --> 00:35:25,520 Speaker 1: if not infrastructure, what kind of progress actually needs to 636 00:35:25,520 --> 00:35:28,600 Speaker 1: be made tomorrow? Uh? You know, I think tomorrow it's 637 00:35:28,640 --> 00:35:32,399 Speaker 1: just a drafting thing for the clean cr which will 638 00:35:32,440 --> 00:35:36,799 Speaker 1: include um money for the disasters and the Gulf. So 639 00:35:37,160 --> 00:35:39,480 Speaker 1: I think that gets done in in real time. I 640 00:35:39,520 --> 00:35:43,839 Speaker 1: think that the leadership will present their their their bill 641 00:35:43,880 --> 00:35:47,359 Speaker 1: and will get past and and we'll avoid that UM well, 642 00:35:47,400 --> 00:35:51,080 Speaker 1: that cliff. That that cliff, the dead ceiling is another question. 643 00:35:51,440 --> 00:35:53,560 Speaker 1: But really I think what the thing to watch this 644 00:35:53,600 --> 00:35:56,200 Speaker 1: week and what will probably be debated in the dugouts 645 00:35:56,200 --> 00:35:58,359 Speaker 1: at the ball game, is going to be what are 646 00:35:58,400 --> 00:36:02,040 Speaker 1: we doing about this UH infrastructure bill? Right? Pelosi promised 647 00:36:02,040 --> 00:36:06,040 Speaker 1: a vote on and it's not come. So she was 648 00:36:06,080 --> 00:36:11,000 Speaker 1: talking big today about UH splitting the linkages and moving 649 00:36:11,000 --> 00:36:14,120 Speaker 1: forward with with infrastructure, which I gotta believe is in 650 00:36:14,160 --> 00:36:17,319 Speaker 1: the interest of the president. Uh. And and that's one 651 00:36:17,320 --> 00:36:19,279 Speaker 1: of the reasons why you've seen this rebellion by the 652 00:36:19,400 --> 00:36:22,120 Speaker 1: aggressive So UH that to me is going to be 653 00:36:22,160 --> 00:36:25,080 Speaker 1: the hot topic on second Base. They vote on it, though, 654 00:36:25,160 --> 00:36:28,160 Speaker 1: or and if they do, can it pass rick Uh? Well, 655 00:36:28,719 --> 00:36:30,200 Speaker 1: whether they vote on it or not. It is really 656 00:36:30,280 --> 00:36:32,680 Speaker 1: up to Nancy Pelosi. We know what she says, right, 657 00:36:32,760 --> 00:36:35,640 Speaker 1: She says repeatedly, I don't take votes that I can't win, 658 00:36:36,360 --> 00:36:39,080 Speaker 1: and so if there's a vote, they'll win. According to 659 00:36:39,160 --> 00:36:42,640 Speaker 1: Nancy Pelosi, she remembers that cap and trade, the climate 660 00:36:42,640 --> 00:36:44,879 Speaker 1: bills that never went where they thought they were going 661 00:36:45,280 --> 00:36:49,120 Speaker 1: a decade ago. Genie does does Nancy Pelosi bring infrastructure 662 00:36:49,120 --> 00:36:50,719 Speaker 1: to the floor or at least are we going to 663 00:36:50,880 --> 00:36:53,200 Speaker 1: hear talk of that tomorrow? That the votes still on 664 00:36:53,239 --> 00:36:57,040 Speaker 1: for Thursday. I find it hard to imagine she can 665 00:36:57,080 --> 00:37:00,160 Speaker 1: get that vote on Thursday. I think that it's pushed back. 666 00:37:00,200 --> 00:37:02,400 Speaker 1: You know, I woke up this morning and she was, 667 00:37:02,440 --> 00:37:06,120 Speaker 1: like Gwyneth Paltrow, she is consciously uncoupling these two things. 668 00:37:06,480 --> 00:37:09,600 Speaker 1: And of course, you know, the progressives are not Chris Martin. 669 00:37:09,640 --> 00:37:12,839 Speaker 1: They're not having any of it. And so that uncoupling 670 00:37:13,040 --> 00:37:14,640 Speaker 1: is going to be what she has to tackle. She's 671 00:37:14,680 --> 00:37:17,840 Speaker 1: got to give these progressives at least a serious framework 672 00:37:17,840 --> 00:37:20,520 Speaker 1: with agreement from Mansion in Cinema to hold this vote, 673 00:37:20,600 --> 00:37:22,359 Speaker 1: or as Rick said, she's not going to hold the vote. 674 00:37:22,600 --> 00:37:25,960 Speaker 1: I can't imagine you see that by Thursday. President Biden 675 00:37:26,000 --> 00:37:29,319 Speaker 1: going to Chicago tomorrow for a COVID event. Rick, we 676 00:37:29,360 --> 00:37:32,120 Speaker 1: only have thirty seconds. Isn't that to get people on 677 00:37:32,160 --> 00:37:34,880 Speaker 1: the plane to make a deal. Oh? Absolutely, and that 678 00:37:34,920 --> 00:37:39,000 Speaker 1: plane may never land until they get a number. We'll 679 00:37:39,040 --> 00:37:44,160 Speaker 1: be circling O'Hare indefinitely with Rick and Jennie. Couldn't have 680 00:37:44,239 --> 00:37:47,440 Speaker 1: better company for the fastest hour in politics, Rick Davis 681 00:37:47,440 --> 00:37:49,960 Speaker 1: and Jeannie Chanzano. Thanks to everybody for being a part 682 00:37:50,000 --> 00:37:52,520 Speaker 1: of it. We'll meet back here tomorrow. God knows what 683 00:37:52,560 --> 00:37:55,359 Speaker 1: we'll have to report, but it will be the facts here. 684 00:37:55,560 --> 00:37:57,640 Speaker 1: I'm Joe Matthew. This is Bloomberg.