1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,119 Speaker 1: noon and five pm Eastern on Apple, Cocklay and Android 4 00:00:17,160 --> 00:00:20,520 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,600 --> 00:00:25,040 Speaker 1: you get your podcasts, or watch us live on YouTube. 6 00:00:25,440 --> 00:00:28,400 Speaker 2: Tyler Kendall here in Washington alongside Joe Matthew and today 7 00:00:28,480 --> 00:00:31,160 Speaker 2: is a big tariff day, as you just heard Amy 8 00:00:31,240 --> 00:00:34,159 Speaker 2: outline the USTR announcing that there's going to be a 9 00:00:34,240 --> 00:00:37,080 Speaker 2: deal with Switzerland. This is a big deal because it 10 00:00:37,159 --> 00:00:40,519 Speaker 2: is going to lower terariffs from thirty nine percent to 11 00:00:40,720 --> 00:00:44,080 Speaker 2: fifteen percent. We also saw the administration inc some framework 12 00:00:44,120 --> 00:00:48,800 Speaker 2: agreements earlier today with Argentina, Guatemala, El Salvador, and Ecuador. 13 00:00:49,000 --> 00:00:51,240 Speaker 2: And then we are expecting these other carve outs, Joe, 14 00:00:51,240 --> 00:00:53,680 Speaker 2: when it comes to key products that you can't make 15 00:00:53,720 --> 00:00:56,480 Speaker 2: so easily here in the US. All part of the 16 00:00:56,520 --> 00:01:00,800 Speaker 2: administration's bid to help lower prices. As we know, affordability 17 00:01:00,840 --> 00:01:03,280 Speaker 2: is coming up time and time again with American. 18 00:01:03,000 --> 00:01:04,680 Speaker 3: Voters, certainly at the grocery store. 19 00:01:04,760 --> 00:01:07,920 Speaker 4: President has talked about that food prices, specifically beef. That's 20 00:01:07,920 --> 00:01:11,240 Speaker 4: why we're apparently importing Argentinean beef, but they're going to 21 00:01:11,240 --> 00:01:13,760 Speaker 4: be carve outs on everything from beef, cocoa, bananas, a 22 00:01:13,800 --> 00:01:15,560 Speaker 4: lot of the stuff that you simply can't grow here. 23 00:01:15,600 --> 00:01:18,240 Speaker 4: And I wonder if that extends at some point here, Tyler, 24 00:01:18,280 --> 00:01:21,000 Speaker 4: to other products. What about serveso, what about you can't 25 00:01:21,040 --> 00:01:23,279 Speaker 4: make Mexican beer in the United States. There are different 26 00:01:23,280 --> 00:01:25,720 Speaker 4: things that could pop up, and they've really tried to 27 00:01:25,760 --> 00:01:29,400 Speaker 4: seize on the idea of flexibility. Greer talked about that 28 00:01:29,480 --> 00:01:31,600 Speaker 4: this morning, that this was always part of the plan 29 00:01:31,680 --> 00:01:35,440 Speaker 4: that when pressure points arrived, the administration would take action, 30 00:01:35,520 --> 00:01:36,720 Speaker 4: and we seem to be doing that. 31 00:01:36,720 --> 00:01:39,800 Speaker 2: Now right And this actually stems from an executive order 32 00:01:39,840 --> 00:01:42,360 Speaker 2: that we saw President Trump sign a few months ago 33 00:01:42,800 --> 00:01:46,200 Speaker 2: calling for the USTR in the Commerce Department to look 34 00:01:46,280 --> 00:01:49,560 Speaker 2: into those areas where there could be these exemptions. But 35 00:01:49,600 --> 00:01:52,480 Speaker 2: it's been really interesting to track all of the tariff 36 00:01:52,520 --> 00:01:54,880 Speaker 2: policies from the beginning of the administration, because, of course, 37 00:01:54,920 --> 00:01:57,280 Speaker 2: when these were all originally rolled out, we were told 38 00:01:57,280 --> 00:01:59,480 Speaker 2: time and time again from officials that we weren't going 39 00:01:59,520 --> 00:02:02,120 Speaker 2: to see carve outs. But of course this is a living, 40 00:02:02,160 --> 00:02:04,560 Speaker 2: breathing policy as we know it, and it has shifted 41 00:02:04,560 --> 00:02:06,840 Speaker 2: time and time again, and this is just the latest contour. 42 00:02:07,120 --> 00:02:10,400 Speaker 3: It's Taco Friday once again. Tyler. We talked about this 43 00:02:11,040 --> 00:02:13,560 Speaker 3: with Peter Navarro. As a matter of fact, I don't 44 00:02:13,560 --> 00:02:14,440 Speaker 3: know if that's. 45 00:02:14,560 --> 00:02:17,799 Speaker 4: Something we can spin back, because it's interesting, Tyler, when 46 00:02:17,840 --> 00:02:21,840 Speaker 4: we talk about tariffs, that's not the same conversation that 47 00:02:21,880 --> 00:02:24,080 Speaker 4: the administration is having with the impact on prices. 48 00:02:24,120 --> 00:02:25,160 Speaker 3: They say, that's Joe Biden. 49 00:02:25,280 --> 00:02:27,480 Speaker 2: No exactly. Actually, I think we do have that tape. 50 00:02:27,520 --> 00:02:28,800 Speaker 2: We want to bring you a little bit of our 51 00:02:28,840 --> 00:02:32,120 Speaker 2: conversation with Peter Navarro asking him about the recent polling, 52 00:02:32,160 --> 00:02:35,200 Speaker 2: the recent consumer sentiment numbers that inflation is weighing on 53 00:02:35,240 --> 00:02:36,239 Speaker 2: the American consumer. 54 00:02:37,440 --> 00:02:44,280 Speaker 5: President Trump viscerally understands the pain many Americans are going 55 00:02:44,360 --> 00:02:50,840 Speaker 5: through because of the inflation issue, and a lot of 56 00:02:50,840 --> 00:02:55,119 Speaker 5: that pain is centered on our magabase, and we understand 57 00:02:55,160 --> 00:02:58,320 Speaker 5: that what we have to do as an administration is, 58 00:02:58,360 --> 00:03:02,120 Speaker 5: first of all, we are still clear about the sources 59 00:03:02,400 --> 00:03:03,600 Speaker 5: of the inflation. 60 00:03:05,160 --> 00:03:08,800 Speaker 4: The sources of the inflation are up for debate still. 61 00:03:09,120 --> 00:03:11,760 Speaker 4: That's why we turned to Stuart Paul for his insights. 62 00:03:12,040 --> 00:03:16,160 Speaker 4: US economists at Bloomberg Economics with us from World Headquarters 63 00:03:16,240 --> 00:03:16,880 Speaker 4: in New York. 64 00:03:17,240 --> 00:03:19,040 Speaker 3: We've identified the pain here, Stuart. 65 00:03:19,040 --> 00:03:23,680 Speaker 4: It doesn't seem everybody agrees on why. 66 00:03:23,760 --> 00:03:26,440 Speaker 6: It doesn't seem like everybody agrees on why. But when 67 00:03:26,480 --> 00:03:29,320 Speaker 6: we do our decomposition of some of the drivers of inflation, 68 00:03:29,440 --> 00:03:32,560 Speaker 6: we find that about twenty five percent of the cost 69 00:03:32,680 --> 00:03:36,880 Speaker 6: of tariffs are being passed through two consumer prices as 70 00:03:37,000 --> 00:03:40,760 Speaker 6: per the September CPI report. We are still waiting on October, 71 00:03:40,760 --> 00:03:43,240 Speaker 6: of course, but with the latest data that we have, 72 00:03:43,560 --> 00:03:47,680 Speaker 6: it does look like consumer prices are feelings. Consumers are 73 00:03:47,720 --> 00:03:51,040 Speaker 6: feeling some of the effects of tariffs, and so we 74 00:03:51,080 --> 00:03:54,800 Speaker 6: can't say that this is all Biden inflation, as Peter 75 00:03:54,880 --> 00:03:58,520 Speaker 6: Navarro suggested. I also do want to congratulate the two 76 00:03:58,520 --> 00:04:01,280 Speaker 6: of you on an absolutely fabulous interview with Peter Navarro 77 00:04:01,440 --> 00:04:04,240 Speaker 6: on the late edition of Balance of Power just last night, 78 00:04:04,520 --> 00:04:08,320 Speaker 6: when he suggested that Chairman Powell should commit seppuku, the 79 00:04:08,760 --> 00:04:13,840 Speaker 6: Japanese honor suicide, for failure to address inflation. Oh my goodness, 80 00:04:13,880 --> 00:04:16,200 Speaker 6: and yes, all of our viewers and listeners around the 81 00:04:16,200 --> 00:04:18,719 Speaker 6: world should go back and watch yesterday's late edition of 82 00:04:18,760 --> 00:04:19,480 Speaker 6: Balance of Power. 83 00:04:20,000 --> 00:04:23,359 Speaker 4: I didn't pursue that the japan reference in that conversation. 84 00:04:23,520 --> 00:04:24,520 Speaker 3: No, hope, we should have. 85 00:04:24,680 --> 00:04:27,239 Speaker 2: Yeah, well, we thank you for that, Stuart. And actually 86 00:04:27,240 --> 00:04:28,760 Speaker 2: I get to give you a shout out now because 87 00:04:28,839 --> 00:04:31,960 Speaker 2: I always ask Stuart Paul questions off the air, and 88 00:04:32,000 --> 00:04:33,960 Speaker 2: now I get to ask the questions on the air. 89 00:04:34,000 --> 00:04:36,200 Speaker 2: But if we stick with tariffs, I'm wondering, Stuart, if 90 00:04:36,240 --> 00:04:38,480 Speaker 2: you can give us any sort of idea on how 91 00:04:38,560 --> 00:04:41,520 Speaker 2: quickly these tariff exemptions could actually work their way through 92 00:04:41,560 --> 00:04:44,279 Speaker 2: the economy. When you hear the administration saying that they're 93 00:04:44,320 --> 00:04:47,200 Speaker 2: going to issue these carve outs, what sort of impact 94 00:04:47,440 --> 00:04:50,279 Speaker 2: will Americans actually feel? How long will it take for 95 00:04:50,360 --> 00:04:51,479 Speaker 2: those prices to come down. 96 00:04:52,120 --> 00:04:54,800 Speaker 6: Well, for certain imports that are very difficult for us 97 00:04:54,839 --> 00:04:57,440 Speaker 6: to produce domestically, the items that are difficult for US 98 00:04:57,440 --> 00:05:01,000 Speaker 6: to produce domestically, the effects should be relatively quick. It 99 00:05:01,000 --> 00:05:04,159 Speaker 6: should be relatively easy for Argentina, for example, to direct 100 00:05:04,160 --> 00:05:08,880 Speaker 6: some additional exports goods that they're producing to the United States. 101 00:05:09,200 --> 00:05:12,240 Speaker 6: But when we look at the actual aggregates, the volumes 102 00:05:12,279 --> 00:05:16,800 Speaker 6: that are coming from places like Argentina, l Salvador, Ecuador, Guatemala, 103 00:05:17,120 --> 00:05:20,400 Speaker 6: it really doesn't matter very much. For example, about one 104 00:05:20,440 --> 00:05:24,040 Speaker 6: and a half percent of our beef imports come from Argentina, 105 00:05:24,240 --> 00:05:27,360 Speaker 6: we get about five times that much from Brazil. We 106 00:05:28,640 --> 00:05:33,640 Speaker 6: import about twenty times as much coffee from Brazil as 107 00:05:33,680 --> 00:05:37,000 Speaker 6: we do from Argentina. So, when we think about negotiating 108 00:05:37,080 --> 00:05:40,200 Speaker 6: new trade deals, particularly with Latin America, and if the 109 00:05:40,240 --> 00:05:44,000 Speaker 6: administration is trying to bring down the cost of everyday 110 00:05:44,040 --> 00:05:48,480 Speaker 6: goods and services, goods, and really agriculture goods in particular, 111 00:05:48,839 --> 00:05:54,000 Speaker 6: the ballgame is really negotiating a deal with Brazil, Argentina, Guatemala, 112 00:05:54,040 --> 00:05:56,719 Speaker 6: El Salvador, Ecuador. It's not going to have much of 113 00:05:56,760 --> 00:05:59,800 Speaker 6: a material impact. This is more a matter of poly 114 00:06:00,440 --> 00:06:05,440 Speaker 6: and recognizing that addressing things like cost of living and 115 00:06:05,480 --> 00:06:08,479 Speaker 6: affordability is a winning political issue, as we saw in 116 00:06:08,520 --> 00:06:09,800 Speaker 6: the New York mayoral election. 117 00:06:10,600 --> 00:06:12,960 Speaker 3: Well, then I'm really confused here, Stewart. 118 00:06:13,040 --> 00:06:15,719 Speaker 4: If it doesn't pull prices lower, because it's almost a 119 00:06:15,760 --> 00:06:20,640 Speaker 4: tacit endorsement of the idea that tariffs are inflationary by 120 00:06:20,720 --> 00:06:23,120 Speaker 4: acknowledging this and announcing the exception. 121 00:06:23,600 --> 00:06:25,680 Speaker 3: If it doesn't pull prices lower, what's the point. 122 00:06:26,200 --> 00:06:29,240 Speaker 6: It's at least good optics, And I think that we 123 00:06:29,279 --> 00:06:32,360 Speaker 6: are finally at the point where the administration is realizing 124 00:06:32,440 --> 00:06:34,840 Speaker 6: that one of the first issues that one of the 125 00:06:34,880 --> 00:06:39,640 Speaker 6: primary issues that the administration was elected on was addressing inflation. 126 00:06:40,120 --> 00:06:44,880 Speaker 6: With disinflation stalling out and headline CPI inflation remaining around 127 00:06:45,000 --> 00:06:48,360 Speaker 6: three percent, they're going to need to get to a 128 00:06:48,400 --> 00:06:52,279 Speaker 6: more tactical approach to addressing the inflation problem and really 129 00:06:52,320 --> 00:06:56,120 Speaker 6: responding to the issues that they were elected to address. 130 00:06:56,400 --> 00:06:59,000 Speaker 6: And so at this point, yes, there's going to need 131 00:06:59,040 --> 00:07:00,920 Speaker 6: to be a little bit of a walk back on 132 00:07:01,160 --> 00:07:05,200 Speaker 6: some of the promises around tariffs. And it's not the 133 00:07:05,240 --> 00:07:08,479 Speaker 6: worst thing in the world to announce trade deals as 134 00:07:08,480 --> 00:07:11,280 Speaker 6: we head into twenty twenty six and the midterm elections. 135 00:07:13,080 --> 00:07:16,480 Speaker 2: All right, stir Paul Bloomberg Economics, US Economists, thank you 136 00:07:16,520 --> 00:07:19,160 Speaker 2: so much as always for joining us, and we want 137 00:07:19,200 --> 00:07:22,800 Speaker 2: to stick on a domestic politics, but shift over from 138 00:07:23,040 --> 00:07:26,840 Speaker 2: the White House to Capitol Hill now. Yesterday on Balance Power, 139 00:07:26,960 --> 00:07:30,200 Speaker 2: Joe and I spoke with the newly sworn in Congresswoman 140 00:07:30,240 --> 00:07:33,520 Speaker 2: Adelita Grijalva of Arizona. It had taken her at that 141 00:07:33,600 --> 00:07:36,120 Speaker 2: point weeks to get sworn into office while the US 142 00:07:36,200 --> 00:07:39,440 Speaker 2: government was shut down, but one of the first things 143 00:07:39,440 --> 00:07:41,240 Speaker 2: that she did once she was sworn in was she 144 00:07:41,280 --> 00:07:44,360 Speaker 2: became the two hundred and eighteenth signature on a discharge 145 00:07:44,440 --> 00:07:47,680 Speaker 2: petition that could force a vote to release the Epstein 146 00:07:47,760 --> 00:07:50,679 Speaker 2: files from the Department of Justice. We asked her about 147 00:07:50,840 --> 00:07:53,720 Speaker 2: her signature on that petition and the timeline we could 148 00:07:53,720 --> 00:07:56,000 Speaker 2: be looking at yesterday on Balance of Power. 149 00:07:57,040 --> 00:08:00,880 Speaker 7: I hope that it passes the House with out any issue, 150 00:08:00,960 --> 00:08:04,480 Speaker 7: and that the pressure then goes to senators because regardless 151 00:08:04,960 --> 00:08:08,680 Speaker 7: of who is implicated, no one should want the label 152 00:08:09,280 --> 00:08:11,560 Speaker 7: of protecting pedophiles. 153 00:08:12,080 --> 00:08:14,040 Speaker 8: And you know, I talked to some. 154 00:08:14,200 --> 00:08:17,120 Speaker 7: Survivors today and I said, you know, one of the 155 00:08:17,120 --> 00:08:20,080 Speaker 7: things that I would do is go and target your senators, 156 00:08:20,440 --> 00:08:22,640 Speaker 7: talk to them about why it's important for them to 157 00:08:22,680 --> 00:08:25,400 Speaker 7: show unity in this, and then go and call some 158 00:08:25,440 --> 00:08:28,679 Speaker 7: of their constituents and make sure that there's a connection there. 159 00:08:32,720 --> 00:08:37,240 Speaker 2: Alita Grihalva, the new congresswoman from Arizona, joining us yesterday 160 00:08:37,240 --> 00:08:38,840 Speaker 2: on Balance of Power, and we want to extend the 161 00:08:38,840 --> 00:08:44,559 Speaker 2: conversation and bring in Barbara Comstock, former Republican congresswoman from Virginia. Congresswoman, 162 00:08:44,600 --> 00:08:47,280 Speaker 2: thanks so much for joining us here. I'm just wondering 163 00:08:47,320 --> 00:08:50,480 Speaker 2: what you make about what has been Republican strategy so 164 00:08:50,559 --> 00:08:53,400 Speaker 2: far when it comes to the Epstein files. President Trump 165 00:08:53,480 --> 00:08:56,680 Speaker 2: did campaign on releasing them, but at this point that 166 00:08:56,720 --> 00:08:59,160 Speaker 2: doesn't seem to be the White House's position. Now, how 167 00:08:59,240 --> 00:09:00,760 Speaker 2: should have Republic's been playing this? 168 00:09:02,840 --> 00:09:06,439 Speaker 9: Well, it's been an absolute disaster for Republicans. I mean 169 00:09:06,480 --> 00:09:10,160 Speaker 9: to shut down the House of Representatives for all these weeks, 170 00:09:10,200 --> 00:09:14,440 Speaker 9: the longest government shut down, but the House being out 171 00:09:14,440 --> 00:09:16,559 Speaker 9: of session all this time has been a. 172 00:09:16,520 --> 00:09:18,040 Speaker 10: Disaster for Republicans. 173 00:09:18,440 --> 00:09:22,600 Speaker 9: So when they open up, they will have bipartisan support. 174 00:09:22,679 --> 00:09:27,400 Speaker 9: You know, Congressman Massey, a Republican, along with Rocanna, has 175 00:09:27,640 --> 00:09:31,360 Speaker 9: led that discharge petition, so they now have the votes, 176 00:09:31,840 --> 00:09:35,160 Speaker 9: and I do imagine there will be quite a few 177 00:09:35,600 --> 00:09:37,560 Speaker 9: Republicans who will join on that. 178 00:09:37,640 --> 00:09:39,640 Speaker 10: I know Congressman Don. 179 00:09:39,440 --> 00:09:42,959 Speaker 9: Bacon, a Republican, and others have already said that they 180 00:09:43,000 --> 00:09:47,559 Speaker 9: will vote for that. And given that Republicans, including when 181 00:09:47,600 --> 00:09:51,440 Speaker 9: I was in Congress, I worked on human trafficking legislation 182 00:09:52,080 --> 00:09:55,359 Speaker 9: and passed bills, and there are a lot of Republicans 183 00:09:55,360 --> 00:10:01,320 Speaker 9: who did those. Many Republicans who supportedism like that will 184 00:10:01,320 --> 00:10:07,120 Speaker 9: look very hypocritical if they don't support this measure now 185 00:10:07,480 --> 00:10:10,640 Speaker 9: to release the Epstein files when so many of them 186 00:10:11,120 --> 00:10:16,920 Speaker 9: already did support that, and given that the Epstein Estate 187 00:10:17,400 --> 00:10:21,360 Speaker 9: has these files, and certainly it seems that they are 188 00:10:21,400 --> 00:10:23,480 Speaker 9: willing to put more and. 189 00:10:23,440 --> 00:10:24,880 Speaker 10: More of those files out. 190 00:10:25,080 --> 00:10:30,040 Speaker 9: So it will be foolish if the congressman, after you 191 00:10:30,080 --> 00:10:33,360 Speaker 9: saw what happened in Virginia, New Jersey and in all 192 00:10:33,440 --> 00:10:37,760 Speaker 9: of these special elections, if after Republicans have been out 193 00:10:37,760 --> 00:10:39,840 Speaker 9: there on the record all the way up to Donald 194 00:10:39,920 --> 00:10:44,080 Speaker 9: Trump and jd Vance themselves have said hey, why don't 195 00:10:44,080 --> 00:10:45,360 Speaker 9: we release these files? 196 00:10:45,760 --> 00:10:48,320 Speaker 10: What are they hiding? And we've already seen a lot 197 00:10:48,360 --> 00:10:50,200 Speaker 10: of the information in those files. 198 00:10:50,760 --> 00:10:54,600 Speaker 9: They need to get quickly down there to the floor 199 00:10:54,720 --> 00:10:57,360 Speaker 9: and say they are for releasing these files. 200 00:10:58,480 --> 00:11:01,480 Speaker 4: Well, we understand we could see Congressoman forty to fifty 201 00:11:01,600 --> 00:11:05,200 Speaker 4: Republicans vote in the House, but this is at the 202 00:11:05,240 --> 00:11:07,719 Speaker 4: moment at least going nowhere in the Senate. Even if 203 00:11:07,720 --> 00:11:09,920 Speaker 4: this does pass the House, what does John thun. 204 00:11:09,679 --> 00:11:13,360 Speaker 9: Do Well, if you are one of the third of 205 00:11:13,400 --> 00:11:16,080 Speaker 9: those Republicans who are going to be up for election 206 00:11:16,679 --> 00:11:20,199 Speaker 9: again many of those who have harped on this issue 207 00:11:20,240 --> 00:11:23,520 Speaker 9: for years, you do not want to have ads run 208 00:11:23,559 --> 00:11:27,520 Speaker 9: against you being a pedophile protector. That is not going 209 00:11:27,559 --> 00:11:32,800 Speaker 9: to be a story to have Jeffrey Epstein pictures in 210 00:11:32,840 --> 00:11:36,000 Speaker 9: those ads against you, and you do not want to 211 00:11:36,040 --> 00:11:41,880 Speaker 9: have these victims who are very strong advocates for themselves 212 00:11:42,280 --> 00:11:46,520 Speaker 9: showing up in ads saying here's what he said before 213 00:11:46,600 --> 00:11:49,560 Speaker 9: the election that they should be released. Now here's what 214 00:11:49,600 --> 00:11:53,000 Speaker 9: they're saying after. And this is something that the MAGA 215 00:11:53,200 --> 00:11:59,720 Speaker 9: base themselves, They are not sympathetic on keeping these files 216 00:12:00,120 --> 00:12:03,880 Speaker 9: under wraps. You know, you're seeing MAGA flags and neighborhoods 217 00:12:04,240 --> 00:12:07,920 Speaker 9: coming down because they want these files released. 218 00:12:08,120 --> 00:12:09,480 Speaker 10: You have white house. 219 00:12:09,920 --> 00:12:14,840 Speaker 9: Battles between and among people like you know, Pam Bondi 220 00:12:15,000 --> 00:12:19,480 Speaker 9: and Dan Bongino and the FBI director Cash Battel, who 221 00:12:19,559 --> 00:12:22,560 Speaker 9: himself was on the air saying, you know, why don't 222 00:12:22,600 --> 00:12:25,080 Speaker 9: they put these files out there? So there's really no 223 00:12:25,320 --> 00:12:29,959 Speaker 9: recourse to not letting these files, you know, become public. 224 00:12:31,520 --> 00:12:33,400 Speaker 2: So this is a debate that has come up now 225 00:12:33,400 --> 00:12:35,840 Speaker 2: that the government is reopened. Something up that is coming 226 00:12:36,520 --> 00:12:39,360 Speaker 2: up because the government's reopen is the policy fight ahead 227 00:12:39,360 --> 00:12:41,360 Speaker 2: when it comes to healthcare. And both sides of the 228 00:12:41,400 --> 00:12:43,800 Speaker 2: aisle have said that they are willing to negotiate and 229 00:12:43,800 --> 00:12:46,960 Speaker 2: that something needs to be done when it comes to healthcare. 230 00:12:47,120 --> 00:12:48,720 Speaker 11: From your time on the Hill. 231 00:12:48,800 --> 00:12:50,440 Speaker 2: Do you think it's viable that we could see a 232 00:12:50,480 --> 00:12:54,000 Speaker 2: deal by January thirtieth, which is that next looming deadline 233 00:12:54,000 --> 00:12:57,440 Speaker 2: that we could get a potentially another government shutdown. 234 00:13:00,200 --> 00:13:02,480 Speaker 10: Hope not. I mean people have suffered, I mean during 235 00:13:02,520 --> 00:13:03,000 Speaker 10: this shutdown. 236 00:13:03,040 --> 00:13:04,800 Speaker 9: That's why you should move on from things like the 237 00:13:04,840 --> 00:13:09,040 Speaker 9: Epstein files, because they need to be focusing on good policy. 238 00:13:09,400 --> 00:13:13,000 Speaker 9: And you've had a bipartisan coalition come together to say 239 00:13:13,120 --> 00:13:15,520 Speaker 9: they do want to find a solution because you have 240 00:13:15,600 --> 00:13:19,959 Speaker 9: people right now, people who are cancer victims, people with Alzheimer's, 241 00:13:20,280 --> 00:13:24,240 Speaker 9: people you know, who are farmers who are on these exchanges. 242 00:13:24,559 --> 00:13:27,640 Speaker 9: You know people who are pregnant saying, hey, I'm six 243 00:13:27,720 --> 00:13:30,720 Speaker 9: or seven months pregnant. I'm not due until next year, 244 00:13:31,120 --> 00:13:34,640 Speaker 9: but my you know, premiums are going from five hundred 245 00:13:35,080 --> 00:13:38,600 Speaker 9: dollars a month to two or three thousand dollars a month. 246 00:13:38,920 --> 00:13:43,280 Speaker 9: You know Congressman Bacon again, you know a Republican Congressman 247 00:13:43,520 --> 00:13:47,360 Speaker 9: Jeff Van Drew, a Republican, has said, we are crazy if. 248 00:13:47,200 --> 00:13:49,120 Speaker 10: We don't come up with a solution for this. 249 00:13:49,559 --> 00:13:53,280 Speaker 9: These frontline Republicans who are now they've looked at the 250 00:13:53,320 --> 00:13:56,719 Speaker 9: results in Virginia and New Jersey, and they realize if 251 00:13:56,760 --> 00:14:00,920 Speaker 9: they don't pass some kind of solution, and as Jeffery 252 00:14:00,960 --> 00:14:04,920 Speaker 9: Andrews said, it's the moral right thing to do, but 253 00:14:05,040 --> 00:14:07,640 Speaker 9: it's the politically right thing to do. If we don't 254 00:14:07,640 --> 00:14:11,359 Speaker 9: pass a solution, we are going to get politically slaughtered 255 00:14:11,440 --> 00:14:12,000 Speaker 9: next year. 256 00:14:12,400 --> 00:14:13,880 Speaker 10: And they are right. 257 00:14:15,679 --> 00:14:16,280 Speaker 3: Well. 258 00:14:16,600 --> 00:14:19,800 Speaker 4: Great to have you back, Barbara Comstock, former Republican congresswoman 259 00:14:19,880 --> 00:14:21,720 Speaker 4: from Virginia. It's good to see you. Thanks for being 260 00:14:21,760 --> 00:14:25,200 Speaker 4: part of our conversation today. As always on Bloomberg TV 261 00:14:25,520 --> 00:14:29,400 Speaker 4: and Radio, I'm Joe Matthew alongside Tyler Kendall in Washington 262 00:14:29,560 --> 00:14:32,080 Speaker 4: with our eyes on Wall Street. Tyler, we've seen the 263 00:14:32,120 --> 00:14:35,440 Speaker 4: markets pull well off their lows of the session, having 264 00:14:35,480 --> 00:14:39,080 Speaker 4: had another dramatically lower start to trading following steep losses 265 00:14:39,160 --> 00:14:41,560 Speaker 4: yesterday that saw the S and P five hundred down 266 00:14:41,600 --> 00:14:44,480 Speaker 4: over one and a half percent, the NASDAK down even 267 00:14:44,520 --> 00:14:46,680 Speaker 4: more than that. The S and P has turned positive, 268 00:14:46,800 --> 00:14:49,680 Speaker 4: it's up a quarter for percent. The NASDAK has turned 269 00:14:49,680 --> 00:14:51,920 Speaker 4: positive as well, up a half percent that now has 270 00:14:51,960 --> 00:14:55,680 Speaker 4: trimmed losses significantly. There does seem to be about of 271 00:14:55,680 --> 00:14:58,680 Speaker 4: bottom fishing here and buy in the dip once again. 272 00:14:58,960 --> 00:15:00,840 Speaker 3: On Wall Street Tyler right exactly. 273 00:15:00,880 --> 00:15:03,280 Speaker 2: We also have our eyes on those FED speakers appearing 274 00:15:03,400 --> 00:15:06,240 Speaker 2: to perhaps urge caution when it comes to bets on 275 00:15:06,320 --> 00:15:09,120 Speaker 2: further policy easing ahead of the next FOMC, which we 276 00:15:09,160 --> 00:15:10,000 Speaker 2: will keep our eyes on. 277 00:15:10,160 --> 00:15:12,600 Speaker 4: We sure will stay with us on Balance of Power. 278 00:15:12,600 --> 00:15:14,400 Speaker 4: We'll have much more coming up after this. 279 00:15:18,640 --> 00:15:22,120 Speaker 1: You're listening to the Bloomberg Balance of Power Podcast. Catch 280 00:15:22,200 --> 00:15:25,280 Speaker 1: us live weekdays at noon and five pm Eastern on 281 00:15:25,400 --> 00:15:28,600 Speaker 1: Apple Cocklay and Android Auto with the Bloomberg Business App. 282 00:15:28,680 --> 00:15:31,680 Speaker 1: You can also listen live on Amazon Alexa from our 283 00:15:31,720 --> 00:15:33,040 Speaker 1: flagship New York station. 284 00:15:33,560 --> 00:15:36,200 Speaker 11: Just say Alexa play Bloomberg eleven thirty. 285 00:15:37,600 --> 00:15:39,400 Speaker 4: Really interesting to hear from the White House as we 286 00:15:39,400 --> 00:15:41,720 Speaker 4: were just talking about affordability. Just kicked out a news 287 00:15:41,720 --> 00:15:46,080 Speaker 4: release on this headline. We're making big progress on prices, 288 00:15:46,720 --> 00:15:50,320 Speaker 4: and we'll keep working to make sure everyone benefits. President 289 00:15:50,320 --> 00:15:53,000 Speaker 4: Donald J. Trumpet says inherited an economic mess when he 290 00:15:53,040 --> 00:15:56,800 Speaker 4: took office. Years of mismanagement under Biden, his incompetent administration. 291 00:15:56,880 --> 00:16:01,320 Speaker 4: Democrats in Congress spend years insisting in was transitory, well, 292 00:16:01,360 --> 00:16:04,520 Speaker 4: dolling out trillions and new spending and dramatically upscaling government 293 00:16:04,800 --> 00:16:06,960 Speaker 4: brought the country to the brink of economic ruin. 294 00:16:07,400 --> 00:16:08,840 Speaker 3: It goes on through a. 295 00:16:08,880 --> 00:16:11,560 Speaker 4: Series of bullets talk about the efforts the administration is 296 00:16:11,600 --> 00:16:13,520 Speaker 4: taking to lower prices, and that may well come in 297 00:16:13,560 --> 00:16:15,600 Speaker 4: the form as well not listed here, but in terms 298 00:16:15,600 --> 00:16:22,360 Speaker 4: of tariff exceptions. Coffee, Coco, bananas, your taco on this 299 00:16:22,440 --> 00:16:27,360 Speaker 4: free Taco Friday. Democrats have their own conversation, their own 300 00:16:27,360 --> 00:16:30,080 Speaker 4: family conversation that they're going to be having over the 301 00:16:30,080 --> 00:16:32,880 Speaker 4: course of this weekend. After coming back to Washington to 302 00:16:32,880 --> 00:16:35,800 Speaker 4: reopen the government, a lot of Democrats were sore with 303 00:16:35,880 --> 00:16:39,320 Speaker 4: Chuck Schumer, were sore with those who crossed the aisle 304 00:16:39,320 --> 00:16:42,600 Speaker 4: in the Senate to break the logjam. Soar about the 305 00:16:42,640 --> 00:16:45,840 Speaker 4: message they thought might have been stepped on coming out 306 00:16:45,840 --> 00:16:49,920 Speaker 4: of the elections. How about a new perspective from the 307 00:16:49,960 --> 00:16:53,200 Speaker 4: newest member of Congress, out A Leadi Grihalva, the Democratic 308 00:16:53,200 --> 00:16:56,000 Speaker 4: congress woman from Arizona, waited fifty days to be sworn in. 309 00:16:56,360 --> 00:16:58,160 Speaker 4: Now that we're back open. We spoke with her in 310 00:16:58,160 --> 00:17:00,840 Speaker 4: her first twenty four hours on the job, and she's 311 00:17:00,880 --> 00:17:03,240 Speaker 4: got her eyes specifically on healthcare reform. 312 00:17:03,280 --> 00:17:03,600 Speaker 12: Listen. 313 00:17:04,440 --> 00:17:08,639 Speaker 7: Republicans have had critical things to say about the affordable 314 00:17:08,680 --> 00:17:11,720 Speaker 7: care Act since its inception in twenty ten. They have 315 00:17:11,800 --> 00:17:15,560 Speaker 7: had fifteen years to work on a better plan. All 316 00:17:15,560 --> 00:17:17,920 Speaker 7: they do is throw stones at it, but don't actually 317 00:17:18,000 --> 00:17:20,679 Speaker 7: come to the table with any real solutions. So I 318 00:17:20,680 --> 00:17:23,480 Speaker 7: don't think it's the Democrat's responsibility to come up with 319 00:17:23,520 --> 00:17:25,879 Speaker 7: a solution that they don't see a problem with. If 320 00:17:25,920 --> 00:17:29,040 Speaker 7: we want to work to improve the ACA, I'm all 321 00:17:29,080 --> 00:17:32,679 Speaker 7: for that. Universal healthcare I think should be the base 322 00:17:32,840 --> 00:17:34,439 Speaker 7: of what the American people deserve. 323 00:17:36,480 --> 00:17:40,000 Speaker 4: Kristin Hahn is not a rock thrower, but she's had 324 00:17:40,040 --> 00:17:44,240 Speaker 4: a few thrown at her and remembers quite distinctly the 325 00:17:44,280 --> 00:17:46,040 Speaker 4: debate that was had in two thousand and eight and 326 00:17:46,080 --> 00:17:48,920 Speaker 4: two thousand and nine over Obamacare. You fast forward fifteen 327 00:17:49,000 --> 00:17:52,600 Speaker 4: years and it surelyly doesn't sound like anything has changed. 328 00:17:53,400 --> 00:17:56,520 Speaker 4: We talk about this and what is the message, the 329 00:17:56,640 --> 00:17:59,040 Speaker 4: unifying message out of the Democratic Party right now at 330 00:17:59,040 --> 00:18:02,560 Speaker 4: a difficult time with Kristen Hahn, partner at Rock Solutions, 331 00:18:02,600 --> 00:18:06,280 Speaker 4: democratic strategist, longtime fixture with the blue dog Democrats on 332 00:18:06,280 --> 00:18:08,680 Speaker 4: Capitol Hill. Happy Friday, Chris, that is the end of 333 00:18:08,720 --> 00:18:11,840 Speaker 4: the week. I'm wondering your thoughts here. I don't know 334 00:18:11,840 --> 00:18:14,280 Speaker 4: how old at Alida Grihalva was I'd have to check 335 00:18:14,600 --> 00:18:18,040 Speaker 4: when Obamacare first passed, but you could have played that. 336 00:18:18,440 --> 00:18:20,720 Speaker 4: You could have played that in two thousand and nine, right. 337 00:18:21,800 --> 00:18:23,679 Speaker 13: You could have you know, and we went through it 338 00:18:23,720 --> 00:18:25,240 Speaker 13: in two thousand and nine and a lot of people 339 00:18:25,280 --> 00:18:26,919 Speaker 13: lost their seats over it, but a lot of good 340 00:18:26,960 --> 00:18:30,000 Speaker 13: things were accomplished. So you could have played that in 341 00:18:30,000 --> 00:18:32,600 Speaker 13: two thousand and nine. And she speaks the truth. I mean, 342 00:18:32,880 --> 00:18:36,160 Speaker 13: it is very difficult to do healthcare reform on either 343 00:18:36,200 --> 00:18:37,879 Speaker 13: side of the aisle. And what we've seen is that 344 00:18:37,920 --> 00:18:41,560 Speaker 13: the Republicans want to continue to tear down Obamacare the 345 00:18:41,600 --> 00:18:45,520 Speaker 13: ACA without any real ideas about how to you know, 346 00:18:46,040 --> 00:18:49,320 Speaker 13: to reform it. So it's been a long time. She 347 00:18:49,400 --> 00:18:52,800 Speaker 13: actually speaks the truth here. Yeah, So you know, it's 348 00:18:52,840 --> 00:18:55,720 Speaker 13: interesting what's going on on Capitol Hill right now with 349 00:18:55,920 --> 00:19:00,320 Speaker 13: a finger pointing among the Democratic Party on heal healthcare 350 00:19:00,400 --> 00:19:02,960 Speaker 13: when we really should be pointing the fingers of the Republicans. 351 00:19:04,040 --> 00:19:08,760 Speaker 4: Well, So, how did Democrats reconcile some of the inside 352 00:19:10,080 --> 00:19:14,120 Speaker 4: inner party anger here with some calling for Chuck Schumer 353 00:19:14,160 --> 00:19:17,560 Speaker 4: to resign. You've got progressives who are very upset with 354 00:19:17,600 --> 00:19:19,800 Speaker 4: the Moderates and the Senate who crossed over to vote 355 00:19:19,800 --> 00:19:21,479 Speaker 4: for this because they didn't feel like they got anything 356 00:19:21,520 --> 00:19:24,600 Speaker 4: for it. Kristen and that a message coming out of 357 00:19:24,920 --> 00:19:28,040 Speaker 4: the elections couple of tuesdays ago may have been squandered 358 00:19:28,040 --> 00:19:31,040 Speaker 4: by what took place here in Washington. Is there a 359 00:19:31,200 --> 00:19:33,480 Speaker 4: unifying message for Democrats right now? 360 00:19:34,880 --> 00:19:35,639 Speaker 8: I mean, I think so. 361 00:19:36,160 --> 00:19:38,120 Speaker 13: At the you know, at the end of the day, 362 00:19:38,160 --> 00:19:41,159 Speaker 13: the Republicans are in charge of the House, the Senate, 363 00:19:41,240 --> 00:19:44,479 Speaker 13: and they control the White House, so you know, pointing 364 00:19:44,480 --> 00:19:48,280 Speaker 13: fingers at each other in the Democratic Party is not constructive. 365 00:19:48,960 --> 00:19:52,560 Speaker 13: You are up against a party and I consider myself 366 00:19:52,640 --> 00:19:54,199 Speaker 13: very middle of the road, but the fact of the 367 00:19:54,240 --> 00:19:57,720 Speaker 13: matter is you're up against a party in the Republican Party, 368 00:19:57,760 --> 00:20:04,680 Speaker 13: that is unified against providing these healthcare benefits for everyday Americans. 369 00:20:04,720 --> 00:20:06,160 Speaker 8: And there's only so much you can do. 370 00:20:06,240 --> 00:20:08,960 Speaker 13: And at the end of the day, it's always difficult 371 00:20:09,040 --> 00:20:12,840 Speaker 13: when you're holding the federal government hostage. It's difficult when 372 00:20:12,840 --> 00:20:16,280 Speaker 13: the future sorry the Freedom Caucus would do this. At 373 00:20:16,320 --> 00:20:18,800 Speaker 13: the end of the day, the government will reopen. There 374 00:20:18,840 --> 00:20:20,800 Speaker 13: will be something that will happen, and people were hurting 375 00:20:20,800 --> 00:20:22,080 Speaker 13: when the government was closed. 376 00:20:22,480 --> 00:20:24,120 Speaker 8: So I think we need to look forward. 377 00:20:24,600 --> 00:20:26,639 Speaker 13: I think that a lot of these Republicans in these 378 00:20:27,480 --> 00:20:30,439 Speaker 13: tougher seats are going to potentially pay for it in 379 00:20:30,440 --> 00:20:31,480 Speaker 13: the midterms next year. 380 00:20:32,160 --> 00:20:33,080 Speaker 3: Wow. Interesting. 381 00:20:33,480 --> 00:20:37,280 Speaker 4: You know who kind of crystallizes this is Seth Moulton, 382 00:20:37,359 --> 00:20:41,200 Speaker 4: the Democrat from Massachusetts running for Senate now to replace 383 00:20:41,440 --> 00:20:44,360 Speaker 4: Ed Markey, or so he hopes, sat down for an 384 00:20:44,359 --> 00:20:49,159 Speaker 4: interview with Politico to have a conversation on the conversation, 385 00:20:49,640 --> 00:20:51,720 Speaker 4: this is exactly what we're talking about here, Kristen, Listen 386 00:20:51,760 --> 00:20:52,399 Speaker 4: to Seth Moulton. 387 00:20:53,440 --> 00:20:54,880 Speaker 3: It means this Schuber just gave it. 388 00:20:54,920 --> 00:20:57,439 Speaker 14: He just quit right when we actually look like we 389 00:20:57,520 --> 00:20:59,840 Speaker 14: might be able to win. And it's tough right now 390 00:21:00,040 --> 00:21:03,560 Speaker 14: to win in Washington when Republicans control the White House, 391 00:21:03,600 --> 00:21:06,400 Speaker 14: the House, and the Senate. There's two problems here. One, 392 00:21:06,560 --> 00:21:08,440 Speaker 14: Schumer has proven to all of us that he can't 393 00:21:08,520 --> 00:21:11,920 Speaker 14: keep the team together. But two, Schumer has also proven 394 00:21:11,960 --> 00:21:15,000 Speaker 14: to Trump that his strong arm tactics work. 395 00:21:17,119 --> 00:21:21,080 Speaker 4: That's a pretty tough combination for Democrats if that's true, Kristen, 396 00:21:21,119 --> 00:21:23,919 Speaker 4: and you wonder would have been different with another leader. 397 00:21:24,000 --> 00:21:26,800 Speaker 4: We had the longest shutdown in American history, and somebody 398 00:21:26,840 --> 00:21:31,159 Speaker 4: like Jean Shaheen got tired of waiting around. Would a 399 00:21:31,200 --> 00:21:33,200 Speaker 4: different leader have prevented the jail break. 400 00:21:35,119 --> 00:21:37,480 Speaker 13: This isn't a defensive Schumer, but I'm not sure that 401 00:21:37,560 --> 00:21:42,159 Speaker 13: they would have. You have United States senators in the 402 00:21:42,200 --> 00:21:44,840 Speaker 13: Democratic Party, you have a mind of their own, and 403 00:21:45,200 --> 00:21:48,080 Speaker 13: they got together, they had discussions, and they moved forward. 404 00:21:48,880 --> 00:21:52,399 Speaker 13: So I'm not sure another leader would have made a 405 00:21:52,400 --> 00:21:55,000 Speaker 13: difference here. There are certainly a ton of capable leaders 406 00:21:55,000 --> 00:21:58,320 Speaker 13: that could take over for Chuck Schumer, you know, from 407 00:21:58,320 --> 00:22:00,880 Speaker 13: all over the country, but I'm not sure that would 408 00:22:00,880 --> 00:22:03,920 Speaker 13: have made a difference. Certainly, there are criticisms of any 409 00:22:04,000 --> 00:22:07,359 Speaker 13: leader you know, of both parties, and they have to 410 00:22:07,400 --> 00:22:09,440 Speaker 13: go through that. But at the end of the day, 411 00:22:09,440 --> 00:22:12,600 Speaker 13: the government had to reopen. How and when that happened, 412 00:22:13,040 --> 00:22:15,359 Speaker 13: that was up to those senators, and they made their decisions. 413 00:22:16,680 --> 00:22:19,280 Speaker 4: I'm not sure it sounds like you agree they'd made 414 00:22:19,320 --> 00:22:22,359 Speaker 4: the right decision, But either way, we're open. When lawmakers 415 00:22:22,400 --> 00:22:24,479 Speaker 4: get back, there's going to be, I guess a debate 416 00:22:25,000 --> 00:22:29,160 Speaker 4: over extending healthcare reforms. There's no promised vote in the House, 417 00:22:29,200 --> 00:22:30,919 Speaker 4: though Kristen and a lot of people like me are 418 00:22:30,960 --> 00:22:32,000 Speaker 4: already asking if we're going to. 419 00:22:32,000 --> 00:22:33,040 Speaker 3: Shut down in January. 420 00:22:33,080 --> 00:22:36,160 Speaker 4: This doesn't sound like it's getting real better, does it? 421 00:22:36,160 --> 00:22:37,440 Speaker 8: It's not getting any better? 422 00:22:37,480 --> 00:22:39,920 Speaker 13: And I think that if there is not a vote, 423 00:22:39,960 --> 00:22:41,760 Speaker 13: and I you know, I agree with a lot of 424 00:22:41,760 --> 00:22:45,320 Speaker 13: the members that just have no faith in the Republican 425 00:22:45,640 --> 00:22:48,720 Speaker 13: leadership in the House to hold you know, to any 426 00:22:48,800 --> 00:22:50,800 Speaker 13: type of word that they'll bring something to the floors 427 00:22:50,880 --> 00:22:53,239 Speaker 13: so that they have and you're gonna have a lot 428 00:22:53,240 --> 00:22:54,879 Speaker 13: of members who are really upset about this. 429 00:22:55,520 --> 00:22:56,960 Speaker 8: So no, I think that we're in. 430 00:22:56,840 --> 00:23:00,720 Speaker 13: For a long haul between now and all the way 431 00:23:00,720 --> 00:23:03,040 Speaker 13: through twenty twenty six having these major fights of her 432 00:23:03,080 --> 00:23:06,640 Speaker 13: healthcare because this is where Democrats win. Democrats win on healthcare. 433 00:23:06,640 --> 00:23:08,800 Speaker 13: As you get closer to the elections, people want to 434 00:23:08,800 --> 00:23:12,320 Speaker 13: see the members fighting. So I think there's a potential 435 00:23:12,359 --> 00:23:13,639 Speaker 13: we go through all of this again. 436 00:23:15,200 --> 00:23:17,399 Speaker 4: Boy, it's sounding like it. I don't know how we 437 00:23:17,440 --> 00:23:19,480 Speaker 4: get out of it at that point too. Because they've 438 00:23:19,560 --> 00:23:22,560 Speaker 4: they've funded snap benefits for the year, you won't have 439 00:23:22,640 --> 00:23:24,920 Speaker 4: to worry about that. I guess the airports won't get 440 00:23:24,960 --> 00:23:27,600 Speaker 4: any better. But when it comes to Schumer Kristen, is 441 00:23:27,600 --> 00:23:29,680 Speaker 4: this it Does he even run for reelection? 442 00:23:31,440 --> 00:23:31,920 Speaker 8: I don't know. 443 00:23:32,000 --> 00:23:34,480 Speaker 13: I mean, I think that there's always room for a 444 00:23:34,600 --> 00:23:39,119 Speaker 13: changing of the guard and new leadership and new blood. 445 00:23:39,720 --> 00:23:42,560 Speaker 13: You've seen that in the House, and you know, Nancy 446 00:23:42,600 --> 00:23:45,400 Speaker 13: Pelosi was just such a strong leader for so many 447 00:23:45,480 --> 00:23:48,919 Speaker 13: years and provided guidance in leadership to other members of 448 00:23:48,920 --> 00:23:53,199 Speaker 13: the party like Hakeem Jeffries who leads the House Democrats. 449 00:23:53,240 --> 00:23:55,960 Speaker 8: Now, so you know, that has yet to be seen. 450 00:23:56,600 --> 00:23:59,359 Speaker 13: Schumer seems to have the support of his caucus, but 451 00:23:59,600 --> 00:24:01,520 Speaker 13: I think that there is room for a lot of 452 00:24:01,560 --> 00:24:05,600 Speaker 13: talent in the Democratic Party and some new blood, you know, 453 00:24:05,760 --> 00:24:06,800 Speaker 13: particularly in the Senate. 454 00:24:07,840 --> 00:24:10,560 Speaker 4: You know, we're going to come through the holidays in 455 00:24:10,680 --> 00:24:12,359 Speaker 4: just about five minutes time, right, and then all of 456 00:24:12,359 --> 00:24:15,000 Speaker 4: a sudden, we're going to hear an invitation by the 457 00:24:15,040 --> 00:24:17,520 Speaker 4: Speaker to the President to come deliver the State of 458 00:24:17,520 --> 00:24:20,439 Speaker 4: the Union address. That's going to be a big moment. 459 00:24:20,480 --> 00:24:22,600 Speaker 4: I suspect it's been late last couple of years. Maybe 460 00:24:22,640 --> 00:24:25,520 Speaker 4: it'll fall in February. We'll see about this. But you 461 00:24:25,600 --> 00:24:27,840 Speaker 4: wonder what the state of affairs will be or if 462 00:24:27,840 --> 00:24:30,359 Speaker 4: the government I guess, will be open when that takes place, 463 00:24:31,080 --> 00:24:34,360 Speaker 4: and exactly you know, one year after the President's addressed 464 00:24:34,400 --> 00:24:37,480 Speaker 4: to Congress, what the feel in the room is going 465 00:24:37,520 --> 00:24:42,560 Speaker 4: to be like, and how belligerent Democrats will be what's 466 00:24:42,600 --> 00:24:44,560 Speaker 4: this state of the Union going to be like next year? 467 00:24:45,480 --> 00:24:49,080 Speaker 13: I think it Unfortunately, I'm not sure I see anything different. 468 00:24:49,119 --> 00:24:52,480 Speaker 13: And you know, we talk about the Democrats being bulligerent, 469 00:24:52,520 --> 00:24:58,800 Speaker 13: but the President uses that that stage and we've all 470 00:24:58,840 --> 00:25:01,840 Speaker 13: been through how many he's told how many you know, 471 00:25:01,920 --> 00:25:07,320 Speaker 13: non truths that he conveys from that podium, so you know, 472 00:25:07,440 --> 00:25:10,320 Speaker 13: it's a difficult decision that Democrats have to made how 473 00:25:10,359 --> 00:25:12,960 Speaker 13: to respond to this, how to fight back, when to 474 00:25:13,000 --> 00:25:13,520 Speaker 13: fight back. 475 00:25:14,119 --> 00:25:15,680 Speaker 8: But he certainly will use that. 476 00:25:15,600 --> 00:25:21,119 Speaker 13: Stage, you know, to to spend a lot of mistruths, 477 00:25:21,119 --> 00:25:23,680 Speaker 13: which is really unfortunate because the decorum in the House 478 00:25:23,720 --> 00:25:28,000 Speaker 13: that usually surrounds that event has been lost over the 479 00:25:28,119 --> 00:25:30,600 Speaker 13: last couple of years, so that's it's really unfortunate. 480 00:25:30,600 --> 00:25:33,080 Speaker 8: But I don't think. I don't think it's going to change. 481 00:25:33,240 --> 00:25:34,480 Speaker 3: It's live at the improv. 482 00:25:34,640 --> 00:25:38,720 Speaker 4: Now, who does the official response for the Democrats if 483 00:25:38,760 --> 00:25:40,800 Speaker 4: not Abigail Spamberger. 484 00:25:42,560 --> 00:25:45,600 Speaker 13: I think, you know, I would love to see Mikey, Cheryl, 485 00:25:45,600 --> 00:25:49,919 Speaker 13: Abigail Spiamburger up there. I think they just embody what 486 00:25:49,960 --> 00:25:54,399 Speaker 13: it means to be a Democrat and win and listen, 487 00:25:55,040 --> 00:25:59,960 Speaker 13: listen to your constituents and represent your state and district 488 00:26:00,080 --> 00:26:03,480 Speaker 13: in the way that people want to see it represented. 489 00:26:03,600 --> 00:26:06,600 Speaker 13: So those would be my top two picks for sure. 490 00:26:07,080 --> 00:26:10,080 Speaker 4: Okay, you didn't say zor on Mamdani, I guess no, 491 00:26:10,440 --> 00:26:15,040 Speaker 4: I did not. No, good to see you, Kristen. As always, 492 00:26:15,119 --> 00:26:17,960 Speaker 4: Kristen Hahn is a partner at Rock Solutions, democratic strategist. 493 00:26:18,000 --> 00:26:20,360 Speaker 4: In a front of the program here interesting to take 494 00:26:20,400 --> 00:26:21,879 Speaker 4: a minute here on a Friday, just to get a 495 00:26:21,920 --> 00:26:25,080 Speaker 4: sense of where the party is and what the vibes 496 00:26:25,080 --> 00:26:26,520 Speaker 4: are going to be next week, because it doesn't sound 497 00:26:26,520 --> 00:26:27,960 Speaker 4: like it's going to be any better than it was 498 00:26:28,119 --> 00:26:30,520 Speaker 4: this week. But hey, the government's open, and this might 499 00:26:30,560 --> 00:26:32,080 Speaker 4: be the worst of it. We may have been through 500 00:26:32,119 --> 00:26:34,040 Speaker 4: the worst already when it comes to the air traffic 501 00:26:34,600 --> 00:26:37,480 Speaker 4: capacity cuts, the delays and cancelations around the country, or 502 00:26:37,520 --> 00:26:40,320 Speaker 4: so we like to think. One item that was in 503 00:26:40,359 --> 00:26:43,679 Speaker 4: the bill that just passed to reopen the government is 504 00:26:43,720 --> 00:26:46,560 Speaker 4: getting a lot of scrutiny all of a sudden. Some 505 00:26:46,640 --> 00:26:48,159 Speaker 4: members of the House said they didn't even know what 506 00:26:48,280 --> 00:26:51,720 Speaker 4: was in there. That's a provision that allows senators to 507 00:26:51,880 --> 00:26:55,000 Speaker 4: sue the Department of Justice to the tune of a 508 00:26:55,119 --> 00:27:01,080 Speaker 4: half million dollars for scraping their telephone numbers and telephone 509 00:27:01,119 --> 00:27:03,920 Speaker 4: records as part of the January sixth investigation. It looks 510 00:27:03,920 --> 00:27:05,920 Speaker 4: like we have at least one taker. There's going to 511 00:27:05,960 --> 00:27:07,520 Speaker 4: be a vote next week in the House to cancel 512 00:27:07,560 --> 00:27:10,320 Speaker 4: this idea, but it may not be going anywhere. We'll 513 00:27:10,320 --> 00:27:12,919 Speaker 4: talk about this with our panel, Rick Davis and Genie Shanzeno. 514 00:27:13,200 --> 00:27:16,919 Speaker 4: Should lawmakers be able to sue the government, we'll tackle 515 00:27:16,960 --> 00:27:19,520 Speaker 4: that next on Balance of Power. Stay with us on 516 00:27:19,600 --> 00:27:22,160 Speaker 4: Balance of Power. We'll have much more coming up after this. 517 00:27:26,440 --> 00:27:29,920 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 518 00:27:30,000 --> 00:27:33,440 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, 519 00:27:33,520 --> 00:27:36,520 Speaker 1: Cocklay and Android Auto with the Bloomberg Business app. You 520 00:27:36,560 --> 00:27:40,040 Speaker 1: can also listen live on Amazon Alexa from our flagship 521 00:27:40,119 --> 00:27:44,000 Speaker 1: New York station Just Say Alexa played Bloomberg eleven thirty. 522 00:27:45,520 --> 00:27:48,119 Speaker 4: You know, lawmakers on Capitol Hill get to determine their 523 00:27:48,160 --> 00:27:51,919 Speaker 4: own pay, which is interesting knowing that that they have 524 00:27:52,040 --> 00:27:55,240 Speaker 4: not done so in about fifteen years given themselves a raise. 525 00:27:55,280 --> 00:27:57,160 Speaker 4: I think two thousand and nine was the last time 526 00:27:57,200 --> 00:28:01,399 Speaker 4: that members of Congress actually voted to give themselves a raise, 527 00:28:02,880 --> 00:28:05,919 Speaker 4: even with the cost of inflation prices, the whole thing rising, 528 00:28:05,960 --> 00:28:08,639 Speaker 4: as we discuss on a fairly regular basis. And the 529 00:28:08,680 --> 00:28:11,200 Speaker 4: reason why is because they think it'll just look bad. 530 00:28:11,240 --> 00:28:15,000 Speaker 4: It's a toxic headline. Members of Congress with approval ratings 531 00:28:15,000 --> 00:28:18,600 Speaker 4: and the single digits are paying themselves more maybe from 532 00:28:18,640 --> 00:28:23,040 Speaker 4: that same file as a new procedure to program, if 533 00:28:23,080 --> 00:28:25,080 Speaker 4: I can call it that, a provision in the Senate 534 00:28:25,119 --> 00:28:28,800 Speaker 4: that was inside the continuing resolution that just passed that 535 00:28:28,920 --> 00:28:32,840 Speaker 4: allows senators to sue the government for a lot of 536 00:28:32,840 --> 00:28:36,640 Speaker 4: money five hundred thousand dollars or more if they discover 537 00:28:36,720 --> 00:28:40,640 Speaker 4: the government scooped up their electronic data, seize their records 538 00:28:40,680 --> 00:28:44,360 Speaker 4: without notification. And that happened to a handful of senators 539 00:28:45,120 --> 00:28:47,680 Speaker 4: during Jack Smith's January sixth probe. 540 00:28:48,240 --> 00:28:49,560 Speaker 3: It's actually a pretty good number. 541 00:28:49,560 --> 00:28:51,960 Speaker 4: Eight of them, Josh Holly, Marshall, Blackburn there you see 542 00:28:52,000 --> 00:28:55,560 Speaker 4: them all on YouTube, Dan Sullivan, Ron Johnson, Bill Haggerty, 543 00:28:57,200 --> 00:29:00,080 Speaker 4: and yes, Lindsey Graham, who is the only one of 544 00:29:00,120 --> 00:29:02,520 Speaker 4: this group who has decided to take advantage of the 545 00:29:02,560 --> 00:29:07,360 Speaker 4: new provision. And it seems sue the Department of Justice. 546 00:29:07,440 --> 00:29:09,400 Speaker 4: Josh Harley didn't want anything to do with it. He said, 547 00:29:09,400 --> 00:29:11,640 Speaker 4: I think the Senate provision a bad idea. There needs 548 00:29:11,640 --> 00:29:15,680 Speaker 4: to be accountability for Joe Biden's DOJ but the right 549 00:29:15,680 --> 00:29:18,680 Speaker 4: way to do that is through public hearings, tough oversight, 550 00:29:19,360 --> 00:29:23,440 Speaker 4: including the complicity of telecom companies, and prosecution. 551 00:29:23,560 --> 00:29:24,280 Speaker 3: We're warranted. 552 00:29:25,280 --> 00:29:27,360 Speaker 4: I wonder what the panel thinks about this, because I'm 553 00:29:27,360 --> 00:29:30,360 Speaker 4: not sure congressional approval ratings could go any lower. Rick 554 00:29:30,440 --> 00:29:32,960 Speaker 4: Davis and Genie Shanzina we're here on the Friday edition 555 00:29:32,960 --> 00:29:37,000 Speaker 4: Bloomberg Politics contributors. Rick is our Republican strategist partner Stone 556 00:29:37,040 --> 00:29:39,080 Speaker 4: Core Capital, spent a lot of years working in the Senate, 557 00:29:39,080 --> 00:29:42,000 Speaker 4: and Genie is democracy visiting fellow at Harvard Kennedy School's 558 00:29:42,040 --> 00:29:45,680 Speaker 4: Ash Center. I should note, by the way, and you 559 00:29:45,720 --> 00:29:47,920 Speaker 4: guys know this, there's a standalone bill in the House 560 00:29:48,000 --> 00:29:50,800 Speaker 4: because this is a Senate matter, and Republicans in the 561 00:29:50,800 --> 00:29:52,680 Speaker 4: House hate this idea. They're going to try to knock 562 00:29:52,680 --> 00:29:55,400 Speaker 4: it down next week in a floor vote. But Rick, 563 00:29:55,480 --> 00:29:58,120 Speaker 4: that wouldn't I'm assuming it wouldn't pass the Senate. What 564 00:29:58,200 --> 00:30:01,720 Speaker 4: is John Thune thinking of putting this into a continuing resolution? 565 00:30:03,200 --> 00:30:08,560 Speaker 12: Yeah, this is pretty extraordinary, you know, because the institution itself, 566 00:30:08,640 --> 00:30:11,920 Speaker 12: the Senate has lots of right. They write the law. 567 00:30:12,480 --> 00:30:15,320 Speaker 12: That's what people depend upon them, is they create these laws. 568 00:30:15,360 --> 00:30:19,280 Speaker 12: And individual senators really don't have any success suing the 569 00:30:19,320 --> 00:30:22,400 Speaker 12: federal government. They've tried it before because they tend to 570 00:30:22,440 --> 00:30:24,160 Speaker 12: lack standing. I mean, what was the harm to the 571 00:30:24,160 --> 00:30:27,320 Speaker 12: individual senator that kind of thing. So in this case, 572 00:30:27,680 --> 00:30:30,760 Speaker 12: you know, they went to John Thune and said, hey, look, 573 00:30:31,200 --> 00:30:34,960 Speaker 12: put a little law in this bill that gives us 574 00:30:35,000 --> 00:30:38,480 Speaker 12: actually standing to sue the federal government as if the 575 00:30:38,680 --> 00:30:46,400 Speaker 12: entire Congress was affected by it. And that's pretty outrageous. 576 00:30:46,560 --> 00:30:47,440 Speaker 3: That's self dealing. 577 00:30:48,000 --> 00:30:50,760 Speaker 12: But when it gets to the House of Representatives, they 578 00:30:50,800 --> 00:30:53,440 Speaker 12: don't even know it's in there until almost after the fact. 579 00:30:53,480 --> 00:30:56,560 Speaker 12: I mean, this is why you need to have these 580 00:30:56,640 --> 00:31:00,440 Speaker 12: bills read before you vote on them. And then it 581 00:31:00,480 --> 00:31:02,520 Speaker 12: was too late. We need to open up the government. 582 00:31:02,600 --> 00:31:07,400 Speaker 12: And Speaker Johnson has an absolute right to throw a 583 00:31:07,440 --> 00:31:10,560 Speaker 12: fit over this because the Senate jammed him. They didn't 584 00:31:10,560 --> 00:31:13,520 Speaker 12: tell it was coming, and it is totally an effort 585 00:31:13,560 --> 00:31:17,560 Speaker 12: by the part of eight senators to godge the federal 586 00:31:17,560 --> 00:31:22,360 Speaker 12: government for money. It's outrageous and as Lindsey Graham said, 587 00:31:22,520 --> 00:31:25,400 Speaker 12: forget this, half a million dollars that they're talking about. 588 00:31:25,600 --> 00:31:26,720 Speaker 3: I'm going big money. 589 00:31:28,000 --> 00:31:30,760 Speaker 12: He was a trial lawyer before he got elected to 590 00:31:30,800 --> 00:31:31,320 Speaker 12: the Senate. 591 00:31:31,360 --> 00:31:35,520 Speaker 4: He knows how to do this himself. Wow, big money, genie. 592 00:31:35,560 --> 00:31:38,520 Speaker 4: It's like we're on the wheel of fortune in this case. 593 00:31:38,800 --> 00:31:41,280 Speaker 4: Nobody was watching the game show like Rick is saying. 594 00:31:41,320 --> 00:31:43,680 Speaker 4: Tom Cole in a hearing just the other night, said, 595 00:31:43,680 --> 00:31:45,560 Speaker 4: wait a second, how the heck did this. 596 00:31:45,520 --> 00:31:46,120 Speaker 3: Get in here? 597 00:31:46,520 --> 00:31:49,800 Speaker 4: Are we just moving too fast or did John Soon 598 00:31:49,840 --> 00:31:52,080 Speaker 4: pull a fast one? 599 00:31:52,800 --> 00:31:53,560 Speaker 11: I think both. 600 00:31:53,640 --> 00:31:55,760 Speaker 15: I think three what was it, three hundred and ninety 601 00:31:55,800 --> 00:31:59,080 Speaker 15: plus pages of a bill that they jammed through and 602 00:31:59,160 --> 00:32:03,640 Speaker 15: had to get throughquickly, and you know, they both Democrats 603 00:32:03,680 --> 00:32:07,360 Speaker 15: and Republicans in the House crying foul. Of course, they 604 00:32:07,400 --> 00:32:10,160 Speaker 15: still sent the bill to the President under pressure. And 605 00:32:10,200 --> 00:32:12,720 Speaker 15: now they're saying they're going to come back. But let's 606 00:32:12,800 --> 00:32:17,200 Speaker 15: just take a step back. What is so not just 607 00:32:17,400 --> 00:32:23,240 Speaker 15: morally and politically corrupt, but unjust about this entire endeavor 608 00:32:23,640 --> 00:32:27,320 Speaker 15: is that they have given these eight senators a right 609 00:32:27,480 --> 00:32:30,560 Speaker 15: that is denied to all of the rest of us. 610 00:32:30,880 --> 00:32:34,080 Speaker 15: The rest of us cannot if the FBI or the 611 00:32:34,160 --> 00:32:38,760 Speaker 15: DOJ are involved in legal, you know, examining of our 612 00:32:38,800 --> 00:32:42,200 Speaker 15: phone records, whatever else cannot sue. And in fact, it 613 00:32:42,240 --> 00:32:44,680 Speaker 15: wasn't that long ago that the Bivens Act was up 614 00:32:45,000 --> 00:32:48,640 Speaker 15: that didn't even make it through committee, and that act 615 00:32:49,040 --> 00:32:53,280 Speaker 15: would have allowed people to sue the federal government and 616 00:32:53,400 --> 00:32:57,360 Speaker 15: federal officials if their constitutional rights were violated. So we 617 00:32:57,480 --> 00:33:00,320 Speaker 15: now have a Senate that is not even given right 618 00:33:00,360 --> 00:33:03,120 Speaker 15: to all Republican senators or all Democratic senators. 619 00:33:03,080 --> 00:33:04,440 Speaker 8: Only the eight. 620 00:33:05,760 --> 00:33:08,360 Speaker 15: Who were involved in some way or somehow on the 621 00:33:08,360 --> 00:33:12,440 Speaker 15: phone with Donald Trump during the insurrection. And you know, 622 00:33:12,520 --> 00:33:15,040 Speaker 15: you look at the stories on the other side, people 623 00:33:15,120 --> 00:33:17,720 Speaker 15: who have said that their rights were violated by Ice 624 00:33:17,840 --> 00:33:19,480 Speaker 15: but have been denied. 625 00:33:19,080 --> 00:33:20,760 Speaker 11: The right to sue. 626 00:33:21,080 --> 00:33:23,320 Speaker 15: That's not how we do things in the United States 627 00:33:23,440 --> 00:33:27,040 Speaker 15: or in a democracy. Whether you are a big, powerful senator, 628 00:33:27,080 --> 00:33:29,560 Speaker 15: a Republican or Democrat, or just a little old person 629 00:33:29,680 --> 00:33:30,640 Speaker 15: like the rest of us. 630 00:33:30,640 --> 00:33:32,280 Speaker 11: We should all be able to sue. 631 00:33:32,560 --> 00:33:36,200 Speaker 15: And so this has absolutely got to be pulled back, 632 00:33:36,320 --> 00:33:38,440 Speaker 15: and it is shameful that it got through in the 633 00:33:38,440 --> 00:33:38,960 Speaker 15: way it did. 634 00:33:39,960 --> 00:33:41,000 Speaker 3: Wow, the House. 635 00:33:40,760 --> 00:33:43,960 Speaker 4: Built to kill this provision is expected to pass overwhelmingly. 636 00:33:44,440 --> 00:33:46,560 Speaker 4: Whether it's next week or not, it looks like that's 637 00:33:46,600 --> 00:33:50,160 Speaker 4: the schedule here, Rick, what does John Thunn do then, 638 00:33:50,600 --> 00:33:52,960 Speaker 4: do you just stay quiet or bring it to the floor. 639 00:33:54,000 --> 00:33:55,400 Speaker 12: Oh, I think he's going to have to take a 640 00:33:55,440 --> 00:33:57,760 Speaker 12: vote on it, and he'll tell you'll have to tell 641 00:33:57,800 --> 00:34:00,360 Speaker 12: the caucus to vote their conscience. I mean, can't have 642 00:34:00,400 --> 00:34:04,360 Speaker 12: instructions from the leadership on this one, because you know, 643 00:34:04,400 --> 00:34:07,480 Speaker 12: he got it, got his handcott in a cookie jar. 644 00:34:07,720 --> 00:34:09,200 Speaker 3: I mean, that's what this is all about. 645 00:34:09,719 --> 00:34:11,839 Speaker 12: He was hoping it would sail through, nobody would notice, 646 00:34:11,840 --> 00:34:15,080 Speaker 12: nobody would complain, and make eight of his members happy. 647 00:34:15,200 --> 00:34:18,040 Speaker 12: And and that's not what happened. And now everybody's talking 648 00:34:18,040 --> 00:34:21,160 Speaker 12: about it. You know, in Republicans the Democrats alike can 649 00:34:21,200 --> 00:34:24,279 Speaker 12: be outraged by this because it really does set up 650 00:34:24,920 --> 00:34:29,320 Speaker 12: a you know, totally different level of status within the 651 00:34:29,400 --> 00:34:32,520 Speaker 12: legal system when you carve out and use an institution 652 00:34:32,719 --> 00:34:36,319 Speaker 12: like Congress to give yourself a status that no other 653 00:34:36,400 --> 00:34:40,080 Speaker 12: American is afforded by a special law that allows you 654 00:34:40,160 --> 00:34:42,960 Speaker 12: to make money off of sue in the federal government. 655 00:34:43,000 --> 00:34:45,520 Speaker 12: I mean, I'm sorry, you know, there's so much wrong 656 00:34:45,560 --> 00:34:48,319 Speaker 12: with that that it's it's it's not even a close call. 657 00:34:48,440 --> 00:34:51,239 Speaker 12: So I don't think Thune wants in the middle of 658 00:34:51,320 --> 00:34:55,120 Speaker 12: mid terms with a third of his Senate up to 659 00:34:55,120 --> 00:34:59,799 Speaker 12: to have to defend this. He'll cave quick and and 660 00:34:59,520 --> 00:35:01,960 Speaker 12: and should because Johnson's tried on this. 661 00:35:02,640 --> 00:35:03,040 Speaker 3: Wow. 662 00:35:03,200 --> 00:35:06,120 Speaker 4: Wow, this panel is unified on this issue. Jeanie, what 663 00:35:06,200 --> 00:35:11,239 Speaker 4: do you think about what Josh Holly said? The right 664 00:35:11,280 --> 00:35:14,160 Speaker 4: way to do this is, he says, is through public hearings, 665 00:35:14,200 --> 00:35:20,200 Speaker 4: tough oversight, including the complicity of telecom companies. To what 666 00:35:20,280 --> 00:35:23,680 Speaker 4: extent is that really what this story is all about? 667 00:35:25,560 --> 00:35:29,560 Speaker 15: Yeah, I mean, absolutely, Congress has the right to engage 668 00:35:29,560 --> 00:35:32,480 Speaker 15: in oversight if there is complicity on the part of 669 00:35:32,480 --> 00:35:33,920 Speaker 15: the telecom companies. 670 00:35:34,000 --> 00:35:34,719 Speaker 11: Absolutely. 671 00:35:35,239 --> 00:35:39,000 Speaker 15: The problem here is that for a party that ran 672 00:35:39,080 --> 00:35:42,960 Speaker 15: on and has consistently talked about a two tier system 673 00:35:43,000 --> 00:35:46,160 Speaker 15: of justice. 674 00:35:45,000 --> 00:35:47,520 Speaker 11: That is exactly what they have created. 675 00:35:48,000 --> 00:35:51,839 Speaker 15: And remember, when they engage in oversight, they don't then 676 00:35:52,000 --> 00:35:55,600 Speaker 15: line their own personal and family coffers to the tune 677 00:35:55,640 --> 00:35:57,680 Speaker 15: of a million dollars per senator. 678 00:35:57,840 --> 00:36:00,120 Speaker 11: Right, So there's a vast difference. 679 00:36:00,080 --> 00:36:04,160 Speaker 15: Between passing an amendment in this law that allows them 680 00:36:04,160 --> 00:36:07,720 Speaker 15: to sue us and take a million dollars from us 681 00:36:08,160 --> 00:36:10,400 Speaker 15: because they have been wrong, deny us the right to 682 00:36:10,480 --> 00:36:15,040 Speaker 15: do that, and engage in proper oversight. So absolutely, proper oversight. 683 00:36:15,360 --> 00:36:19,080 Speaker 15: But this thing has got to go, and I am 684 00:36:19,120 --> 00:36:22,680 Speaker 15: not sure even how this thing got through. And talk 685 00:36:22,719 --> 00:36:26,680 Speaker 15: about tone death in this environment, when to your point, Joe, 686 00:36:26,800 --> 00:36:29,400 Speaker 15: the numbers for Congress can't get any lowers. So maybe 687 00:36:29,400 --> 00:36:32,319 Speaker 15: this putting their hands up and saying we give up, 688 00:36:32,520 --> 00:36:33,640 Speaker 15: We're as low as we can go. 689 00:36:33,719 --> 00:36:35,960 Speaker 11: We're just gonna take take a million more. 690 00:36:36,040 --> 00:36:39,319 Speaker 15: I mean, it's absolutely outrageous from almost every perspective. 691 00:36:40,480 --> 00:36:44,680 Speaker 4: Should Congress be focused on telecom companies here in being 692 00:36:44,680 --> 00:36:49,359 Speaker 4: complicit with the DOJ rick? The telecom companies have any choice? 693 00:36:49,520 --> 00:36:55,720 Speaker 12: Yeah, I don't think the telecom company is a serious issue. Look, 694 00:36:55,920 --> 00:36:59,960 Speaker 12: these arrangements with the telecom companies and the federal government 695 00:37:00,120 --> 00:37:07,719 Speaker 12: were made decades ago. They are protecting view US from 696 00:37:08,239 --> 00:37:10,800 Speaker 12: terrorists and people who want to. 697 00:37:10,719 --> 00:37:13,440 Speaker 10: Inflict harm on. 698 00:37:12,560 --> 00:37:16,239 Speaker 12: On us by being able to use these things like 699 00:37:16,320 --> 00:37:21,120 Speaker 12: PAISA warrants to identify them and. 700 00:37:23,040 --> 00:37:24,080 Speaker 3: Gather intelligence. 701 00:37:24,160 --> 00:37:26,239 Speaker 12: We last thing we want to do is cripple our 702 00:37:26,280 --> 00:37:29,040 Speaker 12: intelligence community because of a. 703 00:37:28,960 --> 00:37:29,799 Speaker 3: Reaction like this. 704 00:37:30,880 --> 00:37:33,000 Speaker 12: I mean, you can go into hearings to talk about 705 00:37:33,080 --> 00:37:37,279 Speaker 12: the bad judgment that was elicited, because why in the 706 00:37:37,280 --> 00:37:40,600 Speaker 12: world would you be collecting data on United States senators 707 00:37:40,640 --> 00:37:46,640 Speaker 12: for one, especially without a notification process. But I think 708 00:37:46,840 --> 00:37:51,319 Speaker 12: absolutely people should look into, you know, the conduct of 709 00:37:51,560 --> 00:37:55,160 Speaker 12: decision makers around this. But the infrastructure is part of 710 00:37:55,160 --> 00:37:59,239 Speaker 12: our national security apparatus, and I don't think we want 711 00:37:59,280 --> 00:38:03,279 Speaker 12: to start point at private companies who are supportive of 712 00:38:03,320 --> 00:38:04,840 Speaker 12: the US national security. 713 00:38:05,920 --> 00:38:07,600 Speaker 4: That's why I bring it up, and I think it's 714 00:38:07,600 --> 00:38:11,280 Speaker 4: interesting to hear this coming from a Republican and Josh 715 00:38:11,280 --> 00:38:16,000 Speaker 4: Holly Geenie. If this passes the House, will John Thune 716 00:38:16,000 --> 00:38:16,560 Speaker 4: have to take. 717 00:38:16,440 --> 00:38:18,280 Speaker 3: It up for a vote? Would it pass the Senate? 718 00:38:19,719 --> 00:38:22,560 Speaker 15: He absolutely should take it up, and God willing it 719 00:38:22,600 --> 00:38:24,640 Speaker 15: passes one hundred to nothing and they get. 720 00:38:24,480 --> 00:38:27,120 Speaker 11: Rid of it. Maybe it'll be like ninety two to eight. 721 00:38:27,239 --> 00:38:30,279 Speaker 11: I don't know, but it is absolutely outrageous. 722 00:38:30,320 --> 00:38:32,600 Speaker 15: The reality is is that when you are in the 723 00:38:32,640 --> 00:38:36,600 Speaker 15: process of an investigation and you are looking at a target, 724 00:38:36,640 --> 00:38:39,360 Speaker 15: and you are the DOJ or the FBI, and you 725 00:38:39,640 --> 00:38:43,040 Speaker 15: legally get warrants to get phone records, we are all 726 00:38:43,120 --> 00:38:48,080 Speaker 15: subject to that. If that is done unconstitutionally, then we 727 00:38:48,160 --> 00:38:50,359 Speaker 15: need to make a decision as a country whether we 728 00:38:50,400 --> 00:38:54,680 Speaker 15: allow for suing the federal government or federal officials over that. 729 00:38:55,239 --> 00:38:59,200 Speaker 15: But you cannot carve out that these eight people because 730 00:38:59,239 --> 00:39:02,240 Speaker 15: they happen to be us senators and very powerful consue 731 00:39:02,320 --> 00:39:04,400 Speaker 15: and the rest of us, you know, we are just 732 00:39:04,640 --> 00:39:07,640 Speaker 15: going to have to languish in the land of the powerless. 733 00:39:07,640 --> 00:39:10,719 Speaker 15: That is absolutely a two tier system of justice. So 734 00:39:11,280 --> 00:39:13,799 Speaker 15: you know that is the problem here. They need to 735 00:39:13,840 --> 00:39:16,560 Speaker 15: make a decision. And again, look at the Bive and Act. 736 00:39:16,719 --> 00:39:19,959 Speaker 15: It was completely unable to get out of committee. Would 737 00:39:20,000 --> 00:39:22,200 Speaker 15: have allowed for this for all of us. If that's 738 00:39:22,239 --> 00:39:24,600 Speaker 15: where they want to go, go there, but don't just 739 00:39:24,680 --> 00:39:27,360 Speaker 15: go there for a four Republican senators. 740 00:39:28,440 --> 00:39:30,840 Speaker 4: Lastly, Rick, in our remaining minute or two here, what 741 00:39:30,840 --> 00:39:33,160 Speaker 4: does this mean for the relationship between Mike Johnson and 742 00:39:33,239 --> 00:39:35,799 Speaker 4: John Thune. These two seem to be very much in 743 00:39:35,920 --> 00:39:38,160 Speaker 4: sync throughout the whole shutdown. This is kind of a 744 00:39:38,200 --> 00:39:39,360 Speaker 4: weird way to end it, isn't it. 745 00:39:41,000 --> 00:39:42,759 Speaker 12: Yeah. I think they had their back on this, but 746 00:39:42,800 --> 00:39:46,479 Speaker 12: they've grinded gears and other issues. It was long ago 747 00:39:46,600 --> 00:39:49,279 Speaker 12: we were talking about the Senate jamming. I'm on the 748 00:39:49,280 --> 00:39:51,520 Speaker 12: big beautiful Bill, I mean like that. So this is 749 00:39:51,600 --> 00:39:55,759 Speaker 12: not unusual, right, I mean, like what the leader of 750 00:39:55,840 --> 00:39:58,080 Speaker 12: the Senate does and the leader of the House does 751 00:39:58,680 --> 00:40:01,960 Speaker 12: tends to be in conflict a good part of the time, 752 00:40:02,200 --> 00:40:06,920 Speaker 12: and yet in this case this was a not a 753 00:40:06,960 --> 00:40:10,759 Speaker 12: policy issue that was putting them in conflict. But John 754 00:40:10,840 --> 00:40:14,120 Speaker 12: Thune giving a gift to eight senators and nobody else 755 00:40:14,160 --> 00:40:18,040 Speaker 12: in the Senate or House benefited from it. And don't 756 00:40:18,200 --> 00:40:21,400 Speaker 12: I don't blame the Speaker for being outraged by this, 757 00:40:21,520 --> 00:40:24,239 Speaker 12: and kudos to him for bringing it up publicly and 758 00:40:24,280 --> 00:40:26,759 Speaker 12: having a conversation about you, because I do think this 759 00:40:26,800 --> 00:40:28,040 Speaker 12: is what keeps people honest. 760 00:40:29,360 --> 00:40:31,799 Speaker 4: Great panel, lit up the lit up the panel with 761 00:40:31,840 --> 00:40:34,520 Speaker 4: this topic. Rick Davis and Genie Shanzano, Thank you so 762 00:40:34,640 --> 00:40:36,239 Speaker 4: much both. Thanks for listening to. 763 00:40:36,200 --> 00:40:37,799 Speaker 3: The Balance of Power podcast. 764 00:40:38,400 --> 00:40:41,560 Speaker 4: Make sure to subscribe if you haven't already, Apple, Spotify, 765 00:40:41,640 --> 00:40:44,200 Speaker 4: or wherever you get your podcasts, and you can find 766 00:40:44,280 --> 00:40:47,080 Speaker 4: us live every weekday from Washington, DC at New Time 767 00:40:47,160 --> 00:40:49,240 Speaker 4: Eastern at Bloomberg dot com.