1 00:00:00,080 --> 00:00:02,720 Speaker 1: Joining us now from Massachusetts is a member of the 2 00:00:02,720 --> 00:00:06,920 Speaker 1: House of Representatives. Democratic Congressman Jake Auchincloss is with us. 3 00:00:06,960 --> 00:00:10,920 Speaker 1: Welcome back to Bloomberg TV and Radio. Congressman, Happy election Eve. 4 00:00:11,000 --> 00:00:13,480 Speaker 1: It does feel like almost no one is willing to 5 00:00:13,520 --> 00:00:16,800 Speaker 1: say anything with conviction at this point. But how are 6 00:00:16,840 --> 00:00:21,919 Speaker 1: you feeling about becoming a member of the majority confident? 7 00:00:22,480 --> 00:00:24,560 Speaker 2: I think Democrats are going to take back the House. 8 00:00:24,960 --> 00:00:27,040 Speaker 2: I don't think it's going to be a blowout. Neither 9 00:00:27,040 --> 00:00:29,680 Speaker 2: party would claim that at this point because of how 10 00:00:30,000 --> 00:00:33,080 Speaker 2: polarized the country is right now. But I do think 11 00:00:33,200 --> 00:00:36,599 Speaker 2: that Republicans dysfunction in the one hundred and eighteenth Congress, 12 00:00:36,600 --> 00:00:39,760 Speaker 2: in which they had multiple rounds of infighting over their 13 00:00:39,920 --> 00:00:42,640 Speaker 2: speaker choice, in which they brought the country to the 14 00:00:42,760 --> 00:00:45,400 Speaker 2: verge of a debt default, in which they had to 15 00:00:45,440 --> 00:00:49,560 Speaker 2: be really bullied into funding our allies. I think is 16 00:00:49,600 --> 00:00:53,440 Speaker 2: going to speak to the swing voter in those two 17 00:00:53,479 --> 00:00:55,560 Speaker 2: dozen seats that are going to decide the majority, and 18 00:00:55,600 --> 00:00:57,440 Speaker 2: it's going to give Hakeem Jeffries the gable. 19 00:00:57,600 --> 00:00:59,640 Speaker 3: What do you make of the conventional wisdom in Washington. 20 00:00:59,720 --> 00:01:02,440 Speaker 3: We've been hearing this for months and months. Congressman that 21 00:01:02,480 --> 00:01:06,920 Speaker 3: the House turns democratic and the Senate turns Republican. As 22 00:01:06,920 --> 00:01:10,560 Speaker 3: we talk to the investment community here every day on Bloomberg, 23 00:01:10,600 --> 00:01:13,600 Speaker 3: there's the old Wall Street saying gridlock is good, and 24 00:01:13,640 --> 00:01:16,200 Speaker 3: there does seem to be a preference to have a 25 00:01:16,280 --> 00:01:20,160 Speaker 3: split Congress regardless of who wins the White House. How 26 00:01:20,160 --> 00:01:21,520 Speaker 3: would you respond to those people? 27 00:01:23,400 --> 00:01:27,280 Speaker 2: I think those individuals are under indexing to how deranged 28 00:01:27,319 --> 00:01:30,320 Speaker 2: a second term of Donald Trump would be. Too many 29 00:01:31,640 --> 00:01:36,280 Speaker 2: individuals are assuming that the same antibodies and the buddy 30 00:01:36,360 --> 00:01:38,399 Speaker 2: politic would be there and the second term, as we're 31 00:01:38,440 --> 00:01:40,959 Speaker 2: there in the first term. But those antibodies have been depleted. 32 00:01:41,920 --> 00:01:45,560 Speaker 2: The Republican Party is full on maga and unfortunately, we 33 00:01:45,600 --> 00:01:47,960 Speaker 2: have seen the Supreme Court with its official Immunity ruling. 34 00:01:48,000 --> 00:01:51,200 Speaker 2: We have seen the state parties all supplicate themselves to 35 00:01:51,240 --> 00:01:53,680 Speaker 2: his whims and those individuals who are in the White 36 00:01:53,680 --> 00:01:55,960 Speaker 2: House in term one, people like Jim Mattis, people like 37 00:01:56,040 --> 00:01:58,960 Speaker 2: John Kelly, even someone like John Bolton. 38 00:02:00,160 --> 00:02:01,480 Speaker 4: To be invited back to term two. 39 00:02:01,560 --> 00:02:05,160 Speaker 2: It's going to be Trump and his two sons making 40 00:02:05,440 --> 00:02:09,720 Speaker 2: decisions that are in the interests of their own businesses 41 00:02:10,040 --> 00:02:12,760 Speaker 2: and of their own family fiefdom. Not in the interests 42 00:02:12,800 --> 00:02:14,760 Speaker 2: of the rule of law or the American people. And 43 00:02:14,800 --> 00:02:18,120 Speaker 2: I think too few on Wall Street are understanding how 44 00:02:18,240 --> 00:02:20,400 Speaker 2: bad for their business the degradation of the rule of 45 00:02:20,480 --> 00:02:21,120 Speaker 2: law will be. 46 00:02:21,919 --> 00:02:24,600 Speaker 1: But has Kamala Harris Congressman made enough of an argument 47 00:02:24,639 --> 00:02:27,239 Speaker 1: that she wouldn't be bad for business that she might 48 00:02:27,280 --> 00:02:30,200 Speaker 1: actually be good for it. Because the prevailing thinking on 49 00:02:30,240 --> 00:02:33,919 Speaker 1: Wall Street is Trump means lower taxes and higher profits. 50 00:02:37,240 --> 00:02:39,840 Speaker 2: Yeah, so, first of all, that's not true, because Donald 51 00:02:39,880 --> 00:02:42,880 Speaker 2: Trump wants to put in place tariffs that would cost 52 00:02:42,880 --> 00:02:45,200 Speaker 2: the average American family at least four thousand dollars a 53 00:02:45,320 --> 00:02:48,880 Speaker 2: year and would radically increase the cost of inputs for 54 00:02:49,000 --> 00:02:53,600 Speaker 2: most American businesses. Tariff is an anti growth economic agenda 55 00:02:54,360 --> 00:02:56,840 Speaker 2: in the way that he is describing it. Kamala Harris 56 00:02:56,840 --> 00:02:59,440 Speaker 2: and the Democratic Party wants to be driving towards an 57 00:02:59,480 --> 00:03:01,720 Speaker 2: economy that works like legos, not monopoly. 58 00:03:01,760 --> 00:03:03,440 Speaker 4: We want an economy that builds things. 59 00:03:03,639 --> 00:03:05,800 Speaker 2: I'd like this to put forward an audacious agenda for 60 00:03:05,840 --> 00:03:08,640 Speaker 2: ten million units of housing, on thousand nuclear power plants, 61 00:03:08,800 --> 00:03:11,480 Speaker 2: building more ships in the entire Chinese Navy, starting more 62 00:03:11,520 --> 00:03:13,040 Speaker 2: small businesses than the. 63 00:03:12,960 --> 00:03:14,160 Speaker 4: Rest of the world combined. 64 00:03:14,480 --> 00:03:17,280 Speaker 2: We want to be an economy that builds things and 65 00:03:17,360 --> 00:03:20,760 Speaker 2: does things, not an economy of middlemen. And I think 66 00:03:20,800 --> 00:03:23,880 Speaker 2: Wall Street, I think Main Street can get behind that vision, 67 00:03:23,880 --> 00:03:28,120 Speaker 2: whereas Donald Trump is there to cross off names on 68 00:03:28,160 --> 00:03:28,919 Speaker 2: his enemies list. 69 00:03:29,560 --> 00:03:33,960 Speaker 3: Congressman, more than seventy seven million Americans have already voted. 70 00:03:34,280 --> 00:03:35,760 Speaker 3: How do you read into that number? What does it 71 00:03:35,800 --> 00:03:36,600 Speaker 3: mean for tomorrow night? 72 00:03:37,880 --> 00:03:39,720 Speaker 4: I don't read into that number at all. 73 00:03:39,760 --> 00:03:43,160 Speaker 2: Actually, I think any prognostication based on the early voting 74 00:03:43,280 --> 00:03:44,800 Speaker 2: is very subject. 75 00:03:44,360 --> 00:03:45,400 Speaker 4: To confirmation bias. 76 00:03:45,800 --> 00:03:48,480 Speaker 2: The only takeaway I have from that is that, thankfully, 77 00:03:48,520 --> 00:03:52,080 Speaker 2: most Americans have ignored Donald Trump's lies about early voting 78 00:03:52,080 --> 00:03:55,440 Speaker 2: from twenty twenty, and they have recognized that our election system, 79 00:03:55,600 --> 00:03:59,680 Speaker 2: when it's not being interfered with by MAGA election deniers, 80 00:03:59,840 --> 00:04:01,200 Speaker 2: is robust, is free. 81 00:04:01,040 --> 00:04:01,480 Speaker 4: And is fair. 82 00:04:02,840 --> 00:04:05,440 Speaker 1: Congressman, I'd like to ask you as well about what 83 00:04:05,480 --> 00:04:08,320 Speaker 1: we've heard from the current Speaker of the House within 84 00:04:08,400 --> 00:04:12,840 Speaker 1: the last week two suggestions about repealing legislation, at first 85 00:04:12,880 --> 00:04:16,040 Speaker 1: the Affordable Care Act Obamacare, and then just days ago, 86 00:04:16,120 --> 00:04:19,120 Speaker 1: a suggestion that the Chips Act passed during this administration 87 00:04:19,560 --> 00:04:22,719 Speaker 1: would be repealed. He then clarified that he didn't understand 88 00:04:22,720 --> 00:04:24,839 Speaker 1: the question he was asked. Instead, what he wants to 89 00:04:24,880 --> 00:04:27,760 Speaker 1: do is streamline the legislation, and I wonder if you 90 00:04:27,800 --> 00:04:30,520 Speaker 1: buy that clarification or if you really think that might 91 00:04:30,560 --> 00:04:33,359 Speaker 1: be on the agenda. 92 00:04:33,440 --> 00:04:36,760 Speaker 2: I think digging into specific policy details is missing the 93 00:04:36,760 --> 00:04:40,240 Speaker 2: forest for the trees, because the core agenda of the 94 00:04:40,240 --> 00:04:44,720 Speaker 2: House Republican Party is not actually any specific policy outcome 95 00:04:44,720 --> 00:04:48,120 Speaker 2: and healthcare and semiconductor manufacturing and education. 96 00:04:49,000 --> 00:04:49,919 Speaker 4: It's nihilistic. 97 00:04:50,360 --> 00:04:54,080 Speaker 2: Unfortunately, Speaker Johnson is subject to the whims of about 98 00:04:54,120 --> 00:04:57,080 Speaker 2: a dozen members of his conference who simply don't want 99 00:04:57,080 --> 00:05:00,200 Speaker 2: to govern at all. He's got a conference like the 100 00:05:00,320 --> 00:05:02,640 Speaker 2: Joker from the Dark Knight. They just want to watch 101 00:05:02,640 --> 00:05:05,520 Speaker 2: the world burn. And again, I think too many in 102 00:05:05,560 --> 00:05:09,320 Speaker 2: Wall Street are thinking, oh, that means gridlock, and that 103 00:05:09,400 --> 00:05:11,680 Speaker 2: means that there won't be any threats to our short 104 00:05:11,760 --> 00:05:15,200 Speaker 2: term business interests. It's just a very myopic way of 105 00:05:15,560 --> 00:05:19,240 Speaker 2: looking at Washington. What they should be seeking our guardrails 106 00:05:19,240 --> 00:05:22,400 Speaker 2: to protect the rule of law and a positive governing 107 00:05:22,440 --> 00:05:27,120 Speaker 2: philosophy that actually wants to build out the productive capability 108 00:05:27,120 --> 00:05:29,120 Speaker 2: of our economy rather than bringing us to the edge 109 00:05:29,160 --> 00:05:31,280 Speaker 2: of a debt default every single cycle. 110 00:05:31,760 --> 00:05:34,440 Speaker 3: Hayley mentioned taxes, And of course we're going to have, 111 00:05:34,480 --> 00:05:37,280 Speaker 3: no matter who wins, a grand debate about what to 112 00:05:37,279 --> 00:05:40,280 Speaker 3: do with the expiration of the Trump era tax cuts, 113 00:05:40,320 --> 00:05:43,640 Speaker 3: the twenty seventeen tax cuts. If it is Donald Trump, 114 00:05:44,360 --> 00:05:47,599 Speaker 3: what would a Democratic led House do on that front? 115 00:05:47,600 --> 00:05:50,400 Speaker 3: Would get out of the Ways and Means Committee? How 116 00:05:50,440 --> 00:05:53,120 Speaker 3: do you see that playing out? Because a decision will 117 00:05:53,160 --> 00:05:54,520 Speaker 3: need to be made next year. 118 00:05:55,920 --> 00:05:57,400 Speaker 4: I'm not going to speak for Richie and Neal other 119 00:05:57,440 --> 00:05:58,800 Speaker 4: Ways and Means Committee. 120 00:05:58,839 --> 00:06:01,480 Speaker 2: I will say that the first order of business, should 121 00:06:01,480 --> 00:06:03,440 Speaker 2: the worst happen if Donald Trump be elected, is going 122 00:06:03,480 --> 00:06:05,200 Speaker 2: to be to protect the Constitution of the United States, 123 00:06:05,240 --> 00:06:08,000 Speaker 2: because he will not Speaker Johnson will not. 124 00:06:08,120 --> 00:06:09,520 Speaker 4: Republicans in general will not. 125 00:06:09,760 --> 00:06:12,359 Speaker 2: So before we even talk about taxes, we're going to 126 00:06:12,360 --> 00:06:14,840 Speaker 2: be talking about the institutions of our democracy and how 127 00:06:14,880 --> 00:06:18,120 Speaker 2: we safeguard them. But in general, we have seen some 128 00:06:18,279 --> 00:06:21,440 Speaker 2: indications of where there is bipartisan consensus on taxes. I'll 129 00:06:21,440 --> 00:06:23,760 Speaker 2: give you two examples. One is the child tax credit. 130 00:06:24,040 --> 00:06:26,560 Speaker 2: You know Mitt Romney has put forward ideas. Obviously, Democrats 131 00:06:26,560 --> 00:06:29,640 Speaker 2: are galvanized behind making fully refundable and expanding the child 132 00:06:29,640 --> 00:06:32,000 Speaker 2: tax credit. That puts money directing in the pockets of 133 00:06:32,040 --> 00:06:36,320 Speaker 2: working families. And then number two is fixing the R 134 00:06:36,360 --> 00:06:39,359 Speaker 2: and D tax credit issue from the Trump Bill in 135 00:06:39,400 --> 00:06:42,960 Speaker 2: twenty seventeen and allowing businesses to amortize those R and 136 00:06:43,000 --> 00:06:44,560 Speaker 2: D tax credits over five years. 137 00:06:44,600 --> 00:06:46,520 Speaker 4: At least, that's a pro growth policy. 138 00:06:46,520 --> 00:06:48,480 Speaker 2: I think both parties can get behind it, especially if 139 00:06:48,520 --> 00:06:49,800 Speaker 2: pair with the child tax credit. 140 00:06:50,960 --> 00:06:53,719 Speaker 3: Harm's been Thank you for the time Jake Auchincloss joining 141 00:06:53,800 --> 00:06:56,120 Speaker 3: us from his state of Massachusetts. It's good to see you, 142 00:06:56,160 --> 00:06:59,000 Speaker 3: and welcome back to Bloomberg TV and Radio.