WEBVTT - Rep. Jake Auchincloss (D) MA Talks Election

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<v Speaker 1>Joining us now from Massachusetts is a member of the

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<v Speaker 1>House of Representatives. Democratic Congressman Jake Auchincloss is with us.

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<v Speaker 1>Welcome back to Bloomberg TV and Radio. Congressman, Happy election Eve.

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<v Speaker 1>It does feel like almost no one is willing to

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<v Speaker 1>say anything with conviction at this point. But how are

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<v Speaker 1>you feeling about becoming a member of the majority confident?

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<v Speaker 2>I think Democrats are going to take back the House.

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<v Speaker 2>I don't think it's going to be a blowout. Neither

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<v Speaker 2>party would claim that at this point because of how

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<v Speaker 2>polarized the country is right now. But I do think

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<v Speaker 2>that Republicans dysfunction in the one hundred and eighteenth Congress,

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<v Speaker 2>in which they had multiple rounds of infighting over their

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<v Speaker 2>speaker choice, in which they brought the country to the

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<v Speaker 2>verge of a debt default, in which they had to

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<v Speaker 2>be really bullied into funding our allies. I think is

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<v Speaker 2>going to speak to the swing voter in those two

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<v Speaker 2>dozen seats that are going to decide the majority, and

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<v Speaker 2>it's going to give Hakeem Jeffries the gable.

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<v Speaker 3>What do you make of the conventional wisdom in Washington.

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<v Speaker 3>We've been hearing this for months and months. Congressman that

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<v Speaker 3>the House turns democratic and the Senate turns Republican. As

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<v Speaker 3>we talk to the investment community here every day on Bloomberg,

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<v Speaker 3>there's the old Wall Street saying gridlock is good, and

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<v Speaker 3>there does seem to be a preference to have a

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<v Speaker 3>split Congress regardless of who wins the White House. How

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<v Speaker 3>would you respond to those people?

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<v Speaker 2>I think those individuals are under indexing to how deranged

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<v Speaker 2>a second term of Donald Trump would be. Too many

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<v Speaker 2>individuals are assuming that the same antibodies and the buddy

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<v Speaker 2>politic would be there and the second term, as we're

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<v Speaker 2>there in the first term. But those antibodies have been depleted.

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<v Speaker 2>The Republican Party is full on maga and unfortunately, we

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<v Speaker 2>have seen the Supreme Court with its official Immunity ruling.

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<v Speaker 2>We have seen the state parties all supplicate themselves to

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<v Speaker 2>his whims and those individuals who are in the White

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<v Speaker 2>House in term one, people like Jim Mattis, people like

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<v Speaker 2>John Kelly, even someone like John Bolton.

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<v Speaker 4>To be invited back to term two.

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<v Speaker 2>It's going to be Trump and his two sons making

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<v Speaker 2>decisions that are in the interests of their own businesses

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<v Speaker 2>and of their own family fiefdom. Not in the interests

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<v Speaker 2>of the rule of law or the American people. And

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<v Speaker 2>I think too few on Wall Street are understanding how

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<v Speaker 2>bad for their business the degradation of the rule of

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<v Speaker 2>law will be.

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<v Speaker 1>But has Kamala Harris Congressman made enough of an argument

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<v Speaker 1>that she wouldn't be bad for business that she might

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<v Speaker 1>actually be good for it. Because the prevailing thinking on

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<v Speaker 1>Wall Street is Trump means lower taxes and higher profits.

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<v Speaker 2>Yeah, so, first of all, that's not true, because Donald

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<v Speaker 2>Trump wants to put in place tariffs that would cost

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<v Speaker 2>the average American family at least four thousand dollars a

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<v Speaker 2>year and would radically increase the cost of inputs for

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<v Speaker 2>most American businesses. Tariff is an anti growth economic agenda

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<v Speaker 2>in the way that he is describing it. Kamala Harris

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<v Speaker 2>and the Democratic Party wants to be driving towards an

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<v Speaker 2>economy that works like legos, not monopoly.

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<v Speaker 4>We want an economy that builds things.

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<v Speaker 2>I'd like this to put forward an audacious agenda for

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<v Speaker 2>ten million units of housing, on thousand nuclear power plants,

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<v Speaker 2>building more ships in the entire Chinese Navy, starting more

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<v Speaker 2>small businesses than the.

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<v Speaker 4>Rest of the world combined.

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<v Speaker 2>We want to be an economy that builds things and

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<v Speaker 2>does things, not an economy of middlemen. And I think

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<v Speaker 2>Wall Street, I think Main Street can get behind that vision,

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<v Speaker 2>whereas Donald Trump is there to cross off names on

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<v Speaker 2>his enemies list.

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<v Speaker 3>Congressman, more than seventy seven million Americans have already voted.

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<v Speaker 3>How do you read into that number? What does it

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<v Speaker 3>mean for tomorrow night?

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<v Speaker 4>I don't read into that number at all.

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<v Speaker 2>Actually, I think any prognostication based on the early voting

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<v Speaker 2>is very subject.

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<v Speaker 4>To confirmation bias.

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<v Speaker 2>The only takeaway I have from that is that, thankfully,

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<v Speaker 2>most Americans have ignored Donald Trump's lies about early voting

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<v Speaker 2>from twenty twenty, and they have recognized that our election system,

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<v Speaker 2>when it's not being interfered with by MAGA election deniers,

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<v Speaker 2>is robust, is free.

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<v Speaker 4>And is fair.

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<v Speaker 1>Congressman, I'd like to ask you as well about what

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<v Speaker 1>we've heard from the current Speaker of the House within

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<v Speaker 1>the last week two suggestions about repealing legislation, at first

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<v Speaker 1>the Affordable Care Act Obamacare, and then just days ago,

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<v Speaker 1>a suggestion that the Chips Act passed during this administration

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<v Speaker 1>would be repealed. He then clarified that he didn't understand

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<v Speaker 1>the question he was asked. Instead, what he wants to

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<v Speaker 1>do is streamline the legislation, and I wonder if you

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<v Speaker 1>buy that clarification or if you really think that might

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<v Speaker 1>be on the agenda.

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<v Speaker 2>I think digging into specific policy details is missing the

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<v Speaker 2>forest for the trees, because the core agenda of the

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<v Speaker 2>House Republican Party is not actually any specific policy outcome

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<v Speaker 2>and healthcare and semiconductor manufacturing and education.

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<v Speaker 4>It's nihilistic.

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<v Speaker 2>Unfortunately, Speaker Johnson is subject to the whims of about

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<v Speaker 2>a dozen members of his conference who simply don't want

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<v Speaker 2>to govern at all. He's got a conference like the

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<v Speaker 2>Joker from the Dark Knight. They just want to watch

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<v Speaker 2>the world burn. And again, I think too many in

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<v Speaker 2>Wall Street are thinking, oh, that means gridlock, and that

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<v Speaker 2>means that there won't be any threats to our short

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<v Speaker 2>term business interests. It's just a very myopic way of

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<v Speaker 2>looking at Washington. What they should be seeking our guardrails

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<v Speaker 2>to protect the rule of law and a positive governing

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<v Speaker 2>philosophy that actually wants to build out the productive capability

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<v Speaker 2>of our economy rather than bringing us to the edge

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<v Speaker 2>of a debt default every single cycle.

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<v Speaker 3>Hayley mentioned taxes, And of course we're going to have,

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<v Speaker 3>no matter who wins, a grand debate about what to

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<v Speaker 3>do with the expiration of the Trump era tax cuts,

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<v Speaker 3>the twenty seventeen tax cuts. If it is Donald Trump,

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<v Speaker 3>what would a Democratic led House do on that front?

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<v Speaker 3>Would get out of the Ways and Means Committee? How

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<v Speaker 3>do you see that playing out? Because a decision will

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<v Speaker 3>need to be made next year.

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<v Speaker 4>I'm not going to speak for Richie and Neal other

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<v Speaker 4>Ways and Means Committee.

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<v Speaker 2>I will say that the first order of business, should

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<v Speaker 2>the worst happen if Donald Trump be elected, is going

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<v Speaker 2>to be to protect the Constitution of the United States,

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<v Speaker 2>because he will not Speaker Johnson will not.

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<v Speaker 4>Republicans in general will not.

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<v Speaker 2>So before we even talk about taxes, we're going to

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<v Speaker 2>be talking about the institutions of our democracy and how

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<v Speaker 2>we safeguard them. But in general, we have seen some

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<v Speaker 2>indications of where there is bipartisan consensus on taxes. I'll

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<v Speaker 2>give you two examples. One is the child tax credit.

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<v Speaker 2>You know Mitt Romney has put forward ideas. Obviously, Democrats

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<v Speaker 2>are galvanized behind making fully refundable and expanding the child

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<v Speaker 2>tax credit. That puts money directing in the pockets of

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<v Speaker 2>working families. And then number two is fixing the R

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<v Speaker 2>and D tax credit issue from the Trump Bill in

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<v Speaker 2>twenty seventeen and allowing businesses to amortize those R and

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<v Speaker 2>D tax credits over five years.

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<v Speaker 4>At least, that's a pro growth policy.

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<v Speaker 2>I think both parties can get behind it, especially if

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<v Speaker 2>pair with the child tax credit.

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<v Speaker 3>Harm's been Thank you for the time Jake Auchincloss joining

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<v Speaker 3>us from his state of Massachusetts. It's good to see you,

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<v Speaker 3>and welcome back to Bloomberg TV and Radio.