1 00:00:03,000 --> 00:00:07,240 Speaker 1: Live from our nation's capital. This is Bloomberg Sound on 2 00:00:08,520 --> 00:00:12,160 Speaker 1: middle income families need help. We're coming out of COVID nineteen. 3 00:00:12,320 --> 00:00:14,320 Speaker 1: You want to keep our economy strong. When you have 4 00:00:14,360 --> 00:00:17,000 Speaker 1: an infrastructure build, there's spin off the back their spinoff 5 00:00:17,040 --> 00:00:20,280 Speaker 1: in cities, from towns all across from America. Floomberg Sound 6 00:00:20,320 --> 00:00:24,599 Speaker 1: on Politics, Policy and perspective from DC's top name. So 7 00:00:24,640 --> 00:00:28,960 Speaker 1: we need to incentivize the manufacturing of chips in America. 8 00:00:29,080 --> 00:00:31,319 Speaker 1: I do believe the vaccine of data effective, but I 9 00:00:31,320 --> 00:00:34,600 Speaker 1: think what government's role is to share the client, share 10 00:00:34,640 --> 00:00:38,720 Speaker 1: the fact, share the benefits. Schloomberg sentrond on with Joe 11 00:00:38,760 --> 00:00:43,200 Speaker 1: Matthew on Bloomberg Radio. Is the time to vote yet 12 00:00:43,880 --> 00:00:47,000 Speaker 1: not quite what Chuck Schumer says. The stage is set 13 00:00:47,400 --> 00:00:50,800 Speaker 1: for infrastructure to pass the Chamber sometime tomorrow, could even 14 00:00:50,840 --> 00:00:55,160 Speaker 1: happen before dawn, they tell us, and then reconciliation will follow. 15 00:00:55,200 --> 00:00:57,040 Speaker 1: In fact, we've got to peek at the blueprint today. 16 00:00:57,040 --> 00:00:59,480 Speaker 1: We're gonna talk about it all coming up with Senator 17 00:00:59,560 --> 00:01:03,639 Speaker 1: tina's Myth, Democrat from Minnesota, and the panel. Bloomberg Politics 18 00:01:03,680 --> 00:01:06,120 Speaker 1: contributors Genie she and Zano and Rick Davis are with 19 00:01:06,240 --> 00:01:08,600 Speaker 1: us for the hour, and later we'll spend some time 20 00:01:08,600 --> 00:01:12,000 Speaker 1: with the stal Wars. Bloomberg's Joe Wisenthal will come into 21 00:01:12,600 --> 00:01:16,240 Speaker 1: talk about the crypto deal behind this infrastructure bill, the 22 00:01:16,319 --> 00:01:20,160 Speaker 1: on again, off again crypto. We are almost there, almost 23 00:01:20,200 --> 00:01:22,840 Speaker 1: there for an up or down vote on the bipart 24 00:01:22,880 --> 00:01:25,920 Speaker 1: as an infrastructure bill in the Senate. It may have 25 00:01:26,000 --> 00:01:29,679 Speaker 1: taken all weekend, but the Senate is now finally on 26 00:01:29,720 --> 00:01:34,520 Speaker 1: the precipice of passing major bipartisan infrastructure legislation. Majority Leader 27 00:01:34,560 --> 00:01:37,960 Speaker 1: Chuck Schumer today after the bill cleared procedural votes over 28 00:01:38,000 --> 00:01:41,600 Speaker 1: the weekend, setting us up for the big upboard down. 29 00:01:41,720 --> 00:01:45,840 Speaker 1: Last night and overwhelming bipartisan majority of senators voted to 30 00:01:45,880 --> 00:01:49,840 Speaker 1: surmount the final few procedural hurdles and put the bill 31 00:01:49,840 --> 00:01:52,840 Speaker 1: on a glide path for passage tomorrow morning. Could happen 32 00:01:52,840 --> 00:01:55,000 Speaker 1: as early as four am, they say. We talk about 33 00:01:55,000 --> 00:01:58,320 Speaker 1: it now with Senator Tina Smith, Democrat from Minnesota. Senator, 34 00:01:58,360 --> 00:02:01,280 Speaker 1: welcome back to Bloomberg Radio. Well, thank you, it's great 35 00:02:01,320 --> 00:02:03,720 Speaker 1: to be with you. Joe. So here we are on 36 00:02:03,760 --> 00:02:06,200 Speaker 1: the eve of it. Here is something happening. Is this 37 00:02:06,240 --> 00:02:09,720 Speaker 1: bill going to pass tomorrow? This bill is going to 38 00:02:09,800 --> 00:02:13,520 Speaker 1: pass I expect it to pass at some point tomorrow. 39 00:02:13,560 --> 00:02:16,040 Speaker 1: You never know for sure when it comes to these 40 00:02:16,280 --> 00:02:19,400 Speaker 1: Senate rules. But the long and short of it is, 41 00:02:19,440 --> 00:02:23,120 Speaker 1: this is a bipartisan infrastructure plan that is going to 42 00:02:23,600 --> 00:02:27,680 Speaker 1: mean great things for repairing our crumbling roads and bridges, 43 00:02:28,200 --> 00:02:31,200 Speaker 1: dealing with the needs for broadband and clean drinking water. 44 00:02:31,720 --> 00:02:33,800 Speaker 1: And I'm really excited to be able to support it 45 00:02:33,840 --> 00:02:36,960 Speaker 1: tomorrow or whenever that day finally comes. That's interesting. If 46 00:02:36,960 --> 00:02:38,840 Speaker 1: you don't know, then we certainly don't know. We've heard 47 00:02:38,840 --> 00:02:40,880 Speaker 1: it could be as really as four o'clock in the morning. 48 00:02:40,919 --> 00:02:44,880 Speaker 1: Is that real? That is certainly a possibility. We want 49 00:02:44,880 --> 00:02:46,920 Speaker 1: to be able to get this done, and then we 50 00:02:47,000 --> 00:02:50,120 Speaker 1: have a few more pieces of business to accomplish before 51 00:02:50,800 --> 00:02:53,520 Speaker 1: while we're all here, and the second thing that we 52 00:02:53,560 --> 00:02:55,200 Speaker 1: have to get done, of course, is to pass the 53 00:02:55,240 --> 00:02:57,919 Speaker 1: Democrats budget resolution, and so we want to get going 54 00:02:57,960 --> 00:02:59,920 Speaker 1: on that as soon as possible. A lot of times 55 00:03:00,000 --> 00:03:04,400 Speaker 1: spent senator debating tax reporting requirements around cryptocurrencies. I know 56 00:03:04,520 --> 00:03:08,640 Speaker 1: it's been hashed out, even in this hour on the floor. 57 00:03:08,680 --> 00:03:11,320 Speaker 1: A deal was announced today. It looks like the original language, though, 58 00:03:11,360 --> 00:03:14,920 Speaker 1: will stay in the bill unless everybody agrees on making 59 00:03:14,919 --> 00:03:17,880 Speaker 1: a change. Is that how you understand it? Well, I 60 00:03:17,919 --> 00:03:20,560 Speaker 1: think that there has been a ton of work done 61 00:03:20,560 --> 00:03:25,160 Speaker 1: by my colleagues, um Mark Warner and others who have 62 00:03:25,200 --> 00:03:27,640 Speaker 1: been trying to figure out how to deal with what 63 00:03:27,720 --> 00:03:29,799 Speaker 1: we need to do, which is to provide some much 64 00:03:29,840 --> 00:03:34,720 Speaker 1: better transparency and accountability in cryptocurrencies. And there's been an 65 00:03:34,720 --> 00:03:37,280 Speaker 1: effort to try to improve on the language that is 66 00:03:37,320 --> 00:03:39,600 Speaker 1: in the underlying bill, and I hope that we can 67 00:03:39,640 --> 00:03:42,000 Speaker 1: make progress on that. I support what Senator Warner is 68 00:03:42,040 --> 00:03:44,560 Speaker 1: working on, but I think it's also important to remember 69 00:03:44,600 --> 00:03:46,840 Speaker 1: that if we don't get it done on with this 70 00:03:46,960 --> 00:03:49,800 Speaker 1: piece of legislation, that we can always come back and 71 00:03:50,280 --> 00:03:53,040 Speaker 1: improve it and make sure that it's doing what we 72 00:03:53,120 --> 00:03:58,320 Speaker 1: need to do. The Majority leader says the two track 73 00:03:58,440 --> 00:04:02,320 Speaker 1: process with hard and for structure followed by reconciliation is 74 00:04:02,440 --> 00:04:05,120 Speaker 1: on track. You mentioned some of the work left to 75 00:04:05,120 --> 00:04:07,320 Speaker 1: be done here. Would you support spending three and a 76 00:04:07,360 --> 00:04:10,680 Speaker 1: half trillion dollars based on what you've seen? We saw 77 00:04:10,720 --> 00:04:14,040 Speaker 1: the blueprint this morning. I wonder if the Senate Parliamentarian 78 00:04:14,440 --> 00:04:17,280 Speaker 1: will allow for for all of these items to be 79 00:04:17,520 --> 00:04:22,560 Speaker 1: in a budget reconciliation. Well, I do support this, this 80 00:04:22,720 --> 00:04:25,200 Speaker 1: build back better budget. That's a lot of bees, but 81 00:04:25,360 --> 00:04:29,480 Speaker 1: I think the Build Back Better budget is really UM. 82 00:04:29,520 --> 00:04:32,440 Speaker 1: I think both hand in glove with the infrastructure bill 83 00:04:32,520 --> 00:04:36,000 Speaker 1: that is going to pass probably tomorrow morning at some point. 84 00:04:36,640 --> 00:04:40,239 Speaker 1: And what it does is it delivers for people on 85 00:04:40,520 --> 00:04:44,560 Speaker 1: many of the promises at President Biden made during the campaign, 86 00:04:44,640 --> 00:04:47,359 Speaker 1: things that people are looking for. It is going to 87 00:04:47,560 --> 00:04:51,720 Speaker 1: cut taxes for middle class UH American families. It is 88 00:04:51,760 --> 00:04:56,279 Speaker 1: going to create jobs while tackling the climate crisis, something 89 00:04:56,279 --> 00:04:58,360 Speaker 1: that I've been working very hard on. And it's going 90 00:04:58,400 --> 00:05:02,240 Speaker 1: to lower costs for regular Americans when it comes to 91 00:05:03,080 --> 00:05:06,039 Speaker 1: making child care more affordable, helping folks that are on 92 00:05:06,200 --> 00:05:10,000 Speaker 1: medicare better able to afford hearing aids or glasses or 93 00:05:10,120 --> 00:05:14,640 Speaker 1: dental care, um, making it much more possible for people 94 00:05:14,640 --> 00:05:17,839 Speaker 1: to afford their prescription medicine. This is exactly I think 95 00:05:17,839 --> 00:05:20,520 Speaker 1: what Americans are hoping that we can deliver on. So 96 00:05:20,800 --> 00:05:22,680 Speaker 1: we're going to get these two things together. We have 97 00:05:22,800 --> 00:05:26,520 Speaker 1: this two track process to accommodate the realities of getting 98 00:05:26,560 --> 00:05:29,680 Speaker 1: things done in the Senate and in the House. And UM, 99 00:05:30,160 --> 00:05:33,320 Speaker 1: I'm actually very encouraged by it. And I think it's 100 00:05:33,320 --> 00:05:37,760 Speaker 1: important to understand also that this didn't. Just this is 101 00:05:37,800 --> 00:05:40,800 Speaker 1: something that we heard from Americans and what I hear 102 00:05:40,839 --> 00:05:44,320 Speaker 1: from Minnesotan's they want. So it's great to be able 103 00:05:44,360 --> 00:05:48,479 Speaker 1: to actually accomplish something for people. I know you've made 104 00:05:48,480 --> 00:05:50,719 Speaker 1: fighting climate change a big part of your career. You 105 00:05:50,800 --> 00:05:54,159 Speaker 1: just mentioned that briefly, Senator does does the hard Infrastructure 106 00:05:54,200 --> 00:05:57,760 Speaker 1: Bill do enough to offset the impact of tens of 107 00:05:57,839 --> 00:06:01,280 Speaker 1: thousands potentially of construction project it's all getting underway at once, 108 00:06:01,360 --> 00:06:03,279 Speaker 1: or is that something you want to address in the 109 00:06:03,320 --> 00:06:06,280 Speaker 1: second part of this. Well, you know, I'm always the 110 00:06:06,360 --> 00:06:09,760 Speaker 1: glass is half full kind of a person, and so 111 00:06:09,960 --> 00:06:13,159 Speaker 1: I see the uh the work that's being done in 112 00:06:13,200 --> 00:06:18,039 Speaker 1: the bipartisan ability really important. Uh. Not only around uh 113 00:06:18,160 --> 00:06:21,320 Speaker 1: kind of climate resilience and helping cities deal with the 114 00:06:21,480 --> 00:06:25,240 Speaker 1: excess of flooding and buyers that we're seeing so tragically 115 00:06:25,240 --> 00:06:30,080 Speaker 1: this summer. But I'm really encouraged by the support for 116 00:06:30,200 --> 00:06:34,839 Speaker 1: expanding um charging stations around the country and for supporting 117 00:06:34,880 --> 00:06:39,000 Speaker 1: electric vehicles, and you know, I'm supporting electric transit, which 118 00:06:39,040 --> 00:06:40,520 Speaker 1: is going to be a good deal. But it's only 119 00:06:40,560 --> 00:06:42,680 Speaker 1: part of the work that we have to do in 120 00:06:42,800 --> 00:06:46,760 Speaker 1: the Democratic Budget Resolution, which we're going to be passing 121 00:06:46,760 --> 00:06:48,720 Speaker 1: at some point over the next couple of days. We 122 00:06:48,760 --> 00:06:51,720 Speaker 1: also say, let's make sure that the electricity that's going 123 00:06:51,720 --> 00:06:54,760 Speaker 1: to be driving all of those electric vehicles, and that 124 00:06:54,920 --> 00:06:59,640 Speaker 1: that's clean electricity, that it is powered by renewables or 125 00:07:00,360 --> 00:07:04,560 Speaker 1: UM or by hydro power, or by carbon capture and storage, 126 00:07:04,600 --> 00:07:07,360 Speaker 1: if that's the right approach that the utility wants to take. 127 00:07:07,800 --> 00:07:11,440 Speaker 1: This clean Electricity UM initiative that I've been working on, 128 00:07:11,520 --> 00:07:14,600 Speaker 1: which I which will be included in the bipartisan excuse me, 129 00:07:14,680 --> 00:07:18,240 Speaker 1: will be included in the reconciliation bill. That the Democratic's 130 00:07:18,280 --> 00:07:21,480 Speaker 1: budget bill is really that kind of the cornerstone for 131 00:07:21,760 --> 00:07:25,920 Speaker 1: making major headway on climate and it also is going 132 00:07:25,960 --> 00:07:29,480 Speaker 1: to be a real job creator in counties and rural 133 00:07:29,560 --> 00:07:32,160 Speaker 1: counties in particular around the country, which is exciting for 134 00:07:32,200 --> 00:07:35,400 Speaker 1: me because in Minnesota, we know that renewable energy is 135 00:07:35,520 --> 00:07:40,440 Speaker 1: rural energy and creates opportunities in parts of my state 136 00:07:40,560 --> 00:07:44,120 Speaker 1: that is looking to, you know, looking for that. We're 137 00:07:44,160 --> 00:07:47,480 Speaker 1: joined by Senator Tina Smith, Democrat from Minnesota on Bloomberg's 138 00:07:47,520 --> 00:07:50,640 Speaker 1: sound on I wonder what that process is going to 139 00:07:50,720 --> 00:07:53,200 Speaker 1: look like. Senator there were some complaints about the lack 140 00:07:53,240 --> 00:07:56,880 Speaker 1: of hearings for instance, the sort of back room negotiating 141 00:07:56,920 --> 00:08:00,440 Speaker 1: that happened with the bipartisan infrastructure deal. Now we've got 142 00:08:00,440 --> 00:08:04,040 Speaker 1: the blueprint, will there be a transparent process of filling 143 00:08:04,040 --> 00:08:08,560 Speaker 1: in those blanks and writing those components so people can 144 00:08:08,640 --> 00:08:12,360 Speaker 1: understand them. Well, I would just point out that in 145 00:08:12,480 --> 00:08:16,320 Speaker 1: the bipartisan bill which we're going to pass shortly, many 146 00:08:16,360 --> 00:08:21,520 Speaker 1: of the components of that bill were broadly bipartisan pieces 147 00:08:21,560 --> 00:08:24,240 Speaker 1: of legislation that moved through the Senate committee process. Now, 148 00:08:24,320 --> 00:08:26,400 Speaker 1: not all of it. I understand that sometimes you have 149 00:08:26,520 --> 00:08:29,240 Speaker 1: to the committee process doesn't work to get done what 150 00:08:29,280 --> 00:08:32,400 Speaker 1: you need to get done. Um, and the budget reconciliation 151 00:08:32,440 --> 00:08:34,720 Speaker 1: process is gonna be a little different. You know, what 152 00:08:34,760 --> 00:08:36,920 Speaker 1: we're going to be doing is once we pass the 153 00:08:36,920 --> 00:08:41,160 Speaker 1: budget resolution, it's sort of like the top line, uh numbers, 154 00:08:41,240 --> 00:08:43,200 Speaker 1: and then there's gonna be a lot of negotiation that 155 00:08:43,320 --> 00:08:46,600 Speaker 1: happens about making sure we know exactly how that those 156 00:08:46,679 --> 00:08:49,360 Speaker 1: those pieces of legislation get put together and how it 157 00:08:49,400 --> 00:08:52,000 Speaker 1: all works. And that will happen at the committee level. 158 00:08:52,000 --> 00:08:54,199 Speaker 1: I can't say whether they'll be committee hearings or not, 159 00:08:54,320 --> 00:08:57,320 Speaker 1: but uh, it'll it'll get worked out. And of course 160 00:08:57,440 --> 00:09:00,960 Speaker 1: this is legislation that only has Democratic support, even though 161 00:09:00,960 --> 00:09:02,360 Speaker 1: I think that the work that we're going to be 162 00:09:02,400 --> 00:09:06,480 Speaker 1: doing is broadly bipartisan. I don't think that providing UM 163 00:09:06,600 --> 00:09:09,679 Speaker 1: dental care for people on Medicare is a democratic issue 164 00:09:09,720 --> 00:09:13,520 Speaker 1: or Republican issue. I think it's just a common sense issue. UM. 165 00:09:13,559 --> 00:09:17,000 Speaker 1: But since this legislation is only going to have Democratic support, 166 00:09:17,280 --> 00:09:18,680 Speaker 1: where you know, we'll have to work on it in 167 00:09:18,720 --> 00:09:21,240 Speaker 1: a slightly different way, what do you tell your Republican 168 00:09:21,280 --> 00:09:23,120 Speaker 1: colleagues to say, you know what, I can't vote for 169 00:09:23,160 --> 00:09:26,680 Speaker 1: the bipartisan deal if it's connected to this reconciliation. It 170 00:09:26,760 --> 00:09:30,080 Speaker 1: really got my attention today's senator Uh when when we 171 00:09:30,160 --> 00:09:34,559 Speaker 1: saw a couple of members of the Senate senators to 172 00:09:34,760 --> 00:09:38,040 Speaker 1: me in Lummis hold a news conference to talk about 173 00:09:38,040 --> 00:09:40,480 Speaker 1: this crypto deal but then also saying, by the way, 174 00:09:40,480 --> 00:09:44,280 Speaker 1: we don't plan to vote for the underlying bill. Well, 175 00:09:44,320 --> 00:09:46,200 Speaker 1: you know, my mother always told me that you can't 176 00:09:46,200 --> 00:09:49,160 Speaker 1: make perfect be the enemy of the good. And you know, 177 00:09:49,520 --> 00:09:52,760 Speaker 1: we saw this a little bit with the with the 178 00:09:52,760 --> 00:09:56,920 Speaker 1: bill that we passed, the rescue package, and it passed 179 00:09:56,960 --> 00:09:59,440 Speaker 1: only with Democratic votes. Yet I saw some of my 180 00:09:59,480 --> 00:10:05,320 Speaker 1: Republican colleagues out touting the benefits and the benefits of 181 00:10:05,320 --> 00:10:08,440 Speaker 1: that legislation and how it was delivering for Americans even 182 00:10:08,440 --> 00:10:11,480 Speaker 1: though they voted against it. UM So I would urge 183 00:10:11,480 --> 00:10:13,200 Speaker 1: my colleagues if you you know, you might not like 184 00:10:13,320 --> 00:10:16,080 Speaker 1: every single thing that are in these bills, but you know, 185 00:10:16,240 --> 00:10:18,360 Speaker 1: we should be able to come together and get something done, 186 00:10:18,480 --> 00:10:21,599 Speaker 1: especially something that's is bipartisan as this um as this 187 00:10:21,720 --> 00:10:23,959 Speaker 1: infrastructure bill. And you know, I'll tell you, I mean, 188 00:10:24,000 --> 00:10:26,560 Speaker 1: I've only been in Washington for a few years, but 189 00:10:27,440 --> 00:10:30,920 Speaker 1: for a long long time, people have been struggling to 190 00:10:31,000 --> 00:10:34,559 Speaker 1: get done the investments in infrastructure that we all know 191 00:10:34,679 --> 00:10:38,160 Speaker 1: that we need, that is going to enhance the competitiveness 192 00:10:38,160 --> 00:10:41,600 Speaker 1: are of our country, That is going to make sure 193 00:10:41,640 --> 00:10:46,360 Speaker 1: that rural roads in southern Minnesota are safe for school 194 00:10:46,360 --> 00:10:49,200 Speaker 1: buses and families as they're driving around. And I think 195 00:10:49,200 --> 00:10:50,840 Speaker 1: that this is if if you can't come together in 196 00:10:50,880 --> 00:10:53,360 Speaker 1: a bipartisan way on a bill like this, I don't know, 197 00:10:53,520 --> 00:10:55,040 Speaker 1: you know where you you know how you're going to 198 00:10:55,120 --> 00:10:59,880 Speaker 1: be able to do it so well? And that's the 199 00:11:00,040 --> 00:11:04,040 Speaker 1: legislater process. I suppose that goes to the House next. 200 00:11:04,080 --> 00:11:07,640 Speaker 1: Do you worry about major changes being made or is 201 00:11:07,679 --> 00:11:09,200 Speaker 1: this bill going to look a lot like it does 202 00:11:09,240 --> 00:11:13,040 Speaker 1: now when it is getting a final vote. Well, the 203 00:11:13,040 --> 00:11:16,480 Speaker 1: House needs to have it's uh, it's uh, it's imprint 204 00:11:16,559 --> 00:11:18,520 Speaker 1: on this bill and to be able to bring forth 205 00:11:18,520 --> 00:11:21,840 Speaker 1: their good ideas. I will tell you that I know 206 00:11:21,960 --> 00:11:25,200 Speaker 1: that for both the bipartisan bill and especially for the 207 00:11:25,240 --> 00:11:27,800 Speaker 1: Democrats budget bill, that we're you know, we're in close 208 00:11:27,840 --> 00:11:31,520 Speaker 1: touch with the House, especially the House leadership, and you know, 209 00:11:31,600 --> 00:11:35,120 Speaker 1: on the energy packet piece of it, for example, I'm 210 00:11:35,160 --> 00:11:38,360 Speaker 1: in touch with the House Um members as well. So 211 00:11:38,440 --> 00:11:40,280 Speaker 1: we were doing our best to make sure that things 212 00:11:40,280 --> 00:11:43,640 Speaker 1: are coordinated and that we're getting everybody's best ideas brought forward. 213 00:11:43,880 --> 00:11:46,920 Speaker 1: Senator Tina Smith, Democrat from Minnesota, thanks for walking through 214 00:11:46,960 --> 00:11:49,360 Speaker 1: all of these items with us today on Bloomberg Radio. 215 00:11:49,800 --> 00:11:53,120 Speaker 1: And I'll be up long before dawn. If you are, 216 00:11:53,200 --> 00:11:56,720 Speaker 1: I'll be thinking about you when the sun rises tomorrow. Well, 217 00:11:56,760 --> 00:11:59,080 Speaker 1: a little bit of inconvenience is well worth it to 218 00:11:59,160 --> 00:12:02,599 Speaker 1: get done. It's great results for people in Minnesota and 219 00:12:02,640 --> 00:12:06,280 Speaker 1: around the country. So I'll be looking for you. Thank you, Senator, 220 00:12:06,320 --> 00:12:10,800 Speaker 1: have a great night. Thank you. Up next, we assemble 221 00:12:10,840 --> 00:12:14,640 Speaker 1: the panel Bloomberg Politics contributors. Jeanique she Inzano and Rick 222 00:12:14,760 --> 00:12:18,160 Speaker 1: Davis will weigh in. We're almost there, it looks like 223 00:12:19,320 --> 00:12:22,240 Speaker 1: and you chose the right program Bloomberg Sound On. I'm 224 00:12:22,320 --> 00:12:36,079 Speaker 1: Joe Matthew. This is Bloomberg. You're listening to Bloomberg. You 225 00:12:36,200 --> 00:12:42,360 Speaker 1: sound on with Joe Matthew on Bloomberg Radio. We could 226 00:12:42,400 --> 00:12:45,040 Speaker 1: have an infrastructure bill passed in the Senate by this 227 00:12:45,080 --> 00:12:50,000 Speaker 1: time tomorrow, after decades of talking about it. A majority leader, 228 00:12:50,080 --> 00:12:52,760 Speaker 1: Chuck Schumer says that will be followed immediately by the 229 00:12:52,800 --> 00:12:57,040 Speaker 1: budget resolution that will make reconciliation possible. So it appears 230 00:12:57,440 --> 00:13:00,760 Speaker 1: this is really happening, and I guess this will then 231 00:13:00,920 --> 00:13:05,640 Speaker 1: be officially Infrastructure week. Well, we're joined by the panel 232 00:13:05,960 --> 00:13:08,920 Speaker 1: Bloomberg Politics contributors Genie she and Zano and Rick Davis, 233 00:13:08,920 --> 00:13:11,400 Speaker 1: who had the weekend to marinate on this. Rick, you 234 00:13:11,520 --> 00:13:15,000 Speaker 1: just heard from Senator Smith talking with us about today 235 00:13:15,000 --> 00:13:18,040 Speaker 1: and the potential passage tomorrow in the Senate. Gives us 236 00:13:18,040 --> 00:13:20,280 Speaker 1: a sense of the optimism. I think that Democrats are 237 00:13:20,280 --> 00:13:22,760 Speaker 1: feeling how many Republicans will vote for this? Should the 238 00:13:22,800 --> 00:13:25,319 Speaker 1: procedural votes be our guide on that? Yeah, I think 239 00:13:25,320 --> 00:13:27,520 Speaker 1: the procedural votes are a good guide on that. As 240 00:13:27,559 --> 00:13:31,120 Speaker 1: you saw just under seventy votes for bring it to 241 00:13:31,160 --> 00:13:33,640 Speaker 1: the floor, and uh, I think you'll probably see something 242 00:13:33,679 --> 00:13:36,680 Speaker 1: similar to that, if not more, because something else the 243 00:13:36,679 --> 00:13:39,520 Speaker 1: Senator said is that once these things pass, everybody wants 244 00:13:39,520 --> 00:13:42,040 Speaker 1: to take credit for them. And so whether you're the 245 00:13:42,200 --> 00:13:45,000 Speaker 1: seventy one or the eighty one vote for it, it 246 00:13:45,040 --> 00:13:46,720 Speaker 1: really doesn't matter. If that, if you know what's going 247 00:13:46,760 --> 00:13:49,720 Speaker 1: to happen before, it is an old Washington line, and 248 00:13:49,720 --> 00:13:51,640 Speaker 1: I think you'll see a lot of Republicans jumping on 249 00:13:51,679 --> 00:13:54,920 Speaker 1: that train, Genie. We heard today from Senator Bernie Sanders 250 00:13:54,960 --> 00:13:58,880 Speaker 1: after the blueprint for the Reconciliation Deal was released. We 251 00:13:59,000 --> 00:14:01,480 Speaker 1: got the big headline number three and a half trillion. 252 00:14:01,840 --> 00:14:05,160 Speaker 1: Getting ahead of the obvious questions, the senator said, yeah, 253 00:14:05,200 --> 00:14:10,440 Speaker 1: it's paid for through taxes on corporations and on the wealthy. 254 00:14:11,120 --> 00:14:14,000 Speaker 1: The average Joe of the average Mary out there, they're 255 00:14:14,040 --> 00:14:17,920 Speaker 1: working there, paying their fair share of taxes. But if 256 00:14:17,920 --> 00:14:20,760 Speaker 1: you're an Amazon, if you're a Jeff Bezos, if you're 257 00:14:20,760 --> 00:14:25,000 Speaker 1: one of these multi billionaires, you got labbyists, you've got accountants, 258 00:14:25,000 --> 00:14:28,920 Speaker 1: you've got a lawyers, and you can avoid paying your 259 00:14:29,000 --> 00:14:34,480 Speaker 1: fair share of taxes. So I guess with Republicans staying 260 00:14:34,560 --> 00:14:39,200 Speaker 1: clear of reconciliation. Genie, it's easier for Democrats to start 261 00:14:39,240 --> 00:14:43,040 Speaker 1: talking about this in detail. It is and and you know, 262 00:14:43,280 --> 00:14:47,000 Speaker 1: paid for is something we also heard about the bipartisan 263 00:14:47,080 --> 00:14:49,720 Speaker 1: Infrastructure Bill, and of course the CBO came out and 264 00:14:49,720 --> 00:14:52,160 Speaker 1: said that wasn't the case. So I think we have 265 00:14:52,200 --> 00:14:54,280 Speaker 1: a long way to go until we know whether the 266 00:14:54,360 --> 00:14:56,960 Speaker 1: three point five trillion dollar bill is going to in 267 00:14:57,040 --> 00:15:00,120 Speaker 1: fact be paid for. But you know, I really want 268 00:15:00,120 --> 00:15:02,080 Speaker 1: to take a step back because I was so struck 269 00:15:02,160 --> 00:15:05,400 Speaker 1: by your interview with Senator Smith, and we've been hearing 270 00:15:05,440 --> 00:15:08,520 Speaker 1: this from Democrats who are celebrating this, and as much 271 00:15:08,560 --> 00:15:11,520 Speaker 1: as I would love to celebrate with them, it is 272 00:15:11,560 --> 00:15:14,680 Speaker 1: not infrastructure week. We will see a vote in the Senate. 273 00:15:14,920 --> 00:15:17,320 Speaker 1: We have a long way to go. And it sounds 274 00:15:17,360 --> 00:15:19,520 Speaker 1: like a bad country song, but if this is a win, 275 00:15:19,640 --> 00:15:23,280 Speaker 1: I don't want to see a loss. Progressives are devastated that, 276 00:15:23,560 --> 00:15:26,000 Speaker 1: you know, we're looking at this U n. Climate report, 277 00:15:26,040 --> 00:15:29,080 Speaker 1: which is devastating. Where is that in this bill? So 278 00:15:29,320 --> 00:15:31,920 Speaker 1: you know, and you just said it, Joe, thirty years 279 00:15:32,000 --> 00:15:34,560 Speaker 1: in the making, and this is what we come out 280 00:15:34,600 --> 00:15:38,360 Speaker 1: within the Senate alone, you know, to me, there is 281 00:15:38,440 --> 00:15:41,000 Speaker 1: something of a story to be told that this shows 282 00:15:41,040 --> 00:15:44,080 Speaker 1: just how broken the system is, not how well it works, 283 00:15:44,200 --> 00:15:46,440 Speaker 1: And so I think we have to be very cognizant 284 00:15:46,440 --> 00:15:49,320 Speaker 1: of that reality. Jennie should be writing for meat low fear. 285 00:15:50,160 --> 00:15:52,440 Speaker 1: Is she onto something or what? Well, I'm afraid to 286 00:15:52,480 --> 00:15:56,280 Speaker 1: respond to that. Um, No, she's wrong. I mean this 287 00:15:56,360 --> 00:15:59,480 Speaker 1: is great news. We're gonna have a bipartisan infrastructure bill 288 00:15:59,520 --> 00:16:01,440 Speaker 1: that's going to be the first time, as she points out, 289 00:16:01,440 --> 00:16:04,320 Speaker 1: in thirty years, and it's well overdue. The country needs it, 290 00:16:04,400 --> 00:16:07,400 Speaker 1: productivity needs it. If we want to keep our economy 291 00:16:07,440 --> 00:16:09,760 Speaker 1: on track, we have to have an infrastructure that works. 292 00:16:10,000 --> 00:16:11,920 Speaker 1: In A trillion dollars is a lot of money to spend, 293 00:16:12,080 --> 00:16:14,880 Speaker 1: and it will do a lot of things. You heard 294 00:16:14,920 --> 00:16:17,840 Speaker 1: from Senator Tina Smith. She said, you know, part of 295 00:16:17,880 --> 00:16:22,320 Speaker 1: the climate is is resilience. You have to redo cities 296 00:16:22,360 --> 00:16:25,520 Speaker 1: that are getting flooded every year, the infrastructure for the 297 00:16:25,560 --> 00:16:28,480 Speaker 1: electrical grid that gets over heated and starts fires in California. 298 00:16:28,520 --> 00:16:32,280 Speaker 1: I mean, all these things are a contribution to the 299 00:16:32,360 --> 00:16:36,360 Speaker 1: overall integrity of our climate approach. It's not just mitigation, 300 00:16:36,880 --> 00:16:40,160 Speaker 1: it's also adaptation. And so I think this is great 301 00:16:40,240 --> 00:16:42,920 Speaker 1: and and for all the people who you know, thought, oh, 302 00:16:43,000 --> 00:16:45,800 Speaker 1: this will never happen. There's no biparsonship anymore. I think 303 00:16:45,840 --> 00:16:49,680 Speaker 1: that we can look forward to more activity in this area. 304 00:16:49,720 --> 00:16:51,480 Speaker 1: I think these centators are gotten used to doing some 305 00:16:51,520 --> 00:16:55,440 Speaker 1: work together. It's unfortunate that the next vote they'll take 306 00:16:55,800 --> 00:17:00,480 Speaker 1: is on a reconciliation package, which by definition, as Center 307 00:17:00,560 --> 00:17:04,080 Speaker 1: Smith said, is only Democrats. Uh, three and a half 308 00:17:04,160 --> 00:17:07,919 Speaker 1: trillion dollars of new spending. You know, an additional huge 309 00:17:07,960 --> 00:17:12,040 Speaker 1: load of new debt um three nine billion, and new 310 00:17:12,080 --> 00:17:14,280 Speaker 1: debt will come along with this in addition to the 311 00:17:14,320 --> 00:17:17,040 Speaker 1: three and a half trillion, And not a single Republican 312 00:17:17,080 --> 00:17:19,399 Speaker 1: is going to vote for it. And so you'll wonder 313 00:17:19,440 --> 00:17:22,040 Speaker 1: whether or not there any Democrats who are gonna oppose 314 00:17:22,160 --> 00:17:26,359 Speaker 1: this kind of spending. Uh. You talked about taxes. There's 315 00:17:26,480 --> 00:17:29,960 Speaker 1: no instruction has been given on what kind of revenue 316 00:17:30,040 --> 00:17:33,679 Speaker 1: to get to this uh the Finance Committee to produce 317 00:17:33,720 --> 00:17:36,399 Speaker 1: for this bill. So it all could be three and 318 00:17:36,440 --> 00:17:40,400 Speaker 1: a half trillion dollars of taxes and we just don't know. Well, 319 00:17:40,440 --> 00:17:42,240 Speaker 1: you're you're really getting through it here? Is that going 320 00:17:42,280 --> 00:17:44,959 Speaker 1: to be the next great debate here? Jennie not just 321 00:17:45,560 --> 00:17:47,679 Speaker 1: how much do you raise in taxes? But what's that 322 00:17:47,840 --> 00:17:51,080 Speaker 1: actually going to cover. There's just so much uncertainty about 323 00:17:51,080 --> 00:17:53,800 Speaker 1: what's going to end up in the deal. There's if 324 00:17:53,800 --> 00:17:56,480 Speaker 1: there's so much uncertainty, we don't know yet. Three point 325 00:17:56,520 --> 00:17:59,800 Speaker 1: five is a huge number. But but Rick just said it. 326 00:18:00,200 --> 00:18:03,880 Speaker 1: Reconciliation is going to be Democrats only. Let's walk back 327 00:18:03,920 --> 00:18:06,560 Speaker 1: and see why that is. Because there was not the 328 00:18:06,640 --> 00:18:09,919 Speaker 1: will to get rid of the filibuster, so, you know, 329 00:18:10,000 --> 00:18:13,320 Speaker 1: they skirt these reforms and we are applauding a bill 330 00:18:13,680 --> 00:18:17,359 Speaker 1: that is incredibly needed, wildly popular, and shouldn't have been 331 00:18:17,359 --> 00:18:19,880 Speaker 1: hard to do thirty years ago. I mean, if anybody 332 00:18:19,880 --> 00:18:24,280 Speaker 1: can tell me this is government working well, I disagree strongly. Yeah, 333 00:18:24,320 --> 00:18:27,919 Speaker 1: we are crawling to a finish line, potentially in the Senate, 334 00:18:28,000 --> 00:18:30,040 Speaker 1: only of a bill that should have been passed a 335 00:18:30,119 --> 00:18:33,320 Speaker 1: long time ago. No talk of doing something to make 336 00:18:33,359 --> 00:18:36,320 Speaker 1: sure we're not in this in this situation again, what 337 00:18:36,440 --> 00:18:40,120 Speaker 1: about climate change? What about healthcare reform, voting, police, immigration? 338 00:18:40,400 --> 00:18:44,719 Speaker 1: You know, infrastructure is incredibly popular, but this is not 339 00:18:44,800 --> 00:18:47,640 Speaker 1: even close to what the Democrats promised when they were elected. 340 00:18:47,680 --> 00:18:49,760 Speaker 1: And that's what the reality of what we're left with 341 00:18:50,040 --> 00:18:52,439 Speaker 1: as this inches across the line. Enie and Rick will 342 00:18:52,480 --> 00:18:54,360 Speaker 1: stay with us. Come back a little bit later on 343 00:18:54,480 --> 00:18:57,639 Speaker 1: this hour. We turned to crypto next after we update 344 00:18:57,680 --> 00:19:01,000 Speaker 1: the markets and traffic. Senators cannot agree on changes to 345 00:19:01,040 --> 00:19:06,120 Speaker 1: the crypto tax reporting language. Hands are ringing. Joe Wisenthal, though, says, 346 00:19:06,200 --> 00:19:08,240 Speaker 1: you know what, A lot of bitcoiners don't care. We'll 347 00:19:08,240 --> 00:19:10,960 Speaker 1: talk to him next. I'm Joe Matthew. This is Bloomberg 348 00:19:17,119 --> 00:19:22,240 Speaker 1: broadcasting live from our nation's capital, Bloomberg to New York, 349 00:19:22,320 --> 00:19:27,680 Speaker 1: Bloomberg eleven, Frio to San Francisco, Bloomberg nine to the country, 350 00:19:27,840 --> 00:19:31,960 Speaker 1: Sirius XM General one and around the globe, the Bloomberg 351 00:19:32,000 --> 00:19:36,320 Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg 352 00:19:36,480 --> 00:19:41,280 Speaker 1: Sound On with Joe Matthew, and I think they spent 353 00:19:41,359 --> 00:19:46,280 Speaker 1: the last week, including the weekend, arguing over crypto rules. 354 00:19:47,280 --> 00:19:51,120 Speaker 1: A deal on tax reporting requirements today has already been 355 00:19:51,119 --> 00:19:53,880 Speaker 1: blocked in the Senate, and so the language will stay 356 00:19:53,920 --> 00:19:56,960 Speaker 1: the same after all that, at least though until the 357 00:19:56,960 --> 00:19:59,439 Speaker 1: bill goes to the House. And as I read on 358 00:19:59,440 --> 00:20:02,000 Speaker 1: the terminal now from Bloomberg's Joe Wisenthal, a lot of 359 00:20:02,040 --> 00:20:05,640 Speaker 1: bitcoiners don't care anyway, Despite what you may have heard. 360 00:20:05,640 --> 00:20:08,119 Speaker 1: We'll talk to the Stalwart next, and thank you for 361 00:20:08,200 --> 00:20:10,520 Speaker 1: spending some time with us today on Bloomberg Radio. The 362 00:20:10,520 --> 00:20:13,159 Speaker 1: amount of time and attention spent on crypto in the 363 00:20:13,200 --> 00:20:16,119 Speaker 1: Infrastructure Bill comes in large part, of course, to the 364 00:20:16,160 --> 00:20:19,639 Speaker 1: aggressive lobbying effort by the industry like coin Center and 365 00:20:19,640 --> 00:20:23,240 Speaker 1: the Blockchain Association we spoke with on Friday. Even Gene 366 00:20:23,240 --> 00:20:26,200 Speaker 1: Simmons apparently has an angle on all of this. But 367 00:20:26,600 --> 00:20:30,600 Speaker 1: Bloomberg's Joe Wisenthal is writing about why some bitcoiners don't 368 00:20:30,640 --> 00:20:35,280 Speaker 1: care about fixing all this, and the Stalwart himself joins 369 00:20:35,359 --> 00:20:37,800 Speaker 1: us now on sound On. Joe, thank you for being here. 370 00:20:37,840 --> 00:20:40,680 Speaker 1: You point out that bitcoiners see the currency as well 371 00:20:40,720 --> 00:20:44,879 Speaker 1: basically designed to not need these protections. Yeah, thank you 372 00:20:44,920 --> 00:20:46,800 Speaker 1: for having me. And you know, I should be clear 373 00:20:46,920 --> 00:20:49,399 Speaker 1: that I'm it's not all bitcoiners, but there is a 374 00:20:49,440 --> 00:20:55,960 Speaker 1: certain faction that believes that bitcoins network as designed, is 375 00:20:56,000 --> 00:20:59,439 Speaker 1: designed to be robust against any sort of state or 376 00:20:59,520 --> 00:21:04,040 Speaker 1: legislator of attack, and ultimately they see these efforts and 377 00:21:04,119 --> 00:21:08,000 Speaker 1: you mentioned coin Center in the Blockchain Association, these efforts 378 00:21:08,119 --> 00:21:12,120 Speaker 1: at um fixing or changing some of the bill as 379 00:21:12,520 --> 00:21:15,440 Speaker 1: ultimately not helping bitcoin very much, because if your view 380 00:21:15,600 --> 00:21:19,320 Speaker 1: is that the technology is robust against any sort of 381 00:21:19,359 --> 00:21:23,640 Speaker 1: regulation or attack, than any effort to change that regulation 382 00:21:24,200 --> 00:21:27,879 Speaker 1: perhaps only helps other coins that are not as robust. 383 00:21:29,119 --> 00:21:31,320 Speaker 1: I don't want to pull you down the wrong hole here, 384 00:21:31,520 --> 00:21:36,720 Speaker 1: but but what makes bitcoin unable to be regulated? Well again, 385 00:21:36,840 --> 00:21:38,920 Speaker 1: you know this is this is what they say, right, 386 00:21:39,040 --> 00:21:41,440 Speaker 1: so they would say that it can't be now there 387 00:21:41,440 --> 00:21:43,760 Speaker 1: of course, there are ways to regulate bitcoin, in part 388 00:21:43,800 --> 00:21:47,840 Speaker 1: because everybody who buys bitcoin buys it through some entity 389 00:21:47,920 --> 00:21:50,520 Speaker 1: like say coin based, which is a financial institution that 390 00:21:50,560 --> 00:21:56,359 Speaker 1: gets regulated. That being said, the network is highly decentralized 391 00:21:56,440 --> 00:22:00,560 Speaker 1: in the sense that anyone can say down load and 392 00:22:00,680 --> 00:22:03,800 Speaker 1: run their own node which monitors all the transactions on 393 00:22:03,840 --> 00:22:08,080 Speaker 1: the network. Anyone in theory can be a minor. Uh 394 00:22:08,160 --> 00:22:10,199 Speaker 1: you know, that's not so big anymore, but in the 395 00:22:10,240 --> 00:22:12,040 Speaker 1: early days of bitcoin, and it could go back to 396 00:22:12,119 --> 00:22:15,640 Speaker 1: it where people mind the cryptocurrency simply on their PC. 397 00:22:16,280 --> 00:22:18,440 Speaker 1: And so the view is that like at the sort 398 00:22:18,480 --> 00:22:22,520 Speaker 1: of like, the pure infrastructure of the network would be 399 00:22:22,680 --> 00:22:27,439 Speaker 1: very hard to tamp down, would be very hard to break, 400 00:22:27,800 --> 00:22:31,720 Speaker 1: whereas some of the other competing cryptocurrencies are perceived to 401 00:22:31,720 --> 00:22:35,320 Speaker 1: be less decentralized, and so for example, there's an argument 402 00:22:35,359 --> 00:22:38,840 Speaker 1: that it is much harder for an individual to run 403 00:22:38,880 --> 00:22:41,600 Speaker 1: a full node and a different coin that requires more, 404 00:22:41,920 --> 00:22:46,119 Speaker 1: say ethereum that requires more computing power. Others argue that 405 00:22:46,160 --> 00:22:48,000 Speaker 1: it is not too easy for an individual to be 406 00:22:48,000 --> 00:22:50,800 Speaker 1: a miner of different coins, and so their view is 407 00:22:50,840 --> 00:22:55,040 Speaker 1: that these other coins have not spent the same engineering 408 00:22:55,080 --> 00:22:58,280 Speaker 1: resources to make their networks as decentralized and thus are 409 00:22:58,359 --> 00:23:02,719 Speaker 1: less robust against say, state intervention. You talk about this 410 00:23:02,760 --> 00:23:06,879 Speaker 1: block stream employee Grubles, who's you know, he's got the 411 00:23:06,920 --> 00:23:10,639 Speaker 1: tinfoil hat on here and he's basically he's transacting bitcoin 412 00:23:11,119 --> 00:23:14,920 Speaker 1: offline with antenna's and hardware wallets. Is that real? Yeah, 413 00:23:15,000 --> 00:23:19,640 Speaker 1: it is, and it's genuinely impressive, Like there's I have admiration, 414 00:23:19,720 --> 00:23:21,960 Speaker 1: Like if anyone has met someone who, say, like does 415 00:23:22,560 --> 00:23:25,800 Speaker 1: Ham radio for example, like hardcore, I think you could 416 00:23:25,920 --> 00:23:29,520 Speaker 1: draw a very serious analogy between say, people who are 417 00:23:29,600 --> 00:23:33,240 Speaker 1: Ham radio enthusiasts and bitcoiners. The idea is it's like, 418 00:23:33,560 --> 00:23:35,879 Speaker 1: you know, you could have like a major if you 419 00:23:35,920 --> 00:23:38,919 Speaker 1: had like a major storm, for example, there's a good 420 00:23:39,040 --> 00:23:41,560 Speaker 1: chance that the phone networks go down. There's a good 421 00:23:41,640 --> 00:23:44,360 Speaker 1: chance that the Internet goes down, but then the Ham 422 00:23:44,440 --> 00:23:47,399 Speaker 1: Radio people, the people who learned Morse code and so forth, 423 00:23:47,720 --> 00:23:50,480 Speaker 1: they can still communicate. And I think there really is 424 00:23:50,480 --> 00:23:54,000 Speaker 1: an analogy there with some bitcoiners see themselves as like 425 00:23:54,040 --> 00:23:56,919 Speaker 1: the ham Radio of money, and so they believe that 426 00:23:56,960 --> 00:23:59,399 Speaker 1: they've spent a lot of effort to build this system 427 00:23:59,480 --> 00:24:03,720 Speaker 1: that can, you know, withstand almost any collapse and ultimately 428 00:24:04,119 --> 00:24:06,800 Speaker 1: UH in so this UH you should read. People should 429 00:24:06,800 --> 00:24:08,840 Speaker 1: read it. It's this great guide like how to send 430 00:24:08,840 --> 00:24:12,600 Speaker 1: a bitcoin transaction while you're offline. It's not easy, but 431 00:24:12,720 --> 00:24:15,000 Speaker 1: it's a system that's built such that it can possibly 432 00:24:15,080 --> 00:24:17,840 Speaker 1: be done. But it's possible. It's possible, and that's what's 433 00:24:17,840 --> 00:24:20,919 Speaker 1: exciting to people. We're talking on Bloomberg Sound On with 434 00:24:20,960 --> 00:24:24,320 Speaker 1: the Sage of Crypto. Joe Wisenthal is with us the Stalwart, 435 00:24:24,359 --> 00:24:28,040 Speaker 1: and we've heard a lot about preventing fraud in this debate. Joe, 436 00:24:28,040 --> 00:24:30,120 Speaker 1: would it actually help with that? And maybe I should 437 00:24:30,160 --> 00:24:32,640 Speaker 1: first ask you if we have any idea. We throw 438 00:24:32,680 --> 00:24:34,960 Speaker 1: all these statements sort over the idea how much fraud 439 00:24:35,040 --> 00:24:37,480 Speaker 1: is in crypto. I don't think anyone really has a 440 00:24:37,520 --> 00:24:39,919 Speaker 1: great idea, you know, I don't think I think the 441 00:24:40,000 --> 00:24:43,840 Speaker 1: issue is nominally there is not that much. Still, I think, look, 442 00:24:43,880 --> 00:24:46,600 Speaker 1: the vast majority of people who are into crypto, or 443 00:24:46,640 --> 00:24:50,280 Speaker 1: who are into bitcoins specifically, they're not interested engaging in 444 00:24:50,359 --> 00:24:54,320 Speaker 1: fraud or tax evasion or money laundering or ransomware. They're 445 00:24:54,359 --> 00:24:56,840 Speaker 1: interested in buying a coin that's gone up in price 446 00:24:56,920 --> 00:25:00,320 Speaker 1: a lot. And I think like the vast majority of 447 00:25:00,960 --> 00:25:05,240 Speaker 1: um of all crypto is still largely that. Now that 448 00:25:05,359 --> 00:25:07,959 Speaker 1: being said, of course people are concerned about the use 449 00:25:08,000 --> 00:25:11,240 Speaker 1: of these coins for fraud and ransomware and tax evasion, 450 00:25:11,600 --> 00:25:14,320 Speaker 1: and it's not crazy to be concerned about that, in 451 00:25:14,440 --> 00:25:19,280 Speaker 1: part because these systems at their core allow monetary transactions 452 00:25:19,320 --> 00:25:22,359 Speaker 1: outside of regulated networks. And so you know, if if 453 00:25:22,400 --> 00:25:24,800 Speaker 1: I want to pay you money, and I send you 454 00:25:24,840 --> 00:25:28,159 Speaker 1: a hundred dollars via PayPal or something like that, there 455 00:25:28,240 --> 00:25:31,080 Speaker 1: is an entity PayPal that has a recording of that transaction. 456 00:25:31,520 --> 00:25:35,080 Speaker 1: In theory, I could send you um bitcoin and there 457 00:25:35,160 --> 00:25:39,240 Speaker 1: is no centralized authority that says, look what's going on. Now, 458 00:25:39,720 --> 00:25:43,199 Speaker 1: there's the blockchain and their blockchain analysis companies that in 459 00:25:43,320 --> 00:25:45,720 Speaker 1: theory can track some of this, but it really does 460 00:25:45,840 --> 00:25:48,119 Speaker 1: create pure to pure digital money in a way that 461 00:25:48,160 --> 00:25:51,760 Speaker 1: didn't exactly exist in some way prior to the invention 462 00:25:51,880 --> 00:25:56,959 Speaker 1: of bitcoin and other blockchain based cryptocurrencies. And so although 463 00:25:57,000 --> 00:26:01,800 Speaker 1: I think that the actual amount of fraud is pretty small, 464 00:26:02,640 --> 00:26:05,080 Speaker 1: it's not crazy that people think, well, this is like 465 00:26:05,200 --> 00:26:08,640 Speaker 1: one natural avenue for it to go at some point 466 00:26:08,680 --> 00:26:10,359 Speaker 1: in the future. Joe, I've got to ask you before 467 00:26:10,680 --> 00:26:12,480 Speaker 1: we wrap up here the last week or two what 468 00:26:12,600 --> 00:26:14,240 Speaker 1: it's been like for you. I mean, I'm sitting down 469 00:26:14,280 --> 00:26:17,080 Speaker 1: here in Washington and we're hammering out legislation, and everybody's 470 00:26:17,080 --> 00:26:20,359 Speaker 1: an expert except when they're not. Are you just leaning 471 00:26:20,359 --> 00:26:22,800 Speaker 1: back at the end of the day when laughing at 472 00:26:22,840 --> 00:26:25,400 Speaker 1: lawmakers trying to figure all this out. I mean, look, 473 00:26:25,440 --> 00:26:28,080 Speaker 1: it is it is interesting, and you know, look, I 474 00:26:28,080 --> 00:26:29,560 Speaker 1: mean I think there's a few things. It is kind 475 00:26:29,560 --> 00:26:31,960 Speaker 1: of funny seeing all these lawmakers trying to figure out 476 00:26:32,000 --> 00:26:34,760 Speaker 1: this new thing. But also I think it's interesting. There 477 00:26:34,800 --> 00:26:36,880 Speaker 1: must be there are more and more who actually really 478 00:26:36,880 --> 00:26:39,160 Speaker 1: know what they're talking about, in the sense that they 479 00:26:39,160 --> 00:26:42,320 Speaker 1: are even thinking about, Okay, we have to find ways 480 00:26:42,359 --> 00:26:45,520 Speaker 1: to uh want to find ways to regulate that. I 481 00:26:45,520 --> 00:26:47,120 Speaker 1: think if you went back three or four a little 482 00:26:47,160 --> 00:26:50,080 Speaker 1: in five years, some of these terms like miners and 483 00:26:50,200 --> 00:26:53,199 Speaker 1: nodes and developers and so forth. It's not that they 484 00:26:53,200 --> 00:26:56,119 Speaker 1: wouldn't have been included. It wouldn't have even occurred to 485 00:26:56,160 --> 00:26:58,520 Speaker 1: anyone that they would be part of a bill. And 486 00:26:58,560 --> 00:27:02,840 Speaker 1: that really shows the sort of tremendous evolution and expansion 487 00:27:02,880 --> 00:27:06,040 Speaker 1: of this stuff and sort of like in the popular world. Well, 488 00:27:06,080 --> 00:27:09,560 Speaker 1: I hope you feel like a pioneer, Joe Wisenthal. Great 489 00:27:09,600 --> 00:27:11,440 Speaker 1: to have you on the program. Let's do it again soon, 490 00:27:11,640 --> 00:27:13,600 Speaker 1: Let's do it. Thanks for having me. I hope Jean 491 00:27:13,680 --> 00:27:16,359 Speaker 1: Simmons heard all that You follow him. He tweets at 492 00:27:16,440 --> 00:27:20,400 Speaker 1: Chuck Schumer crypto is good for America. He's a big proponent. 493 00:27:20,440 --> 00:27:22,280 Speaker 1: I guess coming up, we'll talk about it with Rick 494 00:27:22,320 --> 00:27:24,480 Speaker 1: and Jeanie the panels coming back as we block and 495 00:27:24,560 --> 00:27:29,200 Speaker 1: chain all night and party every day on sound on. 496 00:27:29,800 --> 00:27:42,439 Speaker 1: I'm Joe Matthew. This is Bloomberg. You're listening to Bloomberg. 497 00:27:42,520 --> 00:27:47,840 Speaker 1: You sound on with Joe Matthew on Bloomberg Radio. So 498 00:27:47,960 --> 00:27:51,280 Speaker 1: let's assume the infrastructure bill passes the Senate tomorrow morning, 499 00:27:51,280 --> 00:27:54,040 Speaker 1: maybe even tonight. That's a possibility, by the way, if 500 00:27:54,080 --> 00:27:56,520 Speaker 1: all hundred senators agree. And when is the last time 501 00:27:56,560 --> 00:27:59,160 Speaker 1: you heard of that happening. We're not holding our breath 502 00:27:59,240 --> 00:28:02,320 Speaker 1: for it. They are debating right now on the Senate 503 00:28:02,359 --> 00:28:04,440 Speaker 1: floor as we speak, so it could be a late 504 00:28:04,560 --> 00:28:06,760 Speaker 1: night or a very early morning, or a little bit 505 00:28:06,760 --> 00:28:09,000 Speaker 1: of both. It looks like the crypto rules will remain 506 00:28:09,040 --> 00:28:12,840 Speaker 1: the same as the deal that was struck today on 507 00:28:12,880 --> 00:28:15,520 Speaker 1: these outlying amendments that we've been talking about the last 508 00:28:15,520 --> 00:28:17,480 Speaker 1: couple of days. It's been blocked. They're going to stick 509 00:28:17,480 --> 00:28:20,720 Speaker 1: with the original language. It could be tweaked later in 510 00:28:20,800 --> 00:28:26,280 Speaker 1: the House, or maybe something goes into reconciliation. Will have 511 00:28:26,359 --> 00:28:28,720 Speaker 1: to wait for some time on that. We did see 512 00:28:28,720 --> 00:28:31,840 Speaker 1: the blueprint for reconciliation three and a half trillion dollars. 513 00:28:31,840 --> 00:28:35,320 Speaker 1: It was out today, tax hikes for corporations and families 514 00:28:35,320 --> 00:28:38,840 Speaker 1: making over four hundred thousand dollars a year. And we're 515 00:28:38,880 --> 00:28:42,960 Speaker 1: joined again by the panel Bloomberg Politics contributors Jeannie she 516 00:28:43,040 --> 00:28:45,280 Speaker 1: and Zano and Rick Davis with us year. I want 517 00:28:45,280 --> 00:28:47,200 Speaker 1: to ask you both about the crypto rules though in 518 00:28:47,200 --> 00:28:50,160 Speaker 1: this hard infrastructure bill we're just talking about it with 519 00:28:50,320 --> 00:28:54,720 Speaker 1: Joe Wisenthal. Is this the ultimate example of wasting time here? Rick, 520 00:28:54,880 --> 00:28:58,480 Speaker 1: my god, we put days in days into this. We 521 00:28:58,560 --> 00:29:02,160 Speaker 1: had multiple amendments and then at the last minute here 522 00:29:02,600 --> 00:29:04,920 Speaker 1: they're all blocked, and this bill is gonna look exactly 523 00:29:04,920 --> 00:29:07,000 Speaker 1: the same as it did last week when it goes 524 00:29:07,040 --> 00:29:10,360 Speaker 1: to the House. Yeah, and except for some really bad 525 00:29:10,400 --> 00:29:13,320 Speaker 1: crypto language that I think everybody agrees shouldn't be in 526 00:29:13,320 --> 00:29:15,320 Speaker 1: this bill anymore. I mean, in an effort to try 527 00:29:15,320 --> 00:29:17,560 Speaker 1: and get pay for us, you know, people thought, oh well, 528 00:29:17,560 --> 00:29:19,400 Speaker 1: we ought to be done in the crypto industry, and 529 00:29:19,440 --> 00:29:21,840 Speaker 1: so we get Treasury language. It isn't well thought through. 530 00:29:22,400 --> 00:29:24,680 Speaker 1: Ted Cruz says it will decimate the industry. Is he 531 00:29:24,720 --> 00:29:26,800 Speaker 1: going too far with that or is that your I mean, 532 00:29:26,840 --> 00:29:29,400 Speaker 1: first of all, this is not a done deal, right, 533 00:29:29,440 --> 00:29:31,040 Speaker 1: This is not the language. It will go to the 534 00:29:31,080 --> 00:29:33,600 Speaker 1: President's desk. It can be corrected in the House, and 535 00:29:33,600 --> 00:29:36,440 Speaker 1: it can be corrected potentially if there's a conference, unless 536 00:29:36,440 --> 00:29:38,920 Speaker 1: the House acceeds to it with correcting language. I think 537 00:29:38,960 --> 00:29:42,120 Speaker 1: everybody wants to see this fix. So I can't imagine 538 00:29:42,120 --> 00:29:44,360 Speaker 1: that this is the language that's going to make it out. 539 00:29:44,440 --> 00:29:48,680 Speaker 1: But again, um uh. Centator Smith said on your program 540 00:29:48,680 --> 00:29:52,480 Speaker 1: earlier that, um, you know, we can fix these kinds 541 00:29:52,480 --> 00:29:55,320 Speaker 1: of things, whether it's in this year's bill or correcting 542 00:29:55,400 --> 00:29:58,000 Speaker 1: legislation and other bills. So I wouldn't get too excited 543 00:29:58,000 --> 00:30:00,800 Speaker 1: about it. But what it does pretend is one Treasury 544 00:30:00,840 --> 00:30:03,120 Speaker 1: missed its mark. Uh. They really didn't know what they 545 00:30:03,120 --> 00:30:05,320 Speaker 1: were doing when they submitted this language. And there are 546 00:30:05,360 --> 00:30:09,800 Speaker 1: lots of different views, bipartisan views. The two correcting amendments 547 00:30:09,800 --> 00:30:13,000 Speaker 1: on this are made up of both Republicans and Democrats. Yes, 548 00:30:13,040 --> 00:30:16,080 Speaker 1: and they don't agree. And so this is an open 549 00:30:16,120 --> 00:30:18,520 Speaker 1: season on Crypto, I think, is the message that this 550 00:30:18,600 --> 00:30:20,800 Speaker 1: bill is going to send everybody, and Genie, it's one 551 00:30:20,840 --> 00:30:24,760 Speaker 1: of these Washington moments, the reason why people scratch their 552 00:30:24,800 --> 00:30:27,520 Speaker 1: heads when they try to follow the bouncing ball. Here. 553 00:30:27,920 --> 00:30:30,240 Speaker 1: The two senators who announced the deal today is like, 554 00:30:30,280 --> 00:30:33,040 Speaker 1: we've figured out Crypto. Here we go Pat to me, 555 00:30:33,200 --> 00:30:37,000 Speaker 1: Senator Pat to Me and Senator Cynthia Lummis. They spent 556 00:30:37,200 --> 00:30:39,960 Speaker 1: good time at the podium, a good deal of time 557 00:30:40,000 --> 00:30:42,880 Speaker 1: taking questions walking through the deal, why it's good for crypto, 558 00:30:42,920 --> 00:30:45,440 Speaker 1: why it's great that this got done, and then they 559 00:30:45,480 --> 00:30:47,720 Speaker 1: both announced that they're not going to vote for the bill. 560 00:30:47,760 --> 00:30:50,200 Speaker 1: Here they are for completely unrelated reasons. I will not 561 00:30:50,240 --> 00:30:53,240 Speaker 1: be supporting the underlying bill. Uh. That has nothing to 562 00:30:53,280 --> 00:30:56,320 Speaker 1: do with this transaction. I also have problems with the 563 00:30:56,400 --> 00:31:00,640 Speaker 1: underlying fit bill the it's scored in a way that, uh, 564 00:31:00,760 --> 00:31:03,080 Speaker 1: it's not fully paid for. Then what did we just 565 00:31:03,160 --> 00:31:05,680 Speaker 1: spend all that time on working on a deal for Genie? 566 00:31:06,320 --> 00:31:09,440 Speaker 1: We we got some good tweets from Gene Simmons, Um, 567 00:31:09,480 --> 00:31:11,880 Speaker 1: you know, we've got some other good discussion. No, you're 568 00:31:11,920 --> 00:31:14,800 Speaker 1: absolutely right, And I think one of the things that 569 00:31:15,120 --> 00:31:18,400 Speaker 1: it's important is that there's a lot of discussion about 570 00:31:18,400 --> 00:31:20,760 Speaker 1: the fact and you were talking about this in your 571 00:31:20,800 --> 00:31:24,160 Speaker 1: discussion with Joe earlier, is that this is a new 572 00:31:24,200 --> 00:31:27,800 Speaker 1: technology and many many leaders, not just in Congress but 573 00:31:27,840 --> 00:31:31,960 Speaker 1: around the country. Indeed, people around the country don't understand 574 00:31:32,000 --> 00:31:36,760 Speaker 1: it yet. And it's important because regulators need to understand it. 575 00:31:36,880 --> 00:31:39,200 Speaker 1: So do public officials who are going to pass laws. 576 00:31:39,560 --> 00:31:42,920 Speaker 1: And there is a huge frustration of people in the 577 00:31:42,960 --> 00:31:46,479 Speaker 1: industry who feel like this became a convenient place in 578 00:31:46,480 --> 00:31:49,320 Speaker 1: which to pull out twenty eight billion dollars, and so 579 00:31:49,560 --> 00:31:53,200 Speaker 1: there's a lot of frustration there, rightly so, and not 580 00:31:53,360 --> 00:31:56,320 Speaker 1: letting this currency, which people see as the future of 581 00:31:56,360 --> 00:31:59,640 Speaker 1: the financial system develop and and have have the breath 582 00:31:59,640 --> 00:32:02,360 Speaker 1: that needs to develop before it's regulated by people who 583 00:32:02,400 --> 00:32:05,440 Speaker 1: don't understand it. So I think this discussion was was 584 00:32:05,520 --> 00:32:07,760 Speaker 1: part and personal of that. And as somebody who also 585 00:32:07,800 --> 00:32:10,960 Speaker 1: doesn't understand it so well, I'm not you know, throwing dispersions, 586 00:32:10,960 --> 00:32:14,280 Speaker 1: but I do think, you know, the frustration is they're 587 00:32:14,440 --> 00:32:18,120 Speaker 1: rightly so from people in this industry. Rick, we're senators 588 00:32:18,120 --> 00:32:20,800 Speaker 1: to me and lummis being a little too cute here, 589 00:32:20,880 --> 00:32:23,800 Speaker 1: or is that actually the way Washington works and maybe 590 00:32:23,800 --> 00:32:25,720 Speaker 1: the deal they struck comes out in the House or 591 00:32:26,040 --> 00:32:28,800 Speaker 1: impacts the debate somewhere down the room. Yeah, I think 592 00:32:28,800 --> 00:32:31,320 Speaker 1: it's more how Washington works. Yeah, I think you need 593 00:32:31,320 --> 00:32:34,240 Speaker 1: to understand the legislative process where just because you may 594 00:32:34,280 --> 00:32:36,800 Speaker 1: not like the underlying piece of legislation doesn't mean you 595 00:32:37,120 --> 00:32:39,520 Speaker 1: don't want to get your parts of it correct. And 596 00:32:39,560 --> 00:32:43,280 Speaker 1: in this case, uh, it's also joined by Senator Widen, 597 00:32:43,480 --> 00:32:46,240 Speaker 1: you know, who's the Democratic head of the Finance Committee. 598 00:32:46,240 --> 00:32:48,800 Speaker 1: And so these are these are ways to try and 599 00:32:48,840 --> 00:32:52,280 Speaker 1: make good, you know, good legislation better or bad legislation 600 00:32:52,320 --> 00:32:55,680 Speaker 1: not as bad. And and rather you whether you support 601 00:32:55,720 --> 00:32:58,080 Speaker 1: the underlying bill or not, you don't want to see 602 00:32:58,080 --> 00:32:59,600 Speaker 1: bad things in it. And this has gotten a lot 603 00:32:59,600 --> 00:33:02,360 Speaker 1: of attend because cryptos getting a lot of attention, and 604 00:33:02,400 --> 00:33:04,440 Speaker 1: cryptos getting a lot of attention because nobody knows what 605 00:33:04,480 --> 00:33:08,240 Speaker 1: to do with it, and so um senators are working 606 00:33:08,240 --> 00:33:10,760 Speaker 1: hard to try and figure this out. There were other 607 00:33:10,840 --> 00:33:14,800 Speaker 1: amendments that also failed and all, and so we're going 608 00:33:14,840 --> 00:33:18,600 Speaker 1: to see a lot more legislation that gets promulgated in 609 00:33:18,720 --> 00:33:23,200 Speaker 1: other bills UH related to crypto and and so I 610 00:33:23,240 --> 00:33:26,600 Speaker 1: think this is just one of those situations where we're 611 00:33:26,640 --> 00:33:28,880 Speaker 1: going to see people trying to do the right thing 612 00:33:28,920 --> 00:33:32,240 Speaker 1: in a bill by their definition, even though the building 613 00:33:32,600 --> 00:33:36,800 Speaker 1: that that is underlying this amendment is not something they 614 00:33:36,800 --> 00:33:39,240 Speaker 1: can be willing to vote for. Genie, let's talk about 615 00:33:39,240 --> 00:33:42,760 Speaker 1: the blueprint here for this reconciliation bill. This would be 616 00:33:42,800 --> 00:33:47,120 Speaker 1: the soft infrastructure bill that would follow the hard infrastructure 617 00:33:47,120 --> 00:33:49,400 Speaker 1: bill that's going to get a vote imminently here in 618 00:33:49,440 --> 00:33:52,080 Speaker 1: the Senate. When you look at the content some of it, 619 00:33:52,120 --> 00:33:55,840 Speaker 1: we've heard a lot about an expansion of Medicare UH 620 00:33:55,960 --> 00:33:58,960 Speaker 1: money for child care, for instance. But our Democrats gonna 621 00:33:59,000 --> 00:34:01,920 Speaker 1: find the line here when it comes to rules. When 622 00:34:01,960 --> 00:34:06,840 Speaker 1: I see immigration reform and items like that, is the 623 00:34:06,880 --> 00:34:09,319 Speaker 1: Senate parliamentary and at some point going to say no 624 00:34:09,800 --> 00:34:13,600 Speaker 1: those those items don't go in a budget reconciliation. Well, 625 00:34:13,640 --> 00:34:15,880 Speaker 1: that is what they're going to be facing, and that 626 00:34:15,920 --> 00:34:18,840 Speaker 1: could very well happen. We saw that with the minimum wage, 627 00:34:18,880 --> 00:34:22,360 Speaker 1: and to your point, we're seeing an expansion of education, healthcare, 628 00:34:22,520 --> 00:34:27,200 Speaker 1: childcare support also very important the climate crisis, investment in 629 00:34:27,280 --> 00:34:31,360 Speaker 1: climate and more infrastructure. So it's an expansive bill. But 630 00:34:31,440 --> 00:34:34,200 Speaker 1: as you mentioned, as they moved to things like immigration, 631 00:34:34,719 --> 00:34:37,319 Speaker 1: they I think are going to have a tough road 632 00:34:37,680 --> 00:34:41,560 Speaker 1: to push that forward. The problem I see is that 633 00:34:41,680 --> 00:34:44,160 Speaker 1: Democrats are then going to be able to say, hey, 634 00:34:44,239 --> 00:34:47,320 Speaker 1: look at folks, we tried, we did the best we could. 635 00:34:47,680 --> 00:34:50,799 Speaker 1: You can't blame us. And to me, that's what's frustrating 636 00:34:51,000 --> 00:34:55,480 Speaker 1: about what's happening in Washington, d C. Immigration shouldn't be 637 00:34:55,520 --> 00:34:58,760 Speaker 1: in the infrastructure bill. It should and needs to be handled, 638 00:34:58,800 --> 00:35:02,080 Speaker 1: needed to be handled decades ago on its own, not 639 00:35:02,160 --> 00:35:05,400 Speaker 1: through reconciliation. They can't do that, so they're doing it 640 00:35:05,440 --> 00:35:07,759 Speaker 1: this way. It probably won't make it into this bill 641 00:35:08,080 --> 00:35:10,759 Speaker 1: because of the parliamentarian and then they will be able 642 00:35:10,800 --> 00:35:13,239 Speaker 1: to say, look at folks, we tried, and yet we 643 00:35:13,440 --> 00:35:15,839 Speaker 1: still have a crisis at the border in the midst 644 00:35:15,880 --> 00:35:18,440 Speaker 1: of a pandemic and one we've had for decades. You've 645 00:35:18,440 --> 00:35:21,040 Speaker 1: seen this movie before, Rick, with the number of years 646 00:35:21,040 --> 00:35:24,960 Speaker 1: you were advising Senator McCain UH and other Republicans on 647 00:35:25,000 --> 00:35:27,839 Speaker 1: Capitol Hill. Where's the parliamentarian and to draw the line here? 648 00:35:27,840 --> 00:35:30,279 Speaker 1: Could this look a lot different in a couple of weeks. Yeah, 649 00:35:30,320 --> 00:35:32,640 Speaker 1: I think there'll be some bumpers put around this. It's 650 00:35:32,760 --> 00:35:36,160 Speaker 1: it's a massive transaction on Capitol Hill, right, three and 651 00:35:36,160 --> 00:35:41,280 Speaker 1: a half trillion dollars all money raised through tax increases basically, 652 00:35:41,320 --> 00:35:44,440 Speaker 1: I mean, just the concept of that is going to 653 00:35:44,520 --> 00:35:47,920 Speaker 1: make so many tax lobbyists thrilled. But the reality of 654 00:35:47,920 --> 00:35:52,480 Speaker 1: it is is that that that that even doesn't properly 655 00:35:52,560 --> 00:35:55,840 Speaker 1: portray the depth and breadth, as you've described it, of 656 00:35:55,880 --> 00:35:59,400 Speaker 1: the amount of social engineering in this package. And and 657 00:35:59,440 --> 00:36:01,600 Speaker 1: so the Senate Parliamentarian will take care of some of that. 658 00:36:01,680 --> 00:36:04,600 Speaker 1: They'll put some some some brackets around what is and 659 00:36:04,719 --> 00:36:09,759 Speaker 1: isn't uh financial legislation, budget legislation. But I think this 660 00:36:09,840 --> 00:36:11,600 Speaker 1: is going to be a really long haul when they 661 00:36:11,600 --> 00:36:14,560 Speaker 1: start filling out what this bill really means. And I 662 00:36:14,600 --> 00:36:18,600 Speaker 1: would be shocked if Democrats go in a lockstep down 663 00:36:18,960 --> 00:36:22,640 Speaker 1: on this bill without thinking about what the political implications 664 00:36:22,680 --> 00:36:24,560 Speaker 1: of a three and a half trionto art attacks increase 665 00:36:24,640 --> 00:36:26,480 Speaker 1: is going to be Well, let's follow the bouncing ball 666 00:36:26,520 --> 00:36:29,240 Speaker 1: on this a little bit further, Genie. Let's say something 667 00:36:29,239 --> 00:36:32,759 Speaker 1: like immigration reform, maybe some of the other moneys are 668 00:36:32,800 --> 00:36:35,840 Speaker 1: taken out. Does that lower the overall spending the overall 669 00:36:35,880 --> 00:36:39,000 Speaker 1: price tag to the extent that a Senator Mansion or 670 00:36:39,040 --> 00:36:42,319 Speaker 1: a Senator Cinema could vote for it. It may, I mean, 671 00:36:42,440 --> 00:36:44,560 Speaker 1: I mean, I don't think we have a good number 672 00:36:44,600 --> 00:36:47,080 Speaker 1: from that yet. They're not at three point five. They're 673 00:36:47,080 --> 00:36:50,160 Speaker 1: willing to go up fairly high. But I think it 674 00:36:50,239 --> 00:36:52,919 Speaker 1: could reduce it. I don't know if immigration alone would 675 00:36:52,960 --> 00:36:55,600 Speaker 1: reduce it enough, but I do think those are the 676 00:36:55,640 --> 00:36:58,719 Speaker 1: types of negotiations we're going to be seeing. And what 677 00:36:58,840 --> 00:37:01,799 Speaker 1: it does it gives in individual senators and members of 678 00:37:01,800 --> 00:37:06,280 Speaker 1: the House outsized voice in the policy of the nation, 679 00:37:06,719 --> 00:37:10,000 Speaker 1: and that in and of itself is problematic and that's 680 00:37:10,040 --> 00:37:13,439 Speaker 1: what always happens in our system. But we will see 681 00:37:13,480 --> 00:37:16,239 Speaker 1: them doing that as they negotiate this thing out. I 682 00:37:16,280 --> 00:37:18,919 Speaker 1: think we also have to remember we have a long 683 00:37:18,960 --> 00:37:21,320 Speaker 1: way to go before we see that, because of course, 684 00:37:21,760 --> 00:37:24,359 Speaker 1: we also are going to see progressives and moderates. We're 685 00:37:24,360 --> 00:37:27,600 Speaker 1: seeing it already in the House who are fighting about 686 00:37:27,640 --> 00:37:31,240 Speaker 1: the bipartisan infrastructure bill, with moderate saying to the speaker, 687 00:37:31,320 --> 00:37:34,120 Speaker 1: pass it, and of course progressive saying no, no, no. 688 00:37:34,280 --> 00:37:37,279 Speaker 1: These two are tied together. That is a big fight 689 00:37:37,360 --> 00:37:39,680 Speaker 1: that's going to happen, and we may see the House 690 00:37:39,719 --> 00:37:42,000 Speaker 1: come back even earlier to try to move some of 691 00:37:42,000 --> 00:37:44,560 Speaker 1: this forward when there's than when they're scheduled to Rick. 692 00:37:44,600 --> 00:37:46,840 Speaker 1: We only have a minute left here, assuming this passes 693 00:37:47,000 --> 00:37:49,239 Speaker 1: the Senate, where it certainly gets the vote in the 694 00:37:49,280 --> 00:37:52,279 Speaker 1: Senate before we talk next. Do you expect any surprises 695 00:37:52,320 --> 00:37:55,239 Speaker 1: for Chuck Schumer? We're gonna have any thumbs down at 696 00:37:55,520 --> 00:37:58,160 Speaker 1: one in the morning. No, I think this is baked. 697 00:37:58,800 --> 00:38:01,359 Speaker 1: I think most of the real hard stuff has been 698 00:38:01,360 --> 00:38:05,520 Speaker 1: done already. Uh, they didn't get unanimous consent throughout the 699 00:38:05,560 --> 00:38:07,520 Speaker 1: weekends and they're not gonna get it now, so it'll 700 00:38:07,560 --> 00:38:10,080 Speaker 1: just go straight to vote. And I think the surprise 701 00:38:10,080 --> 00:38:13,120 Speaker 1: will be more more people voted for it than what 702 00:38:13,160 --> 00:38:15,160 Speaker 1: we've seen in the in the test votes up to 703 00:38:15,239 --> 00:38:16,960 Speaker 1: this point in time. How about that You agree with 704 00:38:16,960 --> 00:38:20,000 Speaker 1: that too, Genie. The surprise is to the upside for Democrats. 705 00:38:20,320 --> 00:38:22,600 Speaker 1: I do think I think we will probably see around 706 00:38:22,600 --> 00:38:26,799 Speaker 1: twenty Republicans support this Where you got it from Rick 707 00:38:26,840 --> 00:38:29,839 Speaker 1: and Jeanie, just hours away from the actual vote. Let's 708 00:38:29,880 --> 00:38:32,800 Speaker 1: meet back here this time tomorrow. We'll talk about everything 709 00:38:32,840 --> 00:38:35,200 Speaker 1: that happened, and of course we'll have the expert analysis 710 00:38:35,680 --> 00:38:38,640 Speaker 1: you've been hearing this whole hour. Set your clocks early. 711 00:38:38,920 --> 00:38:42,279 Speaker 1: I'll see on TV at five am, and back here 712 00:38:42,360 --> 00:38:45,480 Speaker 1: later on the radio. I'm Joe Matthew. This is Bloomberg