WEBVTT - Shutdown Continues with Senate Vote Expected; US-China Trade "Breakthrough"

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we are headed into day three of the government

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<v Speaker 3>shutdown in Washington. The Senate is expected to hold another

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<v Speaker 3>vote today on a stopgap spending bill to reopen the

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<v Speaker 3>government into mid November. Democrats are holding firm on demands

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<v Speaker 3>to extend healthcare subsidies that expire at the end of

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<v Speaker 3>the year, and now President Trump is threatening to slash

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<v Speaker 3>jobs at what he calls Democrat agencies that don't align

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<v Speaker 3>with his agenda. White House spokeswoman Caroline Levitt was asked

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<v Speaker 3>how deep the cuts could go.

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<v Speaker 2>It's likely going to be in the thousands.

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<v Speaker 1>It's a very good question, and that's something that the

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<v Speaker 1>Office of Management and Budget and the entire team at

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<v Speaker 1>the White House here again is unfortunately having to work

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<v Speaker 1>on today.

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<v Speaker 3>Press Secretary Caroline Levitt at the White House. Now, some

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<v Speaker 3>budget experts of question whether it's legal to conduct permanent

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<v Speaker 3>lay off during a show down. House Minority Leader Hakim

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<v Speaker 3>Jeffrey says Republicans have refused to negotiate.

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<v Speaker 4>This is the first week of this shutdown, But we've

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<v Speaker 4>had months of chaos and cruelty unleashed on the American people,

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<v Speaker 4>and the American people are paying close attention.

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<v Speaker 3>House Democratic Leader Hakim Jeffreys. A Washington Post poll finds

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<v Speaker 3>more voters blamed President Trump and Republicans for the shutdown

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<v Speaker 3>than Democrats by a seventeen point margin. If the Senate

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<v Speaker 3>does vote today, Majority leader John Thune says he is

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<v Speaker 3>unlikely to hold further votes into the weekend. The House

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<v Speaker 3>doesn't return from its recess until Tuesday.

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<v Speaker 2>Well, Nathan, if it weren't for the governments shutdown, investors

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<v Speaker 2>would be looking forward to the jobs report. That data

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<v Speaker 2>comes out the first Friday of every month, and Bloomberg's

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<v Speaker 2>Michael McKee tells us what we could have expected.

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<v Speaker 5>It's not exactly Sherlock Holmes dog that didn't bark. But

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<v Speaker 5>the government shutdown means no jobs report today, so no

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<v Speaker 5>warning or reassurance on the state of the economy. Alternate

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<v Speaker 5>data ADP employment and ism manufacturing suggesting high remained weak

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<v Speaker 5>in September that, in theory, could keep the Fed on

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<v Speaker 5>track to cut rates at the end of the month.

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<v Speaker 5>The hope, of course, is the folks in Washington can

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<v Speaker 5>settle their little feud and get the payroll data out

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<v Speaker 5>before that and before we miss any other key indicators.

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<v Speaker 5>Michael McKee, Bloomberg Radio.

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<v Speaker 3>All right, Mike, thanks, So the shutdown is got gold

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<v Speaker 3>on track for its seventh consecutive week of gains. Bully,

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<v Speaker 3>it has sorted more than forty five percent this year.

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<v Speaker 3>The price is now on track for the biggest annual

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<v Speaker 3>gain since nineteen seventy nine, and stocks enter today's session

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<v Speaker 3>at all time highs. Walter Todd is chief investment officer

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<v Speaker 3>at Greenwood Capital.

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<v Speaker 6>We think the market's a little bit over at skis

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<v Speaker 6>is kind of I hurt someone say the today price

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<v Speaker 6>for perfection in a very imperfect world. I think that's

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<v Speaker 6>a good description of where we are right now. So

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<v Speaker 6>we do see the opportunity for some broader volatility, even

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<v Speaker 6>though individual name volatility has been significant.

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<v Speaker 3>Greenwood Capitals Walter Todd stock futures are higher this morning,

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<v Speaker 3>setting the S and p F five hundred up for

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<v Speaker 3>a sixth straight gain. That would be its longest winning

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<v Speaker 3>streak since July.

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<v Speaker 2>Now, the latest on the trade war, Nathan Treasury Secretary

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<v Speaker 2>Scott Besson predicts, quote a pretty big big breakthrough in

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<v Speaker 2>the next round of talks with China, even as the

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<v Speaker 2>Trump administration takes steps to support American farmers heard by

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<v Speaker 2>a decline in Chinese purchases of soybeans. Besson spoke on CNBC.

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<v Speaker 7>As I leave the trade negotiations for the US with

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<v Speaker 7>my counterpart on the Chinese side, the Vice Premier. What

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<v Speaker 7>gives us a great comfort is the respect that the

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<v Speaker 7>two leaders have for each other. So it'll be very

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<v Speaker 7>helpful for them to be able to speak in person

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<v Speaker 7>and set the framework for trade going forward.

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<v Speaker 2>Treasury Secretary Scott Besson says the upcoming negotiations will occur

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<v Speaker 2>before the scheduled November tenth truce expiration date. Besson also

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<v Speaker 2>says news on support for American farmers and the soy

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<v Speaker 2>sector in particular is expected to be announced next Tuesday.

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<v Speaker 3>Turning the company news now, Karen, we're watching shares of

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<v Speaker 3>Applied Materials in the pre market. They are down more

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<v Speaker 3>than three percent. The largest US maker of machinery used

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<v Speaker 3>to manufacture semiconductors says an expansion of rules that restrict

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<v Speaker 3>the export of its products to China will take another

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<v Speaker 3>chunk out of its revenue. Applied Materials expects it to

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<v Speaker 3>cost six hundred million dollars in fiscal twenty twenty six,

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<v Speaker 3>which runs through next October.

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<v Speaker 2>We have a setback for Boeing. Nathan Bloomberg News has

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<v Speaker 2>learned the company's seven seventy seven X is slated to

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<v Speaker 2>fly commercially for the first time in early twenty twenty

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<v Speaker 2>seven instead of next year. The delay could result in

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<v Speaker 2>potentially billions of dollars in accounting charges, with analysts estimating

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<v Speaker 2>the non cash accounting charge could run from two and

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<v Speaker 2>a half billion to as much as four billion dollars.

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<v Speaker 2>Boeing executives are set to discuss the extent and cost

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<v Speaker 2>of the latest schedules slip for the jet when Boeing

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<v Speaker 2>reports earnings on October twenty.

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<v Speaker 3>Well Karena was a rough session for credit companies TransUnion

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<v Speaker 3>and Equifax. Their drop came after fair Isaac announced a

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<v Speaker 3>new program that gives mortgage lenders a way to get

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<v Speaker 3>its credit scores without buying them from those companies or experience.

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<v Speaker 3>Shares of fair Isaac, which goes by the name Fiico,

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<v Speaker 3>surged eighteen percent.

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<v Speaker 2>And there may be a big AI deal in the works.

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<v Speaker 2>Nathan Bloomberg News has learned Global Infrastructure Partners As in

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<v Speaker 2>advanced talks to acquire mcquarie backed Aligned Data Centers. Sources

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<v Speaker 2>Aligned could be valued at about forty billion dollars in

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<v Speaker 2>a transaction. A deal with Mark the latest in a

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<v Speaker 2>series of deals as investors buy for exposure to the

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<v Speaker 2>leaders of the AI technology. At forty billion dollars, GP's

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<v Speaker 2>deal for Aligned would rank among the world's five biggest

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<v Speaker 2>transactions this year, according to data compiled by Bloomberg. Time

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<v Speaker 2>now for look at some of the other stories making

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<v Speaker 2>news in New York and around the world world, and

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<v Speaker 2>for that we're joined by Bloomberg's John Tucker. John, Good morning, Yeah,

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<v Speaker 2>and good morning Karen.

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<v Speaker 8>Police in the UK say they've identified the man who

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<v Speaker 8>killed two at a Manchester synagogue where worshippers were gathering

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<v Speaker 8>for Yom Kippor, and Bloomberg's James Wilcock has.

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<v Speaker 9>More Jahad al Shami, a thirty five year old Britcisen

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<v Speaker 9>of Syrian descent. Investigations are still ongoing, and the Home

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<v Speaker 9>Section this morning says two things. Firstly, we don't yet

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<v Speaker 9>know if this is a terrorist cell, and secondly that

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<v Speaker 9>the perpetrate was not known to authority. So it's worth

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<v Speaker 9>saying Al Chami is Arabic for the Syrian and it

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<v Speaker 9>is a sort of a known non deguere for Jahadis

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<v Speaker 9>to take a name, so that may not yet be

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<v Speaker 9>relevant to the investigation.

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<v Speaker 8>The attacker drove his vehicle into worshippers and was shot

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<v Speaker 8>dead by police. Three others remain in the hospital. It's

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<v Speaker 8>sentencing day for Sean Ditty Colms in his prostitution related

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<v Speaker 8>convictions in New York. Prosecutors argue the music mogul deserves

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<v Speaker 8>at least eleven years in prison. Has the defense pushers

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<v Speaker 8>for time served. A fire broke out a Chevron oil

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<v Speaker 8>refinery just outside Los Angeles last night. It's in towering

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<v Speaker 8>flames into the year that were visible for miles. Officials

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<v Speaker 8>and El Segundo urged people to stay indoors. Nobody was hurt,

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<v Speaker 8>and Munich Airport temporarily shut down late yesterday after a

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<v Speaker 8>string of drone sightings in the area. It's the latest

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<v Speaker 8>mysterious drone over flights in the airspace of European Union

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<v Speaker 8>member countries. And Taylor Swift's twelfth studio album, The Life

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<v Speaker 8>of the Showgirl, is coming out today. She posted this

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<v Speaker 8>message on.

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<v Speaker 5>X Hey, it's Taylor.

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<v Speaker 1>Check out my new album The Life of a Showgirl

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<v Speaker 1>now on YouTube and YouTube music and baby, that's show

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<v Speaker 1>business for you.

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<v Speaker 8>Well. Swift is now worth two point one billion dollars.

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<v Speaker 8>That's up a billion dollars from two years ago when

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<v Speaker 8>the Bloomberg Billionaires Index first outed her as a member

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<v Speaker 8>of the Three Commas Club. Global news twenty four hours

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<v Speaker 8>a day and whenever you want it with Bloomberg News. Now,

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<v Speaker 8>I'm John Tucker. This is Bloomberg.

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<v Speaker 2>Karen Nanks sean time now for our Bloomberg Sports Update,

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<v Speaker 2>and for that we bring in John stash Hour.

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<v Speaker 5>Thanks Darren.

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<v Speaker 10>There were three decisive game threes the Baseball Wildcard Playoffs,

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<v Speaker 10>starting with Detroit six to three win at Cleveland. The

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<v Speaker 10>Tigers move on to place Seattle that comes beat San

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<v Speaker 10>Diego three to one. Next out for them as Milwaukee

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<v Speaker 10>and the Yankees will now play Toronto. They shut out

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<v Speaker 10>the Red Sox four and up. In rookie pitcher Cam

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<v Speaker 10>Schlitler went eight and is allowed no runs, struck out

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<v Speaker 10>twelve over time. In the NFC West, the forty nine

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<v Speaker 10>ers stopped the Rams on a fourth down int San

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<v Speaker 10>Francisco won twenty six, twenty three. That's your Bloomberg Sports Update.

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<v Speaker 2>Stay with us. More from Bloomberg day Break coming up

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<v Speaker 2>after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business Oppum. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. On day three of the

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<v Speaker 3>government shutdown in Washington, DC, both Republicans and Democrats appeared

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<v Speaker 3>dug in, and now the White House is warning the

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<v Speaker 3>first federal layoffs from the funding lamps could come as

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<v Speaker 3>soon as today. House Speaker Mike Johnson says, the Democrats

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<v Speaker 3>are in a needless fight with President Trump.

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<v Speaker 8>How important is it to appeal to the radical left

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<v Speaker 8>of your base and hurt Americans because if they drag

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<v Speaker 8>this on through the weekend, more and more people will

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<v Speaker 8>be hurt.

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<v Speaker 3>It's how Speaker Mike Johnson speaking on Capitol Hill this morning.

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<v Speaker 3>We are joined by Terry Haynes, the founder of Pangea Policy. Terry,

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<v Speaker 3>good morning, How deep could the pain go? How seriously

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<v Speaker 3>do you take this idea from the White House that

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<v Speaker 3>we could actually see layoffs come out of this shutdown?

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<v Speaker 11>Good morning, Nathan. I take very seriously the possibility that

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<v Speaker 11>what the White House might do is institute these kinds

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<v Speaker 11>of layoffs, riffs, furloughs, firings, you know, whatever they want

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<v Speaker 11>to call it, whatever they want to do. You know, frankly,

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<v Speaker 11>it's a signal from among other things, it's a signal

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<v Speaker 11>for travel or the direction of travel. Here you get

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<v Speaker 11>a situation where, uh, you know, I if this ramps

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<v Speaker 11>up in this particular way, among other things, Trump will

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<v Speaker 11>have much less ability or much less desire to want

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<v Speaker 11>to end the shutdown, because then Congress has a much

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<v Speaker 11>greater likelihood of being able to overturn those firings.

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<v Speaker 3>There's a question, isn't there about whether it's legal to

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<v Speaker 3>use a shutdown to conduct reductions in force. There are

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<v Speaker 3>federal government protections for jobs that would need to be

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<v Speaker 3>overturned in some way.

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<v Speaker 11>When they're oh yeah, absolutely, you know, I think the

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<v Speaker 11>administration wants kind of two practical fights. One wants to

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<v Speaker 11>be seen is going up against public unions, which the

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<v Speaker 11>which they think are are illegal and and a bad

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<v Speaker 11>thing anyway. Number one, anything that limits the executive's ability

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<v Speaker 11>to oversee the executive branch is a bad thing I

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<v Speaker 11>think that way. Secondly, back to my earlier point, it's that,

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<v Speaker 11>you know, once a shutdown is over, Congress has the

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<v Speaker 11>a great ability to actually remedy a lot of this

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<v Speaker 11>stuff through the annual appropriations bills, and of course Democrats

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<v Speaker 11>have a lot of leverage there, and they'll of course

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<v Speaker 11>want to take that leverage and do something with it

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<v Speaker 11>to reinstate a lot of those jobs. So, you know,

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<v Speaker 11>the gun that's being held, the metaphorical gun that's being

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<v Speaker 11>held to public employees heads, I think is quite real

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<v Speaker 11>and quite large.

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<v Speaker 3>That raises a question about, you know, whether some of

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<v Speaker 3>those jobs could be rescinded through recisions that the White

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<v Speaker 3>House Budget Director has carried out in the past. But

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<v Speaker 3>that's probably an argument for another day. In the meantime,

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<v Speaker 3>I think we're expecting another vote in the Senate on

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<v Speaker 3>the clean continuing resolution that Republicans have put out there.

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<v Speaker 3>What are we expecting when it comes to how this

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<v Speaker 3>fight over the spending bill that's on the floor will continue.

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<v Speaker 11>There's a lot of different trip wires that happened today.

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<v Speaker 11>I don't think anything gets resolved today. Let me just

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<v Speaker 11>say that first, but you'll have a Thune Johnson press

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<v Speaker 11>event at eleven o'clock. The Senate Democrats have a lunch

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<v Speaker 11>at noon. Thuon I think announced the Senate Today's Senate

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<v Speaker 11>vote at one thirty. And let's remember that's not just

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<v Speaker 11>on the temporary spending bills, but it's also on more

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<v Speaker 11>Trump nominees. So the signal that Schumer and Democrats give

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<v Speaker 11>on those nominees I think also plays into this a

0:12:37.960 --> 0:12:41.360
<v Speaker 11>little bit, since Republicans have been upset about what they

0:12:41.480 --> 0:12:46.560
<v Speaker 11>think of a Schumer obstructionism. There After that, I think

0:12:46.559 --> 0:12:50.360
<v Speaker 11>nothing probably happens differently, But the question will be whether

0:12:50.440 --> 0:12:53.720
<v Speaker 11>or not more Democrats peel off from the three that

0:12:53.800 --> 0:12:56.560
<v Speaker 11>already have, and I think the answer to that today

0:12:56.640 --> 0:12:59.040
<v Speaker 11>is no. But what I think happens is a lot

0:12:59.040 --> 0:13:02.520
<v Speaker 11>of pressure behind the scenes, to say, from particularly from

0:13:02.520 --> 0:13:05.280
<v Speaker 11>Maryland and Virginia senators, to say, look, you know, we

0:13:05.640 --> 0:13:08.920
<v Speaker 11>you know the the problem with the public employees is

0:13:08.960 --> 0:13:13.200
<v Speaker 11>so large that you know, we can't deal with us

0:13:13.240 --> 0:13:15.520
<v Speaker 11>that much longer. Why don't we just declare victory by

0:13:15.559 --> 0:13:19.480
<v Speaker 11>announcing negotiations with Republicans on this, on the healthcare matter,

0:13:19.800 --> 0:13:22.000
<v Speaker 11>and and be done with it for now?

0:13:22.040 --> 0:13:24.360
<v Speaker 3>Just thirty seconds left, Terry. But is there a risk

0:13:24.440 --> 0:13:27.760
<v Speaker 3>that Republicans go too far with this pressure campaign, this

0:13:27.920 --> 0:13:31.080
<v Speaker 3>idea of carrying out mass government layoffs.

0:13:31.520 --> 0:13:36.040
<v Speaker 11>Oh absolutely, yeah, you know, it's rebably. What's interesting about

0:13:36.040 --> 0:13:38.440
<v Speaker 11>this from a from a kind of a political tactical

0:13:38.480 --> 0:13:41.720
<v Speaker 11>perspective is Republicans have judged the moment very well. And

0:13:41.720 --> 0:13:43.480
<v Speaker 11>I'm not taking their side on any of this by

0:13:43.480 --> 0:13:45.559
<v Speaker 11>saying so, I'm just saying the judged it very well.

0:13:45.920 --> 0:13:49.400
<v Speaker 11>And uh, and you've got a situation where, uh, you

0:13:49.440 --> 0:13:51.960
<v Speaker 11>know where you know, but if they start pressing it

0:13:52.000 --> 0:13:54.920
<v Speaker 11>too much, and there's always a temptation for that, uh,

0:13:55.200 --> 0:13:58.000
<v Speaker 11>you know, they they risk making the problem worse. And

0:13:58.040 --> 0:14:00.920
<v Speaker 11>you know, for as I say, frankly, may the prospects

0:14:00.960 --> 0:14:04.240
<v Speaker 11>for a full year spending and you know, on things

0:14:04.320 --> 0:14:07.280
<v Speaker 11>like defense and other things that much more unattainable.

0:14:09.200 --> 0:14:12.120
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