WEBVTT - Bloomberg Daybreak: February 01, 2023

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<v Speaker 1>Live from the Bloomberg Interactive Berger Studios is Bloomberg Daybreak

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<v Speaker 1>for Wednesday, February one. Coming up today, the Fed prepares

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<v Speaker 1>to deliver its first policy decision of the year. Stock

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<v Speaker 1>Start February coming off the best month since October, snapshare

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<v Speaker 1>slide as the company forecasts its first ever quarterly revenue decline.

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<v Speaker 1>And President Biden and how Speaker McCarthy need to discuss

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<v Speaker 1>the dead limit. Vice President Harris will attend today's funeral

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<v Speaker 1>to Tyree Nichols plus and battled Congressman Santos recuses himself

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<v Speaker 1>from two House committees. Michael Barr more Ahead, I'm John

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<v Speaker 1>Stash Aaron sports Lebron James and the Lakers beat the

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<v Speaker 1>Knicks in overtime. Two NFL teams named new coaches. That's

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<v Speaker 1>all's trendy Ahead on Bloomberg Daybreak on Bloomberg eleven three

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<v Speaker 1>on New York, Bloomberg Washington, d C, Bloomberg one oh

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<v Speaker 1>six one, Boston, Bloomberg nine sixties and Francisco Sirius Exam

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<v Speaker 1>one nine team and around the world. Old on Bloomberg

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<v Speaker 1>Radio dot Com and via the Bloomberg Business App. Good Morning,

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<v Speaker 1>I'm Nathan Hagar. And I'm Cameron Moscow. Here are the

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<v Speaker 1>stories we're following today. We begin with today's highly anticipated

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<v Speaker 1>decision from the Federal Reserve. A twenty five point basis

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<v Speaker 1>rate hike is expected, but what will the messaging sound

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<v Speaker 1>like from Fed chair J Powell. We get a preview

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<v Speaker 1>from Bloomberg Economics correspondent Michael McKee. Investors generally think the

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<v Speaker 1>Central Bank will raise rates a quarter percentage point now

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<v Speaker 1>and again in March, but then stop. By November. Futures

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<v Speaker 1>markets say they'll be cutting rates. That's not a good

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<v Speaker 1>look for Powell and company, who worry inflation isn't beaten

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<v Speaker 1>yet and with China reopening could flare again. So expect

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<v Speaker 1>the Fed statement and Powell in his news conference to

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<v Speaker 1>recognize the outlook has improved, but pushed back on any

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<v Speaker 1>thought that means a change in policy yet. Michael McKee

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<v Speaker 1>Bloomberg Daybreak. All right, Mike, thanks and joined us for

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<v Speaker 1>live coverage of that FED decision starting at one thirty

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<v Speaker 1>p m. Eastern with a special edition of Bloomberg Surveillance.

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<v Speaker 1>Well ahead of that decision, Nathan, as we said, stock

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<v Speaker 1>futures are lower, and that's after a month that saw

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<v Speaker 1>the s and P five huttered game six percent. Katerina Semonetti,

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<v Speaker 1>Senior vice president and Morgan Stanley Private Wealth, says the

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<v Speaker 1>ft is not the most important thing for the markets

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<v Speaker 1>right now. We think that there is a lot more

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<v Speaker 1>volatility ahead and in our view, the story for twenty

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<v Speaker 1>three is not the story of the fat or instlation.

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<v Speaker 1>This is the story about the earning Since specifically earnings revision,

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<v Speaker 1>Katerina Semonetti had Morgan's Stanley Wealth used last month stock

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<v Speaker 1>rally as premature optimism. Well, earnings are disappointing. This morning,

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<v Speaker 1>Karen Snapp has forecast its first ever quarterly revenue decline,

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<v Speaker 1>and we get the story from Bloomberg's Charlie Pellett. The

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<v Speaker 1>company sites a florry of changes to snapchats advertising products

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<v Speaker 1>that may be disruptive to the social media apps business.

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<v Speaker 1>Snap is making changes focus on its direct response business,

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<v Speaker 1>adds the prompt users to take an immediate action like

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<v Speaker 1>buying a product or signing up for an email list. Snap,

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<v Speaker 1>along with competitors like metal platforms, Facebook and alphabets, Google,

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<v Speaker 1>are also still grappling with a change to iPhone privacy

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<v Speaker 1>policies from Apple that made it more difficult to personalize

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<v Speaker 1>and track the success of ads on their apps in

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<v Speaker 1>New York. Charlie Pellett Bloomberg Daybreak, All right, Charlie, thank you.

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<v Speaker 1>Snap shares down more than fourteen percent in early trading,

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<v Speaker 1>and there's some other stocks in the move this morning,

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<v Speaker 1>including Advanced micro Devices up more than three percent. The

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<v Speaker 1>chipmaker gave it better than feared sales forecast for the

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<v Speaker 1>first quarter, and shares of electronic arts down more than

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<v Speaker 1>ten percent. The video GameMaker gave a disappointing outlook thanks

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<v Speaker 1>to a six week delay releasing a highly anticipated Star

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<v Speaker 1>Wars game, and the earnings continue to roll in today, Karen.

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<v Speaker 1>With more than two dozen companies in the sporting meta

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<v Speaker 1>platforms headlines today's list, we get a preview from Bloomberg's

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<v Speaker 1>Tom Busby. Well. The big focus for investors today not

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<v Speaker 1>so much plans for and costs related to its ambitious

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<v Speaker 1>metaverse initiative, but on advertising revenue on Facebook and Instagram.

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<v Speaker 1>Analysts predict a sales decline of six percent that would

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<v Speaker 1>be the third decrease in as many quarters, for earnings

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<v Speaker 1>per share of two dollars twenty six cents revenues of

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<v Speaker 1>thirty one point six five billion dollars. Tom Busby, Bloomberg Daybreak,

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<v Speaker 1>All right, Tom, thanks So the phone out continues from

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<v Speaker 1>last month's malfunction at the New York Stock Exchange. Investors

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<v Speaker 1>are trying to recoup their losses, but it might not

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<v Speaker 1>be easy. Let's get the details Live with the Bloomberg

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<v Speaker 1>Steve Rappaport, Steve, good morning, Good morning, Karen and Nathan.

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<v Speaker 1>Losses from that Wall Street snap who could amount to

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<v Speaker 1>millions of dollars. With thousands of claims piling up, the

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<v Speaker 1>Stock Exchange sets aside half a mill each month to

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<v Speaker 1>cover unexpected disruptions. People familiar with the matters say the

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<v Speaker 1>claims will likely exceed that amount under NYSC rules. Yesterday

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<v Speaker 1>was the deadline to evaluate the claims and decide how

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<v Speaker 1>much to pay. The Exchange blames human error for the

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<v Speaker 1>malfunction that canceled thousands of train transactions, affecting hundreds of securities.

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<v Speaker 1>Live in New York. I'm Steve, rep Report, Bloomberg day Break,

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<v Speaker 1>Thank you. Step in India today, the sell off in

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<v Speaker 1>a Donnie stock continues as a Donnie Enterprises plunges by

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<v Speaker 1>thirty percent. All ten of the stocks tied to billionaire

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<v Speaker 1>Gatama Donnie are slumping today. The sell off has now

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<v Speaker 1>reached more than eighty billion dollars across the group's equities.

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<v Speaker 1>That's after short seller Hindenburg issue to report accusing a

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<v Speaker 1>Donny of inflating revenue. We'll back here in the US

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<v Speaker 1>Nathan Politics f in focus. President Biden and House Speaker

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<v Speaker 1>Kevin McCarthy are set to meet at the White House

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<v Speaker 1>to discuss raising the dead limit. We get a preview

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<v Speaker 1>from Amy Morris and our Bloomberg newsroom in Washington. A

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<v Speaker 1>White House memos as the President will pose two questions

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<v Speaker 1>to McCarthy, including quote will the Speaker commit to the

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<v Speaker 1>Bedrock principle that the United States will never default on

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<v Speaker 1>its financial obligations. The President will also ask when will

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<v Speaker 1>House Republicans release their budget with details on what budget

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<v Speaker 1>cuts the GOP wants in exchange for raising the dead ceiling.

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<v Speaker 1>McCarthy dismissed the memo as political games. President Biden has

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<v Speaker 1>repeatedly said he would not negotiate over raising the death limit.

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<v Speaker 1>In Washington, I'm Amy Morris, Bloomberg Daybreak. Thank you, Amy.

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<v Speaker 1>Let's turn to the presidential race now and more signs

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<v Speaker 1>of a slow start for Donald Trump. The latest filing

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<v Speaker 1>show the former president has raised less than ten million

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<v Speaker 1>dollars since he announced his third presidential run in November.

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<v Speaker 1>Well at the same time, Nathan, the Republican presidential field

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<v Speaker 1>is about to get bigger. A source towns Bloomberg News

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<v Speaker 1>that former South Carolina Governor Nikki Hayley plans to announce

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<v Speaker 1>she's running for president two weeks from today. Hayley served

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<v Speaker 1>as former President Trump's ambassador to the United Nations. Straight Ahead,

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<v Speaker 1>your latest local headlines, plus a check of sports, and

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<v Speaker 1>this is Bloomberg. It is twenty six degrees in Central Park.

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<v Speaker 1>These early morning flurries will give away to sunshine today

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<v Speaker 1>and hid the upper thirties. We get down to the

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<v Speaker 1>upper twenties tonight under a partley cloudy sky. Time not

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<v Speaker 1>to take a look at some of the other stories

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<v Speaker 1>making news in New York and around the world with

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<v Speaker 1>Bloomberg's Michael Barr, Good Money, Michael, Good Morning. Nathan. Vice

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<v Speaker 1>President Harris plans to speak at Tyree Nichols funeral today

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<v Speaker 1>in Memphis. Nichols died three days after he was beaten

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<v Speaker 1>by police. Also attending today's funeral will be Reverend Al Sharpton.

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<v Speaker 1>People from around the world watch the video tape of

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<v Speaker 1>a man on all unprovote being beat to death by

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<v Speaker 1>offices of the law. Reverend Sharpton, along with Nichols family,

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<v Speaker 1>say the nation needs to make sure laws are changed

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<v Speaker 1>to prevent this from happening again. The House is set

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<v Speaker 1>to vote as early as today on the resolution to

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<v Speaker 1>remove Democrat Ilhan Omar from the Foreign Affairs Committee. Speaker

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<v Speaker 1>Kevin McCarthy has persuaded at least two Republican holdouts to

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<v Speaker 1>support the move. The Rules Panel advanced to the House

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<v Speaker 1>floor resolution saying that the accusations that Omar, who is Muslim,

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<v Speaker 1>had used anti Semitic tropes in past comments, for which

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<v Speaker 1>she has since uponlogized. Embattled New York Congressman George Santos

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<v Speaker 1>said that he will temporarily step away from his House

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<v Speaker 1>committee assignments. The Long Island Republican says that he is

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<v Speaker 1>facing investigations over his personal and campaign finances, as well

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<v Speaker 1>as calls for his resignation. Speaking to reporters, Santos said

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<v Speaker 1>he will be cleared. I have nothing at hide. Santos

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<v Speaker 1>was assigned to the Committee on Small Business and the

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<v Speaker 1>Committee on Science space and technology. Travel conditions remain a

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<v Speaker 1>mess today because of a monster storm stretching from Texas

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<v Speaker 1>to West Virginia. It is expected to dump more snow, ice,

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<v Speaker 1>and rain. Texas Governor Greg Abbott defending the state's grid,

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<v Speaker 1>local outages are not a reason to say that there

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<v Speaker 1>is a problem with a power grid. The power grid

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<v Speaker 1>is functioning just fine as we speak. Air travel also

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<v Speaker 1>has impacted, with hundreds of flights nationwide canceled today. Yesterday

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<v Speaker 1>more than nine hundred were canceled. The Administration will supply

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<v Speaker 1>Ukraine with longer range artillery and ammunition as part of

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<v Speaker 1>a new two billion dollar package of military assistance. That's

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<v Speaker 1>according to a person familiar with the matter. Ukraine's biggest

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<v Speaker 1>allies have so far said though they won't send Finder

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<v Speaker 1>jets to Kiev. Global News powered by more than hundred

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<v Speaker 1>journalists and analysts and over one twenty countries. Michael bar

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<v Speaker 1>This is Bloomberg. Nathan Michael, thank you time now for

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<v Speaker 1>the Bloomberg Sports update, brought to you by Tri stayed Out.

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<v Speaker 1>Good morning, John stash Our, Good morning, Nathan Lebron. James

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<v Speaker 1>says he loves playing at the garden. Hadn't done it

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<v Speaker 1>in three years, injured two years ago when the Lakers

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<v Speaker 1>came to town. Suspended last year. Also didn't play Monday

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<v Speaker 1>night in Brooklyn due to a sore foot, but he

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<v Speaker 1>played last night. He played forty three minutes, scored twenty

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<v Speaker 1>eight points with eleven rebounds, and tennisis led the Lakers

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<v Speaker 1>to a one overtime win over the Knicks. Much has

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<v Speaker 1>been made of Lebron about to break Kareem Abdul Jabbar's

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<v Speaker 1>career scoring record. It's gonna happen soon. He only needs

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<v Speaker 1>eighty nine more points. But last night, James moved past

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<v Speaker 1>Mark Jackson and Steve Nash and into fourth all time

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<v Speaker 1>in assists. It's amazing because, um, that's just you know,

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<v Speaker 1>what I love to do and getting my guys involved,

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<v Speaker 1>and you know, um, I'm trying to put the ball

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<v Speaker 1>on time and on target with my guys, um out

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<v Speaker 1>the course of my career. And you know, I I would

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<v Speaker 1>have been another grade group that allows me to um,

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<v Speaker 1>um see the space, I see the floor, and I'm

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<v Speaker 1>able to get it to him and try to get

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<v Speaker 1>it to him. Um. You know, with the right type

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<v Speaker 1>of past nets plates to night in Boston College. It

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<v Speaker 1>was big win for much improved Fordham Rams now eighteen

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<v Speaker 1>and four at rose Hill and opted off St. Louis,

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<v Speaker 1>who came in the top the Atlantic ten. Two NFL

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<v Speaker 1>teams have new coaches. Sean Payton spoke with several teams.

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<v Speaker 1>He's going to Denver. Peyton was still under contract with

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<v Speaker 1>the Scene, so the Broncos had to ship three draft

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<v Speaker 1>picks to New Orleans as compensation. First round pick this year,

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<v Speaker 1>second and third rounders next year. Also, Houston, in a

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<v Speaker 1>move that was expected, named Damiko Ryan's he was stand

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<v Speaker 1>out linebacker for the Texans. He had been coaching the

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<v Speaker 1>forty Niners defense. Texans have had now four coaches in

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<v Speaker 1>the last four years. John Stashward Bloomberg Sports Live from

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<v Speaker 1>coast to coast, from New York to San Francisco, Boston

0:11:15.480 --> 0:11:19.439
<v Speaker 1>to Washington, d C. Nationwide on Sirius XAMP, the Bloomberg

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<v Speaker 1>Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 1>Good morning. I'm Nathan Hagar at the start of what

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<v Speaker 1>is likely to be a pivotal day in the nation's capital,

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<v Speaker 1>not just because of the private policy decision coming up

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<v Speaker 1>this afternoon from the Federal Reserve, but we're also waiting

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<v Speaker 1>for the kickoff of debt talks between President Biden and

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<v Speaker 1>how Speaker Kevin McCarthy, all aimed at trying to head

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<v Speaker 1>off a market crippling default that could come as soon

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<v Speaker 1>as this summer if something isn't done about the debt ceiling.

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<v Speaker 1>For more on this, we're pleased to be joined by

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<v Speaker 1>John Raines, director of Market Intelligence at SMP Global. John,

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<v Speaker 1>it's great to speak with you this morning ahead of

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<v Speaker 1>this meeting this afternoon between these two leaders who really

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<v Speaker 1>haven't had a whole lot of interaction up to this point.

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<v Speaker 1>How much should we expect to come out of this meeting?

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<v Speaker 1>Quick answer? Not much, not much. I think that they're

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<v Speaker 1>coming out of from two different mantage points, and I

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<v Speaker 1>think both sides understand the contours of this debate. This

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<v Speaker 1>is really more atmospherics, a good time from the go

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<v Speaker 1>ahead and have a discussion to actually meet. As she said,

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<v Speaker 1>they haven't met in this position with McCarthy speaker before,

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<v Speaker 1>so this is a good opportunity for that. But aside

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<v Speaker 1>from that, I don't expect much out of this meeting.

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<v Speaker 1>A whole lot of the barbs have been traded ahead

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<v Speaker 1>of it. We heard President Biden yesterday, uh, sort of

0:12:33.840 --> 0:12:36.480
<v Speaker 1>challenging Speaker McCarthy, show me your budget and I'll show

0:12:36.520 --> 0:12:39.000
<v Speaker 1>you mine. I mean, how does that sort of set

0:12:39.040 --> 0:12:41.920
<v Speaker 1>the tone for what's going to be coming this afternoon.

0:12:42.800 --> 0:12:44.520
<v Speaker 1>I mean, I think we're gonna see quite a bit

0:12:44.520 --> 0:12:46.160
<v Speaker 1>of this, not only in today's meeting, but I think

0:12:46.160 --> 0:12:48.240
<v Speaker 1>you're gonna be seeing this over the next few months.

0:12:48.520 --> 0:12:50.559
<v Speaker 1>I mean, in Democrats are in a strong position here

0:12:50.640 --> 0:12:53.400
<v Speaker 1>that they know that the Republicans have to coalesce around

0:12:53.400 --> 0:12:56.199
<v Speaker 1>a budget and that's gonna be very difficult for them,

0:12:56.240 --> 0:12:58.560
<v Speaker 1>considering the cuts that will have to be made to

0:12:58.559 --> 0:13:00.880
<v Speaker 1>balance the budget within ten years, which is what a

0:13:00.920 --> 0:13:03.640
<v Speaker 1>lot of their caucus wants. How do you do that

0:13:03.720 --> 0:13:07.080
<v Speaker 1>in discretionary spending alone. It's not gonna be easy to do.

0:13:07.160 --> 0:13:10.040
<v Speaker 1>And that's the reason why the Democrats are doing this,

0:13:10.120 --> 0:13:12.120
<v Speaker 1>and they're putting these Republicans in these positions because they

0:13:12.120 --> 0:13:14.920
<v Speaker 1>realize every single program that they cut that's gonna cost

0:13:14.960 --> 0:13:17.480
<v Speaker 1>him a political price. Do you expect that it's going

0:13:17.520 --> 0:13:20.800
<v Speaker 1>to be a non discretionary spending alone. I mean, we've

0:13:20.800 --> 0:13:23.000
<v Speaker 1>heard Speaker McCarthy of course, say that he thinks that

0:13:23.080 --> 0:13:25.280
<v Speaker 1>social Security and medicare should be off the table. Well,

0:13:25.280 --> 0:13:27.760
<v Speaker 1>we've heard from a number of Republicans who are saying

0:13:27.760 --> 0:13:30.440
<v Speaker 1>that things like defense should be on the table. Is

0:13:30.480 --> 0:13:34.120
<v Speaker 1>that something that could really happen cuts to defense? I

0:13:34.160 --> 0:13:36.520
<v Speaker 1>think I think there's there's a decent chance. I mean, obviously,

0:13:36.559 --> 0:13:39.120
<v Speaker 1>if you're gonna wake substantial cuts to the budget, I

0:13:39.120 --> 0:13:41.560
<v Speaker 1>think defense probably has to get on the table, just

0:13:41.640 --> 0:13:44.080
<v Speaker 1>like you saw in two thousand and eleven. I just

0:13:44.120 --> 0:13:46.920
<v Speaker 1>don't see how you can get there through social spending alone.

0:13:47.040 --> 0:13:48.480
<v Speaker 1>I mean, there's that one has to been out there

0:13:48.480 --> 0:13:50.840
<v Speaker 1>to say to make these type of cuts to balance

0:13:50.840 --> 0:13:53.880
<v Speaker 1>the budget, you'd have to cut eighty five cent of

0:13:53.960 --> 0:13:56.960
<v Speaker 1>social spending. That's just not gonna happen. There's just not

0:13:57.080 --> 0:13:59.480
<v Speaker 1>that much waste in the government. So if that's not

0:13:59.640 --> 0:14:02.320
<v Speaker 1>a viable option, that I think defense comes into question.

0:14:02.360 --> 0:14:04.600
<v Speaker 1>And potentially I don't think that you're going to see

0:14:04.600 --> 0:14:07.480
<v Speaker 1>made it to respending on Medicare social Security come into

0:14:07.480 --> 0:14:09.720
<v Speaker 1>the freight here. But in the future, of course, both

0:14:09.760 --> 0:14:11.079
<v Speaker 1>of those programs are gonna have to be on the

0:14:11.080 --> 0:14:14.600
<v Speaker 1>table as well. Of Course, a President Biden, you would imagine,

0:14:14.600 --> 0:14:17.360
<v Speaker 1>would be looking for a tax increases as part of

0:14:17.559 --> 0:14:21.760
<v Speaker 1>any effort to sort of bring spending into balance. I mean,

0:14:21.800 --> 0:14:26.760
<v Speaker 1>given how divided Congress is and all of Washington is, really,

0:14:26.800 --> 0:14:28.880
<v Speaker 1>I mean, what's the likelihood that we could see something

0:14:28.960 --> 0:14:33.200
<v Speaker 1>like that. I think it's pretty unlikely. It's very difficult

0:14:33.240 --> 0:14:36.080
<v Speaker 1>for me to envision a scenario where the Republicans can

0:14:36.080 --> 0:14:39.160
<v Speaker 1>sign up for tax increases. It's just it's very difficult.

0:14:39.280 --> 0:14:41.440
<v Speaker 1>They talked a little bit about in a sales tax

0:14:41.800 --> 0:14:44.480
<v Speaker 1>that's gone nowhere. I mean, of course, Biden in the

0:14:44.480 --> 0:14:47.360
<v Speaker 1>past I've talked about raising corporate taxes. Again, it's just

0:14:47.480 --> 0:14:50.760
<v Speaker 1>hard for me to see the Republicans signing up to that. Obviously,

0:14:50.920 --> 0:14:53.080
<v Speaker 1>especially with the new majority that they just achieved in

0:14:53.120 --> 0:14:56.520
<v Speaker 1>the House. Just a difficult pill for them to swallow. Well,

0:14:56.520 --> 0:15:00.400
<v Speaker 1>what about the difficulty that Speaker McCarthy could face of

0:15:00.400 --> 0:15:06.120
<v Speaker 1>bringing his Republican coalition together on anything related to getting

0:15:06.160 --> 0:15:08.800
<v Speaker 1>spending under control. I mean, he's kind of really fractious

0:15:08.800 --> 0:15:10.840
<v Speaker 1>cat because he's got to bring together and not much

0:15:10.840 --> 0:15:15.160
<v Speaker 1>of a majority to to get anything done. Really, yeah,

0:15:15.200 --> 0:15:16.880
<v Speaker 1>I mean, that's the problem here, is that he really

0:15:16.960 --> 0:15:19.320
<v Speaker 1>only has four votes to play with, doesn't he. So

0:15:19.760 --> 0:15:22.200
<v Speaker 1>even in the advent that he goes and says Listen,

0:15:22.240 --> 0:15:24.480
<v Speaker 1>we weren't able to get this accomplished. We definitely need

0:15:24.520 --> 0:15:26.600
<v Speaker 1>to raise the death ceiling. Of course, there's a lot

0:15:26.640 --> 0:15:28.720
<v Speaker 1>of conservative Republicans out there that are going to challenge

0:15:28.720 --> 0:15:31.240
<v Speaker 1>his leadership, and so therefore does he risk his job

0:15:31.720 --> 0:15:33.760
<v Speaker 1>in order to stay to principle? And that's gonna be

0:15:34.040 --> 0:15:36.360
<v Speaker 1>an important question that the Republicans are going to have

0:15:36.440 --> 0:15:39.680
<v Speaker 1>going forward. I do think there is there are ways

0:15:39.760 --> 0:15:41.960
<v Speaker 1>for them to kind of manage this, maybe with some

0:15:42.040 --> 0:15:46.440
<v Speaker 1>type of cap on spending, maybe some slight percentage decrease

0:15:46.480 --> 0:15:49.240
<v Speaker 1>in some social spending as well, but to really get

0:15:49.280 --> 0:15:51.600
<v Speaker 1>to the area that they want to get to, and

0:15:51.640 --> 0:15:54.480
<v Speaker 1>also be able to manage the difficulties politically, as you

0:15:54.520 --> 0:15:58.480
<v Speaker 1>mentioned with with mandatory spending, it's gonna be very difficult

0:15:58.480 --> 0:16:00.440
<v Speaker 1>to them to coalesce around a budget, and of course

0:16:00.440 --> 0:16:01.880
<v Speaker 1>that means it's going to be difficult as we get

0:16:01.920 --> 0:16:03.920
<v Speaker 1>to March and April and going forward for them to

0:16:04.000 --> 0:16:06.720
<v Speaker 1>actually enter in negotiations with the White House. So about

0:16:06.720 --> 0:16:10.040
<v Speaker 1>thirty seconds left here, John, is a cap on spending

0:16:10.160 --> 0:16:13.480
<v Speaker 1>enough for Republicans to agree to an increase to the

0:16:13.560 --> 0:16:16.880
<v Speaker 1>debt ceiling? You know? I think that's the sixty four

0:16:16.960 --> 0:16:19.480
<v Speaker 1>thousand all the question. I do think eventually it'll have

0:16:19.520 --> 0:16:21.800
<v Speaker 1>to come to something like that. I think there'll be

0:16:21.840 --> 0:16:25.040
<v Speaker 1>some modest decreases here and there, some caps here and there,

0:16:25.080 --> 0:16:26.640
<v Speaker 1>but ultimately, at the end of the day, we know

0:16:26.720 --> 0:16:29.520
<v Speaker 1>one thing. The American people don't like tax increases, and

0:16:29.560 --> 0:16:33.480
<v Speaker 1>they certainly don't like decreases of government's venue. This is

0:16:33.520 --> 0:16:36.520
<v Speaker 1>Bloomberg day Break Today, your morning brief on the story

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